UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2022

Date of reporting period: March 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH 31, 2022

2022 Annual Report

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 Mid-Cap 400 Growth ETF | IJK | NYSE Arca

· iShares S&P Mid-Cap 400 Value ETF | IJJ | NYSE Arca

· iShares S&P Small-Cap 600 Growth ETF | IJT | NASDAQ

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		19
Shareholder Expenses		19
Schedules of Investments		20
Financial Statements
Statements of Assets and Liabilities		68
Statements of Operations		70
Statements of Changes in Net Assets		72
Financial Highlights		76
Notes to Financial Statements		83
Report of Independent Registered Public Accounting Firm		95
Important Tax Information (Unaudited)		96
Statement Regarding Liquidity Risk Management Program		97
Supplemental Information		98
Trustee and Officer Information		99
General Information		102
Glossary of Terms Used in this Report		103

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summaryas of March 31, 2022 iShares^® S&P 100 ETF

Investment Objective

The iShares S&P 100 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.14	%		16.75	%		14.69	%		17.14	%		116.94	%		293.66	%
Fund Market		17.29			16.79			14.71			17.29			117.25			294.36
Index		17.38			16.98			14.92			17.38			119.10			301.58

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,061.00	$        1.03			$        1,000.00	$        1,023.90	$        1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P 100 ETF

Portfolio Management Commentary

Mega-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the sector’s largest companies. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers. Elevated demand allowed for product price increases, which further boosted stock prices in the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales. In addition, companies developed successful antiviral medications and antibody therapies to treat COVID-19, which the U.S. government contracted for purchase, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology	32.9%
Consumer Discretionary	13.9
Communication Services	12.8
Health Care	12.6
Financials	9.7
Consumer Staples	6.8
Industrials	5.1
Energy	3.1
Utilities	1.5
Materials	1.0
Real Estate	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Apple Inc.	10.6%
Microsoft Corp.	9.0
Amazon.com Inc.	5.6
Tesla Inc.	3.5
Alphabet Inc., Class A	3.3
Alphabet Inc., Class C	3.0
NVIDIA Corp.	2.7
Berkshire Hathaway Inc., Class B	2.5
Meta Platforms Inc, Class A	2.0
UnitedHealth Group Inc.	1.9

^(a)  Excludes money market funds.

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Fund Summary  as of March 31, 2022 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^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.94	%		19.70	%		16.59	%		17.94	%		145.74	%		364.22	%
Fund Market		17.95			19.71			16.60			17.95			145.89			364.58
Index		18.16			19.92			16.80			18.16			147.96			372.67

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,035.50	$        0.91			$      1,000.00	$      1,024.00	$      0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P 500 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers, moving away from more expensive in-house platforms. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors and strong consumer demand for products using semiconductors supported profits.

A strong rebound in consumer spending supported the consumer discretionary sector, which was a contributor to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits. The healthcare sector was another contributor to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology		44.1%
Consumer Discretionary		17.2
Communication Services		12.0
Health Care		10.9
Financials		6.6
Industrials		3.2
Real Estate		2.1
Consumer Staples		1.5
Materials		1.3
Energy		1.0
Utilities		0.1

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Apple Inc.		14.0%
Microsoft Corp.		11.9
Amazon.com Inc.		7.4
Tesla Inc.		4.7
Alphabet Inc., Class A		4.3
Alphabet Inc., Class C		4.0
NVIDIA Corp.		3.5
Meta Platforms Inc, Class A		2.6
Home Depot Inc. (The)		1.2
Thermo Fisher Scientific Inc.		1.2

^(a)   Excludes money market funds.

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Fund Summaryas of March 31, 2022 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^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.39	%		10.96	%		11.71	%		12.39	%		68.22	%		202.61	%
Fund Market		12.35			10.98			11.72			12.35			68.35			202.94
Index		12.58			11.14			11.89			12.58			69.56			207.68

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,080.40	$      0.93			$      1,000.00	$      1,024.00	$      0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P 500 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. Stocks in the financials sector contributed the most to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, as the rebounding economy led to strong gains of a multisector holding company. Robust investment banking activity, especially initial public offerings and existing equity capital financings, and rising assets under management for most of the reporting period drove gains in the capital markets industry despite modest trading activity and a sharp reversal in fee revenue and banking activity late in the reporting period.

The energy sector was also a solid contributor to the Index’s return amid higher prices for energy commodities, as the rebounding economy accelerated demand for energy while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The healthcare sector also contributed meaningfully, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies generated billions of dollars in sales. Healthcare equipment and services companies benefited as elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Health Care		16.4%
Financials		15.7
Industrials		12.6
Information Technology		11.5
Consumer Staples		10.7
Energy		6.9
Consumer Discretionary		6.7
Communication Services		6.7
Utilities		5.5
Materials		4.0
Real Estate		3.3

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Berkshire Hathaway Inc., Class B		3.4%
Johnson & Johnson		2.5
Procter & Gamble Co. (The)		1.9
Exxon Mobil Corp.		1.9
Chevron Corp.		1.7
UnitedHealth Group Inc.		1.5
Walt Disney Co. (The)		1.3
Coca-Cola Co. (The)		1.3
JPMorgan Chase & Co.		1.2
Verizon Communications Inc.		1.1

^(a)   Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF

Investment Objective

The iShares S&P Mid-Cap 400 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P MidCap 400 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.54	)%		11.17	%		11.75	%		(0.54	)%		69.76	%		203.83	%
Fund Market		(0.81	)		11.13			11.73			(0.81	)		69.47			203.31
Index		(0.38	)		11.40			11.98			(0.38	)		71.56			209.92

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        981.70	$        0.84			$        1,000.00	$        1,024.10	$        0.86		0.17	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P Mid-Cap 400 Growth ETF

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks declined marginally for the reporting period. These stocks, which derive a significant portion of their prices from investors’ expectations of future growth, faced significant headwinds relative to other equities. Growth stocks are particularly sensitive to interest rates, which rose as the Fed moved to a less accommodative monetary policy. Persistent inflation and the war in Ukraine led to concerns about slower economic growth, further weighing on growth stocks.

The consumer discretionary sector detracted the most from the Index’s performance despite an overall increase in consumer spending. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. Supply chain difficulties also weighed on some retailers, leading to increased transportation costs and difficulty keeping inventory in stock. Brick-and-mortar retailers declined as coronavirus pandemic trends increased competition from online sellers.

The healthcare sector also detracted from the Index’s return, as the stocks of many smaller companies in the sector declined. The healthcare equipment industry was negatively impacted by a proposed acquisition that investors believed to be too far from the industry’s core competencies.

On the upside, the real estate sector contributed the most to the Index’s return amid a nationwide rise in commercial property prices and historically low but rising borrowing costs. Specialized real estate investment trusts that invest in data centers benefited from strong demand for data storage and services.

The energy sector also contributed to the Index’s performance amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology	18.1%
Industrials	18.0
Consumer Discretionary	15.1
Health Care	11.6
Financials	11.4
Real Estate	8.9
Materials	8.0
Energy	4.0
Communication Services	2.1
Consumer Staples	1.6
Utilities	1.2

^(a)   Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Targa Resources Corp.	1.5%
Camden Property Trust	1.5
Steel Dynamics Inc.	1.4
Cleveland-Cliffs Inc.	1.4
Darling Ingredients Inc.	1.2
Carlisle Companies Inc.	1.1
Builders FirstSource Inc.	1.1
Rexford Industrial Realty Inc.	1.1
Life Storage Inc.	1.0
East West Bancorp. Inc.	1.0

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Fund Summaryas of March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF

Investment Objective

The iShares S&P Mid-Cap 400 Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P MidCap 400 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.42	%		10.13	%		11.88	%		9.42	%		61.97	%		207.25	%
Fund Market		9.41			10.16			11.89			9.41			62.22			207.67
Index		9.66			10.37			12.12			9.66			63.76			213.80

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,072.00	$        0.93			$        1,000.00	$        1,024.00	$        0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P Mid-Cap 400 Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The real estate sector was the top contributor to the Index’s return amid low but rising borrowing costs and a nationwide rise in both residential and commercial property prices. Strong demand for temporary storage, billboard advertisement, and entertainment properties boosted specialized real estate investment trusts (“REITs”). Residential rents increased as young workers sought new rental housing, supporting residential REITs. As workers began returning to the office, investment in commercial property increased, which helped office REITs.

Stocks in the financials sector contributed meaningfully to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The insurance industry gained, as many insurers were able to increase insurance rates in an environment of higher inflation. Regional bank stocks also advanced as the recovering economy lowered the probability of loan defaults and interest rates increased, which allows banks to charge more for loans.

The industrials and materials sectors also contributed to the Index’s performance. Industrials stocks gained as industrial activity rebounded. Higher consumer spending combined with supply chain disruptions and transportation delays led many companies to increase their inventory levels. Consequently, factory orders rose, spurring industrial production and significantly boosting earnings. The materials sector was also supported by the global economic recovery, which drove increased demand for a wide variety of raw materials, pushing commodities prices higher. Companies rebuilding their stocks of materials further boosted demand, leading to strong earnings growth for materials companies.

On the downside, the consumer discretionary sector detracted from the Index’s return despite an overall increase in consumer spending. Supply chain disruptions limited production of automobiles, pressuring the earnings of auto components manufacturers.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Industrials	19.4%
Financials	16.9
Consumer Discretionary	13.0
Real Estate	11.3
Information Technology	10.3
Materials	6.9
Health Care	6.8
Consumer Staples	5.5
Utilities	5.4
Energy	3.1
Communication Services	1.4

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Medical Properties Trust Inc.	1.1%
First Horizon Corp.	1.1
Alleghany Corp.	1.0
Reliance Steel & Aluminum Co.	1.0
AECOM	0.9
EQT Corp.	0.9
Alcoa Corp.	0.8
United States Steel Corp.	0.8
Jazz Pharmaceuticals PLC	0.8
Owens Corning	0.8

^(a)   Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.35	)%		11.29	%		12.80	%		(1.35	)%		70.74	%		233.56	%
Fund Market		(1.74	)		11.27			12.78			(1.74	)		70.57			232.97
Index		(1.17	)		11.57			13.00			(1.17	)		72.84			239.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        966.00	$        0.88			$        1,000.00	$        1,024.00	$        0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P Small-Cap 600 Growth ETF

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks, which derive a significant portion of their prices from investors’ expectations of future growth, declined modestly for the reporting period. Growth stocks’ relatively high valuations are particularly sensitive to rising interest rates and slower growth expectations that characterized the market environment in the second half of the reporting period.

The healthcare sector detracted the most from the Index’s return, as small-capitalization healthcare stocks declined. Healthcare facilities faced headwinds amid staffing shortages, as high rates of employee illness and a tight labor market limited the ability of some healthcare providers to scale up. The healthcare equipment and supplies industry also declined as a decision from the Centers for Medicare and Medicaid Services limited fees for a procedure that used the industry’s equipment. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas, slowing merger and acquisition activity, and an abrupt leadership departure at a cancer diagnostics company.

Stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. A semiconductor shortage and other supply chain constraints weighed on some specialty retailers, leading to production and delivery delays. The household durables industry declined amid investor expectations of a downturn in the housing market.

In contrast, the energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending. The real estate sector also contributed amid rising rents and high occupancy rates, as younger workers moved out of family homes and into rental properties, boosting demand.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of     Total Investments(a)
Information Technology		19.5%
Financials		15.9
Health Care		14.7
Industrials		13.7
Consumer Discretionary		11.7
Real Estate		8.5
Energy		5.2
Consumer Staples		4.5
Materials		3.6
Communication Services		1.4
Utilities		1.3

TEN LARGEST HOLDINGS
Security	Percent of     Total Investments(a)
Matador Resources Co.		1.2%
Independence Realty Trust Inc.		1.2
Omnicell Inc.		1.2
Exponent Inc.		1.2
Innovative Industrial Properties Inc.		1.1
Vonage Holdings Corp.		1.1
Southwestern Energy Co.		1.1
Rogers Corp.		1.1
Matson Inc.		1.1
AMN Healthcare Services Inc.		1.0

^(a)    Excludes money market funds.

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Fund Summaryas of March 31, 2022 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^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.38	%		9.76	%		11.77	%		3.38	%		59.33	%		204.22	%
Fund Market		3.17			9.78			11.77			3.17			59.46			204.25
Index		3.73			9.98			11.96			3.73			60.90			209.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,025.40	$        0.91			$      1,000.00	$      1,024.00	$      0.91		0.18	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summaryas of March 31, 2022   (continued) iShares^® S&P Small-Cap 600 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further price increases as sanctions on Russia, the world’s third-largest supplier of oil, led to increased supply uncertainty. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending. The energy equipment and services industry gained, as investors anticipated that higher oil prices and sanctions on the export of oil refining equipment to Russia could prompt a significant increase in investment in other markets.

The real estate sector was another significant contributor to the Index’s return amid a nationwide rise in commercial property prices. The recovering economy and rising COVID-19 vaccination rates led to a return to in-person work, driving strong investment in commercial property, which reached a record high in 2021.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. The restaurants industry declined despite rebounding consumer demand. Labor shortages, higher wages, and rising prices for food and linens cut into restaurant profits. The household durables industry also declined amid investor expectations of a downturn in the housing market.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials	19.7%
Industrials	18.4
Consumer Discretionary	11.9
Health Care	9.2
Real Estate	9.1
Information Technology	8.0
Materials	7.3
Energy	6.7
Consumer Staples	5.0
Utilities	2.6
Communication Services	2.1

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Helmerich & Payne Inc.	0.9%
South Jersey Industries Inc.	0.8
Insight Enterprises Inc.	0.7
BankUnited Inc.	0.7
First Hawaiian Inc.	0.7
Resideo Technologies Inc.	0.7
Mr Cooper Group Inc.	0.7
Patterson-UTI Energy Inc.	0.6
Owens & Minor Inc.	0.6
American Equity Investment Life Holding Co.	0.6

^(a)   Excludes money market funds.

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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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 19

Schedule of Investments   March 31, 2022 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co. (The)(a)		187,186	$	35,846,119
General Dynamics Corp.		78,865		19,020,661
Lockheed Martin Corp.		82,792		36,544,389
Raytheon Technologies Corp.		509,744		50,500,338
				141,911,507
Air Freight & Logistics — 0.8%
FedEx Corp.		83,327		19,281,035
United Parcel Service Inc., Class B		249,064		53,414,265
				72,695,300
Automobiles — 4.0%
Ford Motor Co.		1,341,840		22,690,514
General Motors Co.(a)		496,270		21,706,850
Tesla Inc.(a)		285,947		308,136,487
				352,533,851
Banks — 4.1%
Bank of America Corp.		2,428,075		100,085,252
Citigroup Inc.		678,228		36,217,375
JPMorgan Chase & Co.		1,009,438		137,606,588
U.S. Bancorp.		461,278		24,516,926
Wells Fargo & Co.		1,327,294		64,320,667
				362,746,808
Beverages — 1.8%
Coca-Cola Co. (The)		1,327,864		82,327,568
PepsiCo Inc.		472,551		79,095,586
				161,423,154
Biotechnology — 1.9%
AbbVie Inc.		603,864		97,892,393
Amgen Inc.		192,580		46,569,696
Gilead Sciences Inc.		428,461		25,472,006
				169,934,095
Capital Markets — 2.0%
Bank of New York Mellon Corp. (The)		253,329		12,572,718
BlackRock Inc.(b)		48,665		37,188,333
Charles Schwab Corp. (The)		513,514		43,294,365
Goldman Sachs Group Inc. (The)		116,049		38,307,775
Morgan Stanley		484,214		42,320,304
				173,683,495
Chemicals — 1.0%
Dow Inc.		251,940		16,053,617
DuPont de Nemours Inc.		175,638		12,923,444
Linde PLC		175,078		55,925,165
				84,902,226
Communications Equipment — 0.9%
Cisco Systems Inc.		1,440,629		80,329,473
Consumer Finance — 0.7%
American Express Co.		210,093		39,287,391
Capital One Financial Corp.		141,094		18,524,231
				57,811,622
Diversified Financial Services — 2.5%
Berkshire Hathaway Inc., Class B(a)(c)		625,550		220,762,851
Diversified Telecommunication Services — 1.5%
AT&T Inc.		2,439,180		57,637,824
Verizon Communications Inc.		1,433,932		73,044,496
				130,682,320

Security	Shares		Value
Electric Utilities — 1.5%
Duke Energy Corp.		263,006	$	29,367,250
Exelon Corp.		334,551		15,934,664
NextEra Energy Inc.		670,216		56,773,997
Southern Co. (The)		361,997		26,248,403
				128,324,314
Electrical Equipment — 0.2%
Emerson Electric Co.		202,506		19,855,713
Entertainment — 1.6%
Netflix Inc.(a)		151,650		56,806,574
Walt Disney Co. (The)(a)		621,877		85,296,649
				142,103,223
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.		155,693		39,113,196
Simon Property Group Inc.		112,240		14,766,294
				53,879,490
Food & Staples Retailing — 1.9%
Costco Wholesale Corp.		151,467		87,222,272
Walgreens Boots Alliance Inc.		244,529		10,947,563
Walmart Inc.		483,214		71,960,229
				170,130,064
Food Products — 0.5%
Kraft Heinz Co. (The)		242,132		9,537,580
Mondelez International Inc., Class A		473,971		29,755,899
				39,293,479
Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		604,005		71,490,032
Medtronic PLC		459,268		50,955,784
				122,445,816
Health Care Providers & Services — 2.4%
CVS Health Corp.		448,321		45,374,568
UnitedHealth Group Inc.		321,708		164,061,429
				209,435,997
Hotels, Restaurants & Leisure — 1.5%
Booking Holdings Inc.(a)		14,023		32,932,314
McDonald’s Corp.		255,235		63,114,511
Starbucks Corp.		392,896		35,741,749
				131,788,574
Household Products — 1.7%
Colgate-Palmolive Co.		287,879		21,829,865
Procter & Gamble Co. (The)		818,774		125,108,667
				146,938,532
Industrial Conglomerates — 1.2%
3M Co.		194,972		29,027,432
General Electric Co.		375,496		34,357,884
Honeywell International Inc.		234,254		45,581,143
				108,966,459
Insurance — 0.4%
American International Group Inc.		283,842		17,816,762
MetLife Inc.		239,020		16,798,326
				34,615,088
Interactive Media & Services — 8.3%
Alphabet Inc., Class A(a)		102,732		285,733,648
Alphabet Inc., Class C, NVS(a)		94,875		264,984,926
Meta Platforms Inc, Class A(a)		788,722		175,380,224
				726,098,798
Internet & Direct Marketing Retail — 5.6%
Amazon.com Inc.(a)		149,473		487,274,506

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Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 4.4%
Accenture PLC, Class A		215,873	$	72,798,852
International Business Machines Corp.		306,571		39,860,361
Mastercard Inc., Class A		294,795		105,353,837
PayPal Holdings Inc.(a)		397,938		46,021,530
Visa Inc., Class A		566,472		125,626,495
				389,661,075
Life Sciences Tools & Services — 1.6%
Danaher Corp.(c)		217,356		63,757,036
Thermo Fisher Scientific Inc.		134,597		79,499,718
				143,256,754
Machinery — 0.5%
Caterpillar Inc.		184,574		41,126,779
Media — 1.1%
Charter Communications Inc., Class A(a)(c)		40,665		22,183,571
Comcast Corp., Class A		1,545,206		72,346,545
				94,530,116
Multiline Retail — 0.4%
Target Corp.		163,653		34,730,440
Oil, Gas & Consumable Fuels — 3.1%
Chevron Corp.		658,449		107,215,251
ConocoPhillips		444,813		44,481,300
Exxon Mobil Corp.		1,446,075		119,431,334
				271,127,885
Pharmaceuticals — 5.3%
Bristol-Myers Squibb Co.		744,538		54,373,610
Eli Lilly & Co.		271,195		77,662,112
Johnson & Johnson		899,232		159,370,888
Merck & Co. Inc.		862,798		70,792,576
Pfizer Inc.		1,917,212		99,254,065
				461,453,251
Road & Rail — 0.7%
Union Pacific Corp.		217,546		59,435,743
Semiconductors & Semiconductor Equipment — 5.8%
Broadcom Inc.		141,024		88,799,992
Intel Corp.		1,390,892		68,932,607
NVIDIA Corp.		853,931		233,003,613
QUALCOMM Inc.		384,952		58,828,365
Texas Instruments Inc.		315,462		57,880,968
				507,445,545
Software — 11.2%
Adobe Inc.(a)		161,117		73,408,127
Microsoft Corp.		2,560,741		789,502,058

Security	Shares		Value
Software (continued)
Oracle Corp.		538,172	$	44,522,969
salesforce.com Inc.(a)		336,452		71,435,489
				978,868,643
Specialty Retail — 1.7%
Home Depot Inc. (The)		356,687		106,767,120
Lowe’s Companies Inc.		230,132		46,530,389
				153,297,509
Technology Hardware, Storage & Peripherals — 10.5%
Apple Inc.		5,295,585		924,662,097
Textiles, Apparel & Luxury Goods — 0.7%
Nike Inc., Class B		435,952		58,661,701
Tobacco — 0.9%
Altria Group Inc.		622,651		32,533,515
Philip Morris International Inc.		529,377		49,729,675
				82,263,190
Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.(a)		200,544		25,739,822
Total Common Stocks — 99.8%     (Cost: $6,525,116,681)			8,756,827,305
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(b)(d)(e)		9,417,645		9,415,762
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(d)		16,943,000		16,943,000
				26,358,762
Total Short-Term Investments — 0.3% (Cost: $26,358,771)				26,358,762
Total Investments in Securities — 100.1% (Cost: $6,551,475,452)				8,783,186,067
Other Assets, Less Liabilities — (0.1)%				(5,737,770	)
Net Assets — 100.0%			$	8,777,448,297

^(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.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,872,450	$	534,572	(a)	$	—		$	8,749	$	(9	)	$	9,415,762		9,417,645	$	12,761	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,763,000		12,180,000	(a)		—			—		—			16,943,000		16,943,000		4,789			—
BlackRock Inc.		33,490,149		9,722,828			(5,547,688	)		2,354,805		(2,831,761	)		37,188,333		48,665		814,712			—
									$	2,363,554	$	(2,831,770	)	$	63,547,095			$	832,262		$	—

^(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		91		06/17/22	$	20,615	$	1,125,645

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,125,645

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,887,877
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,054,986

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,432,350

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.

22 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P 100 ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	8,756,827,305	$	—	$	—	$	8,756,827,305
Money Market Funds		26,358,762		—		—		26,358,762
	$	8,783,186,067	$	—	$	—	$	8,783,186,067
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,125,645	$	—	$	—	$	1,125,645

^(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  O F  I N V E S T M E N T S 23

Schedule of Investments March 31, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
L3Harris Technologies Inc.		156,673	$	38,928,540
TransDigm Group Inc.(a)		44,260		28,837,161
				67,765,701
Air Freight & Logistics — 0.4%
Expeditors International of Washington Inc.		322,815		33,301,596
United Parcel Service Inc., Class B		593,970		127,382,806
				160,684,402
Auto Components — 0.1%
Aptiv PLC(a)		211,646		25,336,143
Automobiles — 4.6%
Tesla Inc.(a)		1,585,732		1,708,784,803
Banks — 2.1%
Bank of America Corp.		5,924,188		244,195,029
Comerica Inc.		108,663		9,826,395
First Republic Bank/CA		338,718		54,906,188
JPMorgan Chase & Co.		2,574,788		350,995,100
Regions Financial Corp.		800,993		17,830,104
Signature Bank/New York NY		119,257		35,000,737
SVB Financial Group(a)		111,772		62,530,845
Zions Bancorp. N.A		137,867		9,038,561
				784,322,959
Beverages — 0.6%
Monster Beverage Corp.(a)		371,877		29,712,972
PepsiCo Inc.		1,099,923		184,105,112
				213,818,084
Biotechnology — 2.0%
AbbVie Inc.		1,808,282		293,140,595
Amgen Inc.		438,367		106,005,908
Incyte Corp.(a)(b)		153,793		12,214,240
Moderna Inc.(a)(b)		668,033		115,075,364
Regeneron Pharmaceuticals Inc.(a)		201,914		141,020,776
Vertex Pharmaceuticals Inc.(a)		289,874		75,648,418
				743,105,301
Building Products — 0.2%
A O Smith Corp.		121,593		7,768,577
Fortune Brands Home & Security Inc.		116,148		8,627,473
Johnson Controls International PLC		811,343		53,199,761
Masco Corp.		216,466		11,039,766
				80,635,577
Capital Markets — 3.2%
Ameriprise Financial Inc.		127,536		38,306,714
BlackRock Inc.(c)		140,591		107,435,424
Cboe Global Markets Inc.		114,679		13,121,571
Charles Schwab Corp. (The)		1,935,271		163,162,698
FactSet Research Systems Inc.		41,507		18,020,264
Franklin Resources Inc.		240,728		6,721,126
Goldman Sachs Group Inc. (The)		642,924		212,229,212
Intercontinental Exchange Inc.		606,599		80,143,860
MarketAxess Holdings Inc.		34,005		11,568,501
Moody’s Corp.		202,016		68,162,219
Morgan Stanley		1,317,661		115,163,571
MSCI Inc.		154,155		77,521,466
Nasdaq Inc.		173,916		30,991,831
Raymond James Financial Inc.		211,307		23,224,752
S&P Global Inc.		408,898		167,721,782

Security	Shares		Value
Capital Markets (continued)
T Rowe Price Group Inc.		304,461	$	46,031,459
				1,179,526,450
Chemicals — 0.8%
Albemarle Corp.		151,585		33,523,023
Celanese Corp.		86,644		12,378,828
CF Industries Holdings Inc.		240,868		24,823,856
Linde PLC		495,729		158,350,714
Sherwin-Williams Co. (The)		241,950		60,395,559
				289,471,980
Commercial Services & Supplies — 0.4%
Cintas Corp.		77,163		32,824,368
Copart Inc.(a)		276,246		34,660,586
Republic Services Inc.		172,498		22,855,985
Rollins Inc.		188,773		6,616,494
Waste Management Inc.		371,016		58,806,036
				155,763,469
Communications Equipment — 0.9%
Arista Networks Inc.(a)		423,879		58,910,703
Cisco Systems Inc.		3,593,656		200,382,259
F5 Inc.(a)		62,798		13,121,642
Motorola Solutions Inc.		189,734		45,953,575
				318,368,179
Construction & Engineering — 0.1%
Quanta Services Inc.		143,567		18,894,853
Construction Materials — 0.1%
Martin Marietta Materials Inc.		67,911		26,138,265
Vulcan Materials Co.		119,227		21,902,000
				48,040,265
Consumer Finance — 0.6%
American Express Co.		513,268		95,981,116
Capital One Financial Corp.		376,808		49,471,123
Discover Financial Services		546,359		60,203,298
Synchrony Financial		563,683		19,621,805
				225,277,342
Containers & Packaging — 0.1%
Avery Dennison Corp.		78,315		13,624,460
Sealed Air Corp.		160,278		10,732,215
				24,356,675
Distributors — 0.1%
LKQ Corp.		212,044		9,628,918
Pool Corp.		76,506		32,350,562
				41,979,480
Electric Utilities — 0.0%
NRG Energy Inc.		456,646		17,516,940
Electrical Equipment — 0.2%
Generac Holdings Inc.(a)		119,975		35,663,768
Rockwell Automation Inc.		115,087		32,227,813
				67,891,581
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		602,795		45,420,603
CDW Corp./DE		152,586		27,296,110
Keysight Technologies Inc.(a)		258,518		40,838,088
Trimble Inc.(a)		262,299		18,922,250
Zebra Technologies Corp., Class A(a)		72,929		30,170,727
				162,647,778

24 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment — 0.9%
Live Nation Entertainment Inc.(a)		107,445	$	12,639,830
Netflix Inc.(a)		840,816		314,961,265
Take-Two Interactive Software Inc.(a)(b)		135,938		20,899,108
				348,500,203
Equity Real Estate Investment Trusts (REITs) — 2.0%
American Tower Corp.		440,642		110,698,083
AvalonBay Communities Inc.		111,796		27,766,773
Crown Castle International Corp.		367,404		67,822,778
Duke Realty Corp.		464,531		26,970,670
Equinix Inc.		78,192		57,988,751
Essex Property Trust Inc.		53,723		18,560,222
Extra Space Storage Inc.		254,535		52,332,396
Federal Realty Investment Trust		56,639		6,913,923
Iron Mountain Inc.		328,935		18,226,288
Mid-America Apartment Communities Inc.		135,746		28,432,000
Prologis Inc.		856,284		138,272,740
Public Storage		171,095		66,774,957
SBA Communications Corp.		116,092		39,947,257
Simon Property Group Inc.		375,345		49,380,388
UDR Inc.		311,906		17,894,047
Weyerhaeuser Co.		589,299		22,334,432
				750,315,705
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		428,213		246,586,456
Food Products — 0.1%
Hershey Co. (The)		123,028		26,651,556
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories		1,775,021		210,091,486
ABIOMED Inc.(a)		46,702		15,469,571
Align Technology Inc.(a)		138,643		60,448,348
Dexcom Inc.(a)(b)		183,142		93,695,447
Edwards Lifesciences Corp.(a)(b)		743,498		87,524,585
Hologic Inc.(a)(b)		349,144		26,821,242
IDEXX Laboratories Inc.(a)		110,955		60,699,042
Intuitive Surgical Inc.(a)		468,355		141,293,336
ResMed Inc.		160,963		39,035,137
STERIS PLC		78,644		19,013,760
Stryker Corp.		260,120		69,543,082
				823,635,036
Health Care Providers & Services — 1.4%
HCA Healthcare Inc.		262,639		65,822,586
Laboratory Corp. of America Holdings(a)		93,672		24,697,560
Molina Healthcare Inc.(a)		54,298		18,113,270
Quest Diagnostics Inc.		103,893		14,218,796
UnitedHealth Group Inc.		749,321		382,131,230
				504,983,442
Hotels, Restaurants & Leisure — 1.1%
Caesars Entertainment Inc.(a)(b)		255,879		19,794,799
Chipotle Mexican Grill Inc.(a)(b)		35,652		56,402,533
Domino’s Pizza Inc.		46,673		18,996,378
Hilton Worldwide Holdings Inc.(a)		217,489		33,001,781
McDonald’s Corp.		637,792		157,713,206
Starbucks Corp.		1,112,901		101,240,604
Yum! Brands Inc.		256,473		30,399,745
				417,549,046
Household Durables — 0.2%
DR Horton Inc.		320,569		23,885,596
Garmin Ltd.		144,511		17,140,450

Security	Shares		Value
Household Durables (continued)
Newell Brands Inc.		381,817	$	8,174,702
NVR Inc.(a)		2,878		12,856,803
				62,057,551
Insurance — 0.7%
Aon PLC, Class A		244,354		79,568,993
Arthur J Gallagher & Co.		174,441		30,457,399
Brown & Brown Inc.		302,482		21,860,374
Cincinnati Financial Corp.		131,589		17,890,840
Marsh & McLennan Companies Inc.		583,481		99,436,832
				249,214,438
Interactive Media & Services — 11.0%
Alphabet Inc., Class A(a)		569,615		1,584,298,680
Alphabet Inc., Class C, NVS(a)		526,218		1,469,721,612
Meta Platforms Inc, Class A(a)		4,373,598		972,513,251
Twitter Inc.(a)(b)		730,876		28,277,593
				4,054,811,136
Internet & Direct Marketing Retail — 7.6%
Amazon.com Inc.(a)		828,849		2,702,006,298
eBay Inc.		916,902		52,501,808
Etsy Inc.(a)		242,086		30,086,448
				2,784,594,554
IT Services — 3.3%
Accenture PLC, Class A		694,196		234,103,717
Akamai Technologies Inc.(a)(b)		126,773		15,135,428
Automatic Data Processing Inc.		421,735		95,961,582
Broadridge Financial Solutions Inc.		97,544		15,188,576
EPAM Systems Inc.(a)		108,406		32,154,304
Gartner Inc.(a)		156,362		46,511,441
Mastercard Inc., Class A		768,382		274,604,359
Paychex Inc.		323,301		44,120,887
PayPal Holdings Inc.(a)		1,193,349		138,010,812
VeriSign Inc.(a)		84,996		18,908,210
Visa Inc., Class A		1,350,649		299,533,429
				1,214,232,745
Life Sciences Tools & Services — 2.9%
Agilent Technologies Inc.		341,102		45,138,028
Bio-Rad Laboratories Inc., Class A(a)		22,691		12,780,252
Bio-Techne Corp.		75,056		32,502,250
Charles River Laboratories International Inc.(a)		96,344		27,358,806
Danaher Corp.		819,558		240,400,948
Illumina Inc.(a)		145,637		50,885,568
IQVIA Holdings Inc.(a)		263,576		60,941,407
Mettler-Toledo International Inc.(a)		27,303		37,492,207
PerkinElmer Inc.(b)		240,068		41,882,263
Thermo Fisher Scientific Inc.		746,512		440,927,313
Waters Corp.(a)		86,150		26,740,098
West Pharmaceutical Services Inc.		140,234		57,595,506
				1,074,644,646
Machinery — 0.7%
Deere & Co.		244,474		101,569,168
Dover Corp.		123,768		19,419,199
IDEX Corp.		57,552		11,034,445
Illinois Tool Works Inc.		222,970		46,689,918
Nordson Corp.		63,109		14,330,792
Otis Worldwide Corp.		318,561		24,513,269
Pentair PLC		176,770		9,582,701
Xylem Inc./NY		136,665		11,652,058
				238,791,550

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 0.3%
Freeport-McMoRan Inc.		1,225,942	$	60,978,355
Nucor Corp.		280,290		41,665,108
				102,643,463
Multiline Retail — 0.3%
Target Corp.		499,874		106,083,260
Oil, Gas & Consumable Fuels — 1.0%
APA Corp.		370,459		15,311,070
Devon Energy Corp.		1,191,720		70,466,404
Diamondback Energy Inc.		324,182		44,438,869
EOG Resources Inc.		508,780		60,661,839
Hess Corp.		373,648		39,995,282
Occidental Petroleum Corp.		685,327		38,885,454
ONEOK Inc.		359,362		25,381,738
Pioneer Natural Resources Co.		241,769		60,449,503
				355,590,159
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		259,374		70,632,728
Pharmaceuticals — 2.3%
Catalent Inc.(a)		203,821		22,603,749
Eli Lilly & Co.		1,503,814		430,647,215
Pfizer Inc.		5,740,895		297,206,134
Zoetis Inc.		592,479		111,735,615
				862,192,713
Professional Services — 0.3%
Equifax Inc.		232,296		55,077,382
Jacobs Engineering Group Inc.		106,544		14,682,829
Robert Half International Inc.		141,301		16,133,748
Verisk Analytics Inc.		156,318		33,550,532
				119,444,491
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		318,482		29,147,473
Road & Rail — 0.6%
JB Hunt Transport Services Inc.		95,635		19,202,552
Old Dominion Freight Line Inc.		175,995		52,566,186
Union Pacific Corp.		495,204		135,294,685
				207,063,423
Semiconductors & Semiconductor Equipment — 8.6%
Advanced Micro Devices Inc.(a)		3,096,621		338,584,540
Applied Materials Inc.		1,681,787		221,659,527
Broadcom Inc.		445,670		280,629,486
Enphase Energy Inc.(a)(b)		252,588		50,967,207
KLA Corp.		285,973		104,683,276
Lam Research Corp.		264,475		142,184,405
Microchip Technology Inc.		506,630		38,068,178
Monolithic Power Systems Inc.		82,636		40,134,653
NVIDIA Corp.(b)		4,735,335		1,292,083,508
NXP Semiconductors NV		317,893		58,835,636
Qorvo Inc.(a)(b)		100,011		12,411,365
QUALCOMM Inc.		2,134,750		326,232,495
Skyworks Solutions Inc.		145,019		19,328,132
SolarEdge Technologies Inc.(a)(b)		75,201		24,242,546
Teradyne Inc.		310,658		36,729,095
Texas Instruments Inc.		856,444		157,140,345
				3,143,914,394
Software — 16.7%
Adobe Inc.(a)		893,513		407,102,393
ANSYS Inc.(a)		103,226		32,789,739

Security	Shares		Value
Software (continued)
Autodesk Inc.(a)		266,195	$	57,058,898
Cadence Design Systems Inc.(a)		526,177		86,535,069
Ceridian HCM Holding Inc.(a)(b)		106,241		7,262,635
Fortinet Inc.(a)		256,776		87,750,630
Intuit Inc.		536,438		257,940,848
Microsoft Corp.		14,199,990		4,377,998,917
Oracle Corp.		2,984,141		246,877,985
Paycom Software Inc.(a)		67,619		23,421,869
PTC Inc.(a)		97,371		10,488,804
salesforce.com Inc.(a)		1,138,018		241,623,982
ServiceNow Inc.(a)		378,676		210,880,878
Synopsys Inc.(a)		194,943		64,968,654
Tyler Technologies Inc.(a)		47,491		21,128,271
				6,133,829,572
Specialty Retail — 2.7%
Advance Auto Parts Inc.		56,129		11,616,458
AutoZone Inc.(a)		39,124		79,992,148
Bath & Body Works Inc.		317,751		15,188,498
CarMax Inc.(a)(b)		160,325		15,468,156
Home Depot Inc. (The)		1,503,171		449,944,175
Lowe’s Companies Inc.		1,276,287		258,052,468
O’Reilly Automotive Inc.(a)		127,374		87,246,095
Tractor Supply Co.		216,248		50,465,796
Ulta Salon Cosmetics & Fragrance Inc.(a)		57,003		22,699,735
				990,673,529
Technology Hardware, Storage & Peripherals — 14.2%
Apple Inc.		29,365,119		5,127,443,429
HP Inc.		1,026,891		37,276,143
NetApp Inc.		297,934		24,728,522
Seagate Technology Holdings PLC		277,892		24,982,491
				5,214,430,585
Textiles, Apparel & Luxury Goods — 0.5%
Nike Inc., Class B		1,305,536		175,672,924
Under Armour Inc., Class A(a)(b)		153,568		2,613,728
Under Armour Inc., Class C, NVS(a)		175,863		2,736,428
				181,023,080
Trading Companies & Distributors — 0.2%
Fastenal Co.		525,400		31,208,760
United Rentals Inc.(a)		81,565		28,972,704
				60,181,464
Total Common Stocks — 99.9% (Cost: $23,310,314,929)				36,707,606,360
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		67,667,192		67,653,659

26 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		48,780,000	$	48,780,000
				116,433,659
Total Short-Term Investments — 0.3% (Cost: $116,417,537)				116,433,659
Total Investments in Securities — 100.2% (Cost: $23,426,732,466)				36,824,040,019
Other Assets, Less Liabilities — (0.2)%				(65,628,023	)
Net Assets — 100.0%			$	36,758,411,996

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	52,646,251	$	15,049,044	(a)	$	—		$	5,379	$	(47,015	)	$	67,653,659		67,667,192	$	176,725	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		37,060,000		11,720,000	(a)		—			—		—			48,780,000		48,780,000		10,496			—
BlackRock Inc.		135,626,849		30,062,047			(65,950,721	)		13,098,400		(5,401,151	)		107,435,424		140,591		2,879,130			—
									$	13,103,779	$	(5,448,166	)	$	223,869,083			$	3,066,351		$	—

^(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		201		06/17/22	$	45,534	$	2,883,806

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,883,806

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 500 Growth ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,013,314
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,511,104

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	43,338,022

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
Investments
Assets
Common Stocks	$	36,707,606,360	$	—	$	—	$	36,707,606,360
Money Market Funds		116,433,659		—		—		116,433,659
	$	36,824,040,019	$	—	$	—	$	36,824,040,019
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,883,806	$	—	$	—	$	2,883,806

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

See notes to financial statements.

28 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.0%
Boeing Co. (The)(a)		748,342	$	143,307,493
General Dynamics Corp.		314,985		75,968,082
Howmet Aerospace Inc.		512,616		18,423,419
Huntington Ingalls Industries Inc.		55,646		11,098,038
L3Harris Technologies Inc.		155,426		38,618,698
Lockheed Martin Corp.		330,941		146,077,358
Northrop Grumman Corp.		200,362		89,605,894
Raytheon Technologies Corp.		2,037,851		201,889,899
Textron Inc.		299,395		22,269,000
TransDigm Group Inc.(a)		40,321		26,270,744
				773,528,625
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		175,731		18,927,986
FedEx Corp.		332,875		77,023,946
United Parcel Service Inc., Class B		567,564		121,719,776
				217,671,708
Airlines — 0.5%
Alaska Air Group Inc.(a)		174,807		10,140,554
American Airlines Group Inc.(a)(b)		894,779		16,329,717
Delta Air Lines Inc.(a)		873,974		34,583,151
Southwest Airlines Co.(a)		808,855		37,045,559
United Airlines Holdings Inc.(a)(b)		438,916		20,348,146
				118,447,127
Auto Components — 0.2%
Aptiv PLC(a)(b)		217,968		26,092,949
BorgWarner Inc.		332,332		12,927,715
				39,020,664
Automobiles — 0.7%
Ford Motor Co.		5,371,158		90,826,282
General Motors Co.(a)		1,984,128		86,785,759
				177,612,041
Banks — 5.5%
Bank of America Corp.		5,435,836		224,065,160
Citigroup Inc.		2,709,738		144,700,009
Citizens Financial Group Inc.		581,992		26,381,697
Comerica Inc.		97,807		8,844,687
Fifth Third Bancorp.		933,710		40,186,879
Huntington Bancshares Inc./OH		1,965,087		28,729,572
JPMorgan Chase & Co.		2,179,176		297,065,272
KeyCorp		1,263,961		28,287,447
M&T Bank Corp.		175,760		29,791,320
People’s United Financial Inc.		593,239		11,858,848
PNC Financial Services Group Inc. (The)		573,504		105,782,813
Regions Financial Corp.		703,208		15,653,410
Truist Financial Corp.		1,822,844		103,355,255
U.S. Bancorp.		1,844,055		98,011,523
Wells Fargo & Co.		5,306,192		257,138,064
Zions Bancorp. N.A.		106,788		7,001,021
				1,426,852,977
Beverages — 2.4%
Brown-Forman Corp., Class B, NVS		252,245		16,905,460
Coca-Cola Co. (The)		5,308,498		329,126,876
Constellation Brands Inc., Class A		224,175		51,631,986
Molson Coors Beverage Co., Class B		260,757		13,919,209
Monster Beverage Corp.(a)		244,279		19,517,892
PepsiCo Inc.		1,095,688		183,396,257
				614,497,680

Security	Shares		Value
Biotechnology — 1.9%
AbbVie Inc.		1,110,497	$	180,022,669
Amgen Inc.		453,783		109,733,805
Biogen Inc.(a)		200,572		42,240,463
Gilead Sciences Inc.		1,712,909		101,832,440
Incyte Corp.(a)		148,838		11,820,714
Vertex Pharmaceuticals Inc.(a)		139,289		36,350,250
				482,000,341
Building Products — 0.6%
A O Smith Corp.		86,654		5,536,324
Allegion PLC		122,492		13,447,172
Carrier Global Corp.		1,167,623		53,558,867
Fortune Brands Home & Security Inc.		104,231		7,742,278
Johnson Controls International PLC		371,565		24,363,517
Masco Corp.		166,439		8,488,389
Trane Technologies PLC		319,137		48,732,220
				161,868,767
Capital Markets — 2.7%
Ameriprise Financial Inc.		58,477		17,564,152
Bank of New York Mellon Corp. (The)		1,011,137		50,182,729
BlackRock Inc.(c)		93,454		71,414,743
Cboe Global Markets Inc.		60,795		6,956,164
Charles Schwab Corp. (The)		656,802		55,374,977
CME Group Inc.		490,791		116,739,547
FactSet Research Systems Inc.		21,349		9,268,668
Franklin Resources Inc.		209,801		5,857,644
Intercontinental Exchange Inc.		329,899		43,586,256
Invesco Ltd.		475,384		10,962,355
MarketAxess Holdings Inc.		27,541		9,369,448
Moody’s Corp.		74,578		25,163,363
Morgan Stanley		987,260		86,286,524
Nasdaq Inc.		35,120		6,258,384
Northern Trust Corp.		283,692		33,035,933
Raymond James Financial Inc.		105,589		11,605,287
S&P Global Inc.		188,642		77,377,176
State Street Corp.		499,187		43,489,172
T Rowe Price Group Inc.		93,689		14,164,840
				694,657,362
Chemicals — 2.7%
Air Products and Chemicals Inc.		302,762		75,663,251
Albemarle Corp.		52,120		11,526,338
Celanese Corp.		84,070		12,011,081
CF Industries Holdings Inc.		116,807		12,038,129
Corteva Inc.		992,749		57,063,213
Dow Inc.		1,004,589		64,012,411
DuPont de Nemours Inc.		699,835		51,493,859
Eastman Chemical Co.		175,321		19,646,471
Ecolab Inc.		340,429		60,106,144
FMC Corp.		172,301		22,669,643
International Flavors & Fragrances Inc.		347,556		45,644,530
Linde PLC		342,951		109,548,838
LyondellBasell Industries NV, Class A		359,002		36,912,586
Mosaic Co. (The)		505,000		33,582,500
PPG Industries Inc.		323,963		42,461,830
Sherwin-Williams Co. (The)		154,838		38,650,662
				693,031,486
Commercial Services & Supplies — 0.4%
Cintas Corp.		65,040		27,667,366
Copart Inc.(a)		94,774		11,891,294
Republic Services Inc.		158,628		21,018,210

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Rollins Inc.		172,082	$	6,031,474
Waste Management Inc.		257,488		40,811,848
				107,420,192
Communications Equipment — 0.9%
Cisco Systems Inc.		3,167,598		176,625,264
F5 Inc.(a)		39,883		8,333,553
Juniper Networks Inc.		449,142		16,690,117
Motorola Solutions Inc.		93,990		22,764,378
				224,413,312
Construction & Engineering — 0.0%
Quanta Services Inc.(b)		89,210		11,740,928
Construction Materials — 0.1%
Martin Marietta Materials Inc.		36,329		13,982,669
Vulcan Materials Co.		93,665		17,206,260
				31,188,929
Consumer Finance — 0.5%
American Express Co.		470,330		87,951,710
Capital One Financial Corp.		293,869		38,582,061
Synchrony Financial		302,865		10,542,731
				137,076,502
Containers & Packaging — 0.5%
Amcor PLC		2,054,132		23,273,316
Avery Dennison Corp.		55,206		9,604,188
Ball Corp.		442,290		39,806,100
International Paper Co.		526,266		24,287,176
Packaging Corp. of America		130,690		20,402,016
Sealed Air Corp.		90,490		6,059,210
Westrock Co.		357,315		16,804,524
				140,236,530
Distributors — 0.1%
Genuine Parts Co.		195,403		24,624,686
LKQ Corp.		212,903		9,667,925
				34,292,611
Diversified Financial Services — 3.4%
Berkshire Hathaway Inc., Class B(a)(b)		2,500,818		882,563,680
Diversified Telecommunication Services — 2.1%
AT&T Inc.		9,751,269		230,422,486
Lumen Technologies Inc.		1,274,967		14,368,878
Verizon Communications Inc.		5,732,504		292,013,754
				536,805,118
Electric Utilities — 3.4%
Alliant Energy Corp.		339,042		21,183,344
American Electric Power Co. Inc.		687,767		68,618,514
Constellation Energy Corp.		445,365		25,051,781
Duke Energy Corp.		1,050,408		117,288,557
Edison International		518,780		36,366,478
Entergy Corp.		275,574		32,173,264
Evergy Inc.		310,409		21,213,351
Eversource Energy		468,347		41,303,522
Exelon Corp.		1,337,101		63,686,121
FirstEnergy Corp.		777,939		35,676,283
NextEra Energy Inc.		2,679,344		226,967,230
Pinnacle West Capital Corp.		156,636		12,233,272
PPL Corp.		1,029,291		29,396,551
Southern Co. (The)		1,447,197		104,936,254
Xcel Energy Inc.		735,575		53,086,448
				889,180,970

Security	Shares		Value
Electrical Equipment — 0.9%
AMETEK Inc.		315,884	$	42,069,431
Eaton Corp. PLC		544,321		82,606,155
Emerson Electric Co.		811,136		79,531,885
Rockwell Automation Inc.		76,621		21,456,179
				225,663,650
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		385,968		29,082,689
CDW Corp./DE		75,674		13,537,322
Corning Inc.		1,021,972		37,720,986
IPG Photonics Corp.(a)		48,623		5,336,860
Keysight Technologies Inc.(a)		60,942		9,627,008
TE Connectivity Ltd.		444,602		58,233,970
Teledyne Technologies Inc.(a)		63,958		30,228,469
Trimble Inc.(a)		150,077		10,826,555
Zebra Technologies Corp., Class A(a)(b)		19,008		7,863,610
				202,457,469
Energy Equipment & Services — 0.7%
Baker Hughes Co.		1,241,742		45,211,826
Halliburton Co.		1,232,023		46,656,711
Schlumberger NV		1,916,364		79,164,997
				171,033,534
Entertainment — 1.9%
Activision Blizzard Inc.		1,063,840		85,224,222
Electronic Arts Inc.		384,013		48,581,485
Live Nation Entertainment Inc.(a)		104,404		12,282,087
Take-Two Interactive Software Inc.(a)(b)		61,218		9,411,655
Walt Disney Co. (The)(a)		2,486,121		340,996,356
				496,495,805
Equity Real Estate Investment Trusts (REITs) — 3.3%
Alexandria Real Estate Equities Inc.		198,694		39,987,168
American Tower Corp.		304,743		76,557,537
AvalonBay Communities Inc.		111,123		27,599,620
Boston Properties Inc.		193,209		24,885,319
Crown Castle International Corp.		324,471		59,897,347
Digital Realty Trust Inc.		387,261		54,913,610
Duke Realty Corp.		180,952		10,506,073
Equinix Inc.		66,370		49,221,319
Equity Residential		466,271		41,927,088
Essex Property Trust Inc.		50,270		17,367,280
Federal Realty Investment Trust		55,832		6,815,412
Healthpeak Properties Inc.		732,532		25,147,824
Host Hotels & Resorts Inc.		970,374		18,854,367
Iron Mountain Inc.		153,444		8,502,332
Kimco Realty Corp.		837,389		20,683,508
Mid-America Apartment Communities Inc.		60,665		12,706,284
Prologis Inc.		395,164		63,811,083
Public Storage		85,784		33,479,780
Realty Income Corp.		771,897		53,492,462
Regency Centers Corp.		213,113		15,203,481
SBA Communications Corp.		65,904		22,677,566
Simon Property Group Inc.		180,529		23,750,395
UDR Inc.		183,037		10,500,833
Ventas Inc.		545,094		33,665,005
Vornado Realty Trust		215,963		9,787,443
Welltower Inc.		594,399		57,145,520
Weyerhaeuser Co.		590,096		22,364,638
				841,450,294
Food & Staples Retailing — 2.4%
Costco Wholesale Corp.		296,696		170,852,392

30 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Kroger Co. (The)		912,819	$	52,368,426
Sysco Corp.		692,584		56,549,484
Walgreens Boots Alliance Inc.		978,420		43,803,863
Walmart Inc.		1,931,806		287,684,549
				611,258,714
Food Products — 1.9%
Archer-Daniels-Midland Co.		764,103		68,967,937
Campbell Soup Co.		280,922		12,520,694
Conagra Brands Inc.		650,996		21,853,936
General Mills Inc.		823,718		55,782,183
Hershey Co. (The)		109,923		23,812,620
Hormel Foods Corp.		382,989		19,739,253
JM Smucker Co. (The)		147,130		19,922,873
Kellogg Co.		347,321		22,398,731
Kraft Heinz Co. (The)		969,432		38,185,926
Lamb Weston Holdings Inc.		198,300		11,880,153
McCormick & Co. Inc./MD, NVS		341,057		34,037,489
Mondelez International Inc., Class A		1,895,816		119,019,328
Tyson Foods Inc., Class A		400,372		35,885,342
				484,006,465
Gas Utilities — 0.1%
Atmos Energy Corp.		184,974		22,102,543
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		1,134,881		134,324,515
ABIOMED Inc.(a)		27,744		9,189,923
Baxter International Inc.		683,185		52,974,165
Becton Dickinson and Co.		388,870		103,439,420
Boston Scientific Corp.(a)		1,945,879		86,182,981
Cooper Companies Inc. (The)(b)		66,913		27,942,200
DENTSPLY SIRONA Inc.		302,083		14,868,525
Edwards Lifesciences Corp.(a)		315,452		37,135,009
Hologic Inc.(a)		86,057		6,610,899
IDEXX Laboratories Inc.(a)		35,797		19,583,107
Intuitive Surgical Inc.(a)		152,070		45,876,478
Medtronic PLC		1,836,045		203,709,193
ResMed Inc.		83,146		20,163,736
STERIS PLC		80,047		19,352,963
Stryker Corp.		270,481		72,313,095
Teleflex Inc.		63,609		22,570,381
Zimmer Biomet Holdings Inc.		284,279		36,359,284
				912,595,874
Health Care Providers & Services — 4.7%
AmerisourceBergen Corp.		206,520		31,950,709
Anthem Inc.		331,455		162,817,325
Cardinal Health Inc.		376,742		21,361,271
Centene Corp.(a)		796,767		67,079,814
Cigna Corp.		441,019		105,672,563
CVS Health Corp.		1,792,289		181,397,570
DaVita Inc.(a)(b)		83,011		9,389,374
HCA Healthcare Inc.		137,337		34,419,399
Henry Schein Inc.(a)(b)		191,401		16,688,253
Humana Inc.		175,530		76,385,390
Laboratory Corp. of America Holdings(a)		59,390		15,658,767
McKesson Corp.		205,120		62,793,386
Molina Healthcare Inc.(a)		41,145		13,725,560
Quest Diagnostics Inc.		86,349		11,817,724
UnitedHealth Group Inc.		745,944		380,409,062
Universal Health Services Inc., Class B		101,023		14,643,284
				1,206,209,451

Security	Shares		Value
Health Care Technology — 0.1%
Cerner Corp.		400,639	$	37,483,785
Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.(a)		56,080		131,701,076
Caesars Entertainment Inc.(a)(b)		107,605		8,324,323
Carnival Corp.(a)		1,104,466		22,332,302
Chipotle Mexican Grill Inc.(a)		12,667		20,039,574
Darden Restaurants Inc.		174,457		23,194,058
Domino’s Pizza Inc.		16,312		6,639,147
Expedia Group Inc.(a)		205,124		40,136,613
Hilton Worldwide Holdings Inc.(a)		224,531		34,070,334
Las Vegas Sands Corp.(a)		465,531		18,095,190
Marriott International Inc./MD, Class A(a)		373,559		65,652,994
McDonald’s Corp.		561,229		138,780,707
MGM Resorts International		514,471		21,576,914
Norwegian Cruise Line Holdings Ltd.(a)(b)		567,181		12,409,920
Penn National Gaming Inc.(a)		231,352		9,813,952
Royal Caribbean Cruises Ltd.(a)(b)		304,806		25,536,647
Starbucks Corp.		769,661		70,016,061
Wynn Resorts Ltd.(a)(b)		146,328		11,668,195
Yum! Brands Inc.		208,824		24,751,909
				684,739,916
Household Durables — 0.4%
DR Horton Inc.		205,114		15,283,044
Garmin Ltd.		100,810		11,957,074
Lennar Corp., Class A		358,393		29,090,760
Mohawk Industries Inc.(a)(b)		76,173		9,460,687
Newell Brands Inc.		241,463		5,169,723
NVR Inc.(a)		2,385		10,654,439
PulteGroup Inc.		339,130		14,209,547
Whirlpool Corp.		80,453		13,900,669
				109,725,943
Household Products — 2.7%
Church & Dwight Co. Inc.		331,638		32,958,185
Clorox Co. (The)		166,834		23,194,931
Colgate-Palmolive Co.		1,150,941		87,275,856
Kimberly-Clark Corp.		459,675		56,613,573
Procter & Gamble Co. (The)		3,273,278		500,156,878
				700,199,423
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		905,715		23,304,047
Industrial Conglomerates — 1.9%
3M Co.		779,836		116,101,984
General Electric Co.		1,501,150		137,355,225
Honeywell International Inc.		936,484		182,221,057
Roper Technologies Inc.		144,028		68,014,342
				503,692,608
Insurance — 3.5%
Aflac Inc.		819,909		52,793,940
Allstate Corp. (The)		383,397		53,104,318
American International Group Inc.		1,133,810		71,169,254
Aon PLC, Class A		117,520		38,268,038
Arthur J Gallagher & Co.		159,179		27,792,653
Assurant Inc.		77,320		14,059,096
Brown & Brown Inc.		98,852		7,144,034
Chubb Ltd.		588,201		125,816,194
Cincinnati Financial Corp.		109,734		14,919,435
Everest Re Group Ltd.		54,334		16,375,181
Globe Life Inc.		128,758		12,953,055

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Hartford Financial Services Group Inc. (The)		457,998	$	32,888,836
Lincoln National Corp.		226,806		14,824,040
Loews Corp.		266,925		17,302,078
Marsh & McLennan Companies Inc.		268,895		45,825,086
MetLife Inc.		958,160		67,339,485
Principal Financial Group Inc.		333,099		24,452,798
Progressive Corp. (The)		798,024		90,966,756
Prudential Financial Inc.		516,107		60,988,364
Travelers Companies Inc. (The)		329,307		60,174,268
W R Berkley Corp.		284,533		18,947,052
Willis Towers Watson PLC		166,258		39,273,465
				907,377,426
Interactive Media & Services — 0.2%
Match Group Inc.(a)		386,552		42,033,665
Twitter Inc.(a)		564,260		21,831,219
				63,864,884
Internet & Direct Marketing Retail — 0.0%
eBay Inc.		200,224		11,464,826
IT Services — 5.2%
Accenture PLC, Class A		362,471		122,236,095
Akamai Technologies Inc.(a)(b)		127,183		15,184,378
Automatic Data Processing Inc.		269,583		61,340,916
Broadridge Financial Solutions Inc.		90,465		14,086,305
Cognizant Technology Solutions Corp., Class A		716,454		64,244,430
DXC Technology Co.(a)		329,759		10,760,036
Fidelity National Information Services Inc.		831,527		83,501,941
Fiserv Inc.(a)(b)		811,417		82,277,684
FleetCor Technologies Inc.(a)		111,310		27,722,869
Global Payments Inc.		388,545		53,168,498
International Business Machines Corp.		1,224,605		159,223,142
Jack Henry & Associates Inc.		98,955		19,499,083
Mastercard Inc., Class A		624,637		223,232,771
Paychex Inc.		206,994		28,248,471
PayPal Holdings Inc.(a)(b)		731,794		84,631,976
VeriSign Inc.(a)		70,802		15,750,613
Visa Inc., Class A		1,290,840		286,269,587
				1,351,378,795
Leisure Products — 0.1%
Hasbro Inc.		178,964		14,660,731
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.		163,112		21,584,611
Bio-Rad Laboratories Inc., Class A(a)		13,227		7,449,843
Danaher Corp.		278,087		81,571,260
Illumina Inc.(a)		108,865		38,037,431
IQVIA Holdings Inc.(a)		71,177		16,456,834
Mettler-Toledo International Inc.(a)		11,471		15,751,862
Waters Corp.(a)		22,233		6,900,901
				187,752,742
Machinery — 2.5%
Caterpillar Inc.		738,673		164,591,118
Cummins Inc.		193,749		39,739,857
Deere & Co.		206,800		85,917,128
Dover Corp.		107,279		16,832,075
Fortive Corp.		489,640		29,833,765
IDEX Corp.		62,163		11,918,512
Illinois Tool Works Inc.		229,927		48,146,714
Ingersoll Rand Inc.		556,555		28,022,544
Nordson Corp.		29,445		6,686,371

Security	Shares		Value
Machinery (continued)
Otis Worldwide Corp.		349,596	$	26,901,412
PACCAR Inc.		474,271		41,769,047
Parker-Hannifin Corp.		175,333		49,752,492
Pentair PLC		98,808		5,356,382
Snap-on Inc.		72,976		14,995,108
Stanley Black & Decker Inc.		222,630		31,121,448
Westinghouse Air Brake Technologies Corp.		253,856		24,413,332
Xylem Inc./NY		147,299		12,558,713
				638,556,018
Media — 2.0%
Charter Communications Inc., Class A(a)		162,764		88,791,017
Comcast Corp., Class A		6,177,389		289,225,353
Discovery Inc., Class A(a)(b)		230,077		5,733,519
Discovery Inc., Class C, NVS(a)		422,417		10,547,753
DISH Network Corp., Class A(a)		347,378		10,994,514
Fox Corp., Class A, NVS		428,966		16,922,709
Fox Corp., Class B		199,730		7,246,204
Interpublic Group of Companies Inc. (The)		535,072		18,968,302
News Corp., Class A, NVS		533,727		11,822,053
News Corp., Class B		154,023		3,468,598
Omnicom Group Inc.		285,767		24,255,903
Paramount Global, Class B, NVS		831,856		31,452,475
				519,428,400
Metals & Mining — 0.6%
Freeport-McMoRan Inc.		1,122,604		55,838,323
Newmont Corp.		1,088,908		86,513,741
Nucor Corp.		170,302		25,315,392
				167,667,456
Multi-Utilities — 1.7%
Ameren Corp.		351,782		32,983,080
CenterPoint Energy Inc.		854,908		26,194,381
CMS Energy Corp.		397,271		27,785,134
Consolidated Edison Inc.		483,046		45,734,795
Dominion Energy Inc.		1,106,059		93,981,833
DTE Energy Co.		264,590		34,981,444
NiSource Inc.		541,740		17,227,332
Public Service Enterprise Group Inc.		689,470		48,262,900
Sempra Energy		435,674		73,245,513
WEC Energy Group Inc.		430,712		42,989,365
				443,385,777
Multiline Retail — 0.7%
Dollar General Corp.		316,399		70,439,910
Dollar Tree Inc.(a)(b)		307,168		49,192,955
Target Corp.		294,392		62,475,870
				182,108,735
Oil, Gas & Consumable Fuels — 6.2%
APA Corp.		222,609		9,200,430
Chevron Corp.		2,632,308		428,618,712
ConocoPhillips		1,778,230		177,823,000
Coterra Energy Inc.		1,107,292		29,863,665
EOG Resources Inc.		431,453		51,442,141
Exxon Mobil Corp.		5,781,091		477,460,306
Hess Corp.		108,813		11,647,344
Kinder Morgan Inc.		2,668,818		50,467,348
Marathon Oil Corp.		1,057,786		26,561,006
Marathon Petroleum Corp.		790,661		67,601,516
Occidental Petroleum Corp.		714,857		40,560,986
ONEOK Inc.		345,588		24,408,880
Phillips 66		638,487		55,158,892

32 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.		136,965	$	34,245,359
Valero Energy Corp.		557,262		56,584,383
Williams Companies Inc. (The)		1,659,177		55,433,104
				1,597,077,072
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		129,959		35,390,435
Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		2,976,487		217,372,846
Catalent Inc.(a)(b)		96,585		10,711,276
Johnson & Johnson		3,594,920		637,127,672
Merck & Co. Inc.		3,449,271		283,012,685
Organon & Co.		344,918		12,047,986
Pfizer Inc.		3,525,708		182,525,903
Viatris Inc.		1,667,085		18,137,885
Zoetis Inc.		219,662		41,426,057
				1,402,362,310
Professional Services — 0.3%
Jacobs Engineering Group Inc.		97,296		13,408,362
Leidos Holdings Inc.		190,487		20,576,405
Nielsen Holdings PLC		498,058		13,567,100
Robert Half International Inc.		46,321		5,288,932
Verisk Analytics Inc.		107,257		23,020,570
				75,861,369
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		226,937		20,769,274
Road & Rail — 1.4%
CSX Corp.		3,028,710		113,425,190
JB Hunt Transport Services Inc.		47,912		9,620,251
Norfolk Southern Corp.		327,402		93,381,598
Union Pacific Corp.		513,115		140,188,149
				356,615,188
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices Inc.		717,375		118,496,002
Broadcom Inc.		242,438		152,658,360
Intel Corp.		5,560,432		275,575,010
Microchip Technology Inc.		394,812		29,666,174
Micron Technology Inc.		1,529,112		119,102,534
NXP Semiconductors NV		135,061		24,997,090
Qorvo Inc.(a)		74,363		9,228,448
Skyworks Solutions Inc.		118,712		15,821,935
SolarEdge Technologies Inc.(a)		18,539		5,976,417
Texas Instruments Inc.		643,162		118,007,364
				869,529,334
Software — 0.9%
ANSYS Inc.(a)		45,165		14,346,662
Autodesk Inc.(a)		107,415		23,024,405
Ceridian HCM Holding Inc.(a)(b)		109,426		7,480,361
Citrix Systems Inc.		169,427		17,095,184
NortonLifeLock Inc.		790,567		20,965,837
Paycom Software Inc.(a)		16,421		5,687,906
PTC Inc.(a)		71,863		7,741,083
salesforce.com Inc.(a)		524,586		111,380,100
Synopsys Inc.(a)		69,432		23,139,603
Tyler Technologies Inc.(a)(b)		21,700		9,654,113
				240,515,254
Specialty Retail — 1.2%
Advance Auto Parts Inc.		43,186		8,937,775

Security	Shares		Value
Specialty Retail (continued)
Bath & Body Works Inc.		120,541	$	5,761,860
Best Buy Co. Inc.		296,845		26,983,211
CarMax Inc.(a)(b)		103,440		9,979,891
Home Depot Inc. (The)		342,233		102,440,604
Ross Stores Inc.		483,331		43,722,122
TJX Companies Inc. (The)		1,628,933		98,680,761
Ulta Salon Cosmetics & Fragrance Inc.(a)		32,528		12,953,300
				309,459,524
Technology Hardware, Storage & Peripherals — 0.4%
Hewlett Packard Enterprise Co.		1,768,458		29,550,933
HP Inc.		739,924		26,859,241
NetApp Inc.		87,995		7,303,585
Seagate Technology Holdings PLC		72,431		6,511,547
Western Digital Corp.(a)		427,277		21,214,303
				91,439,609
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		801,695		107,876,079
PVH Corp.		93,372		7,153,229
Ralph Lauren Corp.		62,734		7,116,545
Tapestry Inc.		359,689		13,362,446
Under Armour Inc., Class A(a)		131,186		2,232,786
Under Armour Inc., Class C, NVS(a)(b)		166,497		2,590,693
VF Corp.		438,345		24,924,297
				165,256,075
Tobacco — 1.3%
Altria Group Inc.		2,489,591		130,081,130
Philip Morris International Inc.		2,116,335		198,808,510
				328,889,640
Trading Companies & Distributors — 0.3%
Fastenal Co.		406,616		24,152,990
United Rentals Inc.(a)		39,408		13,998,116
WW Grainger Inc.		59,382		30,628,642
				68,779,748
Water Utilities — 0.2%
American Water Works Co. Inc.		248,916		41,203,066
Wireless Telecommunication Services — 0.4%
T-Mobile U.S. Inc.(a)		801,747		102,904,227
Total Common Stocks — 99.8% (Cost: $22,183,916,818)				25,820,224,986
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		121,445,971		121,421,682
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		38,340,000		38,340,000
				159,761,682
Total Short-Term Investments — 0.6% (Cost: $159,745,289)				159,761,682
Total Investments in Securities — 100.4% (Cost: $22,343,662,107)				25,979,986,668
Other Assets, Less Liabilities — (0.4)%				(93,631,663	)
Net Assets — 100.0%			$	25,886,355,005

^(a)  Non-income producing security.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P 500 Value ETF

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	44,476,163	$	77,017,025	(a)	$	—		$	(66,243	)	$	(5,263	)	$	121,421,682		121,445,971	$	123,459	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		31,200,000		7,140,000	(a)		—			—			—			38,340,000		38,340,000		10,546			—
BlackRock Inc.		41,729,424		41,776,565			(7,954,439	)		3,736,780			(7,873,587	)		71,414,743		93,454		1,135,323			—
									$	3,670,537		$	(7,878,850	)	$	231,176,425			$	1,269,328		$	—

^(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		280		06/17/22	$	63,431	$	3,296,344

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,296,344

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,329,367
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,806,577

34 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	56,382,806

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
Investments
Assets
Common Stocks	$	25,820,224,986	$	—	$	—	$	25,820,224,986
Money Market Funds		159,761,682		—		—		159,761,682
	$	25,979,986,668	$	—	$	—	$	25,979,986,668
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,296,344	$	—	$	—	$	3,296,344

^(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  O F  I N V E S T M E N T S 35

Schedule of Investments March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Axon Enterprise Inc.(a)(b)		456,667	$	62,896,746
Air Freight & Logistics — 0.6%
GXO Logistics Inc.(a)(b)		657,766		46,925,027
Auto Components — 0.7%
Fox Factory Holding Corp.(a)		280,459		27,470,959
Gentex Corp.		835,340		24,366,868
				51,837,827
Banks — 5.9%
Bank of Hawaii Corp.		112,401		9,432,692
Bank OZK		378,613		16,166,775
Cathay General Bancorp.		197,120		8,821,120
Commerce Bancshares Inc.		368,670		26,393,085
Cullen/Frost Bankers Inc.		212,908		29,468,596
East West Bancorp. Inc.		946,493		74,791,877
First Financial Bankshares Inc.		856,079		37,770,205
Glacier Bancorp. Inc.		724,022		36,403,826
Hancock Whitney Corp.		260,938		13,607,917
Home BancShares Inc./AR		371,728		8,401,053
PacWest Bancorp.		797,945		34,415,368
Pinnacle Financial Partners Inc.		507,951		46,772,128
Synovus Financial Corp.		386,361		18,931,689
UMB Financial Corp.		287,613		27,944,479
Umpqua Holdings Corp.		533,124		10,054,719
Webster Financial Corp.		491,266		27,569,848
Wintrust Financial Corp.		189,941		17,651,217
				444,596,594
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		37,594		14,604,141
Biotechnology — 2.4%
Arrowhead Pharmaceuticals Inc.(a)(b)		703,726		32,364,359
Exelixis Inc.(a)		1,117,450		25,332,591
Halozyme Therapeutics Inc.(a)(b)		939,726		37,476,273
Neurocrine Biosciences Inc.(a)		632,746		59,319,937
United Therapeutics Corp.(a)		144,055		25,844,908
				180,338,068
Building Products — 3.8%
Builders FirstSource Inc.(a)		1,277,276		82,435,393
Carlisle Companies Inc.		348,731		85,759,928
Lennox International Inc.		130,370		33,617,208
Simpson Manufacturing Co. Inc.		289,474		31,564,245
Trex Co. Inc.(a)(b)		767,878		50,165,470
				283,542,244
Capital Markets — 3.1%
Affiliated Managers Group Inc.		271,313		38,241,568
Evercore Inc., Class A		260,013		28,944,647
Federated Hermes Inc.		303,314		10,330,875
Interactive Brokers Group Inc., Class A		361,986		23,858,497
Janus Henderson Group PLC		518,846		18,169,987
Jefferies Financial Group Inc.		1,291,040		42,410,664
SEI Investments Co.		414,223		24,940,367
Stifel Financial Corp.		697,158		47,337,028
				234,233,633
Chemicals — 3.0%
Ashland Global Holdings Inc.		151,893		14,947,790
Avient Corp.		610,985		29,327,280

Security	Shares		Value
Chemicals (continued)
Ingevity Corp.(a)(b)		141,368	$	9,057,448
Olin Corp.		941,486		49,220,888
RPM International Inc.		440,843		35,902,254
Scotts Miracle-Gro Co. (The)		270,757		33,292,281
Sensient Technologies Corp.		160,146		13,444,257
Valvoline Inc.		1,196,728		37,768,735
				222,960,933
Commercial Services & Supplies — 1.5%
Clean Harbors Inc.(a)		196,813		21,972,203
IAA Inc.(a)		485,318		18,563,414
MSA Safety Inc.		123,971		16,450,952
Tetra Tech Inc.		360,163		59,405,285
				116,391,854
Communications Equipment — 1.0%
Calix Inc.(a)(b)		365,375		15,678,241
Ciena Corp.(a)		649,965		39,407,378
Lumentum Holdings Inc.(a)(b)		216,777		21,157,435
				76,243,054
Construction & Engineering — 0.8%
Dycom Industries Inc.(a)		78,583		7,485,816
MasTec Inc.(a)		200,258		17,442,472
Valmont Industries Inc.		141,690		33,807,234
				58,735,522
Construction Materials — 0.4%
Eagle Materials Inc.		263,574		33,832,359
Consumer Finance — 0.7%
Navient Corp.		1,027,555		17,509,537
SLM Corp.		1,861,003		34,168,015
				51,677,552
Containers & Packaging — 0.3%
AptarGroup Inc.		201,782		23,709,385
Diversified Consumer Services — 1.1%
H&R Block Inc.		505,026		13,150,877
Service Corp. International		1,099,933		72,397,590
				85,548,467
Diversified Telecommunication Services — 0.3%
Iridium Communications Inc.(a)		466,996		18,829,279
Electric Utilities — 0.3%
OGE Energy Corp.		493,568		20,127,703
Electrical Equipment — 1.9%
Acuity Brands Inc.		233,646		44,229,188
Hubbell Inc.		196,115		36,040,054
nVent Electric PLC		661,444		23,005,022
Regal Rexnord Corp.		189,643		28,215,085
Vicor Corp.(a)		142,427		10,048,225
				141,537,574
Electronic Equipment, Instruments & Components — 2.6%
Cognex Corp.		742,932		57,317,204
Coherent Inc.(a)(b)		165,290		45,183,674
II-VI Inc.(a)(b)		340,571		24,687,992
Jabil Inc.		421,489		26,018,516
Littelfuse Inc.		101,768		25,381,957
National Instruments Corp.		465,780		18,906,010
				197,495,353
Energy Equipment & Services — 0.2%
ChampionX Corp.(a)		634,438		15,531,042

36 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment — 0.2%
World Wrestling Entertainment Inc., Class A(b)		181,055	$	11,305,074
Equity Real Estate Investment Trusts (REITs) — 8.3%
American Campus Communities Inc.		511,181		28,610,801
Apartment Income REIT Corp.		491,673		26,284,839
Brixmor Property Group Inc.		1,092,974		28,209,659
Camden Property Trust		681,635		113,287,737
Douglas Emmett Inc.		538,142		17,984,706
EastGroup Properties Inc.		271,383		55,166,736
First Industrial Realty Trust Inc.		599,073		37,088,609
Healthcare Realty Trust Inc.		463,381		12,733,710
Lamar Advertising Co., Class A		382,350		44,421,423
Life Storage Inc.		547,065		76,824,338
National Retail Properties Inc.		526,463		23,659,247
National Storage Affiliates Trust		545,831		34,256,353
PotlatchDeltic Corp.		202,755		10,691,271
PS Business Parks Inc.		84,650		14,227,972
Rayonier Inc.		581,964		23,930,360
Rexford Industrial Realty Inc.		1,068,911		79,730,071
				627,107,832
Food Products — 1.4%
Darling Ingredients Inc.(a)(b)		1,079,229		86,748,427
Lancaster Colony Corp.		63,402		9,456,408
Sanderson Farms Inc.		66,302		12,430,962
				108,635,797
Gas Utilities — 0.3%
National Fuel Gas Co.		317,203		21,791,846
Health Care Equipment & Supplies — 3.8%
Globus Medical Inc., Class A(a)		316,027		23,316,472
ICU Medical Inc.(a)(b)		62,696		13,958,637
Integra LifeSciences Holdings Corp.(a)		247,747		15,920,222
LivaNova PLC(a)(b)		212,967		17,427,090
Masimo Corp.(a)		338,904		49,324,088
Neogen Corp.(a)(b)		416,124		12,833,264
Penumbra Inc.(a)(b)		234,293		52,043,504
Quidel Corp.(a)(b)		252,719		28,420,779
STAAR Surgical Co.(a)(b)		317,195		25,347,053
Tandem Diabetes Care Inc.(a)		423,872		49,292,075
				287,883,184
Health Care Providers & Services — 2.3%
Chemed Corp.		58,609		29,688,389
HealthEquity Inc.(a)		374,025		25,224,246
Option Care Health Inc.(a)		922,957		26,359,652
Progyny Inc.(a)(b)		287,684		14,786,958
R1 RCM Inc.(a)		516,397		13,818,784
Tenet Healthcare Corp.(a)		714,511		61,419,365
				171,297,394
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp.		546,291		35,935,022
Choice Hotels International Inc.		148,724		21,083,114
Churchill Downs Inc.		229,644		50,930,446
Marriott Vacations Worldwide Corp.		127,730		20,143,021
Papa John’s International Inc.		215,666		22,705,316
Scientific Games Corp./DE, Class A(a)		643,133		37,784,064
Six Flags Entertainment Corp.(a)		252,680		10,991,580
Texas Roadhouse Inc.		279,274		23,383,612
Wendy’s Co. (The)		589,900		12,960,103
Wingstop Inc.		198,754		23,323,782

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts Inc.		404,337	$	34,243,301
				293,483,361
Household Durables — 1.4%
Helen of Troy Ltd.(a)(b)		161,154		31,560,399
Tempur Sealy International Inc.		1,284,916		35,874,855
TopBuild Corp.(a)(b)		219,713		39,853,741
				107,288,995
Insurance — 1.7%
American Financial Group Inc./OH		207,691		30,243,963
First American Financial Corp.		337,472		21,874,935
Kinsale Capital Group Inc.		142,937		32,592,495
Primerica Inc.		163,155		22,322,867
RLI Corp.		159,355		17,629,444
				124,663,704
Interactive Media & Services — 0.6%
TripAdvisor Inc.(a)(b)		276,883		7,509,067
Yelp Inc.(a)(b)		224,426		7,655,171
Ziff Davis Inc.(a)(b)		321,984		31,161,611
				46,325,849
IT Services — 2.4%
Concentrix Corp.		286,158		47,662,476
Euronet Worldwide Inc.(a)(b)		119,845		15,597,827
Genpact Ltd.		750,915		32,672,312
LiveRamp Holdings Inc.(a)		453,756		16,965,937
Maximus Inc.		413,153		30,965,817
Sabre Corp.(a)		1,032,159		11,797,577
WEX Inc.(a)		128,424		22,917,263
				178,579,209
Leisure Products — 1.9%
Brunswick Corp./DE		514,439		41,612,971
Mattel Inc.(a)(b)		2,336,991		51,904,570
Polaris Inc.		163,446		17,214,133
YETI Holdings Inc.(a)(b)		584,026		35,029,879
				145,761,553
Life Sciences Tools & Services — 3.1%
Azenta Inc.		499,868		41,429,060
Bruker Corp.		677,991		43,594,821
Medpace Holdings Inc.(a)		191,991		31,407,808
Repligen Corp.(a)(b)		342,953		64,506,030
Syneos Health Inc.(a)(b)		691,659		55,989,796
				236,927,515
Machinery — 4.4%
Chart Industries Inc.(a)		237,000		40,709,490
Colfax Corp.(a)(b)		371,872		14,796,787
Crane Co.		163,108		17,661,334
Donaldson Co. Inc.		420,040		21,812,677
Graco Inc.		680,388		47,436,651
ITT Inc.		319,435		24,024,706
Lincoln Electric Holdings Inc.		228,219		31,450,861
Middleby Corp. (The)(a)(b)		237,604		38,952,800
Toro Co. (The)		699,722		59,819,234
Trinity Industries Inc.		272,842		9,374,851
Watts Water Technologies Inc., Class A		183,565		25,623,838
				331,663,229
Media — 1.1%
Cable One Inc.		19,151		28,041,660
John Wiley & Sons Inc., Class A		145,362		7,708,547
New York Times Co. (The), Class A		647,175		29,666,502

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
TEGNA Inc.		650,230	$	14,565,152
				79,981,861
Metals & Mining — 3.8%
Alcoa Corp.		491,327		44,234,170
Cleveland-Cliffs Inc.(a)		3,188,990		102,717,368
Royal Gold Inc.		262,434		37,076,676
Steel Dynamics Inc.		1,257,450		104,909,053
				288,937,267
Oil, Gas & Consumable Fuels — 3.8%
Antero Midstream Corp.		2,163,744		23,519,897
CNX Resources Corp.(a)(b)		635,018		13,157,573
DTE Midstream LLC(a)		271,284		14,719,870
Murphy Oil Corp.		969,084		39,141,303
PDC Energy Inc.		649,694		47,219,760
Range Resources Corp.(a)		1,148,698		34,897,445
Targa Resources Corp.		1,527,200		115,257,784
				287,913,632
Paper & Forest Products — 0.5%
Louisiana-Pacific Corp.		587,255		36,480,281
Professional Services — 1.8%
ASGN Inc.(a)		347,183		40,519,728
FTI Consulting Inc.(a)(b)		228,394		35,908,105
Insperity Inc.		238,277		23,927,776
KBR Inc.		607,638		33,256,028
				133,611,637
Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.(a)(b)		164,726		39,445,288
Road & Rail — 1.8%
Avis Budget Group Inc.(a)(b)		267,313		70,383,513
Landstar System Inc.		163,494		24,659,800
Saia Inc.(a)(b)		175,715		42,842,831
				137,886,144
Semiconductors & Semiconductor Equipment — 5.9%
Amkor Technology Inc.		274,838		5,969,481
Cirrus Logic Inc.(a)		183,795		15,583,978
CMC Materials Inc.		127,752		23,685,221
First Solar Inc.(a)		388,776		32,556,102
Lattice Semiconductor Corp.(a)		913,369		55,669,841
MKS Instruments Inc.		203,261		30,489,150
Power Integrations Inc.		394,724		36,583,020
Semtech Corp.(a)		283,266		19,641,664
Silicon Laboratories Inc.(a)(b)		254,876		38,282,375
SiTime Corp.(a)		99,876		24,751,270
SunPower Corp.(a)(b)		553,322		11,885,357
Synaptics Inc.(a)(b)		263,617		52,591,592
Universal Display Corp.		289,244		48,289,286
Wolfspeed Inc.(a)(b)		453,384		51,622,302
				447,600,639
Software — 6.1%
ACI Worldwide Inc.(a)		369,624		11,639,460
Aspen Technology Inc.(a)(b)		444,622		73,527,140
Blackbaud Inc.(a)(b)		193,885		11,607,895
CDK Global Inc.		366,234		17,828,271
CommVault Systems Inc.(a)		193,258		12,822,668
Digital Turbine Inc.(a)(b)		588,746		25,792,962

Security	Shares		Value
Software (continued)
Envestnet Inc.(a)		184,277	$	13,717,580
Fair Isaac Corp.(a)(b)		101,696		47,437,116
Manhattan Associates Inc.(a)		421,231		58,428,952
Mimecast Ltd.(a)		415,423		33,051,054
Paylocity Holding Corp.(a)(b)		264,678		54,462,792
Qualys Inc.(a)		222,494		31,685,371
SailPoint Technologies Holdings Inc.(a)(b)		621,490		31,807,858
Teradata Corp.(a)(b)		724,252		35,698,381
				459,507,500
Specialty Retail — 4.1%
American Eagle Outfitters Inc.		429,399		7,213,903
AutoNation Inc.(a)(b)		125,551		12,502,369
Dick’s Sporting Goods Inc.		419,755		41,983,895
Five Below Inc.(a)		373,676		59,179,068
GameStop Corp., Class A(a)(b)		412,491		68,712,751
RH(a)(b)		116,033		37,837,201
Victoria’s Secret & Co.(a)(b)		237,150		12,180,024
Williams-Sonoma Inc.		486,597		70,556,565
				310,165,776
Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.(a)		600,838		30,877,065
Columbia Sportswear Co.		122,077		11,051,631
Crocs Inc.(a)		391,984		29,947,578
Deckers Outdoor Corp.(a)(b)		181,730		49,752,222
Skechers U.S.A. Inc., Class A(a)		422,512		17,221,589
				138,850,085
Trading Companies & Distributors — 0.6%
Watsco Inc.		145,446		44,308,669
Water Utilities — 0.7%
Essential Utilities Inc.		966,697		49,427,218
Total Common Stocks — 99.8% (Cost: $6,384,476,265)				7,528,424,896
Short-Term Investments
Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		349,821,800		349,751,835
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		8,035,000		8,035,000
				357,786,835
Total Short-Term Investments — 4.8% (Cost: $357,749,989)				357,786,835
Total Investments in Securities — 104.6% (Cost: $6,742,226,254)				7,886,211,731
Other Assets, Less Liabilities — (4.6)%				(345,502,661	)
Net Assets — 100.0%			$	7,540,709,070

^(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.

38 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	374,280,636	$	—		$	(24,275,987	)(a)	$	(69,558	)	$	(183,256	)	$	349,751,835		349,821,800	$	714,296	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,285,000		2,750,000	(a)		—			—			—			8,035,000		8,035,000		3,330			—
									$	(69,558	)	$	(183,256	)	$	357,786,835			$	717,626		$	—

^(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 Mid 400 E-Mini Index		40		06/17/22	$	10,757	$	440,682

OTC Total Return Swaps

Reference Entity

Payment Frequency

Counterparty(a)

Termination Date

Net Notional

Accrued Unrealized Appreciation (Depreciation)

Net Value of Reference Entity

Gross Notional Amount Net Asset       Percentage

Equity Securities Long

Monthly

Goldman Sachs Bank USA(b)

02/27/23

$        8,694

$

237(c)

$

8,933

0.0

%(d)

Monthly

HSBC Bank PLC(e)

02/10/23

328,624

8,340(f)

337,139

0.0

(d)

Monthly

JPMorgan Chase Bank NA(g)

02/08/23

259,983

8,289(h)

266,719

0.0

(d)

$

16,866

$

612,791

^(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 $(2) of net dividends and financing fees.

^(d)  Rounds to less than 0.1%.

^(f)  Amount includes $(175) of net dividends, payable for referenced securities purchased and financing fees.

^(h)  Amount includes $1,553 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)	(e)	(g)
Range:	20 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Software
Envestnet Inc.(a)		120	$	8,933		100.0%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	8,933
(a) Non-income producing security.

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Software
Envestnet Inc.(a)		4,529	$	337,139		100.0%
Net Value of Reference Entity — HSBC Bank PLC			$	337,139

^(a)Non-income producing security.

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Software
Envestnet Inc.(a)		3,583	$	266,719		100.0%
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	266,719
(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized   Depreciation
Total Return Swaps		$—		$—		$16,866		$—

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	440,682
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	16,866
	$	457,548

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	37,126
Swaps		(211,375	)
	$	(174,249	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	467,613
Swaps		16,866
	$	484,479

40 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Growth ETF     

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,525,834
Total return swaps:
Average notional value	$	381,051

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	$	440,682		$	—
Swaps - OTC(a)		16,866			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		457,548			—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(440,682	)		—
Total derivative assets and liabilities subject to an MNA		16,866			—

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Goldman Sachs Bank USA	$	237	$	—		$	—	$	—	$	237
HSBC Bank PLC		8,340		—			—		—		8,340
JPMorgan Chase Bank NA		8,289		—			—		—		8,289
	$	16,866	$	—		$	—	$	—	$	16,866

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

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,528,424,896	$	—	$	—	$	7,528,424,896
Money Market Funds		357,786,835		—		—		357,786,835
	$	7,886,211,731	$	—	$	—	$	7,886,211,731
Derivative financial instruments(a)
Assets
Futures Contracts	$	440,682	$	—	$	—	$	440,682
Swaps		—		16,866		—		16,866
	$	440,682	$	16,866	$	—	$	457,548

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Curtiss-Wright Corp.		275,972	$	41,439,956
Hexcel Corp.		590,000		35,087,300
Mercury Systems Inc.(a)(b)		399,138		25,724,444
Woodward Inc.		443,573		55,406,703
				157,658,403
Airlines — 0.4%
JetBlue Airways Corp.(a)(b)		2,236,642		33,437,798
Auto Components — 2.1%
Adient PLC(a)		666,465		27,171,778
Dana Inc.		1,014,616		17,826,803
Gentex Corp.		781,788		22,804,756
Goodyear Tire & Rubber Co. (The)(a)(b)		1,976,064		28,237,955
Lear Corp.		419,890		59,872,115
Visteon Corp.(a)(b)		196,826		21,479,621
				177,393,028
Automobiles — 0.9%
Harley-Davidson Inc.		1,082,184		42,638,049
Thor Industries Inc.		391,161		30,784,371
				73,422,420
Banks — 7.4%
Associated Banc-Corp.		1,050,604		23,911,747
Bank of Hawaii Corp.		164,339		13,791,329
Bank OZK		450,978		19,256,761
Cadence Bank		1,233,246		36,084,778
Cathay General Bancorp.		324,979		14,542,810
Commerce Bancshares Inc.		388,585		27,818,800
Cullen/Frost Bankers Inc.		176,328		24,405,558
First Horizon Corp.		3,755,518		88,217,118
FNB Corp.		2,389,583		29,750,308
Fulton Financial Corp.		1,134,416		18,853,994
Hancock Whitney Corp.		335,838		17,513,952
Home BancShares Inc./AR		668,397		15,105,772
International Bancshares Corp.		374,558		15,810,093
Old National Bancorp./IN		2,076,271		34,009,319
Prosperity Bancshares Inc.		648,205		44,972,463
Synovus Financial Corp.		611,904		29,983,296
Texas Capital Bancshares Inc.(a)		356,043		20,404,824
Umpqua Holdings Corp.		959,789		18,101,621
United Bankshares Inc./WV		959,225		33,457,768
Valley National Bancorp.		2,963,880		38,589,718
Webster Financial Corp.		746,092		41,870,683
Wintrust Financial Corp.		200,469		18,629,584
				625,082,296
Beverages — 0.1%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		26,346		10,234,631
Biotechnology — 0.6%
Exelixis Inc.(a)(b)		1,045,814		23,708,603
United Therapeutics Corp.(a)(b)		164,695		29,547,930
				53,256,533
Building Products — 1.1%
Lennox International Inc.		99,456		25,645,724
Owens Corning		706,694		64,662,501
				90,308,225
Capital Markets — 0.8%
Federated Hermes Inc.		360,555		12,280,503
Interactive Brokers Group Inc., Class A		233,702		15,403,299

Security	Shares		Value
Capital Markets (continued)
Janus Henderson Group PLC		641,981	$	22,482,175
SEI Investments Co.		303,718		18,286,861
				68,452,838
Chemicals — 2.0%
Ashland Global Holdings Inc.		212,211		20,883,684
Cabot Corp.		398,368		27,252,355
Chemours Co. (The)		1,125,369		35,426,616
Ingevity Corp.(a)		127,112		8,144,066
Minerals Technologies Inc.		234,377		15,504,039
NewMarket Corp.		48,093		15,600,407
RPM International Inc.		446,869		36,393,011
Sensient Technologies Corp.		127,107		10,670,633
				169,874,811
Commercial Services & Supplies — 1.5%
Brink’s Co. (The)		345,685		23,506,580
Clean Harbors Inc.(a)		144,499		16,131,868
IAA Inc.(a)(b)		436,337		16,689,890
MillerKnoll Inc.		533,071		18,422,934
MSA Safety Inc.		125,690		16,679,063
Stericycle Inc.(a)		646,056		38,065,620
				129,495,955
Communications Equipment — 0.9%
Ciena Corp.(a)(b)		403,037		24,436,133
Lumentum Holdings Inc.(a)(b)		279,274		27,257,143
Viasat Inc.(a)(b)		523,194		25,531,867
				77,225,143
Construction & Engineering — 2.6%
AECOM		994,045		76,352,596
Dycom Industries Inc.(a)(b)		129,298		12,316,927
EMCOR Group Inc.		375,379		42,278,937
Fluor Corp.(a)(b)		994,523		28,532,865
MasTec Inc.(a)		202,799		17,663,793
MDU Resources Group Inc.		1,430,132		38,113,018
				215,258,136
Consumer Finance — 0.4%
FirstCash Holdings Inc.		283,066		19,910,863
PROG Holdings Inc.(a)		397,295		11,430,177
				31,341,040
Containers & Packaging — 1.3%
AptarGroup Inc.		249,995		29,374,412
Greif Inc., Class A, NVS		186,714		12,147,613
Silgan Holdings Inc.		590,122		27,281,340
Sonoco Products Co.		691,494		43,259,865
				112,063,230
Diversified Consumer Services — 0.7%
Graham Holdings Co., Class B		28,047		17,149,899
Grand Canyon Education Inc.(a)		278,671		27,061,741
H&R Block Inc.		624,865		16,271,485
				60,483,125
Diversified Financial Services — 0.6%
Voya Financial Inc.		715,815		47,494,325
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)		437,072		17,622,743
Electric Utilities — 1.9%
ALLETE Inc.		369,731		24,764,582
Hawaiian Electric Industries Inc.		768,765		32,526,447
IDACORP Inc.		355,258		40,982,563

42 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
OGE Energy Corp.		886,912	$	36,168,271
PNM Resources Inc.		603,653		28,776,139
				163,218,002
Electrical Equipment — 1.9%
EnerSys		290,103		21,632,981
Hubbell Inc.		176,026		32,348,298
nVent Electric PLC		485,311		16,879,117
Regal Rexnord Corp.		276,389		41,121,155
Sunrun Inc.(a)(b)		1,455,812		44,213,010
				156,194,561
Electronic Equipment, Instruments & Components — 3.7%
Arrow Electronics Inc.(a)		478,697		56,787,825
Avnet Inc.		696,673		28,277,957
Belden Inc.		314,742		17,436,707
Cognex Corp.		460,061		35,493,706
II-VI Inc.(a)(b)		388,861		28,188,534
Jabil Inc.		565,088		34,882,882
Littelfuse Inc.		65,885		16,432,378
National Instruments Corp.		436,102		17,701,380
TD SYNNEX Corp.		291,507		30,086,438
Vishay Intertechnology Inc.		933,369		18,294,032
Vontier Corp.(b)		1,188,973		30,188,025
				313,769,864
Energy Equipment & Services — 0.9%
ChampionX Corp.(a)		753,243		18,439,389
NOV Inc.		2,761,528		54,153,564
				72,592,953
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		116,917		7,300,297
Equity Real Estate Investment Trusts (REITs) — 10.7%
American Campus Communities Inc.		440,400		24,649,188
Apartment Income REIT Corp.		585,138		31,281,477
Brixmor Property Group Inc.		942,601		24,328,532
Corporate Office Properties Trust		789,967		22,545,658
Cousins Properties Inc.		1,045,685		42,130,649
Douglas Emmett Inc.		666,440		22,272,425
EPR Properties		526,094		28,782,603
First Industrial Realty Trust Inc.		284,140		17,591,107
Healthcare Realty Trust Inc.		550,550		15,129,114
Highwoods Properties Inc.		737,700		33,742,398
Hudson Pacific Properties Inc.		1,072,362		29,758,045
JBG SMITH Properties		802,848		23,459,219
Kilroy Realty Corp.		738,748		56,455,122
Kite Realty Group Trust		1,540,254		35,071,584
Lamar Advertising Co., Class A		207,591		24,117,922
Macerich Co. (The)		1,498,249		23,432,614
Medical Properties Trust Inc.		4,197,257		88,730,013
National Retail Properties Inc.		679,372		30,530,978
Omega Healthcare Investors Inc.		1,680,656		52,369,241
Park Hotels & Resorts Inc.		1,663,096		32,480,265
Pebblebrook Hotel Trust(b)		923,990		22,619,275
Physicians Realty Trust		1,549,239		27,173,652
PotlatchDeltic Corp.		271,994		14,342,244
PS Business Parks Inc.		52,284		8,787,895
Rayonier Inc.		408,941		16,815,654
Sabra Health Care REIT Inc.		1,608,251		23,946,857
SL Green Realty Corp.		450,844		36,599,516
Spirit Realty Capital Inc.		898,078		41,329,550

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
STORE Capital Corp.		1,725,884	$	50,447,589
				900,920,386
Food & Staples Retailing — 2.6%
BJ’s Wholesale Club Holdings Inc.(a)		956,214		64,649,629
Casey’s General Stores Inc.		260,979		51,718,209
Grocery Outlet Holding Corp.(a)(b)		614,485		20,142,818
Performance Food Group Co.(a)(b)		1,088,677		55,424,546
Sprouts Farmers Market Inc.(a)(b)		789,486		25,247,762
				217,182,964
Food Products — 1.9%
Flowers Foods Inc.		1,397,484		35,929,314
Hain Celestial Group Inc. (The)(a)(b)		642,273		22,094,191
Ingredion Inc.		467,937		40,780,709
Lancaster Colony Corp.		72,158		10,762,366
Pilgrim’s Pride Corp.(a)(b)		343,525		8,622,477
Post Holdings Inc.(a)		400,250		27,721,315
Sanderson Farms Inc.		79,173		14,844,146
				160,754,518
Gas Utilities — 2.4%
National Fuel Gas Co.		308,689		21,206,934
New Jersey Resources Corp.		675,574		30,981,824
ONE Gas Inc.		376,885		33,256,332
Southwest Gas Holdings Inc.		462,609		36,217,659
Spire Inc.		363,944		26,116,622
UGI Corp.		1,475,501		53,442,646
				201,222,017
Health Care Equipment & Supplies — 2.0%
Envista Holdings Corp.(a)(b)		1,134,859		55,278,982
Globus Medical Inc., Class A(a)		222,505		16,416,419
Haemonetics Corp.(a)(b)		359,456		22,724,808
ICU Medical Inc.(a)		74,428		16,570,650
Integra LifeSciences Holdings Corp.(a)		251,210		16,142,754
LivaNova PLC(a)		149,196		12,208,709
Neogen Corp.(a)		319,065		9,839,965
NuVasive Inc.(a)(b)		363,809		20,627,970
				169,810,257
Health Care Providers & Services — 2.9%
Acadia Healthcare Co. Inc.(a)(b)		632,499		41,447,659
Amedisys Inc.(a)(b)		229,274		39,501,617
Chemed Corp.		46,548		23,578,889
Encompass Health Corp.		699,710		49,756,378
HealthEquity Inc.(a)(b)		193,740		13,065,826
LHC Group Inc.(a)(b)		222,733		37,552,784
Patterson Companies Inc.		610,256		19,753,987
Progyny Inc.(a)(b)		186,129		9,567,031
R1 RCM Inc.(a)(b)		392,876		10,513,362
				244,737,533
Hotels, Restaurants & Leisure — 1.8%
Choice Hotels International Inc.		73,662		10,442,325
Cracker Barrel Old Country Store Inc.		165,431		19,641,622
Marriott Vacations Worldwide Corp.		164,751		25,981,233
Six Flags Entertainment Corp.(a)		276,297		12,018,919
Texas Roadhouse Inc.		196,205		16,428,245
Travel + Leisure Co.		606,906		35,164,134
Wendy’s Co. (The)		621,709		13,658,947
Wyndham Hotels & Resorts Inc.		229,345		19,423,228
				152,758,653

S C H E D U L E  O F  I N V E S T M E N T S 43

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables — 1.5%
KB Home		602,888	$	19,521,513
Leggett & Platt Inc.		938,010		32,642,748
Taylor Morrison Home Corp.(a)		864,265		23,525,293
Toll Brothers Inc.		790,281		37,159,013
Tri Pointe Homes Inc.(a)		782,919		15,721,014
				128,569,581
Household Products — 0.2%
Energizer Holdings Inc.		460,991		14,180,083
Insurance — 6.3%
Alleghany Corp.(a)		96,348		81,606,756
American Financial Group Inc./OH		246,839		35,944,695
Brighthouse Financial Inc.(a)		547,649		28,291,547
CNO Financial Group Inc.		846,490		21,238,434
First American Financial Corp.		416,873		27,021,708
Hanover Insurance Group Inc. (The)		250,226		37,413,792
Kemper Corp.		421,004		23,803,566
Mercury General Corp.		186,597		10,262,835
Old Republic International Corp.		2,007,987		51,946,624
Primerica Inc.		105,670		14,457,770
Reinsurance Group of America Inc.		472,405		51,709,451
RenaissanceRe Holdings Ltd.		309,328		49,031,581
RLI Corp.		112,085		12,399,964
Selective Insurance Group Inc.		423,378		37,833,058
Unum Group		1,437,881		45,307,630
				528,269,411
Interactive Media & Services — 0.2%
TripAdvisor Inc.(a)(b)		403,970		10,955,667
Yelp Inc.(a)(b)		246,467		8,406,989
				19,362,656
IT Services — 2.2%
Alliance Data Systems Corp.		350,125		19,659,519
Euronet Worldwide Inc.(a)(b)		245,343		31,931,391
Genpact Ltd.		407,649		17,736,808
Kyndryl Holdings Inc.(a)(b)		1,261,052		16,545,002
Sabre Corp.(a)		1,185,241		13,547,305
Western Union Co. (The)		2,769,506		51,900,542
WEX Inc.(a)		179,664		32,061,041
				183,381,608
Leisure Products — 0.5%
Callaway Golf Co.(a)		824,166		19,301,968
Polaris Inc.		228,661		24,082,576
				43,384,544
Machinery — 4.5%
AGCO Corp.		431,556		63,020,123
Colfax Corp.(a)		564,037		22,443,032
Crane Co.		179,050		19,387,534
Donaldson Co. Inc.		425,692		22,106,185
Flowserve Corp.		916,151		32,889,821
Graco Inc.		478,122		33,334,666
ITT Inc.		264,858		19,919,970
Kennametal Inc.		585,178		16,741,943
Lincoln Electric Holdings Inc.		174,423		24,037,234
Middleby Corp. (The)(a)(b)		140,840		23,089,310
Oshkosh Corp.		468,408		47,145,265
Terex Corp.		490,893		17,505,244
Timken Co. (The)		485,485		29,468,939
Trinity Industries Inc.		287,613		9,882,383
				380,971,649

Security	Shares		Value
Marine — 0.4%
Kirby Corp.(a)(b)		422,738	$	30,517,456
Media — 0.9%
Cable One Inc.		14,627		21,417,439
John Wiley & Sons Inc., Class A		153,216		8,125,044
New York Times Co. (The), Class A		493,568		22,625,157
TEGNA Inc.		871,491		19,521,398
				71,689,038
Metals & Mining — 3.5%
Alcoa Corp.		776,840		69,938,905
Commercial Metals Co.		854,360		35,558,463
Reliance Steel & Aluminum Co.		440,638		80,790,977
Royal Gold Inc.		184,637		26,085,516
United States Steel Corp.		1,835,061		69,255,202
Worthington Industries Inc.		229,455		11,796,282
				293,425,345
Multi-Utilities — 0.7%
Black Hills Corp.		448,823		34,568,347
NorthWestern Corp.		380,352		23,007,493
				57,575,840
Multiline Retail — 1.8%
Kohl’s Corp.		978,679		59,170,933
Macy’s Inc.		2,104,692		51,270,297
Nordstrom Inc.		784,292		21,262,156
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		412,772		17,732,685
				149,436,071
Oil, Gas & Consumable Fuels — 2.3%
CNX Resources Corp.(a)(b)		754,603		15,635,374
DTE Midstream LLC(a)		394,570		21,409,368
EQT Corp.		2,115,586		72,797,314
Equitrans Midstream Corp.		2,859,194		24,131,598
HF Sinclair Corp.		1,051,812		41,914,708
Range Resources Corp.(a)		544,593		16,544,736
				192,433,098
Personal Products — 0.7%
BellRing Brands Inc.(a)(b)		785,200		18,122,416
Coty Inc., Class A(a)(b)		2,418,578		21,743,016
Nu Skin Enterprises Inc., Class A		350,587		16,786,106
				56,651,538
Pharmaceuticals — 1.2%
Jazz Pharmaceuticals PLC(a)		432,314		67,298,320
Perrigo Co. PLC		940,806		36,155,175
				103,453,495
Professional Services — 1.7%
CACI International Inc., Class A(a)(b)		164,057		49,423,812
KBR Inc.		345,309		18,898,761
ManpowerGroup Inc.		381,470		35,827,662
Science Applications International Corp.		400,457		36,910,122
				141,060,357
Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.(a)(b)		181,016		43,346,091
Road & Rail — 2.0%
Knight-Swift Transportation Holdings Inc.		1,167,132		58,893,481
Landstar System Inc.		92,772		13,992,801
Ryder System Inc.		377,611		29,955,880
Werner Enterprises Inc.		420,918		17,257,638
XPO Logistics Inc.(a)		693,795		50,508,276
				170,608,076

44 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 1.7%
Amkor Technology Inc.		415,775	$	9,030,633
Cirrus Logic Inc.(a)		209,395		17,754,602
CMC Materials Inc.		66,319		12,295,543
First Solar Inc.(a)		285,133		23,877,037
MKS Instruments Inc.		175,506		26,325,900
Semtech Corp.(a)		153,640		10,653,398
Wolfspeed Inc.(a)(b)		391,090		44,529,507
				144,466,620
Software — 1.6%
ACI Worldwide Inc.(a)(b)		438,832		13,818,820
Blackbaud Inc.(a)(b)		110,044		6,588,334
CDK Global Inc.		435,308		21,190,794
CommVault Systems Inc.(a)		109,617		7,273,088
Envestnet Inc.(a)(b)		119,248		8,876,821
Fair Isaac Corp.(a)		77,635		36,213,622
NCR Corp.(a)		928,333		37,309,703
				131,271,182
Specialty Retail — 2.2%
American Eagle Outfitters Inc.		627,799		10,547,023
AutoNation Inc.(a)(b)		149,117		14,849,071
Foot Locker Inc.		614,102		18,214,265
Gap Inc. (The)		1,497,276		21,081,646
Lithia Motors Inc.		212,959		63,913,255
Murphy USA Inc.		161,331		32,259,747
Urban Outfitters Inc.(a)(b)		459,475		11,537,417
Victoria’s Secret & Co.(a)(b)		260,522		13,380,410
				185,782,834
Technology Hardware, Storage & Peripherals — 0.2%
Xerox Holdings Corp.		862,923		17,405,157
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.(a)(b)		404,882		20,806,886
Carter’s Inc.		297,256		27,344,579
Columbia Sportswear Co.		113,973		10,317,976
Hanesbrands Inc.		2,455,886		36,568,143
Skechers U.S.A. Inc., Class A(a)(b)		502,844		20,495,921
				115,533,505
Thrifts & Mortgage Finance — 1.3%
Essent Group Ltd.		776,646		32,005,582

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		2,252,863	$	30,526,294
New York Community Bancorp. Inc.		3,270,370		35,058,366
Washington Federal Inc.		458,711		15,054,895
				112,645,137
Trading Companies & Distributors — 1.5%
GATX Corp.		249,672		30,792,048
MSC Industrial Direct Co. Inc., Class A		331,505		28,247,541
Univar Solutions Inc.(a)		1,202,305		38,642,082
Watsco Inc.		78,959		24,054,070
				121,735,741
Water Utilities — 0.4%
Essential Utilities Inc.		598,483		30,600,436
Total Common Stocks — 99.7% (Cost: $7,712,220,201)				8,378,323,234
Short-Term Investments
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		216,251,622		216,208,372
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		18,588,000		18,588,000
				234,796,372
Total Short-Term Investments — 2.8% (Cost: $234,810,102)				234,796,372
Total Investments in Securities — 102.5% (Cost: $7,947,030,303)				8,613,119,606
Other Assets, Less Liabilities — (2.5)%				(206,996,795	)
Net Assets — 100.0%			$	8,406,122,811

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	160,458,457	$	55,877,315	(a)	$	—		$	(25,826	)	$	(101,574	)	$	216,208,372		216,251,622	$	269,677	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,098,000		—			(4,510,000	)(a)		—			—			18,588,000		18,588,000		4,815			—
									$	(25,826	)	$	(101,574	)	$	234,796,372			$	274,492		$	—

^(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.

S C H E D U L E  O F  I N V E S T M E N T S 45

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF    

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 Mid 400 E-Mini Index		63		06/17/22		$16,942	$	699,981

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset     Percentage
Equity Securities Long		Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	3,267	$	(49	)(c)	$	3,219		0.0	%(d)
		Monthly		HSBC Bank PLC(e)		02/10/23		6,801,307		65,623	(f)		6,791,383		0.1
		Monthly		JPMorgan Chase Bank NA(g)		02/08/23		3,000,998		6,572	(h)		3,008,385		0.0	(d)
									$	72,146		$	9,802,987

^(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 $(1) of net dividends and financing fees.

^(d)  Rounds to less than 0.1%.

^(f)  Amount includes $75,547 of net dividends, payable for referenced securities purchased and financing fees.

^(h)  Amount includes $(815) 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)	(e)	(g)
Range:	20 basis points	65 basis points	65 basis points
Benchmarks:	USD -1D Overnight Fed Funds Effective Rate	USD -1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

46 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Cadence Bank		110	$	3,219		100.0	%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	3,219

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Cadence Bank		90,038	$	2,634,512		38.8	%
Diversified Financial Services
Voya Financial Inc.		26,906		1,785,213		26.3
Software
Envestnet Inc.(a)		31,860		2,371,658		34.9
Total Reference Entity — Long			6,791,383
Net Value of Reference Entity — HSBC Bank PLC			$	6,791,383

^(a)  Non-income producing security.

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Diversified Financial Services
Voya Financial Inc.(a)		16,162	$	1,072,349		35.6	%
Software
Envestnet Inc.		26,008		1,936,036		64.4
Total Reference Entity — Long			3,008,385
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	3,008,385

^(a)  Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized   Depreciation
Total Return Swaps		$—		$—		$72,195		$(49 )

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	699,981
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	72,195
	$	772,176
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	49

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

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,052,232	)
Swaps		2,842,386
	$	1,790,154
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	532,574
Swaps		72,146
	$	604,720

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	18,279,630
Total return swaps:
Average notional value	$	9,538,876

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	$	699,981		$	—
Swaps - OTC(a)		72,195			49
Total derivative assets and liabilities in the Statement of Assets and Liabilities		772,176			49
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(699,981	)		—
Total derivative assets and liabilities subject to an MNA		72,195			49

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

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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
HSBC Bank PLC	$	65,623	$	—		$	—	$	—	$	65,623
JPMorgan Chase Bank NA		6,572		—			—		—		6,572
	$	72,195	$	—		$	—	$	—	$	72,195
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)
Goldman Sachs Bank USA	$	49	$	—		$	—	$	—	$	49

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

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

48 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Mid-Cap 400 Value ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	8,378,323,234	$	—		$	—	$	8,378,323,234
Money Market Funds		234,796,372		—			—		234,796,372
	$	8,613,119,606	$	—		$	—	$	8,613,119,606
Derivative financial instruments(a)
Assets
Futures Contracts	$	699,981	$	—		$	—	$	699,981
Swaps		—		72,195			—		72,195
Liabilities
Swaps		—		(49	)		—		(49	)
	$	699,981	$	72,146		$	—	$	772,127

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Aerojet Rocketdyne Holdings Inc.(a)		453,243	$	17,835,112
Aerovironment Inc.(a)(b)		145,078		13,657,643
Park Aerospace Corp.		102,586		1,338,747
Triumph Group Inc.(a)		752,252		19,016,931
				51,848,433
Air Freight & Logistics — 0.5%
Forward Air Corp.		313,856		30,688,840
Auto Components — 1.5%
Dorman Products Inc.(a)		222,012		21,097,800
Gentherm Inc.(a)(b)		386,866		28,256,693
LCI Industries		197,140		20,465,104
Patrick Industries Inc.		123,094		7,422,568
XPEL Inc.(a)(b)		192,192		10,111,221
				87,353,386
Automobiles — 0.2%
Winnebago Industries Inc.		198,638		10,732,411
Banks — 9.4%
Ameris Bancorp.		437,850		19,212,858
Banc of California Inc.		279,125		5,403,860
BancFirst Corp.		116,682		9,709,109
Bancorp. Inc. (The)(a)(b)		652,621		18,488,753
Banner Corp.		167,529		9,805,472
Brookline Bancorp. Inc.		388,575		6,147,256
Central Pacific Financial Corp.		197,231		5,502,745
City Holding Co.		83,389		6,562,714
Community Bank System Inc.		285,204		20,007,061
Customers Bancorp. Inc.(a)		348,724		18,182,469
Dime Community Bancshares Inc.		179,506		6,205,522
Eagle Bancorp. Inc.		214,465		12,226,650
FB Financial Corp.		199,870		8,878,225
First BanCorp./Puerto Rico		2,278,865		29,898,709
First Bancorp./Southern Pines NC		196,366		8,202,208
First Commonwealth Financial Corp.		593,899		9,003,509
Hanmi Financial Corp.		193,692		4,766,760
Hilltop Holdings Inc.		362,428		10,655,383
HomeStreet Inc.		222,363		10,535,559
Independent Bank Corp.		212,062		17,323,345
Investors Bancorp. Inc.		2,627,431		39,227,545
Lakeland Financial Corp.		292,984		21,387,832
Meta Financial Group Inc.		347,723		19,096,947
National Bank Holdings Corp., Class A		202,023		8,137,486
OFG Bancorp.		279,095		7,435,091
Pacific Premier Bancorp. Inc.		472,231		16,693,366
Park National Corp.		105,882		13,910,777
Preferred Bank/Los Angeles CA		155,944		11,553,891
Seacoast Banking Corp. of Florida		354,186		12,403,594
ServisFirst Bancshares Inc.		568,201		54,143,873
Southside Bancshares Inc.		231,290		9,443,571
Tompkins Financial Corp.		60,077		4,702,227
Triumph Bancorp. Inc.(a)(b)		275,337		25,887,185
United Community Banks Inc./GA		775,960		27,003,408
Veritex Holdings Inc.		574,809		21,940,460
				529,685,420
Beverages — 1.3%
Celsius Holdings Inc.(a)(b)		444,735		24,540,477
Coca-Cola Consolidated Inc.		54,040		26,849,774
MGP Ingredients Inc.		145,757		12,475,342

Security	Shares		Value
Beverages (continued)
National Beverage Corp.		155,080	$	6,745,980
				70,611,573
Biotechnology — 3.2%
Anika Therapeutics Inc.(a)		87,830		2,205,411
Avid Bioservices Inc.(a)(b)		716,952		14,604,312
Coherus Biosciences Inc.(a)(b)		739,355		9,545,073
Cytokinetics Inc.(a)(b)		976,602		35,948,720
Eagle Pharmaceuticals Inc./DE(a)		64,192		3,176,862
Enanta Pharmaceuticals Inc.(a)(b)		127,493		9,074,952
iTeos Therapeutics Inc.(a)		234,625		7,550,233
Ligand Pharmaceuticals Inc.(a)(b)		194,568		21,886,954
Myriad Genetics Inc.(a)(b)		483,447		12,182,864
Organogenesis Holdings Inc., Class A(a)(b)		723,554		5,513,482
REGENXBIO Inc.(a)(b)		198,423		6,585,659
uniQure NV(a)(b)		421,162		7,610,397
Vanda Pharmaceuticals Inc.(a)(b)		417,574		4,722,762
Vericel Corp.(a)(b)		545,040		20,831,429
Xencor Inc.(a)(b)		680,872		18,165,665
				179,604,775
Building Products — 1.7%
AAON Inc.		323,079		18,005,192
Gibraltar Industries Inc.(a)		178,004		7,645,272
Insteel Industries Inc.		226,026		8,360,702
PGT Innovations Inc.(a)		314,857		5,661,129
UFP Industries Inc.		720,526		55,595,786
				95,268,081
Capital Markets — 1.6%
B. Riley Financial Inc.		187,351		13,107,076
Blucora Inc.(a)		251,671		4,920,168
BrightSphere Investment Group Inc.		409,360		9,926,980
Donnelley Financial Solutions Inc.(a)		340,951		11,340,030
Greenhill & Co. Inc.		159,215		2,463,056
Piper Sandler Cos		164,159		21,545,869
Virtus Investment Partners Inc.		83,042		19,929,249
WisdomTree Investments Inc.		773,810		4,542,265
				87,774,693
Chemicals — 2.8%
AdvanSix Inc.		177,099		9,047,988
Balchem Corp.		377,005		51,536,583
Ferro Corp.(a)		452,759		9,842,981
Hawkins Inc.		118,954		5,459,989
HB Fuller Co.		282,922		18,692,656
Livent Corp.(a)(b)		1,881,125		49,040,929
Quaker Chemical Corp.		90,623		15,660,561
				159,281,687
Commercial Services & Supplies — 0.4%
Brady Corp., Class A, NVS		259,095		11,988,326
Interface Inc.		305,236		4,142,052
Viad Corp.(a)		128,178		4,568,264
				20,698,642
Communications Equipment — 1.4%
ADTRAN Inc.		571,947		10,552,422
Digi International Inc.(a)(b)		191,485		4,120,757
Extreme Networks Inc.(a)		1,504,352		18,368,138
Harmonic Inc.(a)(b)		1,199,889		11,146,969
Plantronics Inc.(a)		239,064		9,419,121
Viavi Solutions Inc.(a)		1,660,296		26,697,560
				80,304,967

50 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering — 1.3%
Comfort Systems USA Inc.		419,605	$	37,349,041
MYR Group Inc.(a)		196,408		18,470,208
NV5 Global Inc.(a)(b)		138,065		18,404,065
				74,223,314
Consumer Finance — 0.6%
Encore Capital Group Inc.(a)		138,384		8,680,828
Enova International Inc.(a)		397,519		15,093,797
World Acceptance Corp.(a)(b)		48,251		9,256,472
				33,031,097
Containers & Packaging — 0.1%
Myers Industries Inc.		179,748		3,882,557
Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings Inc.		330,971		21,959,926
Electrical Equipment — 0.5%
Encore Wire Corp.(b)		235,829		26,901,014
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries Inc.(b)		438,571		37,752,192
Arlo Technologies Inc.(a)		548,669		4,861,207
Badger Meter Inc.		221,352		22,071,008
CTS Corp.		192,055		6,787,224
Fabrinet(a)		430,711		45,280,647
FARO Technologies Inc.(a)		102,374		5,315,258
Knowles Corp.(a)(b)		424,164		9,132,251
Methode Electronics Inc.		189,470		8,194,578
OSI Systems Inc.(a)(b)		81,686		6,953,112
Rogers Corp.(a)		218,063		59,247,717
				205,595,194
Energy Equipment & Services — 0.1%
Core Laboratories NV(b)		227,080		7,182,540
Entertainment — 0.2%
Cinemark Holdings Inc.(a)(b)		644,559		11,137,980
Equity Real Estate Investment Trusts (REITs) — 7.8%
Acadia Realty Trust		453,120		9,819,110
Agree Realty Corp.		373,468		24,783,337
American Assets Trust Inc.		263,023		9,965,941
Armada Hoffler Properties Inc.		474,507		6,927,802
CareTrust REIT Inc.		532,371		10,274,760
Centerspace		112,080		10,997,290
Community Healthcare Trust Inc.		160,450		6,772,595
Essential Properties Realty Trust Inc.		736,016		18,621,205
Four Corners Property Trust Inc.		441,282		11,932,265
Getty Realty Corp.		210,916		6,036,416
Independence Realty Trust Inc.		2,569,239		67,930,679
Industrial Logistics Properties Trust		312,767		7,090,428
Innovative Industrial Properties Inc.		298,338		61,278,625
iStar Inc.		451,768		10,575,889
LXP Industrial Trust		1,646,338		25,847,507
NexPoint Residential Trust Inc.		264,595		23,895,574
Retail Opportunity Investments Corp.		692,698		13,431,414
RPT Realty		502,202		6,915,322
Safehold Inc.		164,624		9,128,401
Saul Centers Inc.		105,643		5,567,386
SITE Centers Corp.		1,149,625		19,210,234
Tanger Factory Outlet Centers Inc.		1,210,638		20,810,867
Uniti Group Inc.		1,594,095		21,934,747
Universal Health Realty Income Trust		80,122		4,676,721

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Urban Edge Properties		574,976	$	10,982,042
Urstadt Biddle Properties Inc., Class A		187,041		3,518,241
Washington Real Estate Investment Trust		433,562		11,055,831
				439,980,629
Food & Staples Retailing — 0.5%
United Natural Foods Inc.(a)		676,251		27,962,979
Food Products — 0.9%
J&J Snack Foods Corp.		75,826		11,760,612
Simply Good Foods Co. (The)(a)		984,905		37,377,145
Tootsie Roll Industries Inc.		105,739		3,696,629
				52,834,386
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		105,238		14,497,587
Health Care Equipment & Supplies — 3.3%
AngioDynamics Inc.(a)		449,366		9,679,344
BioLife Solutions Inc.(a)(b)		349,108		7,935,225
Cardiovascular Systems Inc.(a)(b)		200,411		4,529,289
CONMED Corp.		217,924		32,372,610
Cutera Inc.(a)		120,183		8,292,627
Glaukos Corp.(a)(b)		283,875		16,413,653
Heska Corp.(a)		124,702		17,243,793
Lantheus Holdings Inc.(a)		464,971		25,717,546
LeMaitre Vascular Inc.		223,737		10,397,058
Meridian Bioscience Inc.(a)(b)		322,708		8,377,500
Merit Medical Systems Inc.(a)(b)		337,199		22,430,477
Mesa Laboratories Inc.(b)		35,841		9,135,154
Surmodics Inc.(a)		106,006		4,805,252
Varex Imaging Corp.(a)(b)		293,943		6,258,046
Zynex Inc.(b)		268,645		1,673,658
				185,261,232
Health Care Providers & Services — 3.9%
Addus HomeCare Corp.(a)		80,017		7,464,786
AMN Healthcare Services Inc.(a)		550,395		57,422,711
Apollo Medical Holdings Inc.(a)(b)		439,773		21,315,797
Community Health Systems Inc.(a)		1,445,775		17,161,349
CorVel Corp.(a)		109,342		18,417,566
Cross Country Healthcare Inc.(a)		411,487		8,916,923
Ensign Group Inc. (The)		329,004		29,613,650
Fulgent Genetics Inc.(a)(b)		225,748		14,088,933
Joint Corp. (The)(a)		167,574		5,930,444
ModivCare Inc.(a)		81,395		9,392,169
Pennant Group Inc. (The)(a)(b)		158,373		2,950,489
RadNet Inc.(a)(b)		543,675		12,162,010
Tivity Health Inc.(a)		243,361		7,828,923
U.S. Physical Therapy Inc.		67,835		6,746,191
				219,411,941
Health Care Technology — 1.7%
Allscripts Healthcare Solutions Inc.(a)		558,799		12,584,153
HealthStream Inc.(a)		156,509		3,117,659
Omnicell Inc.(a)(b)		511,604		66,247,602
OptimizeRx Corp.(a)		206,601		7,790,924
Simulations Plus Inc.(b)		110,755		5,646,290
				95,386,628
Hotels, Restaurants & Leisure — 1.3%
Dave & Buster’s Entertainment Inc.(a)		202,954		9,965,042
Dine Brands Global Inc.		108,242		8,437,464
Golden Entertainment Inc.(a)		159,173		9,243,176
Jack in the Box Inc.		169,519		15,834,770

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Monarch Casino & Resort Inc.(a)(b)		152,692	$	13,319,323
Shake Shack Inc., Class A(a)		250,627		17,017,573
				73,817,348
Household Durables — 2.4%
Cavco Industries Inc.(a)		99,212		23,895,210
Century Communities Inc.		345,934		18,531,684
Installed Building Products Inc.		273,230		23,085,203
iRobot Corp.(a)(b)		172,621		10,944,171
LGI Homes Inc.(a)(b)		248,685		24,291,551
Meritage Homes Corp.(a)		204,163		16,175,835
Sonos Inc.(a)(b)		727,982		20,543,652
				137,467,306
Household Products — 0.3%
WD-40 Co.		92,423		16,934,666
Insurance — 1.6%
Assured Guaranty Ltd.		341,338		21,729,577
HCI Group Inc.		93,094		6,347,149
Palomar Holdings Inc.(a)		281,098		17,987,461
Selectquote Inc.(a)(b)		700,865		1,955,413
Stewart Information Services Corp.		149,878		9,084,106
Trupanion Inc.(a)(b)		399,484		35,602,014
				92,705,720
Interactive Media & Services — 0.1%
Cars.com Inc.(a)		369,177		5,327,224
Internet & Direct Marketing Retail — 0.5%
Liquidity Services Inc.(a)(b)		309,921		5,305,848
Shutterstock Inc.		270,902		25,215,558
				30,521,406
IT Services — 2.8%
CSG Systems International Inc.		223,332		14,197,215
EVERTEC Inc.		465,959		19,071,702
ExlService Holdings Inc.(a)		387,728		55,549,790
Perficient Inc.(a)(b)		383,478		42,217,093
TTEC Holdings Inc.		213,356		17,606,137
Unisys Corp.(a)(b)		376,119		8,127,932
				156,769,869
Leisure Products — 0.7%
Sturm Ruger & Co. Inc.		204,871		14,263,119
Vista Outdoor Inc.(a)(b)		654,991		23,376,629
				37,639,748
Life Sciences Tools & Services — 0.2%
NeoGenomics Inc.(a)(b)		788,391		9,578,951
Machinery — 3.9%
Alamo Group Inc.		48,538		6,979,279
Albany International Corp., Class A		188,491		15,893,561
Enerpac Tool Group Corp.(b)		334,327		7,318,418
Federal Signal Corp.		433,726		14,638,252
Franklin Electric Co. Inc.		304,233		25,263,508
Hillenbrand Inc.		457,775		20,219,922
John Bean Technologies Corp.		236,708		28,042,797
Lindsay Corp.		75,558		11,863,362
Mueller Industries Inc.		667,891		36,179,655
SPX Corp.(a)		222,061		10,972,034
SPX FLOW Inc.		298,073		25,699,854
Standex International Corp.		68,342		6,828,733

Security	Shares		Value
Machinery (continued)
Tennant Co.		93,010	$	7,329,188
				217,228,563
Marine — 1.0%
Matson Inc.		489,354		59,025,879
Media — 0.7%
EW Scripps Co. (The), Class A(a)		306,936		6,381,199
Gannett Co. Inc.(a)(b)		618,282		2,788,452
TechTarget Inc.(a)(b)		310,511		25,238,334
Thryv Holdings Inc.(a)(b)		198,690		5,587,163
				39,995,148
Metals & Mining — 0.7%
Allegheny Technologies Inc.(a)(b)		666,664		17,893,262
Century Aluminum Co.(a)		265,180		6,976,886
Haynes International Inc.		83,023		3,536,780
Materion Corp.		138,017		11,833,577
				40,240,505
Mortgage Real Estate Investment — 0.4%
Ellington Financial Inc.		279,932		4,968,793
KKR Real Estate Finance Trust Inc.		203,962		4,203,657
Redwood Trust Inc.		1,335,096		14,058,561
				23,231,011
Oil, Gas & Consumable Fuels — 5.1%
Callon Petroleum Co.(a)(b)		550,099		32,499,849
Civitas Resources Inc.		839,127		50,104,273
Dorian LPG Ltd.		325,793		4,720,741
Laredo Petroleum Inc.(a)(b)		111,745		8,843,499
Matador Resources Co.(b)		1,284,111		68,032,201
Ranger Oil Corp.(a)(b)		245,515		8,477,633
SM Energy Co.		1,414,253		55,085,154
Southwestern Energy Co.(a)		8,302,983		59,532,388
				287,295,738
Personal Products — 1.1%
elf Beauty Inc.(a)		558,528		14,426,778
Inter Parfums Inc.		206,898		18,217,369
Medifast Inc.		135,239		23,096,116
USANA Health Sciences Inc.(a)(b)		91,088		7,236,942
				62,977,205
Pharmaceuticals — 2.4%
Amphastar Pharmaceuticals Inc.(a)(b)		291,686		10,471,527
ANI Pharmaceuticals Inc.(a)		86,740		2,438,261
Cara Therapeutics Inc.(a)(b)		486,323		5,908,824
Collegium Pharmaceutical Inc.(a)(b)		403,591		8,217,113
Corcept Therapeutics Inc.(a)(b)		677,098		15,248,247
Endo International PLC(a)		2,713,777		6,268,825
Harmony Biosciences Holdings Inc.(a)(b)		149,448		7,270,645
Innoviva Inc.(a)(b)		728,150		14,089,703
Nektar Therapeutics(a)(b)		965,589		5,204,525
Pacira BioSciences Inc.(a)(b)		316,347		24,143,603
Prestige Consumer Healthcare Inc.(a)		309,752		16,398,271
Supernus Pharmaceuticals Inc.(a)(b)		619,156		20,011,122
				135,670,666
Professional Services — 2.2%
Exponent Inc.		606,710		65,555,016
Forrester Research Inc.(a)		129,672		7,316,094
Heidrick & Struggles International Inc.		228,099		9,028,159
Korn Ferry		633,511		41,140,204
				123,039,473

52 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development — 0.7%
Douglas Elliman Inc., NVS		769,185	$	5,615,051
Marcus & Millichap Inc.		162,986		8,586,102
St Joe Co. (The)		383,903		22,742,414
				36,943,567
Road & Rail — 0.4%
ArcBest Corp.		289,512		23,305,716
Semiconductors & Semiconductor Equipment — 6.4%
Axcelis Technologies Inc.(a)		387,832		29,292,951
CEVA Inc.(a)(b)		267,473		10,872,777
Cohu Inc.(a)		328,771		9,731,622
Diodes Inc.(a)		524,119		45,593,112
FormFactor Inc.(a)(b)		573,627		24,109,543
Ichor Holdings Ltd.(a)(b)		189,711		6,757,506
Kulicke & Soffa Industries Inc.		725,323		40,632,594
MaxLinear Inc.(a)(b)		822,446		47,989,724
Onto Innovation Inc.(a)(b)		573,716		49,850,183
PDF Solutions Inc.(a)(b)		219,911		6,128,920
Rambus Inc.(a)		1,273,274		40,604,708
SMART Global Holdings Inc.(a)		333,183		8,606,117
Ultra Clean Holdings Inc.(a)		522,745		22,159,160
Veeco Instruments Inc.(a)(b)		587,989		15,987,421
				358,316,338
Software — 4.6%
8x8 Inc.(a)		1,377,660		17,344,739
Agilysys Inc.(a)		143,380		5,717,994
Alarm.com Holdings Inc.(a)(b)		536,194		35,635,453
Bottomline Technologies DE Inc.(a)(b)		243,315		13,791,094
Cerence Inc.(a)(b)		237,120		8,560,032
InterDigital Inc.		185,727		11,849,383
LivePerson Inc.(a)(b)		487,984		11,916,569
OneSpan Inc.(a)		193,320		2,791,541
Progress Software Corp.		514,374		24,221,872
SPS Commerce Inc.(a)(b)		418,708		54,934,490
Vonage Holdings Corp.(a)		2,939,410		59,640,629
Xperi Holding Corp.		630,075		10,912,899
				257,316,695
Specialty Retail — 3.8%
Abercrombie & Fitch Co., Class A(a)		310,197		9,923,202
Academy Sports & Outdoors Inc.		602,068		23,721,479
Asbury Automotive Group Inc.(a)(b)		121,211		19,418,002
Barnes & Noble Education Inc.(a)		414,505		1,483,928
Boot Barn Holdings Inc.(a)		345,431		32,743,404
Buckle Inc. (The)		340,179		11,239,514
Children’s Place Inc. (The)(a)		159,868		7,881,492
Genesco Inc.(a)(b)		76,150		4,843,902
Hibbett Inc.		151,217		6,704,962
MarineMax Inc.(a)(b)		252,818		10,178,453
Monro Inc.		167,973		7,447,923
Rent-A-Center Inc./TX		335,676		8,455,678
Sally Beauty Holdings Inc.(a)(b)		566,706		8,857,615
Shoe Carnival Inc.		204,891		5,974,622
Signet Jewelers Ltd.		612,659		44,540,309
Sleep Number Corp.(a)(b)		263,666		13,370,503
				216,784,988
Technology Hardware, Storage & Peripherals — 0.6%
3D Systems Corp.(a)(b)		1,487,076		24,804,428

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Corsair Gaming Inc.(a)(b)		149,371	$	3,160,690
Diebold Nixdorf Inc.(a)(b)		850,397		5,723,172
				33,688,290
Textiles, Apparel & Luxury Goods — 1.1%
Kontoor Brands Inc.		282,925		11,698,949
Movado Group Inc.		189,173		7,387,205
Oxford Industries Inc.		118,306		10,706,693
Steven Madden Ltd.		596,806		23,060,584
Wolverine World Wide Inc.		441,129		9,951,870
				62,805,301
Thrifts & Mortgage Finance — 2.2%
Axos Financial Inc.(a)(b)		618,538		28,693,978
Flagstar Bancorp. Inc.		606,712		25,724,589
Northfield Bancorp. Inc.		288,667		4,145,258
Provident Financial Services Inc.		404,072		9,455,285
Walker & Dunlop Inc.		343,160		44,411,767
WSFS Financial Corp.		296,637		13,829,217
				126,260,094
Tobacco — 0.3%
Vector Group Ltd.		1,523,588		18,344,000
Trading Companies & Distributors — 0.9%
Applied Industrial Technologies Inc.		192,525		19,764,616
Boise Cascade Co.		219,796		15,269,228
GMS Inc.(a)		280,715		13,971,186
				49,005,030
Water Utilities — 1.0%
American States Water Co.		283,817		25,265,389
California Water Service Group		361,366		21,421,777
Middlesex Water Co.		97,032		10,204,855
				56,892,021
Total Common Stocks — 99.5% (Cost: $4,743,414,238)				5,612,230,378
Short-Term Investments
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		219,276,438		219,232,582
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		23,330,000		23,330,000
				242,562,582
Total Short-Term Investments — 4.3% (Cost: $242,520,125)				242,562,582
Total Investments in Securities — 103.8% (Cost: $4,985,934,363)				5,854,792,960
Other Assets, Less Liabilities — (3.8)%				(216,057,964	)
Net Assets — 100.0%			$	5,638,734,996

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	390,568,484	$	—	$	(171,087,587	)(a)	$	(61,726	)	$	(186,589	)	$	219,232,582		219,276,438	$	954,964	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,930,000		—		(27,600,000	)(a)		—			—			23,330,000		23,330,000		5,810			—
								$	(61,726	)	$	(186,589	)	$	242,562,582			$	960,774		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		103		06/17/22		$10,642	$	279,763

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset       Percentage
Equity Securities Long	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	2,994,231	$	(43,965	)(c)	$	2,943,929		0.1	%
	Monthly	HSBC Bank PLC(d)		02/10/23		6,980,527		67,934	(e)		6,813,036		0.1
	Monthly	JPMorgan Chase Bank NA(f)		02/08/23		5,113,490		263,488	(g)		5,178,303		0.1
							$	287,457		$	14,935,268

^(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 $6,337 of net dividends and financing fees.

^(e)  Amount includes $235,425 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $198,675 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

54 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF     

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		16,059	$	454,951		15.5	%
Community Bank System Inc.		1,529		107,259		3.6
Eagle Bancorp. Inc.		5,365		305,859		10.4
First BanCorp./Puerto Rico		22,554		295,908		10.0
Hanmi Financial Corp.		4,294		105,675		3.6
HomeStreet Inc.		2,336		110,680		3.8
Independent Bank Corp.		2,298		187,724		6.4
OFG Bancorp.		4,400		117,216		4.0
Pacific Premier Bancorp. Inc.		3,169		112,024		3.8
				1,797,296
Gas Utilities
Chesapeake Utilities Corp.		1,013		139,551		4.7
Thrifts & Mortgage Finance
WSFS Financial Corp.		5,567		259,534		8.8
Water Utilities
Middlesex Water Co.		7,108		747,548		25.4
Total Reference Entity — Long				2,943,929
Net Value of Reference Entity — Goldman Sachs Bank USA			$	2,943,929

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Banner Corp.		3,909	$	228,794		3.4	%
Brookline Bancorp. Inc.		961		15,203		0.2
City Holding Co.		1,352		106,402		1.6
Community Bank System Inc.		1,425		99,964		1.5
Customers Bancorp. Inc.(a)		4,200		218,988		3.2
First BanCorp./Puerto Rico		27,944		366,625		5.4
First Bancorp./Southern Pines NC		5,377		224,597		3.3
First Commonwealth Financial Corp.		2,766		41,933		0.6
Hanmi Financial Corp.		873		21,485		0.3
HomeStreet Inc.		8,929		423,056		6.2
Independent Bank Corp.		17,185		1,403,843		20.6
Lakeland Financial Corp.		1,908		139,284		2.0
Meta Financial Group Inc.		2,061		113,190		1.7
OFG Bancorp.		7,678		204,542		3.0
Pacific Premier Bancorp. Inc.		6,740		238,259		3.5
Southside Bancshares Inc.		3,317		135,433		2.0
United Community Banks Inc./GA		5,747		199,996		2.9
				4,181,594
Insurance
Stewart Information Services Corp.		3,693		223,833		3.3

	Shares		Value		% of Basket Value
Thrifts & Mortgage Finance
Axos Financial Inc.(a)		4,813	$	223,275		3.3
Flagstar Bancorp. Inc.		10,767		456,521		6.7
Provident Financial Services Inc.		4,811		112,577		1.6
WSFS Financial Corp.		33,749		1,573,378		23.1
				2,365,751
Water Utilities
Middlesex Water Co.		398		41,858		0.6
Total Reference Entity — Long				6,813,036
Net Value of Reference Entity — HSBC Bank PLC			$	6,813,036
(a)   Non-income producing security.

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Banner Corp.		1,000	$	58,530		1.1	%
Brookline Bancorp. Inc.		5,000		79,100		1.5
Central Pacific Financial Corp.		2,000		55,800		1.1
Community Bank System Inc.		989		69,378		1.4
Eagle Bancorp. Inc.		1,576		89,848		1.8
First BanCorp./Puerto Rico		23,004		301,812		5.8
First Commonwealth Financial Corp.		3,502		53,090		1.0
HomeStreet Inc.		1,291		61,168		1.2
National Bank Holdings Corp.		1,448		58,325		1.1
Pacific Premier Bancorp. Inc.		1,926		68,084		1.3
Preferred Bank/Los Angeles CA		1,321		97,873		1.9
Southside Bancshares Inc.		1,413		57,693		1.1
				1,050,701
Health Care Technology
Allscripts Healthcare Solutions Inc.(a)		2,811		63,304		1.2
Insurance
Stewart Information Services		800		48,488		0.9
Thrifts & Mortgage Finance
Axos Financial Inc.(a)		815		37,808		0.7
Flagstar Bancorp. Inc.		2,563		108,671		2.1
Provident Financial Services		2,765		64,701		1.3
				211,180
Water Utilities
Middlesex Water Co.		36,176		3,804,630		73.5
Total Reference Entity — Long				5,178,303
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	5,178,303
(a) Non-income producing security.

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth ETF     

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized   Depreciation
Total Return Swaps		$—		$—		$331,422		$(43,965)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	279,763
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	331,422
	$	611,185
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	43,965

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	534,452
Swaps		(7,034,464	)
	$	(6,500,012	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(338,992	)
Swaps		5,458,872
	$	5,119,880

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	20,741,668
Total return swaps:
Average notional value	$	22,603,460

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	$	279,763		$	—
Swaps - OTC(a)		331,422			43,965
Total derivative assets and liabilities in the Statement of Assets and Liabilities		611,185			43,965
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(279,763	)		—
Total derivative assets and liabilities subject to an MNA		331,422			43,965

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

56 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Growth 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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
HSBC Bank PLC	$	67,934	$	—		$	—	$	(67,934	)	$	—
JPMorgan Chase Bank NA		263,488		—			—		(263,488	)		—
	$	331,422	$	—		$	—	$	(331,422	)	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	(d)
Goldman Sachs Bank USA	$	43,965	$	—		$	—	$	—		$	43,965

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

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
Investments
Assets
Common Stocks	$	5,612,230,378	$	—		$	—	$	5,612,230,378
Money Market Funds		242,562,582		—			—		242,562,582
	$	5,854,792,960	$	—		$	—	$	5,854,792,960
Derivative financial instruments(a)
Assets
Futures Contracts	$	279,763	$	—		$	—	$	279,763
Swaps		—		331,422			—		331,422
Liabilities
Swaps		—		(43,965	)		—		(43,965	)
	$	279,763	$	287,457		$	—	$	567,220

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 57

Schedule of Investments March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
AAR Corp.(a)		545,099	$	26,399,145
Aerojet Rocketdyne Holdings Inc.(a)		587,271		23,109,114
Aerovironment Inc.(a)(b)		173,975		16,378,006
Kaman Corp.		456,678		19,856,359
Moog Inc., Class A		476,072		41,799,122
National Presto Industries Inc.		83,629		6,435,251
Park Aerospace Corp.		178,916		2,334,854
				136,311,851
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings Inc.(a)(b)		442,854		38,249,300
Hub Group Inc., Class A(a)(b)		555,363		42,879,577
				81,128,877
Airlines — 0.9%
Allegiant Travel Co.(a)(b)		248,984		40,432,511
Hawaiian Holdings Inc.(a)(b)		837,244		16,493,707
SkyWest Inc.(a)		827,554		23,874,933
				80,801,151
Auto Components — 0.9%
American Axle & Manufacturing Holdings Inc.(a)(b)		1,864,444		14,468,085
Dorman Products Inc.(a)(b)		153,620		14,598,509
LCI Industries		136,727		14,193,630
Motorcar Parts of America Inc.(a)(b)		309,926		5,525,981
Patrick Industries Inc.		194,698		11,740,289
Standard Motor Products Inc.		313,732		13,534,398
				74,060,892
Automobiles — 0.2%
Winnebago Industries Inc.		268,083		14,484,524
Banks — 10.6%
Allegiance Bancshares Inc.		309,270		13,818,184
Ameris Bancorp.		464,658		20,389,193
Banc of California Inc.		490,150		9,489,304
BancFirst Corp.		145,598		12,115,210
BankUnited Inc.		1,329,841		58,459,810
Banner Corp.		317,911		18,607,331
Berkshire Hills Bancorp. Inc.		716,035		20,743,534
Brookline Bancorp. Inc.		705,410		11,159,586
Central Pacific Financial Corp.		175,779		4,904,234
City Holding Co.		128,865		10,141,675
Columbia Banking System Inc.		1,256,180		40,536,929
Community Bank System Inc.		456,890		32,050,833
CVB Financial Corp.		2,196,601		50,983,109
Dime Community Bancshares Inc.		278,543		9,629,232
Eagle Bancorp. Inc.		212,511		12,115,252
FB Financial Corp.		305,364		13,564,269
First Bancorp./Southern Pines NC		280,091		11,699,401
First Commonwealth Financial Corp.		693,096		10,507,335
First Financial Bancorp.		1,530,670		35,281,943
First Hawaiian Inc.		2,089,204		58,267,900
Hanmi Financial Corp.		218,720		5,382,699
Heritage Financial Corp./WA		551,746		13,826,755
Hilltop Holdings Inc.		487,210		14,323,974
Hope Bancorp Inc.		1,928,629		31,012,354
Independent Bank Corp.		444,457		36,307,692
Independent Bank Group Inc.		601,244		42,784,523
National Bank Holdings Corp., Class A		208,420		8,395,158
NBT Bancorp. Inc.		693,005		25,038,271
Northwest Bancshares Inc.		1,931,781		26,098,361

Security	Shares		Value
Banks (continued)
OFG Bancorp.		401,934	$	10,707,522
Pacific Premier Bancorp. Inc.		857,277		30,304,742
Park National Corp.		87,962		11,556,448
Renasant Corp.		871,151		29,140,001
S&T Bancorp. Inc.		582,801		17,239,254
Seacoast Banking Corp. of Florida		457,570		16,024,101
Simmons First National Corp., Class A		1,654,769		43,388,043
Southside Bancshares Inc.		194,531		7,942,701
Tompkins Financial Corp.		109,516		8,571,817
Trustmark Corp.		950,834		28,895,845
United Community Banks Inc./GA		615,296		21,412,301
Westamerica Bancorp.		413,612		25,023,526
				907,840,352
Beverages — 0.1%
National Beverage Corp.		165,099		7,181,807
Biotechnology — 0.9%
Anika Therapeutics Inc.(a)(b)		111,641		2,803,305
Eagle Pharmaceuticals Inc./DE(a)		95,297		4,716,249
Emergent BioSolutions Inc.(a)(b)		785,462		32,251,070
Enanta Pharmaceuticals Inc.(a)(b)		120,512		8,578,044
Lantheus Holdings Inc. New, NVS(a)(b)(c)		181,178		2
Myriad Genetics Inc.(a)(b)		628,338		15,834,118
REGENXBIO Inc.(a)(b)		339,717		11,275,207
Vanda Pharmaceuticals Inc.(a)(b)		330,895		3,742,422
				79,200,417
Building Products — 1.8%
AAON Inc.		223,773		12,470,869
American Woodmark Corp.(a)(b)		271,590		13,294,331
Apogee Enterprises Inc.		407,567		19,343,130
Gibraltar Industries Inc.(a)		283,873		12,192,345
Griffon Corp.		778,949		15,602,348
PGT Innovations Inc.(a)		537,355		9,661,643
Quanex Building Products Corp.		549,818		11,540,680
Resideo Technologies Inc.(a)		2,365,861		56,378,468
				150,483,814
Capital Markets — 0.4%
Blucora Inc.(a)		446,798		8,734,901
StoneX Group Inc.(a)(b)		279,464		20,744,613
WisdomTree Investments Inc.		650,916		3,820,877
				33,300,391
Chemicals — 2.9%
AdvanSix Inc.		211,972		10,829,649
American Vanguard Corp.		440,631		8,953,622
Ferro Corp.(a)		717,406		15,596,406
FutureFuel Corp.		429,442		4,178,471
GCP Applied Technologies Inc.(a)(b)		883,148		27,748,510
Hawkins Inc.		142,255		6,529,505
HB Fuller Co.		467,119		30,862,552
Innospec Inc.		403,894		37,380,390
Koppers Holdings Inc.		350,954		9,658,254
Quaker Chemical Corp.		92,093		15,914,591
Rayonier Advanced Materials Inc.(a)(b)		1,054,489		6,927,993
Stepan Co.		349,916		34,575,200
Tredegar Corp.		424,066		5,084,551
Trinseo PLC		636,466		30,499,451
				244,739,145
Commercial Services & Supplies — 4.0%
ABM Industries Inc.		1,103,099		50,786,678

58 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Brady Corp., Class A, NVS		428,178	$	19,811,796
CoreCivic Inc.(a)		1,967,463		21,976,562
Deluxe Corp.		699,002		21,137,820
GEO Group Inc. (The)(a)		2,026,416		13,394,610
Harsco Corp.(a)(b)		1,295,328		15,854,815
Healthcare Services Group Inc.		1,218,775		22,632,652
HNI Corp.		715,232		26,499,346
Interface Inc.		534,173		7,248,728
KAR Auction Services Inc.(a)(b)		1,983,312		35,798,781
Matthews International Corp., Class A		519,378		16,807,072
Pitney Bowes Inc.		2,083,630		10,834,876
U.S. Ecology Inc.(a)		512,347		24,531,174
UniFirst Corp./MA		249,135		45,910,598
Viad Corp.(a)		158,786		5,659,133
				338,884,641
Communications Equipment — 1.2%
CalAmp Corp.(a)(b)		587,854		4,297,213
Comtech Telecommunications Corp.		436,090		6,842,252
Digi International Inc.(a)(b)		301,492		6,488,108
NETGEAR Inc.(a)		481,947		11,894,452
NetScout Systems Inc.(a)		1,208,024		38,753,410
Plantronics Inc.(a)		364,076		14,344,594
Viavi Solutions Inc.(a)(b)		1,428,458		22,969,605
				105,589,634
Construction & Engineering — 0.8%
Arcosa Inc.		791,964		45,339,939
Granite Construction Inc.		752,087		24,668,454
				70,008,393
Consumer Finance — 0.9%
Encore Capital Group Inc.(a)(b)		211,088		13,241,550
EZCORP Inc., Class A, NVS(a)(b)		877,168		5,298,095
LendingTree Inc.(a)		187,343		22,419,337
PRA Group Inc.(a)(b)		712,692		32,128,155
				73,087,137
Containers & Packaging — 0.5%
Myers Industries Inc.		340,693		7,358,969
O-I Glass Inc.(a)		2,550,316		33,613,165
				40,972,134
Diversified Consumer Services — 0.9%
Adtalem Global Education Inc.(a)(b)		817,180		24,278,418
American Public Education Inc.(a)(b)		309,757		6,579,239
Perdoceo Education Corp.(a)		1,147,531		13,173,656
Strategic Education Inc.		371,359		24,650,810
WW International Inc.(a)		876,651		8,968,140
				77,650,263
Diversified Telecommunication Services — 0.3%
ATN International Inc.		180,752		7,208,390
Cogent Communications Holdings Inc.		229,093		15,200,321
Consolidated Communications Holdings Inc.(a)(b)		1,162,718		6,860,036
				29,268,747
Electrical Equipment — 0.3%
AZZ Inc.		406,147		19,592,531
Powell Industries Inc.		143,327		2,783,411
				22,375,942
Electronic Equipment, Instruments & Components — 4.2%
Arlo Technologies Inc.(a)(b)		608,721		5,393,268
Badger Meter Inc.		167,437		16,695,143
Benchmark Electronics Inc.		577,499		14,460,575

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
CTS Corp.(b)		258,950	$	9,151,293
ePlus Inc.(a)		439,430		24,634,446
FARO Technologies Inc.(a)(b)		155,534		8,075,325
Insight Enterprises Inc.(a)(b)		571,629		61,347,224
Itron Inc.(a)(b)		741,879		39,082,186
Knowles Corp.(a)		900,540		19,388,626
Methode Electronics Inc.		341,615		14,774,849
OSI Systems Inc.(a)(b)		152,762		13,003,101
PC Connection Inc.		180,545		9,458,752
Plexus Corp.(a)(b)		461,416		37,748,443
Sanmina Corp.(a)(b)		1,043,123		42,163,032
ScanSource Inc.(a)(b)		419,078		14,579,724
TTM Technologies Inc.(a)(b)		1,706,712		25,293,472
				355,249,459
Energy Equipment & Services — 3.8%
Archrock Inc.		2,193,155		20,242,821
Bristow Group Inc.(a)		379,559		14,074,048
Core Laboratories NV(b)		441,934		13,978,372
DMC Global Inc.(a)		313,328		9,556,504
Dril-Quip Inc.(a)(b)		580,441		21,679,471
Helix Energy Solutions Group Inc.(a)(b)		2,323,089		11,104,365
Helmerich & Payne Inc.		1,728,723		73,954,770
Nabors Industries Ltd.(a)		127,013		19,397,425
Oceaneering International Inc.(a)		1,638,161		24,834,521
Oil States International Inc.(a)(b)		1,011,097		7,027,124
Patterson-UTI Energy Inc.		3,524,842		54,564,554
ProPetro Holding Corp.(a)		1,390,050		19,363,397
RPC Inc.(a)		1,148,083		12,250,046
U.S. Silica Holdings Inc.(a)		1,222,654		22,814,724
				324,842,142
Entertainment — 0.2%
Cinemark Holdings Inc.(a)(b)		836,447		14,453,804
Marcus Corp. (The)(a)(b)		358,906		6,352,636
				20,806,440
Equity Real Estate Investment Trusts (REITs) — 8.4%
Acadia Realty Trust		807,671		17,502,231
Agree Realty Corp.		642,474		42,634,575
Alexander & Baldwin Inc.		1,190,851		27,615,835
American Assets Trust Inc.		491,804		18,634,454
Armada Hoffler Properties Inc.		430,568		6,286,293
Brandywine Realty Trust		2,800,134		39,593,895
CareTrust REIT Inc.		839,840		16,208,912
Centerspace		87,820		8,616,898
Chatham Lodging Trust(a)		799,601		11,026,498
Community Healthcare Trust Inc.		155,896		6,580,370
DiamondRock Hospitality Co.(a)		3,460,324		34,949,272
Diversified Healthcare Trust		3,919,351		12,541,923
Easterly Government Properties Inc.		1,414,653		29,905,764
Essential Properties Realty Trust Inc.		953,593		24,125,903
Four Corners Property Trust Inc.		646,211		17,473,545
Franklin Street Properties Corp., Class C		1,563,505		9,224,679
Getty Realty Corp.		342,721		9,808,675
Global Net Lease Inc.		1,693,931		26,645,535
Hersha Hospitality Trust, Class A(a)		541,094		4,913,134
Industrial Logistics Properties Trust		631,715		14,320,979
iStar Inc.		501,258		11,734,450
LTC Properties Inc.		643,951		24,772,795
LXP Industrial Trust		2,312,612		36,308,008
Office Properties Income Trust		794,055		20,431,035

S C H E D U L E  O F  I N V E S T M E N T S 59

Schedule of Investments   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Orion Office REIT Inc.		931,950	$	13,047,300
Retail Opportunity Investments Corp.		1,013,012		19,642,303
RPT Realty		679,074		9,350,849
Saul Centers Inc.		64,049		3,375,382
Service Properties Trust		2,705,770		23,891,949
SITE Centers Corp.		1,325,003		22,140,800
Summit Hotel Properties Inc.(a)		1,745,310		17,383,288
Uniti Group Inc.		1,621,649		22,313,890
Universal Health Realty Income Trust		97,001		5,661,948
Urban Edge Properties		993,566		18,977,111
Urstadt Biddle Properties Inc., Class A		227,902		4,286,837
Veris Residential Inc.(a)		1,312,472		22,823,888
Washington Real Estate Investment Trust		777,111		19,816,330
Whitestone REIT		761,092		10,084,469
Xenia Hotels & Resorts Inc.(a)		1,867,473		36,023,554
				720,675,556
Food & Staples Retailing — 1.1%
Andersons Inc. (The)		498,714		25,065,365
Chefs’ Warehouse Inc. (The)(a)(b)		533,943		17,406,542
PriceSmart Inc.		394,505		31,114,609
SpartanNash Co.		589,330		19,441,997
				93,028,513
Food Products — 2.5%
B&G Foods Inc.		1,065,591		28,749,645
Calavo Growers Inc.		291,217		10,614,860
Cal-Maine Foods Inc.		615,029		33,961,901
Fresh Del Monte Produce Inc.		544,526		14,108,669
Hostess Brands Inc.(a)(b)		2,267,496		49,748,862
J&J Snack Foods Corp.		136,290		21,138,579
John B Sanfilippo & Son Inc.		145,403		12,132,426
Seneca Foods Corp., Class A(a)		99,178		5,111,634
Tootsie Roll Industries Inc.		146,716		5,129,196
TreeHouse Foods Inc.(a)(b)		914,921		29,515,352
				210,211,124
Gas Utilities — 1.3%
Chesapeake Utilities Corp.		131,410		18,103,042
Northwest Natural Holding Co.		502,607		25,994,834
South Jersey Industries Inc.		1,842,521		63,659,100
				107,756,976
Health Care Equipment & Supplies — 3.2%
Artivion Inc.(a)(b)		643,721		13,762,755
Avanos Medical Inc.(a)		787,795		26,391,133
Cardiovascular Systems Inc.(a)		385,269		8,707,079
CONMED Corp.		173,180		25,725,889
Cutera Inc.(a)(b)		99,349		6,855,081
Glaukos Corp.(a)(b)		369,042		21,338,009
Inogen Inc.(a)(b)		335,334		10,871,528
Integer Holdings Corp.(a)		541,076		43,594,493
Lantheus Holdings Inc.(a)(b)		454,482		25,137,399
Meridian Bioscience Inc.(a)		255,687		6,637,635
Merit Medical Systems Inc.(a)		358,477		23,845,890
Mesa Laboratories Inc.(b)		35,225		8,978,148
Natus Medical Inc.(a)(b)		562,371		14,779,110
OraSure Technologies Inc.(a)(b)		1,187,590		8,051,860
Orthofix Medical Inc.(a)(b)		325,280		10,636,656
Surmodics Inc.(a)		79,776		3,616,246
Tactile Systems Technology Inc.(a)(b)		325,934		6,570,830
Varex Imaging Corp.(a)(b)		233,818		4,977,985

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimvie Inc.(a)(b)		340,161	$	7,769,277
				278,247,003
Health Care Providers & Services — 3.0%
Addus HomeCare Corp.(a)		148,782		13,879,873
Covetrus Inc.(a)(b)		1,696,752		28,488,466
Ensign Group Inc. (The)		394,433		35,502,914
Hanger Inc.(a)		605,819		11,104,662
MEDNAX Inc.(a)(b)		1,396,926		32,799,823
ModivCare Inc.(a)		86,978		10,036,391
Owens & Minor Inc.(b)		1,236,422		54,427,297
Pennant Group Inc. (The)(a)		217,537		4,052,714
Select Medical Holdings Corp.		1,736,589		41,660,770
Tivity Health Inc.(a)(b)		384,891		12,381,944
U.S. Physical Therapy Inc.		116,933		11,628,987
				255,963,841
Health Care Technology — 0.7%
Allscripts Healthcare Solutions Inc.(a)		1,221,542		27,509,126
Computer Programs & Systems Inc.(a)		240,413		8,282,228
HealthStream Inc.(a)		190,387		3,792,509
NextGen Healthcare Inc.(a)(b)		924,722		19,335,937
Simulations Plus Inc.		103,668		5,284,994
				64,204,794
Hotels, Restaurants & Leisure — 2.3%
BJ’s Restaurants Inc.(a)(b)		383,890		10,864,087
Bloomin’ Brands Inc.		1,333,526		29,257,560
Brinker International Inc.(a)(b)		730,941		27,892,709
Cheesecake Factory Inc. (The)(a)(b)		796,704		31,700,852
Chuy’s Holdings Inc.(a)		324,056		8,749,512
Dave & Buster’s Entertainment Inc.(a)(b)		351,454		17,256,391
Dine Brands Global Inc.		129,727		10,112,220
El Pollo Loco Holdings Inc.(a)(b)		318,824		3,704,735
Fiesta Restaurant Group Inc.(a)		281,730		2,105,932
Golden Entertainment Inc.(a)		109,309		6,347,574
Jack in the Box Inc.		107,271		10,020,184
Red Robin Gourmet Burgers Inc.(a)(b)		256,984		4,332,750
Ruth’s Hospitality Group Inc.		520,432		11,907,484
Shake Shack Inc., Class A(a)(b)		288,695		19,602,390
				193,854,380
Household Durables — 2.0%
Ethan Allen Interiors Inc.		360,980		9,410,749
iRobot Corp.(a)(b)		199,672		12,659,205
La-Z-Boy Inc.		717,324		18,915,834
M/I Homes Inc.(a)		478,960		21,241,876
MDC Holdings Inc.		926,456		35,057,095
Meritage Homes Corp.(a)		324,784		25,732,636
Sonos Inc.(a)(b)		1,064,318		30,035,054
Tupperware Brands Corp.(a)(b)		800,276		15,565,368
Universal Electronics Inc.(a)		216,688		6,769,333
				175,387,150
Household Products — 0.6%
Central Garden & Pet Co.(a)(b)		160,349		7,048,942
Central Garden & Pet Co., Class A, NVS(a)		649,751		26,496,846
WD-40 Co.		94,011		17,225,635
				50,771,423
Insurance — 3.5%
Ambac Financial Group Inc.(a)(b)		746,399		7,762,550
American Equity Investment Life Holding Co.		1,349,126		53,843,619
AMERISAFE Inc.		316,736		15,732,277
Assured Guaranty Ltd.		663,458		42,235,736

60 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
eHealth Inc.(a)(b)		382,798	$	4,750,523
Employers Holdings Inc.		433,932		17,799,891
Genworth Financial Inc., Class A(a)		7,739,948		29,257,003
Horace Mann Educators Corp.		658,021		27,525,018
James River Group Holdings Ltd.		602,495		14,905,726
ProAssurance Corp.		836,704		22,490,604
Safety Insurance Group Inc.		227,495		20,667,921
Selectquote Inc.(a)(b)		1,021,952		2,851,246
SiriusPoint Ltd.(a)(b)		1,414,900		10,583,452
Stewart Information Services Corp.		222,508		13,486,210
United Fire Group Inc.		355,818		11,055,265
Universal Insurance Holdings Inc.		462,437		6,238,275
				301,185,316
Interactive Media & Services — 0.2%
Cars.com Inc.(a)(b)		544,871		7,862,489
QuinStreet Inc.(a)		826,759		9,590,404
				17,452,893
Internet & Direct Marketing Retail — 0.1%
PetMed Express Inc.		344,286		8,882,579
IT Services — 0.5%
CSG Systems International Inc.		219,436		13,949,546
EVERTEC Inc.		322,720		13,208,930
Unisys Corp.(a)(b)		571,460		12,349,251
				39,507,727
Life Sciences Tools & Services — 0.1%
NeoGenomics Inc.(a)		912,739		11,089,779
Machinery — 5.1%
Alamo Group Inc.		94,107		13,531,646
Albany International Corp., Class A		265,616		22,396,741
Astec Industries Inc.		375,500		16,146,500
Barnes Group Inc.		763,318		30,677,750
CIRCOR International Inc.(a)(b)		332,780		8,858,604
Enerpac Tool Group Corp.(b)		514,385		11,259,888
EnPro Industries Inc.		337,674		33,000,880
ESCO Technologies Inc.		425,100		29,722,992
Federal Signal Corp.		390,465		13,178,194
Franklin Electric Co. Inc.		211,031		17,524,014
Greenbrier Companies Inc. (The)		532,530		27,430,620
Hillenbrand Inc.		551,120		24,342,970
John Bean Technologies Corp.(b)		188,224		22,298,897
Lindsay Corp.		73,279		11,505,536
Meritor Inc.(a)		1,159,792		41,253,801
Proto Labs Inc.(a)		452,695		23,947,566
SPX Corp.(a)(b)		430,200		21,256,182
SPX FLOW Inc.		267,499		23,063,764
Standex International Corp.		104,152		10,406,868
Tennant Co.		173,239		13,651,233
Titan International Inc.(a)		837,975		12,343,372
Wabash National Corp.		799,335		11,862,131
				439,660,149
Media — 0.7%
AMC Networks Inc., Class A(a)(b)		477,804		19,413,176
EW Scripps Co. (The), Class A(a)		508,634		10,574,501
Gannett Co. Inc.(a)(b)		1,443,731		6,511,227
Loyalty Ventures Inc.(a)(b)		321,762		5,318,726
Scholastic Corp.		497,505		20,039,501
				61,857,131

Security	Shares		Value
Metals & Mining — 3.0%
Allegheny Technologies Inc.(a)(b)		1,149,334	$	30,848,125
Arconic Corp.(a)(b)		1,743,567		44,670,187
Carpenter Technology Corp.		792,731		33,278,847
Century Aluminum Co.(a)		453,123		11,921,666
Compass Minerals International Inc.		558,246		35,052,266
Haynes International Inc.		85,565		3,645,069
Kaiser Aluminum Corp.		260,325		24,512,202
Materion Corp.		140,708		12,064,304
Olympic Steel Inc.		152,909		5,880,880
SunCoke Energy Inc.		1,361,002		12,126,528
TimkenSteel Corp.(a)(b)		674,353		14,754,844
Warrior Met Coal Inc.		842,529		31,266,251
				260,021,169
Mortgage Real Estate Investment — 2.2%
Apollo Commercial Real Estate Finance Inc.		2,169,873		30,226,331
ARMOUR Residential REIT Inc.		1,467,652		12,328,277
Ellington Financial Inc.		503,282		8,933,255
Franklin BSP Realty Trust Inc.		724,035		10,122,009
Granite Point Mortgage Trust Inc.		875,861		9,739,574
Invesco Mortgage Capital Inc.		5,110,854		11,652,747
KKR Real Estate Finance Trust Inc.		445,791		9,187,753
New York Mortgage Trust Inc.		6,222,559		22,712,340
PennyMac Mortgage Investment Trust		1,555,295		26,268,933
Ready Capital Corp.		1,106,679		16,666,586
Two Harbors Investment Corp.		5,648,019		31,233,545
				189,071,350
Multi-Utilities — 0.8%
Avista Corp.		1,147,408		51,805,471
Unitil Corp.		261,591		13,048,159
				64,853,630
Multiline Retail — 0.2%
Big Lots Inc.		502,776		17,396,050
Oil, Gas & Consumable Fuels — 2.8%
CONSOL Energy Inc.(a)		519,675		19,555,370
Green Plains Inc.(a)(b)		761,890		23,626,209
Laredo Petroleum Inc.(a)(b)		77,712		6,150,128
Par Pacific Holdings Inc.(a)		753,527		9,810,922
PBF Energy Inc., Class A(a)		1,560,616		38,032,212
Renewable Energy Group Inc.(a)		823,753		49,960,619
REX American Resources Corp.(a)(b)		84,537		8,419,885
Southwestern Energy Co.(a)(b)		6,573,546		47,132,325
Talos Energy Inc.(a)		667,967		10,547,199
World Fuel Services Corp.		1,035,907		28,010,925
				241,245,794
Paper & Forest Products — 0.8%
Clearwater Paper Corp.(a)		274,901		7,705,475
Glatfelter Corp.		733,430		9,079,863
Mercer International Inc.		649,052		9,054,275
Neenah Inc.		276,077		10,949,214
Schweitzer-Mauduit International Inc.		515,613		14,179,358
Sylvamo Corp.(a)		578,665		19,257,971
				70,226,156
Personal Products — 0.4%
Edgewell Personal Care Co.		887,203		32,533,734
USANA Health Sciences Inc.(a)		63,575		5,051,034
				37,584,768
Pharmaceuticals — 1.0%
Amphastar Pharmaceuticals Inc.(a)(b)		193,884		6,960,436

S C H E D U L E  O F  I N V E S T M E N T S 61

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
ANI Pharmaceuticals Inc.(a)		84,839	$	2,384,824
Corcept Therapeutics Inc.(a)(b)		612,635		13,796,540
Harmony Biosciences Holdings Inc.(a)(b)		164,772		8,016,158
Nektar Therapeutics(a)(b)		1,672,072		9,012,468
Pacira BioSciences Inc.(a)(b)		284,855		21,740,134
Phibro Animal Health Corp., Class A		333,445		6,652,228
Prestige Consumer Healthcare Inc.(a)		387,674		20,523,461
				89,086,249
Professional Services — 0.9%
Kelly Services Inc., Class A, NVS		589,592		12,788,250
ManTech International Corp./VA, Class A		451,664		38,928,920
Resources Connection Inc.		503,226		8,625,294
TrueBlue Inc.(a)		581,646		16,803,753
				77,146,217
Real Estate Management & Development — 0.6%
Marcus & Millichap Inc.		180,713		9,519,961
RE/MAX Holdings Inc., Class A		309,710		8,588,258
Realogy Holdings Corp.(a)(b)		1,912,344		29,985,554
				48,093,773
Road & Rail — 0.3%
Heartland Express Inc.		763,745		10,745,892
Marten Transport Ltd.		978,322		17,374,999
				28,120,891
Semiconductors & Semiconductor Equipment — 0.8%
Cohu Inc.(a)		336,853		9,970,849
FormFactor Inc.(a)(b)		473,189		19,888,133
Ichor Holdings Ltd.(a)(b)		201,269		7,169,202
PDF Solutions Inc.(a)(b)		181,886		5,069,163
Photronics Inc.(a)(b)		1,014,807		17,221,275
SMART Global Holdings Inc.(a)(b)		297,501		7,684,451
				67,003,073
Software — 1.2%
Agilysys Inc.(a)		117,950		4,703,846
Bottomline Technologies DE Inc.(a)		291,697		16,533,386
Cerence Inc.(a)(b)		310,388		11,205,007
Consensus Cloud Solutions Inc.(a)(b)		260,257		15,649,254
Ebix Inc.		389,933		12,926,279
InterDigital Inc.		240,858		15,366,740
LivePerson Inc.(a)(b)		416,498		10,170,881
OneSpan Inc.(a)		287,755		4,155,182
Xperi Holding Corp.		821,385		14,226,388
				104,936,963
Specialty Retail — 4.2%
Aaron’s Co. Inc. (The)(b)		515,829		10,357,846
Abercrombie & Fitch Co., Class A(a)(b)		493,112		15,774,653
Academy Sports & Outdoors Inc.		588,697		23,194,662
America’s Car-Mart Inc./TX(a)(b)		100,073		8,061,881
Asbury Automotive Group Inc.(a)(b)		208,528		33,406,186
Bed Bath & Beyond Inc.(a)(b)		1,578,652		35,567,029
Caleres Inc.		627,158		12,122,964
Cato Corp. (The), Class A		309,500		4,537,270
Chico’s FAS Inc.(a)(b)		2,012,938		9,662,102
Conn’s Inc.(a)(b)		316,546		4,877,974
Designer Brands Inc. , Class A(a)		1,006,298		13,595,086
Genesco Inc.(a)(b)		116,379		7,402,868
Group 1 Automotive Inc.		281,841		47,301,375
Guess? Inc.(b)		637,944		13,939,076
Haverty Furniture Companies Inc.		243,028		6,663,828
LL Flooring Holdings Inc.(a)(b)		477,299		6,691,732

Security	Shares		Value
Specialty Retail (continued)
Monro Inc.		313,022	$	13,879,395
ODP Corp. (The)(a)		750,441		34,392,711
Rent-A-Center Inc./TX		513,124		12,925,594
Sally Beauty Holdings Inc.(a)(b)		1,015,328		15,869,577
Sonic Automotive Inc., Class A		340,160		14,460,202
Zumiez Inc.(a)(b)		321,724		12,293,074
				356,977,085
Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming Inc.(a)(b)		326,139		6,901,101
Textiles, Apparel & Luxury Goods — 1.1%
Fossil Group Inc.(a)(b)		776,591		7,486,337
G-III Apparel Group Ltd.(a)		714,707		19,332,824
Kontoor Brands Inc.		380,715		15,742,565
Oxford Industries Inc.		93,963		8,503,651
Steven Madden Ltd.		413,945		15,994,835
Unifi Inc.(a)		221,746		4,013,603
Vera Bradley Inc.(a)(b)		421,583		3,233,542
Wolverine World Wide Inc.		727,387		16,409,851
				90,717,208
Thrifts & Mortgage Finance — 1.9%
Capitol Federal Financial Inc.		2,116,335		23,025,725
Mr Cooper Group Inc.(a)		1,230,950		56,217,486
NMI Holdings Inc., Class A(a)(b)		1,408,050		29,033,991
Northfield Bancorp. Inc.		300,957		4,321,743
Provident Financial Services Inc.		673,438		15,758,449
TrustCo Bank Corp. NY		293,296		9,364,941
WSFS Financial Corp.		554,280		25,840,534
				163,562,869
Tobacco — 0.3%
Universal Corp./VA		402,289		23,360,922
Trading Companies & Distributors — 1.6%
Applied Industrial Technologies Inc.		359,222		36,877,731
Boise Cascade Co.		336,126		23,350,673
DXP Enterprises Inc./TX(a)		281,129		7,615,785
GMS Inc.(a)(b)		311,895		15,523,014
NOW Inc.(a)		1,813,230		19,999,927
Veritiv Corp.(a)		227,094		30,337,487
				133,704,617
Water Utilities — 0.6%
American States Water Co.		205,407		18,285,331
California Water Service Group		352,588		20,901,417
Middlesex Water Co.		88,159		9,271,682
				48,458,430
Wireless Telecommunication Services — 0.6%
Shenandoah Telecommunications Co.(b)		817,143		19,268,232
Telephone and Data Systems Inc.		1,622,268		30,628,420
				49,896,652
Total Common Stocks — 99.0% (Cost: $8,260,442,782)				8,466,369,454
Short-Term Investments
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		274,077,810		274,022,994

62 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		68,870,000	$	68,870,000
				342,892,994
Total Short-Term Investments — 4.0% (Cost: $342,882,740)				342,892,994
Total Investments in Securities — 103.0% (Cost: $8,603,325,522)				8,809,262,448
Other Assets, Less Liabilities — (3.0)%				(259,992,763	)
Net Assets — 100.0%			$	8,549,269,685

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	231,807,052	$	42,411,380	(a)	$	—		$	(77,496	)	$	(117,942	)	$	274,022,994		274,077,810	$	496,778	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		186,460,000		—			(117,590,000	)(a)		—			—			68,870,000		68,870,000		28,155			—
									$	(77,496	)	$	(117,942	)	$	342,892,994			$	524,933		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		162		06/17/22	$	16,738	$	427,326

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	15,984,615	$	(501,561	)(c)	$	15,630,991		0.2	%
		Monthly		HSBC Bank PLC(d)		02/10/23		23,406,025		1,323,827	(e)		23,599,530		0.3
		Monthly		JPMorgan Chase Bank NA(f)		02/08/23		22,412,195		3,203,546	(g)		25,274,457		0.3
									$	4,025,812		$	64,504,978

^(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 $(147,937) of net dividends and financing fees.

^(e)  Amount includes $1,130,322 of net dividends, payable for referenced securities purchased and financing fees.

S C H E D U L E  O F  I N V E S T M E N T S 63

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF     

^(g)  Amount includes $341,284 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

64 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		791	$	35,342		0.2%
BankUnited Inc.		46,887		2,061,153		13.2
Berkshire Hills Bancorp. Inc.		77,227		2,237,266		14.3
Central Pacific Financial Corp.		5,772		161,039		1.0
Columbia Banking System Inc.		13,482		435,064		2.8
Community Bank System Inc.		15,766		1,105,985		7.1
First Financial Bancorp.		7,148		164,761		1.1
Hanmi Financial Corp.		933		22,961		0.1
Hope Bancorp Inc.		28,392		456,543		2.9
National Bank Holdings Corp.		1,889		76,089		0.5
Northwest Bancshares Inc.		131,507		1,776,660		11.4
OFG Bancorp.		4,116		109,650		0.7
Pacific Premier Bancorp. Inc.		5,629		198,985		1.3
S&T Bancorp. Inc.		11,390		336,916		2.2
Southside Bancshares Inc.		2,000		81,660		0.5
Trustmark Corp.		54,332		1,651,149		10.6
Westamerica Bancorp.		7,360		445,280		2.8
				11,356,503
Gas Utilities
Chesapeake Utilities Corp.		3,949		544,014		3.5
Insurance
Employers Holdings Inc.		9,407		385,875		2.5
Horace Mann Educators Corp.		13,068		546,634		3.5
ProAssurance Corp.		17,634		474,002		3.0
				1,406,511
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		6,000		186,060		1.2
Thrifts & Mortgage Finance
WSFS Financial Corp.		43,345		2,020,744		12.9
Water Utilities
Middlesex Water Co.		1,114		117,159		0.7
Total Reference Entity — Long			15,630,991
Net Value of Reference Entity — Goldman Sachs Bank USA			$	15,630,991

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
BankUnited Inc.		22,428	$	985,935		4.2%
Banner Corp.		2,154		126,074		0.5
Brookline Bancorp. Inc.		7,133		112,844		0.5
City Holding Co.		12		944		0.0
Community Bank System Inc.		1,891		132,654		0.6
CVB Financial Corp.		16,591		385,077		1.6
First Bancorp./Southern Pines NC		2,159		90,181		0.4

	Shares		Value		% of Basket Value
Hanmi Financial Corp.		933	$	22,961		0.1
Heritage Financial Corp./WA		19,451		487,442		2.1
Independent Bank Corp.		3,646		297,842		1.2
NBT Bancorp. Inc.		13,046		471,352		2.0
OFG Bancorp.		676		18,009		0.1
Renasant Corp.		37,961		1,269,795		5.4
S&T Bancorp. Inc.		47,386		1,401,678		5.9
Simmons First National Corp.		186,303		4,884,865		20.7
United Community Banks Inc./GA		3,619		125,941		0.5
Westamerica Bancorp.		16,005		968,303		4.1
				11,781,897
Commercial Services & Supplies
GEO Group Inc. (The)(a)		3,050		20,161		0.1
Pitney Bowes Inc.		335,946		1,746,919		7.4
				1,767,080
Consumer Finance
Green Dot Corp.		47,233		1,297,963		5.5
Gas Utilities
Chesapeake Utilities Corp.		2,678		368,921		1.6
Insurance
Employers Holdings Inc.		15,631		641,184		2.7
Genworth Financial Inc.(a)		547,859		2,070,907		8.8
Horace Mann Educators Corp.		3,392		141,887		0.6
James River Group Holdings Ltd.		3,502		86,639		0.4
ProAssurance Corp.		24,242		651,625		2.8
Safety Insurance Group Inc.		5,835		530,110		2.2
				4,122,352
Multi-Utilities
Avista Corp.		8,667		391,315		1.6
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		100,764		3,124,692		13.2
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		23,342		745,310		3.2
Total Reference Entity — Long				23,599,530
Net Value of Reference Entity — HSBC Bank PLC			$	23,599,530

^(a)  Non-income producing security.

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Central Pacific Financial Corp.		1,266	$	35,321		0.1%
S&T Bancorp. Inc.		3,553		105,098		0.4
Westamerica Bancorp.		682		41,261		0.2
				181,680
Commercial Services & Supplies
Pitney Bowes Inc.		263,803		1,371,776		5.4

S C H E D U L E  O F  I N V E S T M E N T S 65

Schedule of Investments  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF     

	Shares		Value		% of Basket Value
Consumer Finance
Green Dot Corp., Class A		849,225	$	23,336,703		92.4
Insurance
Employers Holdings Inc.		2,152		88,275		0.4
James River Group Holdings Ltd.		1,373		33,968		0.1
				122,243
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		4,332		134,335		0.5

	Shares		Value		% of Basket Value
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		4,000	$	127,720		0.5
Total Reference Entity — Long				25,274,457
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	25,274,457

^(a)  Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$4,527,373		$(501,561)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	427,326
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	4,527,373
	$	4,954,699
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	501,561

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,703,758)
Swaps		(36,329,432)
	$	(38,033,190)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(266,104)
Swaps		14,132,981
	$	13,866,877

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,686,723
Total return swaps:
Average notional value	$	128,746,113

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

66 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® S&P Small-Cap 600 Value ETF     

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	$	427,326		$	—
Swaps - OTC(a)		4,527,373			501,561
Total derivative assets and liabilities in the Statement of Assets and Liabilities		4,954,699			501,561
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(427,326	)		—
Total derivative assets and liabilities subject to an MNA		4,527,373			501,561

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

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:

	Derivative Assets Subject to an MNA by		Derivatives Available			Non-Cash Collateral		Cash Collateral			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Received		Received	(b)		Assets	(c)
HSBC Bank PLC	$	1,323,827	$	—		$	—	$	(1,323,827	)	$	—
JPMorgan Chase Bank NA		3,203,546		—			—		(3,203,546	)		—
	$	4,527,373	$	—		$	—	$	(4,527,373	)	$	—
	Derivative Liabilities Subject to an MNA by		Derivatives Available			Non-Cash Collateral		Cash Collateral			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Pledged		Pledged			Liabilities	(d)
Goldman Sachs Bank USA		$501,561	$	—		$	—	$	—		$	501,561

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

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
Investments
Assets
Common Stocks	$	8,466,369,452	$	—		$	2	$	8,466,369,454
Money Market Funds		342,892,994		—			—		342,892,994
	$	8,809,262,446	$	—		$	2	$	8,809,262,448
Derivative financial instruments(a)
Assets
Futures Contracts	$	427,326	$	—		$	—	$	427,326
Swaps		—		4,527,373			—		4,527,373
Liabilities
Swaps		—		(501,561	)		—		(501,561	)
	$	427,326	$	4,025,812		$	—	$	4,453,138

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 67

Statements of Assets and Liabilities

March 31, 2022

	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Mid-Cap 400 Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	8,719,638,972	$	36,600,170,936	$	25,748,810,243	$	7,528,424,896
Affiliated(c)		63,547,095		223,869,083		231,176,425		357,786,835
Cash		5,348		6,947		692,991		6,330
Cash pledged:
Futures contracts		1,186,640		2,680,340		3,320,360		600,470
Receivables:
Securities lending income — Affiliated		55		9,436		18,557		132,062
Capital shares sold		—		197,363		68,620		102,533
Dividends		4,242,341		5,040,033		28,378,219		4,736,696
Unrealized appreciation on:
OTC swaps		—		—		—		16,866
Total assets		8,788,620,451		36,831,974,138		26,012,465,415		7,891,806,688
LIABILITIES
Collateral on securities loaned, at value		9,416,900		67,677,952		121,400,596		349,890,897
Payables:
Variation margin on futures contracts		296,022		655,724		893,754		154,005
Investment advisory fees		1,459,232		5,228,466		3,816,060		1,052,716
Total liabilities		11,172,154		73,562,142		126,110,410		351,097,618
NET ASSETS	$	8,777,448,297	$	36,758,411,996	$	25,886,355,005	$	7,540,709,070
NET ASSETS CONSIST OF:
Paid-in capital	$	6,861,923,762	$	24,370,340,429	$	23,501,388,932	$	6,741,339,442
Accumulated earnings		1,915,524,535		12,388,071,567		2,384,966,073		799,369,628
NET ASSETS	$	8,777,448,297	$	36,758,411,996	$	25,886,355,005	$	7,540,709,070
Shares outstanding		42,150,000		481,500,000		166,350,000		97,400,000
Net asset value	$	208.24	$	76.34	$	155.61	$	77.42
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	9,037,251	$	64,868,592	$	117,978,258	$	338,559,391
(b) Investments, at cost — Unaffiliated	$	6,496,889,573	$	23,229,630,156	$	22,122,978,457	$	6,384,476,265
(c)  Investments, at cost — Affiliated	$	54,585,879	$	197,102,310	$	220,683,650	$	357,749,989

See notes to financial statements    

68 2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

	iShares S&P Mid-Cap 400 Value ETF		iShares S&P Small-Cap 600 Growth ETF		iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	8,378,323,234	$	5,612,230,378	$	8,466,369,454
Affiliated(c)		234,796,372		242,562,582		342,892,994
Cash		96,402		257,855		1,145,872
Cash pledged:
Futures contracts		945,510		687,000		1,080,000
Receivables:
Investments sold		—		298,315		4,327,765
Securities lending income — Affiliated		31,880		52,598		72,601
Capital shares sold		2,000,950		—		235,806
Dividends		10,731,870		4,848,370		10,096,744
Unrealized appreciation on:
OTC swaps		72,195		331,422		4,527,373
Total assets		8,626,998,413		5,861,268,520		8,830,748,609
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		790,000		5,200,000
Collateral on securities loaned, at value		216,363,226		219,213,979		274,103,723
Payables:
Investments purchased		2,994,940		980,924		49,471
Variation margin on futures contracts		242,548		113,791		178,991
Capital shares redeemed		77,569		530,654		102,212
Investment advisory fees		1,197,270		860,211		1,342,966
Unrealized depreciation on:
OTC swaps		49		43,965		501,561
Total liabilities		220,875,602		222,533,524		281,478,924
NET ASSETS	$	8,406,122,811	$	5,638,734,996	$	8,549,269,685
NET ASSETS CONSIST OF:
Paid-in capital	$	8,150,125,336	$	5,059,624,857	$	8,935,396,494
Accumulated earnings (loss)		255,997,475		579,110,139		(386,126,809	)
NET ASSETS	$	8,406,122,811	$	5,638,734,996	$	8,549,269,685
Shares outstanding		76,750,000		45,000,000		83,500,000
Net asset value	$	109.53	$	125.31	$	102.39
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	209,428,432	$	210,611,402	$	262,306,163
(b) Investments, at cost — Unaffiliated	$	7,712,220,201	$	4,743,414,238	$	8,260,442,782
(c)  Investments, at cost — Affiliated	$	234,810,102	$	242,520,125	$	342,882,740

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 69

Statements of Operations

Year Ended March 31, 2022

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Mid-Cap 400 Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	114,238,797		$	258,247,747		$	485,206,234		$	58,955,550
Dividends — Affiliated		819,501			2,896,365			1,151,548			23,055
Securities lending income — Affiliated — net		12,761			169,986			117,780			694,571
Foreign taxes withheld		—			(45,462	)		(102,572	)		—
Total investment income		115,071,059			261,268,636			486,372,990			59,673,176
EXPENSES
Investment advisory fees		16,601,888			64,471,797			41,714,684			13,470,303
Professional fees		217			217			217			217
Total expenses		16,602,105			64,472,014			41,714,901			13,470,520
Net investment income		98,468,954			196,796,622			444,658,089			46,202,656
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(23,772,414	)		134,994,741			(44,629,142	)		(77,047,856	)
Investments — Affiliated		(49,073	)		6,773,131			(164,904	)		(69,558	)
In-kind redemptions — Unaffiliated		481,591,562			3,757,984,751			1,673,496,307			897,934,163
In-kind redemptions — Affiliated		2,412,627			6,330,648			3,835,441			—
Futures contracts		1,887,877			5,013,314			7,329,367			37,126
Swaps		—			—			—			(211,375	)
Net realized gain		462,070,579			3,911,096,585			1,639,867,069			820,642,500
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		625,087,615			1,273,065,054			564,198,538			(930,141,227	)
Investments — Affiliated		(2,831,770	)		(5,448,166	)		(7,878,850	)		(183,256	)
Futures contracts		1,054,986			2,511,104			2,806,577			467,613
Swaps		—			—			—			16,866
Net change in unrealized appreciation (depreciation)		623,310,831			1,270,127,992			559,126,265			(929,840,004	)
Net realized and unrealized gain (loss)		1,085,381,410			5,181,224,577			2,198,993,334			(109,197,504	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,183,850,364		$	5,378,021,199		$	2,643,651,423		$	(62,994,848	)

See notes to financial statements.

70 2 0 2 2   I S H A R E S   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 Operations  (continued)

Year Ended March 31, 2022

	iShares S&P Mid-Cap 400 Value ETF			iShares S&P Small-Cap 600 Growth ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	155,480,948		$	55,838,007		$	109,281,074
Dividends — Affiliated		10,794			29,504			41,602
Securities lending income — Affiliated — net		263,698			931,270			483,331
Foreign taxes withheld		—			(31,801	)		(151,875	)
Total investment income		155,755,440			56,766,980			109,654,132
EXPENSES
Investment advisory fees		15,624,157			11,023,841			16,180,935
Professional fees		217			217			217
Total expenses		15,624,374			11,024,058			16,181,152
Net investment income		140,131,066			45,742,922			93,472,980
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		124,894,826			(97,611,927	)		140,165,900
Investments — Affiliated		(25,826	)		(61,726	)		(77,496	)
In-kind redemptions — Unaffiliated		1,112,327,232			617,473,005			1,274,881,718
Futures contracts		(1,052,232	)		534,452			(1,703,758	)
Swaps		2,842,386			(7,034,464	)		(36,329,432	)
Net realized gain		1,238,986,386			513,299,340			1,376,936,932
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(657,514,048	)		(635,319,096	)		(1,250,110,654	)
Investments — Affiliated		(101,574	)		(186,589	)		(117,942	)
Futures contracts		532,574			(338,992	)		(266,104	)
Swaps		72,146			5,458,872			14,132,981
Net change in unrealized appreciation (depreciation)		(657,010,902	)		(630,385,805	)		(1,236,361,719	)
Net realized and unrealized gain (loss)		581,975,484			(117,086,465	)		140,575,213
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	722,106,550		$	(71,343,543	)	$	234,048,193

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 71

Statements of Changes in Net Assets

	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	98,468,954		$	102,548,169		$	196,796,622		$	244,246,469
Net realized gain		462,070,579			645,223,336			3,911,096,585			3,713,818,298
Net change in unrealized appreciation (depreciation)		623,310,831			2,018,679,164			1,270,127,992			8,908,216,077
Net increase in net assets resulting from operations		1,183,850,364			2,766,450,669			5,378,021,199			12,866,280,844
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(96,979,731	)		(103,205,046	)		(197,299,111	)		(253,051,096	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		713,344,619			(538,698,237	)		402,934,188			(3,745,853,314	)
NET ASSETS
Total increase in net assets		1,800,215,252			2,124,547,386			5,583,656,276			8,867,376,434
Beginning of year		6,977,233,045			4,852,685,659			31,174,755,720			22,307,379,286
End of year	$	8,777,448,297		$	6,977,233,045		$	36,758,411,996		$	31,174,755,720

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

See notes to financial statements.

72 2 0 2 2   I S H A R E S   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  (continued)

	iShares S&P 500 Value ETF						iShares S&P Mid-Cap 400 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	444,658,089		$	405,480,363		$	46,202,656		$	48,813,181
Net realized gain		1,639,867,069			452,162,076			820,642,500			1,076,417,829
Net change in unrealized appreciation (depreciation)		559,126,265			5,972,801,007			(929,840,004	)		2,635,641,826
Net increase (decrease) in net assets resulting from operations		2,643,651,423			6,830,443,446			(62,994,848	)		3,760,872,836
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(441,547,200	)		(417,220,319	)		(48,128,780	)		(51,474,580	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,259,799,358			823,399,732			(355,452,658	)		(962,209,384	)
NET ASSETS
Total increase (decrease) in net assets		4,461,903,581			7,236,622,859			(466,576,286	)		2,747,188,872
Beginning of year		21,424,451,424			14,187,828,565			8,007,285,356			5,260,096,484
End of year	$	25,886,355,005		$	21,424,451,424		$	7,540,709,070		$	8,007,285,356

^(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 73

Statements of Changes in Net Assets  (continued)

	iShares S&P Mid-Cap 400 Value ETF						iShares S&P Small-Cap 600 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	140,131,066		$	91,545,034		$	45,742,922		$	34,443,349
Net realized gain		1,238,986,386			121,682,846			513,299,340			593,097,435
Net change in unrealized appreciation (depreciation)		(657,010,902	)		3,075,986,192			(630,385,805	)		2,175,538,611
Net increase (decrease) in net assets resulting from operations		722,106,550			3,289,214,072			(71,343,543	)		2,803,079,395
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(146,686,532	)		(96,536,611	)		(43,375,063	)		(35,874,295	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(278,917,161	)		1,105,910,735			(438,169,835	)		(90,735,720	)
NET ASSETS
Total increase (decrease) in net assets		296,502,857			4,298,588,196			(552,888,441	)		2,676,469,380
Beginning of year		8,109,619,954			3,811,031,758			6,191,623,437			3,515,154,057
End of year	$	8,406,122,811		$	8,109,619,954		$	5,638,734,996		$	6,191,623,437

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

See notes to financial statements.

74 2 0 2 2   I S H A R E S   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  (continued)

	iShares S&P Small-Cap 600 Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	93,472,980		$	88,390,804
Net realized gain		1,376,936,932			203,503,233
Net change in unrealized appreciation (depreciation)		(1,236,361,719	)		3,777,628,346
Net increase in net assets resulting from operations		234,048,193			4,069,522,383
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(131,583,294	)		(72,032,423	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(359,336,301	)		687,734,335
NET ASSETS
Total increase (decrease) in net assets		(256,871,402	)		4,685,224,295
Beginning of year		8,806,141,087			4,120,916,792
End of year	$	8,549,269,685		$	8,806,141,087

^(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 75

Financial Highlights

(For a share outstanding throughout each period)

	iShares S&P 100 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	179.83		$	118.50		$	125.31		$	115.89		$	104.70
Net investment income(a)		2.41			2.37			2.48			2.35			2.17
Net realized and unrealized gain (loss)(b)		28.36			61.39			(6.58	)		9.45			11.20
Net increase (decrease) from investment operations		30.77			63.76			(4.10	)		11.80			13.37
Distributions(c)
From net investment income		(2.36	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)
Total distributions		(2.36	)		(2.43	)		(2.71	)		(2.38	)		(2.18	)
Net asset value, end of year	$	208.24		$	179.83		$	118.50		$	125.31		$	115.89
Total Return(d)
Based on net asset value		17.14	%		54.11	%		(3.42	)%		10.25	%		12.85	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.19	%		1.52	%		1.86	%		1.94	%		1.92	%
Supplemental Data
Net assets, end of year (000)	$	8,777,448		$	6,977,233		$	4,852,686		$	4,824,336		$	5,024,007
Portfolio turnover rate(f)		2	%		8	%		4	%		7	%		4	%

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

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

See notes to financial statements.

76 2 0 2 2   I S H A R E S   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 Growth ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	65.08		$	41.25		$	43.10		$	38.76		$	32.90
Net investment income(b)		0.41			0.47			0.60			0.52			0.50
Net realized and unrealized gain (loss)(c)		11.27			23.85			(1.68	)		4.33			5.87
Net increase (decrease) from investment operations		11.68			24.32			(1.08	)		4.85			6.37
Distributions(d)
From net investment income		(0.42	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)
Total distributions		(0.42	)		(0.49	)		(0.77	)		(0.51	)		(0.51	)
Net asset value, end of year	$	76.34		$	65.08		$	41.25		$	43.10		$	38.76
Total Return(e)
Based on net asset value		17.94	%		59.13	%		(2.65	)%		12.59	%		19.45	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.55	%		0.82	%		1.30	%		1.27	%		1.36	%
Supplemental Data
Net assets, end of year (000)	$	36,758,412		$	31,174,756		$	22,307,379		$	22,550,900		$	20,022,095
Portfolio turnover rate(g)		14	%		13	%		27	%		27	%		21	%

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

^(g)  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 77

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	141.09		$	96.29		$	112.76		$	109.32		$	104.03
Net investment income(a)		2.89			2.83			2.86			2.69			2.53
Net realized and unrealized gain (loss)(b)		14.48			44.86			(16.41	)		3.53			5.26
Net increase (decrease) from investment operations		17.37			47.69			(13.55	)		6.22			7.79
Distributions(c)
From net investment income		(2.85	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)
Total distributions		(2.85	)		(2.89	)		(2.92	)		(2.78	)		(2.50	)
Net asset value, end of year	$	155.61		$	141.09		$	96.29		$	112.76		$	109.32
Total Return(d)
Based on net asset value		12.39	%		50.10	%		(12.34	)%		5.79	%		7.53	%
Ratios to Average Net Assets(e)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		1.92	%		2.39	%		2.40	%		2.43	%		2.33	%
Supplemental Data
Net assets, end of year (000)	$	25,886,355		$	21,424,451		$	14,187,829		$	15,234,432		$	14,638,372
Portfolio turnover rate(f)		18	%		26	%		32	%		31	%		23	%

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

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

See notes to financial statements.

78 2 0 2 2   I S H A R E S   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 Mid-Cap 400 Growth ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	78.31		$	44.65		$	54.76		$	54.55		$	47.74
Net investment income(b)		0.46			0.44			0.57			0.55			0.48
Net realized and unrealized gain (loss)(c)		(0.87	)		33.69			(10.05	)		0.24			6.85
Net increase (decrease) from investment operations		(0.41	)		34.13			(9.48	)		0.79			7.33
Distributions(d)
From net investment income		(0.48	)		(0.47	)		(0.63	)		(0.56	)		(0.52	)
From net realized gain		—			—			—			(0.02	)		—
Total distributions		(0.48	)		(0.47	)		(0.63	)		(0.58	)		(0.52	)
Net asset value, end of year	$	77.42		$	78.31		$	44.65		$	54.76		$	54.55
Total Return(e)
Based on net asset value		(0.54	)%		76.68	%		(17.49	)%		1.45	%		15.41	%
Ratios to Average Net Assets(f)
Total expenses		0.17	%		0.20	%		0.24	%		0.24	%		0.24	%
Net investment income		0.57	%		0.70	%		1.01	%		1.01	%		0.94	%
Supplemental Data
Net assets, end of year (000)	$	7,540,709		$	8,007,285		$	5,260,096		$	7,490,758		$	8,008,220
Portfolio turnover rate(g)		45	%		50	%		51	%		50	%		40	%

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

^(g)  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 79

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares S&P Mid-Cap 400 Value ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	101.82		$	54.92		$	78.47		$	77.19		$	74.24
Net investment income(b)		1.73			1.36			1.51			1.31			1.32
Net realized and unrealized gain (loss)(c)		7.80			46.95			(23.42	)		1.31			2.98
Net increase (decrease) from investment operations		9.53			48.31			(21.91	)		2.62			4.30
Distributions(d)
From net investment income		(1.82	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)
Total distributions		(1.82	)		(1.41	)		(1.64	)		(1.34	)		(1.35	)
Net asset value, end of year	$	109.53		$	101.82		$	54.92		$	78.47		$	77.19
Total Return(e)
Based on net asset value		9.42	%		88.83	%		(28.36	)%		3.35	%		5.88	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income		1.61	%		1.78	%		1.90	%		1.65	%		1.73	%
Supplemental Data
Net assets, end of year (000)	$	8,406,123		$	8,109,620		$	3,811,032		$	6,355,685		$	5,603,679
Portfolio turnover rate(g)		38	%		43	%		46	%		44	%		37	%

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

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

See notes to financial statements.

80 2 0 2 2   I S H A R E S   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 Small-Cap 600 Growth ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	127.93		$	69.20		$	89.29		$	86.92		$	76.62
Net investment income(b)		0.98			0.72			0.81			0.72			0.73
Net realized and unrealized gain (loss)(c)		(2.67	)		58.76			(20.00	)		2.40			10.34
Net increase (decrease) from investment operations		(1.69	)		59.48			(19.19	)		3.12			11.07
Distributions(d)
From net investment income		(0.93	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)
Total distributions		(0.93	)		(0.75	)		(0.90	)		(0.75	)		(0.77	)
Net asset value, end of year	$	125.31		$	127.93		$	69.20		$	89.29		$	86.92
Total Return(e)
Based on net asset value		(1.35	)%		86.30	%		(21.68	)%		3.59	%		14.51	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income		0.75	%		0.73	%		0.89	%		0.77	%		0.90	%
Supplemental Data
Net assets, end of year (000)	$	5,638,735		$	6,191,623		$	3,515,154		$	5,580,221		$	5,128,053
Portfolio turnover rate(g)		44	%		52	%		64	%		45	%		47	%

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

^(g)  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 81

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Value ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	100.53		$	50.14		$	73.81		$	75.49		$	69.36
Net investment income(b)		1.07			1.12			1.10			1.20			1.03
Net realized and unrealized gain (loss)(c)		2.32			50.16			(23.45	)		(1.71	)		6.14
Net increase (decrease) from investment operations		3.39			51.28			(22.35	)		(0.51	)		7.17
Distributions(d)
From net investment income		(1.53	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)
Total distributions		(1.53	)		(0.89	)		(1.32	)		(1.17	)		(1.04	)
Net asset value, end of year	$	102.39		$	100.53		$	50.14		$	73.81		$	75.49
Total Return(e)
Based on net asset value		3.38	%		103.08	%(f)		(30.75	)%		(0.71	)%		10.38	%
Ratios to Average Net Assets(g)
Total expenses		0.18	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income		1.04	%		1.56	%		1.48	%		1.54	%		1.41	%
Supplemental Data
Net assets, end of year (000)	$	8,549,270		$	8,806,141		$	4,120,917		$	6,155,204		$	5,163,592
Portfolio turnover rate(h)		42	%		52	%		53	%		38	%		39	%

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

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

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

See notes to financial statements.

82 2 0 2 2   I S H A R E S   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

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 Mid-Cap 400 Growth		Diversified
S&P Mid-Cap 400 Value		Diversified
S&P Small-Cap 600 Growth		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 Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

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

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 83

Notes to Financial Statements   (continued)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be

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Notes to Financial Statements   (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P 100
Barclays Bank PLC	$	6,855,171	$	6,855,171		$	—	$	—
UBS AG		2,182,080		2,182,080			—		—
	$	9,037,251	$	9,037,251		$	—	$	—
S&P 500 Growth
BNP Paribas SA	$	57,478	$	57,478		$	—	$	—
Citigroup Global Markets, Inc.		161,019		161,019			—		—
Goldman Sachs & Co. LLC		14,873,357		14,873,357			—		—
HSBC Bank PLC		74,212		74,212			—		—
J.P. Morgan Securities LLC		21,000,816		21,000,816			—		—
Morgan Stanley		8,033		8,033			—		—
RBC Capital Markets LLC		6,223,614		6,223,614			—		—
State Street Bank & Trust Co.		8,389,893		8,389,893			—		—
UBS AG		8,724,193		8,724,193			—		—
UBS Securities LLC		349,611		349,611			—		—
Virtu Americas LLC		4,935,734		4,935,734			—		—
Wells Fargo Securities LLC		70,632		70,632			—		—
	$	64,868,592	$	64,868,592		$	—	$	—
S&P 500 Value
Barclays Bank PLC	$	2,916	$	2,916		$	—	$	—
Barclays Capital, Inc.		1,681,983		1,681,983			—		—
BNP Paribas SA		26,342,733		26,342,733			—		—
Citigroup Global Markets, Inc.		14,124,804		14,124,804			—		—
Goldman Sachs & Co. LLC		41,677,690		41,677,690			—		—
J.P. Morgan Securities LLC		9,153,935		9,153,935			—		—
Morgan Stanley		134,468		134,468			—		—
SG Americas Securities LLC		1,175,681		1,175,681			—		—
State Street Bank & Trust Co.		76,624		76,182			—		(442	)(b)
Toronto-Dominion Bank		292,945		292,945			—		—
UBS AG		3,030,614		3,030,614			—		—
UBS Securities LLC		1,078,839		1,078,839			—		—
Virtu Americas LLC		17,686,554		17,686,554			—		—
Wells Fargo Securities LLC		1,518,472		1,509,724			—		(8,748	)(b)
	$	117,978,258	$	117,969,068		$	—	$	(9,190	)

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 85

Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P Mid-Cap 400 Growth
Barclays Bank PLC	$	7,768,907	$	7,768,907		$	—	$	—
Barclays Capital, Inc.		3,060,692		3,060,692			—		—
BNP Paribas SA		76,572,211		76,572,211			—		—
BofA Securities, Inc.		45,350,097		45,350,097			—		—
Citigroup Global Markets, Inc.		9,834,023		9,834,023			—		—
Credit Suisse Securities (USA) LLC		1,784,837		1,784,837			—		—
Goldman Sachs & Co. LLC		67,672,542		67,672,542			—		—
ING Financial Markets LLC		1,749,090		1,749,090			—		—
J.P. Morgan Securities LLC		64,072,372		64,072,372			—		—
Jefferies LLC		64,022		64,022			—		—
Morgan Stanley		26,435,478		26,435,478			—		—
National Financial Services LLC		11,529,711		11,529,711			—		—
RBC Capital Markets LLC		355,368		355,368			—		—
Scotia Capital (USA), Inc.		74,477		74,477			—		—
SG Americas Securities LLC		167,139		167,139			—		—
Toronto-Dominion Bank		5,226,937		5,226,937			—		—
UBS AG		9,674,637		9,674,637			—		—
UBS Securities LLC		3,017,726		3,017,726			—		—
Virtu Americas LLC		551,054		551,054			—		—
Wells Fargo Bank N.A.		2,169,651		2,169,651			—		—
Wells Fargo Securities LLC		1,428,420		1,428,420			—		—
	$	338,559,391	$	338,559,391		$	—	$	—
S&P Mid-Cap 400 Value
Barclays Bank PLC	$	284,763	$	284,763		$	—	$	—
Barclays Capital, Inc.		8,047,619		8,047,619			—		—
BMO Capital Markets Corp.		17,941		17,913			—		(28	)(b)
BNP Paribas SA		23,374,569		23,374,569			—		—
BofA Securities, Inc.		25,289,643		25,289,643			—		—
Citadel Clearing LLC		2,642,756		2,642,756			—		—
Citigroup Global Markets, Inc.		10,766,782		10,766,782			—		—
Credit Suisse Securities (USA) LLC		14,498		14,498			—		—
Goldman Sachs & Co. LLC		36,277,640		36,277,640			—		—
HSBC Bank PLC		185,109		185,109			—		—
J.P. Morgan Securities LLC		70,530,414		70,530,414			—		—
Jefferies LLC		766,697		766,697			—		—
Morgan Stanley		13,167,228		13,167,228			—		—
National Financial Services LLC		3,241,219		3,241,219			—		—
Natixis SA		3,267,782		3,267,782			—		—
Scotia Capital (USA), Inc.		1,272,960		1,272,960			—		—
Toronto-Dominion Bank		5,258,062		5,258,062			—		—
UBS AG		2,813,898		2,799,604			—		(14,294	)(b)
UBS Securities LLC		983,473		983,473			—		—
Wells Fargo Bank N.A.		522,226		522,226			—		—
Wells Fargo Securities LLC		703,153		703,153			—		—
	$	209,428,432	$	209,414,110		$	—	$	(14,322	)

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
S&P Small-Cap 600 Growth
Barclays Bank PLC	$	1,553,382	$	1,553,382		$	—	$	—
Barclays Capital, Inc.		534,115		534,115			—		—
BNP Paribas SA		52,521,309		52,521,309			—		—
BofA Securities, Inc.		26,060,422		26,060,422			—		—
Citigroup Global Markets, Inc.		20,868,190		20,868,190			—		—
Goldman Sachs & Co. LLC		31,425,796		31,425,796			—		—
J.P. Morgan Securities LLC		37,334,793		37,334,793			—		—
Jefferies LLC		4,852,023		4,852,023			—		—
Morgan Stanley		6,214,456		6,214,456			—		—
National Financial Services LLC		5,721,846		5,721,846			—		—
Natixis SA		1,389,420		1,389,420			—		—
Pershing LLC		333,641		333,641			—		—
RBC Capital Markets LLC		408,291		408,291			—		—
Scotia Capital (USA), Inc.		226,238		226,238			—		—
SG Americas Securities LLC		1,903,959		1,903,959			—		—
State Street Bank & Trust Co.		374,320		373,356			—		(964	)(b)
Toronto-Dominion Bank		5,131,798		5,131,798			—		—
UBS AG		7,679,762		7,679,762			—		—
UBS Securities LLC		1,281,610		1,281,610			—		—
Wells Fargo Bank N.A.		4,177,407		4,177,407			—		—
Wells Fargo Securities LLC		618,624		618,624			—		—
	$	210,611,402	$	210,610,438		$	—	$	(964	)
S&P Small-Cap 600 Value
Barclays Bank PLC	$	2,098,881	$	2,098,881		$	—	$	—
Barclays Capital, Inc.		5,478,922		5,478,922			—		—
BNP Paribas SA		43,260,771		43,260,771			—		—
BofA Securities, Inc.		13,467,083		13,467,083			—		—
Citigroup Global Markets, Inc.		2,491,722		2,491,722			—		—
Deutsche Bank Securities, Inc.		90,944		90,944			—		—
Goldman Sachs & Co. LLC		36,400,902		36,400,902			—		—
J.P. Morgan Securities LLC		38,150,254		38,150,254			—		—
Jefferies LLC		4,397,979		4,397,979			—		—
Morgan Stanley		36,146,905		36,146,905			—		—
National Financial Services LLC		6,605,417		6,605,417			—		—
Pershing LLC		24,876		24,876			—		—
RBC Capital Markets LLC		120,918		120,918			—		—
SG Americas Securities LLC		1,809,042		1,809,042			—		—
State Street Bank & Trust Co.		19,553,749		19,553,749			—		—
Toronto-Dominion Bank		14,623,706		14,623,706			—		—
UBS AG		29,733,302		29,733,302			—		—
UBS Securities LLC		3,186,603		3,186,603			—		—
Wells Fargo Bank N.A.		4,155,184		4,155,184			—		—
Wells Fargo Securities LLC		509,003		509,003			—		—
	$	262,306,163	$	262,306,163		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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).

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 87

Notes to Financial Statements   (continued)

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.

88 2 0 2 2   I S H A R E S   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   (continued)

Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
S&P 100		0.20	%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Mid-Cap 400 Value		0.18
S&P Small-Cap 600 Growth		0.18
S&P Small-Cap 600 Value		0.18

For its investment advisory services to the iShares S&P Mid-Cap 400 Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.1800	%
Over $121 billion, up to and including $181 billion		0.1710
Over $181 billion, up to and including $231 billion		0.1624
Over $231 billion, up to and including $281 billion		0.1543
Over $281 billion		0.1465

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

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 89

Notes to Financial Statements   (continued)

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
S&P 100	$	5,469
S&P 500 Growth		72,927
S&P 500 Value		50,178
S&P Mid-Cap 400 Growth		279,097
S&P Mid-Cap 400 Value		112,769
S&P Small-Cap 600 Growth		387,401
S&P Small-Cap 600 Value		201,656

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 year ended March 31, 2022, 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	$	33,317,384	$	32,080,459	$	(8,082,272	)
S&P 500 Growth		3,223,015,931		3,246,358,818		83,171,107
S&P 500 Value		2,805,253,941		2,464,475,284		36,647,224
S&P Mid-Cap 400 Growth		1,916,553,824		1,780,528,889		(99,840,198	)
S&P Mid-Cap 400 Value		1,891,680,989		1,847,841,446		81,597,554
S&P Small-Cap 600 Growth		1,461,161,746		1,543,500,102		(126,098,475	)
S&P Small-Cap 600 Value		1,875,088,209		1,488,328,201		115,001,436

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
S&P 100	$	186,482,803	$	192,385,795
S&P 500 Growth		5,160,002,367		5,422,671,028
S&P 500 Value		4,242,984,612		4,206,144,809
S&P Mid-Cap 400 Growth		3,637,248,880		3,637,558,875
S&P Mid-Cap 400 Value		3,263,456,524		3,252,053,856
S&P Small-Cap 600 Growth		2,741,404,593		2,701,168,188
S&P Small-Cap 600 Value		3,837,154,316		3,694,005,103

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Notes to Financial Statements   (continued)

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
S&P 100		$  1,846,764,694		$  1,135,408,362
S&P 500 Growth		7,687,652,759		7,021,366,802
S&P 500 Value		6,984,263,349		4,740,367,378
S&P Mid-Cap 400 Growth		1,772,405,183		2,124,867,490
S&P Mid-Cap 400 Value		3,136,984,661		3,425,528,785
S&P Small-Cap 600 Growth		1,057,415,730		1,489,584,461
S&P Small-Cap 600 Value		3,496,903,593		3,884,530,640

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
S&P 100	$	478,185,377	$	(478,185,377	)
S&P 500 Growth		3,760,138,989		(3,760,138,989	)
S&P 500 Value		1,643,248,167		(1,643,248,167	)
S&P Mid-Cap 400 Growth		886,383,329		(886,383,329	)
S&P Mid-Cap 400 Value		1,092,056,436		(1,092,056,436	)
S&P Small-Cap 600 Growth		607,747,778		(607,747,778	)
S&P Small-Cap 600 Value		1,187,226,683		(1,187,226,683	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22	Year Ended 03/31/21
S&P 100
Ordinary income	$  96,979,731	$103,205,046
S&P 500 Growth
Ordinary income	$197,299,111	$253,051,096
S&P 500 Value
Ordinary income	$441,547,200	$417,220,319
S&P Mid-Cap 400 Growth
Ordinary income	$  48,128,780	$  51,474,580
S&P Mid-Cap 400 Value
Ordinary income	$146,686,532	$  96,536,611
S&P Small-Cap 600 Growth
Ordinary income	$  43,375,063	$  35,874,295
S&P Small-Cap 600 Value
Ordinary income	$131,583,294	$  72,032,423

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 91

Notes to Financial Statements   (continued)

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses	)(b)		Qualified Late-Year Losses	(c)		Total
S&P 100	$	1,978,593	$	(289,162,375	)	$	2,202,708,317		$	—		$	1,915,524,535
S&P 500 Growth		—		(977,554,947	)		13,365,626,514			—			12,388,071,567
S&P 500 Value		3,110,889		(1,163,006,607	)		3,544,861,791			—			2,384,966,073
S&P Mid-Cap 400 Growth		—		(314,583,981	)		1,114,260,266			(306,657	)		799,369,628
S&P Mid-Cap 400 Value		—		(370,278,126	)		626,275,601			—			255,997,475
S&P Small-Cap 600 Growth		804,512		(253,537,193	)		831,842,820			—			579,110,139
S&P Small-Cap 600 Value		—		(499,167,863	)		122,882,394			(9,841,340	)		(386,126,809)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements and characterization of corporate actions.

^(c) The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
S&P 500 Growth	$	163,554,883
S&P Mid-Cap 400 Value		145,883,705
S&P Small-Cap 600 Value		149,139,903

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
S&P 100	$	6,580,477,750	$	2,462,164,233	$	(259,455,916	)	$	2,202,708,317
S&P 500 Growth		23,458,413,505		13,821,842,316		(456,215,802	)		13,365,626,514
S&P 500 Value		22,435,124,877		4,322,991,690		(778,129,899	)		3,544,861,791
S&P Mid-Cap 400 Growth		6,771,951,465		1,359,204,385		(244,944,119	)		1,114,260,266
S&P Mid-Cap 400 Value		7,986,844,006		979,918,122		(353,642,521	)		626,275,601
S&P Small-Cap 600 Growth		5,022,950,141		1,117,954,088		(286,111,269	)		831,842,819
S&P Small-Cap 600 Value		8,686,380,055		946,006,691		(823,124,298	)		122,882,393

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or

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Notes to Financial Statements   (continued)

industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		9,000,000		$	1,852,545,063			12,000,000		$	1,674,265,940
Shares redeemed		(5,650,000	)		(1,139,200,444	)		(14,150,000	)		(2,212,964,177	)
Net increase (decrease)		3,350,000		$	713,344,619			(2,150,000	)	$	(538,698,237	)

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 93

Notes to Financial Statements   (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
S&P 500 Growth
Shares sold		97,500,000		$	7,705,816,385			81,550,000	(a)	$	4,864,386,522
Shares redeemed		(95,050,000	)		(7,302,882,197	)		(143,300,000	)(a)		(8,610,239,836	)
Net increase (decrease)		2,450,000		$	402,934,188			(61,750,000	)	$	(3,745,853,314	)
S&P 500 Value
Shares sold		46,050,000		$	7,005,954,291			31,450,000		$	3,850,001,198
Shares redeemed		(31,550,000	)		(4,746,154,933	)		(26,950,000	)		(3,026,601,466	)
Net increase		14,500,000		$	2,259,799,358			4,500,000		$	823,399,732
S&P Mid-Cap 400 Growth
Shares sold		21,850,000		$	1,790,788,361			23,000,000	(a)	$	1,448,881,015
Shares redeemed		(26,700,000	)		(2,146,241,019	)		(38,550,000	)(a)		(2,411,090,399	)
Net decrease		(4,850,000	)	$	(355,452,658	)		(15,550,000	)	$	(962,209,384	)
S&P Mid-Cap 400 Value
Shares sold		29,700,000		$	3,198,148,426			21,800,000	(b)	$	1,910,982,904
Shares redeemed		(32,600,000	)		(3,477,065,587	)		(11,550,000	)(b)		(805,072,169	)
Net increase (decrease)		(2,900,000	)	$	(278,917,161	)		10,250,000		$	1,105,910,735
S&P Small-Cap 600 Growth
Shares sold		8,450,000		$	1,117,417,618			12,950,000	(b)	$	1,406,028,923
Shares redeemed		(11,850,000	)		(1,555,587,453	)		(15,350,000	)(b)		(1,496,764,643	)
Net decrease		(3,400,000	)	$	(438,169,835	)		(2,400,000	)	$	(90,735,720	)
S&P Small-Cap 600 Value
Shares sold		36,350,000		$	3,774,747,013			22,950,000	(b)	$	1,915,906,938
Shares redeemed		(40,450,000	)		(4,134,083,314	)		(17,550,000	)(b)		(1,228,172,603	)
Net increase (decrease)		(4,100,000	)	$	(359,336,301	)		5,400,000		$	687,734,335

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

^(b)  Share transactions reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

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 State Street Bank and Trust Company, the Trust’s administrator, 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. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares S&P 500 Value ETF received proceeds of $2,091,170 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

12. 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.

94 2 0 2 2   I S H A R E S   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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares S&P 100 ETF, iShares S&P 500 Growth ETF,

iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF,

iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and

iShares S&P Small-Cap 600 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 95

Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
S&P 100	$	113,404,436
S&P 500 Growth		249,792,366
S&P 500 Value		467,198,844
S&P Mid-Cap 400 Growth		48,989,242
S&P Mid-Cap 400 Value		125,558,774
S&P Small-Cap 600 Growth		45,233,460
S&P Small-Cap 600 Value		118,587,681

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
S&P 100	$	1,119,503
S&P 500 Growth		4,186,331
S&P 500 Value		11,247,142
S&P Mid-Cap 400 Growth		4,427,471
S&P Mid-Cap 400 Value		14,905,007
S&P Small-Cap 600 Growth		4,354,190
S&P Small-Cap 600 Value		16,974,903

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
S&P 100		100.00	%
S&P 500 Growth		100.00	%
S&P 500 Value		100.00	%
S&P Mid-Cap 400 Growth		100.00	%
S&P Mid-Cap 400 Value		87.08	%
S&P Small-Cap 600 Growth		100.00	%
S&P Small-Cap 600 Value		100.00	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF and iShares S&P Small-Cap 600 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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(a)	$	2.353494	$	—	$	0.004717	$	2.358211		100	%		—	%		0	%(b)		100	%
S&P 500 Growth(a)		0.412769		—		0.003752		0.416521		99			—			1			100
S&P 500 Value(a)		2.814795		—		0.037672		2.852467		99			—			1			100
S&P Mid-Cap 400 Growth(a)		0.456151		—		0.027122		0.483273		94			—			6			100
S&P Mid-Cap 400 Value(a)		1.736998		—		0.086186		1.823184		95			—			5			100
S&P Small-Cap 600 Growth(a)		0.878696		—		0.054791		0.933487		94			—			6			100
S&P Small-Cap 600 Value(a)		1.432282		—		0.102311		1.534593		93			—			7			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.

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

		Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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 Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 103

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-301-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Preferred and Income Securities ETF | PFF | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		16
Statement of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		26
Important Tax Information (Unaudited)		27
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
Trustee and Officer Information		31
General Information		34
Glossary of Terms Used in this Report		35

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022   iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.67	)%		4.07	%		5.09	%		(0.67	)%		22.07	%		64.24	%
Fund Market		(0.92	)		4.09			5.07			(0.92	)		22.19			63.94
Index		(0.30	)		4.78			5.77			(0.30	)		26.32			75.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 31, 2019 reflects the performance of the S&P U.S. Preferred Stock Index^TM. Index performance beginning on February 1, 2019 through October 31, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

Past performance is no guarantee 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” on page 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        955.20	$        2.19			$      1,000.00	$      1,022.70	$        2.27		0.45	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Preferred and Income Securities ETF

Portfolio Management Commentary

U.S. dollar-denominated preferred stocks posted a marginal decline for the reporting period. Preferred stock typically pays a steady stream of dividends; therefore its value is sensitive to prevailing interest rates. When interest rates rise, the dividends paid on preferred stock become relatively less attractive to investors, which weighs on the value of preferred stock. During the reporting period, the Fed raised short-term interest rates and the yields on most bonds rose. Furthermore, the Fed set expectations for additional interest rate increases throughout 2022, and investors anticipated that interest rates would continue to rise. However, the value of preferred and hybrid securities is also influenced by the financial conditions of the issuing company. The positive performance of companies represented in the Index during the reporting period helped to partially offset the negative impact of higher interest rates.

The financials sector, representing approximately 54% of the Index on average for the reporting period, detracted the most from the Index’s return. In particular, preferred stock issued by banks, which tend to issue high levels of preferred stock due to regulatory capital requirements, declined. Because preferred stock is classified as equity rather than debt on balance sheets, it can be a useful tool to meet target capital ratios.

The industrials sector also detracted from the Index’s return, driven by a company in the professional services industry that proposed a new offering of preferred stock that will dilute the value for current shareholders. The real estate sector, which uses preferred stock for financing, also detracted from the Index’s return.

On the upside, the information technology sector contributed to the Index’s performance amid healthy cash flows in the semiconductor industry. Stocks in the healthcare sector rose due to strong demand for healthcare equipment products.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	53.9	%
Utilities	14.6
Real Estate	6.8
Health Care	5.3
Information Technology	4.4
Communication Services	4.4
Industrials	3.1
Consumer Discretionary	2.8
Energy	2.1
Consumer Staples	1.1
Other (each representing less than 1%)	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Broadcom Inc., Series A, 8.00%	3.5	%
Wells Fargo & Co., Series L, 7.50	1.9
Danaher Corp., Series A, 4.75	1.5
Bank of America Corp., Series L, 7.25	1.3
Danaher Corp., Series B, 5.00	1.2
NextEra Energy Inc., 5.28	1.2
Citigroup Capital XIII, 6.67	1.1
Avantor Inc., Series A, 6.25	1.0
NextEra Energy Inc., 6.22	0.9
JPMorgan Chase & Co., Series EE, 6.00	0.9

^(a)  Excludes money market funds.

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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 the 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.

Shareholder Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 7

Schedule of Investments March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electric Utilities — 0.0%
American Electric Power Co. Inc.		1	$	100
Total Common Stocks — 0.0% (Cost: $0)				100
Preferred Stocks
Auto Components — 0.7%
Aptiv PLC, Series A, 5.50%(a)		910,178		124,211,992
Automobiles — 0.7%
Ford Motor Co.
6.00%		2,532,136		64,442,861
6.20%		2,373,752		60,957,952
				125,400,813
Banks — 24.6%
Associated Banc-Corp.
Series E, 5.88%		316,202		8,142,202
Series F, 5.63%		318,107		8,138,768
Atlantic Union Bankshares Corp., Series A, 6.88%		542,593		14,112,844
Bank of America Corp.
Series 02, 3.00% (3 mo. LIBOR US + 0.650%)(b)(c) .		669,517		12,975,239
Series 4, 4.00% (3 mo. LIBOR US + 0.750%)(c)		466,616		10,088,238
Series 5, 4.00% (3 mo. LIBOR US + 0.500%)(c)		944,679		20,546,768
Series E, 4.00% (3 mo. LIBOR US + 0.350%)(b)(c)		710,784		15,921,562
Series GG, 6.00%		3,074,241		80,053,236
Series HH, 5.88%		1,943,049		49,606,041
Series K, 6.45% (3 mo. LIBOR US + 1.327%)(c)		2,392,164		62,985,678
Series KK, 5.38%		3,180,691		80,407,868
Series L, 7.25%		175,931		230,909,437
Series LL, 5.00%		2,984,812		72,172,754
Series NN, 4.38%		2,504,298		54,218,052
Series PP, 4.13%(b)		2,079,729		44,319,025
Series QQ, 4.25%		2,957,471		63,851,799
Series SS, 4.75%(b)		1,588,760		36,811,569
Bank of Hawaii Corp., Series A, 4.38%		565,659		12,942,278
Bank OZK, Series A, 4.63%		1,114,648		23,351,876
Cadence Bank, Series A, 5.50%(b)		555,043		14,153,596
Citigroup Inc.
Series J, 7.13% (3 mo. LIBOR US + 4.040%)(c)		3,006,738		79,287,681
Series K, 6.88% (3 mo. LIBOR US + 4.130%)(b)(c)		4,731,845		124,684,116
Citizens Financial Group Inc.
Series D, 6.35% (3 mo. LIBOR US + 3.642%)(c)		956,537		24,994,312
Series E, 5.00%		1,428,014		33,129,925
Connectone Bancorp Inc., Series A, 5.25% (5 year CMT + 4.420%)(c)		361,343		8,686,686
Cullen/Frost Bankers Inc., Series B, 4.45%(b)		486,265		10,629,753
Dime Community Bancshares Inc., 5.50%		416,675		9,962,699
Fifth Third Bancorp.
Series A, 6.00%		628,990		16,014,085
Series I, 6.63% (3 mo. LIBOR US + 3.710%)(b)(c)		1,413,750		36,913,012
Series K, 4.95%		786,348		18,644,311
First Citizens BancShares Inc./NC
Series A, 5.38%		1,097,844		28,071,871
Series C, 5.63%		642,748		16,042,990
First Horizon Corp.
6.50%		474,349		12,501,468
Series D, 6.10% (3 mo. LIBOR US + 3.859%)(c)		316,202		8,426,783
Series F, 4.70%		471,970		10,406,938

Security	Shares		Value
Banks (continued)
First Republic Bank/CA
Series H, 5.13%		643,716	$	15,198,135
Series I, 5.50%(b)		943,627		23,996,435
Series J, 4.70%		1,255,731		28,103,260
Series K, 4.13%(b)		1,586,716		32,718,084
Series L, 4.25%		2,365,963		49,117,392
Series M, 4.00%		2,373,752		47,498,778
Series N, 4.50%(b)		2,341,966		51,710,609
FNB Corp./PA, 7.25% (3 mo. LIBOR US + 4.600%)(c)		352,582		9,350,475
Fulton Financial Corp., Series A, 5.13%		628,990		14,039,057
Hancock Whitney Corp., 6.25%		555,314		14,415,951
Heartland Financial USA Inc., Series E, 7.00% (5 year CMT + 6.675%)(c)		363,762		9,767,010
Huntington Bancshares Inc./OH
Series C, 5.70%(b)		550,018		13,695,448
Series H, 4.50%		1,586,424		33,187,990
JPMorgan Chase & Co.
Series DD, 5.75%		5,368,843		137,925,577
Series EE, 6.00%(b)		5,859,687		154,226,962
Series GG, 4.75%		2,848,410		65,371,009
Series JJ, 4.55%		4,747,505		103,780,459
Series LL, 4.63%		5,855,596		128,881,668
Series MM, 4.20%		6,330,300		133,442,724
KeyCorp
Series E, 6.13% (3 mo. LIBOR US + 3.892%)(b)(c)		1,570,951		43,531,052
Series F, 5.65%		1,335,190		33,900,474
Series G, 5.63%		1,413,750		35,555,812
Old National Bancorp.
Series A, 7.00%		341,042		9,085,359
Series C, 7.00%(b)		386,369		10,385,599
People’s United Financial Inc., Series A, 5.63% (3 mo. LIBOR US + 4.020%)(c)		800,085		20,850,215
Pinnacle Financial Partners Inc., Series B, 6.75%		721,497		19,004,231
PNC Financial Services Group Inc. (The), Series P, 6.13% (3 mo. LIBOR US + 4.067%)(c)		4,747,505		120,206,827
Popular Capital Trust II, 6.13%		408,364		10,437,784
Regions Financial Corp.
Series B, 6.38% (3 mo. LIBOR US + 3.536%)(c)		1,583,664		41,571,180
Series C, 5.70% (3 mo. LIBOR US + 3.148%)(c)		1,584,052		41,296,236
Series E, 4.45%		1,271,739		27,227,932
Signature Bank/New York NY, Series A, 5.00%		2,310,673		52,452,277
Silvergate Capital Corp., Series A, 5.38%		630,035		13,570,954
SVB Financial Group, Series A, 5.25%		1,113,945		26,701,262
Synovus Financial Corp.
Series D, 6.30% (3 mo. LIBOR US + 3.352%)(b)(c)		641,359		16,675,334
Series E, 5.88% (5 year CMT + 4.127%)(c)		1,113,252		29,167,202
Texas Capital Bancshares Inc., Series B, 5.75%		958,090		23,952,250
Truist Financial Corp.
Series I, 4.00% (3 mo. LIBOR US + 0.530%)(c)		545,591		11,812,045
Series O, 5.25%(b)		1,819,905		45,879,805
Series R, 4.75%		2,927,643		67,013,748
U.S. Bancorp.
Series A, 3.50% (3 mo. LIBOR US + 1.020%)(c)		45,741		36,135,390
Series B, 3.50% (3 mo. LIBOR US + 0.600%)(b)(c)		3,165,122		63,745,557
Series K, 5.50%		1,821,203		47,314,854
Series L, 3.75%		1,587,476		31,289,152
Series M, 4.00%		2,373,752		49,089,191
Series O, 4.50%		1,424,474		32,136,133
United Community Banks Inc./GA, Series I, 6.88%		298,643		7,719,922

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Schedule of Investments   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Valley National Bancorp
Series A, 6.25% (3 mo. LIBOR US + 3.850%)(c)		365,673	$	9,734,215
Series B, 5.50% (3 mo. LIBOR US + 3.578%)(c)		316,202		7,889,240
Webster Financial Corp.
Series F, 5.25%		474,348		11,242,048
Series G, 6.50%(b)		426,939		10,827,173
Wells Fargo & Co.
Series AA, 4.70%		2,941,574		64,861,707
Series CC, 4.38%		2,637,776		55,261,407
Series DD, 4.25%		3,147,631		65,124,485
Series L, 7.50%		253,044		335,283,300
Series Q, 5.85% (3 mo. LIBOR US + 3.090%)(c)		4,371,798		110,606,489
Series R, 6.63% (3 mo. LIBOR US + 3.690%)(b)(c)		2,109,730		56,604,056
Series Y, 5.63%(b)		1,724,280		43,744,984
Series Z, 4.75%(b)		5,102,463		113,121,605
WesBanco Inc., Series A, 6.75% (5 year CMT + 6.557%)(c)		471,522		12,759,385
Western Alliance Bancorp, Series A, 4.25% (5 year CMT + 3.452%)(c)		956,864		23,261,364
Wintrust Financial Corp.
Series D, 6.50% (3 mo. LIBOR US + 4.060%)(c)		397,233		10,395,588
Series E, 6.88% (5 year CMT + 6.507%)(c)		916,310		25,821,616
Zions Bancorp N.A., Series G, 6.30% (3 mo. LIBOR US + 4.240%)(b)(c)		437,693		11,445,672
				4,356,224,594
Capital Markets — 9.2%
Affiliated Managers Group Inc.
4.20%		627,918		12,520,685
4.75%		878,714		19,296,560
5.88%		956,271		23,887,650
B. Riley Financial Inc.
5.00%		1,029,433		24,654,920
5.25%		996,837		23,904,151
5.50%		665,528		16,638,200
6.00%		723,570		18,103,721
6.38%		447,603		11,404,924
6.50%		525,180		13,402,594
6.75%		349,363		8,912,250
Brookfield Finance I UK PLC, 4.50%		722,685		14,914,773
Brookfield Finance Inc., Series 50, 4.63%		1,271,691		26,730,945
Carlyle Finance LLC, 4.63%		1,585,659		34,535,653
Charles Schwab Corp. (The)
Series D, 5.95%		2,373,752		60,079,663
Series J, 4.45%		1,899,623		43,463,374
Cowen Inc., 7.75%		314,320		8,131,458
First Eagle Alternative Capital BDC Inc., 5.00%		350,611		8,639,055
Gladstone Investment Corp.
4.88%		422,945		10,556,707
5.00%		402,520		10,095,202
Goldman Sachs Group Inc. (The)
Series A, 3.75% (3 mo. LIBOR US + 0.750%)(b)(c)		2,373,671		51,223,820
Series C, 4.00% (3 mo. LIBOR US + 0.750%)(c)		628,989		14,051,614
Series D, 4.00% (3 mo. LIBOR US + 0.670%)(c)		4,272,765		92,035,358
Series J, 5.50% (3 mo. LIBOR US + 3.640%)(c)		3,165,122		80,615,657
Series K, 6.38% (3 mo. LIBOR US + 3.550%)(c)		2,215,368		58,884,482
KKR & Co. Inc., Series C, 6.00%(a)		1,819,862		135,233,945
KKR Group Finance Co. IX LLC, 4.63%		1,585,512		34,817,844
Logan Ridge Finance Corp., 5.75%(a)		163,510		4,099,196
Morgan Stanley
Series A, 4.00% (3 mo. LIBOR US + 0.700%)(b)(c)		3,481,396		77,112,921

Security	Shares		Value
Capital Markets (continued)
Series E, 7.13% (3 mo. LIBOR US + 4.320%)(c)		2,730,096	$	72,811,660
Series F, 6.88% (3 mo. LIBOR US + 3.940%)(c)		2,690,520		71,863,789
Series I, 6.38% (3 mo. LIBOR US + 3.708%)(c)		3,165,122		84,128,943
Series K, 5.85% (3 mo. LIBOR US + 3.491%)(c)		3,165,122		82,767,940
Series L, 4.88%		1,585,247		37,506,944
Series O, 4.25%		4,114,463		88,502,099
Newtek Business Services Corp., 5.50%		316,202		7,999,911
Northern Trust Corp., Series E, 4.70%		1,270,725		31,437,737
Oaktree Capital Group LLC
Series A, 6.63%		566,212		14,715,850
Series B, 6.55%		739,187		19,492,361
Prospect Capital Corp., Series A, 5.35%		471,522		9,623,764
State Street Corp.
Series D, 5.90% (3 mo. LIBOR US + 3.108%)(c)		2,373,752		61,005,426
Series G, 5.35% (3 mo. LIBOR US + 3.709%)(c)		1,570,951		41,583,073
Stifel Financial Corp.
5.20%		706,548		17,571,849
Series B, 6.25%		502,325		13,010,218
Series C, 6.13%		708,352		18,438,403
Series D, 4.50%		958,144		19,910,232
				1,630,317,521
Chemicals — 0.1%
EI du Pont de Nemours & Co., Series B, 4.50%		132,171		12,992,409
Commercial Services & Supplies — 0.6%
Charah Solutions Inc., 8.50%		440,164		10,550,731
GFL Environmental Inc., 6.00%(a)		1,145,831		84,837,327
Pitney Bowes Inc., 6.70%		831,137		18,459,553
				113,847,611
Consumer Finance — 2.2%
Atlanticus Holdings Corp., 6.13%		471,522		11,830,487
Capital One Financial Corp.
Series I, 5.00%		4,747,505		109,524,940
Series J, 4.80%		3,956,548		87,281,449
Series K, 4.63%		395,222		8,568,413
Series L, 4.38%		2,136,630		43,330,856
Series N, 4.25%		1,352,052		27,324,971
Navient Corp., 6.00%		956,925		22,899,215
SLM Corp., Series B, 2.62%
(3 mo. LIBOR US + 1.700%)(c)		320,889		19,108,940
Synchrony Financial, Series A, 5.63%		2,373,752		57,824,599
				387,693,870
Diversified Financial Services — 2.1%
Apollo Asset Management Inc.
Series A, 6.38%		870,277		21,896,170
Series B, 6.38%(b)		947,951		24,258,066
Citigroup Capital XIII, 6.67% (3 mo. LIBOR US + 6.370%)(c)		7,113,903		194,920,942
Compass Diversified Holdings
Series A, 7.25%		316,202		7,920,860
Series B, 7.88% (3 mo. LIBOR US + 4.985%)(c)		316,202		8,135,878
Series C, 7.88%		366,221		9,488,786
Equitable Holdings Inc.
Series A, 5.25%		2,532,136		59,733,088
Series C, 4.30%		957,906		19,043,171
Voya Financial Inc., Series B, 5.35% (5 year CMT + 3.210%)(c)		960,241		24,726,206
				370,123,167

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 2.9%
AT&T Inc.
5.35%		4,185,825	$	105,733,940
5.63%		2,611,288		66,509,505
Series A, 5.00%		3,798,164		86,598,139
Series C, 4.75%		5,538,875		121,190,585
Qwest Corp.
6.50%		3,093,816		76,200,688
6.75%		2,088,771		52,114,837
				508,347,694
Electric Utilities — 11.0%
Alabama Power Co., Series A, 5.00%		800,671		20,280,996
Algonquin Power & Utilities Corp.
6.88% (3 mo. LIBOR US + 3.677%)(c)		899,350		23,491,022
7.75%(a)		1,818,467		90,123,225
Series 19-A, 6.20% (3 mo. LIBOR US + 4.010%)(c)		1,099,429		28,816,034
American Electric Power Co. Inc., 6.13%(a)(b)		1,345,260		75,159,676
BIP Bermuda Holdings I Ltd., 5.13%		954,688		21,595,043
Brookfield BRP Holdings, 4.63%		1,114,959		22,488,723
Brookfield BRP Holdings Canada Inc., 4.88%		831,899		18,451,520
Brookfield Infrastructure Finance ULC, 5.00%		800,628		17,549,766
CMS Energy Corp.
5.63%		627,903		15,923,620
5.88%		1,993,961		51,244,798
5.88%		893,387		23,058,318
DTE Energy Co.
4.38%		894,548		20,816,132
Series E, 5.25%		1,270,447		31,430,859
Series G, 4.38%		722,685		16,087,691
Duke Energy Corp.
5.63%		1,584,591		40,739,835
Series A, 5.75%		3,165,122		82,039,962
Entergy Arkansas LLC, 4.88%		1,302,161		32,554,025
Entergy Louisiana LLC, 4.88%		862,283		21,798,514
Entergy Mississippi LLC, 4.90%		831,282		20,457,850
Georgia Power Co., Series 2017, 5.00%		862,188		21,770,247
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		799,007		20,678,301
NextEra Energy Capital Holdings Inc., Series N, 5.65%		2,175,793		56,309,523
NextEra Energy Inc.
4.87%(a)(b)		2,379,479		147,028,007
5.28%(a)		3,959,255		206,475,148
6.22%(a)		3,167,339		166,411,991
Pacific Gas & Electric Co., Series A, 6.00%		334,215		10,143,425
PG&E Corp., 5.50%(a)		1,266,028		142,352,188
SCE Trust II, 5.10%(b)		705,750		15,844,088
SCE Trust III, Series H, 5.75% (3 mo. LIBOR US + 2.990%)(c)		878,607		20,937,205
SCE Trust IV, Series J, 5.38% (3 mo. LIBOR US + 3.132%)(c)		1,035,878		24,073,805
SCE Trust V, Series K, 5.45% (3 mo. LIBOR US + 3.790%)(c)		956,894		23,912,781
SCE Trust VI, 5.00%		1,506,667		33,327,474
Sempra Energy, 5.75%		2,397,750		61,310,467
Southern Co. (The)
5.25%		1,427,625		36,133,189
Series 2019, 6.75%(a)		2,731,886		149,188,294
Series 2020, 4.95%		3,165,122		76,374,394

Security	Shares		Value
Electric Utilities (continued)
Series C, 4.20%		2,373,752	$	52,958,407
				1,939,336,543
Electrical Equipment — 0.1%
Babcock & Wilcox Enterprises Inc., Series A, 7.75%		611,207		15,222,660
Electronic Equipment, Instruments & Components — 0.3%
II-VI Inc., Series A, 6.00%(a)		181,832		53,664,078
Energy Equipment & Services — 0.1%
Hoegh LNG Partners LP, Series A, 8.75%		573,043		13,541,006
Equity Real Estate Investment Trusts (REITs) — 7.3%
Agree Realty Corp., Series A, 4.25%		563,379		11,199,975
American Finance Trust Inc., Series A, 7.50%		637,633		16,546,576
American Homes 4 Rent
Series F, 5.88%		490,298		12,286,868
Series G, 5.88%		365,668		9,170,953
Series H, 6.25%		365,668		9,437,891
Arbor Realty Trust Inc.
Series D, 6.38%(b)		737,805		16,600,613
Series F, 6.25% (SOFR + 5.440%)(c)		881,745		21,770,284
Armada Hoffler Properties Inc., Series A, 6.75%		471,545		12,250,739
Braemar Hotels & Resorts Inc., Series B, 5.50%		242,501		4,408,668
Brookfield DTLA Fund Office Trust Investor Inc., Series A, 7.63%		769,350		9,001,395
Cedar Realty Trust Inc., Series C, 6.50%		397,849		4,849,779
Chatham Lodging Trust, Series A, 6.63%		378,660		9,227,944
City Office REIT Inc., Series A, 6.63%		354,249		9,068,774
CorEnergy Infrastructure Trust Inc., Series A, 7.38%		406,726		7,768,101
DiamondRock Hospitality Co., 8.25%		374,834		10,101,776
Digital Realty Trust Inc.
Series J, 5.25%(b)		628,990		15,668,141
Series K, 5.85%		659,527		17,167,488
Series L, 5.20%		1,097,724		27,333,328
DigitalBridge Group Inc.
Series H, 7.13%		702,206		17,323,422
Series I, 7.15%		1,098,110		27,331,958
Series J, 7.13%		1,003,707		24,811,637
Diversified Healthcare Trust
5.63%		1,116,838		20,225,936
6.25%		801,909		15,909,875
EPR Properties
Series C, 5.75%		428,981		11,080,579
Series E, 9.00%		267,299		8,874,327
Series G, 5.75%		474,349		11,384,376
Equity Commonwealth, Series D, 6.50%		388,578		10,705,324
Federal Realty Investment Trust, Series C, 5.00%		477,240		12,055,082
Gladstone Commercial Corp., Series G, 6.00%		315,715		7,877,089
Gladstone Land Corp., Series B, 6.00%		470,962		12,197,916
Global Net Lease Inc.
Series A, 7.25%		537,630		13,731,070
Series B, 6.88%		353,969		8,866,888
Hersha Hospitality Trust
Series D, 6.50%		622,446		13,787,179
Series E, 6.50%		316,575		7,091,818
Hudson Pacific Properties Inc., Series C, 4.75%		1,349,394		29,052,453
iStar Inc.
Series D, 8.00%		323,677		8,211,685
Series I, 7.50%		404,691		10,149,650
Kimco Realty Corp.
Series L, 5.13%		722,055		18,123,581

10 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Series M, 5.25%		845,860	$	21,087,290
Lexington Realty Trust, Series C, 6.50%		153,868		8,148,849
National Storage Affiliates Trust, Series A, 6.00%		687,534		17,504,616
Office Properties Income Trust, 6.38%		508,885		12,640,703
Pebblebrook Hotel Trust
Series E, 6.38%		345,583		8,367,843
Series F, 6.30%		471,522		11,396,734
Series G, 6.38%		722,685		17,850,320
Series H, 5.70%		799,475		18,132,093
Pennsylvania REIT
Series C, 7.20%		545,591		2,820,705
Series D, 6.88%		395,222		2,110,485
PS Business Parks Inc.
Series X, 5.25%		722,685		18,233,343
Series Y, 5.20%(b)		627,904		15,590,856
Series Z, 4.88%		1,035,285		24,318,845
Public Storage
Series F, 5.15%(b)		893,990		22,573,247
Series G, 5.05%		943,690		23,658,308
Series H, 5.60%		909,161		23,774,560
Series I, 4.88%		1,007,582		24,554,773
Series J, 4.70%		827,627		19,291,985
Series K, 4.75%		722,685		17,691,329
Series L, 4.63%		1,789,187		41,652,273
Series M, 4.13%(b)		723,570		15,744,883
Series N, 3.88%(b)		903,521		18,504,110
Series O, 3.90%(b)		535,763		10,747,406
Series P, 4.00%		1,912,342		39,183,888
Series Q, 3.95%		451,862		9,195,392
Series R, 4.00%		1,381,940		28,509,422
Series S, 4.10%		795,412		16,520,707
Ready Capital Corp.
5.75%(b)		634,413		15,828,604
6.20%		324,237		8,225,893
7.00%(a)		361,343		9,485,254
RLJ Lodging Trust, Series A, 1.95%		1,024,504		28,225,085
Saul Centers Inc., Series E, 6.00%		347,813		8,747,010
SITE Centers Corp., Series A, 6.38%		564,158		14,109,592
SL Green Realty Corp., Series I, 6.50%		737,294		18,601,928
Spirit Realty Capital Inc., Series A, 6.00%(b)		545,591		13,727,070
Summit Hotel Properties Inc.
Series E, 6.25%		505,989		12,437,210
Series F, 5.88%		314,321		7,361,398
Sunstone Hotel Investors Inc.
Series H, 6.13%		361,673		8,719,936
Series I, 5.70%		315,715		7,207,773
UMH Properties Inc.
Series C, 6.75%		791,607		20,098,902
Series D, 6.38%		619,038		15,816,421
Urstadt Biddle Properties Inc.
Series H, 6.25%		335,703		8,412,717
Series K, 5.88%		321,632		8,076,180
Vornado Realty Trust
Series L, 5.40%		956,786		22,503,607
Series M, 5.25%		1,017,593		23,547,102
Series N, 5.25%		956,550		22,220,656
Series O, 4.45%		958,717		19,203,102
				1,295,011,543

Security	Shares		Value
Food Products — 1.1%
CHS Inc.
8.00%(b)		975,371	$	31,504,483
Series 1, 7.88%		1,698,761		45,271,981
Series 2, 7.10% (3 mo. LIBOR US + 4.298%)(c)		1,332,780		35,318,670
Series 3, 6.75% (3 mo. LIBOR US + 4.155%)(c)		1,560,678		41,030,225
Series 4, 7.50%		1,638,617		45,356,918
				198,482,277
Gas Utilities — 1.0%
Entergy New Orleans LLC, 5.50%		345,583		8,694,868
NiSource Inc., 7.75%(a)		682,536		81,208,133
South Jersey Industries Inc.
5.63%		627,442		12,611,584
8.75%(a)		532,880		37,051,147
Spire Inc., Series A, 5.90%		800,369		20,689,539
UGI Corp., 7.25%(a)(b)		176,294		15,866,460
				176,121,731
Health Care Equipment & Supplies — 1.2%
Becton Dickinson and Co., Series B, 6.00%(a)(b)		2,373,752		125,381,580
Boston Scientific Corp., Series A, 5.50%(a)		796,138		92,702,309
				218,083,889
Health Care Technology — 0.2%
CareCloud Inc., Series A, 11.00%		352,563		9,205,420
Change Healthcare Inc., 6.00%(a)		324,189		22,894,227
				32,099,647
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The), 6.88%(a)		825,253		81,642,279
Brookfield Renewable Partners LP, Series 17, 5.25%		643,927		14,591,386
				96,233,665
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%		511,951		11,938,697
Insurance — 9.7%
AEGON Funding Co. LLC, 5.10%		2,929,797		71,164,769
Allstate Corp. (The)
5.10% (3 mo. LIBOR US + 3.165%)(c)		1,585,247		40,296,979
Series G, 5.63%		1,820,066		46,266,078
Series H, 5.10%		3,639,780		90,412,135
Series I, 4.75%		956,411		23,613,788
American Equity Investment Life Holding Co.
Series A, 5.95% (5 year CMT + 4.322%)(c)		1,262,389		32,254,039
Series B, 6.63% (5 year CMT + 6.297%)(c)		957,272		25,147,535
American Financial Group Inc./OH
4.50%		627,904		14,291,095
5.13%		627,904		15,408,764
5.63%		471,522		11,962,513
5.88%		392,881		10,313,126
American International Group Inc., Series A, 5.85%		1,584,450		41,132,322
Arch Capital Group Ltd.
Series F, 5.45%		1,051,076		25,667,276
Series G, 4.55%		1,585,594		33,471,889
Argo Group International Holdings Ltd., 7.00% (5 year CMT + 6.712%)(c)		474,349		12,631,914
Argo Group U.S. Inc., 6.50%		451,862		11,323,662
Aspen Insurance Holdings Ltd.
5.63%		814,745		20,556,016
5.63%		769,961		19,064,234
5.95% (3 mo. LIBOR US + 4.060%)(c)		877,383		22,750,541
Assurant Inc., 5.25%		799,900		18,573,678

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Athene Holding Ltd.
Series A, 6.35% (3 mo. LIBOR US + 4.253%)(c)		2,730,096	$	72,238,340
Series B, 5.63%(b)		1,098,040		27,165,510
Series C, 6.38% (5 year CMT + 5.970%)(c)		1,899,095		50,382,990
Series D, 4.88%		1,820,999		39,570,308
Axis Capital Holdings Ltd., Series E, 5.50%		1,742,201		43,380,805
Brighthouse Financial Inc.
6.25%		1,193,206		30,820,511
Series A, 6.60%		1,348,790		34,582,976
Series B, 6.75%		1,278,218		33,080,282
Series C, 5.38%		1,820,761		41,495,143
Series D, 4.63%		1,115,125		23,228,054
CNO Financial Group Inc., 5.13%		471,522		10,467,788
Enstar Group Ltd.
Series D, 7.00% (3 mo. LIBOR US + 4.015%)(c)		1,269,862		33,371,973
Series E, 7.00%		349,473		9,054,845
Global Indemnity Group LLC, 7.88%		412,711		10,305,394
Globe Life Inc., 4.25%		1,036,039		22,979,345
Hartford Financial Services Group Inc. (The)
7.88% (3 mo. LIBOR US + 5.596%)(c)		1,899,095		47,420,402
Series G, 6.00%		1,097,390		29,442,974
Kemper Corp., 5.88% (5 year CMT + 4.140%)(c)		475,000		11,794,250
Maiden Holdings Ltd.
6.63%		346,059		6,297,547
Series A, 8.25%		476,253		4,205,314
Series C, 7.13%		524,230		6,138,733
Series D, 6.70%		474,349		4,639,133
Maiden Holdings North America Ltd., 7.75%		479,223		10,058,891
MetLife Inc.
Series A, 4.00% (3 mo. LIBOR US + 1.000%)(b)(c)		1,899,700		44,452,980
Series E, 5.63%(b)		2,547,714		65,552,681
Series F, 4.75%		3,165,122		75,456,508
PartnerRe Ltd., Series J, 4.88%		630,370		14,277,881
Prudential Financial Inc.
4.13%(b)		1,585,857		36,442,994
5.63%		1,789,585		46,833,439
Reinsurance Group of America Inc.
5.75% (3 mo. LIBOR US + 4.040%)(b)(c)		1,269,377		34,780,930
6.20% (3 mo. LIBOR US + 4.370%)(c)		1,270,425		32,268,795
RenaissanceRe Holdings Ltd.
Series F, 5.75%		789,401		20,129,726
Series G, 4.20%		1,586,339		33,503,480
Selective Insurance Group Inc., Series B, 4.60%(b)		628,990		13,177,341
SiriusPoint Ltd., Series B, 8.00% (5 year CMT + 7.298%)(c)		641,288		16,846,636
Unum Group, 6.25%		956,395		25,440,107
WR Berkley Corp.
4.13%		957,338		21,252,904
4.25%(b)		801,766		17,045,545
5.10%		956,828		23,327,467
5.70%		580,967		14,611,320
				1,723,824,595
Internet & Direct Marketing Retail — 0.8%
Qurate Retail Inc., 8.00%		998,325		85,865,933
QVC Inc.
6.25%		1,586,128		35,687,880
6.38%		720,349		17,029,051
				138,582,864

Security	Shares		Value
IT Services — 0.2%
Sabre Corp., 6.50%(a)		260,540	$	37,838,224
Leisure Products — 0.3%
Brunswick Corp./DE
6.38%		736,290		19,644,217
6.50%		594,949		15,438,927
6.63%		393,041		10,191,553
				45,274,697
Life Sciences Tools & Services — 3.7%
Avantor Inc., Series A, 6.25%(a)		1,641,366		169,930,622
Danaher Corp.
Series A, 4.75%(a)		130,736		264,707,716
Series B, 5.00%(a)(b)		136,305		215,258,308
				649,896,646
Machinery — 0.6%
Babcock & Wilcox Enterprises Inc.
6.50%		479,684		11,430,870
8.13%		517,795		13,602,475
RBC Bearings Inc., Series A, 5.00%(a)		365,072		36,404,980
Stanley Black & Decker Inc., Series I, 5.25%(a)(b)		597,361		52,514,005
				113,952,330
Marine — 0.3%
Atlas Corp.
Series D, 7.95%		405,457		10,314,826
Series H, 7.88%		724,218		18,395,138
Series I, 8.00% (3 mo. LIBOR US + 5.008%)(c)		474,916		12,324,070
Global Ship Lease Inc., 8.75%		292,731		7,856,900
				48,890,934
Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%		578,608		15,709,207
ViacomCBS Inc., Series A, 5.75%(a)(b)		791,832		43,986,268
				59,695,475
Metals & Mining — 0.8%
ArcelorMittal SA, 5.50%(a)		1,928,717		144,325,893
Mortgage Real Estate Investment — 4.4%
ACRES Commercial Realty Corp.
Series C, 8.63% (3 mo. LIBOR US + 5.927%)(c)		377,414		9,386,286
Series D, 7.88%		363,006		8,977,138
AGNC Investment Corp.
Series C, 7.00% (3 mo. LIBOR US + 5.111%)(c)		1,035,193		25,703,841
Series D, 6.88% (3 mo. LIBOR US + 4.332%)(c)		739,187		18,524,026
Series E, 6.50% (3 mo. LIBOR US + 4.993%)(c)		1,279,121		31,121,014
Series F, 6.13% (3 mo. LIBOR US + 4.697%)(c)		1,820,923		42,482,134
Annaly Capital Management Inc.
Series F, 6.95% (3 mo. LIBOR US + 4.993%)(c)		2,278,942		55,401,080
Series G, 6.50% (3 mo. LIBOR US + 4.172%)(c)		1,349,455		31,401,818
Series I, 6.75% (3 mo. LIBOR US + 4.989%)(c)		1,404,477		34,718,671
Arbor Realty Trust Inc., Series E, 6.25%		451,862		10,316,009
ARMOUR Residential REIT Inc., Series C, 7.00%		549,981		13,529,533
Chimera Investment Corp.
Series A, 8.00%		458,580		11,482,843
Series B, 8.00% (3 mo. LIBOR US + 5.791%)(c)		1,035,567		25,733,840
Series C, 7.75% (3 mo. LIBOR US + 4.743%)(c)		817,866		19,906,858
Series D, 8.00% (3 mo. LIBOR US + 5.379%)(c)		628,990		15,680,721
Dynex Capital Inc., Series C, 6.90%
(3 mo. LIBOR US + 5.461%)(c)		352,698		8,785,707
Ellington Financial Inc.
6.75% (3 mo. LIBOR US + 5.196%)(c)		361,343		8,831,223

12 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Series B, 6.25% (5 year CMT + 4.990%)(c)		376,735	$	8,597,093
Franklin BSP Realty Trust Inc., Series E, 7.50%		825,722		19,280,609
Granite Point Mortgage Trust Inc., Series A, 7.00% (SOFR + 5.830%)(c)		617,440		14,917,350
Great Ajax Corp., 7.25%(a)		364,209		9,101,583
Invesco Mortgage Capital Inc.
Series B, 7.75% (3 mo. LIBOR US + 5.180%)(c)		488,506		11,602,018
Series C, 7.50% (3 mo. LIBOR US + 5.289%)(c)		909,250		21,922,018
KKR Real Estate Finance Trust Inc., Series A, 6.50%		1,044,101		25,476,064
MFA Financial Inc.
Series B, 7.50%		628,990		15,284,457
Series C, 6.50% (3 mo. LIBOR US + 5.345%)(c)		880,815		20,073,774
New Residential Investment Corp.
Series A, 7.50% (3 mo. LIBOR US + 5.802%)(c)		491,065		12,502,515
Series B, 7.13% (3 mo. LIBOR US + 5.640%)(c)		903,045		22,232,968
Series C, 6.38% (3 mo. LIBOR US + 4.969%)(c)		1,280,147		27,599,969
Series D, 7.00% (5 year CMT + 6.223%)(c)		1,474,999		35,680,226
New York Mortgage Trust Inc.
Series D, 8.00% (3 mo. LIBOR US + 5.695%)(c)		481,188		11,572,571
Series E, 7.88% (3 mo. LIBOR US + 6.429%)(c)		581,868		14,680,530
Series F, 6.88% (SOFR + 6.130%)(c)		393,988		9,065,664
PennyMac Mortgage Investment Trust
Series A, 8.13% (3 mo. LIBOR US + 5.831%)(b)(c)		363,303		9,464,043
Series B, 8.00% (3 mo. LIBOR US + 5.990%)(c)		626,110		16,291,382
Series C, 6.75%		800,270		18,286,170
Ready Capital Corp., Series E, 6.50%		361,343		8,274,755
TPG RE Finance Trust Inc., Series C, 6.25%		647,517		14,491,430
Two Harbors Investment Corp.
Series A, 8.13% (3 mo. LIBOR US + 5.660%)(c)		456,058		11,579,313
Series B, 7.63% (3 mo. LIBOR US + 5.352%)(c)		902,988		21,978,728
Series C, 7.25% (3 mo. LIBOR US + 5.011%)(c)		927,985		21,956,125
				773,894,097
Multiline Retail — 0.1%
Dillard’s Capital Trust I, 7.50%		641,950		16,735,637
Franchise Group Inc., Series A, 7.50%		359,031		9,277,361
				26,012,998
Multi-Utilities — 1.8%
Brookfield Infrastructure Partners LP
Series 13, 5.13%		644,828		13,264,112
Series 14, 5.00%		628,990		12,768,497
CMS Energy Corp., Series C, 4.20%		725,762		15,226,487
Dominion Energy Inc., Series A, 7.25%(a)		1,273,898		129,364,342
DTE Energy Co., 6.25%(a)		2,057,478		109,643,003
NiSource Inc., Series B, 6.50% (5 year CMT + 3.632%)(c)		1,584,297		42,538,374
				322,804,815
Oil, Gas & Consumable Fuels — 2.0%
Altera Infrastructure LP
Series A, 7.25%		474,349		2,144,058
Series B, 8.50%		393,291		1,848,468
Series E, 8.88% (3 mo. LIBOR US + 6.407%)(c)		381,633		1,782,226
DCP Midstream LP
Series B, 7.88% (3 mo. LIBOR US + 4.919%)(c)		510,022		12,235,428
Series C, 7.95% (3 mo. LIBOR US + 4.882%)(c)		350,011		8,645,272
El Paso Energy Capital Trust I, 4.75%		354,415		17,649,867
Enbridge Inc., Series B, 6.38% (3 mo. LIBOR US + 3.593%)(c)		1,899,095		48,901,696
Energy Transfer LP
Series C, 7.38% (3 mo. LIBOR US + 4.530%)(c)		1,428,195		34,062,451

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Series D, 7.63% (3 mo. LIBOR US + 4.738%)(c)		1,413,484	$	34,884,785
Series E, 7.60% (3 mo. LIBOR US + 5.161%)(c)		2,532,136		62,695,687
NGL Energy Partners LP, Series B, 9.00% (3 mo. LIBOR US + 7.213%)(c)		995,124		16,469,302
NuStar Energy LP
Series A, 7.59% (3 mo. LIBOR US + 6.766%)(c)		712,543		17,122,408
Series B, 7.63% (3 mo. LIBOR US + 5.643%)(c)		1,225,729		25,997,712
Series C, 9.00% (3 mo. LIBOR US + 6.880%)(c)		545,591		13,530,657
NuStar Logistics LP, 6.98% (3 mo. LIBOR US + 6.734%)(c)		1,278,988		31,987,490
Teekay LNG Partners LP
9.00%		395,774		9,858,730
Series B, 8.50% (3 mo. LIBOR US + 6.241%)(c)		537,705		13,550,166
				353,366,403
Pharmaceuticals — 0.2%
Elanco Animal Health Inc., 5.00%(a)		872,733		35,555,142
Professional Services — 0.4%
Clarivate PLC, Series A, 5.25%(a)		1,142,407		77,535,163
Real Estate Management & Development — 0.5%
Brookfield Property Partners LP
6.25%		2,124,226		47,795,085
Series A, 5.75%		902,989		19,035,008
Series A-1, 6.50%		572,110		12,174,501
Series A2, 6.38%		785,108		16,141,820
				95,146,414
Semiconductors & Semiconductor Equipment — 3.5%
Broadcom Inc., Series A, 8.00%(a)		316,763		621,853,283
Software — 0.3%
Synchronoss Technologies Inc., 8.38%		392,771		8,346,384
Tennessee Valley Authority
Series A, 2.22% (30 Year CMT + 0.840%)(c)		743,230		17,874,681
Series D, 2.13% (30 Year CMT + 0.940%)(b)(c)		818,468		19,397,692
				45,618,757
Specialty Retail — 0.2%
TravelCenters of America Inc.
8.00%		376,744		9,682,321
8.00%		316,202		8,003,073
8.25%		348,645		8,953,203
				26,638,597
Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group Inc., 7.00%		471,771		11,610,284
Thrifts & Mortgage Finance — 0.7%
Federal Agricultural Mortgage Corp.
Series D, 5.70%		317,153		8,014,456
Series F, 5.25%		379,526		8,880,908
Series G, 4.88%		392,881		8,729,816
Merchants Bancorp./IN
Series B, 6.00% (3 mo. LIBOR US + 4.569%)(c)		395,222		9,841,028
Series C, 6.00%		631,138		15,778,450
New York Community Bancorp Inc., Series A, 6.38% (3 mo. LIBOR US + 3.821%)(c)		1,630,464		43,680,131
New York Community Capital Trust V, 6.00%(a)		228,060		11,767,896
Washington Federal Inc., Series A, 4.88%		958,547		20,800,470
				127,493,155

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 1.0%
Air Lease Corp., Series A, 6.15% (3 mo. LIBOR US + 3.650%)(c)		800,635	$	20,095,938
Fortress Transportation and Infrastructure Investors LLC
Series A, 8.25% (3 mo. LIBOR US + 6.886%)(c)		344,156		8,359,549
Series B, 8.00% (3 mo. LIBOR US + 6.447%)(c)		404,389		9,907,531
Series C, 8.25% (5 year CMT + 7.378%)(c)		343,744		8,933,907
Textainer Group Holdings Ltd.
7.00% (5 year CMT + 6.134%)(c)		484,020		12,899,133
Series B, 6.25%		485,538		11,565,515
Triton International Ltd.
6.88%		485,521		12,934,279
7.38%		563,478		14,796,932
8.00%		467,583		12,250,675
Series E, 5.75%		559,181		13,224,631
WESCO International Inc., Series A, 10.63% (5 year CMT + 10.325%)(c)		1,718,416		50,572,983
				175,541,073
Water Utilities — 0.2%
Essential Utilities Inc., 6.00%(a)		603,541		36,930,674
Wireless Telecommunication Services — 1.1%
Telephone & Data Systems Inc.
Series UU, 6.63%(b)		1,333,517		32,991,211
Series VV, 6.00%		2,184,076		50,473,996
United States Cellular Corp.
5.50%		1,585,290		35,589,761
5.50%		1,585,378		35,639,297
6.25%		1,584,768		39,650,895
				194,345,160
Total Preferred Stocks — 99.2% (Cost: $18,029,405,016)				17,565,523,080

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		275,775,779	$	275,720,624
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		190,910,000		190,910,000
				466,630,624
Total Short-Term Investments — 2.6% (Cost: $466,700,004)				466,630,624
Total Investments in Securities — 101.8% (Cost: $18,496,105,020)				18,032,153,804
Other Assets, Less Liabilities — (1.8)%				(320,405,821	)
Net Assets — 100.0%			$	17,711,747,983

^(a)  Convertible security.

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

^(c)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,893,290	$	255,956,635	(a)	$	—		$	(41,897	)	$	(87,404	)	$	275,720,624		275,775,779	$	4,703,771	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		407,290,000		—			(216,380,000	)(a)		—			—			190,910,000		190,910,000		32,648			—
									$	(41,897	)	$	(87,404	)	$	466,630,624			$	4,736,419		$	—

^(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.

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.

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Schedule of Investments   (continued) March 31, 2022 iShares^® Preferred and Income Securities ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	100	$	—	$	—	$	100
Preferred Stocks		17,565,523,080		—		—		17,565,523,080
Money Market Funds		466,630,624		—		—		466,630,624
	$	18,032,153,804	$	—	$	—	$	18,032,153,804

See notes to financial statements.

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

Statement of Assets and Liabilities

March 31, 2022

	iShares Preferred and Income Securities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	17,565,523,180
Affiliated(c)		466,630,624
Cash		1,762,015
Receivables:
Investments sold		1,473,079
Securities lending income — Affiliated		433,961
Capital shares sold		233,521
Dividends		47,104,500
Total assets		18,083,160,880
LIABILITIES
Collateral on securities loaned, at value		275,769,111
Payables:
Investments purchased		88,793,132
Capital shares redeemed		101,470
Investment advisory fees		6,749,184
Total liabilities		371,412,897
NET ASSETS	$	17,711,747,983
NET ASSETS CONSIST OF:
Paid-in capital	$	19,935,096,420
Accumulated loss		(2,223,348,437	)
NET ASSETS	$	17,711,747,983
Shares outstanding		486,750,000
Net asset value	$	36.39
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	267,417,134
(b) Investments, at cost — Unaffiliated	$	18,029,405,016
(c) Investments, at cost — Affiliated	$	466,700,004

See notes to financial statements.

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Statement of Operations

Year Ended March 31, 2022

	iShares Preferred and Income Securities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	972,381,699
Dividends — Affiliated		38,385
Securities lending income — Affiliated — net		4,698,034
Foreign taxes withheld		(1,098,700	)
Total investment income		976,019,418
EXPENSES
Investment advisory fees		87,859,472
Professional fees		217
Total expenses		87,859,689
Net investment income		888,159,729
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(54,897,928	)
Investments — Affiliated		(41,897	)
In-kind redemptions — Unaffiliated		177,886,600
Net realized gain		122,946,775
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,182,495,620	)
Investments — Affiliated		(87,404	)
Net change in unrealized appreciation (depreciation)		(1,182,583,024	)
Net realized and unrealized loss		(1,059,636,249	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(171,476,520	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 17

Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	888,159,729		$	845,600,544
Net realized gain (loss)		122,946,775			(67,757,721	)
Net change in unrealized appreciation (depreciation)		(1,182,583,024	)		3,092,236,957
Net increase (decrease) in net assets resulting from operations		(171,476,520	)		3,870,079,780
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(853,841,960	)		(841,924,673	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		372,726,191			1,519,553,910
NET ASSETS
Total increase (decrease) in net assets		(652,592,289	)		4,547,709,017
Beginning of year		18,364,340,272			13,816,631,255
End of year	$	17,711,747,983		$	18,364,340,272

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	38.27		$	31.50		$	36.47		$	37.54		$	38.73
Net investment income(a)		1.75			1.81			1.93			2.10			2.14
Net realized and unrealized gain (loss)(b)		(1.94	)		6.78			(4.93	)		(1.02	)		(1.22	)
Net increase (decrease) from investment operations		(0.19	)		8.59			(3.00	)		1.08			0.92
Distributions(c)
From net investment income		(1.69	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)
Total distributions		(1.69	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)
Net asset value, end of year	$	36.39		$	38.27		$	31.50		$	36.47		$	37.54
Total Return(d)
Based on net asset value		(0.67	)%		27.88	%		(8.90	)%		3.01	%		2.41	%
Ratios to Average Net Assets(e)
Total expenses		0.45	%		0.46	%		0.46	%		0.46	%		0.47	%
Net investment income		4.56	%		4.97	%		5.25	%		5.73	%		5.55	%
Supplemental Data
Net assets, end of year (000)	$	17,711,748		$	18,364,340		$	13,816,631		$	14,370,721		$	16,622,879
Portfolio turnover rate(f)		21	%		28	%		46	%		28	%		22	%

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

^(f)  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 19

Notes to Financial Statements

1. ORGANIZATION

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Preferred and Income Securities		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. The 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 March 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

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

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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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 Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the 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.

20 2 0 2 2   I S H A R E S   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 (continued)

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

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that the 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 the 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 Global 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 Global 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: The 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 the 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, the 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 BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 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 Fund 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.

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 21

Notes to Financial Statements (continued)

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Preferred and Income Securities
BNP Paribas SA	$	104,476,086	$	104,476,086		$	—	$	—
BofA Securities, Inc.		5,888,759		5,888,759			—		—
Citigroup Global Markets, Inc.		34,743,280		34,743,280			—		—
Deutsche Bank Securities, Inc.		129,132		129,132			—		—
Goldman Sachs & Co. LLC		13,549,430		13,549,430			—		—
J.P. Morgan Securities LLC		85,636,686		85,636,686			—		—
Morgan Stanley		1,493,768		1,493,768			—		—
National Financial Services LLC		5,836,750		5,836,750			—		—
RBC Capital Markets LLC		4,430		4,430			—		—
Toronto-Dominion Bank		2,536,272		2,536,272			—		—
UBS AG		2,158		2,158			—		—
UBS Securities LLC		2,250		2,250			—		—
Wells Fargo Securities LLC		13,118,133		13,118,133			—		—
	$	267,417,134	$	267,417,134		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

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, the 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. The 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 the Fund.

5. 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 the 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 Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Preferred and Income Securities ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714

Prior to July 14, 2021, for its investment advisory services to the iShares Preferred and Income Securities ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion		0.3910

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational

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Notes to Financial Statements (continued)

costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the 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. The 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, the 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, the 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.

Prior to January 1, 2022, the Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, the Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended March 31, 2022, the Fund paid BTC $1,386,422 for securities lending agent services.

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

The 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 Statement 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.

6. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Preferred and Income Securities	$	4,197,664,865	$	4,049,451,537

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Preferred and Income Securities	$	3,233,276,446	$	2,894,299,763

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s 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 23

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Loss
Preferred and Income Securities	$	169,107,142	$	(169,107,142	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Preferred and Income Securities
Ordinary income	$	853,841,960	$	841,924,673

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)	Net Unrealized Gains (Losses)	(b)		Total
Preferred and Income Securities	$	53,510,741	$	(1,784,643,780	)	$(492,215,398	)	$	(2,223,348,437	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, timing and recognition of partnership income, amortization methods for premiums and discounts on fixed income securities, the classification of investments and dividends deemed recognized for tax purposes.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	18,524,369,202	$	809,605,295		$(1,301,820,693	)		$(492,215,398	)

8. PRINCIPAL RISKS

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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Notes to Financial Statements (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund 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 Statement of Assets and Liabilities, less any collateral held by the Fund.

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		85,800,000		$	3,332,513,336			111,400,000		$	4,090,195,407
Shares redeemed		(78,850,000	)		(2,959,787,145	)		(70,200,000	)		(2,570,641,497	)
Net increase		6,950,000		$	372,726,191			41,200,000		$	1,519,553,910

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 State Street Bank and Trust Company, the Trust’s administrator, 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 Statement of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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 25

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Preferred and Income Securities ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Preferred and Income Securities ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2022, the related statement of operations for the year ended March 31, 2022, the statement of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2022 and the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Preferred and Income Securities	$	591,496,428

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
Preferred and Income Securities	$	36,614,879

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Preferred and Income Securities		64.03	%

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended March 31, 2022:

iShares ETF	Interest Dividends
Preferred and Income Securities	$	203,709,494

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2022:

iShares ETF	Interest-Related Dividends
Preferred and Income Securities	$	203,709,494

I M P O R T A N T    T A X   I N F O R M A T I O N 27

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Preferred and Income Securities ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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 the 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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Preferred and Income Securities(a)	$	1.607751	$	—	$	0.081904	$	1.689655		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Preferred and Income Securities ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

S U P P L E M E N T A L   I N F O R M A T I O N 29

Supplemental Information (unaudited) (continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Preferred and Income Securities		$1,832,960		$857,029		$975,931		661		$224,358		$23,187

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).
Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 33

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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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 Abbreviations - Fixed Income
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 35

Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Fund’s 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 ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-309-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Core S&P 500 ETF  |  IVV  |  NYSE Arca

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

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

· iShares Core S&P Total U.S. Stock Market ETF  |  ITOT  |  NYSE Arca

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		17
Shareholder Expenses		17
Schedules of Investments		18
Financial Statements
Statements of Assets and Liabilities		115
Statements of Operations		117
Statements of Changes in Net Assets		119
Financial Highlights		122
Notes to Financial Statements		128
Report of Independent Registered Public Accounting Firm		141
Important Tax Information (Unaudited)		142
Statement Regarding Liquidity Risk Management Program		143
Supplemental Information		144
Trustee and Officer Information		146
General Information		149
Glossary of Terms Used in this Report		150

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022 iShares^® Core S&P 500 ETF

Investment Objective

The iShares Core S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the S&P 500^® (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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.61	%		15.95	%		14.59	%		15.61	%		109.60	%		290.29	%
Fund Market		15.55			15.97			14.60			15.55			109.76			290.70
Index		15.65			15.99			14.64			15.65			109.94			291.97

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,059.00	$	0.15		$	1,000.00	$	1,024.80	$	0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P 500 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, as large companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry gained amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, as demand for these products outstripped supply. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers, moving away from more expensive in-house platforms. Elevated demand allowed for product price increases, which further boosted stock prices in the industry.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines and development of antiviral medications and antibody therapies to treat COVID-19 generated significant sales. Elective medical procedures, which represent an important source of revenue for care providers and services, also increased from pandemic-induced lows.

The energy sector contributed to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices. The war in Ukraine drove further price gains. Rising prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.0	%
Health Care	13.6
Consumer Discretionary	12.0
Financials	11.1
Communication Services	9.4
Industrials	7.9
Consumer Staples	6.1
Energy	3.9
Utilities	2.7
Real Estate	2.7
Materials	2.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	7.1	%
Microsoft Corp.	6.0
Amazon.com Inc.	3.7
Tesla Inc.	2.4
Alphabet Inc., Class A	2.2
Alphabet Inc., Class C	2.0
NVIDIA Corp.	1.8
Berkshire Hathaway Inc., Class B	1.7
Meta Platforms Inc, Class A	1.3
UnitedHealth Group Inc.	1.3

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Fund Summary as of March 31, 2022 iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.51	%		11.04	%		12.13	%		4.51	%		68.82	%		214.11	%
Fund Market		4.44			11.04			12.13			4.44			68.83			214.18
Index		4.59			11.10			12.20			4.59			69.28			216.29

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,027.00	$	0.25		$	1,000.00	$	1,024.70	$	0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The real estate sector was the top contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices and historically low borrowing costs. As the COVID-19 vaccination program accelerated, workers began to return to the office, driving strong investment in commercial property, which reached a record high in 2021. Specialized real estate investment trusts that invest in data centers benefited from strong demand for data storage and services.

Stocks in the financials sector contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. Premiums and income grew in the insurance industry, as many insurers were able to increase insurance rates in an environment of higher inflation. Regional banks also advanced amid growth in loans, lower probability of loan defaults, and higher interest rates, which allowed banks to charge more for loans.

The energy sector also contributed to the Index’s performance amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s return despite an overall increase in consumer spending. The specialty retail industry faced headwinds from supply chain difficulties, competition from online retailers, and an inflation-induced increase in the wholesale cost of goods. The consumer durables and apparel industry declined as higher input costs led to reduced profits despite rising sales.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	18.7	%
Financials	14.2
Information Technology	14.1
Consumer Discretionary	14.0
Real Estate	10.1
Health Care	9.2
Materials	7.4
Consumer Staples	3.6
Energy	3.6
Utilities	3.4
Communication Services	1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Targa Resources Corp.	0.7	%
Camden Property Trust	0.7
Alcoa Corp.	0.7
Steel Dynamics Inc.	0.7
Cleveland-Cliffs Inc.	0.7
Wolfspeed Inc.	0.6
Cognex Corp.	0.6
Darling Ingredients Inc.	0.6
Carlisle Companies Inc.	0.6
Medical Properties Trust Inc.	0.5

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Fund Summary as of March 31, 2022 iShares^® Core S&P Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.12	%		10.86	%		12.53	%		1.12	%		67.42	%		225.50	%
Fund Market		0.90			10.87			12.52			0.90			67.51			225.33
Index		1.23			10.89			12.56			1.23			67.70			226.39

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	996.30	$	0.30		$	1,000.00	$	1,024.60	$	0.30		0.06	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was another significant contributor to the Index’s return amid a nationwide rise in both commercial and residential property prices. The return to in-person work drove strong investment in commercial property, which reached a record high in 2021. As younger workers moved out of family homes, rents and occupancy rates increased, benefiting residential property companies.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. The restaurants industry led the decline despite rebounding consumer demand. Labor shortages, higher wages, and rising prices for food and linens cut into restaurant profits. The household durables industry declined amid investor expectations of a downturn in the housing market.

The healthcare sector also detracted, as the stocks of many smaller companies in the sector declined. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas and a reduction in merger and acquisition activity. Healthcare facilities faced headwinds from high rates of employee illness and labor shortages.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	17.7	%
Industrials	16.3
Information Technology	13.4
Consumer Discretionary	11.9
Health Care	11.9
Real Estate	8.7
Energy	6.0
Materials	5.5
Consumer Staples	4.8
Utilities	2.0
Communication Services	1.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Southwestern Energy Co.	0.8	%
Matador Resources Co.	0.6
Independence Realty Trust Inc.	0.6
Omnicell Inc.	0.6
Exponent Inc.	0.6
Innovative Industrial Properties Inc.	0.5
Rogers Corp.	0.5
Matson Inc.	0.5
AMN Healthcare Services Inc.	0.5
UFP Industries Inc.	0.5

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Fund Summary as of March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.70	%		15.31	%		14.25	%		11.70	%		103.90	%		278.83	%
Fund Market		11.61			15.31			14.25			11.61			103.90			279.01
Index		11.67			15.31			14.29			11.67			103.87			280.10

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through December 20, 2015 reflects the performance of the S&P Composite 1500^®. Index performance beginning on December 21, 2015 reflects the performance of the S&P Total Market Index^TM.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,032.70	$	0.15		$	1,000.00	$	1,024.80	$	0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P Total U.S. Stock Market ETF

Portfolio Management Commentary

U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The energy sector was a notable contributor to the Index’s return amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The war in Ukraine led to increased uncertainty surrounding supply, driving further gains in oil prices. The oil, gas, and consumable fuels industry benefited, as rising prices drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Stocks in the financials sector contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The capital markets industry advanced amid growing assets under management and low interest rates, which facilitated borrowing to finance acquisitions.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	27.1	%
Health Care	13.4
Consumer Discretionary	11.9
Financials	11.7
Industrials	8.8
Communication Services	8.6
Consumer Staples	5.6
Energy	3.9
Real Estate	3.5
Materials	2.9
Utilities	2.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.9	%
Microsoft Corp.	5.1
Amazon.com Inc.	3.1
Tesla Inc.	2.0
Alphabet Inc., Class A	1.8
Alphabet Inc., Class C	1.7
NVIDIA Corp.	1.5
Berkshire Hathaway Inc., Class B	1.4
Meta Platforms Inc, Class A	1.1
UnitedHealth Group Inc.	1.1

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Fund Summary as of March 31, 2022 iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.03	%		19.31	%		16.13	%		17.03	%		141.81	%		346.30	%
Fund Market		17.17			19.35			16.16			17.17			142.13			347.24
Index		17.09			19.39			16.24			17.09			142.56			350.24

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.40	$	0.20		$	1,000.00	$	1,024.70	$	0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P U.S. Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued their migration from more expensive in-house platforms to cloud providers. Elevated demand allowed for product price increases, which further boosted stock prices in the industry.

A strong rebound in consumer spending supported the consumer discretionary sector, which was a contributor to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits.

The healthcare sector contributed to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. Elective medical procedures, which represent an important source of revenue for makers of medical supplies and equipment, increased from pandemic-induced lows.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	42.7	%
Consumer Discretionary	17.1
Communication Services	11.5
Health Care	11.0
Financials	6.9
Industrials	4.0
Real Estate	2.5
Materials	1.6
Consumer Staples	1.5
Energy	1.1
Utilities	0.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	13.2	%
Microsoft Corp.	11.3
Amazon.com Inc.	7.0
Tesla Inc.	4.4
Alphabet Inc., Class A	4.1
Alphabet Inc., Class C	3.8
NVIDIA Corp.	3.3
Meta Platforms Inc, Class A	2.5
Home Depot Inc. (The)	1.2
Thermo Fisher Scientific Inc.	1.1

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Fund Summary as of March 31, 2022 iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&P U.S. Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.33	%		11.07	%		12.02	%		12.33	%		69.07	%		211.24	%
Fund Market		12.30			11.08			12.04			12.30			69.15			211.58
Index		12.37			11.08			12.10			12.37			69.10			213.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,080.30	$	0.21		$	1,000.00	$	1,024.70	$	0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022  (continued) iShares^® Core S&P U.S. Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. Stocks in the financials sector contributed the most to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company. The rebounding economy helped the value-oriented firms represented in this company’s holdings, which included notable investments in the information technology sector. Robust investment banking activity, especially initial public offerings and existing equity capital financings, drove gains in the capital markets industry. The insurance industry advanced amid growth in premiums and income, as many insurers were able to increase insurance rates in an environment of higher inflation.

The energy sector was a significant contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices. The war in Ukraine drove further gains in oil prices. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The healthcare sector was also a strong contributor to the Index’s return. The widespread adoption of COVID-19 vaccines and development of successful COVID-19 treatments generated billions of dollars in sales for pharmaceuticals companies. Meanwhile, elective medical procedures, which represent an important source of revenue for care providers, increased from pandemic-induced lows. On the downside, the communication services sector detracted slightly from the Index’s performance, as disruptions from the Delta and Omicron coronavirus variants weighed on the earnings of the entertainment industry.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	15.8	%
Financials	15.8
Industrials	13.0
Information Technology	11.5
Consumer Staples	10.4
Consumer Discretionary	7.1
Energy	6.6
Communication Services	6.3
Utilities	5.5
Materials	4.2
Real Estate	3.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	3.2	%
Johnson & Johnson	2.3
Procter & Gamble Co. (The)	1.8
Exxon Mobil Corp.	1.7
Chevron Corp.	1.6
UnitedHealth Group Inc.	1.4
Walt Disney Co. (The)	1.3
Coca-Cola Co. (The)	1.2
JPMorgan Chase & Co.	1.1
Verizon Communications Inc.	1.1

16 2 0 2 2   I S H A R E S   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

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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 17

Schedule of Investments March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co. (The)(a)(b)		4,751,414	$	909,895,781
General Dynamics Corp.		1,998,196		481,924,911
Howmet Aerospace Inc.		3,247,505		116,715,330
Huntington Ingalls Industries Inc.		340,752		67,959,579
L3Harris Technologies Inc.		1,699,224		422,206,187
Lockheed Martin Corp.		2,101,540		927,619,756
Northrop Grumman Corp.		1,271,845		568,794,521
Raytheon Technologies Corp.		12,948,068		1,282,765,097
Textron Inc.(b)		1,934,414		143,881,713
TransDigm Group Inc.(a)(b)		458,870		298,972,160
				5,220,735,035
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		1,129,706		121,680,633
Expeditors International of Washington Inc.		1,453,572		149,950,488
FedEx Corp.		2,115,055		489,402,576
United Parcel Service Inc., Class B		6,326,473		1,356,775,400
				2,117,809,097
Airlines — 0.2%
Alaska Air Group Inc.(a)(b)		1,070,272		62,086,479
American Airlines Group Inc.(a)(b)		5,579,702		101,829,561
Delta Air Lines Inc.(a)(b)		5,486,126		217,086,006
Southwest Airlines Co.(a)(b)		5,204,664		238,373,611
United Airlines Holdings Inc.(a)(b)		2,803,378		129,964,604
				749,340,261
Auto Components — 0.1%
Aptiv PLC(a)		2,347,097		280,970,982
BorgWarner Inc.		2,024,350		78,747,215
				359,718,197
Automobiles — 2.7%
Ford Motor Co.		34,127,692		577,099,272
General Motors Co.(a)		12,660,064		553,751,199
Tesla Inc.(a)(b)		7,263,393		7,827,032,297
				8,957,882,768
Banks — 3.8%
Bank of America Corp.		61,675,771		2,542,275,281
Citigroup Inc.		17,210,339		919,032,103
Citizens Financial Group Inc.		3,696,126		167,545,392
Comerica Inc.		1,132,639		102,424,545
Fifth Third Bancorp.		5,978,923		257,332,846
First Republic Bank/CA		1,551,381		251,478,860
Huntington Bancshares Inc./OH		12,314,766		180,041,879
JPMorgan Chase & Co.		25,641,046		3,495,387,391
KeyCorp		8,057,701		180,331,348
M&T Bank Corp.		1,129,915		191,520,592
People’s United Financial Inc.		3,702,066		74,004,299
PNC Financial Services Group Inc. (The)		3,652,998		673,795,481
Regions Financial Corp.		8,151,777		181,458,556
Signature Bank/New York NY		542,544		159,231,239
SVB Financial Group(a)(b)		509,599		285,095,160
Truist Financial Corp.		11,570,893		656,069,633
U.S. Bancorp.		11,704,942		622,117,667
Wells Fargo & Co.		33,714,675		1,633,813,150
Zions Bancorp. N.A.		1,275,926		83,649,709
				12,656,605,131
Beverages — 1.5%
Brown-Forman Corp., Class B, NVS		1,629,618		109,216,998
Coca-Cola Co. (The)		33,729,234		2,091,212,508

Security	Shares		Value
Beverages (continued)
Constellation Brands Inc., Class A		1,422,148	$	327,549,128
Molson Coors Beverage Co., Class B		1,639,450		87,513,841
Monster Beverage Corp.(a)(b)		3,269,170		261,206,683
PepsiCo Inc.		12,003,340		2,009,119,049
				4,885,818,207
Biotechnology — 1.9%
AbbVie Inc.		15,338,798		2,486,572,544
Amgen Inc.		4,887,130		1,181,805,777
Biogen Inc.(a)		1,272,115		267,907,419
Gilead Sciences Inc.		10,882,628		646,972,235
Incyte Corp.(a)		1,608,487		127,746,037
Moderna Inc.(a)(b)		3,072,474		529,264,371
Regeneron Pharmaceuticals Inc.(a)		927,042		647,464,674
Vertex Pharmaceuticals Inc.(a)		2,210,990		577,002,060
				6,464,735,117
Building Products — 0.4%
A O Smith Corp.		1,125,751		71,924,231
Allegion PLC		802,264		88,072,542
Carrier Global Corp.		7,444,548		341,481,417
Fortune Brands Home & Security Inc.		1,183,792		87,932,070
Johnson Controls International PLC		6,081,089		398,737,006
Masco Corp.		2,035,333		103,801,983
Trane Technologies PLC		2,025,388		309,276,747
				1,401,225,996
Capital Markets — 2.9%
Ameriprise Financial Inc.		957,887		287,710,939
Bank of New York Mellon Corp. (The)		6,437,746		319,505,334
BlackRock Inc.(c)		1,236,319		944,757,890
Cboe Global Markets Inc.		911,197		104,259,161
Charles Schwab Corp. (The)		13,043,935		1,099,734,160
CME Group Inc.		3,127,397		743,882,650
FactSet Research Systems Inc.		330,657		143,554,737
Franklin Resources Inc.		2,447,432		68,332,302
Goldman Sachs Group Inc. (The)		2,945,307		972,245,841
Intercontinental Exchange Inc.		4,874,851		644,065,314
Invesco Ltd.		2,955,170		68,146,220
MarketAxess Holdings Inc.		326,370		111,031,074
Moody’s Corp.		1,403,287		473,483,067
Morgan Stanley		12,299,619		1,074,986,701
MSCI Inc.		707,180		355,626,678
Nasdaq Inc.		1,015,609		180,981,524
Northern Trust Corp.		1,791,624		208,634,615
Raymond James Financial Inc.		1,621,088		178,173,782
S&P Global Inc.		3,073,084		1,260,517,595
State Street Corp.		3,160,220		275,318,366
T Rowe Price Group Inc.		1,994,448		301,540,593
				9,816,488,543
Chemicals — 1.7%
Air Products and Chemicals Inc.		1,929,673		482,244,579
Albemarle Corp.		1,006,230		222,527,765
Celanese Corp.		951,433		135,931,233
CF Industries Holdings Inc.		1,854,205		191,094,367
Corteva Inc.		6,328,499		363,762,123
Dow Inc.		6,376,432		406,306,247
DuPont de Nemours Inc.		4,442,161		326,854,206
Eastman Chemical Co.		1,112,574		124,675,042
Ecolab Inc.		2,158,191		381,050,203
FMC Corp.		1,120,641		147,442,736
International Flavors & Fragrances Inc.		2,202,556		289,261,680

18 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Linde PLC		4,447,139	$	1,420,549,611
LyondellBasell Industries NV, Class A		2,287,698		235,221,108
Mosaic Co. (The)		3,256,227		216,539,096
PPG Industries Inc.		2,045,048		268,044,441
Sherwin-Williams Co. (The)		2,091,606		522,106,690
				5,733,611,127
Commercial Services & Supplies — 0.4%
Cintas Corp.		769,159		327,192,547
Copart Inc.(a)		1,872,502		234,942,826
Republic Services Inc.		1,823,337		241,592,153
Rollins Inc.		1,916,959		67,189,413
Waste Management Inc.		3,348,895		530,799,857
				1,401,716,796
Communications Equipment — 0.9%
Arista Networks Inc.(a)(b)		1,952,192		271,315,644
Cisco Systems Inc.		36,593,551		2,040,456,404
F5 Inc.(a)		513,931		107,385,883
Juniper Networks Inc.		2,760,367		102,575,238
Motorola Solutions Inc.		1,469,707		355,963,035
				2,877,696,204
Construction & Engineering — 0.1%
Quanta Services Inc.(b)		1,233,795		162,379,760
Construction Materials — 0.1%
Martin Marietta Materials Inc.		542,835		208,931,763
Vulcan Materials Co.		1,150,559		211,357,688
				420,289,451
Consumer Finance — 0.6%
American Express Co.		5,346,397		999,776,239
Capital One Financial Corp.		3,586,202		470,832,460
Discover Financial Services		2,506,136		276,151,126
Synchrony Financial		4,507,707		156,913,281
				1,903,673,106
Containers & Packaging — 0.3%
Amcor PLC		12,966,378		146,909,063
Avery Dennison Corp.		725,323		126,184,442
Ball Corp.		2,809,613		252,865,170
International Paper Co.		3,337,787		154,038,870
Packaging Corp. of America		817,090		127,555,920
Sealed Air Corp.		1,327,993		88,922,411
Westrock Co.		2,267,892		106,658,961
				1,003,134,837
Distributors — 0.1%
Genuine Parts Co.		1,241,688		156,477,522
LKQ Corp.		2,353,190		106,858,358
Pool Corp.		347,513		146,945,872
				410,281,752
Diversified Financial Services — 1.7%
Berkshire Hathaway Inc., Class B(a)(b)		15,889,726		5,607,643,203
Diversified Telecommunication Services — 1.0%
AT&T Inc.		61,958,052		1,464,068,769
Lumen Technologies Inc.		7,976,108		89,890,737
Verizon Communications Inc.		36,423,479		1,855,412,020
				3,409,371,526
Electric Utilities — 1.7%
Alliant Energy Corp.		2,214,864		138,384,703
American Electric Power Co. Inc.		4,395,473		438,536,341
Constellation Energy Corp.		2,845,781		160,075,181

Security	Shares		Value
Electric Utilities (continued)
Duke Energy Corp.		6,674,016	$	745,220,626
Edison International		3,267,357		229,041,726
Entergy Corp.		1,722,265		201,074,439
Evergy Inc.		1,952,458		133,430,980
Eversource Energy		2,991,506		263,820,914
Exelon Corp.		8,479,655		403,885,968
FirstEnergy Corp.		4,912,943		225,307,566
NextEra Energy Inc.		17,024,254		1,442,124,556
NRG Energy Inc.		2,079,249		79,759,992
Pinnacle West Capital Corp.		946,884		73,951,640
PPL Corp.		6,621,037		189,096,817
Southern Co. (The)		9,195,266		666,748,738
Xcel Energy Inc.		4,673,748		337,304,393
				5,727,764,580
Electrical Equipment — 0.5%
AMETEK Inc.		1,995,859		265,808,502
Eaton Corp. PLC		3,450,889		523,706,915
Emerson Electric Co.		5,140,498		504,025,829
Generac Holdings Inc.(a)(b)		555,766		165,207,001
Rockwell Automation Inc.		1,008,184		282,321,765
				1,741,070,012
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		5,211,038		392,651,713
CDW Corp./DE		1,193,079		213,429,902
Corning Inc.		6,500,311		239,926,479
IPG Photonics Corp.(a)		298,191		32,729,444
Keysight Technologies Inc.(a)		1,585,550		250,469,334
TE Connectivity Ltd.		2,822,679		369,714,495
Teledyne Technologies Inc.(a)(b)		402,784		190,367,802
Trimble Inc.(a)		2,173,069		156,765,198
Zebra Technologies Corp., Class A(a)		465,536		192,592,243
				2,038,646,610
Energy Equipment & Services — 0.3%
Baker Hughes Co.		7,880,954		286,945,535
Halliburton Co.		7,796,370		295,248,532
Schlumberger NV		12,176,284		503,002,292
				1,085,196,359
Entertainment — 1.4%
Activision Blizzard Inc.		6,752,203		540,918,982
Electronic Arts Inc.		2,425,687		306,873,662
Live Nation Entertainment Inc.(a)(b)		1,174,956		138,221,824
Netflix Inc.(a)		3,851,978		1,442,912,439
Take-Two Interactive Software Inc.(a)(b)		1,008,489		155,045,099
Walt Disney Co. (The)(a)		15,796,484		2,166,645,746
				4,750,617,752
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities Inc.		1,266,520		254,887,150
American Tower Corp.		3,958,475		994,448,089
AvalonBay Communities Inc.		1,204,245		299,098,331
Boston Properties Inc.		1,220,952		157,258,618
Crown Castle International Corp.		3,748,139		691,906,459
Digital Realty Trust Inc.		2,455,984		348,258,531
Duke Realty Corp.		3,279,351		190,399,119
Equinix Inc.		779,732		578,264,846
Equity Residential		2,991,165		268,965,557
Essex Property Trust Inc.		566,020		195,548,590
Extra Space Storage Inc.		1,164,601		239,441,966
Federal Realty Investment Trust		594,163		72,529,477
Healthpeak Properties Inc.		4,607,543		158,176,951

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Host Hotels & Resorts Inc.		6,213,363	$	120,725,643
Iron Mountain Inc.		2,566,134		142,189,485
Kimco Realty Corp.		5,343,476		131,983,857
Mid-America Apartment Communities Inc.		1,003,633		210,210,932
Prologis Inc.		6,432,394		1,038,702,983
Public Storage		1,323,599		516,574,218
Realty Income Corp.		4,896,005		339,293,146
Regency Centers Corp.		1,327,430		94,698,856
SBA Communications Corp.		950,836		327,182,667
Simon Property Group Inc.		2,869,203		377,472,347
UDR Inc.		2,602,353		149,296,992
Ventas Inc.		3,427,392		211,675,730
Vornado Realty Trust		1,345,418		60,974,344
Welltower Inc.		3,802,244		365,547,738
Weyerhaeuser Co.		6,468,681		245,163,010
				8,780,875,632
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		3,847,399		2,215,524,714
Kroger Co. (The)		5,765,074		330,742,295
Sysco Corp.		4,406,398		359,782,397
Walgreens Boots Alliance Inc.		6,207,869		277,926,295
Walmart Inc.		12,274,311		1,827,890,394
				5,011,866,095
Food Products — 1.0%
Archer-Daniels-Midland Co.		4,842,833		437,114,106
Campbell Soup Co.		1,712,361		76,319,930
Conagra Brands Inc.		4,117,473		138,223,569
General Mills Inc.		5,208,721		352,734,586
Hershey Co. (The)		1,260,352		273,030,054
Hormel Foods Corp.(b)		2,418,457		124,647,274
JM Smucker Co. (The)		930,090		125,943,487
Kellogg Co.		2,267,939		146,259,386
Kraft Heinz Co. (The)		6,227,218		245,290,117
Lamb Weston Holdings Inc.		1,238,782		74,215,430
McCormick & Co. Inc./MD, NVS		2,192,045		218,766,091
Mondelez International Inc., Class A		12,064,558		757,412,951
Tyson Foods Inc., Class A		2,544,894		228,098,849
				3,198,055,830
Gas Utilities — 0.0%
Atmos Energy Corp.		1,178,494		140,818,248
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		15,342,368		1,815,922,676
ABIOMED Inc.(a)(b)		387,973		128,512,176
Align Technology Inc.(a)		637,413		277,912,068
Baxter International Inc.		4,332,757		335,961,978
Becton Dickinson and Co.		2,473,928		658,064,848
Boston Scientific Corp.(a)		12,363,795		547,592,481
Cooper Companies Inc. (The)(b)		423,124		176,692,351
DENTSPLY SIRONA Inc.		1,894,648		93,254,575
Dexcom Inc.(a)(b)		840,917		430,213,137
Edwards Lifesciences Corp.(a)		5,409,991		636,864,140
Hologic Inc.(a)(b)		2,153,422		165,425,878
IDEXX Laboratories Inc.(a)(b)		737,529		403,472,615
Intuitive Surgical Inc.(a)(b)		3,101,455		935,646,944
Medtronic PLC		11,665,888		1,294,330,274
ResMed Inc.		1,274,190		309,003,817
STERIS PLC		879,418		212,616,890
Stryker Corp.		2,911,921		778,502,079

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Teleflex Inc.		401,501	$	142,464,600
Zimmer Biomet Holdings Inc.		1,802,652		230,559,191
				9,573,012,718
Health Care Providers & Services — 3.0%
AmerisourceBergen Corp.		1,316,608		203,692,424
Anthem Inc.		2,105,013		1,034,024,486
Cardinal Health Inc.		2,406,935		136,473,215
Centene Corp.(a)		5,050,792		425,226,178
Cigna Corp.		2,810,241		673,361,846
CVS Health Corp.		11,397,036		1,153,494,014
DaVita Inc.(a)(b)		533,747		60,372,123
HCA Healthcare Inc.		2,083,978		522,286,566
Henry Schein Inc.(a)(b)		1,202,133		104,813,976
Humana Inc.		1,111,849		483,843,329
Laboratory Corp. of America Holdings(a)		810,139		213,601,249
McKesson Corp.		1,303,522		399,047,190
Molina Healthcare Inc.(a)(b)		506,670		169,020,045
Quest Diagnostics Inc.		1,035,471		141,714,561
UnitedHealth Group Inc.		8,171,840		4,167,393,245
Universal Health Services Inc., Class B(b)		653,089		94,665,251
				9,983,029,698
Health Care Technology — 0.1%
Cerner Corp.		2,560,263		239,538,206
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings Inc.(a)		356,227		836,581,298
Caesars Entertainment Inc.(a)(b)		1,891,416		146,319,942
Carnival Corp.(a)(b)		7,134,423		144,258,033
Chipotle Mexican Grill Inc.(a)(b)		244,134		386,227,312
Darden Restaurants Inc.		1,103,879		146,760,713
Domino’s Pizza Inc.		320,905		130,611,544
Expedia Group Inc.(a)		1,307,274		255,794,304
Hilton Worldwide Holdings Inc.(a)		2,413,646		366,246,644
Las Vegas Sands Corp.(a)		2,979,999		115,832,561
Marriott International Inc./MD, Class A(a)(b)		2,373,131		417,077,773
McDonald’s Corp.		6,483,360		1,603,205,261
MGM Resorts International		3,272,657		137,255,235
Norwegian Cruise Line Holdings Ltd.(a)(b)		3,627,649		79,372,960
Penn National Gaming Inc.(a)(b)		1,506,961		63,925,286
Royal Caribbean Cruises Ltd.(a)(b)		1,943,440		162,821,403
Starbucks Corp.		9,997,537		909,475,941
Wynn Resorts Ltd.(a)(b)		886,060		70,654,424
Yum! Brands Inc.		2,499,116		296,220,219
				6,268,640,853
Household Durables — 0.3%
DR Horton Inc.		2,800,714		208,681,200
Garmin Ltd.		1,345,957		159,643,960
Lennar Corp., Class A		2,262,375		183,636,979
Mohawk Industries Inc.(a)(b)		487,795		60,584,139
Newell Brands Inc.		3,245,107		69,477,741
NVR Inc.(a)(b)		28,386		126,807,926
PulteGroup Inc.		2,111,819		88,485,216
Whirlpool Corp.		502,840		86,880,695
				984,197,856
Household Products — 1.3%
Church & Dwight Co. Inc.		2,097,674		208,466,842
Clorox Co. (The)		1,071,731		149,002,761
Colgate-Palmolive Co.		7,294,134		553,114,181
Kimberly-Clark Corp.		2,912,808		358,741,433

20 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)		20,797,871	$	3,177,914,689
				4,447,239,906
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		5,696,025		146,558,723
Industrial Conglomerates — 1.0%
3M Co.		4,947,577		736,595,264
General Electric Co.		9,538,117		872,737,705
Honeywell International Inc.		5,957,862		1,159,280,788
Roper Technologies Inc.		915,209		432,189,146
				3,200,802,903
Insurance — 2.1%
Aflac Inc.		5,218,240		336,002,474
Allstate Corp. (The)		2,441,735		338,204,715
American International Group Inc.		7,189,019		451,254,723
Aon PLC, Class A		1,862,261		606,408,049
Arthur J Gallagher & Co.		1,816,998		317,247,851
Assurant Inc.		482,903		87,806,252
Brown & Brown Inc.		2,075,036		149,962,852
Chubb Ltd.		3,732,742		798,433,514
Cincinnati Financial Corp.		1,301,922		177,009,315
Everest Re Group Ltd.		341,267		102,851,048
Globe Life Inc.		834,978		83,998,787
Hartford Financial Services Group Inc. (The)		2,901,227		208,337,111
Lincoln National Corp.		1,422,290		92,960,874
Loews Corp.		1,702,823		110,376,987
Marsh & McLennan Companies Inc.		4,377,430		746,001,621
MetLife Inc.		6,074,236		426,897,306
Principal Financial Group Inc.		2,105,620		154,573,564
Progressive Corp. (The)		5,057,760		576,534,062
Prudential Financial Inc.		3,273,108		386,783,172
Travelers Companies Inc. (The)		2,098,886		383,529,439
W R Berkley Corp.		1,803,742		120,111,180
Willis Towers Watson PLC		1,062,115		250,892,805
				6,906,177,701
Interactive Media & Services — 5.7%
Alphabet Inc., Class A(a)		2,609,488		7,257,899,449
Alphabet Inc., Class C, NVS(a)		2,409,968		6,731,016,524
Match Group Inc.(a)(b)		2,453,214		266,762,490
Meta Platforms Inc, Class A(a)		20,034,468		4,454,864,305
Twitter Inc.(a)(b)		6,894,646		266,753,854
				18,977,296,622
Internet & Direct Marketing Retail — 3.9%
Amazon.com Inc.(a)		3,796,806		12,377,397,720
eBay Inc.		5,419,974		310,347,711
Etsy Inc.(a)(b)		1,081,329		134,387,568
				12,822,132,999
IT Services — 4.3%
Accenture PLC, Class A		5,483,464		1,849,188,565
Akamai Technologies Inc.(a)(b)		1,413,861		168,800,865
Automatic Data Processing Inc.		3,644,464		829,261,338
Broadridge Financial Solutions Inc.		1,015,831		158,175,045
Cognizant Technology Solutions Corp., Class A		4,557,272		408,650,580
DXC Technology Co.(a)		2,094,830		68,354,303
EPAM Systems Inc.(a)		493,636		146,417,374
Fidelity National Information Services Inc.		5,271,360		529,349,971
Fiserv Inc.(a)(b)		5,155,584		522,776,218
FleetCor Technologies Inc.(a)		714,366		177,919,996
Gartner Inc.(a)		711,776		211,724,889

Security	Shares		Value
IT Services (continued)
Global Payments Inc.		2,477,854	$	339,069,541
International Business Machines Corp.		7,778,194		1,011,320,784
Jack Henry & Associates Inc.		623,883		122,936,145
Mastercard Inc., Class A		7,488,242		2,676,147,926
Paychex Inc.		2,785,781		380,175,533
PayPal Holdings Inc.(a)(b)		10,108,021		1,168,992,629
VeriSign Inc.(a)(b)		844,975		187,973,138
Visa Inc., Class A		14,389,148		3,191,081,352
				14,148,316,192
Leisure Products — 0.0%
Hasbro Inc.		1,100,782		90,176,061
Life Sciences Tools & Services — 1.8%
Agilent Technologies Inc.		2,608,397		345,169,175
Bio-Rad Laboratories Inc., Class A(a)		188,260		106,033,680
Bio-Techne Corp.(b)		335,535		145,300,076
Charles River Laboratories International Inc.(a)		429,428		121,944,669
Danaher Corp.		5,521,224		1,619,540,636
Illumina Inc.(a)(b)		1,360,098		475,218,241
IQVIA Holdings Inc.(a)		1,648,452		381,138,587
Mettler-Toledo International Inc.(a)(b)		199,462		273,899,224
PerkinElmer Inc.(b)		1,109,278		193,524,640
Thermo Fisher Scientific Inc.(b)		3,418,927		2,019,389,233
Waters Corp.(a)		527,475		163,722,965
West Pharmaceutical Services Inc.		639,116		262,491,332
				6,107,372,458
Machinery — 1.5%
Caterpillar Inc.		4,692,314		1,045,541,405
Cummins Inc.		1,229,941		252,273,198
Deere & Co.		2,434,096		1,011,269,524
Dover Corp.		1,246,547		195,583,224
Fortive Corp.		3,110,412		189,517,403
IDEX Corp.		652,783		125,158,085
Illinois Tool Works Inc.		2,477,185		518,722,539
Ingersoll Rand Inc.(b)		3,507,456		176,600,410
Nordson Corp.		468,410		106,366,543
Otis Worldwide Corp.		3,703,382		284,975,245
PACCAR Inc.		2,989,631		263,296,802
Parker-Hannifin Corp.		1,115,087		316,417,087
Pentair PLC		1,458,037		79,040,186
Snap-on Inc.		468,906		96,350,805
Stanley Black & Decker Inc.		1,413,002		197,523,550
Westinghouse Air Brake Technologies Corp.		1,635,417		157,278,053
Xylem Inc./NY		1,562,195		133,192,746
				5,149,106,805
Media — 1.0%
Charter Communications Inc., Class A(a)(b)		1,033,449		563,767,099
Comcast Corp., Class A		39,250,096		1,837,689,495
Discovery Inc., Class A(a)(b)		1,437,669		35,826,711
Discovery Inc., Class C, NVS(a)		2,747,547		68,606,249
DISH Network Corp., Class A(a)(b)		2,161,172		68,401,094
Fox Corp., Class A, NVS		2,695,169		106,324,417
Fox Corp., Class B		1,188,269		43,110,399
Interpublic Group of Companies Inc. (The)		3,367,363		119,373,018
News Corp., Class A, NVS		3,321,688		73,575,389
News Corp., Class B		1,093,142		24,617,558
Omnicom Group Inc.		1,818,626		154,364,975
Paramount Global, Class B, NVS		5,340,556		201,926,422
				3,297,582,826

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 0.5%
Freeport-McMoRan Inc.		12,777,663	$	635,560,958
Newmont Corp.		6,905,636		548,652,780
Nucor Corp.		2,366,913		351,841,617
				1,536,055,355
Multi-Utilities — 0.8%
Ameren Corp.		2,238,755		209,905,669
CenterPoint Energy Inc.		5,552,220		170,120,021
CMS Energy Corp.		2,510,363		175,574,788
Consolidated Edison Inc.		3,062,052		289,915,083
Dominion Energy Inc.		7,027,842		597,155,735
DTE Energy Co.		1,699,309		224,665,643
NiSource Inc.		3,417,230		108,667,914
Public Service Enterprise Group Inc.		4,398,340		307,883,800
Sempra Energy		2,770,714		465,812,437
WEC Energy Group Inc.		2,742,311		273,710,061
				2,823,411,151
Multiline Retail — 0.5%
Dollar General Corp.		2,002,577		445,833,718
Dollar Tree Inc.(a)(b)		1,947,827		311,944,494
Target Corp.		4,164,318		883,751,566
				1,641,529,778
Oil, Gas & Consumable Fuels — 3.5%
APA Corp.		3,147,896		130,102,542
Chevron Corp.		16,725,366		2,723,391,346
ConocoPhillips		11,288,146		1,128,814,600
Coterra Energy Inc.		7,058,942		190,379,666
Devon Energy Corp.		5,457,333		322,692,100
Diamondback Energy Inc.		1,499,689		205,577,368
EOG Resources Inc.		5,076,490		605,269,903
Exxon Mobil Corp.		36,732,071		3,033,701,744
Hess Corp.		2,420,240		259,062,490
Kinder Morgan Inc.		16,972,132		320,943,016
Marathon Oil Corp.		6,816,754		171,168,693
Marathon Petroleum Corp.		5,009,878		428,344,569
Occidental Petroleum Corp.		7,687,004		436,160,607
ONEOK Inc.		3,841,771		271,344,286
Phillips 66		4,056,600		350,449,674
Pioneer Natural Resources Co.		1,969,416		492,413,082
Valero Energy Corp.		3,524,528		357,880,573
Williams Companies Inc. (The)		10,564,628		352,964,221
				11,780,660,480
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		2,022,514		550,771,012
Pharmaceuticals — 3.9%
Bristol-Myers Squibb Co.		18,912,057		1,381,147,523
Catalent Inc.(a)(b)		1,558,516		172,839,425
Eli Lilly & Co.		6,888,801		1,972,745,942
Johnson & Johnson		22,841,420		4,048,184,867
Merck & Co. Inc.		21,916,058		1,798,212,559
Organon & Co.		2,199,912		76,842,926
Pfizer Inc.		48,699,425		2,521,169,232
Viatris Inc.		10,361,889		112,737,352
Zoetis Inc.		4,100,254		773,266,902
				12,857,146,728
Professional Services — 0.3%
Equifax Inc.		1,050,696		249,120,021
Jacobs Engineering Group Inc.		1,131,465		155,927,192
Leidos Holdings Inc.		1,221,196		131,913,592

Security	Shares		Value
Professional Services (continued)
Nielsen Holdings PLC		3,133,891	$	85,367,191
Robert Half International Inc.		941,088		107,453,428
Verisk Analytics Inc.		1,402,382		300,993,249
				1,030,774,673
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)(b)		2,896,405		265,078,986
Road & Rail — 1.0%
CSX Corp.		19,210,528		719,434,274
JB Hunt Transport Services Inc.		730,373		146,651,595
Norfolk Southern Corp.		2,078,692		592,884,532
Old Dominion Freight Line Inc.		812,077		242,551,158
Union Pacific Corp.		5,525,967		1,509,749,444
				3,211,271,003
Semiconductors & Semiconductor Equipment — 6.0%
Advanced Micro Devices Inc.(a)		14,184,226		1,550,903,271
Analog Devices Inc.		4,551,295		751,782,908
Applied Materials Inc.		7,702,722		1,015,218,760
Broadcom Inc.		3,582,261		2,255,678,107
Enphase Energy Inc.(a)(b)		1,153,350		232,722,963
Intel Corp.		35,330,218		1,750,965,604
KLA Corp.		1,311,339		480,028,754
Lam Research Corp.		1,210,690		650,879,051
Microchip Technology Inc.		4,838,116		363,536,036
Micron Technology Inc.		9,702,318		755,713,549
Monolithic Power Systems Inc.		376,850		183,028,508
NVIDIA Corp.		21,690,978		5,918,600,257
NXP Semiconductors NV		2,301,610		425,981,979
Qorvo Inc.(a)(b)		959,659		119,093,682
QUALCOMM Inc.		9,778,303		1,494,320,264
Skyworks Solutions Inc.		1,423,722		189,753,668
SolarEdge Technologies Inc.(a)(b)		460,456		148,437,201
Teradyne Inc.(b)		1,431,698		169,269,655
Texas Instruments Inc.		8,013,078		1,470,239,551
				19,926,153,768
Software — 8.9%
Adobe Inc.(a)		4,092,674		1,864,704,128
ANSYS Inc.(a)		758,473		240,928,948
Autodesk Inc.(a)(b)		1,908,574		409,102,837
Cadence Design Systems Inc.(a)		2,410,256		396,390,702
Ceridian HCM Holding Inc.(a)(b)		1,152,890		78,811,560
Citrix Systems Inc.		1,079,159		108,887,143
Fortinet Inc.(a)		1,170,723		400,082,878
Intuit Inc.		2,456,858		1,181,355,601
Microsoft Corp.		65,045,670		20,054,230,518
NortonLifeLock Inc.		5,043,948		133,765,501
Oracle Corp.		13,669,921		1,130,912,564
Paycom Software Inc.(a)		416,976		144,432,147
PTC Inc.(a)		906,099		97,604,984
salesforce.com Inc.(a)		8,546,249		1,814,539,588
ServiceNow Inc.(a)(b)		1,734,759		966,069,939
Synopsys Inc.(a)		1,335,925		445,223,725
Tyler Technologies Inc.(a)(b)		354,835		157,862,543
				29,624,905,306
Specialty Retail — 2.0%
Advance Auto Parts Inc.		529,977		109,684,040
AutoZone Inc.(a)(b)		179,549		367,102,294
Bath & Body Works Inc.		2,182,867		104,341,043
Best Buy Co. Inc.		1,865,369		169,562,042

22 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
CarMax Inc.(a)(b)		1,416,550	$	136,668,744
Home Depot Inc. (The)		9,060,230		2,711,998,646
Lowe’s Companies Inc.		5,845,689		1,181,939,859
O’Reilly Automotive Inc.(a)(b)		588,070		402,804,427
Ross Stores Inc.		3,053,051		276,178,993
TJX Companies Inc. (The)		10,340,789		626,444,998
Tractor Supply Co.		980,372		228,789,414
Ulta Salon Cosmetics & Fragrance Inc.(a)		474,514		188,960,965
				6,504,475,465
Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.		134,514,070		23,487,501,763
Hewlett Packard Enterprise Co.		11,134,694		186,060,737
HP Inc.		9,421,764		342,010,033
NetApp Inc.		1,920,679		159,416,357
Seagate Technology Holdings PLC		1,726,482		155,210,732
Western Digital Corp.(a)		2,763,693		137,217,357
				24,467,416,979
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		11,073,572		1,490,059,848
PVH Corp.(b)		633,043		48,497,424
Ralph Lauren Corp.		402,774		45,690,683
Tapestry Inc.		2,231,179		82,888,300
Under Armour Inc., Class A(a)(b)		1,700,606		28,944,314
Under Armour Inc., Class C, NVS(a)		1,866,225		29,038,461
VF Corp.		2,781,906		158,179,175
				1,883,298,205
Tobacco — 0.6%
Altria Group Inc.		15,844,362		827,867,914
Philip Morris International Inc.		13,446,937		1,263,205,262
				2,091,073,176
Trading Companies & Distributors — 0.2%
Fastenal Co.		4,993,695		296,625,483
United Rentals Inc.(a)(b)		635,490		225,732,403

Security	Shares		Value
Trading Companies & Distributors (continued)
WW Grainger Inc.		380,487	$	196,251,390
				718,609,276
Water Utilities — 0.1%
American Water Works Co. Inc.		1,560,644		258,333,401
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)(b)		5,094,182		653,838,260
Total Common Stocks — 99.8% (Cost: $ 267,494,772,652)				332,201,052,761
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		1,352,848,082		1,352,577,512
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		533,120,000		533,120,000
				1,885,697,512
Total Short-Term Investments — 0.5% (Cost: $ 1,885,254,734)				1,885,697,512
Total Investments in Securities — 100.3% (Cost: $ 269,380,027,386)				334,086,750,273
Other Assets, Less Liabilities — (0.3)%				(1,120,927,507	)
Net Assets — 100.0%			$	332,965,822,766

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,546,440,574	$	—		$	(192,972,328	)(a)	$	(356,014	)	$	(534,720	)	$	1,352,577,512		1,352,848,082	$	1,972,666	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		211,170,000		321,950,000	(a)		—			—			—			533,120,000		533,120,000		132,472			—
BlackRock Inc.		834,197,931		352,075,319			(240,170,120	)		112,985,456			(114,330,696	)		944,757,890		1,236,319		20,087,655			—
									$	112,629,442		$	(114,865,416	)	$	2,830,455,402			$	22,192,793		$	—

^(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.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P 500 ETF

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		3,345		06/17/22		$757,768	$	42,833,042

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	42,833,042

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	50,904,519
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	38,678,492

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	636,932,461

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
Investments
Assets
Common Stocks	$	332,201,052,761	$	—	$	—	$	332,201,052,761
Money Market Funds		1,885,697,512		—		—		1,885,697,512
	$	334,086,750,273	$	—	$	—	$	334,086,750,273
Derivative financial instruments(a)
Assets
Futures Contracts	$	42,833,042	$	—	$	—	$	42,833,042

^(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 2   I S H A R E S   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 March 31, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise Inc.(a)(b)		1,942,846	$	267,588,180
Curtiss-Wright Corp.		1,110,522		166,755,984
Hexcel Corp.(b)		2,374,553		141,214,667
Mercury Systems Inc.(a)(b)		1,610,834		103,818,251
Woodward Inc.		1,790,220		223,616,380
				902,993,462
Air Freight & Logistics — 0.3%
GXO Logistics Inc.(a)(b)		2,799,452		199,712,906
Airlines — 0.2%
JetBlue Airways Corp.(a)(b)		9,044,384		135,213,541
Auto Components — 1.4%
Adient PLC(a)(b)		2,689,737		109,660,577
Dana Inc.		4,100,102		72,038,792
Fox Factory Holding Corp.(a)(b)		1,191,616		116,718,787
Gentex Corp.		6,716,397		195,917,301
Goodyear Tire & Rubber Co. (The)(a)(b)		7,955,679		113,686,653
Lear Corp.		1,694,490		241,617,329
Visteon Corp.(a)(b)		793,159		86,557,442
				936,196,881
Automobiles — 0.5%
Harley-Davidson Inc.		4,354,680		171,574,392
Thor Industries Inc.		1,580,676		124,399,201
				295,973,593
Banks — 6.7%
Associated Banc-Corp.		4,253,985		96,820,699
Bank of Hawaii Corp.		1,140,847		95,739,880
Bank OZK		3,435,971		146,715,962
Cadence Bank		4,482,419		131,155,580
Cathay General Bancorp.		2,150,031		96,213,887
Commerce Bancshares Inc.		3,136,976		224,576,112
Cullen/Frost Bankers Inc.		1,617,297		223,850,078
East West Bancorp. Inc.		4,026,311		318,159,095
First Financial Bankshares Inc.		3,643,033		160,730,616
First Horizon Corp.		15,151,113		355,899,644
FNB Corp.		9,644,589		120,075,133
Fulton Financial Corp.		4,579,204		76,106,370
Glacier Bancorp. Inc.		3,082,215		154,973,770
Hancock Whitney Corp.		2,457,201		128,143,032
Home BancShares Inc./AR		4,273,305		96,576,693
International Bancshares Corp.		1,506,385		63,584,511
Old National Bancorp./IN		8,391,774		137,457,258
PacWest Bancorp.		3,394,599		146,409,055
Pinnacle Financial Partners Inc.		2,161,596		199,039,760
Prosperity Bancshares Inc.		2,617,425		181,596,947
Synovus Financial Corp.		4,117,435		201,754,315
Texas Capital Bancshares Inc.(a)		1,433,494		82,153,541
UMB Financial Corp.		1,225,808		119,099,505
Umpqua Holdings Corp.		6,131,566		115,641,335
United Bankshares Inc./WV		3,875,893		135,191,148
Valley National Bancorp.		11,962,276		155,748,834
Webster Financial Corp.		5,103,518		286,409,430
Wintrust Financial Corp.		1,613,180		149,912,817
				4,399,735,007
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		266,114		103,377,306

Security	Shares		Value
Biotechnology — 1.5%
Arrowhead Pharmaceuticals Inc.(a)(b)		2,993,920	$	137,690,381
Exelixis Inc.(a)(b)		8,985,537		203,702,124
Halozyme Therapeutics Inc.(a)(b)		3,984,773		158,912,747
Neurocrine Biosciences Inc.(a)		2,692,234		252,396,937
United Therapeutics Corp.(a)(b)		1,278,368		229,352,003
				982,054,192
Building Products — 2.4%
Builders FirstSource Inc.(a)(b)		5,433,436		350,673,959
Carlisle Companies Inc.		1,483,469		364,814,697
Lennox International Inc.		955,518		246,389,871
Owens Corning		2,851,148		260,880,042
Simpson Manufacturing Co. Inc.		1,229,743		134,091,177
Trex Co. Inc.(a)(b)		3,267,634		213,474,529
				1,570,324,275
Capital Markets — 1.9%
Affiliated Managers Group Inc.		1,150,449		162,155,786
Evercore Inc., Class A		1,104,240		122,923,997
Federated Hermes Inc.		2,747,468		93,578,760
Interactive Brokers Group Inc., Class A		2,472,889		162,988,114
Janus Henderson Group PLC		4,798,543		168,044,976
Jefferies Financial Group Inc.		5,492,077		180,414,729
SEI Investments Co.		2,986,524		179,818,610
Stifel Financial Corp.		2,966,194		201,404,573
				1,271,329,545
Chemicals — 2.5%
Ashland Global Holdings Inc.		1,502,353		147,846,559
Avient Corp.		2,590,539		124,345,872
Cabot Corp.		1,605,392		109,824,867
Chemours Co. (The)		4,541,768		142,974,857
Ingevity Corp.(a)(b)		1,116,039		71,504,619
Minerals Technologies Inc.(b)		947,691		62,689,760
NewMarket Corp.		194,640		63,137,323
Olin Corp.		4,005,903		209,428,609
RPM International Inc.		3,679,276		299,640,237
Scotts Miracle-Gro Co. (The)		1,152,990		141,771,650
Sensient Technologies Corp.		1,191,599		100,034,736
Valvoline Inc.		5,090,768		160,664,638
				1,633,863,727
Commercial Services & Supplies — 1.5%
Brink’s Co. (The)		1,393,664		94,769,152
Clean Harbors Inc.(a)		1,417,589		158,259,636
IAA Inc.(a)(b)		3,832,433		146,590,562
MillerKnoll Inc.		2,147,136		74,205,020
MSA Safety Inc.		1,036,849		137,589,862
Stericycle Inc.(a)(b)		2,611,183		153,850,903
Tetra Tech Inc.		1,530,237		252,397,291
				1,017,662,426
Communications Equipment — 1.0%
Calix Inc.(a)(b)		1,561,035		66,984,012
Ciena Corp.(a)(b)		4,394,792		266,456,239
Lumentum Holdings Inc.(a)(b)		2,046,133		199,702,581
Viasat Inc.(a)(b)		2,111,484		103,040,419
				636,183,251
Construction & Engineering — 1.7%
AECOM		4,010,306		308,031,604
Dycom Industries Inc.(a)(b)		856,621		81,601,717
EMCOR Group Inc.		1,516,194		170,768,930
Fluor Corp.(a)(b)		4,015,144		115,194,481

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MasTec Inc.(a)(b)		1,670,350	$	145,487,485
MDU Resources Group Inc.		5,754,638		153,361,103
Valmont Industries Inc.		601,250		143,458,250
				1,117,903,570
Construction Materials — 0.2%
Eagle Materials Inc.		1,121,119		143,906,835
Consumer Finance — 0.5%
FirstCash Holdings Inc.		1,145,019		80,540,637
Navient Corp.		4,370,955		74,481,073
PROG Holdings Inc.(a)		1,620,430		46,619,771
SLM Corp.		7,916,556		145,347,968
				346,989,449
Containers & Packaging — 0.8%
AptarGroup Inc.		1,868,584		219,558,620
Greif Inc., Class A, NVS		758,424		49,343,065
Silgan Holdings Inc.		2,377,798		109,925,602
Sonoco Products Co.		2,783,039		174,106,920
				552,934,207
Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		113,442		69,366,380
Grand Canyon Education Inc.(a)(b)		1,124,622		109,212,042
H&R Block Inc.		4,670,069		121,608,597
Service Corp. International		4,679,026		307,973,491
				608,160,510
Diversified Financial Services — 0.3%
Voya Financial Inc.		3,054,135		202,641,857
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)(b)		3,741,387		150,852,724
Electric Utilities — 1.1%
ALLETE Inc.		1,487,803		99,653,045
Hawaiian Electric Industries Inc.		3,102,447		131,264,533
IDACORP Inc.		1,435,373		165,584,629
OGE Energy Corp.		5,681,454		231,689,694
PNM Resources Inc.		2,431,885		115,927,958
				744,119,859
Electrical Equipment — 1.9%
Acuity Brands Inc.(b)		993,866		188,138,834
EnerSys		1,170,794		87,306,109
Hubbell Inc.		1,543,736		283,692,365
nVent Electric PLC		4,760,994		165,587,371
Regal Rexnord Corp.		1,922,514		286,031,633
Sunrun Inc.(a)(b)		5,879,792		178,569,283
Vicor Corp.(a)(b)		604,304		42,633,647
				1,231,959,242
Electronic Equipment, Instruments & Components — 3.2%
Arrow Electronics Inc.(a)(b)		1,931,947		229,186,873
Avnet Inc.		2,811,790		114,130,556
Belden Inc.		1,271,160		70,422,264
Cognex Corp.		5,016,287		387,006,542
Coherent Inc.(a)(b)		703,097		192,198,596
II-VI Inc.(a)(b)		3,017,863		218,764,889
Jabil Inc.		4,072,038		251,366,906
Littelfuse Inc.		699,733		174,520,407
National Instruments Corp.		3,732,697		151,510,171
TD SYNNEX Corp.		1,176,451		121,421,508
Vishay Intertechnology Inc.		3,757,896		73,654,761

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Vontier Corp.(b)		4,811,520	$	122,164,493
				2,106,347,966
Energy Equipment & Services — 0.5%
ChampionX Corp.(a)		5,721,646		140,065,894
NOV Inc.		11,145,638		218,565,961
				358,631,855
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A(b)		1,242,196		77,562,718
Equity Real Estate Investment Trusts (REITs) — 9.6%
American Campus Communities Inc.		3,950,027		221,083,011
Apartment Income REIT Corp.		4,455,427		238,187,127
Brixmor Property Group Inc.		8,453,379		218,181,712
Camden Property Trust		2,899,626		481,917,841
Corporate Office Properties Trust		3,178,855		90,724,522
Cousins Properties Inc.		4,207,800		169,532,262
Douglas Emmett Inc.		4,985,634		166,619,888
EastGroup Properties Inc.		1,154,738		234,735,141
EPR Properties		2,117,011		115,821,672
First Industrial Realty Trust Inc.		3,698,129		228,951,166
Healthcare Realty Trust Inc.		4,175,541		114,743,867
Highwoods Properties Inc.		2,976,956		136,165,967
Hudson Pacific Properties Inc.		4,319,159		119,856,662
JBG SMITH Properties		3,239,585		94,660,674
Kilroy Realty Corp.		2,981,229		227,825,520
Kite Realty Group Trust		6,227,544		141,801,177
Lamar Advertising Co., Class A		2,463,298		286,185,962
Life Storage Inc.		2,327,171		326,804,624
Macerich Co. (The)		6,029,077		94,294,764
Medical Properties Trust Inc.		16,933,315		357,970,279
National Retail Properties Inc.		4,984,990		224,025,451
National Storage Affiliates Trust		2,321,168		145,676,504
Omega Healthcare Investors Inc.		6,784,693		211,411,034
Park Hotels & Resorts Inc.(b)		6,726,046		131,359,678
Pebblebrook Hotel Trust(b)		3,718,224		91,022,123
Physicians Realty Trust		6,234,297		109,349,569
PotlatchDeltic Corp.		1,960,227		103,362,770
PS Business Parks Inc.		570,020		95,808,962
Rayonier Inc.		4,126,015		169,661,737
Rexford Industrial Realty Inc.		4,547,065		339,165,578
Sabra Health Care REIT Inc.		6,489,076		96,622,342
SL Green Realty Corp.		1,819,487		147,705,955
Spirit Realty Capital Inc.		3,624,470		166,798,109
STORE Capital Corp.		6,967,597		203,662,860
				6,301,696,510
Food & Staples Retailing — 1.3%
BJ’s Wholesale Club Holdings Inc.(a)		3,858,436		260,868,858
Casey’s General Stores Inc.		1,053,287		208,729,885
Grocery Outlet Holding Corp.(a)(b)		2,472,795		81,058,220
Performance Food Group Co.(a)(b)		4,393,779		223,687,289
Sprouts Farmers Market Inc.(a)(b)		3,184,627		101,844,371
				876,188,623
Food Products — 1.7%
Darling Ingredients Inc.(a)(b)		4,590,957		369,021,124
Flowers Foods Inc.		5,649,432		145,246,897
Hain Celestial Group Inc. (The)(a)(b)		2,592,125		89,169,100
Ingredion Inc.		1,883,034		164,106,413
Lancaster Colony Corp.		563,114		83,988,453
Pilgrim’s Pride Corp.(a)		1,371,213		34,417,446

26 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Post Holdings Inc.(a)		1,615,298	$	111,875,539
Sanderson Farms Inc.		601,077		112,695,927
				1,110,520,899
Gas Utilities — 1.4%
National Fuel Gas Co.		2,595,452		178,307,552
New Jersey Resources Corp.		2,730,397		125,216,006
ONE Gas Inc.		1,516,433		133,810,048
Southwest Gas Holdings Inc.		1,869,364		146,352,508
Spire Inc.		1,468,529		105,381,641
UGI Corp.		5,954,562		215,674,236
				904,741,991
Health Care Equipment & Supplies — 2.9%
Envista Holdings Corp.(a)(b)		4,580,432		223,112,843
Globus Medical Inc., Class A(a)(b)		2,236,915		165,039,589
Haemonetics Corp.(a)(b)		1,450,679		91,711,926
ICU Medical Inc.(a)(b)		565,017		125,795,385
Integra LifeSciences Holdings Corp.(a)(b)		2,062,616		132,543,704
LivaNova PLC(a)(b)		1,506,489		123,275,995
Masimo Corp.(a)(b)		1,442,252		209,905,356
Neogen Corp.(a)(b)		3,066,573		94,573,111
NuVasive Inc.(a)(b)		1,469,166		83,301,712
Penumbra Inc.(a)(b)		997,209		221,510,035
Quidel Corp.(a)(b)		1,076,584		121,072,637
STAAR Surgical Co.(a)(b)		1,347,116		107,648,040
Tandem Diabetes Care Inc.(a)(b)		1,804,034		209,791,114
				1,909,281,447
Health Care Providers & Services — 2.6%
Acadia Healthcare Co. Inc.(a)(b)		2,554,881		167,421,352
Amedisys Inc.(a)(b)		926,626		159,648,394
Chemed Corp.(b)		437,051		221,388,184
Encompass Health Corp.		2,825,073		200,890,941
HealthEquity Inc.(a)(b)		2,373,715		160,083,340
LHC Group Inc.(a)(b)		897,124		151,255,106
Option Care Health Inc.(a)(b)		3,931,134		112,273,187
Patterson Companies Inc.		2,472,387		80,031,167
Progyny Inc.(a)(b)		1,976,888		101,612,043
R1 RCM Inc.(a)(b)		3,777,150		101,076,534
Tenet Healthcare Corp.(a)		3,039,467		261,272,583
				1,716,952,831
Hotels, Restaurants & Leisure — 2.8%
Boyd Gaming Corp.		2,330,750		153,316,735
Choice Hotels International Inc.		928,919		131,683,557
Churchill Downs Inc.		977,212		216,726,077
Cracker Barrel Old Country Store Inc.		667,105		79,205,377
Marriott Vacations Worldwide Corp.		1,209,593		190,752,816
Papa John’s International Inc.		918,866		96,738,212
Scientific Games Corp./DE, Class A(a)(b)		2,742,332		161,112,005
Six Flags Entertainment Corp.(a)		2,193,383		95,412,161
Texas Roadhouse Inc.		1,978,926		165,695,474
Travel + Leisure Co.		2,453,703		142,167,552
Wendy’s Co. (The)		4,999,856		109,846,836
Wingstop Inc.		844,110		99,056,309
Wyndham Hotels & Resorts Inc.		2,644,759		223,984,640
				1,865,697,751
Household Durables — 1.5%
Helen of Troy Ltd.(a)(b)		686,096		134,365,041
KB Home		2,430,807		78,709,531
Leggett & Platt Inc.		3,792,578		131,981,714
Taylor Morrison Home Corp.(a)(b)		3,483,230		94,813,520

Security	Shares		Value
Household Durables (continued)
Tempur Sealy International Inc.		5,470,591	$	152,738,901
Toll Brothers Inc.		3,190,108		149,998,878
TopBuild Corp.(a)(b)		935,197		169,635,384
Tri Pointe Homes Inc.(a)(b)		3,160,935		63,471,575
				975,714,544
Household Products — 0.1%
Energizer Holdings Inc.		1,860,494		57,228,795
Insurance — 4.0%
Alleghany Corp.(a)(b)		388,680		329,211,960
American Financial Group Inc./OH		1,878,906		273,606,292
Brighthouse Financial Inc.(a)(b)		2,209,761		114,156,253
CNO Financial Group Inc.		3,417,305		85,740,182
First American Financial Corp.		3,116,243		201,994,871
Hanover Insurance Group Inc. (The)		1,011,377		151,221,089
Kemper Corp.		1,693,850		95,770,279
Kinsale Capital Group Inc.(b)		607,228		138,460,129
Mercury General Corp.		753,059		41,418,245
Old Republic International Corp.		8,105,493		209,689,104
Primerica Inc.		1,117,998		152,964,486
Reinsurance Group of America Inc.		1,906,239		208,656,921
RenaissanceRe Holdings Ltd.		1,248,225		197,856,145
RLI Corp.		1,133,804		125,432,736
Selective Insurance Group Inc.		1,708,969		152,713,470
Unum Group		5,807,656		182,999,241
				2,661,891,403
Interactive Media & Services — 0.4%
TripAdvisor Inc.(a)(b)		2,814,653		76,333,389
Yelp Inc.(a)(b)		1,952,301		66,592,987
Ziff Davis Inc.(a)(b)		1,364,814		132,086,699
				275,013,075
IT Services — 2.3%
Alliance Data Systems Corp.		1,411,310		79,245,056
Concentrix Corp.		1,217,693		202,818,946
Euronet Worldwide Inc.(a)(b)		1,501,089		195,366,733
Genpact Ltd.		4,839,906		210,584,310
Kyndryl Holdings Inc.(a)(b)		5,070,472		66,524,593
LiveRamp Holdings Inc.(a)(b)		1,928,684		72,113,495
Maximus Inc.		1,757,520		131,726,124
Sabre Corp.(a)(b)		9,152,846		104,617,030
Western Union Co. (The)		11,176,588		209,449,259
WEX Inc.(a)(b)		1,268,409		226,347,586
				1,498,793,132
Leisure Products — 1.2%
Brunswick Corp./DE		2,189,594		177,116,258
Callaway Golf Co.(a)		3,316,507		77,672,594
Mattel Inc.(a)(b)		9,945,205		220,883,003
Polaris Inc.		1,620,481		170,669,059
YETI Holdings Inc.(a)(b)		2,480,413		148,775,172
				795,116,086
Life Sciences Tools & Services — 1.5%
Azenta Inc.		2,126,430		176,238,518
Bruker Corp.(b)		2,885,766		185,554,754
Medpace Holdings Inc.(a)(b)		813,777		133,125,779
Repligen Corp.(a)(b)		1,459,062		274,434,972
Syneos Health Inc.(a)(b)		2,943,264		238,257,221
				1,007,611,244
Machinery — 4.5%
AGCO Corp.		1,741,320		254,284,960

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Chart Industries Inc.(a)		1,008,321	$	173,199,298
Colfax Corp.(a)(b)		3,858,268		153,520,484
Crane Co.		1,418,946		153,643,473
Donaldson Co. Inc.		3,497,807		181,641,118
Flowserve Corp.		3,690,403		132,485,468
Graco Inc.		4,822,424		336,219,401
ITT Inc.		2,431,105		182,843,407
Kennametal Inc.		2,347,718		67,168,212
Lincoln Electric Holdings Inc.		1,676,061		230,977,966
Middleby Corp. (The)(a)(b)		1,578,495		258,778,470
Oshkosh Corp.		1,890,523		190,281,140
Terex Corp.		1,976,571		70,484,522
Timken Co. (The)		1,954,186		118,619,090
Toro Co. (The)		2,977,071		254,509,800
Trinity Industries Inc.		2,323,265		79,827,385
Watts Water Technologies Inc., Class A		784,555		109,516,032
				2,948,000,226
Marine — 0.2%
Kirby Corp.(a)		1,710,249		123,462,875
Media — 1.0%
Cable One Inc.		140,740		206,077,137
John Wiley & Sons Inc., Class A		1,232,511		65,360,058
New York Times Co. (The), Class A		4,742,471		217,394,871
TEGNA Inc.		6,291,214		140,923,194
				629,755,260
Metals & Mining — 3.7%
Alcoa Corp.		5,223,439		470,266,213
Cleveland-Cliffs Inc.(a)		13,565,723		436,951,938
Commercial Metals Co.		3,447,201		143,472,505
Reliance Steel & Aluminum Co.		1,777,705		325,942,212
Royal Gold Inc.		1,862,555		263,141,770
Steel Dynamics Inc.		5,349,095		446,274,996
United States Steel Corp.		7,403,355		279,402,618
Worthington Industries Inc.		925,217		47,565,406
				2,413,017,658
Multi-Utilities — 0.4%
Black Hills Corp.		1,806,053		139,102,202
NorthWestern Corp.		1,535,003		92,852,332
				231,954,534
Multiline Retail — 0.9%
Kohl’s Corp.		3,949,645		238,795,537
Macy’s Inc.		8,495,387		206,947,627
Nordstrom Inc.		3,165,226		85,809,277
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		1,666,258		71,582,444
				603,134,885
Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Corp.		9,210,011		100,112,820
CNX Resources Corp.(a)(b)		5,747,245		119,082,916
DTE Midstream LLC(a)		2,737,546		148,539,246
EQT Corp.		8,535,076		293,691,965
Equitrans Midstream Corp.		11,537,230		97,374,221
HF Sinclair Corp.		4,243,383		169,098,813
Murphy Oil Corp.		4,126,439		166,666,871
PDC Energy Inc.		2,765,193		200,974,227
Range Resources Corp.(a)		7,073,573		214,895,148
Targa Resources Corp.		6,496,596		490,298,100
				2,000,734,327

Security	Shares		Value
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		2,499,780	$	155,286,334
Personal Products — 0.4%
BellRing Brands Inc.(a)(b)		3,161,649		72,970,859
Coty Inc., Class A(a)(b)		9,760,842		87,749,969
Nu Skin Enterprises Inc., Class A		1,417,342		67,862,335
				228,583,163
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC(a)(b)		1,744,087		271,502,023
Perrigo Co. PLC		3,803,652		146,174,347
				417,676,370
Professional Services — 1.7%
ASGN Inc.(a)(b)		1,474,510		172,090,062
CACI International Inc., Class A(a)(b)		662,310		199,527,510
FTI Consulting Inc.(a)(b)		970,791		152,627,761
Insperity Inc.		1,008,845		101,308,215
KBR Inc.		3,981,866		217,927,526
ManpowerGroup Inc.		1,542,080		144,832,154
Science Applications International Corp.		1,615,688		148,917,963
				1,137,231,191
Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.(a)(b)		1,431,921		342,887,803
Road & Rail — 1.9%
Avis Budget Group Inc.(a)(b)		1,137,132		299,406,856
Knight-Swift Transportation Holdings Inc.		4,709,730		237,652,976
Landstar System Inc.		1,069,997		161,387,647
Ryder System Inc.		1,521,609		120,709,242
Saia Inc.(a)(b)		747,799		182,328,352
Werner Enterprises Inc.		1,699,244		69,669,004
XPO Logistics Inc.(a)(b)		2,800,602		203,883,826
				1,275,037,903
Semiconductors & Semiconductor Equipment — 3.8%
Amkor Technology Inc.		2,830,344		61,475,072
Cirrus Logic Inc.(a)(b)		1,625,848		137,855,652
CMC Materials Inc.		811,128		150,383,131
First Solar Inc.(a)(b)		2,806,403		235,008,187
Lattice Semiconductor Corp.(a)(b)		3,886,437		236,878,335
MKS Instruments Inc.		1,573,974		236,096,100
Power Integrations Inc.		1,679,074		155,616,578
Semtech Corp.(a)(b)		1,823,608		126,448,979
Silicon Laboratories Inc.(a)(b)		1,084,162		162,841,132
SiTime Corp.(a)(b)		425,475		105,441,215
SunPower Corp.(a)(b)		2,346,939		50,412,250
Synaptics Inc.(a)(b)		1,121,639		223,766,980
Universal Display Corp.		1,230,963		205,509,273
Wolfspeed Inc.(a)(b)		3,506,171		399,212,630
				2,486,945,514
Software — 3.7%
ACI Worldwide Inc.(a)		3,330,625		104,881,381
Aspen Technology Inc.(a)(b)		1,891,396		312,780,156
Blackbaud Inc.(a)(b)		1,268,893		75,968,624
CDK Global Inc.		3,300,642		160,675,253
CommVault Systems Inc.(a)		1,264,740		83,915,499
Digital Turbine Inc.(a)(b)		2,505,754		109,777,083
Envestnet Inc.(a)(b)		1,045,262		77,809,303
Fair Isaac Corp.(a)(b)		745,633		347,807,969
Manhattan Associates Inc.(a)		1,791,890		248,553,062
Mimecast Ltd.(a)		1,767,161		140,595,329

28 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
NCR Corp.(a)(b)		3,751,935	$	150,790,268
Paylocity Holding Corp.(a)(b)		1,126,305		231,759,780
Qualys Inc.(a)(b)		945,038		134,582,862
SailPoint Technologies Holdings Inc.(a)(b)		2,643,636		135,301,290
Teradata Corp.(a)(b)		3,071,004		151,369,787
				2,466,567,646
Specialty Retail — 3.1%
American Eagle Outfitters Inc.		4,342,259		72,949,951
AutoNation Inc.(a)(b)		1,132,397		112,764,093
Dick’s Sporting Goods Inc.		1,785,650		178,600,713
Five Below Inc.(a)(b)		1,589,754		251,769,341
Foot Locker Inc.		2,478,402		73,509,403
GameStop Corp., Class A(a)(b)		1,753,420		292,084,704
Gap Inc. (The)		6,041,285		85,061,293
Lithia Motors Inc.		859,132		257,842,696
Murphy USA Inc.		651,017		130,177,359
RH(a)(b)		493,607		160,960,307
Urban Outfitters Inc.(a)(b)		1,865,119		46,833,138
Victoria’s Secret & Co.(a)(b)		2,065,539		106,086,083
Williams-Sonoma Inc.		2,069,939		300,141,155
				2,068,780,236
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		3,483,525		70,262,699
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.(a)(b)		4,189,988		215,323,483
Carter’s Inc.		1,199,765		110,366,383
Columbia Sportswear Co.		980,902		88,801,058
Crocs Inc.(a)		1,665,382		127,235,185
Deckers Outdoor Corp.(a)(b)		773,226		211,686,082
Hanesbrands Inc.		9,882,118		147,144,737
Skechers U.S.A. Inc., Class A(a)(b)		3,818,320		155,634,723
				1,056,191,651
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		3,125,272		128,792,459
MGIC Investment Corp.		9,092,658		123,205,516
New York Community Bancorp. Inc.		13,218,396		141,701,205

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Washington Federal Inc.		1,853,290	$	60,824,978
				454,524,158
Trading Companies & Distributors — 1.0%
GATX Corp.		1,005,800		124,045,314
MSC Industrial Direct Co. Inc., Class A		1,337,885		114,001,181
Univar Solutions Inc.(a)(b)		4,858,757		156,160,450
Watsco Inc.		937,048		285,462,303
				679,669,248
Water Utilities — 0.5%
Essential Utilities Inc.		6,525,652		333,656,587
Total Common Stocks — 99.7% (Cost: $53,175,587,967)				65,806,439,503
Short-Term Investments
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		2,423,008,696		2,422,524,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		169,480,000		169,480,000
				2,592,004,094
Total Short-Term Investments — 3.9% (Cost: $2,591,916,216)				2,592,004,094
Total Investments in Securities — 103.6% (Cost: $55,767,504,183)				68,398,443,597
Other Assets, Less Liabilities — (3.6)%				(2,374,624,744	)
Net Assets — 100.0%			$	66,023,818,853

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,198,632,023	$	225,704,108	(a)	$	—	$	(355,224	)	$	(1,456,813	)	$	2,422,524,094		2,423,008,696	$	4,365,320	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		53,880,000		115,600,000	(a)		—		—			—			169,480,000		169,480,000		48,346			—
								$	(355,224	)	$	(1,456,813	)	$	2,592,004,094			$	4,413,666		$	—

^(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.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF

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 Mid 400 E-Mini Index		543		06/17/22		$146,024	$	6,023,521

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	2,970	$	(45	)(c)	$	2,926		0.0	%(d)
	Monthly		HSBC Bank PLC(e)		02/10/23		38,351,342		1,185,031	(f)		39,161,184		0.1
	Monthly		JPMorgan Chase Bank NA(g)		02/08/23		22,552,443		297,517	(h)		22,740,805		0.0	(d)
								$	1,482,503		$	61,904,915

^(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 $(1) of net dividends and financing fees.

^(d)  Rounds to less than 0.1%.

^(f)  Amount includes $375,189 of net dividends, payable for referenced securities purchased and financing fees.

^(h)  Amount includes $109,155 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)	(e)	(g)
Range:	20 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

30 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Cadence Bank		100	$	2,926		100.0	%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	2,926

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Cadence Bank		299,152	$	8,753,188		22.4	%
Software
Envestnet Inc.(a)		408,490		30,407,996		77.6
Total Reference Entity — Long				39,161,184
Net Value of Reference Entity — HSBC Bank PLC			$	39,161,184

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Cadence Bank		544,345	$	15,927,535		70.0	%
Software
Envestnet Inc.(a)	91,527		6,813,270		30.0
Total Reference Entity — Long				22,740,805
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	22,740,805

^(a) Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$1,482,548		$(45)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,023,521
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	1,482,548
	$	7,506,069
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	45

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$  (2,880,826	)
Swaps		1,832,831
		$  (1,047,995	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$   6,296,483
Swaps		1,482,503
		$   7,778,986

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	134,485,866
Total return swaps:
Average notional value	$	44,296,101

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	$	6,023,521		$	—
Swaps - OTC(a)		1,482,548			45
Total derivative assets and liabilities in the Statement of Assets and Liabilities		7,506,069			45
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(6,023,521	)		—
Total derivative assets and liabilities subject to an MNA		1,482,548			45

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

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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
HSBC Bank PLC	$	1,185,031	$	—		$	—	$	(1,185,031	)	$	—
JPMorgan Chase Bank NA		297,517		—			—		(297,517	)		—
	$	1,482,548	$	—		$	—	$	(1,482,548	)	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	(d)
Goldman Sachs Bank USA	$	45	$	—		$	—	$	—		$	45

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

32 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	65,806,439,503	$	—		$	—	$	65,806,439,503
Money Market Funds		2,592,004,094		—			—		2,592,004,094
	$	68,398,443,597	$	—		$	—	$	68,398,443,597
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,023,521	$	—		$	—	$	6,023,521
Swaps		—		1,482,548			—		1,482,548
Liabilities
Swaps		—		(45	)		—		(45	)
	$	6,023,521	$	1,482,503		$	—	$	7,506,024

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

See notes to financial statements.

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

Schedule of Investments March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
AAR Corp.(a)(b)		2,385,512	$	115,530,346
Aerojet Rocketdyne Holdings Inc.(a)(b)		5,359,565		210,898,884
Aerovironment Inc.(a)(b)(c)		1,650,624		155,389,744
Kaman Corp.(a)		1,999,001		86,916,564
Moog Inc., Class A(a)		2,077,885		182,438,303
National Presto Industries Inc.(a)		362,802		27,917,614
Park Aerospace Corp.(a)		1,397,127		18,232,507
Triumph Group Inc.(a)(b)(c)		3,710,446		93,800,075
				891,124,037
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.(a)(b)(c)		1,930,923		166,773,819
Forward Air Corp.(a)		1,929,865		188,702,200
Hub Group Inc., Class A(a)(b)(c)		2,425,563		187,277,719
				542,753,738
Airlines — 0.5%
Allegiant Travel Co.(a)(b)(c)		1,086,781		176,482,366
Hawaiian Holdings Inc.(a)(b)(c)		3,665,694		72,214,172
SkyWest Inc.(a)(b)		3,604,988		104,003,904
				352,700,442
Auto Components — 1.2%
American Axle & Manufacturing Holdings Inc.(a)(b)(c)		8,164,227		63,354,402
Dorman Products Inc.(a)(b)(c)		2,035,534		193,436,796
Gentherm Inc.(a)(b)(c)		2,376,662		173,591,392
LCI Industries(a)		1,809,206		187,813,675
Motorcar Parts of America Inc.(a)(b)(c)		1,369,362		24,415,724
Patrick Industries Inc.(a)		1,607,935		96,958,481
Standard Motor Products Inc.(a)		1,373,912		59,270,564
XPEL Inc.(b)(c)		1,185,863		62,388,252
				861,229,286
Automobiles — 0.2%
Winnebago Industries Inc.(a)		2,385,258		128,875,490
Banks — 9.7%
Allegiance Bancshares Inc.(a)		1,333,644		59,587,214
Ameris Bancorp.(a)		4,687,454		205,685,482
Banc of California Inc.(a)		3,896,533		75,436,879
BancFirst Corp.		1,355,554		112,795,648
Bancorp. Inc. (The)(a)(b)(c)		3,976,406		112,651,582
BankUnited Inc.(a)		5,531,024		243,143,815
Banner Corp.(a)		2,231,005		130,580,723
Berkshire Hills Bancorp. Inc.(a)		3,207,785		92,929,531
Brookline Bancorp. Inc.(a)		5,074,793		80,283,225
Central Pacific Financial Corp.(a)		1,597,517		44,570,724
City Holding Co.(a)		990,496		77,952,035
Columbia Banking System Inc.(a)		5,240,632		169,115,195
Community Bank System Inc.(a)		3,583,237		251,364,076
Customers Bancorp. Inc.(a)(b)(c)		2,136,250		111,384,075
CVB Financial Corp.(a)		9,252,354		214,747,136
Dime Community Bancshares Inc.(a)		2,340,466		80,909,910
Eagle Bancorp. Inc.(a)		2,191,109		124,915,124
FB Financial Corp.(a)		2,551,432		113,334,609
First BanCorp./Puerto Rico(a)		13,582,560		178,203,187
First Bancorp./Southern Pines NC(a)		2,459,296		102,724,794
First Commonwealth Financial Corp.(a)		6,138,268		93,056,143
First Financial Bancorp.(a)		6,080,700		140,160,135
First Hawaiian Inc.(a)		9,117,718		254,293,155
Hanmi Financial Corp.(a)		1,985,910		48,873,245
Heritage Financial Corp./WA(a)		2,266,314		56,793,829

Security	Shares		Value
Banks (continued)
Hilltop Holdings Inc.(a)		3,945,048	$	115,984,411
HomeStreet Inc.(a)		1,296,727		61,438,925
Hope Bancorp Inc.(a)		7,780,694		125,113,560
Independent Bank Corp.(a)		3,164,505		258,508,413
Independent Bank Group Inc.(a)		2,632,273		187,312,547
Investors Bancorp. Inc.(a)		16,156,945		241,223,189
Lakeland Financial Corp.(a)		1,803,130		131,628,490
Meta Financial Group Inc.(a)(c)		2,056,756		112,957,040
National Bank Holdings Corp., Class A(a)		2,017,550		81,266,914
NBT Bancorp. Inc.(a)		2,857,806		103,252,531
Northwest Bancshares Inc.(a)		8,188,011		110,620,029
OFG Bancorp.(a)		3,253,085		86,662,184
Pacific Premier Bancorp. Inc.(a)		6,450,347		228,019,766
Park National Corp.(a)		1,032,687		135,674,418
Preferred Bank/Los Angeles CA		631,079		46,756,643
Renasant Corp.(a)		3,666,937		122,659,043
S&T Bancorp. Inc.(a)		2,370,640		70,123,531
Seacoast Banking Corp. of Florida(a)		4,184,910		146,555,548
ServisFirst Bancshares Inc.(a)		3,494,332		332,974,896
Simmons First National Corp., Class A(a)		7,250,363		190,104,518
Southside Bancshares Inc.(a)		2,178,995		88,968,366
Tompkins Financial Corp.(a)		846,437		66,250,624
Triumph Bancorp. Inc.(a)(b)(c)		1,693,881		159,258,692
Trustmark Corp.(a)		3,769,214		114,546,413
United Community Banks Inc./GA(a)		7,323,581		254,860,619
Veritex Holdings Inc.(a)		3,533,862		134,887,513
Westamerica Bancorp.(a)		1,760,353		106,501,356
				6,989,601,650
Beverages — 0.6%
Celsius Holdings Inc.(b)(c)		2,732,394		150,773,500
Coca-Cola Consolidated Inc.(c)		331,979		164,943,765
MGP Ingredients Inc.(c)		896,049		76,692,833
National Beverage Corp.		1,669,901		72,640,692
				465,050,790
Biotechnology — 2.0%
Anika Therapeutics Inc.(a)(b)(c)		1,037,293		26,046,427
Avid Bioservices Inc.(a)(b)(c)		4,402,421		89,677,316
Coherus Biosciences Inc.(a)(b)(c)		4,579,194		59,117,394
Cytokinetics Inc.(a)(b)(c)		5,998,911		220,819,914
Eagle Pharmaceuticals Inc./DE(a)(b)		813,424		40,256,354
Emergent BioSolutions Inc.(a)(b)(c)		3,425,132		140,635,920
Enanta Pharmaceuticals Inc.(a)(b)(c)		1,306,156		92,972,184
iTeos Therapeutics Inc.(b)(c)		1,439,154		46,311,975
Ligand Pharmaceuticals Inc.(a)(b)(c)		1,195,573		134,490,007
Myriad Genetics Inc.(a)(b)(c)		5,712,249		143,948,675
Organogenesis Holdings Inc., Class A(b)(c)		4,529,176		34,512,321
REGENXBIO Inc.(a)(b)(c)		2,693,910		89,410,873
uniQure NV(a)(b)(c)		2,589,170		46,786,302
Vanda Pharmaceuticals Inc.(a)(b)		3,987,652		45,100,344
Vericel Corp.(a)(b)(c)		3,349,559		128,020,145
Xencor Inc.(a)(b)(c)		4,183,967		111,628,239
				1,449,734,390
Building Products — 1.7%
AAON Inc.(a)		2,962,457		165,097,728
American Woodmark Corp.(a)(b)(c)		1,190,346		58,267,437
Apogee Enterprises Inc.(a)		1,779,568		84,458,297
Gibraltar Industries Inc.(a)(b)(c)		2,338,145		100,423,328
Griffon Corp.(a)		3,385,096		67,803,473
Insteel Industries Inc.(a)(c)		1,389,606		51,401,526

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
PGT Innovations Inc.(a)(b)(c)		4,267,138	$	76,723,141
Quanex Building Products Corp.(a)		2,395,126		50,273,695
Resideo Technologies Inc.(a)(b)(c)		10,337,134		246,333,903
UFP Industries Inc.(a)		4,431,180		341,909,849
				1,242,692,377
Capital Markets — 0.9%
B. Riley Financial Inc.		1,152,537		80,631,489
Blucora Inc.(a)(b)(c)		3,497,438		68,374,913
BrightSphere Investment Group Inc.(a)		2,506,929		60,793,028
Donnelley Financial Solutions Inc.(a)(b)(c)		2,087,636		69,434,773
Greenhill & Co. Inc.(a)		961,944		14,881,274
Piper Sandler Cos.(a)		1,008,684		132,389,775
StoneX Group Inc.(a)(b)(c)		1,224,558		90,898,940
Virtus Investment Partners Inc.(a)		511,712		122,805,763
WisdomTree Investments Inc.(a)		7,821,161		45,910,215
				686,120,170
Chemicals — 2.8%
AdvanSix Inc.(a)		2,018,590		103,129,764
American Vanguard Corp.(a)		1,918,899		38,992,028
Balchem Corp.(a)		2,318,489		316,937,446
Ferro Corp.(a)(b)(c)		5,936,030		129,049,292
FutureFuel Corp.		1,841,302		17,915,868
GCP Applied Technologies Inc.(a)(b)(c)		3,849,907		120,964,078
Hawkins Inc.(a)		1,342,448		61,618,363
HB Fuller Co.(a)		3,782,190		249,889,293
Innospec Inc.(a)		1,767,783		163,608,317
Koppers Holdings Inc.(a)		1,530,823		42,128,249
Livent Corp.(a)(b)(c)		11,568,130		301,581,149
Quaker Chemical Corp.(a)		959,880		165,876,863
Rayonier Advanced Materials Inc.(a)(b)(c)		4,577,670		30,075,292
Stepan Co.(a)		1,523,233		150,510,653
Tredegar Corp.(a)		1,840,194		22,063,926
Trinseo PLC(a)		2,778,302		133,136,232
				2,047,476,813
Commercial Services & Supplies — 2.2%
ABM Industries Inc.(a)		4,821,906		222,000,552
Brady Corp., Class A, NVS		3,454,395		159,834,857
CoreCivic Inc.(a)(b)		8,609,149		96,164,194
Deluxe Corp.(a)		3,048,762		92,194,563
GEO Group Inc. (The)(a)(b)		8,075,340		53,377,997
Harsco Corp.(a)(b)(c)		5,669,160		69,390,518
Healthcare Services Group Inc.(a)		5,334,122		99,054,646
HNI Corp.(a)		3,125,024		115,782,139
Interface Inc.(a)		4,211,315		57,147,545
KAR Auction Services Inc.(a)(b)(c)		8,665,830		156,418,231
Matthews International Corp., Class A(a)		2,258,154		73,073,863
Pitney Bowes Inc.		7,894,604		41,051,941
U.S. Ecology Inc.(a)(b)(c)		2,237,435		107,128,388
UniFirst Corp./MA(a)		1,088,720		200,629,322
Viad Corp.(a)(b)(c)		1,469,500		52,372,980
				1,595,621,736
Communications Equipment — 1.3%
ADTRAN Inc.(a)		3,494,619		64,475,720
CalAmp Corp.(a)(b)(c)		2,577,878		18,844,288
Comtech Telecommunications Corp.(a)		1,893,030		29,701,641
Digi International Inc.(a)(b)(c)		2,504,696		53,901,058
Extreme Networks Inc.(b)(c)		5,838,562		71,288,842
Harmonic Inc.(a)(b)(c)		7,398,331		68,730,495
NETGEAR Inc.(a)(b)(c)		2,094,742		51,698,232

Security	Shares		Value
Communications Equipment (continued)
NetScout Systems Inc.(a)(b)		5,280,726	$	169,405,690
Plantronics Inc.(a)(b)(c)		3,062,649		120,668,371
Viavi Solutions Inc.(a)(b)(c)		16,448,248		264,487,828
				913,202,165
Construction & Engineering — 1.1%
Arcosa Inc.(a)		3,459,840		198,075,840
Comfort Systems USA Inc.(a)		2,577,396		229,414,018
Granite Construction Inc.(a)		3,278,949		107,549,527
MYR Group Inc.(a)(b)(c)		1,210,341		113,820,468
NV5 Global Inc.(a)(b)(c)		848,439		113,096,919
				761,956,772
Consumer Finance — 0.9%
Encore Capital Group Inc.(a)(b)(c)		1,779,227		111,610,910
Enova International Inc.(a)(b)		2,443,567		92,782,239
EZCORP Inc., Class A, NVS(b)(c)		3,837,890		23,180,856
Green Dot Corp., Class A(a)(b)(c)		3,605,796		99,087,274
LendingTree Inc.(a)(b)(c)		820,664		98,208,861
PRA Group Inc.(a)(b)(c)		3,128,618		141,038,099
World Acceptance Corp.(b)(c)		295,149		56,621,384
				622,529,623
Containers & Packaging — 0.3%
Myers Industries Inc.(a)		2,577,347		55,670,695
O-I Glass Inc.(a)(b)(c)		11,132,449		146,725,678
				202,396,373
Diversified Consumer Services — 0.5%
Adtalem Global Education Inc.(a)(b)(c)		3,563,903		105,883,558
American Public Education Inc.(a)(b)(c)		1,333,979		28,333,714
Perdoceo Education Corp.(a)(b)(c)		5,017,954		57,606,112
Strategic Education Inc.(a)		1,619,412		107,496,569
WW International Inc.(a)(b)(c)		3,823,306		39,112,420
				338,432,373
Diversified Telecommunication Services — 0.4%
ATN International Inc.		778,504		31,046,740
Cogent Communications Holdings Inc.(a)		3,034,618		201,346,904
Consolidated Communications Holdings Inc.(b)(c)		5,171,066		30,509,289
				262,902,933
Electrical Equipment — 0.4%
AZZ Inc.(a)		1,767,179		85,248,715
Encore Wire Corp.(a)(c)		1,450,014		165,403,097
Powell Industries Inc.(a)		646,714		12,559,186
				263,210,998
Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries Inc.(a)(c)		2,696,891		232,148,377
Arlo Technologies Inc.(a)(b)(c)		6,033,912		53,460,460
Badger Meter Inc.(a)		2,093,984		208,791,145
Benchmark Electronics Inc.(a)(c)		2,528,568		63,315,343
CTS Corp.(a)(c)		2,302,518		81,370,986
ePlus Inc.(a)(b)		1,923,915		107,854,675
Fabrinet(a)(b)(c)		2,648,661		278,453,731
FARO Technologies Inc.(a)(b)(c)		1,307,969		67,909,750
Insight Enterprises Inc.(a)(b)(c)		2,494,647		267,725,516
Itron Inc.(a)(b)(c)		3,238,157		170,586,111
Knowles Corp.(a)(b)(c)		6,567,892		141,406,715
Methode Electronics Inc.(a)		2,666,555		115,328,504
OSI Systems Inc.(a)(b)(c)		1,172,204		99,778,004
PC Connection Inc.		789,490		41,361,381
Plexus Corp.(a)(b)(c)		2,009,629		164,407,748
Rogers Corp.(a)(b)(c)		1,341,078		364,370,893

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Sanmina Corp.(a)(b)(c)		4,545,507	$	183,729,393
ScanSource Inc.(a)(b)(c)		1,838,750		63,970,113
TTM Technologies Inc.(a)(b)(c)		7,488,705		110,982,608
				2,816,951,453
Energy Equipment & Services — 2.0%
Archrock Inc.(a)		9,620,117		88,793,680
Bristow Group Inc.(a)(b)(c)		1,654,334		61,342,705
Core Laboratories NV(a)(c)		3,311,566		104,744,833
DMC Global Inc.(a)(b)		1,379,645		42,079,172
Dril-Quip Inc.(a)(b)(c)		2,532,375		94,584,206
Helix Energy Solutions Group Inc.(a)(b)(c)		10,152,265		48,527,827
Helmerich & Payne Inc.(a)		7,553,961		323,158,452
Nabors Industries Ltd.(a)(b)		556,050		84,919,956
Oceaneering International Inc.(a)(b)(c)		7,140,422		108,248,797
Oil States International Inc.(a)(b)(c)		4,393,159		30,532,455
Patterson-UTI Energy Inc.(a)		15,383,384		238,134,784
ProPetro Holding Corp.(a)(b)(c)		6,084,297		84,754,257
RPC Inc.(b)(c)		5,031,402		53,685,059
U.S. Silica Holdings Inc.(a)(b)(c)		5,352,445		99,876,624
				1,463,382,807
Entertainment — 0.2%
Cinemark Holdings Inc.(a)(b)(c)		7,616,992		131,621,622
Marcus Corp. (The)(a)(b)(c)		1,579,173		27,951,362
				159,572,984
Equity Real Estate Investment Trusts (REITs) — 8.0%
Acadia Realty Trust(a)		6,327,649		137,120,154
Agree Realty Corp.(a)		5,103,960		338,698,786
Alexander & Baldwin Inc.(a)		5,189,042		120,333,884
American Assets Trust Inc.(a)		3,774,117		143,001,293
Armada Hoffler Properties Inc.(a)		4,800,437		70,086,380
Brandywine Realty Trust(a)		12,240,133		173,075,481
CareTrust REIT Inc.(a)		6,941,856		133,977,821
Centerspace(a)		1,073,401		105,322,106
Chatham Lodging Trust(a)(b)		3,490,661		48,136,215
Community Healthcare Trust Inc.(a)		1,680,873		70,949,649
DiamondRock Hospitality Co.(a)(b)		15,066,195		152,168,570
Diversified Healthcare Trust(a)		17,172,468		54,951,898
Easterly Government Properties Inc.(a)		5,929,094		125,341,047
Essential Properties Realty Trust Inc.(a)		8,703,548		220,199,764
Four Corners Property Trust Inc.(a)		5,533,304		149,620,540
Franklin Street Properties Corp., Class C(a)		6,779,748		40,000,513
Getty Realty Corp.(a)		2,806,880		80,332,906
Global Net Lease Inc.(a)		7,412,846		116,604,068
Hersha Hospitality Trust, Class A(a)(b)		2,372,916		21,546,077
Independence Realty Trust Inc.(a)		15,801,019		417,778,942
Industrial Logistics Properties Trust(a)		4,693,390		106,399,151
Innovative Industrial Properties Inc.(a)		1,834,765		376,860,731
iStar Inc.(a)(c)		4,972,355		116,402,831
LTC Properties Inc.(a)		2,817,386		108,384,839
LXP Industrial Trust.(a)		20,249,118		317,911,153
NexPoint Residential Trust Inc.(a)		1,351,111		122,018,834
Office Properties Income Trust(a)		3,475,891		89,434,675
Orion Office REIT Inc.(a)		4,052,793		56,739,102
Retail Opportunity Investments Corp.(a)		8,534,791		165,489,597
RPT Realty(a)		6,050,809		83,319,640
Safehold Inc.(c)		1,015,871		56,330,047
Saul Centers Inc.		929,178		48,967,681
Service Properties Trust(a)		11,686,552		103,192,254
SITE Centers Corp.		9,273,175		154,954,754

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Summit Hotel Properties Inc.(a)(b)		7,619,154	$	75,886,774
Tanger Factory Outlet Centers Inc.(a)		7,439,276		127,881,154
Uniti Group Inc.(a)		16,882,339		232,300,985
Universal Health Realty Income Trust(a)		911,721		53,217,155
Urban Edge Properties(a)		7,876,392		150,439,087
Urstadt Biddle Properties Inc., Class A(a)		1,947,702		36,636,275
Veris Residential Inc.(a)(b)		5,743,544		99,880,230
Washington Real Estate Investment Trust(a)		6,071,099		154,813,024
Whitestone REIT(a)		3,304,439		43,783,817
Xenia Hotels & Resorts Inc.(a)(b)		8,169,461		157,588,903
				5,758,078,787
Food & Staples Retailing — 0.8%
Andersons Inc. (The)(a)		2,177,441		109,438,184
Chefs’ Warehouse Inc. (The)(a)(b)(c)		2,331,880		76,019,288
PriceSmart Inc.(a)		1,722,056		135,818,557
SpartanNash Co.(a)		2,579,882		85,110,307
United Natural Foods Inc.(a)(b)(c)		4,154,451		171,786,549
				578,172,885
Food Products — 1.7%
B&G Foods Inc.(a)(c)		4,655,933		125,617,072
Calavo Growers Inc.(a)		1,265,345		46,121,825
Cal-Maine Foods Inc.(a)		2,679,014		147,935,153
Fresh Del Monte Produce Inc.		2,367,095		61,331,432
Hostess Brands Inc.(a)(b)(c)		9,896,432		217,127,718
J&J Snack Foods Corp.(a)		1,066,516		165,416,632
John B Sanfilippo & Son Inc.(a)		638,107		53,243,648
Seneca Foods Corp., Class A(a)(b)		433,847		22,360,474
Simply Good Foods Co. (The)(a)(b)(c)		6,056,328		229,837,648
Tootsie Roll Industries Inc.		1,289,089		45,066,551
TreeHouse Foods Inc.(a)(b)(c)		3,990,690		128,739,659
				1,242,797,812
Gas Utilities — 0.8%
Chesapeake Utilities Corp.(a)		1,160,005		159,802,289
Northwest Natural Holding Co.(a)		2,204,840		114,034,325
South Jersey Industries Inc.(a)		8,040,970		277,815,513
				551,652,127
Health Care Equipment & Supplies — 3.3%
AngioDynamics Inc.(a)(b)(c)		2,774,607		59,765,035
Artivion Inc.(a)(b)(c)		2,825,953		60,418,875
Avanos Medical Inc.(a)(b)		3,447,724		115,498,754
BioLife Solutions Inc.(a)(b)(c)		2,146,295		48,785,285
Cardiovascular Systems Inc.(a)(b)(c)		2,904,461		65,640,819
CONMED Corp.(a)(c)		2,094,033		311,068,602
Cutera Inc.(a)(b)(c)		1,169,678		80,707,782
Glaukos Corp.(a)(b)(c)		3,353,679		193,909,720
Heska Corp.(a)(b)(c)		766,338		105,969,219
Inogen Inc.(a)(b)(c)		1,458,999		47,300,748
Integer Holdings Corp.(a)(b)(c)		2,361,546		190,269,761
Lantheus Holdings Inc.(a)(b)		4,846,246		268,045,866
LeMaitre Vascular Inc.(a)		1,375,506		63,919,764
Meridian Bioscience Inc.(a)(b)(c)		3,112,166		80,791,829
Merit Medical Systems Inc.(a)(b)(c)		3,633,797		241,720,177
Mesa Laboratories Inc.(a)(c)		376,097		95,859,603
Natus Medical Inc.(a)(b)(c)		2,444,488		64,241,145
OraSure Technologies Inc.(a)(b)(c)		5,176,022		35,093,429
Orthofix Medical Inc.(a)(b)(c)		1,413,952		46,236,230
Surmodics Inc.(a)(b)(c)		996,661		45,178,643
Tactile Systems Technology Inc.(a)(b)(c)		1,424,183		28,711,529
Varex Imaging Corp.(a)(b)(c)		2,828,451		60,217,722

36 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimvie Inc.(a)(b)(c)		1,500,694	$	34,275,851
Zynex Inc.(c)		1,554,827		9,686,572
				2,353,312,960
Health Care Providers & Services — 3.4%
Addus HomeCare Corp.(a)(b)		1,139,815		106,333,341
AMN Healthcare Services Inc.(a)(b)(c)		3,384,895		353,146,095
Apollo Medical Holdings Inc.(b)(c)		2,702,282		130,979,609
Community Health Systems Inc.(a)(b)(c)		8,885,999		105,476,808
CorVel Corp.(b)(c)		673,823		113,498,746
Covetrus Inc.(a)(b)(c)		7,393,019		124,128,789
Cross Country Healthcare Inc.(a)(b)(c)		2,529,750		54,819,683
Ensign Group Inc. (The)(a)		3,746,860		337,254,869
Fulgent Genetics Inc.(b)(c)		1,387,717		86,607,418
Hanger Inc.(a)(b)(c)		2,624,720		48,111,118
Joint Corp. (The)(a)(b)(c)		1,038,926		36,767,591
MEDNAX Inc.(a)(b)(c)		6,097,690		143,173,761
ModivCare Inc.(a)(b)(c)		881,577		101,725,170
Owens & Minor Inc.(a)(c)		5,402,066		237,798,945
Pennant Group Inc. (The)(a)(b)(c)		1,932,331		35,999,327
RadNet Inc.(b)(c)		2,484,582		55,580,099
Select Medical Holdings Corp.(a)		7,579,338		181,828,319
Tivity Health Inc.(a)(b)(c)		3,177,846		102,231,306
U.S. Physical Therapy Inc.(a)		923,683		91,860,274
				2,447,321,268
Health Care Technology — 1.2%
Allscripts Healthcare Solutions Inc.(a)(b)(c)		8,668,874		195,223,043
Computer Programs & Systems Inc.(a)(b)(c)		1,054,086		36,313,263
HealthStream Inc.(a)(b)		1,795,883		35,773,989
NextGen Healthcare Inc.(a)(b)(c)		4,020,108		84,060,458
Omnicell Inc.(a)(b)(c)		3,146,420		407,429,926
OptimizeRx Corp.(a)(b)(c)		1,271,899		47,963,311
Simulations Plus Inc.(a)(c)		1,129,100		57,561,518
				864,325,508
Hotels, Restaurants & Leisure — 1.8%
BJ’s Restaurants Inc.(a)(b)(c)		1,668,038		47,205,475
Bloomin’ Brands Inc.(a)		5,810,284		127,477,631
Brinker International Inc.(a)(b)(c)		3,190,904		121,764,897
Cheesecake Factory Inc. (The)(a)(b)(c)		3,470,850		138,105,122
Chuy’s Holdings Inc.(a)(b)(c)		1,422,608		38,410,416
Dave & Buster’s Entertainment Inc.(a)(b)(c)		2,769,893		136,001,746
Dine Brands Global Inc.(a)		1,235,597		96,314,786
El Pollo Loco Holdings Inc.(b)(c)		1,392,291		16,178,421
Fiesta Restaurant Group Inc.(b)(c)		1,221,758		9,132,641
Golden Entertainment Inc.(a)(b)(c)		1,455,687		84,531,744
Jack in the Box Inc.(a)		1,509,586		141,010,428
Monarch Casino & Resort Inc.(b)(c)		938,711		81,883,761
Red Robin Gourmet Burgers Inc.(a)(b)(c)		1,129,131		19,037,149
Ruth’s Hospitality Group Inc.(a)		2,271,418		51,970,044
Shake Shack Inc., Class A(a)(b)(c)		2,799,285		190,071,451
				1,299,095,712
Household Durables — 2.2%
Cavco Industries Inc.(a)(b)(c)		609,480		146,793,258
Century Communities Inc.(a)		2,125,606		113,868,713
Ethan Allen Interiors Inc.(a)		1,575,550		41,074,589
Installed Building Products Inc.(a)		1,678,563		141,821,788
iRobot Corp.(a)(b)(c)		1,928,801		122,285,983
La-Z-Boy Inc.(a)		3,142,050		82,855,859
LGI Homes Inc.(a)(b)(c)		1,527,697		149,225,443
M/I Homes Inc.(a)(b)(c)		2,082,202		92,345,659

Security	Shares		Value
Household Durables (continued)
MDC Holdings Inc.(a)		4,043,529	$	153,007,137
Meritage Homes Corp.(a)(b)(c)		2,671,127		211,633,392
Sonos Inc.(a)(b)(c)		9,143,901		258,040,886
Tupperware Brands Corp.(a)(b)(c)		3,512,073		68,309,820
Universal Electronics Inc.(a)(b)(c)		938,585		29,321,395
				1,610,583,922
Household Products — 0.5%
Central Garden & Pet Co.(a)(b)(c)		703,588		30,929,728
Central Garden & Pet Co., Class A, NVS(b)(c)		2,836,382		115,667,659
WD-40 Co.(a)(c)		979,800		179,528,754
				326,126,141
Insurance — 2.5%
Ambac Financial Group Inc.(b)(c)		2,217,455		23,061,532
American Equity Investment Life Holding Co.(a)		5,900,352		235,483,048
AMERISAFE Inc.(a)		1,380,668		68,577,780
Assured Guaranty Ltd.(a)		4,997,971		318,170,834
eHealth Inc.(a)(b)(c)		1,706,412		21,176,573
Employers Holdings Inc.(a)		1,722,658		70,663,431
Genworth Financial Inc., Class A(a)(b)		30,249,488		114,343,065
HCI Group Inc.(a)		577,518		39,375,177
Horace Mann Educators Corp.(a)		2,690,096		112,526,716
James River Group Holdings Ltd.(a)		2,513,110		62,174,341
Palomar Holdings Inc.(a)(b)(c)		1,727,550		110,545,925
ProAssurance Corp.(a)		3,456,977		92,923,542
Safety Insurance Group Inc.(a)		949,125		86,228,006
Selectquote Inc.(a)(b)(c)		8,953,415		24,980,028
SiriusPoint Ltd.(b)(c)		6,155,257		46,041,322
Stewart Information Services Corp.(a)		1,792,999		108,673,669
Trupanion Inc.(a)(b)(c)		2,453,945		218,695,578
United Fire Group Inc.(a)		1,536,066		47,725,571
Universal Insurance Holdings Inc.(a)		2,003,670		27,029,508
				1,828,395,646
Interactive Media & Services — 0.1%
Cars.com Inc.(a)(b)(c)		4,649,346		67,090,063
QuinStreet Inc.(a)(b)(c)		3,585,598		41,592,937
				108,683,000
Internet & Direct Marketing Retail — 0.3%
Liquidity Services Inc.(a)(b)(c)		1,909,717		32,694,355
PetMed Express Inc.(a)		1,510,338		38,966,720
Shutterstock Inc.		1,664,359		154,918,536
				226,579,611
IT Services — 1.6%
CSG Systems International Inc.(a)		2,324,462		147,766,049
EVERTEC Inc.(a)		4,276,080		175,019,955
ExlService Holdings Inc.(a)(b)(c)		2,384,449		341,620,008
Perficient Inc.(a)(b)(c)		2,358,179		259,611,926
TTEC Holdings Inc.		1,311,172		108,197,914
Unisys Corp.(a)(b)(c)		4,808,025		103,901,420
				1,136,117,272
Leisure Products — 0.3%
Sturm Ruger & Co. Inc.(a)		1,259,275		87,670,726
Vista Outdoor Inc.(a)(b)(c)		4,024,325		143,628,159
				231,298,885
Life Sciences Tools & Services — 0.1%
NeoGenomics Inc.(a)(b)(c)		8,806,665		107,000,980
Machinery — 4.5%
Alamo Group Inc.(a)		710,139		102,110,887

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Albany International Corp., Class A(a)		2,315,747	$	195,263,787
Astec Industries Inc.(a)		1,621,352		69,718,136
Barnes Group Inc.(a)		3,333,770		133,984,216
CIRCOR International Inc.(a)(b)(c)		1,460,119		38,868,368
Enerpac Tool Group Corp.(a)(c)		4,303,933		94,213,093
EnPro Industries Inc.(a)		1,477,894		144,434,581
ESCO Technologies Inc.(a)		1,859,409		130,009,877
Federal Signal Corp.(a)		4,380,680		147,847,950
Franklin Electric Co. Inc.(a)		2,792,239		231,867,527
Greenbrier Companies Inc. (The)(a)		2,335,090		120,280,486
Hillenbrand Inc.(a)		5,212,853		230,251,717
John Bean Technologies Corp.(a)(c)		2,274,418		269,450,300
Lindsay Corp.(a)		785,317		123,302,622
Meritor Inc.(a)(b)(c)		5,066,517		180,216,010
Mueller Industries Inc.(a)		4,106,993		222,475,811
Proto Labs Inc.(a)(b)(c)		1,974,133		104,431,636
SPX Corp.(a)(b)(c)		3,248,305		160,498,750
SPX FLOW Inc.(a)		3,004,895		259,082,047
Standex International Corp.(a)		877,286		87,658,417
Tennant Co.(a)		1,323,625		104,301,650
Titan International Inc.(a)(b)		3,661,318		53,931,214
Wabash National Corp.(a)		3,503,992		51,999,241
				3,256,198,323
Marine — 0.5%
Matson Inc.(a)		3,009,508		363,006,855
Media — 0.7%
AMC Networks Inc., Class A(a)(b)(c)		2,092,041		84,999,626
EW Scripps Co. (The), Class A(b)		4,092,136		85,075,508
Gannett Co. Inc.(a)(b)(c)		10,187,433		45,945,323
Loyalty Ventures Inc.(a)(b)(c)		1,431,753		23,666,877
Scholastic Corp.		2,165,450		87,224,326
TechTarget Inc.(a)(b)(c)		1,907,680		155,056,230
Thryv Holdings Inc.(b)(c)		1,220,193		34,311,827
				516,279,717
Metals & Mining — 1.9%
Allegheny Technologies Inc.(a)(b)(c)		9,110,044		244,513,581
Arconic Corp.(a)(b)(c)		7,615,890		195,119,102
Carpenter Technology Corp.(a)		3,453,061		144,959,501
Century Aluminum Co.(b)(c)		3,611,952		95,030,457
Compass Minerals International Inc.(a)		2,436,755		153,003,847
Haynes International Inc.(a)		891,524		37,978,922
Kaiser Aluminum Corp.(a)		1,135,031		106,874,519
Materion Corp.(a)		1,462,185		125,367,742
Olympic Steel Inc.(a)(c)		668,590		25,713,971
SunCoke Energy Inc.(a)		5,947,455		52,991,824
TimkenSteel Corp.(a)(b)(c)		2,943,536		64,404,568
Warrior Met Coal Inc.		2,470,246		91,670,830
				1,337,628,864
Mortgage Real Estate Investment — 1.3%
Apollo Commercial Real Estate Finance Inc.(a)		9,433,933		131,414,687
ARMOUR Residential REIT Inc.(a)		6,419,725		53,925,690
Ellington Financial Inc.(a)		3,916,397		69,516,047
Franklin BSP Realty Trust Inc.(a)		3,157,789		44,145,890
Granite Point Mortgage Trust Inc.(a)		3,867,423		43,005,744
Invesco Mortgage Capital Inc.(a)		22,428,411		51,136,777
KKR Real Estate Finance Trust Inc.		3,187,429		65,692,912
New York Mortgage Trust Inc.(a)		27,140,982		99,064,584
PennyMac Mortgage Investment Trust		6,789,850		114,680,566

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Ready Capital Corp.		4,811,337	$	72,458,735
Redwood Trust Inc.(a)		8,206,875		86,418,394
Two Harbors Investment Corp.(a)		24,602,817		136,053,578
				967,513,604
Multi-Utilities — 0.4%
Avista Corp.(a)		5,036,609		227,402,896
Unitil Corp.(a)		1,142,813		57,003,513
				284,406,409
Multiline Retail — 0.1%
Big Lots Inc.(a)		2,185,884		75,631,586
Oil, Gas & Consumable Fuels — 3.9%
Callon Petroleum Co.(a)(b)(c)		3,379,366		199,652,943
Civitas Resources Inc.(a)		5,160,413		308,128,260
CONSOL Energy Inc.(a)(b)(c)		2,277,105		85,687,461
Dorian LPG Ltd.		1,982,367		28,724,498
Green Plains Inc.(a)(b)(c)		2,747,393		85,196,657
Laredo Petroleum Inc.(a)(b)(c)		1,029,418		81,468,140
Matador Resources Co.(a)(c)		7,897,435		418,406,106
Par Pacific Holdings Inc.(b)		2,473,995		32,211,415
PBF Energy Inc., Class A(a)(b)(c)		6,814,135		166,060,470
Ranger Oil Corp.(a)(b)(c)		1,513,800		52,271,514
Renewable Energy Group Inc.(a)(b)(c)		3,598,941		218,275,772
REX American Resources Corp.(a)(b)(c)		372,875		37,138,350
SM Energy Co.(a)(c)		8,697,533		338,768,910
Southwestern Energy Co.(a)(b)(c)		79,791,370		572,104,123
Talos Energy Inc.(b)(c)		2,939,073		46,407,963
World Fuel Services Corp.(a)		4,532,119		122,548,498
				2,793,051,080
Paper & Forest Products — 0.4%
Clearwater Paper Corp.(a)(b)		1,198,768		33,601,467
Glatfelter Corp.(a)		3,166,972		39,207,113
Mercer International Inc.		2,905,857		40,536,705
Neenah Inc.(a)		1,191,926		47,271,785
Schweitzer-Mauduit International Inc.(a)		2,255,373		62,022,758
Sylvamo Corp.(a)(b)(c)		2,525,098		84,035,262
				306,675,090
Personal Products — 0.8%
Edgewell Personal Care Co.(a)		3,868,164		141,845,574
elf Beauty Inc.(a)(b)(c)		3,436,233		88,757,898
Inter Parfums Inc.		1,271,514		111,956,808
Medifast Inc.(a)		830,900		141,901,102
USANA Health Sciences Inc.(b)(c)		836,939		66,494,804
				550,956,186
Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals Inc.(a)(b)(c)		2,636,682		94,656,884
ANI Pharmaceuticals Inc.(a)(b)(c)		910,622		25,597,584
Cara Therapeutics Inc.(a)(b)(c)		2,996,934		36,412,748
Collegium Pharmaceutical Inc.(a)(b)(c)		2,474,334		50,377,440
Corcept Therapeutics Inc.(a)(b)(c)		6,823,742		153,670,670
Endo International PLC(a)(b)(c)		16,809,497		38,829,938
Harmony Biosciences Holdings Inc.(b)(c)		1,632,176		79,405,362
Innoviva Inc.(a)(b)(c)		4,476,222		86,614,896
Nektar Therapeutics(a)(b)(c)		13,208,827		71,195,578
Pacira BioSciences Inc.(a)(b)(c)		3,185,513		243,118,352
Phibro Animal Health Corp., Class A(a)		1,460,170		29,130,392
Prestige Consumer Healthcare Inc.(a)(b)(c)		3,593,229		190,225,543
Supernus Pharmaceuticals Inc.(a)(b)(c)		3,804,845		122,972,590
				1,222,207,977

38 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 1.5%
Exponent Inc.(a)		3,731,290	$	403,165,884
Forrester Research Inc.(b)		790,765		44,614,961
Heidrick & Struggles International Inc.(a)		1,402,332		55,504,301
Kelly Services Inc., Class A, NVS		2,579,922		55,958,508
Korn Ferry(a)		3,895,713		252,987,602
ManTech International Corp./VA, Class A(a)		1,971,384		169,913,587
Resources Connection Inc.(a)		2,188,564		37,511,987
TrueBlue Inc.(a)(b)(c)		2,546,921		73,580,548
				1,093,237,378
Real Estate Management & Development — 0.6%
Douglas Elliman Inc., NVS(a)(c)		4,698,418		34,298,451
Marcus & Millichap Inc.(c)		1,788,593		94,223,079
RE/MAX Holdings Inc., Class A(a)		1,336,691		37,066,442
Realogy Holdings Corp.(a)(b)(c)		8,339,966		130,770,667
St Joe Co. (The)(c)		2,358,970		139,745,383
				436,104,022
Road & Rail — 0.4%
ArcBest Corp.(a)(c)		1,778,660		143,182,130
Heartland Express Inc.		3,332,936		46,894,410
Marten Transport Ltd.(a)		4,286,523		76,128,648
				266,205,188
Semiconductors & Semiconductor Equipment — 3.5%
Axcelis Technologies Inc.(a)(b)(c)		2,382,502		179,950,376
CEVA Inc.(a)(b)(c)		1,650,539		67,094,410
Cohu Inc.(a)(b)		3,483,583		103,114,057
Diodes Inc.(a)(b)(c)		3,223,165		280,383,123
FormFactor Inc.(a)(b)(c)		5,599,019		235,326,769
Ichor Holdings Ltd.(a)(b)(c)		2,033,401		72,429,744
Kulicke & Soffa Industries Inc.(a)		4,460,366		249,869,703
MaxLinear Inc.(a)(b)(c)		5,057,826		295,124,147
Onto Innovation Inc.(a)(b)(c)		3,528,194		306,564,777
PDF Solutions Inc.(a)(b)(c)		2,138,461		59,598,908
Photronics Inc.(a)(b)(c)		4,389,705		74,493,294
Rambus Inc.(a)(b)(c)		7,829,900		249,695,511
SMART Global Holdings Inc.(a)(b)(c)		3,330,713		86,032,317
Ultra Clean Holdings Inc.(a)(b)(c)		3,211,901		136,152,483
Veeco Instruments Inc.(a)(b)(c)		3,624,129		98,540,068
				2,494,369,687
Software — 2.6%
8x8 Inc.(a)(b)(c)		8,467,381		106,604,327
Agilysys Inc.(a)(b)(c)		1,400,025		55,832,998
Alarm.com Holdings Inc.(a)(b)(c)		3,297,113		219,126,130
Bottomline Technologies DE Inc.(a)(b)(c)		2,766,542		156,807,601
Cerence Inc.(a)(b)(c)		2,802,573		101,172,885
Consensus Cloud Solutions Inc.(a)(b)(c)		1,139,644		68,526,794
Ebix Inc.(a)(c)		1,711,950		56,751,142
InterDigital Inc.(a)		2,194,491		140,008,526
LivePerson Inc.(a)(b)(c)		4,826,586		117,865,230
OneSpan Inc.(a)(b)		2,463,959		35,579,568
Progress Software Corp.(a)		3,162,391		148,916,992
SPS Commerce Inc.(a)(b)(c)		2,574,986		337,838,163
Vonage Holdings Corp.(b)		11,837,165		240,176,078
Xperi Holding Corp.(a)		6,654,498		115,255,905
				1,900,462,339
Specialty Retail — 4.0%
Aaron’s Co. Inc. (The)(a)		2,253,482		45,249,919
Abercrombie & Fitch Co., Class A(a)(b)(c)		4,041,781		129,296,574
Academy Sports & Outdoors Inc.(a)		6,274,950		247,233,030
America’s Car-Mart Inc./TX(a)(b)(c)		433,224		34,900,525

Security	Shares		Value
Specialty Retail (continued)
Asbury Automotive Group Inc.(a)(b)(c)		1,656,455	$	265,364,091
Barnes & Noble Education Inc.(b)(c)		2,594,496		9,288,296
Bed Bath & Beyond Inc.(a)(b)(c)		6,891,749		155,271,105
Boot Barn Holdings Inc.(a)(b)(c)		2,123,306		201,268,176
Buckle Inc. (The)		2,108,383		69,660,974
Caleres Inc.(a)		2,726,335		52,700,056
Cato Corp. (The), Class A(a)		1,363,213		19,984,703
Chico’s FAS Inc.(a)(b)(c)		8,771,243		42,101,966
Children’s Place Inc. (The)(a)(b)(c)		976,560		48,144,408
Conn’s Inc.(a)(b)(c)		1,376,852		21,217,289
Designer Brands Inc. , Class A(a)(b)		4,421,332		59,732,195
Genesco Inc.(a)(b)(c)		982,841		62,518,516
Group 1 Automotive Inc.(a)		1,231,373		206,661,331
Guess? Inc.(c)		2,790,444		60,971,201
Haverty Furniture Companies Inc.(a)		1,061,385		29,103,177
Hibbett Inc.(a)		921,114		40,842,195
LL Flooring Holdings Inc.(a)(b)(c)		2,089,874		29,300,033
MarineMax Inc.(a)(b)(c)		1,566,339		63,060,808
Monro Inc.(a)		2,400,358		106,431,874
ODP Corp. (The)(a)(b)(c)		3,283,269		150,472,218
Rent-A-Center Inc./TX(a)		4,327,093		108,999,473
Sally Beauty Holdings Inc.(a)(b)(c)		7,874,862		123,084,093
Shoe Carnival Inc.		1,249,910		36,447,376
Signet Jewelers Ltd.(a)		3,767,609		273,905,174
Sleep Number Corp.(a)(b)(c)		1,620,370		82,168,963
Sonic Automotive Inc., Class A(a)		1,485,171		63,134,619
Zumiez Inc.(a)(b)(c)		1,398,097		53,421,286
				2,891,935,644
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)(b)(c)		9,136,955		152,404,409
Corsair Gaming Inc.(b)(c)		2,363,476		50,011,152
Diebold Nixdorf Inc.(a)(b)(c)		5,235,909		35,237,668
				237,653,229
Textiles, Apparel & Luxury Goods — 1.1%
Fossil Group Inc.(a)(b)(c)		3,409,536		32,867,927
G-III Apparel Group Ltd.(a)(b)(c)		3,128,021		84,612,968
Kontoor Brands Inc.(a)		3,402,932		140,711,238
Movado Group Inc.(a)		1,172,233		45,775,699
Oxford Industries Inc.(a)		1,136,144		102,821,032
Steven Madden Ltd.(a)		5,477,358		211,645,113
Unifi Inc.(a)(b)		991,021		17,937,480
Vera Bradley Inc.(a)(b)(c)		1,819,448		13,955,166
Wolverine World Wide Inc.(a)		5,892,154		132,926,995
				783,253,618
Thrifts & Mortgage Finance — 2.0%
Axos Financial Inc.(a)(b)(c)		3,743,664		173,668,573
Capitol Federal Financial Inc.(a)		9,085,379		98,848,924
Flagstar Bancorp. Inc.(a)		3,593,938		152,382,971
Mr Cooper Group Inc.(a)(b)(c)		4,187,001		191,220,336
NMI Holdings Inc., Class A(a)(b)(c)		6,134,189		126,486,977
Northfield Bancorp. Inc.(a)		3,073,050		44,128,998
Provident Financial Services Inc.(a)		5,125,487		119,936,396
TrustCo Bank Corp. NY(a)		1,208,110		38,574,952
Walker & Dunlop Inc.(a)		2,110,276		273,111,920
WSFS Financial Corp.(a)		4,150,097		193,477,522
				1,411,837,569
Tobacco — 0.3%
Universal Corp./VA(a)		1,765,900		102,545,813

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco (continued)
Vector Group Ltd.(a)		9,364,112	$	112,743,909
				215,289,722
Trading Companies & Distributors — 1.2%
Applied Industrial Technologies Inc.(a)		2,753,348		282,658,706
Boise Cascade Co.(a)		2,815,654		195,603,483
DXP Enterprises Inc./TX(a)(b)(c)		1,227,583		33,255,223
GMS Inc.(a)(b)(c)		3,079,607		153,272,040
NOW Inc.(a)(b)		7,935,987		87,533,937
Veritiv Corp.(a)(b)(c)		991,810		132,495,898
				884,819,287
Water Utilities — 0.8%
American States Water Co.(a)		2,644,323		235,397,633
California Water Service Group(a)		3,762,327		223,030,745
Middlesex Water Co.(a)		1,154,264		121,393,945
				579,822,323
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.(a)(c)		3,586,770		84,576,037
Telephone and Data Systems Inc.(a)		7,067,422		133,432,927
				218,008,964
Total Common Stocks — 98.2% (Cost: $59,397,959,625)				70,813,616,577

Security	Shares		Value
Short-Term Investments
Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(a)(d)(e)		2,943,692,959	$	2,943,104,221
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(a)(d)		1,155,360,000		1,155,360,000
				4,098,464,221
Total Short-Term Investments — 5.7% (Cost: $ 4,098,599,828)				4,098,464,221
Total Investments in Securities — 103.9% (Cost: $ 63,496,559,453)				74,912,080,798
Other Assets, Less Liabilities — (3.9)%				(2,841,801,233	)
Net Assets — 100.0%			$	72,070,279,565

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
3D Systems Corp.	$	227,056,862	$	50,875,889		$  (31,895,092	)	$	9,850,440		$	(103,483,690	)	$	152,404,409		9,136,955	$	—	$	—
8x8 Inc.		232,414,012		44,882,296		(22,157,324	)		3,926,558			(152,461,215	)		106,604,327		8,467,381		—		—
AAON Inc.		190,318,614		44,965,463		(27,614,399	)		9,107,002			(51,678,952	)		165,097,728		2,962,457		1,057,284		—
AAR Corp.		92,277,366		21,631,014		(14,907,986	)		1,643,894			14,886,058			115,530,346		2,385,512		—		—
Aaron’s Co. Inc. (The)		58,232,867		15,121,737		(15,476,737	)		960,593			(13,588,541	)		45,249,919		2,253,482		940,045		—
Abercrombie & Fitch Co., Class A		142,627,013		37,577,800		(40,808,232	)		6,697,813			(16,797,820	)		129,296,574		4,041,781		—		—
ABM Industries Inc.		228,069,485		49,960,345		(33,746,575	)		4,896,100			(27,178,803	)		222,000,552		4,821,906		2,628,982		—
Academy Sports & Outdoors Inc.		—		227,007,216		(2,382,998	)		178,961			22,429,851			247,233,030		6,274,950		470,075		—
Acadia Realty Trust		104,233,586		26,545,766		(8,828,623	)		223,521			14,945,904			137,120,154		6,327,649		3,609,699		—
Addus HomeCare Corp.		104,758,808		26,555,982		(14,354,241	)		(207,408	)		(10,419,800	)		106,333,341		1,139,815		—		—
Adtalem Global Education Inc.		—		149,170,013		(14,150,461	)		(814,446	)		(28,321,548	)		105,883,558		3,563,903		—		—
ADTRAN Inc.		53,742,460		16,913,966		(11,104,880	)		2,392,599			2,531,575			64,475,720		3,494,619		1,182,118		—
Advanced Energy Industries Inc.		278,699,438		56,550,224		(44,117,552	)		12,034,747			(71,018,480	)		232,148,377		2,696,891		1,037,147		—
AdvanSix Inc.		50,090,400		19,384,186		(12,419,032	)		3,982,488			42,091,722			103,129,764		2,018,590		486,671		—
Aegion Corp.(a)		58,714,544		868,974		(62,132,617	)		17,761,221			(15,212,122	)		—		—		—		—

40 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Aerojet Rocketdyne Holdings Inc.	$	225,691,873	$	59,557,076		$  (34,657,681	)	$	9,565,343		$	(49,257,727	)	$	210,898,884		5,359,565	$	—	$	—
Aerovironment Inc.		173,727,081		33,266,873		(21,098,468	)		5,830,384			(36,336,126	)		155,389,744		1,650,624		—		—
Agilysys Inc.		64,951,988		15,832,103		(14,301,716	)		4,603,351			(15,252,728	)		55,832,998		1,400,025		—		—
Agree Realty Corp.		284,765,321		103,532,485		(43,332,464	)		9,202,538			(15,469,094	)		338,698,786		5,103,960		11,718,799		—
Alamo Group Inc.		102,876,929		24,955,074		(17,246,619	)		5,266,778			(13,741,275	)		102,110,887		710,139		402,431		—
Alarm.com Holdings Inc.		259,809,704		58,335,475		(36,040,457	)		9,610,781			(72,589,373	)		219,126,130		3,297,113		—		—
Albany International Corp., Class A		170,803,325		49,509,931		(27,174,894	)		8,804,821			(6,679,396	)		195,263,787		2,315,747		1,783,306		—
Alexander & Baldwin Inc.		81,112,742		26,640,371		(17,825,749	)		2,706,396			27,700,124			120,333,884		5,189,042		3,557,647		—
Allegheny Technologies Inc.		178,034,775		41,941,199		(29,170,145	)		7,027,837			46,679,915			244,513,581		9,110,044		—		—
Allegiance Bancshares Inc.		50,138,291		4,331,466		(223,393	)		(3	)		5,340,853			59,587,214		1,333,644		626,166		—
Allegiant Travel Co.		213,636,213		70,760,765		(27,639,913	)		4,262,557			(84,537,256	)		176,482,366		1,086,781		—		—
Allscripts Healthcare Solutions Inc.		140,073,043		30,537,548		(39,404,962	)		11,421,872			52,595,542			195,223,043		8,668,874		—		—
AMC Networks Inc., Class A		106,156,533		25,203,768		(21,663,606	)		795,638			(25,492,707	)		84,999,626		2,092,041		—		—
American Assets Trust Inc.		108,473,164		35,280,630		(19,494,521	)		901,623			17,840,397			143,001,293		3,774,117		2,563,961		—
American Axle & Manufacturing Holdings Inc.		73,028,576		18,246,525		(12,385,526	)		(3,779,030	)		(11,756,143	)		63,354,402		8,164,227		—		—
American Equity Investment Life Holding Co.		179,893,753		36,478,034		(27,641,076	)		3,757,700			42,994,637			235,483,048		5,900,352		1,914,272		—
American Public Education Inc.		44,164,667		7,527,284		(5,228,903	)		(753,412	)		(17,375,922	)		28,333,714		1,333,979		—		—
American States Water Co.		185,981,265		53,105,246		(35,715,498	)		10,387,239			21,639,381			235,397,633		2,644,323		3,574,297		—
American Vanguard Corp.		36,329,922		7,445,561		(5,121,103	)		(228,457	)		566,105			38,992,028		1,918,899		158,109		—
American Woodmark Corp.		111,651,511		20,260,274		(16,181,856	)		(2,381,392	)		(55,081,100	)		58,267,437		1,190,346		—		—
America’s CarMart Inc./TX		62,431,322		12,278,051		(9,275,184	)		(353,044	)		(30,180,620	)		34,900,525		433,224		—		—
Ameris Bancorp.		231,575,664		23,579,414		(9,015,691	)		(632,064	)		(39,821,841	)		205,685,482		4,687,454		2,719,237		—
AMERISAFE Inc.		82,552,640		17,368,491		(12,330,497	)		1,862,128			(20,874,982	)		68,577,780		1,380,668		6,822,847		—
AMN Healthcare Services Inc.		231,770,949		78,557,059		(52,091,651	)		21,676,003			73,233,735			353,146,095		3,384,895		—		—
Amphastar Pharmaceuticals Inc.		44,863,701		13,998,045		(9,802,099	)		1,047,017			44,550,220			94,656,884		2,636,682		—		—
Andersons Inc. (The)		56,402,554		19,367,771		(14,959,739	)		1,907,518			46,720,080			109,438,184		2,177,441		1,514,110		—
AngioDynamics Inc.		59,182,765		16,582,023		(10,310,170	)		2,646,926			(8,336,509	)		59,765,035		2,774,607		—		—
ANI Pharmaceuticals Inc.		23,513,371		13,022,104		(3,661,557	)		(696,385	)		(6,579,949	)		25,597,584		910,622		—		—

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Anika Therapeutics Inc.	$	39,165,049	$	9,028,612	$	(6,020,209	)	$	(387,897	)	$	(15,739,128	)	$	26,046,427		1,037,293	$	—	$	—
Apogee Enterprises Inc.		70,944,910		18,631,347		(16,469,189	)		1,507,602			9,843,627			84,458,297		1,779,568		1,423,933		—
Apollo Commercial Real Estate Finance Inc.		119,741,871		41,296,690		(18,733,439	)		1,780,651			(12,671,086	)		131,414,687		9,433,933		15,523,682		—
Applied Industrial Technologies Inc.		235,541,068		60,513,124		(42,501,795	)		10,613,393			18,492,916			282,658,706		2,753,348		3,486,175		—
Applied Optoelectronics Inc.(a)		13,771,018		1,372,527		(10,871,984	)		(15,879,410	)		11,607,849			—		—		—		—
ArcBest Corp.		119,067,236		36,196,739		(26,681,532	)		6,456,950			8,142,737			143,182,130		1,778,660		552,380		—
Archrock Inc.		81,271,297		14,764,526		(11,395,365	)		(105,256	)		4,258,478			88,793,680		9,620,117		140,444		—
Arconic Corp.		165,672,060		75,192,467		(39,903,591	)		13,896,906			(19,738,740	)		195,119,102		7,615,890		—		—
Arcosa Inc.		209,019,091		42,524,727		(28,674,875	)		5,970,199			(30,763,302	)		198,075,840		3,459,840		652,829		—
Arlo Technologies Inc.		33,527,469		11,289,845		(5,644,500	)		1,594,439			12,693,207			53,460,460		6,033,912		—		—
Armada Hoffler Properties Inc.		49,562,770		20,824,314		(8,492,339	)		701,063			7,490,572			70,086,380		4,800,437		1,943,620		—
ARMOUR Residential REIT Inc.		53,066,279		26,306,771		(7,258,088	)		(3,245,356	)		(14,943,916	)		53,925,690		6,419,725		—		—
Artivion Inc.(b)		58,602,326		14,840,035		(9,811,884	)		276,912			(3,488,514	)		60,418,875		2,825,953		—		—
Asbury Automotive Group Inc.		253,162,543		106,603,395		(38,650,185	)		15,798,587			(71,550,249	)		265,364,091		1,656,455		—		—
Assured Guaranty Ltd.(c)		N/A		128,663,922		(30,458,091	)		2,567,496			130,203,823			318,170,834		4,997,971		3,771,750		—
Astec Industries Inc.		113,618,646		23,086,050		(15,846,902	)		2,952,076			(54,091,734	)		69,718,136		1,621,352		709,104		—
Atlas Air Worldwide Holdings Inc.		110,157,340		35,685,816		(25,855,217	)		5,891,441			40,894,439			166,773,819		1,930,923		—		—
Avanos Medical Inc.		—		152,946,610		(16,741,580	)		(1,653,146	)		(19,053,130	)		115,498,754		3,447,724		—		—
Avid Bioservices Inc.		—		140,595,133		(6,897,080	)		(688,738	)		(43,331,999	)		89,677,316		4,402,421		—		—
Avista Corp.		220,450,147		23,699,073		(6,570,865	)		(122,490	)		(10,052,969	)		227,402,896		5,036,609		8,066,242		—
Axcelis Technologies Inc.		92,487,714		30,886,676		(21,825,420	)		6,895,704			71,505,702			179,950,376		2,382,502		—		—
Axos Financial Inc.		160,687,184		23,766,942		(6,695,135	)		614,213			(4,704,631	)		173,668,573		3,743,664		—		—
AZZ Inc.		85,214,857		22,419,670		(18,142,134	)		1,337,044			(5,580,722	)		85,248,715		1,767,179		1,152,087		—
B&G Foods Inc.		134,036,728		26,579,087		(22,422,864	)		3,592,619			(16,168,498	)		125,617,072		4,655,933		1,951,276		—
Badger Meter Inc.		180,801,970		47,606,244		(31,782,672	)		12,001,696			163,907			208,791,145		2,093,984		1,551,323		—
Balchem Corp.		270,776,744		75,779,821		(50,352,150	)		16,267,594			4,465,437			316,937,446		2,318,489		1,444,319		—
Banc of California Inc.		53,563,266		27,017,252		(8,904,293	)		1,621,284			2,139,370			75,436,879		3,896,533		812,496		—
Bancorp. Inc. (The)		—		98,753,880		(1,056,723	)		(154,000	)		15,108,425			112,651,582		3,976,406		—		—
BankUnited Inc.		252,353,165		11,306,431		(19,902,195	)		2,376,521			(2,990,107	)		243,143,815		5,531,024		5,395,173		—
Banner Corp.		111,680,273		8,475,166		—			—			10,425,284			130,580,723		2,231,005		3,585,435		—
Barnes Group Inc.		153,866,088		34,932,997		(24,588,058	)		203,285			(30,430,096	)		133,984,216		3,333,770		2,025,208		—
Bed Bath & Beyond Inc.		235,518,766		37,704,831		(71,125,955	)		15,989,477			(62,816,014	)		155,271,105		6,891,749		—		—
Benchmark Electronics Inc.		74,949,214		16,326,031		(13,549,246	)		366,157			(14,776,813	)		63,315,343		2,528,568		1,611,434		—
Berkshire Hills Bancorp. Inc.		70,113,749		5,812,832		(3,649,084	)		(2,621,604	)		23,273,638			92,929,531		3,207,785		1,573,779		—
Big Lots Inc.		153,740,090		34,138,941		(37,976,390	)		1,377,517			(75,648,572	)		75,631,586		2,185,884		2,728,535		—

42 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)    

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BioLife Solutions Inc.	$	—	$	130,761,931		$	(14,802,619	)	$	(2,470,479	)	$	(64,703,548	)	$	48,785,285		2,146,295	$	—		$	—
BJ’s Restaurants Inc.		89,865,442		15,359,970			(11,092,673	)		819,411			(47,746,675	)		47,205,475		1,668,038		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		2,960,673,133		—			(15,161,491	)(d)		(523,703	)		(1,883,718	)		2,943,104,221		2,943,692,959		7,435,203	(e)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		849,990,000		305,370,000	(d)		—			—			—			1,155,360,000		1,155,360,000		250,552			—
Bloomin’ Brands Inc.		144,746,471		31,487,167			(21,264,371	)		2,315,767			(29,807,403	)		127,477,631		5,810,284		804,288			—
Blucora Inc.		53,626,743		13,729,280			(8,756,356	)		(1,237,679	)		11,012,925			68,374,913		3,497,438		—			—
Boise Cascade Co.		156,338,781		42,639,259			(28,143,779	)		8,385,063			16,384,159			195,603,483		2,815,654		14,463,085			—
Boot Barn Holdings Inc.		120,596,643		45,064,211			(25,410,666	)		10,315,104			50,702,884			201,268,176		2,123,306		—			—
Boston Private Financial Holdings Inc.(a)		67,642,583		1,239,445			(75,612,364	)		5,863,057			867,279			—		—		304,696			—
Bottomline Technologies DE Inc.		117,211,347		31,725,725			(23,391,564	)		4,297,660			26,964,433			156,807,601		2,766,542		—			—
Brandywine Realty Trust		146,834,970		37,150,477			(26,346,974	)		2,237,246			13,199,762			173,075,481		12,240,133		7,394,859			—
BrightSphere Investment Group Inc.		80,981,540		36,537,823			(74,691,686	)		17,830,176			135,175			60,793,028		2,506,929		146,744			—
Brinker International Inc.		214,629,411		34,575,969			(27,107,798	)		779,623			(101,112,308	)		121,764,897		3,190,904		—			—
Bristow Group Inc.		40,152,484		11,936,140			(8,160,373	)		454,933			16,959,521			61,342,705		1,654,334		—			—
Brookline Bancorp. Inc.		73,107,615		3,461,204			—			—			3,714,406			80,283,225		5,074,793		2,413,301			—
Cadence Bancorp.(a)		160,203,119		6,849,611			(162,745,482	)		21,883,321			(26,190,569	)		—		—		13,395,700			—
CalAmp Corp.		25,666,055		5,687,909			(3,721,537	)		(618,140	)		(8,169,999	)		18,844,288		2,577,878		—			—
Calavo Growers Inc.		86,195,384		16,117,686			(9,597,154	)		(2,548,615	)		(44,045,476	)		46,121,825		1,265,345		1,378,012			—
Caleres Inc.		55,052,652		15,298,260			(10,550,984	)		1,385,810			(8,485,682	)		52,700,056		2,726,335		735,726			—
California Water Service Group		188,973,938		54,891,611			(28,521,578	)		9,862,044			(2,175,270	)		223,030,745		3,762,327		3,271,148			—
Callon Petroleum Co.		118,532,653		59,653,037			(41,419,070	)		(18,114,267	)		81,000,590			199,652,943		3,379,366		—			—
Cal-Maine Foods Inc.		95,893,054		24,418,888			(17,345,780	)		(841,329	)		45,810,320			147,935,153		2,679,014		84,264			—
Capitol Federal Financial Inc.		110,890,425		11,659,865			(3,269,867	)		(509,630	)		(19,921,869	)		98,848,924		9,085,379		8,272,862			—
Capstead Mortgage Corp.(a)		40,358,862		7,490,702			(45,780,933	)		(7,233,234	)		5,164,603			—		—		2,330,385			—
Cara Therapeutics Inc.		—		85,169,093			(7,914,519	)		(3,191,504	)		(37,650,322	)		36,412,748		2,996,934		—			—
Cardiovascular Systems Inc.		102,661,676		19,516,521			(14,579,958	)		(1,879,192	)		(40,078,228	)		65,640,819		2,904,461		—			—
Cardtronics PLC, Class A(a)		93,625,525		3,724,989			(97,834,896	)		17,929,485			(17,445,103	)		—		—		—			—
CareTrust REIT Inc.		142,840,994		22,872,619			(5,621,325	)		1,201,268			(27,315,735	)		133,977,821		6,941,856		6,504,696			—

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Carpenter Technology Corp.	$	131,657,656	$	28,521,899	$	(19,694,165	)	$	2,683,852		$	1,790,259		$	144,959,501		3,453,061	$	2,602,409	$	—
Cars.com Inc.		—		81,164,787		(4,225,737	)		(102,444	)		(9,746,543	)		67,090,063		4,649,346		—		—
Cato Corp. (The), Class A		15,959,136		5,128,277		(4,433,457	)		(549,184	)		3,879,931			19,984,703		1,363,213		835,172		—
Cavco Industries Inc.		128,482,639		36,709,800		(25,047,961	)		7,922,920			(1,274,140	)		146,793,258		609,480		—		—
Centerspace		58,783,824		30,292,022		(10,653,606	)		2,239,436			24,660,430			105,322,106		1,073,401		726,867		—
Central Garden & Pet Co.		37,770,079		8,227,626		(5,570,663	)		1,760,472			(11,257,786	)		30,929,728		703,588		—		—
Central Pacific Financial Corp.		40,653,703		2,102,716		—			—			1,814,305			44,570,724		1,597,517		1,567,457		—
Century Communities Inc.		116,608,875		34,694,888		(20,344,344	)		6,895,888			(23,986,594	)		113,868,713		2,125,606		1,309,670		—
Cerence Inc.		—		89,461,558		(630,129	)		90,139			12,251,317			101,172,885		2,802,573		—		—
CEVA Inc.		85,448,059		16,962,411		(11,400,862	)		1,572,449			(25,487,647	)		67,094,410		1,650,539		—		—
Chart Industries Inc.(a)		337,280,531		88,743,295		(504,219,743	)		268,556,828			(190,360,911	)		—		—		—		—
Chatham Lodging Trust		41,422,561		12,325,570		(7,427,160	)		(844,705	)		2,659,949			48,136,215		3,490,661		—		—
Cheesecake Factory Inc. (The)		164,425,914		52,141,502		(20,816,506	)		5,033,586			(62,679,374	)		138,105,122		3,470,850		—		—
Chefs’ Warehouse Inc. (The)		65,162,408		18,460,190		(12,159,461	)		2,693,501			1,862,650			76,019,288		2,331,880		—		—
Chesapeake Utilities Corp.		135,123,620		10,286,706		(10,797,601	)		2,272,821			22,916,743			159,802,289		1,160,005		2,244,794		—
Chico’s FAS Inc.		26,485,809		11,316,743		(7,418,065	)		689,647			11,027,832			42,101,966		8,771,243		—		—
Children’s Place Inc. (The)		67,841,798		19,293,853		(18,554,072	)		(260,079	)		(20,177,092	)		48,144,408		976,560		—		—
Chuy’s Holdings Inc.		58,152,050		10,753,076		(7,187,474	)		703,988			(24,011,224	)		38,410,416		1,422,608		—		—
Cincinnati Bell Inc.(a)		46,894,465		1,761,680		(49,127,219	)		(879,914	)		1,350,988			—		—		—		—
Cinemark Holdings Inc.		—		147,194,243		(15,304,724	)		(503,349	)		235,452			131,621,622		7,616,992		—		—
CIRCOR International Inc.		46,626,034		10,284,591		(6,546,331	)		(2,024,034	)		(9,471,892	)		38,868,368		1,460,119		—		—
City Holding Co.		80,745,483		249,094		—			—			(3,042,542	)		77,952,035		990,496		2,315,936		—
Civitas Resources Inc.(c)(f)		N/A		207,228,234		(14,228,675	)		6,882,181			70,286,984			308,128,260		5,160,413		7,850,302		—
Clearwater Paper Corp.		41,718,586		9,607,492		(6,345,887	)		304,538			(11,683,262	)		33,601,467		1,198,768		—		—
Cogent Communications Holdings Inc.		194,072,143		45,152,216		(34,417,166	)		11,235,394			(14,695,683	)		201,346,904		3,034,618		2,313,813		—
Coherus Biosciences Inc.		62,569,677		18,386,545		(14,395,091	)		(682,143	)		(6,761,594	)		59,117,394		4,579,194		—		—
Cohu Inc.		131,608,431		30,706,586		(19,022,059	)		4,671,645			(44,850,546	)		103,114,057		3,483,583		—		—
Collegium Pharmaceutical Inc.		55,011,184		12,037,503		(8,807,467	)		(1,185,454	)		(6,678,326	)		50,377,440		2,474,334		—		—
Columbia Banking System Inc.		193,475,694		26,458,422		—			—			(50,818,921	)		169,115,195		5,240,632		5,460,424		—
Comfort Systems USA Inc.		180,336,567		50,322,844		(34,469,192	)		11,352,962			21,870,837			229,414,018		2,577,396		1,221,001		—
Community Bank System Inc.		256,597,789		18,308,016		—			—			(23,541,729	)		251,364,076		3,583,237		5,979,463		—
Community Health Systems Inc.		109,739,393		28,482,555		(18,543,682	)		7,132,354			(21,333,812	)		105,476,808		8,885,999		—		—

44 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Community Healthcare Trust Inc.	$	69,458,011	$	17,713,020	$	(9,844,856	)	$	2,920,502		$	(9,297,028	)	$	70,949,649		1,680,873	$	2,484,023	$	—
Compass Minerals International Inc.		—		134,476,479		(4,105,018	)		138,812			22,493,574			153,003,847		2,436,755		364,942		—
Computer Programs & Systems Inc.		26,097,210		10,988,962		(3,948,986	)		(275,616	)		3,451,693			36,313,263		1,054,086		—		—
Comtech Telecommunications Corp.		43,114,192		10,301,031		(6,713,753	)		562,779			(17,562,608	)		29,701,641		1,893,030		707,565		—
CONMED Corp.		251,932,139		64,951,903		(41,631,442	)		16,851,823			18,964,179			311,068,602		2,094,033		1,593,234		—
Conn’s Inc.(c)		N/A		7,132,034		(5,431,420	)		1,175,303			(7,113,899	)		21,217,289		1,376,852		—		—
Consensus Cloud Solutions Inc.		—		79,179,070		(5,629,915	)		(198,818	)		(4,823,543	)		68,526,794		1,139,644		—		—
CONSOL Energy Inc.		19,630,706		14,161,028		(7,112,870	)		1,848,428			57,160,169			85,687,461		2,277,105		—		—
Consolidated Communications Holdings Inc.(g)		35,129,052		9,388,783		(7,194,188	)		(3,909,708	)		27,324,743			N/A		N/A		—		—
Cooper Tire & Rubber Co.(a)		188,197,706		7,804,915		(210,583,669	)		103,597,803			(89,016,755	)		—		—		354,251		—
Cooper-Standard Holdings Inc.(a)		41,087,581		5,959,097		(15,154,639	)		(77,226,969	)		45,334,930			—		—		—		—
Corcept Therapeutics Inc.		167,332,532		35,152,913		(38,400,180	)		(801,869	)		(9,612,726	)		153,670,670		6,823,742		—		—
Core Laboratories NV		85,629,665		26,770,935		(16,142,971	)		501,718			7,985,486			104,744,833		3,311,566		118,940		—
CoreCivic Inc.		72,246,648		19,479,300		(13,655,639	)		1,422,802			16,671,083			96,164,194		8,609,149		—		—
Core-Mark Holding Co. Inc.(a)		116,595,449		9,629,917		(147,130,340	)		41,377,533			(20,472,559	)		—		—		781,596		—
Covetrus Inc.(c)		N/A		36,995,575		(22,404,710	)		2,870,009			13,437,072			124,128,789		7,393,019		—		—
Crocs Inc.(a)		350,913,246		12,850,371		(461,974,665	)		354,207,564			(255,996,516	)		—		—		—		—
Cross Country Healthcare Inc.		29,471,891		12,834,402		(8,578,502	)		2,533,043			18,558,849			54,819,683		2,529,750		—		—
CSG Systems International Inc.		97,620,847		29,270,437		(20,944,972	)		3,319,308			38,500,429			147,766,049		2,324,462		2,279,936		—
CTS Corp.		66,969,802		18,773,101		(13,321,273	)		3,084,282			5,865,074			81,370,986		2,302,518		354,111		—
Cubic Corp.(a)		157,826,659		3,867,017		(162,604,947	)		36,715,655			(35,804,384	)		—		—		—		—
Customers Bancorp. Inc.		59,848,106		14,459,675		(507,667	)		(27,410	)		37,611,371			111,384,075		2,136,250		—		—
Cutera Inc.		35,300,396		11,826,554		(12,911,696	)		5,339,314			41,153,214			80,707,782		1,169,678		—		—
CVB Financial Corp.		183,400,966		28,841,217		(7,736,468	)		796,820			9,444,601			214,747,136		9,252,354		4,592,703		—
Cytokinetics Inc.		110,368,584		63,311,154		(21,340,088	)		9,802,260			58,678,004			220,819,914		5,998,911		—		—
Daktronics Inc.(a)		15,616,363		1,629,331		(14,507,263	)		(7,625,997	)		4,887,566			—		—		—		—
Dave & Buster’s Entertainment Inc.		152,109,563		27,452,039		(41,477,127	)		(1,361,062	)		(721,667	)		136,001,746		2,769,893		—		—
Deluxe Corp.		117,486,489		26,470,263		(17,608,783	)		1,204,564			(35,357,970	)		92,194,563		3,048,762		3,457,308		—
Designer Brands Inc., Class A		68,207,635		15,968,270		(8,880,599	)		2,262,215			(17,825,326	)		59,732,195		4,421,332		—		—
DiamondRock Hospitality Co.		142,100,747		27,095,558		(14,868,083	)		(667,966	)		(1,491,686	)		152,168,570		15,066,195		—		—
Diebold Nixdorf Inc.		73,710,332		12,711,630		(12,925,552	)		454,896			(38,713,638	)		35,237,668		5,235,909		—		—

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Digi International Inc.	$	42,013,666	$	14,483,612	$	(8,141,320	)	$	2,070,602		$	3,474,498		$	53,901,058		2,504,696	$	—	$	—
Dime Community Bancshares Inc.		70,475,156		19,608,008		(18,847,016	)		2,058,303			7,615,459			80,909,910		2,340,466		2,225,705		—
Dine Brands Global Inc.		99,848,312		26,358,946		(16,035,722	)		1,934,437			(15,791,187	)		96,314,786		1,235,597		1,045,000		—
Diodes Inc.		223,876,550		76,078,842		(35,692,510	)		16,002,229			118,012			280,383,123		3,223,165		—		—
Diversified Healthcare Trust		75,996,790		13,037,632		(9,303,170	)		(2,171,118	)		(22,608,236	)		54,951,898		17,172,468		169,246		—
DMC Global Inc.		55,716,447		25,744,439		(8,961,242	)		(1,116,113	)		(29,304,359	)		42,079,172		1,379,645		—		—
Domtar Corp.(c)(g)		N/A		153,558,062		(213,159,263	)		59,601,201			—			N/A		N/A		—		—
Donnelley Financial Solutions Inc.		54,976,940		18,714,492		(14,272,000	)		5,060,756			4,954,585			69,434,773		2,087,636		—		—
Dorman Products Inc.		195,919,848		47,054,647		(33,727,815	)		8,129,670			(23,939,554	)		193,436,796		2,035,534		—		—
Douglas Elliman Inc.		—		32,222,831		(1,301,436	)		240,266			3,136,790			34,298,451		4,698,418		234,008		—
Dril-Quip Inc.		78,472,412		16,203,159		(12,105,626	)		(2,178,101	)		14,192,362			94,584,206		2,532,375		—		—
DSP Group Inc.(a)		21,123,901		3,489,913		(36,050,944	)		13,149,026			(1,711,896	)		—		—		—		—
DXP Enterprises Inc./TX		32,979,219		10,880,508		(6,656,700	)		(1,093,393	)		(2,854,411	)		33,255,223		1,227,583		—		—
Eagle Bancorp. Inc.		107,742,162		10,088,804		—			—			7,084,158			124,915,124		2,191,109		2,926,354		—
Eagle Pharmaceuticals Inc./DE		32,325,501		9,401,644		(7,489,214	)		(677,659	)		6,696,082			40,256,354		813,424		—		—
Easterly Government Properties Inc.		109,680,067		24,841,825		(11,619,110	)		1,689,169			749,096			125,341,047		5,929,094		3,161,908		—
Ebix Inc.		50,462,144		12,027,661		(7,921,181	)		(1,603,970	)		3,786,488			56,751,142		1,711,950		484,924		—
Echo Global Logistics Inc.(a)		55,528,357		5,958,770		(91,026,192	)		40,575,263			(11,036,198	)		—		—		—		—
Edgewell Personal Care Co.		143,193,323		36,871,656		(26,181,591	)		(38,769	)		(11,999,045	)		141,845,574		3,868,164		2,232,205		—
eHealth Inc.		125,650,603		15,078,775		(17,062,843	)		(20,835,926	)		(81,654,036	)		21,176,573		1,706,412		—		—
elf Beauty Inc.		68,727,165		38,328,670		(12,066,298	)		854,803			(7,086,442	)		88,757,898		3,436,233		—		—
Ellington Financial Inc.		—		77,344,107		(5,818,284	)		118,844			(2,128,620	)		69,516,047		3,916,397		5,196,621		—
Emergent BioSolutions Inc.		—		153,255,287		(8,860,990	)		171,260			(3,929,637	)		140,635,920		3,425,132		—		—
Employers Holdings Inc.		72,831,899		1,999,151		(662,204	)		(64,131	)		(3,441,284	)		70,663,431		1,722,658		1,727,295		—
Enanta Pharmaceuticals Inc.		59,133,299		20,465,920		(12,485,341	)		(322,814	)		26,181,120			92,972,184		1,306,156		—		—
Encore Capital Group Inc.		84,146,154		25,462,921		(41,697,712	)		8,441,094			35,258,453			111,610,910		1,779,227		—		—
Encore Wire Corp.		92,492,184		36,093,806		(26,017,909	)		6,533,679			56,301,337			165,403,097		1,450,014		112,828		—
Endo International PLC		113,398,112		10,744,437		(4,358,183	)		(1,873,083	)		(79,081,345	)		38,829,938		16,809,497		—		—
Enerpac Tool Group Corp.		104,181,448		22,030,218		(15,162,278	)		246,137			(17,082,432	)		94,213,093		4,303,933		160,176		—
Enova International Inc.		85,912,975		23,837,837		(22,683,406	)		4,785,840			928,993			92,782,239		2,443,567		—		—
EnPro Industries Inc.		116,862,535		33,862,676		(22,367,213	)		5,037,772			11,038,811			144,434,581		1,477,894		1,532,682		—
Ensign Group Inc. (The)		321,590,055		68,292,586		(43,131,801	)		20,331,315			(29,827,286	)		337,254,869		3,746,860		772,830		—
ePlus Inc.		89,775,142		22,840,253		(15,836,112	)		4,431,339			6,644,053			107,854,675		1,923,915		—		—
ESCO Technologies Inc.		188,986,000		36,847,854		(26,315,473	)		5,562,162			(75,070,666	)		130,009,877		1,859,409		425,209		—

46 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Essential Properties Realty Trust Inc.(c)	$	N/A	$	122,074,332	$	(29,864,870	)	$	3,227,580		$	4,597,375		$	220,199,764		8,703,548	$	6,757,933	$	—
Ethan Allen Interiors Inc.		40,348,205		9,626,242		(6,633,904	)		914,688			(3,180,642	)		41,074,589		1,575,550		4,165,059		—
EVERTEC Inc.		148,584,548		43,401,584		(30,111,560	)		10,705,109			2,440,274			175,019,955		4,276,080		809,320		—
ExlService Holdings Inc.		201,170,762		65,234,139		(44,840,205	)		16,915,763			103,139,549			341,620,008		2,384,449		—		—
Exponent Inc.		336,492,998		88,210,152		(57,011,657	)		25,496,519			9,977,872			403,165,884		3,731,290		2,997,052		—
Fabrinet		222,144,724		61,722,573		(40,431,780	)		17,236,326			17,781,888			278,453,731		2,648,661		—		—
FARO Technologies Inc.		103,973,860		21,222,322		(14,042,396	)		2,626,598			(45,870,634	)		67,909,750		1,307,969		—		—
FB Financial Corp.(c)		N/A		33,794,786		(14,167,972	)		2,411,880			22,993,541			113,334,609		2,551,432		1,065,244		—
Federal Signal Corp.		154,545,670		40,590,113		(26,024,908	)		9,246,942			(30,509,867	)		147,847,950		4,380,680		1,492,484		—
Ferro Corp.		92,683,163		29,225,356		(19,694,705	)		3,750,428			23,085,050			129,049,292		5,936,030		—		—
First Bancorp./Puerto Rico		150,964,318		11,164,955		(6,846,045	)		(899,949	)		23,819,908			178,203,187		13,582,560		4,587,728		—
First Bancorp./Southern Pines NC		76,798,902		33,058,645		—			—			(7,132,753	)		102,724,794		2,459,296		1,704,852		—
First Commonwealth Financial Corp.		85,042,838		3,798,922		—			—			4,214,383			93,056,143		6,138,268		2,747,639		—
First Financial Bancorp.		144,280,584		3,869,385		(2,248,565	)		(511,888	)		(5,229,381	)		140,160,135		6,080,700		5,571,187		—
First Hawaiian Inc.		238,840,200		59,175,602		(47,835,590	)		7,082,816			(2,969,873	)		254,293,155		9,117,718		9,174,590		—
First Midwest Bancorp. Inc.(a)		153,647,885		8,019,526		(153,940,956	)		—			(7,726,455	)		—		—		3,061,046		—
Flagstar Bancorp. Inc.		140,902,638		27,543,269		(4,187,076	)		75,332			(11,951,192	)		152,382,971		3,593,938		791,220		—
FormFactor Inc.		233,777,793		49,980,907		(32,618,735	)		9,784,619			(25,597,815	)		235,326,769		5,599,019		—		—
Forward Air Corp.		162,962,353		43,960,674		(32,861,394	)		7,795,090			6,845,477			188,702,200		1,929,865		1,616,598		—
Fossil Group Inc.		38,886,983		9,444,342		(6,039,230	)		561,589			(9,985,757	)		32,867,927		3,409,536		—		—
Four Corners Property Trust Inc.		138,556,484		34,344,225		(20,892,531	)		2,267,901			(4,655,539	)		149,620,540		5,533,304		6,140,722		—
Franklin BSP Realty Trust Inc.		—		53,768,631		(2,083,228	)		(44,575	)		(7,494,938	)		44,145,890		3,157,789		1,975,216		—
Franklin Electric Co. Inc.		201,910,285		54,204,249		(33,326,322	)		10,961,345			(1,882,030	)		231,867,527		2,792,239		1,889,641		—
Franklin Street Properties Corp., Class C		35,158,005		2,822,210		(6,300,994	)		2,044,933			6,276,359			40,000,513		6,779,748		62,222		—
GameStop Corp., Class A(a)		692,011,588		54,841,753		(607,214,810	)		504,253,766			(643,892,297	)		—		—		—		—
Gannett Co. Inc.		47,340,465		15,851,555		(7,893,606	)		(2,666,088	)		(6,687,003	)		45,945,323		10,187,433		—		—
GCP Applied Technologies Inc.(c)		N/A		29,540,799		(13,469,043	)		2,029,448			34,252,455			120,964,078		3,849,907		—		—
Genesco Inc.		45,293,862		14,671,897		(12,922,077	)		2,937,555			12,537,279			62,518,516		982,841		—		—
Gentherm Inc.		162,735,333		42,923,883		(27,975,897	)		8,513,580			(12,605,507	)		173,591,392		2,376,662		—		—
Genworth Financial Inc., Class A		—		129,641,791		—			—			(15,298,726	)		114,343,065		30,249,488		—		—
GEO Group Inc. (The)		57,084,834		6,257,091		—			—			(9,963,928	)		53,377,997		8,075,340		821,529		—
Getty Realty Corp.		69,450,580		15,028,443		(5,294,850	)		840,727			308,006			80,332,906		2,806,880		3,050,130		—

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Gibraltar Industries Inc.	$	198,668,118	$	36,136,806	$	(25,011,705	)	$	4,957,300		$	(114,327,191	)	$	100,423,328		2,338,145	$	—	$	—
G-III Apparel Group Ltd.		87,531,081		21,586,421		(15,188,876	)		524,433			(9,840,091	)		84,612,968		3,128,021		—		—
Glatfelter Corp.		50,692,210		11,368,234		(7,910,611	)		(1,073,585	)		(13,869,135	)		39,207,113		3,166,972		1,717,375		—
Glaukos Corp.		256,141,435		44,598,464		(29,607,141	)		1,441,829			(78,664,867	)		193,909,720		3,353,679		—		—
Global Net Lease Inc.		109,161,268		39,080,223		(16,177,869	)		574,167			(16,033,721	)		116,604,068		7,412,846		5,069,651		—
Glu Mobile Inc.(a)		125,000,504		1,481,285		(126,679,997	)		53,344,406			(53,146,198	)		—		—		—		—
GMS Inc.		119,173,079		35,982,953		(23,375,934	)		7,532,374			13,959,568			153,272,040		3,079,607		—		—
Golden Entertainment Inc.		—		80,733,768		(897,754	)		54,364			4,641,366			84,531,744		1,455,687		—		—
Granite Construction Inc.		122,479,905		29,438,237		(20,542,653	)		3,543,790			(27,369,752	)		107,549,527		3,278,949		1,639,208		—
Granite Point Mortgage Trust Inc.		43,827,162		6,100,754		(3,708,675	)		(497,201	)		(2,716,296	)		43,005,744		3,867,423		3,725,959		—
Great Western Bancorp. Inc.(a)		102,117,283		16,377,767		(118,602,488	)		(15,724,918	)		15,832,356			—		—		389,037		—
Green Dot Corp., Class A		153,000,004		11,925,625		(467,997	)		(124,692	)		(65,245,666	)		99,087,274		3,605,796		—		—
Green Plains Inc.(c)		N/A		19,064,946		—			—			27,600,405			85,196,657		2,747,393		—		—
Greenbrier Companies Inc. (The)		103,512,379		24,322,970		(17,590,420	)		2,012,313			8,023,244			120,280,486		2,335,090		2,392,362		—
Greenhill & Co. Inc.(c)		N/A		4,291,645		(4,112,426	)		(734,634	)		(2,853,772	)		14,881,274		961,944		245,365		—
Griffon Corp.		82,001,397		22,317,449		(12,932,178	)		2,560,297			(26,143,492	)		67,803,473		3,385,096		1,076,261		—
Group 1 Automotive Inc.		178,904,511		59,645,604		(41,861,940	)		12,203,300			(2,230,144	)		206,661,331		1,231,373		1,654,738		—
Hanger Inc.		57,995,592		12,515,793		(11,176,384	)		(312,586	)		(10,911,297	)		48,111,118		2,624,720		—		—
Hanmi Financial Corp.		36,077,883		3,748,205		—			—			9,047,157			48,873,245		1,985,910		1,264,093		—
Harmonic Inc.		52,699,782		16,052,993		(9,190,809	)		2,772,619			6,395,910			68,730,495		7,398,331		—		—
Harsco Corp.		90,318,160		23,055,811		(16,314,601	)		(368,586	)		(27,300,266	)		69,390,518		5,669,160		—		—
Haverty Furniture Companies Inc.		41,581,358		8,345,125		(10,254,135	)		1,030,344			(11,599,515	)		29,103,177		1,061,385		3,186,360		—
Hawaiian Holdings Inc.		86,224,377		22,237,727		(12,292,410	)		(3,881,796	)		(20,073,726	)		72,214,172		3,665,694		—		—
Hawkins Inc.		42,429,515		11,133,838		(7,831,210	)		2,035,981			13,850,239			61,618,363		1,342,448		668,430		—
Haynes International Inc.		25,297,235		7,867,883		(6,176,357	)		614,117			10,376,044			37,978,922		891,524		764,939		—
HB Fuller Co.		218,435,976		60,521,138		(37,372,738	)		7,684,748			620,169			249,889,293		3,782,190		2,365,012		—
HCI Group Inc.(c)		N/A		20,289,864		(5,570,385	)		1,990,649			4,397,515			39,375,177		577,518		743,353		—
Healthcare Services Group Inc.		—		140,440,364		(8,236,047	)		(1,479,509	)		(31,670,162	)		99,054,646		5,334,122		2,184,659		—
HealthStream Inc.		37,721,805		9,926,136		(7,147,266	)		331,228			(5,057,914	)		35,773,989		1,795,883		—		—
Heidrick & Struggles International Inc.		46,298,907		14,374,838		(9,562,941	)		2,490,063			1,903,434			55,504,301		1,402,332		795,893		—
Helix Energy Solutions Group Inc.		47,739,564		9,830,758		(7,164,536	)		(2,616,514	)		738,555			48,527,827		10,152,265		—		—
Helmerich & Payne Inc.		193,816,114		52,286,011		(42,910,481	)		6,780,563			113,186,245			323,158,452		7,553,961		7,325,091		—
Heritage Financial Corp./WA		61,686,411		3,204,708		(945,740	)		(401,151	)		(6,750,399	)		56,793,829		2,266,314		1,844,289		—
Hersha Hospitality Trust		25,703,682		5,493,293		(6,075,612	)		(2,380,020	)		(1,195,266	)		21,546,077		2,372,916		—		—

48 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Heska Corp.	$	111,058,940	$	42,457,700	$	(19,822,866	)	$	5,056,967		$	(32,781,522	)	$	105,969,219		766,338	$	—	$	—
Hibbett Inc.(h)		76,298,155		19,180,047		(30,041,017	)		6,249,092			(30,844,082	)		40,842,195		921,114		1,069,877		—
Hillenbrand Inc.		238,675,859		56,142,333		(44,514,474	)		6,080,798			(26,132,799	)		230,251,717		5,212,853		4,421,272		—
Hilltop Holdings Inc.(c)		N/A		—		—			—			(15,230,528	)		115,984,411		3,945,048		2,011,974		—
HMS Holdings Corp.(a)		218,134,160		—		(218,281,648	)		73,782,058			(73,634,570	)		—		—		—		—
HNI Corp.		113,338,174		30,603,185		(19,843,109	)		430,109			(8,746,220	)		115,782,139		3,125,024		3,669,868		—
HomeStreet Inc.		60,877,328		1,683,813		(5,398,636	)		1,162,384			3,114,036			61,438,925		1,296,727		1,492,248		—
Hope Bancorp Inc.		117,392,308		1,106,495		(1,313,385	)		(313,631	)		8,241,773			125,113,560		7,780,694		4,383,268		—
Horace Mann Educators Corp.		109,561,159		5,983,565		—			—			(3,018,008	)		112,526,716		2,690,096		3,297,717		—
Hostess Brands Inc.		—		209,898,493		(6,379,106	)		(18,688	)		13,627,019			217,127,718		9,896,432		—		—
Hub Group Inc., Class A		151,452,595		41,889,385		(27,228,719	)		7,049,642			14,114,816			187,277,719		2,425,563		—		—
Ichor Holdings Ltd.		100,730,117		21,839,167		(15,009,220	)		3,445,419			(38,575,739	)		72,429,744		2,033,401		—		—
Independence Realty Trust Inc.		103,142,321		248,959,472		(24,006,964	)		12,532,312			77,151,801			417,778,942		15,801,019		924,581		—
Independent Bank Corp.		173,702,997		90,871,928		—			—			(6,066,512	)		258,508,413		3,164,505		5,084,037		—
Independent Bank Group Inc.		176,778,504		43,889,310		(30,108,373	)		6,278,096			(9,524,990	)		187,312,547		2,632,273		3,494,876		—
Industrial Logistics Properties Trust		100,624,266		26,669,182		(18,956,261	)		1,297,287			(3,235,323	)		106,399,151		4,693,390		5,433,437		—
Innospec Inc.		168,374,118		37,526,691		(25,213,946	)		5,275,494			(22,354,040	)		163,608,317		1,767,783		1,923,140		—
Innovative Industrial Properties Inc.		287,319,168		107,715,940		(55,143,259	)		19,095,555			17,873,327			376,860,731		1,834,765		10,353,431		—
Innoviva Inc.(c)		N/A		17,506,149		(12,158,568	)		1,823,710			29,291,633			86,614,896		4,476,222		—		—
Inogen Inc.		64,391,411		13,502,858		(3,908,574	)		270,819			(26,955,766	)		47,300,748		1,458,999		—		—
Insight Enterprises Inc.		223,263,239		56,498,132		(39,977,581	)		15,347,855			12,593,871			267,725,516		2,494,647		—		—
Installed Building Products Inc.		166,389,411		48,380,539		(26,143,715	)		11,282,754			(58,087,201	)		141,821,788		1,678,563		3,424,701		—
Insteel Industries Inc.		39,879,389		12,034,947		(7,994,792	)		1,847,192			5,634,790			51,401,526		1,389,606		2,794,777		—
Integer Holdings Corp.		202,318,465		46,545,743		(32,260,216	)		10,291,659			(36,625,890	)		190,269,761		2,361,546		—		—
InterDigital Inc.		—		180,771,264		(24,466,010	)		(526,594	)		(15,770,134	)		140,008,526		2,194,491		2,907,148		—
Interface Inc.		48,998,040		13,889,856		(9,391,838	)		326,543			3,324,944			57,147,545		4,211,315		161,676		—
Invacare Corp.(a)		18,392,883		1,812,662		(11,076,190	)		(15,934,312	)		6,804,957			—		—		—		—
Invesco Mortgage Capital Inc.		61,695,382		25,099,834		(6,284,604	)		(5,439,288	)		(23,934,547	)		51,136,777		22,428,411		19,230		—
Investors Bancorp . Inc.(c)		N/A		84,896,235		(21,191,684	)		1,414,677			25,417,204			241,223,189		16,156,945		8,177,731		—
iRobot Corp.		229,648,306		35,762,074		(32,173,682	)		2,302,187			(113,252,902	)		122,285,983		1,928,801		—		—
iStar Inc.		87,266,231		9,987,035		(8,031,792	)		5,600,150			21,581,207			116,402,831		4,972,355		613,947		—
Itron Inc.		262,027,858		57,349,286		(37,773,957	)		6,278,129			(117,295,205	)		170,586,111		3,238,157		—		—
J&J Snack Foods Corp.		156,939,080		38,836,505		(28,184,114	)		3,453,946			(5,628,785	)		165,416,632		1,066,516		2,616,766		—
Jack in the Box Inc.		—		143,447,521		(7,421,761	)		96,599			4,888,069			141,010,428		1,509,586		681,210		—
James River Group Holdings Ltd.		88,942,485		23,451,097		(2,869,381	)		(838,252	)		(46,511,608	)		62,174,341		2,513,110		2,350,851		—

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)    

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
John B Sanfilippo & Son Inc.	$	53,481,056	$	12,947,225		$	(8,936,797	)	$	839,370		$	(5,087,206	)	$	53,243,648		638,107	$	1,766,580		$	—
John Bean Technologies Corp.		282,009,033		73,807,275			(50,111,298	)		14,118,159			(50,372,869	)		269,450,300		2,274,418		865,156			—
Joint Corp. (The)		—		83,619,853			(9,082,086	)		(416,083	)		(37,354,093	)		36,767,591		1,038,926		—			—
Kaiser Aluminum Corp.		116,400,700		28,539,682			(20,107,839	)		2,891,108			(20,849,132	)		106,874,519		1,135,031		3,136,412			—
Kaman Corp.		94,907,375		20,537,011			(14,178,505	)		(1,742,089	)		(12,607,228	)		86,916,564		1,999,001		1,530,451			—
KAR Auction Services Inc.		—		132,156,397			(6,041,697	)		238,749			30,064,782			156,418,231		8,665,830		—			—
Kite Realty Group Trust(a)		100,366,044		(4,260,332	)		(110,186,184	)		16,912,011			(2,831,539	)		—		—		(777,395	)		—
KKR Real Estate Finance Trust Inc.(c)(g)		N/A		36,412,810			(7,540,456	)		640,941			—			N/A		N/A		4,647,972			—
Knowles Corp.		127,836,869		33,386,534			(23,276,221	)		4,327,481			(867,948	)		141,406,715		6,567,892		—			—
Kontoor Brands Inc.		152,179,452		41,860,606			(27,449,386	)		4,523,040			(30,402,474	)		140,711,238		3,402,932		5,596,788			—
Koppers Holdings Inc.		49,101,211		11,156,728			(7,220,501	)		(217,004	)		(10,692,185	)		42,128,249		1,530,823		76,095			—
Korn Ferry		224,480,358		66,328,296			(44,199,603	)		12,825,796			(6,447,245	)		252,987,602		3,895,713		1,800,422			—
Kraton Corp.(a)		77,819,319		21,944,847			(121,019,647	)		33,148,398			(11,892,917	)		—		—		—			—
Kulicke & Soffa Industries Inc.		203,202,987		57,928,029			(39,538,835	)		18,073,965			10,203,557			249,869,703		4,460,366		2,650,418			—
Lakeland Financial Corp.		—		123,744,814			—			—			7,883,676			131,628,490		1,803,130		1,240,689			—
Lannett Co. Inc.(a)		12,192,924		311,979			(10,659,699	)		(2,283,315	)		438,111			—		—		—			—
Lantheus Holdings Inc.		95,493,683		31,840,297			(20,297,654	)		6,172,766			154,836,774			268,045,866		4,846,246		—			—
Laredo Petroleum Inc.(c)		N/A		37,430,417			(8,034,221	)		(869,076	)		(1,495,177	)		81,468,140		1,029,418		—			—
La-Z-Boy Inc.		131,020,172		27,094,875			(24,711,658	)		146,693			(50,694,223	)		82,855,859		3,142,050		1,959,632			—
LCI Industries		221,828,666		57,117,575			(37,383,334	)		9,763,132			(63,512,364	)		187,813,675		1,809,206		6,217,353			—
LeMaitre Vascular Inc.		54,868,378		22,370,067			(8,888,715	)		1,836,371			(6,266,337	)		63,919,764		1,375,506		564,127			—
LendingTree Inc.		—		128,848,888			(7,221,788	)		(736,806	)		(22,681,433	)		98,208,861		820,664		—			—
LGI Homes Inc.		218,806,787		52,236,737			(43,162,927	)		14,098,556			(92,753,710	)		149,225,443		1,527,697		—			—
Ligand Pharmaceuticals Inc.		—		178,559,660			(13,522,506	)		(322,379	)		(30,224,768	)		134,490,007		1,195,573		—			—
Lindsay Corp.		120,605,054		27,864,190			(18,503,093	)		4,879,408			(11,542,937	)		123,302,622		785,317		972,489			—
Liquidity Services Inc.		32,901,074		9,979,656			(7,075,019	)		2,723,856			(5,835,212	)		32,694,355		1,909,717		—			—
Livent Corp.		169,250,417		74,770,741			(35,676,972	)		11,497,796			81,739,167			301,581,149		11,568,130		—			—
LivePerson Inc.		221,604,883		54,253,119			(30,089,915	)		13,135,344			(141,038,201	)		117,865,230		4,826,586		—			—
LL Flooring Holdings Inc.(i)		48,622,800		8,644,046			(5,923,374	)		303,813			(22,347,252	)		29,300,033		2,089,874		—			—
Loyalty Ventures Inc.		—		70,918,743			(2,526,476	)		(626,247	)		(44,099,143	)		23,666,877		1,431,753		—			—
LTC Properties Inc.		109,067,970		20,679,231			(17,238,419	)		(913,985	)		(3,209,958	)		108,384,839		2,817,386		2,795,457			—
Luminex Corp.(a)		92,423,168		5,594,296			(113,680,460	)		41,298,106			(25,635,110	)		—		—		(567,429	)		—
LXP Industrial Trust(j)		205,538,877		61,891,654			(39,784,462	)		8,505,726			81,759,358			317,911,153		20,249,118		5,417,378			—
Lydall Inc.(a)		38,392,476		7,297,192			(78,295,254	)		32,662,097			(56,511	)		—		—		—			—
M/I Homes Inc.		114,696,514		28,702,820			(19,878,497	)		5,710,148			(36,885,326	)		92,345,659		2,082,202		—			—
Macy’s Inc.(a)		311,179,571		12,179,786			(488,847,968	)		380,389,933			(214,901,322	)		—		—		5,891,122			—
Magellan Health Inc.(a)		142,339,065		12,294,659			(157,353,803	)		35,550,551			(32,830,472	)		—		—		—			—

50 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
ManTech International Corp./VA, Class A	$	158,367,339	$	35,840,059		$	(24,212,417	)	$	6,976,558		$	(7,057,952	)	$	169,913,587		1,971,384	$	2,918,672		$	—
Marcus Corp. (The)		31,243,790		7,086,828			(6,465,425	)		(3,809,469	)		(104,362	)		27,951,362		1,579,173		—			—
MarineMax Inc.		72,828,952		19,379,790			(14,321,726	)		4,589,720			(19,415,928	)		63,060,808		1,566,339		—			—
Marten Transport Ltd.(c)		N/A		17,268,773			(10,967,691	)		3,010,074			17,015,799			76,128,648		4,286,523		2,721,312			—
Matador Resources Co.		171,558,770		68,198,199			(43,737,698	)		17,529,173			204,857,662			418,406,106		7,897,435		1,130,058			—
Materion Corp.		89,936,963		26,852,554			(17,810,540	)		5,522,732			20,866,033			125,367,742		1,462,185		665,325			—
Matrix Service Co.(a)		23,439,657		3,012,578			(15,397,698	)		(19,659,241	)		8,604,704			—		—		—			—
Matson Inc.		193,107,105		56,958,933			(45,924,596	)		14,076,301			144,789,112			363,006,855		3,009,508		3,292,618			—
Matthews International Corp., Class A		83,592,643		18,714,416			(13,377,534	)		(2,127,259	)		(13,728,403	)		73,073,863		2,258,154		1,872,588			—
MaxLinear Inc.		154,093,913		66,090,522			(33,533,800	)		12,486,825			95,986,687			295,124,147		5,057,826		—			—
MDC Holdings Inc.		219,124,640		46,765,907			(28,228,798	)		10,579,268			(95,233,880	)		153,007,137		4,043,529		6,840,884			—
Medifast Inc.		166,232,311		43,548,597			(33,848,700	)		11,636,878			(45,667,984	)		141,901,102		830,900		4,743,388			—
MEDNAX Inc.		145,300,772		38,783,758			(27,797,919	)		3,267,693			(16,380,543	)		143,173,761		6,097,690		—			—
Meredith Corp.(a)		80,610,202		(55,587,557	)		(246,933,252	)		260,034,932			(38,124,325	)		—		—		(142,326,553	)		—
Meridian Bioscience Inc.		75,571,387		15,278,650			(10,720,196	)		1,979,348			(1,317,360	)		80,791,829		3,112,166		—			—
Merit Medical Systems Inc.		195,604,667		54,289,981			(29,859,405	)		11,770,654			9,914,280			241,720,177		3,633,797		—			—
Meritage Homes Corp.		229,830,701		65,180,233			(45,770,106	)		13,585,699			(51,193,135	)		211,633,392		2,671,127		—			—
Meritor Inc.		142,164,413		31,924,918			(23,888,952	)		(1,790,805	)		31,806,436			180,216,010		5,066,517		—			—
Mesa Laboratories Inc.		79,217,611		28,437,113			(13,074,438	)		968,842			310,475			95,859,603		376,097		220,075			—
Meta Financial Group Inc.		94,232,974		4,940,471			(6,157,338	)		1,514,880			18,426,053			112,957,040		2,056,756		411,706			—
Methode Electronics Inc.		107,524,717		29,353,449			(24,268,155	)		3,431,150			(712,657	)		115,328,504		2,666,555		1,373,946			—
MicroStrategy Inc., Class A(a)		344,894,886		32,704,875			(344,781,128	)		204,851,318			(237,669,951	)		—		—		—			—
Middlesex Water Co.		—		107,600,470			(2,947,428	)		219,128			16,521,775			121,393,945		1,154,264		985,622			—
ModivCare Inc.		123,461,279		27,497,028			(20,172,169	)		6,891,498			(35,952,466	)		101,725,170		881,577		—			—
Monro Inc.		146,529,428		31,827,743			(22,004,190	)		(909,577	)		(49,011,530	)		106,431,874		2,400,358		2,335,176			—
Moog Inc., Class A		162,716,568		38,065,278			(28,181,028	)		3,452,744			6,384,741			182,438,303		2,077,885		2,009,347			—
Motorcar Parts of America Inc.		28,952,145		5,598,961			(4,075,715	)		(910,918	)		(5,148,749	)		24,415,724		1,369,362		—			—
Movado Group Inc.		31,485,131		10,143,428			(7,819,660	)		2,130,690			9,836,110			45,775,699		1,172,233		959,111			—
Mr Cooper Group Inc.(c)		N/A		—			—			—			100,245,178			191,220,336		4,187,001		—			—
MTS Systems Corp.(a)		75,509,262		227,963			(76,126,475	)		10,162,998			(9,773,748	)		—		—		—			—
Mueller Industries Inc.		157,421,393		47,552,406			(29,879,488	)		6,835,544			40,545,956			222,475,811		4,106,993		2,526,832			—
Myers Industries Inc.		47,393,826		11,036,763			(7,300,516	)		789,400			3,751,222			55,670,695		2,577,347		1,332,241			—
MYR Group Inc.		80,199,303		27,129,611			(17,610,238	)		7,003,938			17,097,854			113,820,468		1,210,341		—			—
Myriad Genetics Inc.		152,649,199		40,512,750			(21,395,718	)		5,526,754			(33,344,310	)		143,948,675		5,712,249		—			—

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
Nabors Industries Ltd.	$	40,512,818	$	18,730,929		$	(7,529,034	)	$	366,528		$	32,838,715		$	84,919,956		556,050	$	—		$	—
National Bank Holdings Corp., Class A		77,243,112		2,893,384			(27,457	)		3,158			1,154,717			81,266,914		2,017,550		1,795,884			—
National Presto Industries Inc.(c)		N/A		7,300,915			(5,983,319	)		(740,342	)		(6,460,200	)		27,917,614		362,802		1,609,942			—
National Storage Affiliates Trust(a)		170,931,785		4,719,670			(189,821,533	)		65,609,663			(51,439,585	)		—		—		270,506			—
Natus Medical Inc.		57,823,666		14,504,628			(9,754,741	)		(1,151,424	)		2,819,016			64,241,145		2,444,488		—			—
NBT Bancorp. Inc.		110,425,165		3,505,142			—			—			(10,677,776	)		103,252,531		2,857,806		3,112,879			—
Neenah Inc.		57,631,250		12,945,636			(9,663,039	)		(2,749,447	)		(10,892,615	)		47,271,785		1,191,926		2,153,964			—
Nektar Therapeutics		—		184,967,624			(4,926,273	)		(1,012,429	)		(107,833,344	)		71,195,578		13,208,827		—			—
NeoGenomics Inc.		375,932,642		80,918,321			(42,693,438	)		10,221,758			(317,378,303	)		107,000,980		8,806,665		—			—
NETGEAR Inc.		83,787,405		16,177,424			(14,470,539	)		(563,891	)		(33,232,167	)		51,698,232		2,094,742		—			—
NetScout Systems Inc.		—		185,787,969			(11,063,671	)		(133,503	)		(5,185,105	)		169,405,690		5,280,726		—			—
New York Mortgage Trust Inc.		112,617,153		17,164,389			(17,570,513	)		736,999			(13,883,444	)		99,064,584		27,140,982		1,180,149			—
NexPoint Residential Trust Inc.		62,272,706		(655,076	)		—			—			60,401,204			122,018,834		1,351,111		(91,197	)		—
NextGen Healthcare Inc.		67,093,605		16,746,807			(11,663,574	)		1,144,340			10,739,280			84,060,458		4,020,108		—			—
NIC Inc.(a)		151,962,766		610,653			(152,893,500	)		63,348,270			(63,028,189	)		—		—		—			—
NMI Holdings Inc., Class A		134,559,235		31,852,272			(21,612,415	)		3,865,277			(22,177,392	)		126,486,977		6,134,189		—			—
Northfield Bancorp. Inc.		49,776,905		4,255,629			(5,037,266	)		456,109			(5,322,379	)		44,128,998		3,073,050		1,593,966			—
Northwest Bancshares Inc.		112,987,382		5,026,245			—			—			(7,393,598	)		110,620,029		8,188,011		6,421,544			—
Northwest Natural Holding Co.		110,005,183		26,308,465			(18,190,641	)		(1,942,349	)		(2,146,333	)		114,034,325		2,204,840		3,989,331			—
NOW Inc.		74,091,738		17,241,729			(11,666,860	)		345,349			7,521,981			87,533,937		7,935,987		—			—
NV5 Global Inc.		—		112,928,898			(4,379,225	)		(115,741	)		4,662,987			113,096,919		848,439		—			—
Oceaneering International Inc.		75,674,915		22,501,995			(15,490,975	)		2,609,811			22,953,051			108,248,797		7,140,422		—			—
ODP Corp. (The)		154,361,837		34,648,265			(46,682,588	)		8,388,427			(243,723	)		150,472,218		3,283,269		—			—
Office Properties Income Trust		88,803,930		21,479,530			(15,181,345	)		(8,819,201	)		3,151,761			89,434,675		3,475,891		7,189,472			—
OFG Bancorp.		71,750,572		5,278,917			(3,090,156	)		20,332			12,702,519			86,662,184		3,253,085		1,527,885			—
O-I Glass Inc.		154,497,089		37,092,001			(28,311,932	)		(1,385,964	)		(15,165,516	)		146,725,678		11,132,449		—			—
Oil States International Inc.		24,561,571		6,296,468			(4,407,409	)		(5,402,552	)		9,484,377			30,532,455		4,393,159		—			—
Old National Bancorp./IN(a)		198,693,145		165,025,492			(339,003,458	)		3,388,018			(28,103,197	)		—		—		4,438,034			—
Olympic Steel Inc.		18,066,574		4,094,591			(2,641,880	)		715,172			5,479,514			25,713,971		668,590		96,330			—
Omnicell Inc.		372,592,744		109,500,989			(64,880,799	)		31,262,631			(41,045,639	)		407,429,926		3,146,420		—			—
OneSpan Inc.		55,467,069		10,809,242			(7,327,831	)		811,175			(24,180,087	)		35,579,568		2,463,959		—			—
Onto Innovation Inc.		213,873,237		64,524,573			(40,734,499	)		18,942,130			49,959,336			306,564,777		3,528,194		—			—
OptimizeRx Corp.		—		112,619,823			(4,933,531	)		(1,171,655	)		(58,551,326	)		47,963,311		1,271,899		—			—
OraSure Technologies Inc.		56,072,494		11,100,922			(8,026,653	)		(1,711,611	)		(22,341,723	)		35,093,429		5,176,022		—			—
Orion Office REIT Inc.		—		90,595,725			(5,446,426	)		(439,224	)		(27,970,973	)		56,739,102		4,052,793		405,753			—
Orthofix Medical Inc.		56,350,752		11,738,651			(7,805,765	)		(1,685,110	)		(12,362,298	)		46,236,230		1,413,952		—			—

52 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
OSI Systems Inc.	$	106,643,515	$	22,147,678	$	(16,225,545	)	$	1,186,435		$	(13,974,079	)	$	99,778,004		1,172,204	$	—	$	—
Owens & Minor Inc.		184,155,891		52,846,019		(32,603,317	)		16,359,676			17,040,676			237,798,945		5,402,066		37,824		—
Oxford Industries Inc.		98,571,120		25,542,502		(24,124,588	)		3,992,670			(1,160,672	)		102,821,032		1,136,144		1,803,956		—
Pacific Premier Bancorp. Inc.		269,062,234		14,780,516		(3,090,715	)		(463,231	)		(52,269,038	)		228,019,766		6,450,347		8,304,454		—
Pacira BioSciences Inc.		204,811,531		43,267,928		(27,363,494	)		3,830,945			18,571,442			243,118,352		3,185,513		—		—
Palomar Holdings Inc.		97,143,239		38,547,609		(16,449,984	)		(2,333,301	)		(6,361,638	)		110,545,925		1,727,550		—		—
Park Aerospace Corp.		16,743,024		4,185,712		(2,412,495	)		(182,948	)		(100,786	)		18,232,507		1,397,127		532,028		—
Park National Corp.		122,257,934		30,034,108		(18,574,987	)		3,566,440			(1,609,077	)		135,674,418		1,032,687		4,228,004		—
Patrick Industries Inc.		125,321,705		29,255,655		(18,395,369	)		4,060,049			(43,283,559	)		96,958,481		1,607,935		1,868,364		—
Patterson-UTI Energy Inc.		89,317,738		44,479,481		(19,070,590	)		7,329,889			116,078,266			238,134,784		15,383,384		1,374,798		—
PBF Energy Inc., Class A		90,719,838		23,163,318		(16,508,744	)		3,263,445			65,422,613			166,060,470		6,814,135		—		—
PDC Energy Inc.(a)		228,790,444		60,972,750		(449,625,497	)		118,132,249			41,730,054			—		—		5,875,097		—
PDF Solutions Inc.		34,795,816		12,690,109		(7,829,296	)		1,997,803			17,944,476			59,598,908		2,138,461		—		—
Pennant Group Inc. (The)		77,734,691		12,375,736		(6,776,238	)		2,177,962			(49,512,824	)		35,999,327		1,932,331		—		—
Perdoceo Education Corp.		55,974,032		13,540,108		(9,781,350	)		177,260			(2,303,938	)		57,606,112		5,017,954		—		—
Perficient Inc.		129,214,182		56,429,325		(37,276,569	)		17,260,521			93,984,467			259,611,926		2,358,179		—		—
PetMed Express Inc.		47,738,173		10,060,543		(6,069,575	)		1,174,933			(13,937,354	)		38,966,720		1,510,338		1,664,403		—
PGT Innovations Inc.		100,106,125		22,162,582		(15,487,610	)		3,399,002			(33,456,958	)		76,723,141		4,267,138		—		—
Phibro Animal Health Corp., Class A		33,060,487		7,510,100		(5,200,989	)		(972,511	)		(5,266,695	)		29,130,392		1,460,170		667,878		—
Photronics Inc.		54,358,680		16,520,774		(13,431,898	)		2,962,614			14,083,124			74,493,294		4,389,705		—		—
Piper Sandler Cos.		100,793,570		39,624,729		(26,098,509	)		8,634,501			9,435,484			132,389,775		1,008,684		9,506,764		—
Pitney Bowes Inc.(g)		88,112,825		—		(20,495,541	)		1,394,413			(19,316,995	)		N/A		N/A		1,858,791		—
Plantronics Inc.		97,572,545		28,613,256		(12,588,590	)		3,497,916			3,573,244			120,668,371		3,062,649		—		—
Plexus Corp.		176,415,823		41,925,411		(33,151,902	)		8,750,765			(29,532,349	)		164,407,748		2,009,629		—		—
Powell Industries Inc.		20,194,412		3,982,068		(2,616,753	)		(256,047	)		(8,744,494	)		12,559,186		646,714		633,218		—
Power Integrations Inc.(a)		326,156,129		63,306,198		(412,121,636	)		179,270,159			(156,610,850	)		—		—		1,664,614		—
PRA Group Inc.		112,598,939		32,305,511		(28,337,631	)		3,640,283			20,830,997			141,038,099		3,128,618		—		—
Preferred Bank/Los Angeles CA(g)		55,460,504		203,828		(16,710,463	)		42,057			(1,908,737	)		N/A		N/A		1,264,218		—
Prestige Consumer Healthcare Inc.		146,432,967		45,304,966		(28,962,414	)		3,729,347			23,720,677			190,225,543		3,593,229		—		—
PriceSmart Inc.		150,652,521		32,143,475		(19,604,176	)		238,671			(27,611,934	)		135,818,557		1,722,056		1,263,965		—
ProAssurance Corp.		89,093,540		3,163,223		—			—			666,779			92,923,542		3,456,977		686,206		—

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Progress Software Corp.	$	129,785,075	$	34,644,815	$	(24,308,374	)	$	5,475,870		$	3,319,606		$	148,916,992		3,162,391	$	2,095,702	$	—
ProPetro Holding Corp.		58,130,526		14,625,610		(8,510,038	)		(1,034,910	)		21,543,069			84,754,257		6,084,297		—		—
Proto Labs Inc.		224,020,365		31,037,869		(23,454,859	)		(12,466,404	)		(114,705,335	)		104,431,636		1,974,133		—		—
Provident Financial Services Inc.		107,090,491		10,335,754		(2,376,568	)		(386,009	)		5,272,728			119,936,396		5,125,487		4,627,588		—
Quaker Chemical Corp.(c)		N/A		49,817,821		(31,295,299	)		9,826,273			(2,766,849	)		165,876,863		959,880		1,459,694		—
Quanex Building Products Corp.		58,878,219		12,913,946		(9,376,141	)		917,039			(13,059,368	)		50,273,695		2,395,126		738,664		—
QuinStreet Inc.		66,418,697		13,661,173		(8,717,413	)		2,841,905			(32,611,425	)		41,592,937		3,585,598		—		—
Rambus Inc.		144,699,890		44,417,840		(33,669,060	)		12,194,088			82,052,753			249,695,511		7,829,900		—		—
Range Resources Corp.(a)		178,037,488		65,932,840		(475,631,945	)		309,081,305			(77,419,688	)		—		—		—		—
Ranger Oil Corp.(k)		13,757,338		17,893,516		(4,935,672	)		(2,123,682	)		27,680,014			52,271,514		1,513,800		—		—
Raven Industries Inc.(a)		91,702,149		16,100,945		(155,408,635	)		68,830,775			(21,225,234	)		—		—		—		—
Rayonier Advanced Materials Inc.		38,379,152		6,926,835		(4,667,349	)		(2,125,944	)		(8,437,402	)		30,075,292		4,577,670		—		—
RE/MAX Holdings Inc., Class A		48,781,285		6,341,977		(3,966,052	)		(667,831	)		(13,422,937	)		37,066,442		1,336,691		485,939		—
Ready Capital Corp.(g)		52,226,909		25,378,621		(11,136,384	)		1,852,874			2,967,073			N/A		N/A		7,364,001		—
Realogy Holdings Corp.		116,415,788		32,801,795		(21,524,338	)		6,975,073			(3,897,651	)		130,770,667		8,339,966		—		—
Red Robin Gourmet Burgers Inc.		41,455,842		5,629,684		(3,847,299	)		(1,077,701	)		(23,123,377	)		19,037,149		1,129,131		—		—
Redwood Trust Inc.		77,909,585		28,080,855		(14,311,752	)		1,925,149			(7,185,443	)		86,418,394		8,206,875		5,621,086		—
REGENXBIO Inc.		79,317,416		26,441,898		(12,736,057	)		(2,963,000	)		(649,384	)		89,410,873		2,693,910		—		—
Renasant Corp.		146,346,660		5,394,108		—			—			(29,081,725	)		122,659,043		3,666,937		3,206,325		—
Renewable Energy Group Inc.		159,798,771		90,153,785		(23,255,956	)		9,611,058			(18,031,886	)		218,275,772		3,598,941		—		—
Rent-A-Center Inc./TX		188,216,886		84,824,237		(28,911,209	)		11,633,887			(146,764,328	)		108,999,473		4,327,093		4,898,894		—
Resideo Technologies Inc.		269,530,029		63,106,167		(41,952,031	)		13,191,504			(57,541,766	)		246,333,903		10,337,134		—		—
Resources Connection Inc.		27,882,489		8,386,050		(6,005,663	)		518,807			6,730,304			37,511,987		2,188,564		1,168,763		—
Retail Opportunity Investments Corp.		124,886,950		27,425,386		(16,099,938	)		3,148,231			26,128,968			165,489,597		8,534,791		3,829,382		—
Retail Properties of America Inc., Class A(a)		149,916,023		17,728,262		(206,090,634	)		80,141,322			(41,694,973	)		—		—		1,456,754		—
REX American Resources Corp.		29,976,809		7,692,580		(6,043,587	)		604,006			4,908,542			37,138,350		372,875		—		—
Rogers Corp.		234,593,790		70,470,712		(46,229,453	)		19,025,754			86,510,090			364,370,893		1,341,078		—		—
RPT Realty		61,741,735		16,966,243		(10,500,926	)		2,535,032			12,577,556			83,319,640		6,050,809		773,099		—
Ruth’s Hospitality Group Inc.		52,674,064		11,542,344		(8,296,837	)		1,839,685			(5,789,212	)		51,970,044		2,271,418		267,355		—
S&T Bancorp. Inc.		80,889,971		3,643,581		(4,771,891	)		(1,911,163	)		(7,726,967	)		70,123,531		2,370,640		2,813,647		—
Safety Insurance Group Inc.		76,384,673		4,493,181		(871,016	)		(87,649	)		6,308,817			86,228,006		949,125		3,383,742		—

54 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Saia Inc.(a)	$	404,669,514	$	30,383,724	$	(451,402,669	)	$	279,029,228		$	(262,679,797	)	$	—		—	$	—	$	—
Sally Beauty Holdings Inc.		151,369,528		34,804,337		(27,736,495	)		5,560,262			(40,913,539	)		123,084,093		7,874,862		—		—
Sanmina Corp.		179,079,109		41,866,523		(32,846,691	)		6,451,453			(10,821,001	)		183,729,393		4,545,507		—		—
ScanSource Inc.		50,908,920		13,655,439		(8,634,597	)		142,314			7,898,037			63,970,113		1,838,750		—		—
Schweitzer-Mauduit International Inc.		102,654,734		18,506,136		(13,246,914	)		(865,381	)		(45,025,817	)		62,022,758		2,255,373		3,774,214		—
Seacoast Banking Corp. of Florida		126,008,111		29,986,542		(4,889,719	)		2,226,835			(6,776,221	)		146,555,548		4,184,910		1,954,450		—
SEACOR Holdings Inc.(a)		52,804,380		—		(53,776,240	)		(2,541,659	)		3,513,519			—		—		—		—
Select Medical Holdings Corp.		245,183,911		55,583,879		(44,853,900	)		10,392,561			(84,478,132	)		181,828,319		7,579,338		3,635,569		—
Selectquote Inc.		—		154,497,008		(7,568,254	)		(3,868,734	)		(118,079,992	)		24,980,028		8,953,415		—		—
Seneca Foods Corp., Class A		21,038,588		4,837,335		(5,377,717	)		706,363			1,155,905			22,360,474		433,847		—		—
Service Properties Trust		—		147,283,142		(2,848,741	)		(233,626	)		(41,008,521	)		103,192,254		11,686,552		—		—
ServisFirst Bancshares Inc.		192,353,756		65,293,954		(36,084,248	)		15,269,625			96,141,809			332,974,896		3,494,332		2,873,163		—
Shake Shack Inc., Class A		272,783,074		62,325,844		(32,671,204	)		6,505,013			(118,871,276	)		190,071,451		2,799,285		—		—
Shenandoah Telecommunications Co.		162,449,393		27,555,896		(20,944,567	)		(3,012,167	)		(81,472,518	)		84,576,037		3,586,770		62,631,481		—
Signet Jewelers Ltd.		202,271,869		66,790,218		(43,943,278	)		18,923,777			29,862,588			273,905,174		3,767,609		1,938,532		—
Simmons First National Corp., Class A		198,779,921		22,213,513		(5,226,762	)		(270,438	)		(25,391,716	)		190,104,518		7,250,363		5,146,403		—
Simply Good Foods Co. (The)		170,796,223		50,184,532		(33,083,362	)		2,741,724			39,198,531			229,837,648		6,056,328		—		—
Simulations Plus Inc.		63,927,103		12,365,341		(6,961,302	)		(555,792	)		(11,213,832	)		57,561,518		1,129,100		250,585		—
SkyWest Inc.		182,815,975		34,179,480		(23,962,983	)		3,033,708			(92,062,276	)		104,003,904		3,604,988		—		—
Sleep Number Corp.		242,692,385		34,690,214		(42,706,422	)		12,265,432			(164,772,646	)		82,168,963		1,620,370		—		—
SM Energy Co.		116,373,773		71,367,044		(29,770,341	)		14,411,229			166,387,205			338,768,910		8,697,533		151,802		—
SMART Global Holdings Inc.(c)		N/A		49,293,074		(11,730,193	)		2,838,368			17,342,494			86,032,317		3,330,713		—		—
Sonic Automotive Inc., Class A		77,354,183		18,502,001		(22,693,568	)		9,817,450			(19,845,447	)		63,134,619		1,485,171		920,342		—
Sonos Inc.		—		283,497,084		(400,891	)		(19,306	)		(25,036,001	)		258,040,886		9,143,901		—		—
South Jersey Industries Inc.		151,353,605		66,053,163		(30,921,563	)		(1,066,918	)		92,397,226			277,815,513		8,040,970		9,205,328		—
Southside Bancshares Inc.		78,478,220		5,964,822		—			—			4,525,324			88,968,366		2,178,995		2,895,229		—
Southwestern Energy Co.		200,682,305		209,628,566		(34,660,178	)		12,104,206			184,349,224			572,104,123		79,791,370		—		—
SpartanNash Co.		47,256,948		15,158,193		(10,544,260	)		777,241			32,462,185			85,110,307		2,579,882		2,013,586		—
Spectrum Pharmaceuticals Inc.(a)		31,732,618		9,048,583		(11,393,049	)		(86,562,513	)		57,174,361			—		—		—		—
Spok Holdings Inc.(a)		12,435,916		749,864		(10,341,126	)		(6,988,937	)		4,144,283			—		—		148,595		—
SPS Commerce Inc.		235,546,735		74,481,010		(46,337,020	)		19,616,248			54,531,190			337,838,163		2,574,986		—		—
SPX Corp.		175,072,798		42,347,295		(28,073,824	)		11,292,045			(40,139,564	)		160,498,750		3,248,305		—		—

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
SPX FLOW Inc.	$	177,921,392	$	53,625,117	$	(36,843,475	)	$	11,834,861		$	52,544,152		$	259,082,047		3,004,895	$	503,935		$	—
Stamps.com Inc.(a)		244,301,392		30,323,518		(435,369,153	)		258,588,461			(97,844,218	)		—		—		—			—
Standard Motor Products Inc.		55,827,470		15,744,064		(13,693,680	)		(111,415	)		1,504,125			59,270,564		1,373,912		1,355,377			—
Standex International Corp.		78,800,237		20,811,059		(14,873,575	)		2,242,907			677,789			87,658,417		877,286		830,225			—
Stepan Co.		180,914,519		41,570,715		(29,215,481	)		5,794,478			(48,553,578	)		150,510,653		1,523,233		1,867,959			—
Steven Madden Ltd.		192,148,702		53,747,354		(39,118,283	)		8,651,022			(3,783,682	)		211,645,113		5,477,358		3,515,134			—
Stewart Information Services Corp.		84,460,455		11,886,168		—			—			12,327,046			108,673,669		1,792,999		2,411,442			—
StoneX Group Inc.		71,846,867		20,488,521		(11,619,428	)		3,461,268			6,721,712			90,898,940		1,224,558		—			—
Strategic Education Inc.		—		147,994,890		(21,045,083	)		(2,396,430	)		(17,056,808	)		107,496,569		1,619,412		2,884,750			—
Sturm Ruger & Co. Inc.		77,266,619		21,609,468		(15,312,367	)		2,451,346			1,655,660			87,670,726		1,259,275		4,205,961			—
Summit Hotel Properties Inc.		71,665,064		17,940,873		(11,839,066	)		(1,969,174	)		89,077			75,886,774		7,619,154		—			—
SunCoke Energy Inc.		38,766,134		9,964,213		(6,852,696	)		(527,835	)		11,642,008			52,991,824		5,947,455		1,349,491			—
Supernus Pharmaceuticals Inc.		92,451,398		26,278,534		(18,082,356	)		(592,343	)		22,917,357			122,972,590		3,804,845		—			—
Surmodics Inc.		51,794,270		10,937,741		(7,384,588	)		2,091,666			(12,260,446	)		45,178,643		996,661		—			—
Sykes Enterprises Inc.(a)		116,330,161		8,506,983		(151,379,084	)		63,075,809			(36,533,869	)		—		—		—			—
Sylvamo Corp.		—		89,417,677		(6,917,102	)		118,022			1,416,665			84,035,262		2,525,098		—			—
Tabula Rasa Health-Care Inc.(a)		69,016,885		8,795,335		(14,949,142	)		(68,176,911	)		5,313,833			—		—		—			—
Tactile Systems Technology Inc.		70,989,899		10,500,979		(7,276,083	)		(199,515	)		(45,303,751	)		28,711,529		1,424,183		—			—
Tanger Factory Outlet Centers Inc.		94,547,718		34,167,788		(18,573,498	)		5,065,600			12,673,546			127,881,154		7,439,276		(816,408	)		—
Team Inc.(a)		23,853,460		972,427		(8,444,504	)		(35,714,110	)		19,332,727			—		—		—			—
TechTarget Inc.		109,352,637		47,050,458		(17,919,768	)		8,812,770			7,760,133			155,056,230		1,907,680		—			—
Telephone and Data Systems Inc.		—		141,110,177		(5,529,370	)		134,630			(2,282,510	)		133,432,927		7,067,422		1,271,039			—
Tennant Co.		98,704,814		24,247,618		(16,829,604	)		1,751,776			(3,572,954	)		104,301,650		1,323,625		1,219,134			—
TimkenSteel Corp.		29,752,222		12,010,844		(5,996,772	)		2,388,721			26,249,553			64,404,568		2,943,536		—			—
Titan International Inc.		31,208,028		8,087,695		(5,240,137	)		1,803,473			18,072,155			53,931,214		3,661,318		—			—
Tivity Health Inc.		56,443,441		26,684,495		(11,155,925	)		2,568,739			27,690,556			102,231,306		3,177,846		—			—
Tompkins Financial Corp.		66,885,031		14,830,479		(11,554,476	)		1,155,337			(5,065,747	)		66,250,624		846,437		1,806,949			—
Tredegar Corp.		26,151,143		5,062,784		(3,846,106	)		(1,376,560	)		(3,927,335	)		22,063,926		1,840,194		860,786			—
TreeHouse Foods Inc.		—		169,290,211		(14,689,556	)		(226,002	)		(25,634,994	)		128,739,659		3,990,690		—			—
Trinseo PLC		163,134,892		35,156,703		(23,124,607	)		3,697,863			(45,728,619	)		133,136,232		2,778,302		2,110,178			—
Triumph Bancorp Inc.		116,581,689		40,003,638		(19,770,206	)		6,906,512			15,537,059			159,258,692		1,693,881		—			—
Triumph Group Inc.		60,192,680		15,614,226		(6,987,338	)		1,612,558			23,367,949			93,800,075		3,710,446		—			—
TrueBlue Inc.		52,315,688		16,947,943		(12,003,525	)		1,818,789			14,501,653			73,580,548		2,546,921		—			—
Trupanion Inc.		168,434,160		52,507,726		(27,769,865	)		2,505,230			23,018,327			218,695,578		2,453,945		—			—
TrustCo Bank Corp. NY		43,967,747		576,389		—			(9	)		(5,969,175	)		38,574,952		1,208,110		1,668,702			—

56 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
Trustmark Corp.	$	—	$	121,530,350	$	—		$	—		$	(6,983,937	)	$	114,546,413		3,769,214	$	2,552,674	$	—
TTM Technologies Inc.		96,156,533		30,234,103		(18,581,258	)		820,017			2,353,213			110,982,608		7,488,705		—		—
Tupperware Brands Corp.		86,658,763		16,402,117		(11,568,429	)		(1,870,260	)		(21,312,371	)		68,309,820		3,512,073		—		—
Two Harbors Investment Corp.		—		198,604,003		(18,472,120	)		(2,339,687	)		(41,738,618	)		136,053,578		24,602,817		4,092,162		—
U.S. Concrete Inc.(a)		77,938,060		4,194,672		(83,167,724	)		26,772,323			(25,737,331	)		—		—		—		—
U.S. Ecology Inc.		87,523,657		19,750,943		(14,758,306	)		(3,422,221	)		18,034,315			107,128,388		2,237,435		—		—
U.S. Physical Therapy Inc.		89,350,175		22,799,311		(16,286,115	)		3,097,915			(7,101,012	)		91,860,274		923,683		1,336,733		—
U.S. Silica Holdings Inc.		60,980,792		13,538,009		(9,282,343	)		(2,792,074	)		37,432,240			99,876,624		5,352,445		—		—
UFP Industries Inc.		309,413,018		82,757,293		(51,995,382	)		18,998,054			(17,263,134	)		341,909,849		4,431,180		2,951,860		—
Ultra Clean Holdings Inc.		157,117,530		48,328,902		(21,876,963	)		9,876,231			(57,293,217	)		136,152,483		3,211,901		—		—
Unifi Inc.		27,826,368		4,989,361		(5,296,895	)		(696,675	)		(8,884,679	)		17,937,480		991,021		—		—
UniFirst Corp./MA		226,871,246		50,895,980		(35,911,210	)		7,634,327			(48,861,021	)		200,629,322		1,088,720		1,147,998		—
uniQure NV		—		97,506,937		(4,502,194	)		(852,818	)		(45,365,623	)		46,786,302		2,589,170		—		—
Unisys Corp.		106,761,356		30,777,408		(16,710,013	)		4,002,817			(20,930,148	)		103,901,420		4,808,025		—		—
United Community Banks Inc./GA		183,178,031		70,789,646		—			—			892,942			254,860,619		7,323,581		4,794,865		—
United Fire Group Inc.		50,020,789		8,515,575		(5,920,095	)		(2,076,709	)		(2,813,989	)		47,725,571		1,536,066		884,222		—
United Natural Foods Inc.		123,184,993		43,011,804		(23,674,360	)		9,049,919			20,214,193			171,786,549		4,154,451		—		—
Uniti Group Inc.		171,226,312		47,429,800		(29,346,585	)		4,521,488			38,469,970			232,300,985		16,882,339		9,706,779		—
Unitil Corp.		—		71,030,516		(6,746,654	)		(285,826	)		(6,994,523	)		57,003,513		1,142,813		1,611,274		—
Universal Corp./VA		96,580,197		22,304,886		(15,363,174	)		(57,015	)		(919,081	)		102,545,813		1,765,900		5,175,963		—
Universal Electronics Inc.		51,056,576		9,282,430		(9,172,177	)		(958,470	)		(20,886,964	)		29,321,395		938,585		—		—
Universal Health Realty Income Trust		57,861,075		11,829,648		(8,347,817	)		(1,593,145	)		(6,532,606	)		53,217,155		911,721		2,256,212		—
Universal Insurance Holdings Inc.		27,164,162		2,218,792		(755,010	)		(818,899	)		(779,537	)		27,029,508		2,003,670		1,467,928		—
Urban Edge Properties		—		146,509,422		(2,292,587	)		77,618			6,144,634			150,439,087		7,876,392		1,259,527		—
Urstadt Biddle Properties Inc., Class A		32,429,238		446,891		—			181,340			3,578,806			36,636,275		1,947,702		1,811,444		—
Vanda Pharmaceuticals Inc.		55,053,197		15,280,821		(10,174,743	)		(49,375	)		(15,009,556	)		45,100,344		3,987,652		—		—
Varex Imaging Corp.		53,641,980		17,918,788		(12,220,730	)		1,407,007			(529,323	)		60,217,722		2,828,451		—		—
Vector Group Ltd.		119,130,838		29,346,654		(47,796,232	)		2,554,146			9,508,503			112,743,909		9,364,112		7,096,544		—
Veeco Instruments Inc.		68,739,391		21,588,931		(13,361,540	)		4,688,258			16,885,028			98,540,068		3,624,129		—		—
Vera Bradley Inc.(c)		N/A		5,492,292		(2,266,351	)		(156,695	)		(6,224,221	)		13,955,166		1,819,448		—		—
Vericel Corp.		170,156,038		35,194,023		(22,866,663	)		(2,384,865	)		(52,078,388	)		128,020,145		3,349,559		—		—
Veris Residential Inc.(l)		89,030,991		24,369,673		(23,694,353	)		2,482,239			7,691,680			99,880,230		5,743,544		—		—
Veritex Holdings Inc.		104,118,999		15,040,740		(689,301	)		394,176			16,022,899			134,887,513		3,533,862		2,518,414		—
Veritiv Corp.		35,329,598		31,822,003		(15,525,590	)		4,819,614			76,050,273			132,495,898		991,810		—		—

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
Viad Corp.	$	56,921,449	$	14,717,295	$	(10,402,086	)	$	448,840		$	(9,312,518	)	$	52,372,980		1,469,500	$	—		$	—
Viavi Solutions Inc.		239,361,305		70,448,009		(50,397,371	)		13,856,899			(8,781,014	)		264,487,828		16,448,248		—			—
Virtus Investment Partners Inc.		111,848,134		24,108,414		(14,479,368	)		7,420,024			(6,091,441	)		122,805,763		511,712		2,234,977			—
Vista Outdoor Inc.		124,606,414		38,042,129		(32,162,773	)		12,286,279			856,110			143,628,159		4,024,325		—			—
Wabash National Corp.		65,304,094		14,629,649		(13,644,036	)		(257,218	)		(14,033,248	)		51,999,241		3,503,992		1,102,492			—
Waddell & Reed Financial Inc., Class A(a)		103,763,613		1,229,180		(104,784,964	)		27,640,785			(27,848,614	)		—		—		1,035,137			—
Walker & Dunlop Inc.		200,743,583		59,741,199		(37,669,079	)		19,677,775			30,618,442			273,111,920		2,110,276		4,202,690			—
Washington Real Estate Investment Trust(m)		124,495,598		33,885,523		(23,334,085	)		293,593			19,472,395			154,813,024		6,071,099		(580,652	)		—
Watts Water Technologies Inc., Class A(a)		217,548,120		59,626,494		(335,878,769	)		131,708,664			(73,004,509	)		—		—		1,444,866			—
WD-40 Co.		279,344,242		51,617,714		(36,268,164	)		8,023,409			(123,188,447	)		179,528,754		979,800		2,726,425			—
Westamerica Bancorp.		105,435,620		4,742,695		—			—			(3,676,959	)		106,501,356		1,760,353		2,872,796			—
Whitestone REIT		26,085,211		10,189,621		(3,787,912	)		354,935			10,941,962			43,783,817		3,304,439		1,062,098			—
Winnebago Industries Inc.		172,588,602		38,327,091		(28,311,409	)		8,322,761			(62,051,555	)		128,875,490		2,385,258		1,374,074			—
WisdomTree Investments Inc.		46,809,031		10,043,046		(7,608,474	)		(202,722	)		(3,130,666	)		45,910,215		7,821,161		968,522			—
Wolverine World Wide Inc.		210,668,185		42,357,478		(30,415,068	)		2,416,497			(92,100,097	)		132,926,995		5,892,154		2,272,608			—
World Fuel Services Corp.		—		165,003,648		(13,222,805	)		(1,092,496	)		(28,139,849	)		122,548,498		4,532,119		1,590,902			—
WSFS Financial Corp.		127,264,286		87,505,108		(4,199,720	)		(807,425	)		(16,284,727	)		193,477,522		4,150,097		1,571,638			—
WW International Inc.		—		83,814,170		(4,404,111	)		(598,773	)		(39,698,866	)		39,112,420		3,823,306		—			—
Xencor Inc.		166,310,078		34,039,724		(22,281,440	)		(2,813,751	)		(63,626,372	)		111,628,239		4,183,967		—			—
Xenia Hotels & Resorts Inc.		147,419,259		34,940,787		(20,523,651	)		1,655,258			(5,902,750	)		157,588,903		8,169,461		—			—
Xperi Holding Corp.		144,868,422		—		—			—			(29,612,517	)		115,255,905		6,654,498		1,330,900			—
Zimvie Inc.		—		38,540,688		(252,919	)		4,617			(4,016,535	)		34,275,851		1,500,694		—			—
Zumiez Inc.		59,725,337		17,382,067		(17,135,685	)		3,109,072			(9,659,505	)		53,421,286		1,398,097		—			—
								$	5,607,260,407		$	(5,677,457,848	)	$	70,319,178,634			$	686,191,835		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Formerly the CryLife Inc.

^(c)  As of the beginning of the period, the entity was not considered an affiliate.

^(d)  Represents net amount purchased (sold).

^(e)  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.

^(f)  Formerly the Bonanza Creek Energy Inc.

^(g)  As of period end, the entity was not considered an affiliate.

^(h)  Formerly the Hibbett Sports Inc.

⁽ⁱ⁾  Formerly the Lumber Liquidators Holdings Inc.

^(j)  Formerly the Lexington Realty Trust.

^(k)  Formerly the Penn Virginia Corp.

^(l)  Formerly the Mack-Cali Realty Corp.

^(m)  Formerly the Washington REIT.

58 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

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		1,688		06/17/22	$	174,404	$	1,258,038

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	300,106,517	$	4,309,918	(c)	$	304,136,316		0.4	%
	Monthly		HSBC Bank PLC(d)		02/10/23		418,623,433		4,976,302	(e)		421,310,196		0.6
	Monthly		JPMorgan Chase Bank NA(f)		02/08/23		341,410,431		1,305,478	(g)		340,488,699		0.5
								$	10,591,698		$	1,065,935,211

^(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 $280,119 of net dividends and financing fees.

^(e)  Amount includes $2,289,539 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $2,227,210 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.(a)		680,800	$	17,210,624		5.7	%
Banks
Bancorp. Inc. (The)(a)		79,410		2,249,685		0.7
BankUnited Inc.		82,846		3,641,910		1.2
Banner Corp.		67,129		3,929,060		1.3
Berkshire Hills Bancorp. Inc.		226,904		6,573,409		2.2
Brookline Bancorp. Inc.		49,161		777,727		0.3
Central Pacific Financial Corp.		109,140		3,045,006		1.0
City Holding Co.		31,228		2,457,644		0.8
Columbia Banking System Inc.		61,606		1,988,026		0.6
Community Bank System Inc.		100,869		7,075,960		2.3
Eagle Bancorp. Inc.		37,643		2,146,027		0.7
First Commonwealth Financial Corp.		353,812		5,363,790		1.8
First Financial Bancorp.		398,444		9,184,134		3.0
Hanmi Financial Corp.		62,080		1,527,789		0.5
Heritage Financial Corp./WA		82,358		2,063,891		0.7
Hilltop Holdings Inc.		126,217		3,710,780		1.2
HomeStreet Inc.		91,887		4,353,606		1.4
Hope Bancorp Inc.		332,519		5,346,906		1.8
Independent Bank Corp.		17,706		1,446,403		0.5
NBT Bancorp. Inc.		127,794		4,617,197		1.5
Northwest Bancshares Inc.		607,896		8,212,675		2.7
OFG Bancorp.		83,326		2,219,805		0.7
Pacific Premier Bancorp. Inc.		233,418		8,251,326		2.7
Preferred Bank/Los Angeles CA		41,723		3,091,257		1.0
Renasant Corp.		12,599		421,437		0.1
S&T Bancorp. Inc.		88,557		2,619,516		0.9
Southside Bancshares Inc.		36,613		1,494,909		0.5
Trustmark Corp.		47,939		1,456,866		0.5
United Community Banks Inc./GA		78,091		2,717,567		0.9
Westamerica Bancorp.		48,974		2,962,927		1.0
				104,947,235
Commercial Services & Supplies
GEO Group Inc. (The)(a)		278,053		1,837,930		0.6
Pitney Bowes Inc.		3,314,822		17,237,074		5.7
				19,075,004
Communications Equipment
Extreme Networks Inc.(a)		2,527,122		30,856,160		10.1
Consumer Finance
Green Dot Corp., Class A(a)		102,895		2,827,555		0.9
Equity Real Estate Investment Trusts (REITs)
NexPoint Residential Trust Inc.		191,711		17,313,420		5.7
SITE Centers Corp.		1,208,035		20,186,265		6.7
Urstadt Biddle Properties Inc.		52,807		993,300		0.3
			38,492,985
Gas Utilities
Chesapeake Utilities Corp.		16,792		2,313,266		0.8
Health Care Providers & Services
RadNet Inc.(a)		506,406		11,328,302		3.7

	Shares		Value		% of Basket Value
Insurance
Ambac Financial Group Inc.(a)		95,534	$	993,554		0.3
Employers Holdings Inc.		86,252		3,538,057		1.2
Genworth Financial Inc. Class A(a)		2,904,745		10,979,936		3.6
Horace Mann Educators Corp.		167,065		6,988,329		2.3
James River Group Holdings Ltd.		124,748		3,086,266		1.0
ProAssurance Corp.		120,306		3,233,825		1.1
Safety Insurance Group Inc.		14,005		1,272,354		0.4
Stewart Information Services Corp.		14,951		906,180		0.3
				30,998,501
Metals & Mining
Warrior Met Coal Inc.		92,441		3,430,486		1.1
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		83,801		2,598,669		0.9
Par Pacific Holdings Inc.(a)		150,853		1,964,106		0.6
				4,562,775
Software
Vonage Holdings Corp.(a)		1,547,083		31,390,314		10.3
Xperi Holding Corp.		88,244		1,528,386		0.5
				32,918,700
Thrifts & Mortgage Finance
Mr Cooper Group Inc.(a)		23,716		1,083,110		0.3
Provident Financial Services		8,227		192,512		0.1
TrustCo Bank Corp. NY		29,478		941,233		0.3
Wsfs Financial Corp.		39,897		1,859,998		0.6
				4,076,853
Water Utilities
Middlesex Water Co.		10,439		1,097,870		0.4
Total Reference Entity — Long				304,136,316
Net Value of Reference Entity — Goldman Sachs Bank USA			$	304,136,316

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.(a)		158,084	$	3,996,364		0.9	%
Banks
Ameris Bancorp.		20,006		877,863		0.2
Bancorp. Inc. (The)(a)		66,914		1,895,674		0.5
BankUnited Inc.		540,870		23,776,645		5.6
Banner Corp.		78,467		4,592,674		1.1
Berkshire Hills Bancorp. Inc.		39,564		1,146,169		0.3
Brookline Bancorp. Inc.		154,400		2,442,608		0.6
City Holding Co.		53,669		4,223,750		1.0
Community Bank System Inc.		76,878		5,392,992		1.3
Customers Bancorp. Inc.		39,694		2,069,645		0.5
CVB Financial Corp.		388,281		9,012,002		2.1
Eagle Bancorp. Inc.		57,987		3,305,839		0.8
First BanCorp./Puerto Rico		543,045		7,124,750		1.7

60 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
First Bancorp./Southern Pines NC		14,225	$	594,178		0.1
First Financial Bancorp.		255,485		5,888,929		1.4
Heritage Financial Corp./WA		50,324		1,261,119		0.3
Hilltop Holdings Inc.		52,315		1,538,061		0.4
HomeStreet Inc.		54,712		2,592,255		0.6
Hope Bancorp Inc.		203,997		3,280,272		0.8
Independent Bank Corp.		203,605		16,632,492		3.9
Lakeland Financial Corp.		15,022		1,096,606		0.3
Meta Financial Group Inc.		60,864		3,342,651		0.8
National Bank Holdings Corp.		43,309		1,744,487		0.4
OFG Bancorp.		51,300		1,366,632		0.3
Pacific Premier Bancorp. Inc.		68,183		2,410,269		0.6
Preferred Bank/Los Angeles CA		260,473		19,298,445		4.6
Renasant Corp.		119,394		3,993,729		0.9
S&T Bancorp. Inc.		255,350		7,553,253		1.8
Simmons First National Corp.		843,435		22,114,866		5.2
Southside Bancshares Inc.		46,518		1,899,330		0.5
Trustmark Corp.		592,998		18,021,209		4.3
United Community Banks Inc./GA		39,107		1,360,924		0.3
Westamerica Bancorp.		57,023		3,449,892		0.8
				185,300,210
Commercial Services & Supplies
GEO Group Inc. (The)(a)		248,442		1,642,202		0.4
Pitney Bowes Inc.		683,627		3,554,860		0.8
				5,197,062
Consumer Finance
Green Dot Corp., Class A(a)		220,877		6,069,700		1.4
Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties Inc.		123,211		2,604,681		0.6
SITE Centers Corp.		871,283		14,559,139		3.5
Urstadt Biddle Properties Inc.		142,887		2,687,704		0.6
				19,851,524
Gas Utilities
Chesapeake Utilities Corp.		83,242		11,467,418		2.7
Insurance
Ambac Financial Group Inc.(a)		178,868		1,860,227		0.5
Employers Holdings Inc.		96,237		3,947,642		0.9
Genworth Financial Inc., Class A(a)		1,803,761		6,818,217		1.6
ProAssurance Corp.		157,281		4,227,713		1.0
Safety Insurance Group Inc.		53,659		4,874,920		1.2
				21,728,719
Metals & Mining
Warrior Met Coal Inc.		127,072		4,715,642		1.1
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		1,020,261		31,638,294		7.5
Par Pacific Holdings Inc.(a)		177,385		2,309,553		0.6
				33,947,847
Software
Vonage Holdings Corp.(a)		1,576,973		31,996,782		7.6
Xperi Holding Corp.		357,779		6,196,732		1.5
				38,193,514
Thrifts & Mortgage Finance
Axos Financial Inc.(a)		16,505		765,667		0.2
Flagstar Bancorp. Inc.		228,917		9,706,081		2.3

	Shares		Value		% of Basket Value
Mr Cooper Group Inc.(a)		1,185,687	$	54,150,325		12.8
Provident Financial Services Inc.		343,935		8,048,079		1.9
TrustCo Bank Corp. NY		64,951		2,073,885		0.5
WSFS Financial Corp.		149,839		6,985,494		1.7
				81,729,531
Water Utilities
Middlesex Water Co.		86,647		9,112,665		2.2
Total Reference Entity — Long				421,310,196
Net Value of Reference Entity — HSBC Bank PLC			$	421,310,196

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Aerospace & Defense
Triumph Group Inc.(a)		70,616	$	1,785,172		0.5	%
Banks
Allegiance Bancshares Inc.		9,935		443,896		0.1
Ameris Bancorp.		46,370		2,034,716		0.6
Banner Corp.		80,778		4,727,936		1.4
Brookline Bancorp. Inc.		264,128		4,178,505		1.2
Central Pacific Financial Corp.		278,443		7,768,560		2.3
Columbia Banking System Inc.		283,639		9,153,031		2.7
Community Bank System Inc.		89,736		6,294,980		1.9
CVB Financial Corp.		94,964		2,204,114		0.6
First BanCorp./Puerto Rico		377,859		4,957,510		1.5
First Commonwealth Financial Corp.		279,585		4,238,509		1.2
Hanmi Financial Corp.		118,084		2,906,047		0.9
Heritage Financial Corp./WA		111,752		2,800,505		0.8
Hilltop Holdings Inc.		245,780		7,225,932		2.1
Hope Bancorp Inc.		306,526		4,928,938		1.5
Independent Bank Corp.		7,203		588,413		0.2
Meta Financial Group Inc.		27,427		1,506,291		0.4
National Bank Holdings Corp.		88,021		3,545,486		1.0
NBT Bancorp. Inc.		117,569		4,247,768		1.2
Northwest Bancshares Inc.		302,542		4,087,342		1.2
OFG Bancorp.		161,175		4,293,702		1.3
Preferred Bank/Los Angeles CA		36,183		2,680,798		0.8
Renasant Corp.		188,745		6,313,520		1.9
S&T Bancorp. Inc.		78,250		2,314,635		0.7
Southside Bancshares Inc.		51,717		2,111,605		0.6
United Community Banks Inc./GA		89,843		3,126,536		0.9
Westamerica Bancorp.		57,264		3,464,472		1.0
				102,143,747
Commercial Services & Supplies
GEO Group Inc. (The)(a)		203,637		1,346,041		0.4
Communications Equipment
Extreme Networks Inc.(a)		919,675		11,229,232		3.3
Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties Inc.		109,304		2,310,687		0.7
NexPoint Residential Trust Inc.		78,346		7,075,427		2.1

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Retail Opportunity Investmen		190,843	$	3,700,446		1.1
Service Properties Trust		177,103		1,563,819		0.4
SITE Centers Corp.		1,549,070		25,884,960		7.6
				40,535,339
Health Care Providers & Services
RadNet Inc.(a)		359,126		8,033,649		2.4
Health Care Technology
Allscripts Healthcare Solutions Inc.		139,257		3,136,068		0.9
Insurance
Ambac Financial Group Inc.(a)		795,023		8,268,239		2.4
Employers Holdings Inc.		83,370		3,419,837		1.0
Genworth Financial Inc., Class A(a)		1,504,212		5,685,921		1.7
Horace Mann Educators Corp.		102,376		4,282,388		1.3
ProAssurance Corp.		125,773		3,380,778		1.0
Stewart Information Services Corp.		114,461		6,937,481		2.0
				31,974,644
Metals & Mining
Warrior Met Coal Inc.		1,004,680		37,283,675		11.0
Multi-Utilities
Avista Corp.		48,841		2,205,171		0.6

	Shares		Value		% of Basket Value
Oil, Gas & Consumable Fuels
Par Pacific Holdings Inc.(a)		443,278	$	5,771,480		1.7
Software
Vonage Holdings Corp.(a)		3,181,781		64,558,336		19.0
Xperi Holding Corp.		356,096		6,167,583		1.8
				70,725,919
Thrifts & Mortgage Finance
Axos Financial Inc.(a)		88,110		4,087,423		1.2
Capitol Federal Financial Inc.		127,851		1,391,019		0.4
TrustCo Bank Corp. NY		65,084		2,078,132		0.6
WSFS Financial Corp.		359,545		16,761,988		4.9
				24,318,562
Total Reference Entity — Long				340,488,699
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	340,488,699

^(a)  Non-income producing security

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$10,591,698		$—

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,258,038
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	10,591,698
	$	11,849,736

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(13,243,676	)
Swaps		323,014
	$	(12,920,662	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,865,677	)
Swaps		58,746,095
	$	55,880,418

62 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	222,180,071
Total return swaps:
Average notional value	$	950,123,560

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	1,258,038		$	—
Swaps — OTC(a)		10,591,698			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		11,849,736			—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,258,038	)		—
Total derivative assets and liabilities subject to an MNA		10,591,698			—

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
Goldman Sachs Bank USA	$	4,309,918	$	—		$	—	$	(4,309,918	)	$	—
HSBC Bank PLC		4,976,302		—			—		(4,976,302	)		—
JPMorgan Chase Bank NA		1,305,478		—			—		(1,305,478	)		—
	$	10,591,698	$	—		$	—	$	(10,591,698	)	$	—

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

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
Investments
Assets
Common Stocks	$	70,813,616,577	$	—	$	—	$	70,813,616,577
Money Market Funds		4,098,464,221		—		—		4,098,464,221
	$	74,912,080,798	$	—	$	—	$	74,912,080,798
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,258,038	$	—	$	—	$	1,258,038
Swaps		—		10,591,698		—		10,591,698
	$	1,258,038	$	10,591,698	$	—	$	11,849,736

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments   March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		34,654	$	1,678,294
Aerojet Rocketdyne Holdings Inc.(a)		71,508		2,813,840
Aerovironment Inc.(a)		20,615		1,940,696
Air Industries Group(a)(b)		8,712		7,274
Astra Space Inc., Class A(a)(b)		121,861		470,383
Astronics Corp.(a)		25,501		329,728
Astrotech Corp.(a)		1,452		1,047
Axon Enterprise Inc.(a)		65,268		8,989,362
Boeing Co. (The)(a)		538,301		103,084,642
BWX Technologies Inc.		98,074		5,282,266
Byrna Technologies Inc.(a)(b)		33,947		277,347
CPI Aerostructures Inc.(a)(b)		8,575		25,296
Curtiss-Wright Corp.		36,246		5,442,699
Ducommun Inc.(a)(b)		9,042		473,710
General Dynamics Corp.		225,202		54,314,218
HEICO Corp.(b)		41,247		6,333,064
HEICO Corp., Class A		71,836		9,110,960
Hexcel Corp.		88,907		5,287,299
Howmet Aerospace Inc.		389,119		13,984,937
Huntington Ingalls Industries Inc.		37,954		7,569,546
Innovative Solutions & Support Inc.(a)		17,106		137,874
Kaman Corp.		26,506		1,152,481
Kratos Defense & Security Solutions Inc.(a)		122,821		2,515,374
L3Harris Technologies Inc.		190,229		47,266,200
Lockheed Martin Corp.		234,495		103,506,093
Maxar Technologies Inc.(b)		67,182		2,651,002
Mercury Systems Inc.(a)		53,026		3,417,526
Momentus Inc.(a)(b)		90,866		289,863
Moog Inc., Class A		25,378		2,228,188
National Presto Industries Inc.		7,993		615,061
Northrop Grumman Corp.		141,480		63,272,686
Park Aerospace Corp.		18,006		234,978
Parsons Corp.(a)(b)		18,549		717,846
Raytheon Technologies Corp.		1,464,874		145,125,067
Rocket Lab USA Inc.(a)(b)		116,225		935,611
SIFCO Industries Inc.(a)		614		3,044
Spirit AeroSystems Holdings Inc., Class A		104,576		5,112,721
Textron Inc.		224,685		16,712,070
TransDigm Group Inc.(a)		51,286		33,414,880
Triumph Group Inc.(a)(b)		83,188		2,102,993
Vectrus Inc.(a)		9,059		324,856
Virgin Galactic Holdings Inc.(a)(b)		180,773		1,786,037
Virtra Inc.(a)(b)		7,669		46,781
Woodward Inc.		61,878		7,729,181
				668,715,021
Air Freight & Logistics — 0.6%
Air T Inc.(a)(b)		379		8,622
Air Transport Services Group Inc.(a)(b)		55,708		1,863,433
Atlas Air Worldwide Holdings Inc.(a)		26,141		2,257,798
CH Robinson Worldwide Inc.		124,981		13,461,703
Expeditors International of Washington Inc.		163,230		16,838,807
FedEx Corp.		237,022		54,844,521
Forward Air Corp.		27,290		2,668,416
GXO Logistics Inc.(a)		100,717		7,185,151
Hub Group Inc., Class A(a)		24,156		1,865,085
Radiant Logistics Inc.(a)		27,508		175,226
United Parcel Service Inc., Class B		710,423		152,357,316
				253,526,078

Security	Shares		Value
Airlines — 0.2%
Alaska Air Group Inc.(a)		124,097	$	7,198,867
Allegiant Travel Co.(a)		16,064		2,608,633
American Airlines Group Inc.(a)(b)		637,483		11,634,065
Blade Air Mobility Inc.(a)(b)		76,882		652,728
Delta Air Lines Inc.(a)		614,009		24,296,336
Frontier Group Holdings Inc.(a)(b)		46,018		521,384
Hawaiian Holdings Inc.(a)(b)		53,433		1,052,630
JetBlue Airways Corp.(a)(b)		299,170		4,472,592
Joby Aviation Inc.(a)(b)		259,555		1,718,254
SkyWest Inc.(a)		53,771		1,551,293
Southwest Airlines Co.(a)		569,518		26,083,924
Spirit Airlines Inc.(a)		107,753		2,356,558
Sun Country Airlines Holdings Inc.(a)		21,594		565,331
United Airlines Holdings Inc.(a)(b)		315,391		14,621,527
Wheels Up Experience Inc.(a)(b)		172,578		536,718
				99,870,840
Auto Components — 0.3%
Adient PLC(a)(b)		83,780		3,415,711
American Axle & Manufacturing Holdings Inc.(a)		105,317		817,260
Aptiv PLC(a)		266,991		31,961,493
Autoliv Inc.		80,574		6,159,077
BorgWarner Inc.		223,932		8,710,955
Cooper-Standard Holdings Inc.(a)(b)		15,468		135,654
Dana Inc.		148,474		2,608,688
Dorman Products Inc.(a)(b)		27,016		2,567,330
Fox Factory Holding Corp.(a)		44,059		4,315,579
Garrett Motion Inc.(a)(b)		126,947		912,749
Gentex Corp.		220,672		6,437,002
Gentherm Inc.(a)		28,881		2,109,468
Goodyear Tire & Rubber Co. (The)(a)		289,293		4,133,997
Horizon Global Corp.(a)(b)		45,652		260,673
LCI Industries		26,199		2,719,718
Lear Corp.		59,900		8,541,141
Luminar Technologies Inc.(a)(b)		187,802		2,935,345
Modine Manufacturing Co.(a)(b)		70,000		630,700
Motorcar Parts of America Inc.(a)		34,344		612,353
Patrick Industries Inc.		25,392		1,531,138
QuantumScape Corp.(a)(b)		261,102		5,219,429
Solid Power Inc.(a)(b)		108,070		936,967
Standard Motor Products Inc.		24,578		1,060,295
Stoneridge Inc.(a)		26,418		548,438
Superior Industries International Inc.(a)		69,928		325,864
Sypris Solutions Inc.(a)		17,859		48,041
Tenneco Inc., Class A(a)		82,322		1,508,139
Unique Fabricating Inc.(a)		714		1,357
Veoneer Inc.(a)(b)		104,060		3,845,017
Visteon Corp.(a)(b)		25,756		2,810,752
XL Fleet Corp.(a)(b)		91,824		182,730
XPEL Inc.(a)		14,682		772,420
				108,775,480
Automobiles — 2.3%
Arcimoto Inc.(a)(b)		23,018		152,149
Canoo Inc.(a)(b)		140,041		773,026
Faraday Future Intelligent Electric Inc.(a)(b)		168,047		838,555
Fisker Inc.(a)(b)		151,786		1,958,040
Ford Motor Co.		3,843,408		64,992,029
General Motors Co.(a)		1,421,261		62,165,956
Harley-Davidson Inc.		150,729		5,938,723
Lordstown Motors Corp., Class A(a)(b)		242,759		827,808

64 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Automobiles (continued)
Lucid Group Inc.(a)(b)		538,048	$	13,666,419
Mullen Automotive Inc.(a)(b)		51		152
Rivian Automotive Inc., Class A(a)(b)		161,989		8,138,327
Tesla Inc.(a)		818,053		881,533,913
Thor Industries Inc.		55,121		4,338,023
Winnebago Industries Inc.		37,306		2,015,643
Workhorse Group Inc.(a)(b)		93,733		468,665
				1,047,807,428
Banks — 4.0%
1st Source Corp.		17,140		792,725
ACNB Corp.		8,200		286,590
Affinity Bancshares Inc.(a)		2,365		37,201
Allegiance Bancshares Inc.		16,019		715,729
Amalgamated Financial Corp.		34,384		617,881
Amerant Bancorp Inc.		28,769		908,813
American National Bankshares Inc.		18,707		704,880
Ameris Bancorp.		45,805		2,009,923
AmeriServ Financial Inc.		17,563		70,955
Ames National Corp.		10,121		251,608
Arrow Financial Corp.		11,557		374,678
Associated Banc-Corp.		190,039		4,325,288
Atlantic Union Bankshares Corp.		74,927		2,749,072
Auburn National Bancorp. Inc.		595		19,641
Banc of California Inc.		56,263		1,089,252
BancFirst Corp.		23,743		1,975,655
Bancorp. Inc. (The)(a)		33,768		956,647
Bank First Corp.		8,872		638,695
Bank of America Corp.		6,978,032		287,634,479
Bank of Hawaii Corp.		50,471		4,235,526
Bank of Marin Bancorp., Class A		20,702		726,019
Bank of Princeton (The)		17,620		508,337
Bank of South Carolina Corp.		960		17,904
Bank of the James Financial Group Inc.		852		12,439
Bank OZK		115,367		4,926,171
Bank7 Corp.		2,920		68,970
BankFinancial Corp.		8,027		83,160
BankUnited Inc.		60,208		2,646,744
Bankwell Financial Group Inc.		9,137		309,105
Banner Corp.		19,279		1,128,400
Bar Harbor Bankshares		17,030		487,399
Baycom Corp.(b)		25,695		559,380
BCB Bancorp. Inc.		11,333		206,827
Berkshire Hills Bancorp. Inc.		42,958		1,244,493
BOK Financial Corp.		29,117		2,735,542
Brookline Bancorp. Inc.		34,474		545,379
Business First Bancshares Inc.		24,243		589,832
Byline Bancorp Inc.		28,302		755,097
C&F Financial Corp.		704		35,277
Cadence Bank		126,467		3,700,424
Cambridge Bancorp.		7,810		663,850
Camden National Corp.		9,441		444,105
Capital City Bank Group Inc.		9,073		239,164
Capstar Financial Holdings Inc.		35,628		751,038
Carter Bankshares Inc.(a)		12,503		217,177
Cathay General Bancorp.		97,842		4,378,430
CB Financial Services Inc.(b)		829		19,523
CBTX Inc.		17,732		549,692
Central Pacific Financial Corp.		9,084		253,444
Central Valley Community Bancorp.		8,866		207,021
Chemung Financial Corp.		1,353		63,172

Security	Shares		Value
Banks (continued)
Citigroup Inc.		1,926,642	$	102,882,683
Citizens & Northern Corp.		10,866		264,913
Citizens Community Bancorp. Inc./WI		799		12,073
Citizens Financial Group Inc.		411,030		18,631,990
Citizens Holding Co.		828		15,980
City Holding Co.		12,074		950,224
Civista Bancshares Inc.		10,928		263,365
CNB Financial Corp./PA		11,058		291,047
Coastal Financial Corp./WA(a)(b)		30,432		1,392,264
Codorus Valley Bancorp. Inc.		11,399		250,778
Colony Bankcorp Inc.		8,213		153,337
Columbia Banking System Inc.		54,505		1,758,876
Comerica Inc.		129,944		11,750,836
Commerce Bancshares Inc.		124,371		8,903,720
Community Bank System Inc.		43,616		3,059,662
Community Financial Corp. (The)		1,709		68,360
Community Trust Bancorp. Inc.		17,479		720,135
Community West Bancshares		8,219		115,148
ConnectOne Bancorp. Inc.		33,515		1,072,815
CrossFirst Bankshares Inc.(a)		69,138		1,089,615
Cullen/Frost Bankers Inc.		61,084		8,454,636
Customers Bancorp. Inc.(a)		20,514		1,069,600
CVB Financial Corp.		110,929		2,574,662
Dime Community Bancshares Inc.		41,434		1,432,373
Eagle Bancorp. Inc.		22,012		1,254,904
Eagle Bancorp. Montana Inc.		1,904		42,516
East West Bancorp. Inc.		141,361		11,170,346
Eastern Bankshares Inc.		185,171		3,988,583
Emclaire Financial Corp.		214		8,029
Enterprise Bancorp. Inc./MA		8,322		333,879
Enterprise Financial Services Corp.		55,756		2,637,816
Equity Bancshares Inc., Class A		10,107		326,557
Evans Bancorp. Inc.		1,835		69,730
Farmers & Merchants Bancorp. Inc./Archbold OH		19,582		707,889
Farmers National Banc Corp.		20,184		344,339
FB Financial Corp.		33,960		1,508,503
Fidelity D&D Bancorp. Inc.		8,336		387,041
Fifth Third Bancorp.		666,714		28,695,371
Financial Institutions Inc.		12,321		371,232
First Bancorp. Inc. (The)		8,983		270,209
First BanCorp./Puerto Rico		139,625		1,831,880
First Bancorp./Southern Pines NC		19,222		802,903
First Bancshares Inc. (The)		29,871		1,005,458
First Bank/Hamilton NJ		8,641		122,875
First Busey Corp.		42,633		1,080,320
First Business Financial Services Inc.		9,742		319,635
First Capital Inc.		978		37,800
First Citizens BancShares Inc./NC, Class A		13,607		9,056,819
First Commonwealth Financial Corp.		43,678		662,159
First Community Bankshares Inc.		17,109		482,645
First Community Corp./SC		8,248		174,858
First Financial Bancorp.		65,509		1,509,982
First Financial Bankshares Inc.		125,164		5,522,236
First Financial Corp./IN		10,154		439,465
First Financial Northwest Inc.		8,977		153,597
First Foundation Inc.		62,565		1,519,704
First Guaranty Bancshares Inc.		26,241		628,210
First Hawaiian Inc.		131,133		3,657,299
First Horizon Corp.		529,568		12,439,552
First Internet Bancorp.		1,999		85,977

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Interstate BancSystem Inc., Class A		81,087	$	2,981,569
First Merchants Corp.		51,905		2,159,248
First Mid Bancshares Inc.		24,305		935,499
First National Corp./VA(b)		3,235		67,935
First Northwest Bancorp.		11,364		251,031
First of Long Island Corp. (The)		25,653		499,207
First Republic Bank/CA		175,392		28,431,043
First Savings Financial Group Inc.		642		15,755
First U.S. Bancshares Inc.		8,137		94,552
First United Corp.		8,369		188,554
Flushing Financial Corp.		26,538		593,124
FNB Corp.		369,780		4,603,761
Franklin Financial Services Corp.		883		29,651
Fulton Financial Corp.		216,250		3,594,075
FVCBankcorp Inc.(a)		32,275		669,706
German American Bancorp. Inc.		18,504		702,967
Glacier Bancorp. Inc.		107,958		5,428,128
Glen Burnie Bancorp.		598		7,487
Great Southern Bancorp. Inc.		8,930		526,959
Guaranty Bancshares Inc./TX		19,812		693,420
Hancock Whitney Corp.		97,586		5,089,110
Hanmi Financial Corp.		14,565		358,445
HarborOne Bancorp Inc.		64,592		905,580
Hawthorn Bancshares Inc.		9,048		228,733
HBT Financial Inc.		8,851		160,911
Heartland Financial USA Inc.		44,689		2,137,475
Heritage Commerce Corp.		71,887		808,729
Heritage Financial Corp./WA		21,867		547,987
Hilltop Holdings Inc.		70,584		2,075,170
Home BancShares Inc./AR		151,177		3,416,600
HomeStreet Inc.		11,074		524,686
HomeTrust Bancshares Inc.		17,466		515,771
Hope Bancorp Inc.		84,149		1,353,116
Horizon Bancorp Inc./IN		25,969		484,841
Huntington Bancshares Inc./OH		1,454,276		21,261,515
Independent Bank Corp.		36,751		3,002,189
Independent Bank Corp./MI		18,580		408,760
Independent Bank Group Inc.		25,724		1,830,520
International Bancshares Corp.		52,094		2,198,888
Investar Holding Corp.		10,332		197,238
Investors Bancorp. Inc.		171,698		2,563,451
JPMorgan Chase & Co.		2,887,199		393,582,968
KeyCorp		920,805		20,607,616
Lakeland Bancorp. Inc.		49,104		820,037
Lakeland Financial Corp.		24,660		1,800,180
Landmark Bancorp. Inc./Manhattan KS		861		22,670
LCNB Corp.		10,504		184,450
Limestone Bancorp. Inc.		457		9,533
Live Oak Bancshares Inc.(b)		35,337		1,798,300
M&T Bank Corp.		124,397		21,085,292
Macatawa Bank Corp.		29,547		266,219
MainStreet Bancshares Inc.(b)		3,013		73,246
Malvern Bancorp. Inc.(a)		8,186		131,877
Mercantile Bank Corp.		17,176		608,374
Meridian Corp.		1,164		37,353
Meta Financial Group Inc.		27,664		1,519,307
Metrocity Bankshares Inc.		18,850		442,598
Metropolitan Bank Holding Corp.(a)		7,757		789,430
Mid Penn Bancorp. Inc.		6,578		176,356
Middlefield Banc Corp.		538		13,353

Security	Shares		Value
Banks (continued)
Midland States Bancorp. Inc.		24,279	$	700,692
MidWestOne Financial Group Inc.		9,765		323,222
MVB Financial Corp.		9,973		413,880
National Bank Holdings Corp., Class A		23,140		932,079
National Bankshares Inc.		9,507		353,565
NBT Bancorp. Inc.		36,179		1,307,147
Nicolet Bankshares Inc.(a)(b)		11,197		1,047,703
Northeast Bank		1,049		35,781
Northrim Bancorp. Inc.		8,220		358,145
Northwest Bancshares Inc.		93,733		1,266,333
Norwood Financial Corp.		2,275		65,042
Oak Valley Bancorp.		8,189		151,087
OceanFirst Financial Corp.		54,446		1,094,365
OFG Bancorp.		35,148		936,343
Ohio Valley Banc Corp.		781		23,586
Old National Bancorp./IN		219,579		3,596,704
Old Point Financial Corp.		766		18,767
Old Second Bancorp. Inc.		29,430		427,029
Origin Bancorp Inc.		16,856		712,840
Orrstown Financial Services Inc.		10,342		237,142
Pacific Premier Bancorp. Inc.		80,724		2,853,593
PacWest Bancorp.		105,301		4,541,632
Park National Corp.		17,489		2,297,705
Parke Bancorp. Inc.		9,413		222,241
Pathfinder Bancorp. Inc.		713		15,194
Patriot National Bancorp Inc.(a)		59		999
Peapack Gladstone Financial Corp.		12,341		428,850
Penns Woods Bancorp. Inc.		10,949		267,484
Peoples Bancorp. Inc./OH		26,032		815,062
Peoples Bancorp. of North Carolina Inc.		893		25,629
Peoples Financial Services Corp.		8,238		415,854
People’s United Financial Inc.		427,558		8,546,884
Pinnacle Financial Partners Inc.		78,904		7,265,480
Plumas Bancorp.		8,026		305,791
PNC Financial Services Group Inc. (The)		415,440		76,627,908
Popular Inc.		78,068		6,381,278
Preferred Bank/Los Angeles CA		5,779		428,166
Premier Financial Corp.		34,757		1,054,180
Primis Financial Corp.		19,653		274,749
Prosperity Bancshares Inc.		91,782		6,367,835
QCR Holdings Inc.		9,466		535,681
RBB Bancorp.		26,882		631,458
Regions Financial Corp.		928,313		20,664,247
Renasant Corp.		43,757		1,463,672
Republic Bancorp. Inc./KY, Class A		9,508		427,290
Republic First Bancorp. Inc.(a)		32,532		167,865
Riverview Bancorp. Inc.		18,623		140,604
S&T Bancorp. Inc.		19,099		564,948
Salisbury Bancorp. Inc.		207		11,592
Sandy Spring Bancorp. Inc.		60,612		2,722,691
SB Financial Group Inc.		2,303		45,853
Seacoast Banking Corp. of Florida		55,989		1,960,735
ServisFirst Bancshares Inc.		47,489		4,525,227
Shore Bancshares Inc.		20,468		419,185
Sierra Bancorp.		10,405		259,917
Signature Bank/New York NY		60,214		17,672,207
Silvergate Capital Corp., Class A(a)(b)		25,869		3,895,095
Simmons First National Corp., Class A		85,190		2,233,682
SmartFinancial Inc.		9,608		245,773
Sound Financial Bancorp. Inc.		260		9,914

66 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
South Plains Financial Inc.		2,685	$	71,367
South State Corp.		73,999		6,037,578
Southern First Bancshares Inc.(a)		8,135		413,583
Southside Bancshares Inc.		22,706		927,086
Spirit of Texas Bancshares Inc.		26,330		691,952
Stock Yards Bancorp. Inc.		34,734		1,837,429
Summit Financial Group Inc.		8,857		226,651
Summit State Bank		954		16,247
SVB Financial Group(a)		57,099		31,944,036
Synovus Financial Corp.		151,278		7,412,622
Texas Capital Bancshares Inc.(a)		54,194		3,105,858
Tompkins Financial Corp.		9,548		747,322
Towne Bank/Portsmouth VA		75,628		2,264,302
TriCo Bancshares		35,229		1,410,217
TriState Capital Holdings Inc.(a)		20,744		689,323
Triumph Bancorp. Inc.(a)(b)		20,461		1,923,743
Truist Financial Corp.		1,304,562		73,968,665
Trustmark Corp.		60,524		1,839,324
U.S. Bancorp.		1,334,795		70,944,354
UMB Financial Corp.		43,647		4,240,743
Umpqua Holdings Corp.		215,020		4,055,277
Union Bankshares Inc./Morrisville VT		808		24,846
United Bancorp. Inc./OH		8,042		144,997
United Bancshares Inc./OH		679		21,837
United Bankshares Inc./WV		147,902		5,158,822
United Community Banks Inc./GA		95,674		3,329,455
United Security Bancshares/Fresno CA		9,708		80,576
Unity Bancorp. Inc.		8,197		229,352
Univest Financial Corp.		52,165		1,395,935
Valley National Bancorp.		422,944		5,506,731
Veritex Holdings Inc.		31,855		1,215,905
Village Bank and Trust Financial Corp.		113		5,966
Virginia National Bankshares Corp.		883		30,464
Washington Trust Bancorp. Inc.		16,905		887,513
Webster Financial Corp.		183,226		10,282,643
Wells Fargo & Co.		3,802,653		184,276,564
WesBanco Inc.		62,412		2,144,476
West Bancorp. Inc.		17,132		466,162
Westamerica Bancorp.		18,425		1,114,713
Western Alliance Bancorp.		104,857		8,684,257
Wintrust Financial Corp.		63,381		5,889,996
Zions Bancorp. N.A.		152,750		10,014,290
				1,794,219,489
Beverages — 1.3%
Alkaline Water Co. Inc. (The)(a)(b)		188,052		173,008
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		9,051		3,516,042
Brown-Forman Corp., Class A		54,094		3,393,858
Brown-Forman Corp., Class B, NVS		184,138		12,340,929
Celsius Holdings Inc.(a)		41,505		2,290,246
Coca-Cola Co. (The)		3,786,456		234,760,272
Coca-Cola Consolidated Inc.		3,700		1,838,345
Constellation Brands Inc., Class A		163,172		37,581,775
Duckhorn Portfolio Inc. (The)(a)		35,766		650,584
Eastside Distilling Inc.(a)(b)		8,258		7,909
Keurig Dr Pepper Inc.		720,287		27,298,877
MGP Ingredients Inc.		10,292		880,892
Molson Coors Beverage Co., Class B		185,937		9,925,317
Monster Beverage Corp.(a)		366,817		29,308,678
National Beverage Corp.		16,358		711,573
PepsiCo Inc.		1,344,071		224,970,604

Security	Shares		Value
Beverages (continued)
Reed’s Inc.(a)		9,052	$	2,720
Willamette Valley Vineyards Inc.(a)		794		7,170
				589,658,799
Biotechnology — 2.4%
2seventy bio Inc.(a)(b)		21,187		361,450
4D Molecular Therapeutics Inc.(a)		17,950		271,404
89bio Inc.(a)		6,137		23,136
Aadi Bioscience Inc.(a)(b)		9,373		159,060
AbbVie Inc.		1,730,545		280,538,650
Abeona Therapeutics Inc.(a)		26,046		8,204
ACADIA Pharmaceuticals Inc.(a)(b)		116,974		2,833,110
Achieve Life Sciences Inc.(a)		94		712
Acorda Therapeutics Inc.(a)		7,494		12,065
Actinium Pharmaceuticals Inc.(a)(b)		6,459		33,005
Adagio Therapeutics Inc.(a)(b)		18,015		82,148
Adicet Bio Inc.(a)		10,464		208,966
ADMA Biologics Inc.(a)		55,966		102,418
Adverum Biotechnologies Inc.(a)(b)		108,226		141,776
Aeglea BioTherapeutics Inc.(a)		15,198		34,955
Agenus Inc.(a)		204,915		504,091
AgeX Therapeutics Inc.(a)(b)		7,280		6,217
Agios Pharmaceuticals Inc.(a)		53,893		1,568,825
AIkido Pharma Inc.(a)		41,434		18,645
AIM ImmunoTech Inc.(a)(b)		8,936		9,472
Akebia Therapeutics Inc.(a)(b)		169,334		121,565
Akero Therapeutics Inc.(a)(b)		18,387		260,912
Alaunos Therapeutics Inc.(a)(b)		179,071		116,826
Albireo Pharma Inc.(a)		14,626		436,294
Aldeyra Therapeutics Inc.(a)		77,458		344,301
Alector Inc.(a)(b)		90,170		1,284,922
Alkermes PLC(a)		153,337		4,034,296
Allakos Inc.(a)		91,723		522,821
Allena Pharmaceuticals Inc.(a)(b)		77,952		18,023
Allogene Therapeutics Inc.(a)(b)		61,475		560,037
Allovir Inc.(a)		52,641		355,327
Alnylam Pharmaceuticals Inc.(a)		115,913		18,927,434
Alpine Immune Sciences Inc.(a)		718		6,440
Altimmune Inc.(a)		49,766		303,075
ALX Oncology Holdings Inc.(a)(b)		33,739		570,189
Amgen Inc.		551,431		133,347,044
Amicus Therapeutics Inc.(a)(b)		269,491		2,552,080
AnaptysBio Inc.(a)		24,212		599,005
Anavex Life Sciences Corp.(a)(b)		105,103		1,293,818
Anika Therapeutics Inc.(a)		16,945		425,489
Anixa Biosciences Inc.(a)(b)		8,901		24,389
Annexon Inc.(a)		27,471		74,996
Annovis Bio Inc.(a)		8,997		120,110
Apellis Pharmaceuticals Inc.(a)		74,073		3,763,649
Applied Genetic Technologies Corp./DE(a)(b)		32,635		34,919
Applied Molecular Transport Inc.(a)		12,863		96,730
Applied Therapeutics Inc.(a)(b)		9,504		20,053
Aprea Therapeutics Inc.(a)(b)		14,218		26,445
Aptevo Therapeutics Inc.(a)		1,033		6,064
Aptinyx Inc.(a)		15,764		35,784
AquaBounty Technologies Inc.(a)(b)		102,840		192,311
Aravive Inc.(a)(b)		1,635		3,156
ARCA biopharma Inc.(a)(b)		48		110
Arcturus Therapeutics Holdings Inc.(a)(b)		18,812		507,172
Arcus Biosciences Inc.(a)(b)		45,659		1,440,998
Arcutis Biotherapeutics Inc.(a)		26,352		507,540

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Ardelyx Inc.(a)(b)		97,395	$	104,213
Aridis Pharmaceuticals Inc.(a)(b)		6,432		11,320
Armata Pharmaceuticals Inc.(a)(b)		5		24
Arrowhead Pharmaceuticals Inc.(a)(b)		100,717		4,631,975
Assembly Biosciences Inc.(a)(b)		51,314		105,707
Astria Therapeutics Inc.(a)		76		510
Atara Biotherapeutics Inc.(a)(b)		91,616		851,113
Athenex Inc.(a)(b)		69,550		57,692
Athersys Inc.(a)(b)		290,557		175,932
Atreca Inc., Class A(a)(b)		46,679		147,972
aTyr Pharma Inc.(a)		406		2,172
Avalo Therapeutics Inc.(a)		43,404		31,455
AVEO Pharmaceuticals Inc.(a)(b)		20,784		116,183
Avid Bioservices Inc.(a)(b)		74,636		1,520,335
Avidity Biosciences Inc.(a)		59,154		1,092,574
Avita Medical Inc.(a)(b)		24,453		207,361
Avrobio Inc.(a)		45,442		59,983
Beam Therapeutics Inc.(a)(b)		43,586		2,497,478
Bellicum Pharmaceuticals Inc.(a)(b)		6,559		14,167
BioAtla Inc.(a)(b)		11,851		59,255
Biocept Inc.(a)(b)		189		438
BioCryst Pharmaceuticals Inc.(a)		165,382		2,689,111
Biogen Inc.(a)		145,388		30,618,713
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		59,416		7,044,955
BioMarin Pharmaceutical Inc.(a)		183,307		14,132,970
Bio-Path Holdings Inc.(a)		260		998
Bioxcel Therapeutics Inc.(a)		15,724		328,789
Black Diamond Therapeutics Inc.(a)		19,799		54,843
Bluebird Bio Inc.(a)(b)		63,842		309,634
Blueprint Medicines Corp.(a)		63,366		4,047,820
Bolt Biotherapeutics Inc.(a)(b)		20,195		55,334
BrainStorm Cell Therapeutics Inc.(a)(b)		17,855		59,993
Brickell Biotech Inc.(a)		983		263
Bridgebio Pharma Inc.(a)(b)		110,164		1,118,165
Brooklyn ImmunoTherapeutics Inc.(a)		10,017		20,535
C4 Therapeutics Inc.(a)(b)		37,143		901,089
Cabaletta Bio Inc.(a)		7,337		14,894
Caladrius Biosciences Inc.(a)		7,960		5,747
Calithera Biosciences Inc.(a)(b)		41,128		16,616
Calyxt Inc.(a)		34,308		35,680
Capricor Therapeutics Inc.(a)(b)		603		2,068
Cardiff Oncology Inc.(a)		37,062		91,914
CareDx Inc.(a)(b)		47,178		1,745,114
Caribou Biosciences Inc.(a)		33,042		303,326
CASI Pharmaceuticals Inc.(a)(b)		26,518		21,472
Catalyst Biosciences Inc.(a)		7,463		4,926
Catalyst Pharmaceuticals Inc.(a)		98,555		817,021
Celldex Therapeutics Inc.(a)(b)		40,858		1,391,623
Cellectar Biosciences Inc.(a)		59		41
CEL-SCI Corp.(a)(b)		58,631		230,420
CELSION Corp. , NVS		2,282		11,547
Cerevel Therapeutics Holdings Inc.(a)(b)		50,452		1,766,325
Checkpoint Therapeutics Inc.(a)(b)		43,368		76,761
ChemoCentryx Inc.(a)		54,430		1,364,560
Chimerix Inc.(a)		72,023		329,865
Chinook Therapeutics Inc.(a)		44,304		724,813
Cidara Therapeutics Inc.(a)		9,431		7,853
Clovis Oncology Inc.(a)(b)		88,617		179,006
Cohbar Inc.(a)(b)		186,039		58,472
Coherus Biosciences Inc.(a)(b)		86,458		1,116,173

Security	Shares		Value
Biotechnology (continued)
Concert Pharmaceuticals Inc.(a)		16,967	$	57,179
Contra GTX Inc., NVS(b)(c)		722		740
ContraFect Corp.(a)(b)		16,883		61,623
Corbus Pharmaceuticals Holdings Inc.(a)		70,351		37,392
Cortexyme Inc.(a)(b)		14,215		87,991
Corvus Pharmaceuticals Inc.(a)(b)		901		1,478
Crinetics Pharmaceuticals Inc.(a)		43,307		950,589
CRISPR Therapeutics AG(a)		82,502		5,178,651
CTI BioPharma Corp.(a)(b)		29,816		139,241
Cue Biopharma Inc.(a)		29,435		143,643
Cullinan Oncology Inc.(a)(b)		18,740		196,208
Curis Inc.(a)(b)		95,492		227,271
Cyclacel Pharmaceuticals Inc.(a)		39		119
Cyclerion Therapeutics Inc.(a)(b)		16,128		17,902
Cytokinetics Inc.(a)		79,895		2,940,935
CytomX Therapeutics Inc.(a)		177,903		475,001
Deciphera Pharmaceuticals Inc.(a)(b)		38,644		358,230
Denali Therapeutics Inc.(a)(b)		95,039		3,057,405
DermTech Inc.(a)(b)		29,327		430,520
DiaMedica Therapeutics Inc.(a)		8,646		21,615
Dyadic International Inc.(a)(b)		2,880		8,669
Dynavax Technologies Corp.(a)(b)		84,647		917,573
Dyne Therapeutics Inc.(a)		41,227		397,428
Eagle Pharmaceuticals Inc./DE(a)		8,200		405,818
Editas Medicine Inc.(a)(b)		68,714		1,306,940
Eiger BioPharmaceuticals Inc.(a)		19,008		157,766
Eledon Pharmaceuticals Inc.(a)(b)		17		67
Emergent BioSolutions Inc.(a)		43,996		1,806,476
Enanta Pharmaceuticals Inc.(a)		15,613		1,111,333
Epizyme Inc.(a)		76,190		87,619
EQRx Inc.(a)(b)		219,405		906,143
Equillium Inc.(a)(b)		5,638		17,760
Erasca Inc.(a)(b)		43,147		371,064
Exact Sciences Corp.(a)(b)		167,516		11,712,719
Exagen Inc.(a)(b)		5,604		45,000
Exelixis Inc.(a)		313,345		7,103,531
Exicure Inc.(a)(b)		211,999		42,294
Fate Therapeutics Inc.(a)(b)		82,570		3,201,239
FibroGen Inc.(a)(b)		88,348		1,061,943
First Wave BioPharma Inc.(a)(b)		6,603		6,999
Forma Therapeutics Holdings Inc.(a)		16,926		157,412
Forte Biosciences Inc.(a)(b)		6,927		10,113
Fortress Biotech Inc.(a)(b)		97,881		133,118
Frequency Therapeutics Inc.(a)(b)		37,297		79,070
F-Star, NVS(c)		11,084		4,434
F-Star Therapeutics Inc.(a)(b)		14,162		50,275
F-Star Therapeutics Inc. New, NVS(c)		11,084		4,434
G1 Therapeutics Inc.(a)(b)		25,832		196,323
Galectin Therapeutics Inc.(a)(b)		34,669		55,817
Galera Therapeutics Inc.(a)		5,971		14,211
Gemini Therapeutics Inc.(a)(b)		45,860		63,745
Generation Bio Co.(a)(b)		57,035		418,637
Genocea Biosciences Inc.(a)(b)		1,549		1,936
Geron Corp.(a)(b)		366,030		497,801
Gilead Sciences Inc.		1,234,825		73,410,346
Global Blood Therapeutics Inc.(a)(b)		55,380		1,918,363
GlycoMimetics Inc.(a)(b)		42,404		48,341
Gossamer Bio Inc.(a)(b)		70,369		610,803
GreenLight Bioscience Inc., NVS(b)		85,856		826,793
Gritstone bio Inc.(a)(b)		70,866		291,968

68 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Halozyme Therapeutics Inc.(a)		141,717	$	5,651,674
Harpoon Therapeutics Inc.(a)		13,673		67,955
Heat Biologics Inc.(a)(b)		12,043		36,852
Heron Therapeutics Inc.(a)(b)		83,195		475,875
Histogen Inc.(a)		1,358		340
Homology Medicines Inc.(a)		40,935		124,442
Hookipa Pharma Inc.(a)(b)		11,234		25,614
Horizon Therapeutics PLC(a)		219,096		23,051,090
Humanigen Inc.(a)(b)		105,602		317,862
iBio Inc.(a)(b)		470,517		201,475
Icosavax Inc.(a)(b)		22,923		161,378
Ideaya Biosciences Inc.(a)		33,264		372,224
Idera Pharmaceuticals Inc.(a)		10,527		5,264
IGM Biosciences Inc.(a)(b)		8,034		214,749
Immucell Corp.(a)(b)		736		7,102
Immunic Inc.(a)		3,877		43,810
ImmunityBio Inc.(a)(b)		55,915		313,683
ImmunoGen Inc.(a)		174,810		832,096
Immunovant Inc.(a)		50,054		275,798
Incyte Corp.(a)		187,973		14,928,816
Infinity Pharmaceuticals Inc.(a)(b)		54,148		61,729
Inhibrx Inc.(a)(b)		25,125		559,785
Inmune Bio Inc.(a)(b)		2,627		22,119
Inovio Pharmaceuticals Inc.(a)(b)		239,756		860,724
Insmed Inc.(a)(b)		126,767		2,979,024
Intellia Therapeutics Inc.(a)(b)		68,601		4,985,235
Intercept Pharmaceuticals Inc.(a)(b)		29,417		478,615
Ionis Pharmaceuticals Inc.(a)(b)		142,038		5,261,088
Iovance Biotherapeutics Inc.(a)(b)		136,569		2,273,874
Ironwood Pharmaceuticals Inc.(a)		152,163		1,914,211
IsoRay Inc.(a)(b)		61,532		22,336
iTeos Therapeutics Inc.(a)		32,446		1,044,112
IVERIC bio Inc.(a)(b)		108,402		1,824,406
Janux Therapeutics Inc.(a)(b)		29,008		415,975
Jounce Therapeutics Inc.(a)		19,225		130,538
KalVista Pharmaceuticals Inc.(a)(b)		16,553		243,991
Karuna Therapeutics Inc.(a)		19,110		2,422,957
Karyopharm Therapeutics Inc.(a)(b)		71,850		529,534
Keros Therapeutics Inc.(a)		14,158		769,912
Kezar Life Sciences Inc.(a)		33,033		549,008
Kiniksa Pharmaceuticals Ltd., Class A(a)		28,200		280,308
Kinnate Biopharma Inc.(a)		21,636		243,621
Kodiak Sciences Inc.(a)		30,086		232,264
Kronos Bio Inc.(a)		61,573		445,173
Krystal Biotech Inc.(a)		21,491		1,430,011
Kura Oncology Inc.(a)		64,404		1,035,616
Kymera Therapeutics Inc.(a)		34,479		1,459,151
La Jolla Pharmaceutical Co.(a)(b)		17,296		73,854
Lantheus Holdings Inc. New, NVS(a)(b)(c)		10,240		—
Larimar Therapeutics Inc.(a)		1,212		4,909
Lexicon Pharmaceuticals Inc.(a)(b)		49,836		104,157
Ligand Pharmaceuticals Inc.(a)(b)		18,237		2,051,480
Lineage Cell Therapeutics Inc.(a)(b)		105,711		162,795
LogicBio Therapeutics Inc.(a)(b)		6,993		4,756
Lumos Pharma Inc.(a)(b)		2,356		22,264
MacroGenics Inc.(a)		64,676		569,796
Madrigal Pharmaceuticals Inc.(a)		14,749		1,447,172
Magenta Therapeutics Inc.(a)		19,316		56,016
MannKind Corp.(a)(b)		283,763		1,044,248
Marker Therapeutics Inc.(a)(b)		104,026		45,771

Security	Shares		Value
Biotechnology (continued)
Matinas BioPharma Holdings Inc.(a)(b)		238,274	$	191,668
MediciNova Inc.(a)(b)		29,234		78,055
MEI Pharma Inc.(a)(b)		48,119		28,992
Merrimack Pharmaceuticals Inc.(a)		9,730		61,542
Mersana Therapeutics Inc.(a)(b)		68,753		274,324
MiMedx Group Inc.(a)		81,913		385,810
Minerva Neurosciences Inc.(a)(b)		17,072		14,173
Miragen Therapeutics Inc., NVS(c)		119		—
Mirati Therapeutics Inc.(a)		51,265		4,215,008
Mirum Pharmaceuticals Inc.(a)		5,926		130,491
Moderna Inc.(a)(b)		343,372		59,149,261
Molecular Templates Inc.(a)		59,532		205,385
Moleculin Biotech Inc.(a)		7,009		12,476
Monte Rosa Therapeutics Inc.(a)(b)		27,912		391,326
Morphic Holding Inc.(a)		25,950		1,041,892
Mustang Bio Inc.(a)(b)		97,483		98,458
Myovant Sciences Ltd.(a)(b)		38,970		519,080
Myriad Genetics Inc.(a)		72,541		1,828,033
NanoViricides Inc.(a)		1,651		3,451
Natera Inc.(a)(b)		98,069		3,989,447
Navidea Biopharmaceuticals Inc.(a)		7,283		5,754
Neoleukin Therapeutics Inc.(a)		49,833		93,686
NeuBase Therapeutics Inc.(a)(b)		6,847		12,872
Neurocrine Biosciences Inc.(a)		88,952		8,339,250
NextCure Inc.(a)		19,357		94,075
Nkarta Inc.(a)		20,283		230,821
Novavax Inc.(a)(b)		72,694		5,353,913
Nurix Therapeutics Inc.(a)		43,577		610,514
Nuvalent Inc., Class A(a)(b)		24,006		333,443
Ocugen Inc.(a)(b)		169,898		560,663
Olema Pharmaceuticals Inc.(a)		16,626		70,827
OncoSec Medical Inc.(a)(b)		1,207		1,388
Oncternal Therapeutics Inc.(a)		91,623		127,356
OpGen Inc.(a)		1		1
OPKO Health Inc.(a)		414,651		1,426,399
Oragenics Inc.(a)		46,148		15,898
Organogenesis Holdings Inc., Class A(a)(b)		60,530		461,239
Organovo Holdings Inc.(a)(b)		3,278		12,325
Orgenesis Inc.(a)(b)		11,594		40,231
ORIC Pharmaceuticals Inc.(a)(b)		53,074		283,415
Ovid therapeutics Inc.(a)(b)		35,022		109,969
Oyster Point Pharma Inc.(a)		5,980		69,607
Palatin Technologies Inc.(a)(b)		134,490		61,879
Passage Bio Inc.(a)		24,229		75,110
PDL BioPharma Inc.(a)(c)		135,868		234,916
PDS Biotechnology Corp.(a)(b)		5,582		34,553
PhaseBio Pharmaceuticals Inc.(a)		45,548		60,123
Phio Pharmaceuticals Corp.(a)		7		6
Pieris Pharmaceuticals Inc.(a)		107,584		325,980
Plus Therapeutics Inc.(a)		9		9
PMV Pharmaceuticals Inc.(a)		43,633		908,439
Point Biopharma Global Inc.(a)(b)		94,307		751,627
PolarityTE Inc.(a)(b)		19,665		4,818
Praxis Precision Medicines Inc.(a)(b)		63,142		644,680
Precigen Inc.(a)(b)		105,450		222,499
Precision BioSciences Inc.(a)(b)		79,287		244,204
Prelude Therapeutics Inc.(a)(b)		11,340		78,246
Protagonist Therapeutics Inc.(a)		41,534		983,525
Protara Therapeutics Inc.(a)		3,853		19,689
Prothena Corp. PLC(a)		40,184		1,469,529

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
PTC Therapeutics Inc.(a)(b)		73,213	$	2,731,577
Puma Biotechnology Inc.(a)		29,986		86,360
Qualigen Therapeutics Inc.(a)		578		381
Radius Health Inc.(a)		43,463		383,778
RAPT Therapeutics Inc.(a)(b)		30,204		664,186
Recursion Pharmaceuticals Inc., Class A(a)(b)		25,531		182,802
Regeneron Pharmaceuticals Inc.(a)		103,580		72,342,344
REGENXBIO Inc.(a)		51,087		1,695,578
Regulus Therapeutics Inc.(a)		1,182		352
Relay Therapeutics Inc.(a)(b)		78,666		2,354,473
Replimune Group Inc.(a)		28,472		483,455
REVOLUTION Medicines Inc.(a)(b)		75,963		1,937,816
Rexahn Pharmaceuticals Inc., NVS(c)		266		59
Rhythm Pharmaceuticals Inc.(a)		37,549		432,564
Rigel Pharmaceuticals Inc.(a)		204,564		611,646
Rocket Pharmaceuticals Inc.(a)(b)		39,435		625,439
Rubius Therapeutics Inc.(a)(b)		43,756		241,096
Sage Therapeutics Inc.(a)		51,175		1,693,892
Salarius Pharmaceuticals Inc.(a)		802		319
Sana Biotechnology Inc.(a)(b)		80,745		666,954
Sangamo Therapeutics Inc.(a)		111,559		648,158
Sarepta Therapeutics Inc.(a)(b)		90,510		7,070,641
Savara Inc.(a)(b)		18,802		24,631
Scholar Rock Holding Corp.(a)(b)		17,530		225,962
Seagen Inc.(a)		131,390		18,926,729
Selecta Biosciences Inc.(a)		212,285		261,111
SELLAS Life Sciences Group Inc.(a)		2		13
Seres Therapeutics Inc.(a)		53,901		383,775
Sesen Bio Inc.(a)(b)		126,492		76,237
Shattuck Labs Inc.(a)(b)		20,072		85,507
Silverback Therapeutics Inc.(a)(b)		14,025		49,228
Soleno Therapeutics Inc.(a)(b)		600		134
Solid Biosciences Inc.(a)(b)		33,893		40,672
Soligenix Inc.(a)(b)		16,392		11,965
Sonnet BioTherapeutics Holdings Inc.(a)		39		15
Sorrento Therapeutics Inc.(a)(b)		341,784		796,357
Spectrum Pharmaceuticals Inc.(a)		141,468		182,494
Spero Therapeutics Inc.(a)		11,541		100,407
SpringWorks Therapeutics Inc.(a)		24,002		1,354,673
Statera Biopharma Inc.(a)		741		233
Stoke Therapeutics Inc.(a)		19,416		408,707
Sutro Biopharma Inc.(a)		69,261		569,325
Syndax Pharmaceuticals Inc.(a)(b)		46,785		813,123
Synlogic Inc.(a)(b)		3,734		8,962
Synthetic Biologics Inc.(a)		1,090		311
Syros Pharmaceuticals Inc.(a)(b)		67,546		80,380
T2 Biosystems Inc.(a)(b)		70,832		37,123
Tango Therapeutics Inc.(a)(b)		62,392		472,931
Taysha Gene Therapies Inc.(a)(b)		43,459		283,353
TCR2 Therapeutics Inc.(a)(b)		35,102		96,882
Tempest Therapeutics Inc.(a)		88		299
Tenax Therapeutics Inc.(a)		627		508
TG Therapeutics Inc.(a)(b)		144,493		1,374,128
Tonix Pharmaceuticals Holding Corp.(a)(b)		546,324		125,764
Tracon Pharmaceuticals Inc.(a)		632		1,662
Travere Therapeutics Inc.(a)		61,914		1,595,524
Trevena Inc.(a)(b)		99,576		54,757
Turning Point Therapeutics Inc.(a)		55,037		1,477,743
Twist Bioscience Corp.(a)		51,396		2,537,934
Tyme Technologies Inc.(a)		247,176		86,512

Security	Shares		Value
Biotechnology (continued)
Ultragenyx Pharmaceutical Inc.(a)(b)		63,028	$	4,577,093
uniQure NV(a)		36,926		667,253
United Therapeutics Corp.(a)		43,781		7,854,749
Vaccinex Inc.(a)(b)		2,566		3,387
Vanda Pharmaceuticals Inc.(a)		63,078		713,412
Vaxart Inc.(a)(b)		116,376		586,535
Vaxcyte Inc.(a)		17,782		429,435
VBI Vaccines Inc.(a)(b)		293,398		487,041
Veracyte Inc.(a)		74,033		2,041,090
Verastem Inc.(a)		120,171		169,441
Vericel Corp.(a)		44,461		1,699,299
Vertex Pharmaceuticals Inc.(a)		252,029		65,772,008
Verve Therapeutics Inc.(a)(b)		14,278		325,824
Viking Therapeutics Inc.(a)(b)		80,067		240,201
Vir Biotechnology Inc.(a)		81,534		2,097,054
Viracta Therapeutics Inc.(a)		3,227		15,361
Viridian Therapeutics Inc.(a)		7		129
VistaGen Therapeutics Inc.(a)(b)		176,979		219,454
Vor BioPharma Inc.(a)(b)		21,134		127,649
Voyager Therapeutics Inc.(a)(b)		27,681		210,929
vTv Therapeutics Inc., Class A(a)(b)		8,608		6,216
Vyant Bio Inc.(a)		257		368
X4 Pharmaceuticals Inc.(a)(b)		5,149		9,011
XBiotech Inc.		8,567		74,019
Xencor Inc.(a)		55,928		1,492,159
XOMA Corp.(a)		8,868		248,127
Yield10 Bioscience Inc.(a)(b)		7		37
Y-mAbs Therapeutics Inc.(a)(b)		29,328		348,417
Yumanity Therapeutics Inc.(a)(b)		330		495
Zentalis Pharmaceuticals Inc.(a)		35,589		1,642,076
				1,068,707,189
Building Products — 0.6%
A O Smith Corp.		130,039		8,308,192
AAON Inc.		37,352		2,081,627
Advanced Drainage Systems Inc.		53,560		6,363,464
Allegion PLC		90,136		9,895,130
Alpha Pro Tech Ltd.(a)		16,997		71,387
American Woodmark Corp.(a)		17,296		846,639
Apogee Enterprises Inc.		26,773		1,270,647
Armstrong Flooring Inc.(a)(b)		25,818		36,920
Armstrong World Industries Inc.		43,456		3,911,475
AZEK Co. Inc. (The)(a)		108,751		2,701,375
Builders FirstSource Inc.(a)		198,412		12,805,510
Carlisle Companies Inc.		51,838		12,748,001
Carrier Global Corp.		848,246		38,909,044
Cornerstone Building Brands Inc.(a)		35,395		860,806
CSW Industrials Inc.		17,695		2,080,755
Fortune Brands Home & Security Inc.		132,247		9,823,307
Gibraltar Industries Inc.(a)		36,671		1,575,019
Griffon Corp.		43,697		875,251
Hayward Holdings Inc.(a)(b)		41,296		686,340
Insteel Industries Inc.		27,092		1,002,133
Janus International Group Inc.(a)		64,763		582,867
JELD-WEN Holding Inc.(a)(b)		79,655		1,615,403
Jewett-Cameron Trading Co. Ltd.(a)		566		3,928
Johnson Controls International PLC		678,624		44,497,376
Lennox International Inc.		33,894		8,739,907
Masco Corp.		239,567		12,217,917
Masonite International Corp.(a)(b)		26,849		2,387,950
Owens Corning		96,521		8,831,672

70 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
PGT Innovations Inc.(a)		72,591	$	1,305,186
Quanex Building Products Corp.		34,787		730,179
Resideo Technologies Inc.(a)		140,086		3,338,249
Simpson Manufacturing Co. Inc.		44,283		4,828,618
Tecnoglass Inc.(b)		37,068		935,596
Trane Technologies PLC		225,575		34,445,303
Trex Co. Inc.(a)		112,894		7,375,365
UFP Industries Inc.		63,510		4,900,432
View Inc.(a)(b)		90,568		166,645
Zurn Water Solutions Corp.		123,411		4,368,749
				258,124,364
Capital Markets — 3.1%
Affiliated Managers Group Inc.		42,391		5,975,012
Ameriprise Financial Inc.		107,267		32,218,716
Ares Management Corp., Class A		159,752		12,976,655
Artisan Partners Asset Management Inc., Class A		65,177		2,564,715
Ashford Inc.(a)		329		5,636
Assetmark Financial Holdings Inc.(a)		20,991		467,050
Associated Capital Group Inc., Class A		1,422		59,596
B. Riley Financial Inc.		16,581		1,160,007
Bank of New York Mellon Corp. (The)		721,497		35,807,896
BGC Partners Inc., Class A		408,405		1,796,982
BlackRock Inc.(d)		138,492		105,831,432
Blackstone Inc., NVS		688,510		87,399,459
Blucora Inc.(a)(b)		52,273		1,021,937
Blue Owl Capital Inc.		306,577		3,887,396
Bridge Investment Group Holdings Inc., Class A		50,938		1,036,588
BrightSphere Investment Group Inc.		50,521		1,225,134
Carlyle Group Inc. (The)		134,994		6,602,557
Cboe Global Markets Inc.		106,047		12,133,898
Charles Schwab Corp. (The)		1,467,024		123,684,794
CME Group Inc.		348,877		82,983,883
Cohen & Co. Inc.		735		11,870
Cohen & Steers Inc.		29,765		2,556,516
Coinbase Global Inc., Class A(a)(b)		30,019		5,699,407
Cowen Inc., Class A		26,035		705,549
Diamond Hill Investment Group Inc.		2,611		489,040
Donnelley Financial Solutions Inc.(a)		26,287		874,306
Evercore Inc., Class A		36,618		4,076,316
FactSet Research Systems Inc.		37,283		16,186,415
Federated Hermes Inc.		89,579		3,051,061
Focus Financial Partners Inc., Class A(a)		46,816		2,141,364
Franklin Resources Inc.		275,234		7,684,533
GAMCO Investors Inc., Class A		7,866		173,917
GCM Grosvenor Inc., Class A		62,970		611,439
Goldman Sachs Group Inc. (The)		330,910		109,233,414
Greenhill & Co. Inc.		26,821		414,921
Hamilton Lane Inc., Class A		38,791		2,998,156
Hennessy Advisors Inc.		5,487		55,528
Houlihan Lokey Inc.		51,805		4,548,479
Interactive Brokers Group Inc., Class A		80,997		5,338,512
Intercontinental Exchange Inc.		555,046		73,332,678
Invesco Ltd.		325,935		7,516,061
Janus Henderson Group PLC		160,221		5,610,939
Jefferies Financial Group Inc.		192,575		6,326,089
KKR & Co. Inc.		579,501		33,883,424
Lazard Ltd., Class A		113,397		3,912,197
LPL Financial Holdings Inc.		78,038		14,255,982
Manning & Napier Inc.		17,071		155,517
MarketAxess Holdings Inc.		36,927		12,562,565

Security	Shares		Value
Capital Markets (continued)
Moelis & Co., Class A		60,078	$	2,820,662
Moody’s Corp.		157,977		53,303,020
Morgan Stanley		1,379,287		120,549,684
Morningstar Inc.		24,905		6,803,299
MSCI Inc.		79,998		40,229,394
Nasdaq Inc.		108,641		19,359,826
Northern Trust Corp.		207,512		24,164,772
Open Lending Corp., Class A(a)(b)		95,956		1,814,528
Oppenheimer Holdings Inc., Class A, NVS		8,999		392,176
Perella Weinberg Partners		64,807		612,426
Piper Sandler Cos		17,017		2,233,481
PJT Partners Inc., Class A		18,859		1,190,380
Pzena Investment Management Inc., Class A		17,014		136,452
Raymond James Financial Inc.		185,698		20,410,067
S&P Global Inc.		344,212		141,188,878
Safeguard Scientifics Inc.(a)		10,905		56,924
Sculptor Capital Management Inc.		25,868		360,341
SEI Investments Co.		109,779		6,609,794
Siebert Financial Corp.(a)		44,206		95,485
Silvercrest Asset Management Group Inc., Class A		8,292		169,571
State Street Corp.		356,160		31,028,659
StepStone Group Inc., Class A		43,285		1,431,002
Stifel Financial Corp.		106,116		7,205,276
StoneX Group Inc.(a)		17,052		1,265,770
T Rowe Price Group Inc.		224,501		33,942,306
TPG Inc.(a)(b)		33,943		1,023,042
Tradeweb Markets Inc., Class A(b)		100,965		8,871,795
U.S. Global Investors Inc., Class A, NVS		18,051		93,865
Value Line Inc.		194		12,998
Victory Capital Holdings Inc., Class A		26,361		761,042
Virtu Financial Inc., Class A		89,405		3,327,654
Virtus Investment Partners Inc.		7,794		1,870,482
Westwood Holdings Group Inc.		8,637		132,319
WisdomTree Investments Inc.		81,438		478,041
				1,377,190,949
Chemicals — 1.7%
Advanced Emissions Solutions Inc.(a)		50,253		312,574
AdvanSix Inc.		27,257		1,392,560
AgroFresh Solutions Inc.(a)(b)		26,062		49,518
Air Products and Chemicals Inc.		214,720		53,660,675
Albemarle Corp.		115,592		25,563,171
American Vanguard Corp.		26,033		528,991
Amyris Inc.(a)(b)		167,180		728,905
Ashland Global Holdings Inc.		54,114		5,325,359
Aspen Aerogels Inc.(a)(b)		21,648		746,423
Avient Corp.		91,199		4,377,552
Axalta Coating Systems Ltd.(a)		211,121		5,189,354
Balchem Corp.		28,360		3,876,812
Cabot Corp.		61,695		4,220,555
Celanese Corp.		107,117		15,303,806
CF Industries Holdings Inc.		211,044		21,750,195
Chase Corp.		8,578		745,514
Chemours Co. (The)		161,857		5,095,258
Core Molding Technologies Inc.(a)		8,583		92,353
Corteva Inc.		711,883		40,919,035
Danimer Scientific Inc.(a)(b)		61,417		359,904
Diversey Holdings Ltd.(a)(b)		46,360		350,945
Dow Inc.		721,607		45,980,798
DuPont de Nemours Inc.		499,920		36,784,114
Eastman Chemical Co.		129,787		14,543,931

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Ecolab Inc.		245,074	$	43,270,265
Ecovyst Inc.		36,258		419,142
Element Solutions Inc.		204,906		4,487,441
Ferro Corp.(a)		80,268		1,745,026
Flotek Industries Inc.(a)		52,654		66,344
FMC Corp.		125,938		16,569,663
FutureFuel Corp.		21,507		209,263
GCP Applied Technologies Inc.(a)		59,397		1,866,254
Ginkgo Bioworks Holdings Inc.(a)(b)		1,151,178		4,639,247
Hawkins Inc.		17,828		818,305
HB Fuller Co.		44,779		2,958,549
Huntsman Corp.		210,437		7,893,492
Ikonics Corp., NVS		237		924
Ingevity Corp.(a)		43,699		2,799,795
Innospec Inc.		25,820		2,389,641
International Flavors & Fragrances Inc.		251,326		33,006,644
Intrepid Potash Inc.(a)		11,110		912,575
Koppers Holdings Inc.		18,003		495,443
Kronos Worldwide Inc.		20,116		312,200
Linde PLC		499,942		159,696,473
Livent Corp.(a)		157,984		4,118,643
LSB Industries Inc.(a)		23,394		510,925
LyondellBasell Industries NV, Class A		256,209		26,343,409
Marrone Bio Innovations Inc.(a)(b)		18,431		19,905
Minerals Technologies Inc.		35,134		2,324,114
Mosaic Co. (The)		364,091		24,212,052
NewMarket Corp.		7,889		2,559,034
Northern Technologies International Corp.		1,582		19,016
Olin Corp.		149,629		7,822,604
Origin Materials Inc.(a)(b)		125,616		826,553
Orion Engineered Carbons SA		60,706		969,475
PPG Industries Inc.		233,459		30,599,471
PureCycle Technologies Inc.(a)(b)		72,696		581,568
Quaker Chemical Corp.		15,284		2,641,228
Rayonier Advanced Materials Inc.(a)		50,357		330,846
RPM International Inc.		130,516		10,629,223
Scotts Miracle-Gro Co. (The)		38,529		4,737,526
Sensient Technologies Corp.		44,178		3,708,743
Sherwin-Williams Co. (The)		233,481		58,281,527
Stepan Co.		24,321		2,403,158
Trecora Resources(a)(b)		17,870		151,180
Tredegar Corp.		25,967		311,344
Trinseo PLC		33,116		1,586,919
Tronox Holdings PLC, Class A		99,852		1,976,071
Valvoline Inc.		187,413		5,914,754
Westlake Chemical Corp.		36,086		4,453,012
Zymergen Inc.(a)(b)		19,021		54,971
				770,542,259
Commercial Services & Supplies — 0.5%
ABM Industries Inc.		68,878		3,171,143
ACCO Brands Corp.		98,471		787,768
Acme United Corp.		740		24,975
ACV Auctions Inc., Class A(a)		93,979		1,391,829
Aqua Metals Inc.(a)(b)		52,811		79,745
ARC Document Solutions Inc.		35,828		139,729
Aurora Innovation Inc.(a)(b)		244,765		1,368,236
Brady Corp., Class A, NVS		44,347		2,051,936
BrightView Holdings Inc.(a)		80,725		1,098,667
Brink’s Co. (The)		52,992		3,603,456
Casella Waste Systems Inc., Class A(a)(b)		50,261		4,405,377

Security	Shares		Value
Commercial Services & Supplies (continued)
CECO Environmental Corp.(a)(b)		26,438	$	145,145
Charah Solutions Inc.(a)(b)		8,465		42,240
Cimpress PLC(a)(b)		17,884		1,137,244
Cintas Corp.		85,718		36,463,580
Clean Harbors Inc.(a)		52,694		5,882,758
CompX International Inc.		257		6,045
Copart Inc.(a)		209,179		26,245,689
CoreCivic Inc.(a)		132,727		1,482,561
Deluxe Corp.		44,942		1,359,046
Driven Brands Holdings Inc.(a)		62,435		1,640,792
DSS Inc.(a)(b)		16,300		9,340
Ennis Inc.		26,056		481,254
Fuel Tech Inc.(a)		17,698		25,662
GEO Group Inc. (The)(a)		108,883		719,717
Harsco Corp.(a)		79,747		976,103
Healthcare Services Group Inc.		71,424		1,326,344
Heritage-Crystal Clean Inc.(a)		17,077		505,650
HNI Corp.		44,034		1,631,460
IAA Inc.(a)(b)		132,762		5,078,146
Interface Inc.		53,013		719,386
JanOne Inc.(a)		173		604
KAR Auction Services Inc.(a)		132,762		2,396,354
Kimball International Inc., Class B		58,811		496,953
Matthews International Corp., Class A		35,864		1,160,559
MillerKnoll Inc.		68,147		2,355,160
Montrose Environmental Group Inc.(a)(b)		25,761		1,363,530
MSA Safety Inc.		34,604		4,591,951
NL Industries Inc.		8,960		64,422
Odyssey Marine Exploration Inc.(a)(b)		8,244		54,905
Performant Financial Corp.(a)(b)		35,689		110,993
Perma-Fix Environmental Services Inc.(a)		9,611		53,149
Pitney Bowes Inc.		79,268		412,194
Quad/Graphics Inc.(a)(b)		25,826		179,232
Quest Resource Holding Corp.(a)		9,086		55,879
Republic Services Inc.		185,813		24,620,222
Rollins Inc.		222,739		7,807,002
SP Plus Corp.(a)		17,671		554,163
Steelcase Inc., Class A		88,035		1,052,018
Stericycle Inc.(a)		86,653		5,105,595
Team Inc.(a)		26,903		59,456
Tetra Tech Inc.		53,935		8,896,039
U.S. Ecology Inc.(a)		32,865		1,573,576
UniFirst Corp./MA		14,086		2,595,768
Viad Corp.(a)		17,946		639,595
Vidler Water Resouces Inc.(a)(b)		10,495		162,043
Virco Mfg. Corp.(a)		8,646		25,851
VSE Corp.		8,667		399,462
Waste Management Inc.		360,373		57,119,120
Wilhelmina International Inc.(a)		303		1,370
				227,908,188
Communications Equipment — 0.8%
ADTRAN Inc.		45,054		831,246
Applied Optoelectronics Inc.(a)(b)		20,652		75,380
Arista Networks Inc.(a)		217,562		30,236,767
Aviat Networks Inc.(a)(b)		14,922		459,150
BK Technologies Corp.		16,319		41,613
Calix Inc.(a)		42,627		1,829,125
Cambium Networks Corp.(a)		6,583		155,622
Casa Systems Inc.(a)(b)		27,265		123,238
Ciena Corp.(a)		156,860		9,510,422

72 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Cisco Systems Inc.		4,105,756	$	228,936,955
Clearfield Inc.(a)		9,497		619,394
ClearOne Inc.(a)		9,442		8,617
CommScope Holding Co. Inc.(a)		192,627		1,517,901
Comtech Telecommunications Corp.		25,061		393,207
Digi International Inc.(a)		26,042		560,424
DZS Inc.(a)		7,729		107,201
EMCORE Corp.(a)(b)		11,389		42,139
Extreme Networks Inc.(a)		169,946		2,075,041
F5 Inc.(a)		60,669		12,676,787
Genasys Inc.(a)(b)		27,531		75,710
Harmonic Inc.(a)(b)		121,786		1,131,392
Infinera Corp.(a)(b)		240,610		2,086,089
Inseego Corp.(a)(b)		60,163		243,660
Juniper Networks Inc.		308,549		11,465,681
KVH Industries Inc.(a)		17,000		154,700
Lantronix Inc.(a)		8,772		58,597
Lumentum Holdings Inc.(a)(b)		77,625		7,576,200
Motorola Solutions Inc.		163,560		39,614,232
NETGEAR Inc.(a)		34,652		855,211
NetScout Systems Inc.(a)		69,112		2,217,113
Network-1 Technologies Inc.		9,731		25,398
Optical Cable Corp.(a)		8,737		37,045
PCTEL Inc.		12,390		57,490
Plantronics Inc.(a)		34,726		1,368,204
Ribbon Communications Inc.(a)(b)		88,902		274,707
TESSCO Technologies Inc.(a)		8,172		49,359
Ubiquiti Inc.(b)		5,119		1,490,448
Viasat Inc.(a)		80,705		3,938,404
Viavi Solutions Inc.(a)(b)		223,036		3,586,419
Vislink Technologies Inc.(a)(b)		4		4
				366,506,292
Construction & Engineering — 0.2%
AECOM		135,700		10,423,117
Ameresco Inc., Class A(a)(b)		32,175		2,557,913
API Group Corp.(a)		156,669		3,294,749
Arcosa Inc.		46,156		2,642,431
Argan Inc.		11,854		481,154
Comfort Systems USA Inc.		35,103		3,124,518
Concrete Pumping Holdings Inc.(a)(b)		11,420		76,514
Construction Partners Inc., Class A(a)(b)		45,439		1,189,593
Dycom Industries Inc.(a)		28,384		2,703,860
EMCOR Group Inc.		55,223		6,219,766
Fluor Corp.(a)(b)		140,425		4,028,793
Granite Construction Inc.		43,403		1,423,618
Great Lakes Dredge & Dock Corp.(a)		53,608		752,120
Infrastructure and Energy Alternatives Inc.(a)		9,989		118,370
INNOVATE Corp.(a)(b)		38,900		143,541
Limbach Holdings Inc.(a)		6,603		45,891
MasTec Inc.(a)		52,367		4,561,166
Matrix Service Co.(a)		26,463		217,526
MDU Resources Group Inc.		211,491		5,636,235
MYR Group Inc.(a)		18,045		1,696,952
Northwest Pipe Co.(a)(b)		9,767		248,570
NV5 Global Inc.(a)(b)		12,494		1,665,450
Orbital Energy Group Inc.(a)(b)		26,968		49,621
Orion Group Holdings Inc.(a)(b)		26,664		66,127
Primoris Services Corp.		58,463		1,392,589
Quanta Services Inc.		140,617		18,506,603
Sterling Construction Co. Inc.(a)		19,661		526,915

Security	Shares		Value
Construction & Engineering (continued)
Tutor Perini Corp.(a)		36,227	$	391,252
Valmont Industries Inc.		20,514		4,894,640
WillScot Mobile Mini Holdings Corp.(a)		220,802		8,639,982
				87,719,576
Construction Materials — 0.1%
Eagle Materials Inc.		38,113		4,892,185
Martin Marietta Materials Inc.		61,291		23,590,293
Summit Materials Inc., Class A(a)		116,409		3,615,664
United States Lime & Minerals Inc.		502		58,252
Vulcan Materials Co.		127,109		23,349,923
				55,506,317
Consumer Finance — 0.6%
Ally Financial Inc.		345,708		15,031,384
American Express Co.		601,382		112,458,434
Atlanticus Holdings Corp.(a)		8,044		416,599
Capital One Financial Corp.		401,339		52,691,797
Consumer Portfolio Services Inc.(a)		17,967		182,545
Credit Acceptance Corp.(a)(b)		8,739		4,809,683
Curo Group Holdings Corp.		33,904		442,447
Discover Financial Services		284,925		31,395,886
Encore Capital Group Inc.(a)(b)		22,962		1,440,406
Enova International Inc.(a)		29,470		1,118,976
EZCORP Inc., Class A, NVS(a)		52,774		318,755
FirstCash Holdings Inc.		43,421		3,054,233
Green Dot Corp., Class A(a)		39,318		1,080,459
Katapult Holdings Inc.(a)(b)		139,572		332,181
LendingClub Corp.(a)		89,396		1,410,669
LendingTree Inc.(a)(b)		10,446		1,250,073
Navient Corp.		162,091		2,762,031
Nelnet Inc., Class A		25,260		2,146,847
Nicholas Financial Inc.(a)		9,487		97,242
OneMain Holdings Inc.		108,862		5,161,147
Oportun Financial Corp.(a)		10,233		146,946
PRA Group Inc.(a)(b)		24,806		1,118,255
PROG Holdings Inc.(a)		68,077		1,958,575
Regional Management Corp.		9,891		480,406
SLM Corp.		318,609		5,849,661
SoFi Technologies Inc.(a)(b)		630,784		5,960,909
Synchrony Financial		533,214		18,561,179
Upstart Holdings Inc.(a)(b)		45,055		4,915,050
World Acceptance Corp.(a)		5,528		1,060,492
				277,653,267
Containers & Packaging — 0.4%
Amcor PLC		1,498,632		16,979,501
AptarGroup Inc.		61,138		7,183,715
Avery Dennison Corp.		82,509		14,354,091
Ball Corp.		317,750		28,597,500
Berry Global Group Inc.(a)		132,196		7,662,080
Crown Holdings Inc.		124,675		15,595,596
Graphic Packaging Holding Co.		294,160		5,894,966
Greif Inc., Class A, NVS		26,364		1,715,242
Greif Inc., Class B		8,799		561,024
International Paper Co.		386,435		17,833,975
Myers Industries Inc.		26,538		573,221
O-I Glass Inc.(a)(b)		159,979		2,108,523
Packaging Corp. of America		91,923		14,350,100
Pactiv Evergreen Inc.		42,495		427,500
Ranpak Holdings Corp.(a)(b)		31,640		646,405
Sealed Air Corp.		142,887		9,567,713

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
Silgan Holdings Inc.		94,781	$	4,381,726
Sonoco Products Co.		98,747		6,177,612
TriMas Corp.		44,182		1,417,800
Westrock Co.		258,898		12,175,973
				168,204,263
Distributors — 0.1%
AMCON Distributing Co.		53		8,231
Educational Development Corp.		1,390		10,773
Funko Inc., Class A(a)		17,277		298,028
Genuine Parts Co.		136,457		17,196,311
Greenlane Holdings Inc., Class A(a)(b)		6,899		3,863
LKQ Corp.		263,048		11,945,010
Pool Corp.		38,407		16,240,400
Weyco Group Inc.		8,194		202,556
				45,905,172
Diversified Consumer Services — 0.1%
2U Inc.(a)		79,540		1,056,291
ADT Inc.		150,979		1,145,931
Adtalem Global Education Inc.(a)(b)		53,404		1,586,633
American Public Education Inc.(a)		17,465		370,957
Beachbody Co. Inc. (The)(a)(b)		144,181		327,291
Bright Horizons Family Solutions Inc.(a)		59,997		7,961,002
Carriage Services Inc.		17,506		933,595
Chegg Inc.(a)(b)		138,365		5,019,882
Coursera Inc.(a)		78,377		1,805,806
Duolingo Inc, Class A(a)		5,836		555,062
frontdoor Inc.(a)		86,158		2,571,816
Graham Holdings Co., Class B		3,232		1,976,271
Grand Canyon Education Inc.(a)(b)		43,308		4,205,640
H&R Block Inc.		165,954		4,321,442
Houghton Mifflin Harcourt Co.(a)		111,811		2,349,149
Laureate Education Inc., Class A		107,871		1,278,271
Lincoln Educational Services Corp.(a)		26,385		188,653
Mister Car Wash Inc.(a)(b)		48,015		710,142
OneSpaWorld Holdings Ltd.(a)(b)		32,328		329,746
Perdoceo Education Corp.(a)		62,473		717,190
PowerSchool Holdings Inc., Class A(a)		38,694		638,838
Regis Corp.(a)(b)		35,634		75,544
Rover Group Inc.(a)(b)		73,590		424,614
Service Corp. International		165,035		10,862,604
Strategic Education Inc.		23,690		1,572,542
Stride Inc.(a)(b)		44,624		1,621,190
Terminix Global Holdings Inc.(a)(b)		112,241		5,121,557
Universal Technical Institute Inc.(a)		18,063		159,858
Vivint Smart Home Inc.(a)		38,757		261,997
WW International Inc.(a)(b)		51,719		529,085
XpresSpa Group Inc.(a)(b)		67,324		76,076
Zovio Inc.(a)(b)		17,613		14,444
				60,769,119
Diversified Financial Services — 1.5%
Alerus Financial Corp.		16,542		457,221
A-Mark Precious Metals Inc.		10,128		783,300
Apollo Global Management Inc.		358,266		22,208,909
Berkshire Hathaway Inc., Class B(a)		1,786,079		630,325,140
Cannae Holdings Inc.(a)		80,008		1,913,791
Equitable Holdings Inc.		383,195		11,844,557
FlexShopper Inc.(a)(b)		9,581		16,384
GWG Holdings Inc.(a)(b)		186		1,008
Jackson Financial Inc., Class A		82,587		3,652,823

Security	Shares		Value
Diversified Financial Services (continued)
LM Funding America Inc.(a)		85	$	243
Voya Financial Inc.		108,222		7,180,530
				678,383,906
Diversified Telecommunication Services — 0.9%
Anterix Inc.(a)		26,133		1,513,101
AST SpaceMobile Inc.(a)(b)		78,084		779,278
AT&T Inc.		6,978,398		164,899,545
ATN International Inc.		9,051		360,954
Bandwidth Inc., Class A(a)(b)		27,708		897,462
Cogent Communications Holdings Inc.		49,083		3,256,657
Consolidated Communications Holdings Inc.(a)		71,620		422,558
EchoStar Corp., Class A(a)(b)		44,319		1,078,725
Frontier Communications Parent Inc.(a)(b)		203,090		5,619,500
Globalstar Inc.(a)(b)		611,201		898,466
IDT Corp., Class B(a)		15,182		517,554
Iridium Communications Inc.(a)		139,168		5,611,254
Liberty Global PLC, Class A(a)		137,532		3,508,441
Liberty Global PLC, Class C, NVS(a)		334,296		8,661,609
Liberty Latin America Ltd., Class A(a)		52,302		507,329
Liberty Latin America Ltd., Class C, NVS(a)		148,799		1,426,982
Lumen Technologies Inc.		909,773		10,253,142
Ooma Inc.(a)		16,854		252,642
Radius Global Infrastructure Inc., Class A(a)(b)		91,950		1,313,046
Verizon Communications Inc.		4,079,864		207,828,272
				419,606,517
Electric Utilities — 1.6%
ALLETE Inc.		50,956		3,413,033
Alliant Energy Corp.		251,329		15,703,036
American Electric Power Co. Inc.		490,602		48,947,362
Avangrid Inc.		72,422		3,385,004
Constellation Energy Corp.		318,223		17,900,044
Duke Energy Corp.		751,168		83,875,419
Edison International		370,157		25,948,006
Entergy Corp.		192,997		22,532,400
Evergy Inc.		228,309		15,602,637
Eversource Energy		339,273		29,920,486
Exelon Corp.		954,670		45,470,932
FirstEnergy Corp.		562,443		25,793,636
Genie Energy Ltd., Class B		17,608		118,854
Hawaiian Electric Industries Inc.		105,906		4,480,883
IDACORP Inc.		51,503		5,941,386
MGE Energy Inc.		43,234		3,449,641
NextEra Energy Inc.		1,922,454		162,851,078
NRG Energy Inc.		239,230		9,176,863
OGE Energy Corp.		197,912		8,070,851
Otter Tail Corp.		45,254		2,828,375
PG&E Corp.(a)		1,459,479		17,426,179
Pinnacle West Capital Corp.		114,142		8,914,490
PNM Resources Inc.		79,293		3,779,897
Portland General Electric Co.		88,095		4,858,439
PPL Corp.		752,277		21,485,031
Southern Co. (The)		1,029,847		74,674,206
Via Renewables Inc.		16,802		138,449
Xcel Energy Inc.		528,891		38,170,063
				704,856,680
Electrical Equipment — 0.7%
Acuity Brands Inc.		32,444		6,141,649
Advent Technologies Holdings Inc.(a)(b)		61,541		142,775
Allied Motion Technologies Inc.(b)		11,888		354,738

74 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
American Superconductor Corp.(a)(b)		43,901	$	334,087
AMETEK Inc.		224,841		29,944,324
Array Technologies Inc.(a)		140,805		1,586,872
Atkore Inc.(a)		43,081		4,240,894
AZZ Inc.		35,309		1,703,306
Babcock & Wilcox Enterprises Inc.(a)		53,315		435,050
Beam Global(a)(b)		5,991		122,516
Blink Charging Co.(a)(b)		35,514		939,700
Bloom Energy Corp., Class A(a)(b)		161,843		3,908,509
Broadwind Inc.(a)(b)		17,626		38,248
Capstone Green Energy Corp.(a)		1,371		5,649
ChargePoint Holdings Inc.(a)(b)		159,695		3,174,737
Eaton Corp. PLC		385,836		58,554,471
Emerson Electric Co.		584,327		57,293,262
Encore Wire Corp.		18,332		2,091,131
Energous Corp.(a)(b)		36,724		44,069
Energy Focus Inc.(a)		1,425		1,938
EnerSys		43,792		3,265,569
Enovix Corp.(a)(b)		95,249		1,359,203
Eos Energy Enterprises Inc.(a)(b)		37,759		157,833
Espey Manufacturing & Electronics Corp.(a)		612		8,507
FuelCell Energy Inc.(a)(b)		409,156		2,356,739
Generac Holdings Inc.(a)		62,371		18,540,404
GrafTech International Ltd.		164,806		1,585,434
Hubbell Inc.		52,668		9,678,798
Ideal Power Inc.(a)(b)		636		5,597
LSI Industries Inc.		25,959		155,754
nVent Electric PLC		169,669		5,901,088
Ocean Power Technologies Inc.(a)		15		21
Orion Energy Systems Inc.(a)		26,892		75,298
Pioneer Power Solutions Inc.		8,087		45,772
Plug Power Inc.(a)(b)		506,072		14,478,720
Powell Industries Inc.		8,804		170,974
Preformed Line Products Co.		650		41,223
Regal Rexnord Corp.		65,554		9,753,124
Rockwell Automation Inc.		113,839		31,878,335
Romeo Power Inc.(a)(b)		85,634		127,595
Sensata Technologies Holding PLC(a)(b)		160,866		8,180,036
Servotronics Inc.(a)		113		1,656
SES AI Corp. , NVS(b)		123,229		1,115,223
Shoals Technologies Group Inc., Class A(a)(b)		90,334		1,539,291
Stem Inc.(a)(b)		136,977		1,508,117
Sunrun Inc.(a)(b)		201,423		6,117,217
Sunworks Inc.(a)(b)		23,115		58,250
Thermon Group Holdings Inc.(a)		27,516		445,759
TPI Composites Inc.(a)		37,856		532,255
Ultralife Corp.(a)(b)		9,085		48,786
Vertiv Holdings Co.		290,941		4,073,174
Vicor Corp.(a)		24,028		1,695,175
Westwater Resources Inc.(a)		22,970		45,940
				296,004,792
Electronic Equipment, Instruments & Components — 0.8%
908 Devices Inc.(a)		15,503		294,712
ADDvantage Technologies Group Inc.(a)(b)		8,066		11,212
Advanced Energy Industries Inc.		35,918		3,091,821
Aeva Technologies Inc.(a)(b)		89,518		387,613
Akoustis Technologies Inc.(a)(b)		51,499		334,744
Amphenol Corp., Class A		584,936		44,074,928
Arlo Technologies Inc.(a)		62,489		553,653
Arrow Electronics Inc.(a)		73,914		8,768,418

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Autoscope Technologies Corp.		8,211	$	51,811
Avnet Inc.		105,161		4,268,485
Badger Meter Inc.		33,117		3,302,096
Bel Fuse Inc., Class A		246		5,166
Bel Fuse Inc., Class B, NVS		8,864		158,134
Belden Inc.(b)		43,623		2,416,714
Benchmark Electronics Inc.		45,182		1,131,357
CDW Corp./DE		134,306		24,026,000
Cemtrex Inc.(a)		788		496
ClearSign Technologies Corp.(a)		2,687		4,380
Coda Octopus Group Inc.(a)(b)		43,771		287,575
Cognex Corp.		170,083		13,121,903
Coherent Inc.(a)		25,729		7,033,279
Corning Inc.		719,326		26,550,323
CPS Technologies Corp.(a)(b)		8,664		45,139
CTS Corp.		27,529		972,875
Daktronics Inc.(a)		35,754		137,295
Data I/O Corp.(a)		8,580		36,465
Digital Ally Inc.(a)		889		969
Electro-Sensors Inc.(a)		222		1,110
ePlus Inc.(a)		33,444		1,874,871
Fabrinet(a)(b)		35,544		3,736,741
FARO Technologies Inc.(a)		17,604		914,000
Frequency Electronics Inc.(a)		8,580		74,646
Identiv Inc.(a)(b)		9,739		157,480
II-VI Inc.(a)(b)		106,105		7,691,551
Insight Enterprises Inc.(a)(b)		35,483		3,808,036
Intellicheck Inc.(a)(b)		12,031		30,679
IPG Photonics Corp.(a)		35,625		3,910,200
Iteris Inc.(a)(b)		26,429		78,758
Itron Inc.(a)		41,754		2,199,601
Jabil Inc.		142,493		8,796,093
Key Tronic Corp.(a)		9,021		50,969
Keysight Technologies Inc.(a)		178,170		28,145,515
Kimball Electronics Inc.(a)(b)		19,808		395,962
Knowles Corp.(a)		48,838		1,051,482
LGL Group Inc. (The)(a)		449		4,917
LightPath Technologies Inc., Class A(a)(b)		9,689		19,087
Lightwave Logic Inc.(a)(b)		115,114		1,106,246
Littelfuse Inc.		24,974		6,228,765
Luna Innovations Inc.(a)		34,909		269,148
Methode Electronics Inc.		35,658		1,542,209
MicroVision Inc.(a)(b)		144,439		674,530
MICT Inc.(a)(b)		49,448		30,223
Napco Security Technologies Inc.(a)(b)		19,424		398,580
National Instruments Corp.		134,053		5,441,211
Neonode Inc.(a)(b)		2,003		12,178
nLight Inc.(a)(b)		37,707		653,839
Novanta Inc.(a)(b)		34,866		4,961,083
OSI Systems Inc.(a)(b)		6,425		546,896
Ouster Inc.(a)(b)		77,383		348,224
PAR Technology Corp.(a)(b)		20,701		835,078
PC Connection Inc.		15,859		830,853
Plexus Corp.(a)		26,384		2,158,475
Powerfleet Inc.(a)(b)		14,830		44,045
Research Frontiers Inc.(a)(b)		17,889		34,347
RF Industries Ltd.(a)		8,587		61,912
Richardson Electronics Ltd.		9,558		118,902
Rogers Corp.(a)		17,885		4,859,354
Sanmina Corp.(a)		74,092		2,994,799

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ScanSource Inc.(a)		26,473	$	920,996
Schmitt Industries Inc.(a)		498		2,395
SigmaTron International Inc.(a)(b)		8,051		54,988
Taitron Components Inc., Class A		800		3,072
TD SYNNEX Corp.		41,860		4,320,371
TE Connectivity Ltd.		315,921		41,379,333
Teledyne Technologies Inc.(a)		46,124		21,799,586
Trimble Inc.(a)		247,711		17,869,872
TTM Technologies Inc.(a)		96,667		1,432,605
Universal Security Instruments Inc.(a)(b)		622		2,644
Velodyne Lidar Inc.(a)		198,383		507,860
Vishay Intertechnology Inc.		125,165		2,453,234
Vishay Precision Group Inc.(a)		9,629		309,572
Vontier Corp.		168,076		4,267,450
Wayside Technology Group Inc.		830		28,386
Wireless Telecom Group Inc.(a)(b)		17,551		30,188
ZAGG Inc., NVS(c)		23,161		2,084
Zebra Technologies Corp., Class A(a)(b)		52,179		21,586,452
				355,131,246
Energy Equipment & Services — 0.4%
Archrock Inc.		133,203		1,229,464
Baker Hughes Co.		886,407		32,274,079
Bristow Group Inc.(a)		33,906		1,257,234
Cactus Inc., Class A		63,925		3,627,104
ChampionX Corp.(a)		217,545		5,325,502
Core Laboratories NV(b)		44,125		1,395,674
DMC Global Inc.(a)		15,492		472,506
Dril-Quip Inc.(a)		33,873		1,265,157
ENGlobal Corp.(a)(b)		17,094		22,222
Enservco Corp.(a)(b)		1,440		3,888
Expro Group Holdings NV(a)(b)		13,968		248,351
Exterran Corp.(a)(b)		51,762		321,442
Forum Energy Technologies Inc.(a)(b)		6,235		142,782
Geospace Technologies Corp.(a)		16,925		97,319
Gulf Island Fabrication Inc.(a)		9,773		38,310
Halliburton Co.		868,668		32,896,457
Helix Energy Solutions Group Inc.(a)		134,686		643,799
Helmerich & Payne Inc.		106,072		4,537,760
Independence Contract Drilling Inc.(a)		1,050		4,337
ION Geophysical Corp.(a)(b)		8,846		7,714
KLX Energy Services Holdings Inc.(a)		5,403		27,934
Liberty Oilfield Services Inc., Class A(a)(b)		102,791		1,523,363
Mammoth Energy Services Inc.(a)		26,618		56,696
MIND Technology Inc.(a)		9,542		12,023
Nabors Industries Ltd.(a)		5,963		910,669
Natural Gas Services Group Inc.(a)		17		202
NCS Multistage Holdings Inc.(a)(b)		5,920		296,355
Newpark Resources Inc.(a)		88,030		322,190
NexTier Oilfield Solutions Inc.(a)		162,144		1,498,211
Nine Energy Service Inc.(a)(b)		16,480		61,635
Noble Corp.(a)(b)		58,963		2,066,653
NOV Inc.		378,392		7,420,267
Oceaneering International Inc.(a)		41,838		634,264
Oil States International Inc.(a)		68,974		479,369
Patterson-UTI Energy Inc.		219,318		3,395,043
Profire Energy Inc.(a)(b)		27,314		35,508
ProPetro Holding Corp.(a)		81,379		1,133,609
Ranger Energy Services Inc.(a)(b)		5,537		56,754
RPC Inc.(a)		47,160		503,197
Schlumberger NV		1,376,023		56,843,510

Security	Shares		Value
Energy Equipment & Services (continued)
SEACOR Marine Holdings Inc.(a)(b)		44,829	$	361,770
Select Energy Services Inc., Class A(a)		53,990		462,694
Smart Sand Inc.(a)(b)		138,976		479,467
Solaris Oilfield Infrastructure Inc., Class A		35,198		397,385
Superior Drilling Products Inc.(a)(b)		8,728		9,252
TechnipFMC PLC(a)(b)		417,761		3,237,648
TETRA Technologies Inc.(a)		88,447		363,517
Tidewater Inc.(a)(b)		32,246		701,028
Transocean Ltd.(a)(b)		582,234		2,660,809
U.S. Silica Holdings Inc.(a)		63,067		1,176,830
U.S. Well Services Inc.(a)(b)		17,877		19,665
Valaris Ltd.(a)(b)		63,678		3,309,346
Weatherford International PLC(a)(b)		63,642		2,119,279
				178,387,243
Entertainment — 1.4%
Activision Blizzard Inc.		762,947		61,119,684
AMC Entertainment Holdings Inc., Class A(a)(b)		494,744		12,190,492
Ballantyne Strong Inc.(a)		9,680		29,814
Chicken Soup For The Soul Entertainment Inc.(a)(b)		3,008		24,034
Cinedigm Corp., Class A(a)(b)		87,764		71,405
Cinemark Holdings Inc.(a)		106,155		1,834,358
CuriosityStream Inc.(a)(b)		59,482		172,498
Electronic Arts Inc.		277,587		35,117,531
Gaia Inc.(a)		17,634		86,759
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		19,237		553,641
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		34,937		975,092
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		17,172		1,084,068
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		202,141		14,117,528
Lions Gate Entertainment Corp., Class A(a)(b)		56,037		910,601
Lions Gate Entertainment Corp., Class B, NVS(a)		113,118		1,700,164
Live Nation Entertainment Inc.(a)		137,840		16,215,498
LiveOne Inc(a)(b)		91,326		74,522
Madison Square Garden Entertainment Corp.(a)(b)		25,344		2,111,409
Madison Square Garden Sports Corp.(a)		17,356		3,112,972
Marcus Corp. (The)(a)(b)		23,146		409,684
Netflix Inc.(a)		435,777		163,237,706
Playstudios Inc.(a)(b)		175,100		849,235
Playtika Holding Corp.(a)		100,925		1,950,880
Reading International Inc., Class A, NVS(a)		17,474		74,789
Roku Inc.(a)(b)		113,696		14,242,698
Skillz Inc.(a)(b)		237,687		713,061
Take-Two Interactive Software Inc.(a)		113,707		17,481,314
Walt Disney Co. (The)(a)		1,784,965		244,825,799
Warner Music Group Corp., Class A		101,382		3,837,309
World Wrestling Entertainment Inc., Class A(b)		45,270		2,826,659
Zynga Inc., Class A(a)		1,083,827		10,014,562
				611,965,766
Equity Real Estate Investment Trusts (REITs) — 3.3%
Acadia Realty Trust		70,407		1,525,720
ACRE Realty Investors Inc.(a)(c)		2,715		—
Agree Realty Corp.		67,837		4,501,663
Alexander & Baldwin Inc.		62,021		1,438,267
Alexander’s Inc.		1,605		411,249
Alexandria Real Estate Equities Inc.		152,780		30,746,975
American Assets Trust Inc.		43,831		1,660,757
American Campus Communities Inc.		133,744		7,485,652
American Homes 4 Rent, Class A		272,098		10,892,083

76 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Tower Corp.		448,112	$	112,574,697
Americold Realty Trust		264,873		7,384,659
Apartment Income REIT Corp.		148,997		7,965,380
Apartment Investment & Management Co., Class A(a)		149,133		1,091,654
Apple Hospitality REIT Inc.		233,592		4,197,648
Armada Hoffler Properties Inc.		62,014		905,404
Ashford Hospitality Trust Inc.(a)		20,663		210,763
AvalonBay Communities Inc.		135,758		33,718,214
Bluerock Residential Growth REIT Inc., Class A(b)		21,394		568,439
Boston Properties Inc.		137,848		17,754,822
Braemar Hotels & Resorts Inc.		25,763		159,215
Brandywine Realty Trust		103,424		1,462,415
Brixmor Property Group Inc.		294,810		7,609,046
Broadstone Net Lease Inc.		143,553		3,126,584
BRT Apartments Corp.		8,818		211,367
Camden Property Trust		97,610		16,222,782
CareTrust REIT Inc.		79,304		1,530,567
CatchMark Timber Trust Inc., Class A		35,730		292,986
Cedar Realty Trust Inc.		9,148		252,851
Centerspace		16,750		1,643,510
Chatham Lodging Trust(a)		32,961		454,532
City Office REIT Inc.		62,475		1,103,309
Clipper Realty Inc.		43,194		391,770
Community Healthcare Trust Inc.		19,024		803,003
CorEnergy Infrastructure Trust Inc.		9,497		29,156
Corporate Office Properties Trust		104,225		2,974,581
Cousins Properties Inc.		144,004		5,801,921
Creative Media & Community Trust Corp.		8,464		65,511
Crown Castle International Corp.		422,597		78,011,406
CTO Realty Growth Inc.		9,634		638,927
CubeSmart		216,670		11,273,340
DiamondRock Hospitality Co.(a)		191,829		1,937,473
Digital Realty Trust Inc.		280,064		39,713,075
DigitalBridge Group Inc.(a)		487,241		3,508,135
Diversified Healthcare Trust		234,463		750,282
Douglas Emmett Inc.		166,256		5,556,276
Duke Realty Corp.		381,719		22,162,605
Easterly Government Properties Inc.		119,141		2,518,641
EastGroup Properties Inc.		41,721		8,481,045
Empire State Realty Trust Inc., Class A		123,109		1,208,930
EPR Properties		80,028		4,378,332
Equinix Inc.		88,169		65,387,894
Equity Commonwealth(a)		124,621		3,515,558
Equity LifeStyle Properties Inc.		168,992		12,924,508
Equity Residential		330,927		29,756,956
Essential Properties Realty Trust Inc.		108,742		2,751,173
Essex Property Trust Inc.		64,532		22,294,515
Extra Space Storage Inc.		131,912		27,121,107
Farmland Partners Inc.		31,767		436,796
Federal Realty Investment Trust		69,519		8,486,184
First Industrial Realty Trust Inc.		130,052		8,051,519
Four Corners Property Trust Inc.		62,804		1,698,220
Franklin Street Properties Corp., Class C		89,046		525,371
Gaming and Leisure Properties Inc.		212,298		9,963,145
Getty Realty Corp.		42,623		1,219,870
Gladstone Commercial Corp.		51,590		1,136,012
Gladstone Land Corp.		44,625		1,625,243
Global Medical REIT Inc.		52,882		863,034
Global Net Lease Inc.		79,886		1,256,607
Global Self Storage Inc.		8,549		47,874

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Realty Trust Inc.		140,286	$	3,855,059
Healthcare Trust of America Inc., Class A		224,038		7,021,351
Healthpeak Properties Inc.		517,394		17,762,136
Hersha Hospitality Trust, Class A(a)		42,822		388,824
Highwoods Properties Inc.		106,196		4,857,405
Host Hotels & Resorts Inc.		679,619		13,204,997
Hudson Pacific Properties Inc.		149,993		4,162,306
Independence Realty Trust Inc.		250,923		6,634,404
Indus Realty Trust Inc.		1,600		116,944
Industrial Logistics Properties Trust		83,292		1,888,230
Innovative Industrial Properties Inc.		23,921		4,913,373
InvenTrust Properties Corp.		58,625		1,804,477
Invitation Homes Inc.		571,538		22,964,397
Iron Mountain Inc.		286,646		15,883,055
iStar Inc.		58,938		1,379,739
JBG SMITH Properties		116,031		3,390,426
Kilroy Realty Corp.		106,830		8,163,949
Kimco Realty Corp.		593,724		14,664,983
Kite Realty Group Trust		229,066		5,215,833
Lamar Advertising Co., Class A		88,031		10,227,442
Life Storage Inc.		78,342		11,001,567
LTC Properties Inc.		36,008		1,385,228
LXP Industrial Trust		259,567		4,075,202
Macerich Co. (The)		190,741		2,983,189
Medical Properties Trust Inc.		603,179		12,751,204
Mid-America Apartment Communities Inc.		115,055		24,098,270
National Health Investors Inc.		43,677		2,577,380
National Retail Properties Inc.		174,530		7,843,378
National Storage Affiliates Trust		88,056		5,526,395
Necessity Retail REIT Inc.		106,655		843,641
NETSTREIT Corp.		36,054		809,052
NexPoint Residential Trust Inc.		18,402		1,661,885
Office Properties Income Trust		42,222		1,086,372
Omega Healthcare Investors Inc.		231,034		7,199,019
One Liberty Properties Inc.		17,097		526,417
Orion Office REIT Inc.		53,947		755,258
Outfront Media Inc.		138,879		3,948,330
Paramount Group Inc.		187,227		2,042,647
Park Hotels & Resorts Inc.		238,490		4,657,710
Pebblebrook Hotel Trust		131,371		3,215,962
Phillips Edison & Co. Inc.		109,388		3,761,853
Physicians Realty Trust		221,853		3,891,302
Piedmont Office Realty Trust Inc., Class A		141,871		2,443,019
Plymouth Industrial REIT Inc.		35,954		974,353
Postal Realty Trust Inc., Class A		6,788		114,174
PotlatchDeltic Corp.		63,021		3,323,097
Power REIT(a)		239		9,414
Preferred Apartment Communities Inc., Class A		53,890		1,344,017
Prologis Inc.		722,282		116,634,097
PS Business Parks Inc.		20,281		3,408,830
Public Storage		150,105		58,582,979
Rayonier Inc.		143,545		5,902,570
Realty Income Corp.		570,203		39,515,068
Regency Centers Corp.		150,643		10,746,872
Retail Opportunity Investments Corp.		121,282		2,351,658
Retail Value Inc.		21,427		65,567
Rexford Industrial Realty Inc.		156,720		11,689,745
RLJ Lodging Trust		168,302		2,369,692
RPT Realty		56,293		775,155
Ryman Hospitality Properties Inc.(a)		52,778		4,896,215

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Sabra Health Care REIT Inc.		194,330	$	2,893,574
Safehold Inc.		11,705		649,042
Saul Centers Inc.		10,181		536,539
SBA Communications Corp.		106,470		36,636,327
Seritage Growth Properties, Class A(a)(b)		32,232		408,057
Service Properties Trust		151,786		1,340,270
Simon Property Group Inc.		324,368		42,673,854
SITE Centers Corp.		157,387		2,629,937
SL Green Realty Corp.		69,030		5,603,855
Sotherly Hotels Inc.(a)		9,568		19,710
Spirit Realty Capital Inc.		118,274		5,442,969
STAG Industrial Inc.		171,013		7,071,388
STORE Capital Corp.		238,543		6,972,612
Summit Hotel Properties Inc.(a)		99,257		988,600
Sun Communities Inc.		112,296		19,684,366
Sunstone Hotel Investors Inc.(a)		214,470		2,526,457
Tanger Factory Outlet Centers Inc.		94,834		1,630,196
Terreno Realty Corp.		68,289		5,056,800
UDR Inc.		281,624		16,156,769
UMH Properties Inc.		48,297		1,187,623
Uniti Group Inc.		255,373		3,513,932
Universal Health Realty Income Trust		12,059		703,884
Urban Edge Properties		113,319		2,164,393
Urstadt Biddle Properties Inc., Class A		17,299		325,394
Ventas Inc.		388,914		24,019,329
Veris Residential Inc.(a)		88,762		1,543,571
VICI Properties Inc.		607,738		17,296,223
Vornado Realty Trust		157,480		7,136,994
Washington Real Estate Investment Trust		98,704		2,516,952
Welltower Inc.		424,190		40,781,627
Weyerhaeuser Co.		730,536		27,687,314
Wheeler Real Estate Investment Trust Inc.(a)(b)		736		1,693
Whitestone REIT		32,315		428,174
WP Carey Inc.		175,579		14,193,806
Xenia Hotels & Resorts Inc.(a)		103,954		2,005,273
				1,493,083,822
Food & Staples Retailing — 1.4%
Albertsons Companies Inc., Class A		95,856		3,187,212
Andersons Inc. (The)		26,371		1,325,406
BJ’s Wholesale Club Holdings Inc.(a)		131,081		8,862,386
Casey’s General Stores Inc.		37,454		7,422,259
Chefs’ Warehouse Inc. (The)(a)		26,021		848,285
Costco Wholesale Corp.		433,507		249,635,006
Grocery Outlet Holding Corp.(a)(b)		82,920		2,718,118
HF Foods Group Inc.(a)(b)		33,521		223,250
Ingles Markets Inc., Class A		18,899		1,682,956
Kroger Co. (The)		648,882		37,226,360
MedAvail Holdings Inc.(a)(b)		25		24
Performance Food Group Co.(a)(b)		147,235		7,495,734
PriceSmart Inc.		18,870		1,488,277
Rite Aid Corp.(a)(b)		51,466		450,328
SpartanNash Co.		51,480		1,698,325
Sprouts Farmers Market Inc.(a)		116,591		3,728,580
Sysco Corp.		495,522		40,459,371
U.S. Foods Holding Corp.(a)		213,958		8,051,240
United Natural Foods Inc.(a)		65,692		2,716,364
Village Super Market Inc., Class A		8,291		203,130
Walmart Inc.		1,378,798		205,330,598
Walgreens Boots Alliance Inc.		704,356		31,534,018

Security	Shares		Value
Food & Staples Retailing (continued)
Weis Markets Inc.		16,477	$	1,176,787
				617,464,014
Food Products — 1.0%
Alico Inc.		649		24,376
AppHarvest Inc.(a)(b)		59,403		319,291
Arcadia Biosciences Inc.(a)(b)		219		307
Archer-Daniels-Midland Co.		547,477		49,415,274
B&G Foods Inc.(b)		61,076		1,647,830
Beyond Meat Inc.(a)(b)		58,911		2,845,990
Bridgford Foods Corp.(a)		641		6,827
Bunge Ltd.		133,716		14,817,070
Calavo Growers Inc.		19,146		697,872
Cal-Maine Foods Inc.		41,318		2,281,580
Campbell Soup Co.		202,456		9,023,464
Coffee Holding Co. Inc.		8,668		29,558
Conagra Brands Inc.		462,982		15,542,306
Darling Ingredients Inc.(a)		159,767		12,842,071
Farmer Bros. Co.(a)		6,068		43,204
Flowers Foods Inc.		202,176		5,197,945
Fresh Del Monte Produce Inc.		32,632		845,495
Freshpet Inc.(a)(b)		44,332		4,550,236
General Mills Inc.		588,189		39,832,159
Hain Celestial Group Inc. (The)(a)		88,949		3,059,846
Hershey Co. (The)		143,975		31,189,304
Hormel Foods Corp.		282,624		14,566,441
Hostess Brands Inc.(a)		148,830		3,265,330
Ingredion Inc.		62,192		5,420,033
J&J Snack Foods Corp.		16,365		2,538,212
JM Smucker Co. (The)		100,915		13,664,900
John B Sanfilippo & Son Inc.		8,291		691,801
Kellogg Co.		244,399		15,761,292
Kraft Heinz Co. (The)		684,357		26,956,822
Lamb Weston Holdings Inc.		144,343		8,647,589
Lancaster Colony Corp.		20,066		2,992,844
Landec Corp.(a)		26,518		307,078
Lifeway Foods Inc.(a)(b)		8,078		58,323
Limoneira Co.		9,546		140,135
McCormick & Co. Inc./MD, NVS		246,454		24,596,109
Mission Produce Inc.(a)		50,354		636,978
Mondelez International Inc., Class A		1,351,684		84,858,722
Pilgrim’s Pride Corp.(a)		59,623		1,496,537
Pineapple Energy Inc, NVS(b)		2,055		12,844
Post Holdings Inc.(a)		61,321		4,247,092
RiceBran Technologies(a)		8,753		3,939
Rocky Mountain Chocolate Factory Inc.		8,038		59,803
S&W Seed Co.(a)		9,795		20,863
Sanderson Farms Inc.		18,428		3,455,066
Seaboard Corp.		183		769,605
Seneca Foods Corp., Class A(a)		8,171		421,133
Seneca Foods Corp., Class B(a)		117		5,966
Simply Good Foods Co. (The)(a)		82,790		3,141,881
Tattooed Chef Inc.(a)(b)		71,349		897,570
Tootsie Roll Industries Inc.		41,090		1,436,523
TreeHouse Foods Inc.(a)(b)		53,785		1,735,104
Tyson Foods Inc., Class A		282,639		25,332,934
Utz Brands Inc.		84,751		1,252,620
Vital Farms Inc.(a)(b)		19,157		236,781
Whole Earth Brands Inc.(a)		60,654		434,283
				444,275,158

78 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 0.1%
Atmos Energy Corp.		130,798	$	15,629,053
Chesapeake Utilities Corp.		16,100		2,217,936
National Fuel Gas Co.		87,978		6,044,089
New Jersey Resources Corp.		89,393		4,099,563
Northwest Natural Holding Co.		42,661		2,206,427
ONE Gas Inc.		52,615		4,642,748
RGC Resources Inc.		2,385		50,991
South Jersey Industries Inc.		120,122		4,150,215
Southwest Gas Holdings Inc.		54,288		4,250,207
Spire Inc.		51,513		3,696,573
UGI Corp.		210,625		7,628,837
				54,616,639
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		1,722,124		203,830,597
ABIOMED Inc.(a)		44,984		14,900,500
Accelerate Diagnostics Inc.(a)(b)		27,441		39,515
Accuray Inc.(a)(b)		86,559		286,510
Acutus Medical Inc.(a)		18,797		26,128
Aethlon Medical Inc.(a)(b)		415		606
Align Technology Inc.(a)		71,953		31,371,508
Alphatec Holdings Inc.(a)(b)		68,492		787,658
AngioDynamics Inc.(a)		48,138		1,036,893
Apollo Endosurgery Inc.(a)		72		436
Apyx Medical Corp.(a)		26,440		172,653
Artivion Inc.(a)		52,834		1,129,591
Asensus Surgical Inc.(a)(b)		222,481		139,451
Aspira Women’s Health Inc.(a)(b)		41,576		43,239
AtriCure Inc.(a)(b)		46,274		3,038,814
Atrion Corp.		1,031		735,103
Avanos Medical Inc.(a)		49,942		1,673,057
Axogen Inc.(a)		43,219		343,159
Axonics Inc.(a)(b)		42,005		2,629,513
Baxter International Inc.		488,383		37,869,218
Becton Dickinson and Co.		277,491		73,812,606
Beyond Air Inc.(a)(b)		9,971		66,606
Biolase Inc.(a)(b)		67,950		24,000
BioLife Solutions Inc.(a)		19,832		450,781
Biomerica Inc.(a)		7,812		34,920
Bioventus Inc., Class A(a)		5,408		76,253
Boston Scientific Corp.(a)		1,401,248		62,061,274
Butterfly Network Inc.(a)(b)		126,517		602,221
Cardiovascular Systems Inc.(a)(b)		51,268		1,158,657
Cerus Corp.(a)(b)		210,814		1,157,369
Chembio Diagnostics Inc.(a)(b)		8,767		7,189
ClearPoint Neuro Inc.(a)(b)		9,712		101,102
Co-Diagnostics Inc.(a)(b)		34,213		211,436
Conformis Inc.(a)(b)		77,325		48,235
CONMED Corp.		26,298		3,906,568
Cooper Companies Inc. (The)		47,364		19,778,733
CryoPort Inc.(a)(b)		49,262		1,719,736
Cutera Inc.(a)		12,826		884,994
CytoSorbents Corp.(a)(b)		25,655		81,839
DENTSPLY SIRONA Inc.		212,581		10,463,237
Dexcom Inc.(a)(b)		94,561		48,377,408
Eargo Inc.(a)		15,305		80,963
Edwards Lifesciences Corp.(a)		609,766		71,781,653
Ekso Bionics Holdings Inc.(a)(b)		16,770		48,465
ElectroCore Inc.(a)		16,651		9,741
Electromed Inc.(a)(b)		8,038		99,993
Envista Holdings Corp.(a)		159,406		7,764,666

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Figs Inc., Class A(a)(b)		26,001	$	559,542
FONAR Corp.(a)		8,213		152,351
Glaukos Corp.(a)		42,156		2,437,460
Globus Medical Inc., Class A(a)		71,853		5,301,314
Haemonetics Corp.(a)		51,749		3,271,572
Helius Medical Technologies Inc.(a)		1,941		6,405
Heska Corp.(a)		9,345		1,292,227
Hologic Inc.(a)		244,148		18,755,449
ICU Medical Inc.(a)(b)		19,656		4,376,212
IDEXX Laboratories Inc.(a)		83,085		45,452,480
Inari Medical Inc.(a)(b)		31,321		2,838,935
Inogen Inc.(a)		17,916		580,837
Insulet Corp.(a)		67,226		17,908,334
Integer Holdings Corp.(a)(b)		35,810		2,885,212
Integra LifeSciences Holdings Corp.(a)		70,172		4,509,253
Intersect ENT Inc.(a)		27,437		768,510
IntriCon Corp.(a)(b)		8,216		196,034
Intuitive Surgical Inc.(a)		349,434		105,417,249
Invacare Corp.(a)		32,184		45,379
InVivo Therapeutics Holdings Corp.(a)		16		6
iRadimed Corp.		7,984		358,003
iRhythm Technologies Inc.(a)(b)		28,383		4,469,471
IRIDEX Corp.(a)		8,679		40,184
Kewaunee Scientific Corp.(a)		262		3,747
Lantheus Holdings Inc.(a)		68,536		3,790,726
LeMaitre Vascular Inc.		24,479		1,137,539
LENSAR Inc.(a)(b)		11,599		85,833
LivaNova PLC(a)(b)		54,262		4,440,259
Masimo Corp.(a)		50,771		7,389,211
Medtronic PLC		1,314,981		145,897,142
Meridian Bioscience Inc.(a)		38,468		998,629
Merit Medical Systems Inc.(a)		53,200		3,538,864
Mesa Laboratories Inc.		6,105		1,556,042
Microbot Medical Inc.(a)(b)		17		107
Milestone Scientific Inc.(a)		9,589		14,575
Motus GI Holdings Inc.(a)(b)		9,910		3,567
Natus Medical Inc.(a)		34,566		908,394
Neogen Corp.(a)(b)		108,812		3,355,762
NeuroMetrix Inc.(a)		10		42
Neuronetics Inc.(a)		34,716		105,189
Nevro Corp.(a)(b)		35,177		2,544,352
Novocure Ltd.(a)(b)		90,802		7,522,946
NuVasive Inc.(a)(b)		51,686		2,930,596
OraSure Technologies Inc.(a)		63,596		431,181
Ortho Clinical Diagnostics Holdings PLC(a)		78,791		1,470,240
Orthofix Medical Inc.(a)		17,765		580,915
OrthoPediatrics Corp.(a)		15,352		828,854
Outset Medical Inc.(a)(b)		39,160		1,777,864
Owlet Inc.(a)(b)		164,711		732,964
PAVmed Inc.(a)(b)		122,978		162,331
Penumbra Inc.(a)		33,873		7,524,209
Predictive Oncology Inc.(a)(b)		6		6
Pro-Dex Inc.(a)(b)		613		10,133
Pulmonx Corp.(a)(b)		38,526		955,830
Quidel Corp.(a)(b)		37,927		4,265,270
Quotient Ltd.(a)(b)		122,346		146,815
Repro-Med Systems Inc.(a)(b)		16,932		48,426
ResMed Inc.		142,717		34,610,300
Retractable Technologies Inc.(a)(b)		9,642		45,799
Rockwell Medical Inc.(a)(b)		61,654		29,058

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
SeaSpine Holdings Corp.(a)		52,724	$	641,124
Second Sight Medical Products Inc.(a)(b)		23,843		34,095
Senseonics Holdings Inc.(a)(b)		375,178		739,101
Sensus Healthcare Inc.(a)(b)		72,517		733,872
Shockwave Medical Inc.(a)(b)		34,436		7,140,649
SI-BONE Inc.(a)		32,896		743,450
Sientra Inc.(a)(b)		45,970		102,053
Silk Road Medical Inc.(a)(b)		33,976		1,402,869
SiNtx Technologies Inc.(a)(b)		13		8
SmileDirectClub Inc.(a)(b)		74,344		192,551
STAAR Surgical Co.(a)(b)		45,461		3,632,788
Stereotaxis Inc.(a)		40,822		152,266
STERIS PLC		97,797		23,644,381
Strata Skin Sciences Inc.(a)(b)		1,191		1,751
Stryker Corp.		328,025		87,697,484
Surgalign Holdings Inc.(a)		54,067		16,453
Surmodics Inc.(a)		9,948		450,943
Tactile Systems Technology Inc.(a)		17,430		351,389
Tandem Diabetes Care Inc.(a)		66,623		7,747,589
Tela Bio Inc.(a)(b)		3,109		36,158
Teleflex Inc.		45,585		16,174,926
ThermoGenesis Holdings Inc.(a)		27		18
TransMedics Group Inc.(a)		24,206		652,110
Treace Medical Concepts Inc.(a)		24,446		462,274
UFP Technologies Inc.(a)(b)		8,220		543,917
Utah Medical Products Inc.		1,035		93,005
Vapotherm Inc.(a)		27,616		383,862
Varex Imaging Corp.(a)		36,331		773,487
Venus Concept Inc.(a)(b)		15,321		21,909
ViewRay Inc.(a)		96,283		377,429
VolitionRx Ltd.(a)		9,581		28,839
Xtant Medical Holdings Inc.(a)(b)		143		97
Zimmer Biomet Holdings Inc.		205,110		26,233,569
Zimvie Inc.(a)		20,487		467,923
Zomedica Corp.(a)(b)		1,011,011		340,711
Zosano Pharma Corp.(a)(b)		91,138		20,506
Zynex Inc.		16,180		100,801
				1,248,467,287
Health Care Providers & Services — 2.8%
1Life Healthcare Inc.(a)(b)		186,965		2,071,572
23andMe Holding Co., Class A(a)(b)		111,954		428,784
Acadia Healthcare Co. Inc.(a)(b)		88,025		5,768,278
Accolade Inc.(a)(b)		56,016		983,641
AdaptHealth Corp.(a)(b)		106,220		1,702,707
Addus HomeCare Corp.(a)		16,039		1,496,278
Agiliti Inc.(a)(b)		35,192		742,551
agilon health Inc.(a)(b)		46,059		1,167,596
AlerisLife Inc(a)		16,755		36,023
Alignment Healthcare Inc.(a)(b)		32,424		364,122
Amedisys Inc.(a)		33,524		5,775,850
American Shared Hospital Services(a)		709		1,659
AmerisourceBergen Corp.		147,802		22,866,447
AMN Healthcare Services Inc.(a)		44,763		4,670,124
Anthem Inc.		235,929		115,893,043
Apollo Medical Holdings Inc.(a)(b)		36,706		1,779,140
Avalon GloboCare Corp.(a)(b)		23,644		16,567
Aveanna Healthcare Holdings Inc.(a)(b)		69,606		237,356
Brookdale Senior Living Inc.(a)(b)		220,854		1,557,021
Cano Health Inc.(a)(b)		226,477		1,438,129
Cardinal Health Inc.		290,536		16,473,391

Security	Shares		Value
Health Care Providers & Services (continued)
CareMax Inc.(a)(b)		94,492	$	705,855
Castle Biosciences Inc.(a)		26,915		1,207,407
Centene Corp.(a)		574,680		48,382,309
Chemed Corp.		16,299		8,256,258
Cigna Corp.		319,057		76,449,248
Clover Health Investments Corp.(a)(b)		269,032		955,064
Community Health Systems Inc.(a)		113,277		1,344,598
CorVel Corp.(a)		9,012		1,517,981
Covetrus Inc.(a)		94,718		1,590,315
Cross Country Healthcare Inc.(a)		34,632		750,475
CVS Health Corp.		1,281,189		129,669,139
CynergisTek Inc./DE(a)		8,344		11,181
DaVita Inc.(a)		59,918		6,777,325
Encompass Health Corp.		98,978		7,038,326
Ensign Group Inc. (The)		47,009		4,231,280
Enzo Biochem Inc.(a)		36,360		105,444
Fulgent Genetics Inc.(a)(b)		17,452		1,089,179
Great Elm Group Inc.(a)		6,741		12,201
Guardant Health Inc.(a)		109,157		7,230,560
Hanger Inc.(a)(b)		36,428		667,725
HCA Healthcare Inc.		237,146		59,433,531
HealthEquity Inc.(a)		82,624		5,572,163
Henry Schein Inc.(a)(b)		123,951		10,807,288
Hims & Hers Health Inc.(a)		169,073		901,159
Humana Inc.		124,915		54,359,261
InfuSystem Holdings Inc.(a)(b)		17,642		172,892
Innovage Holding Corp.(a)(b)		37,894		243,279
Invitae Corp.(a)		209,152		1,666,941
Joint Corp. (The)(a)		18,618		658,891
Laboratory Corp. of America Holdings(a)		91,956		24,245,119
LHC Group Inc.(a)(b)		32,787		5,527,888
LifeStance Health Group Inc.(a)(b)		59,214		598,654
McKesson Corp.		148,189		45,365,099
MEDNAX Inc.(a)		89,131		2,092,796
ModivCare Inc.(a)		13,392		1,545,303
Molina Healthcare Inc.(a)		54,963		18,335,107
National HealthCare Corp.		9,286		652,156
National Research Corp.		9,322		369,617
Oak Street Health Inc.(a)(b)		136,338		3,664,765
Ontrak Inc.(a)(b)		10,535		23,862
Option Care Health Inc.(a)		118,258		3,377,448
Owens & Minor Inc.		81,550		3,589,831
Patterson Companies Inc.		89,602		2,900,417
Pennant Group Inc. (The)(a)		24,525		456,901
PetIQ Inc.(a)		19,500		475,800
Premier Inc., Class A		119,264		4,244,606
Privia Health Group Inc.(a)(b)		20,015		535,001
Progyny Inc.(a)		67,482		3,468,575
Psychemedics Corp.		8,062		56,031
Quest Diagnostics Inc.		119,183		16,311,385
R1 RCM Inc.(a)		130,283		3,486,373
RadNet Inc.(a)		53,440		1,195,453
Regional Health Properties Inc.(a)(b)		885		3,124
Select Medical Holdings Corp.		100,174		2,403,174
Sema4 Holdings Corp.(a)(b)		122,189		375,120
Sharps Compliance Corp.(a)(b)		9,499		56,044
Signify Health Inc., Class A(a)(b)		27,396		497,237
SOC Telemed Inc.(a)		142,899		427,268
Sonida Senior Living Inc.(a)		1,488		49,297
Star Equity Holdings Inc.(a)(b)		1,268		1,433

80 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Surgery Partners Inc.(a)		27,879	$	1,534,739
Talkspace Inc.(a)		192,190		334,411
Tenet Healthcare Corp.(a)		99,198		8,527,060
Tivity Health Inc.(a)		52,412		1,686,094
U.S. Physical Therapy Inc.		10,558		1,049,993
UnitedHealth Group Inc.		919,442		468,887,837
Universal Health Services Inc., Class B		77,370		11,214,782
				1,256,843,354
Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.(a)		127,568		2,872,831
American Well Corp., Class A(a)(b)		175,599		739,272
CareCloud Inc.(a)		6,751		34,768
Cerner Corp.		284,365		26,605,189
Certara Inc.(a)(b)		99,758		2,142,802
Change Healthcare Inc.(a)		263,443		5,743,057
Computer Programs & Systems Inc.(a)		9,044		311,566
Doximity Inc., Class A(a)		99,183		5,166,442
Evolent Health Inc., Class A(a)(b)		82,343		2,659,679
GoodRx Holdings Inc., Class A(a)(b)		62,005		1,198,557
Health Catalyst Inc.(a)(b)		65,420		1,709,425
HealthStream Inc.(a)		25,855		515,032
HTG Molecular Diagnostics Inc.(a)		438		609
Icad Inc.(a)		14,525		64,782
Inspire Medical Systems Inc.(a)		26,725		6,860,040
Multiplan Corp.(a)(b)		257,709		1,206,078
NantHealth Inc.(a)(b)		23,231		17,507
NextGen Healthcare Inc.(a)		44,779		936,329
Omnicell Inc.(a)		42,708		5,530,259
OptimizeRx Corp.(a)		23,719		894,443
Phreesia Inc.(a)(b)		52,743		1,390,305
Schrodinger Inc.(a)		47,784		1,630,390
SCWorx Corp.(a)		5,481		6,139
Sharecare Inc.(a)(b)		277,232		684,763
Simulations Plus Inc.		19,063		971,832
Streamline Health Solutions Inc.(a)(b)		18,673		29,877
Tabula Rasa HealthCare Inc.(a)		27,091		156,044
Teladoc Health Inc.(a)(b)		155,868		11,242,759
Veeva Systems Inc., Class A(a)(b)		136,181		28,933,015
				110,253,791
Hotels, Restaurants & Leisure — 2.0%
Accel Entertainment Inc.(a)(b)		61,519		749,301
Airbnb Inc., Class A(a)		343,366		58,976,544
Allied Esports Entertainment Inc.(a)		7,594		13,100
Aramark		249,673		9,387,705
Ark Restaurants Corp.(a)		295		5,449
Bally’s Corp.(a)(b)		24,945		766,809
BBQ Holdings Inc.(a)(b)		9,008		136,381
Biglari Holdings Inc., Class A(a)(b)		19		13,870
Biglari Holdings Inc., Class B, NVS(a)		199		28,777
BJ’s Restaurants Inc.(a)(b)		25,843		731,357
Bloomin’ Brands Inc.		87,050		1,909,877
Booking Holdings Inc.(a)		40,280		94,595,566
Boyd Gaming Corp.		78,371		5,155,244
Brinker International Inc.(a)		40,987		1,564,064
Caesars Entertainment Inc.(a)		210,589		16,291,165
Canterbury Park Holding Corp.		598		13,156
Carnival Corp.(a)(b)		789,611		15,965,934
Carrols Restaurant Group Inc.		34,764		78,567
Century Casinos Inc.(a)(b)		20,364		243,350

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cheesecake Factory Inc. (The)(a)(b)		44,187	$	1,758,201
Chipotle Mexican Grill Inc.(a)		27,213		43,051,782
Choice Hotels International Inc.		35,537		5,037,725
Churchill Downs Inc.		35,766		7,932,183
Chuy’s Holdings Inc.(a)(b)		17,485		472,095
Cracker Barrel Old Country Store Inc.		25,769		3,059,553
Darden Restaurants Inc.		130,004		17,284,032
Dave & Buster’s Entertainment Inc.(a)		45,088		2,213,821
Denny’s Corp.(a)		79,184		1,133,123
Dine Brands Global Inc.		17,495		1,363,735
Domino’s Pizza Inc.		35,989		14,647,883
DraftKings Inc., Class A(a)(b)		320,328		6,236,786
Drive Shack Inc.(a)(b)		68,645		105,713
Dutch Bros. Inc.(a)(b)		23,503		1,299,011
El Pollo Loco Holdings Inc.(a)(b)		19,959		231,924
Everi Holdings Inc.(a)(b)		78,176		1,641,696
Expedia Group Inc.(a)		149,930		29,336,803
Fiesta Restaurant Group Inc.(a)		35,065		262,111
Flanigan’s Enterprises Inc.(a)		198		6,871
Full House Resorts Inc.(a)		8,111		77,947
GAN Ltd.(a)(b)		58,357		281,281
Golden Entertainment Inc.(a)		18,878		1,096,245
Golden Nugget Online Gaming Inc.(a)		46,873		333,267
Good Times Restaurants Inc.(a)(b)		9,504		33,264
Hilton Grand Vacations Inc.(a)		91,007		4,733,274
Hilton Worldwide Holdings Inc.(a)		272,881		41,406,963
Hyatt Hotels Corp., Class A(a)		42,698		4,075,524
Jack in the Box Inc.		25,522		2,384,010
Krispy Kreme Inc.(b)		59,397		882,045
Kura Sushi USA Inc., Class A(a)		2,417		133,298
Las Vegas Sands Corp.(a)		327,913		12,745,978
Lindblad Expeditions Holdings Inc.(a)(b)		23,971		361,483
Luby’s Inc.		18,344		41,824
Marriott International Inc./MD, Class A(a)		265,584		46,676,388
Marriott Vacations Worldwide Corp.		42,614		6,720,228
McDonald’s Corp.		720,569		178,182,302
Membership Collective Group Inc., Class A(a)(b)		64,111		497,501
MGM Resorts International		386,382		16,204,861
Monarch Casino & Resort Inc.(a)(b)		8,809		768,409
Nathan’s Famous Inc.		709		38,407
Noodles & Co.(a)		18,072		107,890
Norwegian Cruise Line Holdings Ltd.(a)(b)		443,094		9,694,897
ONE Group Hospitality Inc. (The)(a)		17,067		179,374
Papa John’s International Inc.		33,277		3,503,403
Penn National Gaming Inc.(a)(b)		152,293		6,460,269
Planet Fitness Inc., Class A(a)		82,108		6,936,484
Playa Hotels & Resorts NV(a)		71,908		622,004
PlayAGS Inc.(a)		26,867		179,203
Potbelly Corp.(a)		25,863		173,282
Rave Restaurant Group Inc.(a)		3,285		3,515
RCI Hospitality Holdings Inc.		9,013		553,939
Red Robin Gourmet Burgers Inc.(a)(b)		18,362		309,583
Red Rock Resorts Inc., Class A		63,969		3,106,335
Royal Caribbean Cruises Ltd.(a)		229,435		19,222,064
Rush Street Interactive Inc.(a)		46,657		339,196
Ruth’s Hospitality Group Inc.		34,906		798,649
Scientific Games Corp./DE, Class A(a)		95,942		5,636,593
SeaWorld Entertainment Inc.(a)(b)		56,380		4,196,927
Shake Shack Inc., Class A(a)		38,441		2,610,144
Six Flags Entertainment Corp.(a)		72,571		3,156,839

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Starbucks Corp.		1,127,279	$	102,548,571
Target Hospitality Corp.(a)		1,075		6,450
Texas Roadhouse Inc.		73,528		6,156,499
Travel + Leisure Co.		88,655		5,136,671
Vacasa Inc., Class A(a)(b)		129,748		1,073,016
Vail Resorts Inc.		38,085		9,912,383
Wendy’s Co. (The)		187,547		4,120,408
Wingstop Inc.		27,416		3,217,268
Wyndham Hotels & Resorts Inc.		90,421		7,657,754
Wynn Resorts Ltd.(a)		104,705		8,349,177
Yum! Brands Inc.		279,591		33,139,921
				910,484,471
Household Durables — 0.4%
Aterian Inc.(a)(b)		8,881		21,581
Bassett Furniture Industries Inc.		18,587		307,801
Beazer Homes USA Inc.(a)		26,399		401,793
Cavco Industries Inc.(a)		8,729		2,102,380
Century Communities Inc.		37,371		2,001,965
Cricut Inc., Class A(a)(b)		25,900		339,031
Dixie Group Inc. (The)(a)		16,962		52,582
DR Horton Inc.		319,776		23,826,510
Emerson Radio Corp.(a)(b)		17,856		13,706
Ethan Allen Interiors Inc.		17,048		444,441
Flexsteel Industries Inc.		13		251
Garmin Ltd.		142,072		16,851,160
GoPro Inc., Class A(a)		113,680		969,690
Green Brick Partners Inc.(a)		62,823		1,241,383
Hamilton Beach Brands Holding Co., Class A		28		326
Helen of Troy Ltd.(a)(b)		23,258		4,554,847
Hooker Furnishings Corp.		9,591		181,654
Hovnanian Enterprises Inc., Class A(a)		6,114		361,337
Installed Building Products Inc.		24,715		2,088,170
iRobot Corp.(a)(b)		26,776		1,697,598
KB Home		81,004		2,622,910
La-Z-Boy Inc.		45,137		1,190,263
Leggett & Platt Inc.		133,288		4,638,422
Lennar Corp., Class A		265,430		21,544,953
Lennar Corp., Class B		15,779		1,078,495
LGI Homes Inc.(a)		19,059		1,861,683
Lifetime Brands Inc.		9,185		117,935
Live Ventures Inc.(a)		631		26,824
Lovesac Co. (The)(a)		19,252		1,040,763
M/I Homes Inc.(a)		25,878		1,147,689
MDC Holdings Inc.		54,069		2,045,971
Meritage Homes Corp.(a)		35,446		2,808,387
Mohawk Industries Inc.(a)		55,942		6,947,996
Nephros Inc.(a)(b)		2,562		11,273
Newell Brands Inc.		387,947		8,305,945
Nova Lifestyle Inc.(a)(b)		2,790		4,157
NVR Inc.(a)		3,103		13,861,939
PulteGroup Inc.		248,417		10,408,672
Purple Innovation Inc., Class A(a)(b)		53,205		311,249
Skyline Champion Corp.(a)		50,794		2,787,575
Sonos Inc.(a)(b)		121,912		3,440,357
Taylor Morrison Home Corp.(a)		126,793		3,451,305
Tempur Sealy International Inc.		198,748		5,549,044
Toll Brothers Inc.		115,254		5,419,243
TopBuild Corp.(a)		32,202		5,841,121
Traeger Inc.(a)(b)		39,560		294,326
Tri Pointe Homes Inc.(a)		103,417		2,076,613

Security	Shares		Value
Household Durables (continued)
Tupperware Brands Corp.(a)(b)		46,944	$	913,061
Universal Electronics Inc.(a)		10,541		329,301
VOXX International Corp.(a)(b)		17,486		174,335
Vuzix Corp.(a)(b)		60,034		396,224
Whirlpool Corp.		60,829		10,510,035
Yunhong CTI Ltd.(a)		230		281
				178,616,553
Household Products — 1.1%
Central Garden & Pet Co.(a)		9,034		397,135
Central Garden & Pet Co., Class A, NVS(a)		43,702		1,782,168
Church & Dwight Co. Inc.		237,219		23,574,824
Clorox Co. (The)		121,678		16,916,892
Colgate-Palmolive Co.		818,553		62,070,874
Energizer Holdings Inc.		64,337		1,979,006
Kimberly-Clark Corp.		327,851		40,378,129
Ocean Bio-Chem Inc.		728		5,875
Oil-Dri Corp. of America		8,027		229,974
Procter & Gamble Co. (The)		2,325,135		355,280,628
Reynolds Consumer Products Inc.		47,881		1,404,828
Spectrum Brands Holdings Inc.		44,358		3,935,442
WD-40 Co.		12,480		2,286,710
				510,242,485
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		634,361		16,322,108
Clearway Energy Inc., Class A		34,856		1,161,402
Clearway Energy Inc., Class C		69,584		2,540,512
Montauk Renewables Inc.(a)(b)		77,346		866,275
Ormat Technologies Inc.		49,619		4,060,323
Sunnova Energy International Inc.(a)(b)		90,723		2,092,072
Vistra Corp.		491,119		11,418,517
				38,461,209
Industrial Conglomerates — 0.8%
3M Co.		558,612		83,166,155
General Electric Co.		1,072,831		98,164,036
Honeywell International Inc.		674,728		131,288,574
Roper Technologies Inc.		102,931		48,607,106
				361,225,871
Insurance — 2.2%
Aflac Inc.		589,253		37,942,001
Alleghany Corp.(a)		14,279		12,094,313
Allstate Corp. (The)		270,543		37,472,911
Ambac Financial Group Inc.(a)		42,700		444,080
American Equity Investment Life Holding Co.		78,997		3,152,770
American Financial Group Inc./OH		65,695		9,566,506
American International Group Inc.		803,673		50,446,554
American National Group Inc.		13,840		2,617,006
AMERISAFE Inc.		32,502		1,614,374
Aon PLC, Class A		210,188		68,443,518
Arch Capital Group Ltd.(a)		384,842		18,634,050
Argo Group International Holdings Ltd.		37,250		1,537,680
Arthur J Gallagher & Co.		204,126		35,640,400
Assurant Inc.		54,942		9,990,104
Assured Guaranty Ltd.		74,986		4,773,609
Atlantic American Corp.		749		2,322
Axis Capital Holdings Ltd.		74,471		4,503,261
Brighthouse Financial Inc.(a)		90,342		4,667,068
Brown & Brown Inc.		233,400		16,867,818
BRP Group Inc., Class A(a)		44,244		1,187,066
Chubb Ltd.		418,019		89,414,264

82 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Cincinnati Financial Corp.		145,019	$	19,716,783
Citizens Inc./TX(a)(b)		44,350		188,044
CNA Financial Corp.		26,515		1,289,159
CNO Financial Group Inc.		126,206		3,166,508
Conifer Holdings Inc.(a)		833		1,982
Crawford & Co., Class A, NVS		17,619		133,200
Crawford & Co., Class B		9,572		69,780
Donegal Group Inc., Class A		10,503		140,845
eHealth Inc.(a)		25,316		314,172
Employers Holdings Inc.		20,555		843,166
Enstar Group Ltd.(a)		10,566		2,759,311
Erie Indemnity Co., Class A, NVS		25,225		4,442,879
Everest Re Group Ltd.		38,341		11,555,211
FedNat Holding Co.(a)		9,671		13,056
FG Financial Group Inc.(a)(b)		8,104		21,151
Fidelity National Financial Inc.		270,872		13,229,388
First American Financial Corp.		106,504		6,903,589
Genworth Financial Inc., Class A(a)		438,516		1,657,590
Globe Life Inc.		93,970		9,453,382
GoHealth Inc., Class A(a)(b)		53,772		63,451
Goosehead Insurance Inc., Class A		18,180		1,428,403
Greenlight Capital Re Ltd., Class A(a)		27,319		193,145
Hallmark Financial Services Inc.(a)		16,924		61,434
Hanover Insurance Group Inc. (The)		35,465		5,302,727
Hartford Financial Services Group Inc. (The)		326,814		23,468,513
HCI Group Inc.		7,825		533,508
Hippo Holdings Inc.(a)(b)		361,203		718,794
Horace Mann Educators Corp.		20,403		853,457
ICC Holdings Inc.(a)(b)		1,139		18,645
Investors Title Co.		321		65,230
James River Group Holdings Ltd.		23,359		577,902
Kemper Corp.		62,500		3,533,750
Kingstone Companies Inc.		8,109		43,140
Kingsway Financial Services Inc.(a)		11,360		62,480
Kinsale Capital Group Inc.		20,177		4,600,759
Lemonade Inc.(a)(b)		37,114		978,696
Lincoln National Corp.		166,444		10,878,780
Loews Corp.		198,446		12,863,270
Maiden Holdings Ltd.(a)(b)		35,787		86,247
Markel Corp.(a)(b)		13,036		19,231,229
Marsh & McLennan Companies Inc.		488,509		83,251,704
MBIA Inc.(a)		70,698		1,088,042
Mercury General Corp.		28,834		1,585,870
MetLife Inc.		690,905		48,556,803
MetroMile Inc.(a)(b)		70,258		92,741
National Security Group Inc. (The)		249		3,991
National Western Life Group Inc., Class A		2,907		611,633
Old Republic International Corp.		260,367		6,735,694
Oscar Health Inc., Class A(a)(b)		37,187		370,754
Palomar Holdings Inc.(a)		24,240		1,551,118
Primerica Inc.		42,600		5,828,532
Principal Financial Group Inc.		244,875		17,976,274
ProAssurance Corp.		36,192		972,841
Progressive Corp. (The)		566,801		64,609,646
Prudential Financial Inc.		370,400		43,770,168
Reinsurance Group of America Inc.		68,317		7,477,979
RenaissanceRe Holdings Ltd.		46,873		7,429,839
RLI Corp.		44,906		4,967,951
Root Inc./OH, Class A(a)(b)		53,934		106,250
Ryan Specialty Group Holdings Inc., Class A(a)		56,721		2,200,208

Security	Shares		Value
Insurance (continued)
Safety Insurance Group Inc.		11,476	$	1,042,595
Selective Insurance Group Inc.		60,297		5,388,140
Selectquote Inc.(a)		121,523		339,049
SiriusPoint Ltd.(a)		81,315		608,236
Stewart Information Services Corp.		16,242		984,428
Tiptree Inc.		34,695		445,831
Travelers Companies Inc. (The)		234,868		42,917,430
Trupanion Inc.(a)		33,448		2,980,886
Unico American Corp.(a)		619		1,820
United Fire Group Inc.		18,991		590,050
United Insurance Holdings Corp.		10,157		33,620
Universal Insurance Holdings Inc.		26,426		356,487
Unum Group		209,402		6,598,257
W R Berkley Corp.		202,052		13,454,643
White Mountains Insurance Group Ltd.		2,933		3,332,592
Willis Towers Watson PLC		117,971		27,867,110
				978,603,643
Interactive Media & Services — 5.0%
Alphabet Inc., Class A(a)		292,627		813,898,106
Alphabet Inc., Class C, NVS(a)		272,352		760,676,412
Angi Inc.(a)(b)		68,782		389,994
AutoWeb Inc.(a)(b)		7,289		16,838
Bumble Inc., Class A(a)		67,911		1,968,061
Cargurus Inc.(a)(b)		86,525		3,673,851
Cars.com Inc.(a)		70,709		1,020,331
DHI Group Inc.(a)		36,429		216,753
Eventbrite Inc., Class A(a)(b)		79,409		1,172,871
EverQuote Inc., Class A(a)		15,361		248,541
fuboTV Inc.(a)(b)		138,653		910,950
IAC/InterActiveCorp.(a)(b)		83,258		8,349,112
IZEA Worldwide Inc.(a)		38,522		63,946
Liberty TripAdvisor Holdings Inc., Class A(a)		70,187		143,883
Match Group Inc.(a)		271,846		29,560,534
MediaAlpha Inc., Class A(a)(b)		18,218		301,508
Meta Platforms Inc, Class A(a)		2,256,039		501,652,832
Pinterest Inc., Class A(a)		539,541		13,278,104
QuinStreet Inc.(a)		35,276		409,202
Snap Inc., Class A, NVS(a)(b)		1,051,658		37,849,171
Super League Gaming Inc.(a)(b)		23,693		44,543
Travelzoo(a)(b)		8,589		56,344
TripAdvisor Inc.(a)		90,722		2,460,381
TrueCar Inc.(a)		80,164		316,648
Twitter Inc.(a)		784,253		30,342,749
Vimeo Inc.(a)		156,175		1,855,359
Yelp Inc.(a)(b)		72,028		2,456,875
Zedge Inc., Class B(a)		8,166		49,731
Ziff Davis Inc.(a)(b)		44,924		4,347,745
ZoomInfo Technologies Inc.(a)		294,078		17,568,220
				2,235,299,595
Internet & Direct Marketing Retail — 3.3%
1-800-Flowers.com Inc., Class A(a)(b)		20,319		259,270
Amazon.com Inc.(a)		427,580		1,393,889,421
CarParts.com Inc.(a)(b)		28,804		192,987
Chewy Inc., Class A(a)(b)		101,285		4,130,402
ContextLogic Inc., Class A(a)(b)		316,480		712,080
DoorDash Inc., Class A(a)(b)		161,927		18,976,225
Duluth Holdings Inc., Class B(a)		19,424		237,556
eBay Inc.		602,926		34,523,543
Etsy Inc.(a)(b)		124,832		15,514,121

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Groupon Inc.(a)(b)		20,020	$	384,985
iMedia Brands Inc.(a)		2,509		15,129
Lands’ End Inc.(a)		17,519		296,421
Liquidity Services Inc.(a)(b)		26,239		449,212
Overstock.com Inc.(a)(b)		44,531		1,959,587
PetMed Express Inc.		24,808		640,046
Porch Group Inc.(a)(b)		64,368		447,036
Poshmark Inc., Class A(a)(b)		18,685		236,552
Quotient Technology Inc.(a)(b)		65,569		418,330
Qurate Retail Inc., Series A		356,773		1,698,240
RealReal Inc. (The)(a)		117,628		853,979
Remark Holdings Inc.(a)(b)		50,978		41,720
Revolve Group Inc.(a)		39,118		2,100,245
Shutterstock Inc.		19,587		1,823,158
Stitch Fix Inc., Class A(a)(b)		71,039		715,363
ThredUp Inc., Class A(a)(b)		74,207		571,394
Waitr Holdings Inc.(a)(b)		71,213		26,349
Wayfair Inc., Class A(a)(b)		75,863		8,404,103
Xometry Inc., Class A(a)(b)		13,928		511,854
				1,490,029,308
IT Services — 4.4%
Accenture PLC, Class A		617,796		208,339,345
Affirm Holdings Inc.(a)(b)		170,349		7,883,752
Akamai Technologies Inc.(a)(b)		160,356		19,144,903
ALJ Regional Holdings Inc.(a)(b)		9,772		25,603
Alliance Data Systems Corp.		45,498		2,554,713
Automatic Data Processing Inc.		413,690		94,131,023
BigCommerce Holdings Inc., Series 1(a)(b)		57,932		1,269,290
Block Inc.(a)(b)		487,991		66,171,580
Brightcove Inc.(a)(b)		34,744		271,003
Broadridge Financial Solutions Inc.		125,149		19,486,951
Cantaloupe Inc.(a)		69,881		473,094
Cass Information Systems Inc.		10,376		382,978
Cloudflare Inc., Class A(a)		270,159		32,338,032
Cognizant Technology Solutions Corp., Class A		517,095		46,367,909
Computer Task Group Inc.(a)		16,954		165,641
Concentrix Corp.		41,860		6,972,202
Conduent Inc.(a)		176,025		908,289
Core Scientific Inc.(a)		237,026		1,950,724
CSG Systems International Inc.		38,162		2,425,958
CSP Inc.(a)		681		5,312
DigitalOcean Holdings Inc.(a)		18,406		1,064,787
DXC Technology Co.(a)		233,728		7,626,545
EPAM Systems Inc.(a)		55,173		16,364,863
ESC Srax Inc., NVS(b)		10,903		654
Euronet Worldwide Inc.(a)		49,404		6,429,931
EVERTEC Inc.		61,909		2,533,935
Evo Payments Inc., Class A(a)		43,500		1,004,415
Exela Technologies Inc.(a)		47,764		19,879
ExlService Holdings Inc.(a)(b)		34,827		4,989,664
Fastly Inc., Class A(a)(b)		103,857		1,805,035
Fidelity National Information Services Inc.		603,672		60,620,742
Fiserv Inc.(a)(b)		583,680		59,185,152
FleetCor Technologies Inc.(a)(b)		81,431		20,281,205
Flywire Corp.(a)		19,267		589,185
Gartner Inc.(a)		81,646		24,286,419
Genpact Ltd.		177,157		7,708,101
Global Payments Inc.		285,398		39,053,862
GoDaddy Inc., Class A(a)		167,219		13,996,230
Grid Dynamics Holdings Inc.(a)		42,598		599,780

Security	Shares		Value
IT Services (continued)
Hackett Group Inc. (The)		25,949	$	598,384
I3 Verticals Inc., Class A(a)(b)		32,927		917,346
Information Services Group Inc.		27,418		186,717
Innodata Inc.(a)(b)		26,447		184,864
Inpixon(a)		1		—
International Business Machines Corp.		879,278		114,323,726
International Money Express Inc.(a)		46,342		955,109
Jack Henry & Associates Inc.		72,890		14,362,974
Kyndryl Holdings Inc.(a)		174,626		2,291,093
Limelight Networks Inc.(a)		156,980		819,436
LiveRamp Holdings Inc.(a)		65,315		2,442,128
Marqeta Inc., Class A(a)		240,356		2,653,530
Mastercard Inc., Class A		843,581		301,478,978
Maximus Inc.		62,125		4,656,269
MoneyGram International Inc.(a)		53,736		567,452
MongoDB Inc.(a)(b)		65,924		29,243,227
Okta Inc.(a)(b)		147,224		22,224,935
Paya Holdings Inc., Class A(a)(b)		55,554		325,546
Paychex Inc.		312,995		42,714,428
Payoneer Global Inc.(a)		188,368		840,121
PayPal Holdings Inc.(a)		1,142,747		132,158,691
Paysign Inc.(a)(b)		32,967		64,945
Perficient Inc.(a)		35,269		3,882,764
PFSweb Inc.(a)		16,917		193,361
Priority Technology Holdings Inc.(a)(b)		7,215		41,486
Rackspace Technology Inc.(a)(b)		37,114		414,192
Repay Holdings Corp.(a)		88,651		1,309,375
Sabre Corp.(a)		318,314		3,638,329
ServiceSource International Inc.(a)		53,559		69,627
Shift4 Payments Inc., Class A(a)(b)		49,021		3,035,870
Snowflake Inc., Class A(a)		235,107		53,870,067
SolarWinds Corp.		32,266		429,460
Squarespace Inc., Class A(a)(b)		27,274		698,760
StarTek Inc.(a)		9,541		42,267
Steel Connect Inc.(a)		44,378		57,248
Switch Inc., Class A		123,494		3,806,085
TaskUS Inc., Class A(a)(b)		40,023		1,539,285
Toast Inc.(a)(b)		84,673		1,839,944
TTEC Holdings Inc.		17,183		1,417,941
Tucows Inc., Class A(a)(b)		9,460		646,118
Twilio Inc., Class A(a)		167,478		27,602,049
Unisys Corp.(a)		59,658		1,289,209
Usio Inc.(a)		908		3,251
VeriSign Inc.(a)		91,244		20,298,140
Verra Mobility Corp.(a)(b)		118,929		1,936,164
Visa Inc., Class A		1,620,474		359,372,519
Western Union Co. (The)		398,543		7,468,696
WEX Inc.(a)		42,806		7,638,731
WidePoint Corp.(a)(b)		6,805		25,723
				1,956,005,246
Leisure Products — 0.1%
Acushnet Holdings Corp.		42,480		1,710,245
American Outdoor Brands Inc.(a)(b)		12,377		162,510
AMMO Inc.(a)(b)		115,493		554,366
Brunswick Corp./DE		77,180		6,243,090
Callaway Golf Co.(a)		114,725		2,686,860
Clarus Corp.		18,450		420,291
Escalade Inc.		8,887		117,308
Genius Brands International Inc.(a)(b)		444,797		453,693
Hasbro Inc.		126,192		10,337,649

84 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
JAKKS Pacific Inc.(a)(b)		1,371	$	19,235
Johnson Outdoors Inc., Class A		8,189		636,531
Latham Group Inc.(a)(b)		29,423		389,561
Malibu Boats Inc., Class A(a)(b)		17,704		1,027,009
Marine Products Corp.		28,422		328,274
MasterCraft Boat Holdings Inc.(a)		18,171		447,188
Mattel Inc.(a)		345,983		7,684,282
Nautilus Inc.(a)(b)		26,737		110,157
Peloton Interactive Inc., Class A(a)(b)		288,787		7,629,753
Polaris Inc.		55,898		5,887,177
Smith & Wesson Brands Inc.		52,857		799,726
Sturm Ruger & Co. Inc.		15,587		1,085,167
Vinco Ventures Inc.(a)(b)		111,434		356,589
Vista Outdoor Inc.(a)		53,462		1,908,059
YETI Holdings Inc.(a)(b)		85,643		5,136,867
				56,131,587
Life Sciences Tools & Services — 1.7%
10X Genomics Inc., Class A(a)(b)		97,338		7,404,502
Adaptive Biotechnologies Corp.(a)(b)		105,964		1,470,780
Aduro Biotech Inc., NVS(c)		4,142		12,426
Agilent Technologies Inc.		298,719		39,529,485
Applied DNA Sciences Inc.(a)		366		783
Avantor Inc.(a)		595,947		20,154,928
Azenta Inc.		70,781		5,866,329
Berkeley Lights Inc.(a)(b)		44,661		317,540
BioNano Genomics Inc.(a)(b)		244,651		631,200
Bio-Rad Laboratories Inc., Class A(a)		19,596		11,037,055
Bio-Techne Corp.		37,147		16,086,137
Bruker Corp.(b)		105,661		6,794,002
Champions Oncology Inc.(a)(b)		6,333		51,487
Charles River Laboratories International Inc.(a)		50,168		14,246,207
ChromaDex Corp.(a)(b)		83,402		205,169
Codexis Inc.(a)		70,593		1,455,628
Cytek Biosciences Inc.(a)(b)		32,620		351,644
Danaher Corp.		621,584		182,329,235
Fluidigm Corp.(a)(b)		60,754		218,107
Illumina Inc.(a)		153,053		53,476,718
Inotiv Inc.(a)(b)		8,167		213,812
IQVIA Holdings Inc.(a)		186,805		43,191,184
Maravai LifeSciences Holdings Inc., Class A(a)		100,672		3,550,701
Medpace Holdings Inc.(a)		27,458		4,491,854
Mettler-Toledo International Inc.(a)		22,819		31,334,823
NanoString Technologies Inc.(a)(b)		49,998		1,737,430
Nautilus Biotechnology Inc.(a)(b)		127,284		552,413
NeoGenomics Inc.(a)(b)		120,650		1,465,898
Pacific Biosciences of California Inc.(a)(b)		229,142		2,085,192
PerkinElmer Inc.		122,407		21,355,125
Personalis Inc.(a)(b)		33,039		270,589
Quanterix Corp.(a)		29,384		857,719
Quantum-Si Inc.(a)(b)		99,480		465,566
Repligen Corp.(a)		51,377		9,663,500
Seer Inc., Class A(a)(b)		37,357		569,321
SomaLogic Inc.(a)(b)		143,792		1,153,212
Sotera Health Co.(a)(b)		107,552		2,329,576
Syneos Health Inc.(a)		99,604		8,062,944
Thermo Fisher Scientific Inc.		385,570		227,736,920
Waters Corp.(a)		59,550		18,483,724
West Pharmaceutical Services Inc.		70,543		28,972,716
				770,183,581

Security	Shares		Value
Machinery — 1.7%
AGCO Corp.		63,055	$	9,207,922
AgEagle Aerial Systems Inc.(a)(b)		101,135		120,351
Alamo Group Inc.		8,141		1,170,594
Albany International Corp., Class A		34,288		2,891,164
Allison Transmission Holdings Inc.		109,001		4,279,379
Altra Industrial Motion Corp.		60,930		2,372,005
Art’s-Way Manufacturing Co. Inc.(a)		304		1,678
Astec Industries Inc.		18,699		804,057
Barnes Group Inc.		45,311		1,821,049
Blue Bird Corp.(a)(b)		32,723		615,847
Caterpillar Inc.		527,041		117,435,276
Chart Industries Inc.(a)(b)		29,862		5,129,396
Chicago Rivet & Machine Co.		125		3,303
CIRCOR International Inc.(a)		18,364		488,850
Colfax Corp.(a)		118,963		4,733,538
Columbus McKinnon Corp./NY		35,542		1,506,981
Commercial Vehicle Group Inc.(a)(b)		26,391		223,004
Crane Co.		52,546		5,689,681
Cummins Inc.		140,443		28,806,264
Deere & Co.		274,405		114,004,301
Desktop Metal Inc., Class A(a)		213,370		1,011,374
Donaldson Co. Inc.		125,390		6,511,503
Douglas Dynamics Inc.		18,931		654,823
Dover Corp.		139,306		21,857,111
Eastern Co. (The)		8,133		189,418
Enerpac Tool Group Corp.		53,455		1,170,130
EnPro Industries Inc.		27,168		2,655,129
ESCO Technologies Inc.		26,570		1,857,774
Evoqua Water Technologies Corp.(a)(b)		108,733		5,108,276
Federal Signal Corp.		61,439		2,073,566
Flowserve Corp.		134,922		4,843,700
Fortive Corp.		350,529		21,357,732
Franklin Electric Co. Inc.		35,656		2,960,874
FreightCar America Inc.(a)(b)		9,608		56,783
Gates Industrial Corp. PLC(a)(b)		95,182		1,433,441
Gencor Industries Inc.(a)		8,610		88,511
Gorman-Rupp Co. (The)		17,806		638,879
Graco Inc.		170,467		11,884,959
Graham Corp.		9,023		69,567
Greenbrier Companies Inc. (The)		35,005		1,803,108
Helios Technologies Inc.		35,548		2,852,727
Hillenbrand Inc.		71,557		3,160,673
Hillman Solutions Corp.(a)(b)		97,270		1,155,568
Hurco Companies Inc.		8,259		260,324
Hydrofarm Holdings Group Inc.(a)(b)		34,814		527,432
Hyliion Holdings Corp.(a)(b)		91,778		406,577
Hyster-Yale Materials Handling Inc.		8,917		296,134
Hyzon Motors Inc.(a)(b)		89,508		571,956
IDEX Corp.		73,304		14,054,576
Illinois Tool Works Inc.		269,770		56,489,838
Ingersoll Rand Inc.		390,380		19,655,633
ITT Inc.		87,941		6,614,043
John Bean Technologies Corp.		32,890		3,896,478
Kadant Inc.		13,022		2,528,742
Kennametal Inc.		79,457		2,273,265
LB Foster Co., Class A(a)(b)		9,020		138,637
Lincoln Electric Holdings Inc.		54,956		7,573,486
Lindsay Corp.		12,646		1,985,548
LiqTech International Inc.(a)(b)		11,355		27,820
LS Starrett Co. (The), Class A(a)(b)		8,211		63,143

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Manitex International Inc.(a)		17,008	$	123,818
Manitowoc Co. Inc. (The)(a)		43,306		653,054
Markforged Holding Corp.(a)(b)		114,210		455,698
Mayville Engineering Co. Inc.(a)(b)		6,892		64,578
Meritor Inc.(a)		57,898		2,059,432
Microvast Holdings Inc.(a)(b)		231,952		1,554,078
Middleby Corp. (The)(a)		55,232		9,054,734
Miller Industries Inc./TN		10,957		308,549
Mueller Industries Inc.		52,942		2,867,868
Mueller Water Products Inc., Class A		159,106		2,055,650
Nikola Corp.(a)(b)		228,712		2,449,506
NN Inc.(a)(b)		28,941		83,350
Nordson Corp.		52,942		12,022,069
Oshkosh Corp.		63,048		6,345,781
Otis Worldwide Corp.		417,101		32,095,922
P&F Industries Inc., Class A(a)		689		4,148
PACCAR Inc.		338,630		29,823,144
Parker-Hannifin Corp.		126,319		35,844,279
Park-Ohio Holdings Corp.		8,805		123,886
Pentair PLC		159,268		8,633,918
Perma-Pipe International Holdings Inc.(a)		8,579		80,900
Proterra Inc.(a)(b)		174,468		1,311,999
Proto Labs Inc.(a)(b)		26,430		1,398,147
RBC Bearings Inc.(a)(b)		25,861		5,013,931
REV Group Inc.		20,678		277,085
Shyft Group Inc. (The)		35,213		1,271,541
Snap-on Inc.		51,147		10,509,686
SPX Corp.(a)		51,126		2,526,136
SPX FLOW Inc.		43,742		3,771,435
Standex International Corp.		9,356		934,852
Stanley Black & Decker Inc.		158,128		22,104,713
Taylor Devices Inc.(a)(b)		702		6,880
Tennant Co.		18,884		1,488,059
Terex Corp.		61,852		2,205,642
Timken Co. (The)		62,309		3,782,156
Titan International Inc.(a)		44,156		650,418
Toro Co. (The)		107,382		9,180,087
Trinity Industries Inc.		72,722		2,498,728
Twin Disc Inc.(a)		8,965		149,178
Wabash National Corp.		62,272		924,117
Watts Water Technologies Inc., Class A		26,644		3,719,236
Welbilt Inc.(a)(b)		132,672		3,150,960
Westinghouse Air Brake Technologies Corp.		184,838		17,775,870
Xylem Inc./NY		178,710		15,236,815
				770,655,931
Marine — 0.0%
Eagle Bulk Shipping Inc.		17,679		1,204,117
Genco Shipping & Trading Ltd.		25,176		594,657
Kirby Corp.(a)		60,685		4,380,850
Matson Inc.		37,080		4,472,589
Pangaea Logistics Solutions Ltd.		8,921		49,601
				10,701,814
Media — 1.1%
Advantage Solutions Inc.(a)(b)		104,452		666,404
Altice USA Inc., Class A(a)		215,419		2,688,429
AMC Networks Inc., Class A(a)(b)		32,275		1,311,333
Audacy Inc(a)(b)		102,647		296,650
Beasley Broadcast Group Inc., Class A(a)		904		1,591
Boston Omaha Corp., Class A(a)		20,384		517,142

Security	Shares		Value
Media (continued)
Cable One Inc.		5,066	$	7,417,840
Cardlytics Inc.(a)		33,170		1,823,687
Charter Communications Inc., Class A(a)(b)		116,652		63,635,999
Clear Channel Outdoor Holdings Inc.(a)		413,126		1,429,416
Comcast Corp., Class A		4,436,274		207,706,349
comScore Inc.(a)		45,846		133,412
Cumulus Media Inc., Class A(a)		43,076		428,606
Daily Journal Corp.(a)(b)		251		78,309
DallasNews Corp.		4,872		33,909
Discovery Inc., Class A(a)(b)		158,551		3,951,091
Discovery Inc., Class C, NVS(a)		313,732		7,833,888
DISH Network Corp., Class A(a)		233,931		7,403,916
Emerald Holding Inc.(a)(b)		45,272		153,925
Entravision Communications Corp., Class A		53,382		342,179
EW Scripps Co. (The), Class A(a)		52,613		1,093,824
Fluent Inc.(a)(b)		96,620		200,970
Fox Corp., Class A, NVS		313,104		12,351,953
Fox Corp., Class B		132,614		4,811,236
Gannett Co. Inc.(a)		116,883		527,142
Gray Television Inc.		82,015		1,810,071
Gray Television Inc., Class A		756		15,543
Hemisphere Media Group Inc.(a)(b)		9,045		41,336
iHeartMedia Inc., Class A(a)		109,312		2,069,276
Insignia Systems Inc.(a)(b)		1,165		13,188
Interpublic Group of Companies Inc. (The)		389,312		13,801,110
John Wiley & Sons Inc., Class A		44,317		2,350,131
John Wiley & Sons Inc., Class B		787		41,853
Lee Enterprises Inc.(a)(b)		5,734		154,359
Liberty Broadband Corp., Class A(a)		24,863		3,258,545
Liberty Broadband Corp., Class C, NVS(a)		141,854		19,195,683
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		86,254		3,942,670
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		156,460		7,154,916
Loyalty Ventures Inc.(a)		18,199		300,829
Magnite Inc.(a)		110,168		1,455,319
Marchex Inc., Class B(a)		26,730		61,212
Mediaco Holding Inc., Class A(a)		858		3,586
National CineMedia Inc.		88,616		225,085
New York Times Co. (The), Class A		167,133		7,661,377
News Corp., Class A, NVS		378,183		8,376,753
News Corp., Class B		114,361		2,575,410
Nexstar Media Group Inc., Class A		38,943		7,339,977
Omnicom Group Inc.		203,549		17,277,239
Paramount Global, Class B, NVS		602,802		22,791,944
PubMatic Inc., Class A(a)(b)		32,912		859,661
Saga Communications Inc., Class A		8,017		183,188
Salem Media Group Inc.(a)		9,669		32,778
Scholastic Corp.		26,446		1,065,245
Sinclair Broadcast Group Inc., Class A		38,313		1,073,530
Sirius XM Holdings Inc.(b)		910,677		6,028,682
SPAR Group Inc.(a)		8,221		10,687
Stagwell Inc.(a)		110,295		798,536
TechTarget Inc.(a)		27,682		2,249,993
TEGNA Inc.		212,127		4,751,645
Thryv Holdings Inc.(a)		30,669		862,412
Townsquare Media Inc., Class A(a)		9,053		115,788
Urban One Inc., Class A(a)		233		1,456
Urban One Inc., Class D, NVS(a)(b)		26,959		138,839
ViacomCBS Inc., Class A		10,136		409,596

86 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
WideOpenWest Inc.(a)		69,567	$	1,213,248
				468,551,896
Metals & Mining — 0.7%
Alcoa Corp.		178,451		16,065,944
Allegheny Technologies Inc.(a)(b)		123,418		3,312,539
Alpha Metallurgical Resources Inc.(a)		18,925		2,497,343
Ampco-Pittsburgh Corp.(a)(b)		8,807		55,572
Arconic Corp.(a)		97,191		2,490,033
Carpenter Technology Corp.		50,701		2,128,428
Century Aluminum Co.(a)(b)		54,307		1,428,817
Cleveland-Cliffs Inc.(a)		471,624		15,191,009
Coeur Mining Inc.(a)(b)		292,913		1,303,463
Commercial Metals Co.		105,910		4,407,974
Compass Minerals International Inc.		35,938		2,256,547
Freeport-McMoRan Inc.		1,421,849		70,722,769
Friedman Industries Inc.		8,616		75,907
Gatos Silver Inc.(a)(b)		64,983		280,727
Gold Resource Corp.(b)		67,592		151,406
Golden Minerals Co.(a)(b)		89,624		44,884
Haynes International Inc.		10,350		440,910
Hecla Mining Co.		576,451		3,787,283
Hycroft Mining Holding Corp.(a)		53,392		122,802
Kaiser Aluminum Corp.		18,464		1,738,570
Materion Corp.		19,364		1,660,269
McEwen Mining Inc.(a)(b)		221,328		186,292
MP Materials Corp.(a)(b)		67,976		3,897,744
Newmont Corp.		784,667		62,341,793
Nucor Corp.		265,846		39,518,008
Olympic Steel Inc.		8,900		342,294
Paramount Gold Nevada Corp.(a)		8,265		5,382
Piedmont Lithium Inc.(a)(b)		17,104		1,248,421
Ramaco Resources Inc.		9,023		142,563
Reliance Steel & Aluminum Co.		61,655		11,304,444
Royal Gold Inc.		64,633		9,131,350
Ryerson Holding Corp.		17,042		596,811
Schnitzer Steel Industries Inc., Class A		26,489		1,375,839
Solitario Zinc Corp.(a)(b)		35,316		29,807
Steel Dynamics Inc.		182,605		15,234,735
SunCoke Energy Inc.		65,188		580,825
Synalloy Corp.(a)(b)		8,975		144,049
TimkenSteel Corp.(a)		35,691		780,919
U.S. Antimony Corp.(a)(b)		70,438		45,433
United States Steel Corp.		258,958		9,773,075
Universal Stainless & Alloy Products Inc.(a)		8,614		74,770
Warrior Met Coal Inc.		43,247		1,604,896
Worthington Industries Inc.		34,750		1,786,497
				290,309,143
Mortgage Real Estate Investment — 0.1%
ACRES Commercial Realty Corp.(a)		8,408		112,751
AFC Gamma Inc.		42,020		803,422
AG Mortgage Investment Trust Inc.		12,482		116,083
AGNC Investment Corp.		507,208		6,644,425
Annaly Capital Management Inc.		1,297,259		9,132,703
Apollo Commercial Real Estate Finance Inc.		126,604		1,763,594
Arbor Realty Trust Inc.		127,614		2,177,095
Ares Commercial Real Estate Corp.		30,527		473,779
Arlington Asset Investment Corp., Class A(a)		107,731		373,827
ARMOUR Residential REIT Inc.		148,868		1,250,491
Blackstone Mortgage Trust Inc., Class A		166,580		5,295,578

Security	Shares		Value
Mortgage Real Estate Investment (continued)
BrightSpire Capital Inc.		81,356	$	752,543
Broadmark Realty Capital Inc.		130,630		1,129,949
Cherry Hill Mortgage Investment Corp.		16,818		129,835
Chimera Investment Corp.		251,800		3,031,672
Dynex Capital Inc.		23,690		383,778
Ellington Financial Inc.		53,206		944,406
Ellington Residential Mortgage REIT		10,985		110,839
Franklin BSP Realty Trust Inc.		22,979		321,246
Granite Point Mortgage Trust Inc.		56,833		631,983
Great Ajax Corp.		20,066		235,374
Hannon Armstrong Sustainable Infrastructure Capital Inc.		68,814		3,263,848
Invesco Mortgage Capital Inc.		386,868		882,059
KKR Real Estate Finance Trust Inc.		69,993		1,442,556
Ladder Capital Corp.		83,738		993,970
Lument Finance Trust Inc.		16,678		45,698
Manhattan Bridge Capital Inc.		879		5,582
MFA Financial Inc.		376,393		1,516,864
New Residential Investment Corp.		442,191		4,855,257
New York Mortgage Trust Inc.		210,881		769,716
Orchid Island Capital Inc.		140,582		456,891
PennyMac Mortgage Investment Trust		85,984		1,452,270
Ready Capital Corp.		81,783		1,231,652
Redwood Trust Inc.		108,658		1,144,169
Starwood Property Trust Inc.		274,625		6,637,686
TPG RE Finance Trust Inc.		69,018		815,103
Two Harbors Investment Corp.		257,654		1,424,827
Western Asset Mortgage Capital Corp.		51,057		87,307
				62,840,828
Multi-Utilities — 0.7%
Ameren Corp.		251,433		23,574,358
Avista Corp.		42,650		1,925,648
Black Hills Corp.		61,599		4,744,355
CenterPoint Energy Inc.		583,906		17,890,880
CMS Energy Corp.		264,356		18,489,059
Consolidated Edison Inc.		345,853		32,745,362
Dominion Energy Inc.		798,803		67,874,291
DTE Energy Co.		185,929		24,581,673
NiSource Inc.		370,862		11,793,412
NorthWestern Corp.		55,705		3,369,595
Public Service Enterprise Group Inc.		494,801		34,636,070
Sempra Energy		309,845		52,091,141
Unitil Corp.		11,172		557,259
WEC Energy Group Inc.		309,328		30,874,028
				325,147,131
Multiline Retail — 0.5%
Big Lots Inc.		37,455		1,295,943
Dillard’s Inc., Class A(b)		5,985		1,606,314
Dollar General Corp.		225,172		50,130,043
Dollar Tree Inc.(a)		216,668		34,699,380
Franchise Group Inc.		33,831		1,401,618
Kohl’s Corp.		142,584		8,620,629
Macy’s Inc.		305,784		7,448,898
Nordstrom Inc.		105,033		2,847,445
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		59,341		2,549,289
Target Corp.		466,573		99,016,122
				209,615,681
Oil, Gas & Consumable Fuels — 3.5%
Adams Resources & Energy Inc.		606		23,325

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Aemetis Inc.(a)(b)		59,541	$	754,384
Alto Ingredients Inc.(a)(b)		59,844		408,136
Amplify Energy Corp.(a)(b)		68,905		378,977
Antero Midstream Corp.		310,499		3,375,124
Antero Resources Corp.(a)		301,099		9,192,552
APA Corp.		366,287		15,138,642
Arch Resources Inc.(b)		17,666		2,426,955
Barnwell Industries Inc.(a)		747		1,920
Berry Corp.		40,548		418,455
Brigham Minerals Inc., Class A		69,483		1,775,291
California Resources Corp.		80,014		3,579,026
Callon Petroleum Co.(a)		43,838		2,589,949
Camber Energy Inc.(a)		1		1
Centennial Resource Development Inc./DE, Class A(a)		185,896		1,500,181
Centrus Energy Corp., Class A(a)(b)		8,101		273,004
Cheniere Energy Inc.		233,059		32,313,630
Chesapeake Energy Corp.		95,802		8,334,774
Chevron Corp.		1,884,176		306,800,378
Civitas Resources Inc.		68,336		4,080,343
Clean Energy Fuels Corp.(a)(b)		226,441		1,797,942
CNX Resources Corp.(a)		234,085		4,850,241
Comstock Resources Inc.(a)(b)		50,159		654,575
ConocoPhillips		1,286,033		128,603,300
CONSOL Energy Inc.(a)		26,766		1,007,205
Continental Resources Inc./OK		51,305		3,146,536
Coterra Energy Inc.		788,992		21,279,114
Crescent Energy Inc.		18,969		328,922
CVR Energy Inc.		26,505		676,938
Delek U.S. Holdings Inc.(a)		80,762		1,713,770
Denbury Inc.(a)		50,117		3,937,693
Devon Energy Corp.		615,165		36,374,706
Diamondback Energy Inc.		166,460		22,818,337
Dorian LPG Ltd.		19,375		280,744
DTE Midstream LLC(a)		96,873		5,256,329
Earthstone Energy Inc., Class A(a)(b)		34,675		437,945
Enviva Inc.		17,959		1,421,455
EOG Resources Inc.		575,256		68,587,773
EQT Corp.		274,100		9,431,781
Equitrans Midstream Corp.		410,007		3,460,459
Evolution Petroleum Corp.		30,048		204,026
Exxon Mobil Corp.		4,133,653		341,398,401
Falcon Minerals Corp.		70,340		474,092
Gevo Inc.(a)(b)		198,835		930,548
Green Plains Inc.(a)		22,860		708,889
Gulfport Energy Corp.(a)		11,648		1,046,223
Hallador Energy Co.(a)		17,643		61,750
Harvest Natural Resources Inc.(a)(c)		8,626		3,019
Hess Corp.		267,938		28,680,084
HF Sinclair Corp.		147,937		5,895,289
Houston American Energy Corp.(a)		2,346		10,416
International Seaways Inc.		53,953		973,312
Kinder Morgan Inc.		1,899,204		35,913,948
Kinetik Holdings Inc.		5,280		343,253
Kosmos Energy Ltd.(a)		466,354		3,353,085
Laredo Petroleum Inc.(a)(b)		7,957		629,717
Lightbridge Corp.(a)(b)		502		4,192
Magnolia Oil & Gas Corp., Class A		160,541		3,796,795
Marathon Oil Corp.		745,913		18,729,875
Marathon Petroleum Corp.		576,505		49,291,177

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.		117,911	$	6,246,925
Murphy Oil Corp.		152,000		6,139,280
NACCO Industries Inc., Class A		560		21,963
New Fortress Energy Inc.		49,276		2,099,650
NextDecade Corp.(a)(b)		191,696		1,269,028
Northern Oil and Gas Inc.		34,751		979,631
Oasis Petroleum Inc.		18,884		2,762,729
Occidental Petroleum Corp.		867,951		49,247,540
ONEOK Inc.		441,720		31,198,684
Overseas Shipholding Group Inc., Class A(a)(b)		17,758		37,114
Ovintiv Inc.		263,111		14,226,412
Par Pacific Holdings Inc.(a)		42,318		550,980
PBF Energy Inc., Class A(a)		100,640		2,452,597
PDC Energy Inc.		104,252		7,577,035
Peabody Energy Corp.(a)		72,685		1,782,963
PEDEVCO Corp.(a)		1,000		1,350
Phillips 66		457,113		39,489,992
PHX Minerals Inc.		52,702		161,268
Pioneer Natural Resources Co.		221,744		55,442,652
PrimeEnergy Resources Corp.(a)		174		11,869
Range Resources Corp.(a)		243,065		7,384,315
Ranger Oil Corp.(a)		14,274		492,881
Renewable Energy Group Inc.(a)		36,530		2,215,544
REX American Resources Corp.(a)		8,628		859,349
Ring Energy Inc.(a)(b)		96,931		370,276
SandRidge Energy Inc.(a)		18,083		289,690
SM Energy Co.		115,504		4,498,881
Southwestern Energy Co.(a)		998,814		7,161,496
Talos Energy Inc.(a)		25,186		397,687
Targa Resources Corp.		224,666		16,955,543
Tellurian Inc.(a)		399,819		2,119,041
Texas Pacific Land Corp.		6,219		8,408,772
U.S. Energy Corp. Wyoming(a)		571		2,484
Uranium Energy Corp.(a)(b)		268,343		1,231,694
Valero Energy Corp.		391,648		39,767,938
Vertex Energy Inc.(a)(b)		17,469		173,642
W&T Offshore Inc.(a)(b)		90,811		346,898
Whiting Petroleum Corp.		37,368		3,045,866
Williams Companies Inc. (The)		1,171,279		39,132,431
World Fuel Services Corp.		71,823		1,942,094
				1,560,375,087
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		17,633		494,253
Glatfelter Corp.		43,204		534,865
Louisiana-Pacific Corp.		94,182		5,850,586
Mercer International Inc.		43,639		608,764
Neenah Inc.		17,468		692,781
Resolute Forest Products Inc.		63,457		819,230
Schweitzer-Mauduit International Inc.		27,284		750,310
Sylvamo Corp.(a)		35,242		1,172,854
				10,923,643
Personal Products — 0.2%
Beauty Health Co. (The)(a)		104,386		1,762,036
BellRing Brands Inc.(a)(b)		116,449		2,687,643
Coty Inc., Class A(a)		299,930		2,696,371
Cyanotech Corp.(a)		812		2,712
Edgewell Personal Care Co.		53,595		1,965,329
elf Beauty Inc.(a)		56,437		1,457,768
Estee Lauder Companies Inc. (The), Class A		226,867		61,780,421

88 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
Herbalife Nutrition Ltd.(a)(b)		106,631	$	3,237,317
Honest Co. Inc. (The)(a)(b)		48,307		251,680
Inter Parfums Inc.		17,565		1,546,598
LifeMD Inc.(a)(b)		41,179		145,362
Lifevantage Corp.(a)		16,891		80,401
Mannatech Inc.		256		9,365
Medifast Inc.		11,045		1,886,265
Natural Alternatives International Inc.(a)		880		10,138
Natural Health Trends Corp.		8,600		60,888
Nature’s Sunshine Products Inc.(a)		8,838		148,655
NewAge Inc.(a)(b)		104,760		60,866
Nu Skin Enterprises Inc., Class A		46,919		2,246,482
Olaplex Holdings Inc.(a)(b)		56,548		883,845
Revlon Inc., Class A(a)(b)		9,131		73,687
Summer Infant Inc.(a)		887		10,342
United-Guardian Inc.		17,336		390,753
USANA Health Sciences Inc.(a)		11,156		886,344
Veru Inc.(a)		50,980		246,233
				84,527,501
Pharmaceuticals — 3.4%
9 Meters Biopharma Inc.(a)(b)		96,614		57,901
AcelRx Pharmaceuticals Inc.(a)(b)		99,321		28,356
Acer Therapeutics Inc.(a)		368		1,067
Aclaris Therapeutics Inc.(a)(b)		32,251		556,007
Adamis Pharmaceuticals Corp.(a)(b)		54,023		30,847
Aerie Pharmaceuticals Inc.(a)(b)		42,155		383,610
Aerpio Pharmaceuticals Inc., NVS(b)		132,554		1
Agile Therapeutics Inc.(a)		44,190		9,258
Alimera Sciences Inc.(a)		11,156		62,474
Amneal Pharmaceuticals Inc.(a)		93,869		391,434
Amphastar Pharmaceuticals Inc.(a)		47,361		1,700,260
Ampio Pharmaceuticals Inc.(a)		257,917		121,221
ANI Pharmaceuticals Inc.(a)		9,054		254,508
Antares Pharma Inc.(a)		141,585		580,498
Aquestive Therapeutics Inc.(a)(b)		9,227		24,082
Arvinas Inc.(a)		43,709		2,941,616
Assertio Holdings Inc.(a)(b)		30,531		87,624
Atea Pharmaceuticals Inc.(a)(b)		52,774		381,028
Athira Pharma Inc.(a)		26,311		355,198
Avenue Therapeutics Inc.(a)(b)		6,877		3,311
Axsome Therapeutics Inc.(a)(b)		26,784		1,108,590
Aytu BioPharma Inc.(a)		24,200		26,136
Baudax Bio Inc.(a)		87		154
Bristol-Myers Squibb Co.		2,146,784		156,779,635
Cara Therapeutics Inc.(a)(b)		52,786		641,350
Cassava Sciences Inc.(a)(b)		33,739		1,253,066
Catalent Inc.(a)		168,759		18,715,373
cbdMD Inc.(a)(b)		117,950		122,668
Citius Pharmaceuticals Inc.(a)(b)		257,298		460,563
Clearside Biomedical Inc.(a)(b)		36,242		82,994
Collegium Pharmaceutical Inc.(a)		34,811		708,752
Contra Palisade Bio Inc., NVS(b)		97		3
Contra Ritter Pharmace, NVS(b)(c)		14,465		978
Corcept Therapeutics Inc.(a)		105,602		2,378,157
CorMedix Inc.(a)(b)		22,938		125,700
Cumberland Pharmaceuticals Inc.(a)		9,688		27,320
Cymabay Therapeutics Inc.(a)		60,792		189,063
Dare Bioscience Inc.(a)		643		958
Durect Corp.(a)(b)		135,607		90,843
Elanco Animal Health Inc.(a)		470,373		12,272,032

Security	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Co.		776,239	$	222,291,562
Eloxx Pharmaceuticals Inc.(a)(b)		44,028		24,651
Endo International PLC(a)		206,557		477,147
Esperion Therapeutics Inc.(a)(b)		142,299		660,267
Eton Pharmaceuticals Inc.(a)(b)		10,459		45,601
Evofem Biosciences Inc.(a)(b)		129,493		44,028
Evoke Pharma Inc.(a)(b)		71,484		35,385
Evolus Inc.(a)		21,593		242,273
Eyenovia Inc.(a)		10,679		32,571
EyePoint Pharmaceuticals Inc.(a)		3,549		43,120
Fulcrum Therapeutics Inc.(a)(b)		29,511		697,935
Harmony Biosciences Holdings Inc.(a)		25,028		1,217,612
Harrow Health Inc.(a)		62,851		428,644
Hepion Pharmaceuticals Inc.(a)(b)		47,308		61,027
Hoth Therapeutics Inc.(a)		1		1
Innoviva Inc.(a)(b)		80,188		1,551,638
Intra-Cellular Therapies Inc.(a)		85,467		5,229,726
Jaguar Health Inc.(a)(b)		27,034		19,154
Jazz Pharmaceuticals PLC(a)		58,556		9,115,413
Johnson & Johnson		2,566,353		454,834,742
Kala Pharmaceuticals Inc.(a)(b)		56,236		77,606
Kaleido Biosciences Inc.(a)(b)		6,203		10,235
KemPharm Inc.(a)(b)		56,829		285,850
Kiora Pharmaceuticals Inc.(a)		42		26
Lannett Co. Inc.(a)(b)		35,454		27,934
Lipocine Inc.(a)(b)		79,912		109,479
Liquidia Corp.(a)		34,189		245,477
Marinus Pharmaceuticals Inc.(a)		27,968		261,501
Merck & Co. Inc.		2,462,864		202,077,991
MyMD Pharmaceuticals Inc.(a)		2		9
Nektar Therapeutics(a)(b)		175,658		946,797
NGM Biopharmaceuticals Inc.(a)(b)		54,539		831,720
NovaBay Pharmaceuticals Inc.(a)		657		195
Novan Inc.(a)(b)		9,789		38,569
Nuvation Bio Inc.(a)		154,743		813,948
Ocular Therapeutix Inc.(a)(b)		78,824		390,179
Ocuphire Pharma Inc.(a)(b)		266		862
Omeros Corp.(a)(b)		54,841		329,594
Onconova Therapeutics Inc.(a)		3		6
Opiant Pharmaceuticals Inc.(a)		2,506		53,679
Optinose Inc.(a)(b)		63,902		157,838
Organon & Co.		249,885		8,728,483
Otonomy Inc.(a)(b)		18,417		44,201
Pacira BioSciences Inc.(a)		45,124		3,443,864
Palisade Bio Inc.(a)(b)		16		17
Paratek Pharmaceuticals Inc.(a)(b)		26,890		79,863
Perrigo Co. PLC		134,899		5,184,169
Pfizer Inc.		5,473,897		283,383,648
Phathom Pharmaceuticals Inc.(a)(b)		10,617		144,497
Phibro Animal Health Corp., Class A		26,220		523,089
Pliant Therapeutics Inc.(a)(b)		20,163		141,343
PLx Pharma Inc.(a)(b)		11,375		45,955
Prestige Consumer Healthcare Inc.(a)		53,105		2,811,379
ProPhase Labs Inc.		123		861
Provention Bio Inc.(a)		50,561		370,107
Pulmatrix Inc., NVS		1		7
Reata Pharmaceuticals Inc., Class A(a)(b)		27,472		899,983
Relmada Therapeutics Inc.(a)		11,536		311,357
Revance Therapeutics Inc.(a)		62,600		1,220,700
Royalty Pharma PLC, Class A		346,363		13,494,302

S C H E D U L E   O F   I N V E S T M E N T S 89

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
RVL Pharmaceuticals PLC(a)		8,069	$	13,637
Satsuma Pharmaceuticals Inc.(a)		6,456		24,533
scPharmaceuticals Inc.(a)		2,486		14,120
SCYNEXIS Inc.(a)(b)		14,114		55,186
Seelos Therapeutics Inc.(a)		60,016		50,281
Seelos Therapeutics Inc. New, NVS(c)		43		23
Societal CDMO Inc(a)(b)		9,596		17,273
Sonoma Pharmaceuticals Inc.(a)		609		2,442
Supernus Pharmaceuticals Inc.(a)		52,743		1,704,654
TFF Pharmaceuticals Inc.(a)(b)		8,886		56,071
TherapeuticsMD Inc.(a)		245,121		93,146
Theravance Biopharma Inc.(a)(b)		47,008		449,396
Timber Pharmaceuticals Inc.(a)(b)		19		7
Titan Pharmaceuticals Inc.(a)		60		57
Trevi Therapeutics Inc.(a)		6,155		13,541
Tricida Inc.(a)		24,913		204,785
Viatris Inc.		1,196,728		13,020,401
VYNE Therapeutics Inc.(a)		72,615		47,207
WaVe Life Sciences Ltd.(a)		28,027		56,054
Xeris Biopharma Holdings Inc.(a)		54,016		138,281
Zoetis Inc.		463,100		87,336,029
Zynerba Pharmaceuticals Inc.(a)		27,706		56,797
				1,530,848,374
Professional Services — 0.6%
Acacia Research Corp.(a)		29,312		132,197
Alight Inc., Class A(a)(b)		240,131		2,389,303
ASGN Inc.(a)		53,517		6,245,969
Barrett Business Services Inc.		8,587		665,235
BGSF Inc.		23,981		315,830
Booz Allen Hamilton Holding Corp.		129,745		11,396,801
CACI International Inc., Class A(a)		22,977		6,922,051
CBIZ Inc.(a)		45,067		1,891,462
Clarivate PLC(a)(b)		363,621		6,094,288
CoStar Group Inc.(a)		387,816		25,832,424
CRA International Inc.		8,833		744,269
DLH Holdings Corp.(a)		819		15,512
Dun & Bradstreet Holdings Inc.(a)		134,669		2,359,401
Equifax Inc.		117,406		27,836,963
Exponent Inc.		52,562		5,679,324
First Advantage Corp.(a)		39,200		791,448
Forrester Research Inc.(a)		8,978		506,539
Franklin Covey Co.(a)		16,959		766,886
FTI Consulting Inc.(a)(b)		36,406		5,723,751
GEE Group Inc.(a)		802		443
Heidrick & Struggles International Inc.		17,590		696,212
Hill International Inc.(a)(b)		123,629		201,515
HireQuest Inc.		3,385		64,721
Hudson Global Inc.(a)		1,946		79,144
Huron Consulting Group Inc.(a)		19,043		872,360
ICF International Inc.		17,823		1,677,857
Insperity Inc.		37,556		3,771,373
Jacobs Engineering Group Inc.		129,871		17,897,522
KBR Inc.		133,973		7,332,342
Kelly Services Inc., Class A, NVS		26,892		583,287
Kforce Inc.		27,023		1,998,891
Korn Ferry		53,623		3,482,278
Legalzoomcom Inc.(a)(b)		25,171		355,918
Leidos Holdings Inc.		139,638		15,083,697
ManpowerGroup Inc.		52,876		4,966,114
ManTech International Corp./VA, Class A		25,872		2,229,908

Security	Shares		Value
Professional Services (continued)
Mastech Digital Inc.(a)		1,268	$	23,445
Mistras Group Inc.(a)		17,181		113,566
Nielsen Holdings PLC		353,835		9,638,465
Planet Labs PBC(a)(b)		177,196		900,156
RCM Technologies Inc.(a)(b)		9,194		90,653
Red Violet Inc.(a)(b)		1,041		29,668
Resources Connection Inc.		35,476		608,059
Robert Half International Inc.		106,839		12,198,877
Science Applications International Corp.		53,292		4,911,924
Skillsoft Corp.(a)(b)		87,470		528,319
TransUnion		187,078		19,332,640
TriNet Group Inc.(a)(b)		43,724		4,300,693
TrueBlue Inc.(a)(b)		36,404		1,051,712
Upwork Inc.(a)		117,249		2,724,867
Verisk Analytics Inc.		157,797		33,867,970
Volt Information Sciences Inc.(a)		9,049		54,113
Willdan Group Inc.(a)		8,593		263,719
				258,242,081
Real Estate Management & Development — 0.2%
Altisource Portfolio Solutions SA(a)		9,451		111,805
American Realty Investors Inc.(a)		779		11,973
AMREP Corp.(a)		692		9,356
CBRE Group Inc., Class A(a)		328,021		30,020,482
CKX Lands Inc.(a)		229		2,498
Comstock Holding Companies Inc.(a)		285		1,667
Cushman & Wakefield PLC(a)(b)		156,981		3,219,680
Doma Holdings Inc.(a)		170,255		369,453
Douglas Elliman Inc., NVS		106,613		778,275
eXp World Holdings Inc.(b)		62,075		1,314,128
Forestar Group Inc.(a)		34,162		606,717
FRP Holdings Inc.(a)(b)		8,177		472,631
Howard Hughes Corp. (The)(a)(b)		43,264		4,482,583
InterGroup Corp. (The)(a)		126		6,353
Jones Lang LaSalle Inc.(a)		47,801		11,446,427
JW Mays Inc.(a)		106		4,081
Kennedy-Wilson Holdings Inc.		132,201		3,224,382
Marcus & Millichap Inc.		25,966		1,367,889
Maui Land & Pineapple Co. Inc.(a)		8,569		95,202
Newmark Group Inc., Class A		156,501		2,491,496
Opendoor Technologies Inc.(a)(b)		390,077		3,374,166
RE/MAX Holdings Inc., Class A		17,116		474,627
Realogy Holdings Corp.(a)		113,001		1,771,856
Redfin Corp.(a)(b)		104,820		1,890,953
RMR Group Inc. (The), Class A		10,881		338,399
St Joe Co. (The)		38,627		2,288,263
Stratus Properties Inc.(a)		8,159		351,490
Tejon Ranch Co.(a)		13,096		239,133
Transcontinental Realty Investors Inc.(a)		269		10,499
Trinity Place Holdings Inc.(a)(b)		161,749		307,323
WeWork Inc., Class A(a)(b)		191,914		1,308,853
Zillow Group Inc., Class A(a)(b)		39,024		1,882,128
Zillow Group Inc., Class C, NVS(a)(b)		168,095		8,285,403
				82,560,171
Road & Rail — 1.1%
AMERCO		9,814		5,858,369
ArcBest Corp.		25,893		2,084,386
Avis Budget Group Inc.(a)(b)		40,496		10,662,597
Covenant Logistics Group Inc., Class A		9,520		204,966
CSX Corp.		2,157,563		80,800,734

90 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Heartland Express Inc.		44,924	$	632,081
Hertz Global Holdings Inc.(a)(b)		42,035		931,075
HyreCar Inc.(a)		15,352		36,538
JB Hunt Transport Services Inc.		82,253		16,515,580
Knight-Swift Transportation Holdings Inc.		162,073		8,178,204
Landstar System Inc.		36,806		5,551,449
Lyft Inc., Class A(a)		308,173		11,833,843
Marten Transport Ltd.		84,990		1,509,422
Norfolk Southern Corp.		232,118		66,204,696
Old Dominion Freight Line Inc.		90,113		26,914,951
PAM Transportation Services Inc.(a)(b)		2,692		93,547
Patriot Transportation Holding Inc.		681		5,434
Ryder System Inc.		52,367		4,154,274
Saia Inc.(a)		25,965		6,330,786
Schneider National Inc., Class B		44,633		1,138,141
TuSimple Holdings Inc., Class A(a)(b)		33,062		403,356
Uber Technologies Inc.(a)		1,648,706		58,825,830
Union Pacific Corp.		619,331		169,207,423
Universal Logistics Holdings Inc.		8,685		175,003
USA Truck Inc.(a)		8,756		180,374
Werner Enterprises Inc.		56,768		2,327,488
XPO Logistics Inc.(a)		100,596		7,323,389
Yellow Corp.(a)(b)		41,761		292,745
				488,376,681
Semiconductors & Semiconductor Equipment — 5.6%
ACM Research Inc., Class A(a)(b)		28,431		588,237
Advanced Micro Devices Inc.(a)		1,599,292		174,866,587
Aehr Test Systems(a)(b)		16,879		171,491
Allegro MicroSystems Inc.(a)(b)		45,067		1,279,903
Alpha & Omega Semiconductor Ltd.(a)		26,909		1,470,577
Ambarella Inc.(a)		34,752		3,646,180
Amkor Technology Inc.		104,293		2,265,244
Amtech Systems Inc.(a)		9,031		90,852
Analog Devices Inc.		518,290		85,611,142
Applied Materials Inc.		871,868		114,912,202
Atomera Inc.(a)(b)		17,567		229,425
Axcelis Technologies Inc.(a)		27,648		2,088,253
AXT Inc.(a)(b)		35,313		247,897
Broadcom Inc.		402,728		253,589,767
CEVA Inc.(a)		30,092		1,223,240
Cirrus Logic Inc.(a)		51,402		4,358,376
CMC Materials Inc.		28,423		5,269,624
Cohu Inc.(a)		41,356		1,224,138
CVD Equipment Corp.(a)		8,139		36,300
CyberOptics Corp.(a)		8,570		347,771
Diodes Inc.(a)		46,315		4,028,942
eMagin Corp.(a)(b)		18,585		21,187
Enphase Energy Inc.(a)		133,683		26,974,556
Entegris Inc.		133,951		17,582,408
First Solar Inc.(a)		96,690		8,096,821
FormFactor Inc.(a)		73,480		3,088,364
GSI Technology Inc.(a)(b)		17,879		68,477
Ichor Holdings Ltd.(a)		23,391		833,187
Impinj Inc.(a)		23,145		1,470,633
indie Semiconductor Inc., Class A(a)(b)		88,355		690,053
Intel Corp.		3,979,042		197,201,321
inTEST Corp.(a)		8,668		93,008
KLA Corp.		147,228		53,894,282
Kopin Corp.(a)(b)		61,466		155,509
Kulicke & Soffa Industries Inc.		56,234		3,150,229

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.		137,742	$	74,051,477
Lattice Semiconductor Corp.(a)		127,480		7,769,906
MACOM Technology Solutions Holdings Inc., Class H(a)		52,150		3,122,220
Marvell Technology Inc.		830,504		59,555,442
MaxLinear Inc.(a)		69,785		4,071,955
Meta Materials Inc.(a)(b)		230,479		384,900
Microchip Technology Inc.		532,742		40,030,234
Micron Technology Inc.		1,084,202		84,448,494
MKS Instruments Inc.		56,916		8,537,400
Monolithic Power Systems Inc.		41,923		20,361,163
Navitas Semiconductor Corp.(a)(b)		75,255		773,621
NeoPhotonics Corp.(a)		41,973		638,409
NVE Corp.		7,998		435,651
NVIDIA Corp.		2,442,750		666,528,765
NXP Semiconductors NV		259,024		47,940,162
ON Semiconductor Corp.(a)		428,290		26,815,237
Onto Innovation Inc.(a)		47,031		4,086,524
PDF Solutions Inc.(a)(b)		26,433		736,688
Peraso Inc.(a)		293		650
Photronics Inc.(a)		59,686		1,012,871
Pixelworks Inc.(a)(b)		26,427		78,488
Power Integrations Inc.		58,806		5,450,140
Qorvo Inc.(a)		108,411		13,453,805
QUALCOMM Inc.		1,097,415		167,706,960
QuickLogic Corp.(a)(b)		3,444		18,942
Rambus Inc.(a)		112,016		3,572,190
Rubicon Technology Inc.(a)		842		7,595
Semtech Corp.(a)		62,076		4,304,350
Silicon Laboratories Inc.(a)		37,188		5,585,638
SiTime Corp.(a)(b)		12,568		3,114,602
Skyworks Solutions Inc.		161,854		21,571,901
SMART Global Holdings Inc.(a)		31,812		821,704
SolarEdge Technologies Inc.(a)		52,015		16,768,075
SunPower Corp.(a)(b)		74,161		1,592,978
Synaptics Inc.(a)		37,382		7,457,709
Teradyne Inc.		162,767		19,243,942
Texas Instruments Inc.		897,638		164,698,620
Trio-Tech International(a)		311		2,241
Ultra Clean Holdings Inc.(a)		37,729		1,599,332
Universal Display Corp.		43,681		7,292,543
Veeco Instruments Inc.(a)		44,447		1,208,514
Wolfspeed Inc.(a)(b)		127,862		14,558,367
				2,482,276,588
Software — 9.3%
8x8 Inc.(a)		115,068		1,448,706
A10 Networks Inc.		46,079		642,802
ACI Worldwide Inc.(a)		114,681		3,611,305
Adobe Inc.(a)		461,828		210,418,073
Agilysys Inc.(a)		17,111		682,387
Akerna Corp.(a)(b)		11,789		13,439
Alarm.com Holdings Inc.(a)		45,554		3,027,519
Altair Engineering Inc., Class A(a)(b)		51,102		3,290,969
Alteryx Inc., Class A(a)(b)		61,977		4,433,215
American Software Inc./GA, Class A		26,457		551,364
Amplitude Inc.(a)(b)		27,290		502,955
Anaplan Inc.(a)		156,130		10,156,256
ANSYS Inc.(a)		86,005		27,319,488
Appfolio Inc., Class A(a)		18,755		2,123,254
Appian Corp.(a)(b)		38,241		2,325,818

S C H E D U L E   O F   I N V E S T M E N T S 91

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
AppLovin Corp., Class A(a)(b)		25,722	$	1,416,511
Aquamed Technologies Inc., NVS		1,090		—
Asana Inc., Class A(a)(b)		76,500		3,057,705
Aspen Technology Inc.(a)		63,792		10,549,283
Asure Software Inc.(a)(b)		7,075		42,096
AudioEye Inc.(a)		2,856		19,449
Autodesk Inc.(a)(b)		214,909		46,065,744
Avalara Inc.(a)		90,000		8,955,900
Avaya Holdings Corp.(a)(b)		65,609		831,266
AvePoint Inc.(a)(b)		91,299		480,233
Aware Inc./MA(a)(b)		17,779		53,337
Benefitfocus Inc.(a)		27,481		346,810
Bentley Systems Inc., Class B(b)		179,370		7,924,567
Bill.com Holdings Inc.(a)(b)		91,089		20,658,074
Black Knight Inc.(a)		152,484		8,842,547
Blackbaud Inc.(a)(b)		46,161		2,763,659
Blackline Inc.(a)(b)		55,127		4,036,399
Bottomline Technologies DE Inc.(a)		41,461		2,350,009
Box Inc., Class A(a)		152,627		4,435,341
BSQUARE Corp.(a)(b)		9,186		15,892
BTRS Holdings Inc.(a)		59,330		443,788
C3.ai Inc., Class A(a)(b)		68,507		1,555,109
Cadence Design Systems Inc.(a)		268,898		44,222,965
CCC Intelligent Solutions Holdings Inc.(a)(b)		79,783		880,804
CDK Global Inc.		103,843		5,055,077
Cerence Inc.(a)(b)		36,292		1,310,141
Ceridian HCM Holding Inc.(a)(b)		130,249		8,903,822
ChannelAdvisor Corp.(a)		25,779		427,158
Citrix Systems Inc.		123,477		12,458,829
Cleanspark Inc.(a)(b)		44,262		547,521
Clear Secure Inc., Class A(a)(b)		20,284		545,234
CommVault Systems Inc.(a)		41,377		2,745,364
Confluent Inc., Class A(a)(b)		65,627		2,690,707
Consensus Cloud Solutions Inc.(a)		15,100		907,963
CoreCard Corp.(a)(b)		8,028		219,967
Coupa Software Inc.(a)		71,318		7,248,048
Crowdstrike Holdings Inc., Class A(a)		204,625		46,466,245
Datadog Inc., Class A(a)(b)		253,427		38,386,588
Datto Holding Corp.(a)		27,742		741,266
Dave Inc. , NVS(b)		164,566		1,176,647
Digimarc Corp.(a)(b)		11,800		311,166
Digital Turbine Inc.(a)(b)		87,878		3,849,935
DocuSign Inc.(a)		192,053		20,572,717
Dolby Laboratories Inc., Class A		63,615		4,975,965
Domo Inc., Class B(a)		28,959		1,464,457
Dropbox Inc., Class A(a)		292,861		6,809,018
Duck Creek Technologies Inc.(a)(b)		73,240		1,620,069
Dynatrace Inc.(a)		197,246		9,290,287
E2open Parent Holdings Inc.(a)		196,965		1,735,262
Ebix Inc.		26,407		875,392
eGain Corp.(a)		17,743		205,464
Elastic NV(a)		71,602		6,368,998
Envestnet Inc.(a)(b)		48,715		3,626,345
Everbridge Inc.(a)		35,383		1,544,114
Evolving Systems Inc.(a)		8,976		16,336
Fair Isaac Corp.(a)		24,972		11,648,439
Five9 Inc.(a)(b)		65,724		7,255,930
Fortinet Inc.(a)		132,200		45,178,028
Freshworks Inc.(a)(b)		36,254		649,672
Gitlab Inc.(a)		1,899		103,401

Security	Shares		Value
Software (continued)
Greenidge Generation Holdings Inc.(a)		650	$	5,590
GSE Systems Inc.(a)		9,577		19,920
GTY Technology Holdings Inc.(a)(b)		23,303		75,269
Guidewire Software Inc.(a)(b)		83,081		7,861,124
HashiCorp Inc.(a)(b)		20,885		1,127,790
HubSpot Inc.(a)		43,875		20,837,992
InterDigital Inc.		35,007		2,233,447
Intrusion Inc.(a)(b)		32,267		80,022
Intuit Inc.		277,220		133,298,465
Inuvo Inc.(a)		18,681		9,154
Issuer Direct Corp.(a)(b)		318		9,454
Jamf Holding Corp.(a)(b)		41,592		1,447,817
Kaspien Holdings Inc.(a)		364		2,643
KnowBe4 Inc., Class A(a)(b)		38,084		876,694
Latch Inc.(a)(b)		88,378		377,374
LivePerson Inc.(a)		56,406		1,377,434
Mandiant Inc.(a)		242,521		5,410,643
Manhattan Associates Inc.(a)		63,756		8,843,595
Marathon Digital Holdings Inc.(a)(b)		90,086		2,517,904
Marin Software Inc.(a)		1,625		4,680
Matterport Inc, Class A(a)(b)		179,592		1,458,287
Microsoft Corp.		7,319,755		2,256,753,664
MicroStrategy Inc., Class A(a)(b)		10,539		5,125,326
Mimecast Ltd.(a)		63,872		5,081,656
Mitek Systems Inc.(a)(b)		64,152		941,110
Model N Inc.(a)(b)		21,257		571,813
Momentive Global Inc.(a)		118,660		1,929,412
N-able Inc.(a)(b)		98,888		899,881
nCino Inc.(a)(b)		54,930		2,251,031
NCR Corp.(a)		132,056		5,307,331
NetSol Technologies Inc.(a)		8,964		34,511
New Relic Inc.(a)(b)		54,939		3,674,320
NortonLifeLock Inc.		583,840		15,483,437
Nutanix Inc., Class A(a)		206,922		5,549,648
NXT-ID Inc.(a)		25		55
Oblong Inc.(a)		1,121		735
Olo Inc., Class A(a)(b)		64,791		858,481
ON24 Inc.(a)		15,650		205,797
OneSpan Inc.(a)		27,841		402,024
Oracle Corp.		1,541,495		127,527,881
PagerDuty Inc.(a)(b)		74,762		2,556,113
Palantir Technologies Inc., Class A(a)(b)		1,578,998		21,679,642
Palo Alto Networks Inc.(a)		96,450		60,041,089
Park City Group Inc.(a)(b)		16,862		89,031
Paycom Software Inc.(a)(b)		47,689		16,518,516
Paycor HCM Inc.(a)(b)		29,035		845,209
Paylocity Holding Corp.(a)		38,198		7,860,002
Pegasystems Inc.		42,195		3,403,027
Phunware Inc.(a)(b)		24,555		68,263
Ping Identity Holding Corp.(a)(b)		66,790		1,832,050
Progress Software Corp.		45,143		2,125,784
PROS Holdings Inc.(a)		34,829		1,160,154
PTC Inc.(a)		106,761		11,500,295
Q2 Holdings Inc.(a)(b)		51,103		3,150,500
Qualtrics International Inc., Class A(a)(b)		98,514		2,812,575
Qualys Inc.(a)		35,322		5,030,206
Qumu Corp.(a)		9,508		16,734
Rapid7 Inc.(a)(b)		53,278		5,926,645
RealNetworks Inc.(a)		39,360		22,829
Rekor Systems Inc.(a)(b)		54,037		246,409

92 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Rimini Street Inc.(a)		16,987	$	98,525
RingCentral Inc., Class A(a)		80,394		9,422,981
Riot Blockchain Inc.(a)(b)		76,524		1,620,013
SailPoint Technologies Holdings Inc.(a)(b)		91,478		4,681,844
salesforce.com Inc.(a)		968,947		205,726,827
Samsara Inc.(a)(b)		56,726		908,750
Seachange International Inc.(a)(b)		31,812		35,948
SecureWorks Corp., Class A(a)		9,012		119,409
SentinelOne Inc., Class A(a)		142,230		5,509,990
ServiceNow Inc.(a)(b)		195,526		108,886,474
ShotSpotter Inc.(a)(b)		7,839		217,297
Smartsheet Inc., Class A(a)		126,845		6,948,569
Smith Micro Software Inc.(a)(b)		15,467		58,311
Splunk Inc.(a)		161,157		23,949,542
Sprout Social Inc., Class A(a)(b)		44,071		3,530,968
SPS Commerce Inc.(a)		35,292		4,630,310
SRAX Inc.(a)(b)		11,402		55,072
SS&C Technologies Holdings Inc.		219,128		16,438,983
Sumo Logic Inc.(a)		83,301		972,123
Synchronoss Technologies Inc.(a)(b)		55,598		96,185
Synopsys Inc.(a)		149,214		49,728,550
Telos Corp.(a)		58,478		583,026
Tenable Holdings Inc.(a)(b)		88,550		5,117,304
Teradata Corp.(a)		98,596		4,859,797
Terawulf Inc.(a)		237		1,991
Trade Desk Inc. (The), Class A(a)(b)		426,630		29,544,127
Tyler Technologies Inc.(a)		39,069		17,381,407
UiPath Inc., Class A(a)(b)		277,812		5,997,961
Unity Software Inc.(a)(b)		171,089		16,973,740
Upland Software Inc.(a)		20,090		353,785
Varonis Systems Inc.(a)(b)		110,302		5,243,757
Verb Technology Co. Inc.(a)(b)		18,497		17,537
Verint Systems Inc.(a)(b)		62,809		3,247,225
Veritone Inc.(a)(b)		23,374		427,277
Vertex Inc., Class A(a)		29,067		445,888
Viant Technology Inc., Class A(a)		17,205		112,693
VirnetX Holding Corp.(a)		50,124		81,702
VMware Inc., Class A		198,648		22,620,048
Vonage Holdings Corp.(a)		226,639		4,598,505
WM Technology Inc.(a)(b)		63,320		495,162
Workday Inc., Class A(a)		188,715		45,189,694
Workiva Inc.(a)(b)		44,309		5,228,462
Xperi Holding Corp.		104,986		1,818,357
Yext Inc.(a)		111,286		766,761
Zendesk Inc.(a)(b)		118,076		14,203,362
Zoom Video Communications Inc., Class A(a)(b)		210,286		24,651,828
Zscaler Inc.(a)		80,463		19,414,113
Zuora Inc., Class A(a)		129,837		1,944,958
				4,140,742,232
Specialty Retail — 2.0%
Aaron’s Co. Inc. (The)		34,038		683,483
Abercrombie & Fitch Co., Class A(a)(b)		60,193		1,925,574
Academy Sports & Outdoors Inc.		71,103		2,801,458
Advance Auto Parts Inc.		62,713		12,979,083
American Eagle Outfitters Inc.		136,108		2,286,614
America’s Car-Mart Inc./TX(a)		9,499		765,239
Arko Corp.		83,436		759,268
Asbury Automotive Group Inc.(a)		23,684		3,794,177
AutoNation Inc.(a)(b)		42,778		4,259,833
AutoZone Inc.(a)		19,972		40,834,352

Security	Shares		Value
Specialty Retail (continued)
Barnes & Noble Education Inc.(a)		36,928	$	132,202
Bath & Body Works Inc.		245,479		11,733,896
Bed Bath & Beyond Inc.(a)		100,104		2,255,343
Best Buy Co. Inc.		210,437		19,128,723
Big 5 Sporting Goods Corp.		16,027		274,863
Boot Barn Holdings Inc.(a)		24,738		2,344,915
Buckle Inc. (The)		25,152		831,022
Build-A-Bear Workshop Inc., Class A(b)		35,445		647,935
Burlington Stores Inc.(a)(b)		63,822		11,626,454
Caleres Inc.		45,336		876,345
Camping World Holdings Inc., Class A		38,569		1,078,004
CarLotz Inc.(a)(b)		99,488		136,299
CarMax Inc.(a)		160,346		15,470,182
Carvana Co.(a)(b)		86,574		10,327,412
Cato Corp. (The), Class A		35,768		524,359
Chico’s FAS Inc.(a)		130,722		627,466
Children’s Place Inc. (The)(a)		18,050		889,865
Citi Trends Inc.(a)(b)		8,248		252,595
Conn’s Inc.(a)		26,408		406,947
Container Store Group Inc. (The)(a)(b)		20,061		163,898
Designer Brands Inc. , Class A(a)		68,521		925,719
Dick’s Sporting Goods Inc.		62,390		6,240,248
EVgo Inc.(a)(b)		116,284		1,495,412
Express Inc.(a)(b)		73,529		261,763
Five Below Inc.(a)		53,885		8,533,767
Floor & Decor Holdings Inc., Class A(a)		104,101		8,432,181
Foot Locker Inc.		95,018		2,818,234
GameStop Corp., Class A(a)(b)		60,883		10,141,890
Gap Inc. (The)		214,076		3,014,190
Genesco Inc.(a)		19,638		1,249,173
Group 1 Automotive Inc.		18,349		3,079,513
GrowGeneration Corp.(a)(b)		62,605		576,592
Guess? Inc.		46,586		1,017,904
Haverty Furniture Companies Inc.		17,831		488,926
Hibbett Inc.		10,227		453,465
Home Depot Inc. (The)		1,018,673		304,919,389
J Jill Inc.(a)		2,727		41,369
Kirkland’s Inc.(a)(b)		17,076		158,636
Lazydays Holdings Inc.(a)(b)		3,257		65,726
Leslie’s Inc.(a)(b)		121,263		2,347,652
Lithia Motors Inc.		28,806		8,645,257
LL Flooring Holdings Inc.(a)		26,545		372,161
Lowe’s Companies Inc.		653,954		132,222,959
MarineMax Inc.(a)		19,143		770,697
Monro Inc.		34,653		1,536,514
Murphy USA Inc.		21,012		4,201,560
National Vision Holdings Inc.(a)(b)		79,558		3,466,342
O’Reilly Automotive Inc.(a)		65,262		44,701,860
ODP Corp. (The)(a)		52,760		2,417,991
OneWater Marine Inc., Class A		19,103		658,098
Party City Holdco Inc.(a)(b)		152,424		545,678
Penske Automotive Group Inc.		26,325		2,467,179
Petco Health & Wellness Co. Inc.(a)(b)		87,121		1,704,958
Recycling Asset Holdings Inc., NVS(b)(c)		7,042		246
Rent-A-Center Inc./TX		51,969		1,309,099
RH(a)(b)		17,145		5,590,813
Ross Stores Inc.		351,222		31,771,542
Sally Beauty Holdings Inc.(a)(b)		136,049		2,126,446
Shift Technologies Inc.(a)(b)		91,422		201,128
Shoe Carnival Inc.		17,178		500,911

S C H E D U L E   O F   I N V E S T M E N T S 93

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Signet Jewelers Ltd.		52,201	$	3,795,013
Sleep Number Corp.(a)		23,882		1,211,056
Sonic Automotive Inc., Class A		26,838		1,140,883
Sportsman’s Warehouse Holdings Inc.(a)		36,937		394,857
Tilly’s Inc., Class A		16,647		155,816
TJX Companies Inc. (The)		1,158,230		70,165,573
Tractor Supply Co.		109,380		25,526,011
TravelCenters of America Inc.(a)		21,774		935,411
Ulta Salon Cosmetics & Fragrance Inc.(a)		53,168		21,172,561
Urban Outfitters Inc.(a)(b)		60,469		1,518,377
Victoria’s Secret & Co.(a)(b)		72,755		3,736,697
Volta Inc.(a)(b)		121,804		371,502
Vroom Inc.(a)(b)		124,261		330,534
Warby Parker Inc.(a)(b)		26,285		888,696
Williams-Sonoma Inc.		73,140		10,605,300
Winmark Corp.		3,469		763,180
Xcel Brands Inc.(a)(b)		315		469
Zumiez Inc.(a)		27,040		1,033,198
				896,036,128
Technology Hardware, Storage & Peripherals — 6.2%
3D Systems Corp.(a)		121,787		2,031,407
Apple Inc.		15,133,923		2,642,534,295
AstroNova Inc.(a)(b)		8,100		122,877
Avid Technology Inc.(a)(b)		51,036		1,779,625
Contra Communications Inc., NVS(b)		2,058		1,667
Corsair Gaming Inc.(a)(b)		43,223		914,599
Dell Technologies Inc., Class C(a)		271,322		13,617,651
Diebold Nixdorf Inc.(a)		80,417		541,206
Eastman Kodak Co.(a)(b)		53,828		352,573
Hewlett Packard Enterprise Co.		1,309,280		21,878,069
HP Inc.		1,078,057		39,133,469
Immersion Corp.(a)(b)		26,742		148,686
Intevac Inc.(a)(b)		18,480		98,868
IonQ Inc.(a)(b)		116,704		1,489,143
NetApp Inc.		223,069		18,514,727
One Stop Systems Inc.(a)		9,790		37,398
Pure Storage Inc., Class A(a)		262,313		9,262,272
Quantum Corp.(a)(b)		77,688		176,352
Seagate Technology Holdings PLC		189,514		17,037,309
Super Micro Computer Inc.(a)		36,015		1,371,091
TransAct Technologies Inc.(a)		8,738		61,690
Turtle Beach Corp.(a)		29,358		625,032
Western Digital Corp.(a)		299,911		14,890,581
Xerox Holdings Corp.		115,636		2,332,378
				2,788,952,965
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)		149,409		7,678,128
Carter’s Inc.		39,132		3,599,753
Charles & Colvard Ltd.(a)		26,485		41,581
Columbia Sportswear Co.		36,321		3,288,140
Crocs Inc.(a)		61,036		4,663,150
Crown Crafts Inc.		8,905		57,972
Culp Inc.		13		103
Deckers Outdoor Corp.(a)		27,482		7,523,747
Delta Apparel Inc.(a)		8,282		246,721
Forward Industries Inc.(a)(b)		9,516		16,368
Fossil Group Inc.(a)		55,322		533,304
G-III Apparel Group Ltd.(a)		36,145		977,722
Hanesbrands Inc.		355,848		5,298,577

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Jerash Holdings U.S. Inc.		1,955	$	12,551
Kontoor Brands Inc.		45,367		1,875,925
Lakeland Industries Inc.(a)(b)		8,251		158,337
Levi Strauss & Co., Class A		79,163		1,564,261
Lululemon Athletica Inc.(a)		115,666		42,244,693
Movado Group Inc.		11,540		450,637
Nike Inc., Class B		1,244,119		167,408,653
Oxford Industries Inc.		17,106		1,548,093
PLBY Group Inc.(a)(b)		23,156		303,112
PVH Corp.		73,091		5,599,502
Ralph Lauren Corp.		45,617		5,174,792
Rocky Brands Inc.		8,656		360,003
Skechers U.S.A. Inc., Class A(a)		134,952		5,500,644
Steven Madden Ltd.		79,929		3,088,457
Superior Group of Companies Inc.		8,715		155,563
Tapestry Inc.		267,641		9,942,863
Under Armour Inc., Class A(a)		186,582		3,175,626
Under Armour Inc., Class C, NVS(a)		192,934		3,002,053
Unifi Inc.(a)		16,977		307,284
Vera Bradley Inc.(a)		18,050		138,443
VF Corp.		317,749		18,067,208
Vince Holding Corp.(a)(b)		896		7,284
Wolverine World Wide Inc.		81,384		1,836,023
				305,847,273
Thrifts & Mortgage Finance — 0.1%
1895 Bancorp of Wisconsin Inc.(a)(b)		2,115		22,948
Axos Financial Inc.(a)		44,062		2,044,036
Blue Foundry Bancorp(a)(b)		63,897		865,804
Bridgewater Bancshares Inc.(a)		20,532		342,474
Broadway Financial Corp./DE(a)		8,083		12,852
Capitol Federal Financial Inc.		134,257		1,460,716
CF Bankshares Inc.(b)		1,726		38,317
Columbia Financial Inc.(a)(b)		51,231		1,101,979
Elmira Savings Bank		668		15,317
ESSA Bancorp. Inc.		8,893		159,629
Essent Group Ltd.		100,641		4,147,416
Federal Agricultural Mortgage Corp., Class C, NVS		8,906		966,123
FFBW Inc.(a)		2,417		29,197
First Seacoast Bancorp.(a)		2,148		22,640
Flagstar Bancorp. Inc.		43,474		1,843,298
FS Bancorp. Inc.		2,608		80,848
Greene County Bancorp. Inc.		636		28,429
Guaranty Federal Bancshares Inc.		825		25,930
Hingham Institution For Savings (The)		2,978		1,022,050
HMN Financial Inc.		848		20,996
Home Bancorp. Inc.		8,113		330,929
Home Federal Bancorp. Inc./LA		506		10,626
HV Bancorp Inc.(a)		1,371		29,751
IF Bancorp. Inc.		697		16,596
Impac Mortgage Holdings Inc.(a)		8,680		6,510
Income Opportunity Realty Investors Inc.(a)		108		1,344
Kearny Financial Corp./MD		79,525		1,024,282
Kentucky First Federal Bancorp.		844		6,077
Lake Shore Bancorp. Inc.		652		9,715
Magyar Bancorp Inc.		871		10,278
Merchants Bancorp./IN		30,067		823,234
MGIC Investment Corp.		351,816		4,767,107
Mid-Southern Bancorp Inc.		2,439		35,609
Mr Cooper Group Inc.(a)		81,550		3,724,388
New York Community Bancorp. Inc.		481,322		5,159,772

94 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
NMI Holdings Inc., Class A(a)		78,069	$	1,609,783
Northfield Bancorp. Inc.		31,543		452,957
Oconee Federal Financial Corp.		212		5,162
Ocwen Financial Corp.(a)		8,661		205,785
PCSB Financial Corp.		27,788		531,029
PennyMac Financial Services Inc.		28,598		1,521,414
Provident Bancorp. Inc.		19,653		318,772
Provident Financial Holdings Inc.		8,265		136,703
Provident Financial Services Inc.		61,828		1,446,775
Prudential Bancorp. Inc.		8,716		143,465
Radian Group Inc.		162,014		3,598,331
Rhinebeck Bancorp Inc.(a)(b)		3,407		34,581
Rocket Companies Inc., Class A(b)		144,316		1,604,794
Security National Financial Corp., Class A(a)		11,399		113,990
Southern Missouri Bancorp. Inc.		8,105		404,845
Sterling Bancorp Inc./MI(a)		59,625		423,337
Territorial Bancorp. Inc.		16,768		402,432
TFS Financial Corp.		62,310		1,034,346
Timberland Bancorp. Inc./WA		8,247		222,751
TrustCo Bank Corp. NY		10,149		324,058
UWM Holdings Corp.		90,275		408,946
Walker & Dunlop Inc.		27,249		3,526,566
Washington Federal Inc.		78,335		2,570,955
Waterstone Financial Inc.		26,400		510,576
Western New England Bancorp. Inc.		29,058		259,778
WSFS Financial Corp.		63,508		2,960,743
WVS Financial Corp.		222		3,341
				54,983,432
Tobacco — 0.5%
22nd Century Group Inc.(a)(b)		107,934		250,407
Altria Group Inc.		1,782,251		93,122,615
Philip Morris International Inc.		1,503,805		141,267,442
Turning Point Brands Inc.		11,910		405,059
Universal Corp./VA		25,139		1,459,822
Vector Group Ltd.		122,140		1,470,565
				237,975,910
Trading Companies & Distributors — 0.4%
Air Lease Corp.		105,945		4,730,444
Applied Industrial Technologies Inc.		35,410		3,635,191
Beacon Roofing Supply Inc.(a)		46,755		2,771,636
BlueLinx Holdings Inc.(a)(b)		8,569		615,940
Boise Cascade Co.		35,701		2,480,148
Core & Main Inc., Class A(a)(b)		54,425		1,316,541
Custom Truck One Source Inc.(a)		96,578		810,289
DXP Enterprises Inc./TX(a)		9,641		261,175
EVI Industries Inc.(a)(b)		7,970		148,162
Fastenal Co.		560,735		33,307,659
GATX Corp.		35,605		4,391,165
Global Industrial Co.		11,979		386,083
GMS Inc.(a)		44,338		2,206,702
H&E Equipment Services Inc.		27,391		1,192,056
Herc Holdings Inc.		21,391		3,574,222
Hudson Technologies Inc.(a)		26,789		166,360
Huttig Building Products Inc.(a)(b)		17,472		186,252
India Globalization Capital Inc.(a)(b)		34,530		32,766
Lawson Products Inc./DE(a)(b)		8,158		314,409
McGrath RentCorp		27,140		2,306,357
MRC Global Inc.(a)		97,409		1,160,141
MSC Industrial Direct Co. Inc., Class A		44,755		3,813,574

Security	Shares		Value
Trading Companies & Distributors (continued)
NOW Inc.(a)		105,864	$	1,167,680
Rush Enterprises Inc., Class A		38,954		1,983,148
Rush Enterprises Inc., Class B		14,177		685,458
SiteOne Landscape Supply Inc.(a)(b)		44,646		7,218,812
Titan Machinery Inc.(a)		17,578		496,754
Transcat Inc.(a)		8,606		698,291
Triton International Ltd.		61,280		4,300,630
United Rentals Inc.(a)		69,918		24,835,573
Univar Solutions Inc.(a)		175,970		5,655,676
Veritiv Corp.(a)		14,421		1,926,501
Watsco Inc.		33,116		10,088,458
WESCO International Inc.(a)(b)		46,633		6,068,819
Willis Lease Finance Corp.(a)(b)		8,110		261,061
WW Grainger Inc.		42,994		22,175,875
				157,370,008
Water Utilities — 0.1%
American States Water Co.		36,392		3,239,616
American Water Works Co. Inc.		179,682		29,742,762
Artesian Resources Corp., Class A, NVS		8,668		420,831
Cadiz Inc.(a)		27,001		55,892
California Water Service Group		51,074		3,027,667
Essential Utilities Inc.		227,526		11,633,404
Middlesex Water Co.		16,133		1,696,708
Pure Cycle Corp.(a)		18,310		220,086
SJW Group		36,717		2,554,769
York Water Co. (The)		10,730		482,528
				53,074,263
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		61,910		1,180,005
Shenandoah Telecommunications Co.		46,942		1,106,892
Spok Holdings Inc.		16,646		132,835
T-Mobile U.S. Inc.(a)		571,294		73,325,585
Telephone and Data Systems Inc.		104,365		1,970,411
U.S. Cellular Corp.(a)		11,893		359,526
				78,075,254
Total Common Stocks — 99.8% (Cost: $31,214,836,099)				44,630,943,869
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Right Quantum Corp., NVS (Expires 04/18/22)(b)		77,517		655
Total Rights — 0.0% (Cost: $0)				655
Warrants
Pharmaceuticals — 0.0%
Salarius Pharmaceuticals Inc., (Expires 01/20/25)(a)(b)		19,965		—
Total Warrants — 0.0% (Cost: $0)				—
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		781,106,664		780,950,442

S C H E D U L E   O F   I N V E S T M E N T S 95

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		77,230,000	$	77,230,000
				858,180,442
Total Short-Term Investments — 1.9% (Cost: $858,072,772)				858,180,442
Total Investments in Securities — 101.7% (Cost: $32,072,908,871)				45,489,124,966
Other Assets, Less Liabilities — (1.7)%				(746,520,189	)
Net Assets — 100.0%			$	44,742,604,777

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	669,664,975	$	111,897,884	(a)	$	—		$	(280,609	)	$	(331,808	)	$	780,950,442		781,106,664	$	5,553,168	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		31,500,000		45,730,000	(a)		—			—			—			77,230,000		77,230,000		18,797			—
BlackRock Inc.		93,431,477		18,401,856			(5,712,641	)		2,429,500			(2,718,760	)		105,831,432		138,492		2,303,662			—
									$	2,148,891		$	(3,050,568	)	$	964,011,874			$	7,875,627		$	—

^(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		416		06/17/22	$	94,240	$	4,501,728
S&P Mid 400 E-Mini Index		32		06/17/22		8,605		241,519
							$	4,743,247

96 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P Total U.S. Stock Market ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,743,247

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	8,394,802
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,301,243

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	87,223,561

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
Investments
Assets
Common Stocks	$	44,630,677,916	$	2,594	$	263,359	$	44,630,943,869
Rights		—		655		—		655
Warrants		—		—		—		—
Money Market Funds		858,180,442		—		—		858,180,442
	$	45,488,858,358	$	3,249	$	263,359	$	45,489,124,966
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,743,247	$	—	$	—	$	4,743,247

^(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   O F   I N V E S T M E N T S 97

Schedule of Investments   March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Axon Enterprise Inc.(a)		42,944	$	5,914,677
L3Harris Technologies Inc.		51,557		12,810,368
TransDigm Group Inc.(a)		14,602		9,513,787
				28,238,832
Air Freight & Logistics — 0.4%
Expeditors International of Washington Inc.		105,973		10,932,175
GXO Logistics Inc.(a)		61,676		4,399,966
United Parcel Service Inc., Class B		196,134		42,062,897
				57,395,038
Auto Components — 0.1%
Aptiv PLC(a)		69,379		8,305,360
Fox Factory Holding Corp.(a)		25,772		2,524,367
Gentex Corp.		78,421		2,287,541
				13,117,268
Automobiles — 4.4%
Tesla Inc.(a)		523,982		564,643,003
Banks — 2.3%
Bank of America Corp.		1,957,702		80,696,476
Bank of Hawaii Corp.		10,630		892,070
Bank OZK		35,552		1,518,070
Cathay General Bancorp.		18,846		843,359
Comerica Inc.		36,919		3,338,585
Commerce Bancshares Inc.		34,278		2,453,962
Cullen/Frost Bankers Inc.		19,864		2,749,376
East West Bancorp. Inc.		88,772		7,014,763
First Financial Bankshares Inc.		80,221		3,539,351
First Republic Bank/CA		112,148		18,179,191
Glacier Bancorp. Inc.		67,865		3,412,252
Hancock Whitney Corp.		24,443		1,274,703
Home BancShares Inc./AR		34,887		788,446
JPMorgan Chase & Co.		850,891		115,993,461
PacWest Bancorp.		76,042		3,279,692
Pinnacle Financial Partners Inc.		47,640		4,386,691
Regions Financial Corp.		262,929		5,852,800
Signature Bank/New York NY		39,333		11,543,842
SVB Financial Group(a)		36,718		20,541,885
Synovus Financial Corp.		36,414		1,784,286
UMB Financial Corp.		26,925		2,616,033
Umpqua Holdings Corp.		50,150		945,829
Webster Financial Corp.		46,165		2,590,780
Wintrust Financial Corp.		17,827		1,656,663
Zions Bancorp. N.A.		45,147		2,959,837
				300,852,403
Beverages — 0.6%
Boston Beer Co. Inc. (The), Class A, NVS(a)		3,516		1,365,861
Monster Beverage Corp.(a)		122,216		9,765,058
PepsiCo Inc.		363,537		60,848,823
				71,979,742
Biotechnology — 2.0%
AbbVie Inc.		597,540		96,867,210
Amgen Inc.		144,465		34,934,526
Arrowhead Pharmaceuticals Inc.(a)(b)		66,546		3,060,451
Exelixis Inc.(a)		104,909		2,378,287
Halozyme Therapeutics Inc.(a)(b)		87,650		3,495,482
Incyte Corp.(a)		50,514		4,011,822
Moderna Inc.(a)		220,730		38,022,950

Security	Shares		Value
Biotechnology (continued)
Neurocrine Biosciences Inc.(a)		59,164	$	5,546,625
Regeneron Pharmaceuticals Inc.(a)		66,729		46,604,868
United Therapeutics Corp.(a)		13,532		2,427,776
Vertex Pharmaceuticals Inc.(a)		95,423		24,902,540
				262,252,537
Building Products — 0.4%
A O Smith Corp.		41,660		2,661,657
Builders FirstSource Inc.(a)		119,803		7,732,086
Carlisle Companies Inc.		32,703		8,042,322
Fortune Brands Home & Security Inc.		38,218		2,838,833
Johnson Controls International PLC		268,275		17,590,792
Lennox International Inc.		12,214		3,149,502
Masco Corp.		73,297		3,738,147
Simpson Manufacturing Co. Inc.		27,685		3,018,772
Trex Co. Inc.(a)(b)		72,026		4,705,459
				53,477,570
Capital Markets — 3.2%
Affiliated Managers Group Inc.		25,424		3,583,513
Ameriprise Financial Inc.		42,200		12,675,192
BlackRock Inc.(c)		46,456		35,500,282
Cboe Global Markets Inc.		38,698		4,427,825
Charles Schwab Corp. (The)		639,600		53,924,676
Evercore Inc., Class A		24,410		2,717,321
FactSet Research Systems Inc.		13,665		5,932,660
Federated Hermes Inc.		28,680		976,841
Franklin Resources Inc.		79,103		2,208,556
Goldman Sachs Group Inc. (The)		212,466		70,135,026
Interactive Brokers Group Inc., Class A		33,892		2,233,822
Intercontinental Exchange Inc.		199,967		26,419,640
Janus Henderson Group PLC		49,089		1,719,097
Jefferies Financial Group Inc.		122,894		4,037,068
MarketAxess Holdings Inc.		11,424		3,886,445
Moody’s Corp.		66,774		22,530,215
Morgan Stanley		434,141		37,943,923
MSCI Inc.		50,953		25,623,245
Nasdaq Inc.		57,113		10,177,537
Raymond James Financial Inc.		69,554		7,644,680
S&P Global Inc.		135,169		55,443,620
SEI Investments Co.		39,119		2,355,355
Stifel Financial Corp.		65,138		4,422,870
T Rowe Price Group Inc.		100,615		15,211,982
				411,731,391
Chemicals — 0.9%
Albemarle Corp.		49,757		11,003,760
Ashland Global Holdings Inc.		13,855		1,363,471
Avient Corp.		57,230		2,747,040
Celanese Corp.		29,288		4,184,377
CF Industries Holdings Inc.		80,507		8,297,051
Ingevity Corp.(a)		13,068		837,267
Linde PLC		163,531		52,236,707
Olin Corp.		89,741		4,691,659
RPM International Inc.		41,388		3,370,639
Scotts Miracle-Gro Co. (The)		25,476		3,132,529
Sensient Technologies Corp.		14,984		1,257,907
Sherwin-Williams Co. (The)		79,986		19,966,105
Valvoline Inc.		113,080		3,568,805
				116,657,317
Commercial Services & Supplies — 0.5%
Cintas Corp.		25,289		10,757,688

98 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Clean Harbors Inc.(a)		18,485	$	2,063,665
Copart Inc.(a)		90,776		11,389,665
IAA Inc.(a)		45,560		1,742,670
MSA Safety Inc.		11,638		1,544,363
Republic Services Inc.		57,615		7,633,987
Rollins Inc.		62,313		2,184,071
Tetra Tech Inc.		33,830		5,579,920
Waste Management Inc.		122,785		19,461,422
				62,357,451
Communications Equipment — 0.9%
Arista Networks Inc.(a)		140,343		19,504,870
Calix Inc.(a)		34,233		1,468,938
Ciena Corp.(a)		61,062		3,702,189
Cisco Systems Inc.		1,187,716		66,227,044
F5 Inc.(a)		19,994		4,177,746
Lumentum Holdings Inc.(a)(b)		20,348		1,985,965
Motorola Solutions Inc.		62,349		15,100,928
				112,167,680
Construction & Engineering — 0.1%
Dycom Industries Inc.(a)		7,361		701,209
MasTec Inc.(a)		18,234		1,588,181
Quanta Services Inc.		48,145		6,336,364
Valmont Industries Inc.		13,270		3,166,222
				11,791,976
Construction Materials — 0.1%
Eagle Materials Inc.		24,447		3,138,017
Martin Marietta Materials Inc.		22,631		8,710,446
Vulcan Materials Co.		39,845		7,319,526
				19,167,989
Consumer Finance — 0.6%
American Express Co.		169,661		31,726,607
Capital One Financial Corp.		124,546		16,351,645
Discover Financial Services		180,553		19,895,135
Navient Corp.		93,444		1,592,286
SLM Corp.		174,806		3,209,438
Synchrony Financial		186,220		6,482,318
				79,257,429
Containers & Packaging — 0.1%
AptarGroup Inc.		18,948		2,226,390
Avery Dennison Corp.		26,420		4,596,287
Sealed Air Corp.		50,980		3,413,621
				10,236,298
Distributors — 0.1%
LKQ Corp.		72,149		3,276,286
Pool Corp.		25,075		10,602,964
				13,879,250
Diversified Consumer Services — 0.1%
H&R Block Inc.		45,651		1,188,752
Service Corp. International		103,166		6,790,386
				7,979,138
Diversified Telecommunication Services — 0.0%
Iridium Communications Inc.(a)		43,835		1,767,427
Electric Utilities — 0.1%
NRG Energy Inc.		153,177		5,875,870
OGE Energy Corp.		46,336		1,889,582
				7,765,452

Security	Shares		Value
Electrical Equipment — 0.3%
Acuity Brands Inc.(b)		21,850	$	4,136,205
Generac Holdings Inc.(a)		39,467		11,731,961
Hubbell Inc.		18,390		3,379,530
nVent Electric PLC		62,090		2,159,490
Regal Rexnord Corp.		17,799		2,648,135
Rockwell Automation Inc.		37,723		10,563,572
Vicor Corp.(a)		13,358		942,407
				35,561,300
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		198,241		14,937,459
CDW Corp./DE		50,105		8,963,284
Cognex Corp.		69,690		5,376,584
Coherent Inc.(a)		15,338		4,192,796
II-VI Inc.(a)(b)		31,872		2,310,401
Jabil Inc.		39,453		2,435,434
Keysight Technologies Inc.(a)		86,419		13,651,609
Littelfuse Inc.		9,556		2,383,362
National Instruments Corp.		43,730		1,775,001
Trimble Inc.(a)		87,938		6,343,847
Zebra Technologies Corp., Class A(a)		24,406		10,096,762
				72,466,539
Energy Equipment & Services — 0.0%
ChampionX Corp.(a)		59,410		1,454,357
Entertainment — 0.9%
Live Nation Entertainment Inc.(a)		36,341		4,275,155
Netflix Inc.(a)		277,884		104,092,567
Take-Two Interactive Software Inc.(a)		44,717		6,874,792
World Wrestling Entertainment Inc., Class A		17,266		1,078,089
				116,320,603
Equity Real Estate Investment Trusts (REITs) — 2.4%
American Campus Communities Inc.		47,888		2,680,291
American Tower Corp.		145,293		36,500,507
Apartment Income REIT Corp.		46,161		2,467,767
AvalonBay Communities Inc.		36,717		9,119,401
Brixmor Property Group Inc.		102,191		2,637,550
Camden Property Trust		63,932		10,625,498
Crown Castle International Corp.		121,653		22,457,144
Douglas Emmett Inc.		50,507		1,687,944
Duke Realty Corp.		154,880		8,992,333
EastGroup Properties Inc.		25,445		5,172,460
Equinix Inc.		25,918		19,221,307
Essex Property Trust Inc.		17,911		6,187,892
Extra Space Storage Inc.		83,758		17,220,645
Federal Realty Investment Trust		18,723		2,285,517
First Industrial Realty Trust Inc.		56,241		3,481,880
Healthcare Realty Trust Inc.		43,386		1,192,247
Iron Mountain Inc.		110,493		6,122,417
Lamar Advertising Co., Class A		35,853		4,165,402
Life Storage Inc.		51,313		7,205,885
Mid-America Apartment Communities Inc.		44,654		9,352,780
National Retail Properties Inc.		49,436		2,221,654
National Storage Affiliates Trust		51,264		3,217,329
PotlatchDeltic Corp.		19,070		1,005,561
Prologis Inc.		283,021		45,702,231
PS Business Parks Inc.		7,923		1,331,698
Public Storage		56,309		21,976,277
Rayonier Inc.		53,734		2,209,542
Rexford Industrial Realty Inc.		100,521		7,497,861

S C H E D U L E   O F   I N V E S T M E N T S 99

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SBA Communications Corp.		38,117	$	13,116,060
Simon Property Group Inc.		123,357		16,228,847
UDR Inc.		103,150		5,917,715
Weyerhaeuser Co.		196,822		7,459,554
				306,661,196
Food & Staples Retailing — 0.6%
Costco Wholesale Corp.		141,551		81,512,143
Food Products — 0.1%
Darling Ingredients Inc.(a)(b)		101,237		8,137,430
Hershey Co. (The)		40,935		8,867,749
Lancaster Colony Corp.		5,945		886,697
Sanderson Farms Inc.		6,245		1,170,875
				19,062,751
Gas Utilities — 0.0%
National Fuel Gas Co.		29,660		2,037,642
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		586,578		69,427,372
ABIOMED Inc.(a)		15,648		5,183,244
Align Technology Inc.(a)		45,881		20,004,116
Dexcom Inc.(a)		60,638		31,022,401
Edwards Lifesciences Corp.(a)		246,074		28,967,831
Globus Medical Inc., Class A(a)		29,667		2,188,831
Hologic Inc.(a)		115,610		8,881,160
ICU Medical Inc.(a)		5,810		1,293,538
IDEXX Laboratories Inc.(a)		36,603		20,024,037
Integra LifeSciences Holdings Corp.(a)		22,926		1,473,225
Intuitive Surgical Inc.(a)		154,771		46,691,315
LivaNova PLC(a)		19,976		1,634,636
Masimo Corp.(a)		32,156		4,679,984
Neogen Corp.(a)		40,509		1,249,298
Penumbra Inc.(a)		21,752		4,831,772
Quidel Corp.(a)(b)		24,174		2,718,608
ResMed Inc.		53,363		12,941,061
STAAR Surgical Co.(a)		29,627		2,367,494
STERIS PLC		26,286		6,355,166
Stryker Corp.		86,113		23,022,311
Tandem Diabetes Care Inc.(a)		39,742		4,621,597
				299,578,997
Health Care Providers & Services — 1.4%
Chemed Corp.		5,486		2,778,933
HCA Healthcare Inc.		86,905		21,780,131
HealthEquity Inc.(a)		34,998		2,360,265
Laboratory Corp. of America Holdings(a)		30,934		8,156,059
Molina Healthcare Inc.(a)		17,897		5,970,260
Option Care Health Inc.(a)(b)		86,657		2,474,924
Progyny Inc.(a)		27,007		1,388,160
Quest Diagnostics Inc.		34,322		4,697,309
R1 RCM Inc.(a)(b)		48,353		1,293,926
Tenet Healthcare Corp.(a)		66,994		5,758,804
UnitedHealth Group Inc.		247,602		126,269,592
				182,928,363
Hotels, Restaurants & Leisure — 1.3%
Boyd Gaming Corp.		51,307		3,374,975
Caesars Entertainment Inc.(a)		85,592		6,621,397
Chipotle Mexican Grill Inc.(a)		11,796		18,661,626
Choice Hotels International Inc.		13,967		1,979,962
Churchill Downs Inc.		21,539		4,776,919
Domino’s Pizza Inc.		15,248		6,206,089

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hilton Worldwide Holdings Inc.(a)		71,487	$	10,847,437
Marriott Vacations Worldwide Corp.		11,993		1,891,296
McDonald’s Corp.		210,344		52,013,864
Papa John’s International Inc.		20,195		2,126,130
Scientific Games Corp./DE, Class A(a)		60,383		3,547,501
Six Flags Entertainment Corp.(a)		23,727		1,032,125
Starbucks Corp.		367,764		33,455,491
Texas Roadhouse Inc.		26,147		2,189,288
Wendy’s Co. (The)		55,219		1,213,161
Wingstop Inc.		18,842		2,211,109
Wyndham Hotels & Resorts Inc.		37,898		3,209,582
Yum! Brands Inc.		85,019		10,077,302
				165,435,254
Household Durables — 0.2%
DR Horton Inc.		106,530		7,937,550
Garmin Ltd.		48,479		5,750,094
Helen of Troy Ltd.(a)(b)		15,182		2,973,243
Newell Brands Inc.		125,506		2,687,084
NVR Inc.(a)		956		4,270,710
Tempur Sealy International Inc.		120,430		3,362,406
TopBuild Corp.(a)		20,562		3,729,741
				30,710,828
Insurance — 0.7%
American Financial Group Inc./OH		19,451		2,832,455
Aon PLC, Class A		80,788		26,306,997
Arthur J Gallagher & Co.		57,664		10,068,134
Brown & Brown Inc.		101,126		7,308,376
Cincinnati Financial Corp.		44,064		5,990,941
First American Financial Corp.		31,590		2,047,664
Kinsale Capital Group Inc.		13,703		3,124,558
Marsh & McLennan Companies Inc.		192,679		32,836,355
Primerica Inc.		15,313		2,095,125
RLI Corp.		15,032		1,662,990
				94,273,595
Interactive Media & Services — 10.5%
Alphabet Inc., Class A(a)		188,246		523,578,012
Alphabet Inc., Class C, NVS(a)		173,854		485,572,483
Meta Platforms Inc, Class A(a)		1,445,300		321,376,908
TripAdvisor Inc.(a)		27,876		755,997
Twitter Inc.(a)		240,093		9,289,198
Yelp Inc.(a)		19,309		658,630
Ziff Davis Inc.(a)		30,161		2,918,982
				1,344,150,210
Internet & Direct Marketing Retail — 7.2%
Amazon.com Inc.(a)		273,908		892,926,384
eBay Inc.		301,565		17,267,612
Etsy Inc.(a)(b)		79,324		9,858,387
				920,052,383
IT Services — 3.3%
Accenture PLC, Class A		229,436		77,372,702
Akamai Technologies Inc.(a)(b)		42,714		5,099,624
Automatic Data Processing Inc.		139,122		31,655,820
Broadridge Financial Solutions Inc.		32,088		4,996,423
Concentrix Corp.		26,840		4,470,470
EPAM Systems Inc.(a)		35,492		10,527,282
Euronet Worldwide Inc.(a)		11,297		1,470,305
Gartner Inc.(a)(b)		51,448		15,303,722
Genpact Ltd.		71,525		3,112,053
LiveRamp Holdings Inc.(a)		42,592		1,592,515

100 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Mastercard Inc., Class A		253,895	$	90,736,995
Maximus Inc.		38,461		2,882,652
Paychex Inc.		106,417		14,522,728
PayPal Holdings Inc.(a)		394,417		45,614,326
Sabre Corp.(a)		97,129		1,110,185
VeriSign Inc.(a)		28,421		6,322,536
Visa Inc., Class A		446,355		98,988,148
WEX Inc.(a)		12,058		2,151,750
				417,930,236
Leisure Products — 0.1%
Brunswick Corp./DE		48,235		3,901,729
Mattel Inc.(a)		219,621		4,877,783
Polaris Inc.		15,340		1,615,609
YETI Holdings Inc.(a)(b)		54,689		3,280,246
				13,675,367
Life Sciences Tools & Services — 2.9%
Agilent Technologies Inc.		112,722		14,916,502
Azenta Inc.		47,490		3,935,971
Bio-Rad Laboratories Inc., Class A(a)		7,434		4,187,052
Bio-Techne Corp.		24,582		10,644,989
Bruker Corp.(b)		63,567		4,087,358
Charles River Laboratories International Inc.(a)		31,572		8,965,501
Danaher Corp.		270,845		79,446,964
Illumina Inc.(a)		47,920		16,743,248
IQVIA Holdings Inc.(a)		87,251		20,173,304
Medpace Holdings Inc.(a)(b)		17,998		2,944,293
Mettler-Toledo International Inc.(a)		9,064		12,446,594
PerkinElmer Inc.		78,945		13,772,745
Repligen Corp.(a)		32,165		6,049,915
Syneos Health Inc.(a)		65,328		5,288,301
Thermo Fisher Scientific Inc.		246,640		145,677,916
Waters Corp.(a)		28,264		8,772,863
West Pharmaceutical Services Inc.		46,345		19,034,355
				377,087,871
Machinery — 0.9%
Chart Industries Inc.(a)		22,278		3,826,692
Colfax Corp.(a)		34,538		1,374,267
Crane Co.		15,298		1,656,467
Deere & Co.		80,750		33,548,395
Donaldson Co. Inc.		38,471		1,997,799
Dover Corp.		41,436		6,501,308
Graco Inc.		63,797		4,447,927
IDEX Corp.		19,502		3,739,118
Illinois Tool Works Inc.		73,264		15,341,482
ITT Inc.		29,984		2,255,097
Lincoln Electric Holdings Inc.		21,429		2,953,131
Middleby Corp. (The)(a)(b)		22,551		3,697,011
Nordson Corp.		20,250		4,598,370
Otis Worldwide Corp.		106,303		8,180,016
Pentair PLC		60,051		3,255,365
Toro Co. (The)		66,461		5,681,751
Trinity Industries Inc.		25,548		877,829
Watts Water Technologies Inc., Class A		17,263		2,409,742
Xylem Inc./NY		46,254		3,943,616
				110,285,383
Media — 0.1%
Cable One Inc.		1,803		2,640,025
John Wiley & Sons Inc., Class A		13,630		722,799
New York Times Co. (The), Class A		60,633		2,779,416

Security	Shares		Value
Media (continued)
TEGNA Inc.		62,255	$	1,394,512
				7,536,752
Metals & Mining — 0.5%
Alcoa Corp.		46,818		4,215,024
Cleveland-Cliffs Inc.(a)		299,851		9,658,201
Freeport-McMoRan Inc.		404,230		20,106,400
Nucor Corp.		92,051		13,683,381
Royal Gold Inc.		24,504		3,461,925
Steel Dynamics Inc.		117,939		9,839,651
				60,964,582
Multiline Retail — 0.3%
Target Corp.	165,201		35,058,956
Oil, Gas & Consumable Fuels — 1.1%
Antero Midstream Corp.		208,643		2,267,949
APA Corp.		124,993		5,165,961
CNX Resources Corp.(a)(b)		62,093		1,286,567
Devon Energy Corp.		394,091		23,302,601
Diamondback Energy Inc.		106,550		14,605,874
DTE Midstream LLC(a)		25,410		1,378,747
EOG Resources Inc.		168,377		20,075,590
Hess Corp.		122,439		13,105,871
Murphy Oil Corp.		90,829		3,668,583
Occidental Petroleum Corp.		227,583		12,913,059
ONEOK Inc.		119,960		8,472,775
PDC Energy Inc.		60,924		4,427,956
Pioneer Natural Resources Co.		79,550		19,889,887
Range Resources Corp.(a)		107,819		3,275,541
Targa Resources Corp.		143,252		10,811,228
				144,648,189
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		55,054		3,419,954
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		85,981		23,414,346
Pharmaceuticals — 2.2%
Catalent Inc.(a)		67,412		7,475,991
Eli Lilly & Co.		496,962		142,315,008
Pfizer Inc.		1,897,127		98,214,265
Zoetis Inc.		195,346		36,840,302
				284,845,566
Professional Services — 0.4%
ASGN Inc.(a)		32,588		3,803,344
Equifax Inc.		76,321		18,095,709
FTI Consulting Inc.(a)(b)		21,908		3,444,376
Insperity Inc.		21,768		2,185,943
Jacobs Engineering Group Inc.		35,876		4,944,072
KBR Inc.		57,040		3,121,799
Robert Half International Inc.		46,275		5,283,679
Verisk Analytics Inc.		51,419		11,036,060
				51,914,982
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		104,687		9,580,954
Jones Lang LaSalle Inc.(a)		15,465		3,703,249
				13,284,203
Road & Rail — 0.6%
Avis Budget Group Inc.(a)(b)		25,069		6,600,668
JB Hunt Transport Services Inc.		31,014		6,227,301

S C H E D U L E   O F   I N V E S T M E N T S 101

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Landstar System Inc.		15,413	$	2,324,743
Old Dominion Freight Line Inc.		58,283		17,407,966
Saia Inc.(a)		16,481		4,018,397
Union Pacific Corp.		163,226		44,594,976
				81,174,051
Semiconductors & Semiconductor Equipment — 8.4%
Advanced Micro Devices Inc.(a)		1,023,256		111,882,811
Amkor Technology Inc.		26,104		566,979
Applied Materials Inc.		555,743		73,246,927
Broadcom Inc.		147,304		92,754,383
Cirrus Logic Inc.(a)		17,547		1,487,810
CMC Materials Inc.		11,917		2,209,412
Enphase Energy Inc.(a)		83,733		16,895,645
First Solar Inc.(a)		36,500		3,056,510
KLA Corp.		94,494		34,590,474
Lam Research Corp.		87,463		47,020,983
Lattice Semiconductor Corp.(a)		85,669		5,221,526
Microchip Technology Inc.		166,600		12,518,324
MKS Instruments Inc.		19,086		2,862,900
Monolithic Power Systems Inc.		27,104		13,163,871
NVIDIA Corp.		1,564,800		426,971,328
NXP Semiconductors NV		104,814		19,398,975
Power Integrations Inc.		37,736		3,497,372
Qorvo Inc.(a)		33,791		4,193,463
QUALCOMM Inc.		705,412		107,801,062
Semtech Corp.(a)		26,591		1,843,820
Silicon Laboratories Inc.(a)(b)		23,948		3,596,990
SiTime Corp.(a)(b)		9,379		2,324,304
Skyworks Solutions Inc.		48,560		6,472,077
SolarEdge Technologies Inc.(a)		24,641		7,943,519
SunPower Corp.(a)(b)		53,138		1,141,404
Synaptics Inc.(a)(b)		24,522		4,892,139
Teradyne Inc.		101,980		12,057,095
Texas Instruments Inc.		283,103		51,943,738
Universal Display Corp.		27,021		4,511,156
Wolfspeed Inc.(a)(b)		42,637		4,854,649
				1,080,921,646
Software — 16.1%
ACI Worldwide Inc.(a)		34,566		1,088,483
Adobe Inc.(a)		295,245		134,519,527
ANSYS Inc.(a)		33,846		10,751,182
Aspen Technology Inc.(a)		41,862		6,922,719
Autodesk Inc.(a)		88,036		18,870,517
Blackbaud Inc.(a)(b)		18,819		1,126,694
Cadence Design Systems Inc.(a)		173,401		28,517,528
CDK Global Inc.		34,790		1,693,577
Ceridian HCM Holding Inc.(a)(b)		34,929		2,387,746
CommVault Systems Inc.(a)		18,513		1,228,338
Digital Turbine Inc.(a)		56,291		2,466,109
Envestnet Inc.(a)		9,685		720,951
Fair Isaac Corp.(a)(b)		9,556		4,457,492
Fortinet Inc.(a)		84,902		29,014,409
Intuit Inc.		177,242		85,225,043
Manhattan Associates Inc.(a)		39,586		5,490,974
Microsoft Corp.		4,692,436		1,446,724,943
Mimecast Ltd.(a)		39,857		3,171,023
Oracle Corp.		986,124		81,582,038
Paycom Software Inc.(a)		22,582		7,821,953
Paylocity Holding Corp.(a)		24,714		5,085,400

Security	Shares		Value
Software (continued)
PTC Inc.(a)		33,054	$	3,560,577
Qualys Inc.(a)		21,162		3,013,680
SailPoint Technologies Holdings Inc.(a)(b)		58,876		3,013,274
salesforce.com Inc.(a)		376,086		79,850,580
ServiceNow Inc.(a)		125,181		69,712,047
Synopsys Inc.(a)		64,460		21,482,584
Teradata Corp.(a)		67,882		3,345,904
Tyler Technologies Inc.(a)		15,902		7,074,641
				2,069,919,933
Specialty Retail — 2.8%
Advance Auto Parts Inc.		18,923		3,916,304
American Eagle Outfitters Inc.		40,321		677,393
AutoNation Inc.(a)(b)		11,758		1,170,862
AutoZone Inc.(a)		12,940		26,456,865
Bath & Body Works Inc.		104,859		5,012,260
CarMax Inc.(a)(b)		53,752		5,185,993
Dick’s Sporting Goods Inc.		39,426		3,943,389
Five Below Inc.(a)(b)		35,042		5,549,602
GameStop Corp., Class A(a)(b)		38,763		6,457,141
Home Depot Inc. (The)		496,743		148,690,082
Lowe’s Companies Inc.		421,710		85,265,545
O’Reilly Automotive Inc.(a)		42,148		28,869,694
RH(a)(b)		10,804		3,523,076
Tractor Supply Co.		71,201		16,616,177
Ulta Salon Cosmetics & Fragrance Inc.(a)		19,047		7,584,896
Victoria’s Secret & Co.(a)		22,208		1,140,603
Williams-Sonoma Inc.		45,666		6,621,570
				356,681,452
Technology Hardware, Storage & Peripherals — 13.4%
Apple Inc.		9,703,925		1,694,402,344
HP Inc.		339,256		12,314,993
NetApp Inc.		99,337		8,244,971
Seagate Technology Holdings PLC		92,172		8,286,263
				1,723,248,571
Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.(a)		57,426		2,951,122
Columbia Sportswear Co.		11,466		1,038,017
Crocs Inc.(a)		36,814		2,812,589
Deckers Outdoor Corp.(a)		17,171		4,700,905
Nike Inc., Class B		431,681		58,086,995
Skechers U.S.A. Inc., Class A(a)(b)		39,662		1,616,623
Under Armour Inc., Class A(a)		50,751		863,782
Under Armour Inc., Class C, NVS(a)(b)		57,860		900,302
				72,970,335
Trading Companies & Distributors — 0.2%
Fastenal Co.		172,721		10,259,627
United Rentals Inc.(a)		27,172		9,651,766
Watsco Inc.		13,643		4,156,204
				24,067,597
Water Utilities — 0.0%
Essential Utilities Inc.		90,647		4,634,781
Total Common Stocks — 99.8% (Cost: $9,030,608,855)				12,836,606,105

102 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		58,837,937	$	58,826,169
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		18,116,000		18,116,000
				76,942,169
Total Short-Term Investments — 0.6% (Cost: $76,928,620)				76,942,169
Total Investments in Securities — 100.4% (Cost: $9,107,537,475)				12,913,548,274
Other Assets, Less Liabilities — (0.4)%				(56,215,026	)
Net Assets — 100.0%			$	12,857,333,248

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,436,863	$	30,472,651	(a)	$	—		$	(54,264	)	$	(29,081	)	$	58,826,169		58,837,937	$	123,208	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,506,000		10,610,000	(a)		—			—			—			18,116,000		18,116,000		3,880			—
BlackRock Inc.		42,849,055		13,779,058			(23,437,981	)		5,498,470			(3,188,320	)		35,500,282		46,456		934,084			—
									$	5,444,206		$	(3,217,401	)	$	112,442,451			$	1,061,172		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		11		06/17/22		$1,763	$	147,385
Nasdaq 100 E-Mini Index		37		06/17/22		11,003		976,949
S&P 500 E-Mini Index		22		06/17/22		4,984		312,626
							$	1,436,960

S C H E D U L E   O F   I N V E S T M E N T S 103

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,436,960

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(304,025	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,350,499

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	16,388,253

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
Investments
Assets
Common Stocks	$	12,836,606,105	$	—	$	—	$	12,836,606,105
Money Market Funds		76,942,169		—		—		76,942,169
	$	12,913,548,274	$	—	$	—	$	12,913,548,274
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,436,960	$	—	$	—	$	1,436,960

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

See notes to financial statements.

104 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co. (The)(a)		329,523	$	63,103,655
Curtiss-Wright Corp.		23,762		3,568,102
General Dynamics Corp.		138,591		33,425,377
Hexcel Corp.		50,269		2,989,497
Howmet Aerospace Inc.		230,288		8,276,551
Huntington Ingalls Industries Inc.		24,236		4,833,628
L3Harris Technologies Inc.		68,739		17,079,579
Lockheed Martin Corp.		145,739		64,329,195
Mercury Systems Inc.(a)(b)		33,759		2,175,768
Northrop Grumman Corp.		88,234		39,460,009
Raytheon Technologies Corp.		897,336		88,899,078
Textron Inc.		132,019		9,819,573
TransDigm Group Inc.(a)(b)		17,755		11,568,093
Woodward Inc.		37,774		4,718,350
				354,246,455
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		77,856		8,385,870
FedEx Corp.		146,888		33,988,414
United Parcel Service Inc., Class B		249,910		53,595,699
				95,969,983
Airlines — 0.5%
Alaska Air Group Inc.(a)		74,972		4,349,126
American Airlines Group Inc.(a)		387,711		7,075,726
Delta Air Lines Inc.(a)		386,546		15,295,625
JetBlue Airways Corp.(a)		190,514		2,848,184
Southwest Airlines Co.(a)		357,633		16,379,592
United Airlines Holdings Inc.(a)(b)		193,987		8,993,237
				54,941,490
Auto Components — 0.3%
Adient PLC(a)		56,458		2,301,793
Aptiv PLC(a)		96,471		11,548,543
BorgWarner Inc.		143,615		5,586,624
Dana Inc.		86,386		1,517,802
Gentex Corp.		67,681		1,974,255
Goodyear Tire & Rubber Co. (The)(a)		168,318		2,405,264
Lear Corp.		35,694		5,089,607
Visteon Corp.(a)(b)		16,750		1,827,928
				32,251,816
Automobiles — 0.7%
Ford Motor Co.		2,365,137		39,994,467
General Motors Co.(a)		873,696		38,215,463
Harley-Davidson Inc.		92,176		3,631,734
Thor Industries Inc.		33,229		2,615,122
				84,456,786
Banks — 5.6%
Associated Banc-Corp.		89,876		2,045,578
Bank of America Corp.		2,396,457		98,781,957
Bank of Hawaii Corp.		14,031		1,177,481
Bank OZK		38,373		1,638,527
Cadence Bank		42,877		1,254,581
Cathay General Bancorp.		28,227		1,263,158
Citigroup Inc.		1,195,444		63,836,710
Citizens Financial Group Inc.		257,431		11,669,347
Comerica Inc.		43,240		3,910,193
Commerce Bancshares Inc.		33,211		2,377,575
Cullen/Frost Bankers Inc.		14,969		2,071,859
Fifth Third Bancorp.		411,143		17,695,595

Security	Shares		Value
Banks (continued)
First Horizon Corp.		322,508	$	7,575,713
FNB Corp.		203,096		2,528,545
Fulton Financial Corp.		96,595		1,605,409
Hancock Whitney Corp.		28,606		1,491,803
Home BancShares Inc./AR		56,894		1,285,804
Huntington Bancshares Inc./OH		864,508		12,639,107
International Bancshares Corp.		31,883		1,345,781
JPMorgan Chase & Co.		960,449		130,928,408
KeyCorp		562,681		12,592,801
M&T Bank Corp.		77,712		13,172,184
Old National Bancorp./IN		176,965		2,898,687
People’s United Financial Inc.		256,334		5,124,117
PNC Financial Services Group Inc. (The)		253,188		46,700,527
Prosperity Bancshares Inc.		55,134		3,825,197
Regions Financial Corp.		312,905		6,965,265
Synovus Financial Corp.		52,264		2,560,936
Texas Capital Bancshares Inc.(a)		30,274		1,735,003
Truist Financial Corp.		802,667		45,511,219
U.S. Bancorp.		812,016		43,158,650
Umpqua Holdings Corp.		82,246		1,551,160
United Bankshares Inc./WV		81,687		2,849,243
Valley National Bancorp.		254,529		3,313,968
Webster Financial Corp.		65,449		3,672,998
Wells Fargo & Co.		2,338,964		113,346,195
Wintrust Financial Corp.		17,046		1,584,085
Zions Bancorp. N.A.		48,712		3,193,559
				680,878,925
Beverages — 2.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		2,272		882,604
Brown-Forman Corp., Class B, NVS		109,455		7,335,674
Coca-Cola Co. (The)		2,337,529		144,926,798
Constellation Brands Inc., Class A		98,946		22,789,243
Molson Coors Beverage Co., Class B		112,820		6,022,331
Monster Beverage Corp.(a)		108,073		8,635,033
PepsiCo Inc.		482,482		80,757,837
				271,349,520
Biotechnology — 1.8%
AbbVie Inc.		488,990		79,270,169
Amgen Inc.		199,825		48,321,681
Biogen Inc.(a)		88,147		18,563,758
Exelixis Inc.(a)		89,077		2,019,376
Gilead Sciences Inc.		754,258		44,840,638
Incyte Corp.(a)		64,096		5,090,504
United Therapeutics Corp.(a)		13,997		2,511,202
Vertex Pharmaceuticals Inc.(a)		61,447		16,035,824
				216,653,152
Building Products — 0.6%
A O Smith Corp.		39,849		2,545,953
Allegion PLC		53,728		5,898,260
Carrier Global Corp.		514,146		23,583,877
Fortune Brands Home & Security Inc.		44,714		3,321,356
Johnson Controls International PLC		164,773		10,804,165
Lennox International Inc.		8,495		2,190,521
Masco Corp.		76,038		3,877,938
Owens Corning		60,199		5,508,208
Trane Technologies PLC		140,277		21,420,298
				79,150,576
Capital Markets — 2.6%
Ameriprise Financial Inc.		26,006		7,811,162

S C H E D U L E   O F   I N V E S T M E N T S 105

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Bank of New York Mellon Corp. (The)		444,519	$	22,061,478
BlackRock Inc.(c)		41,154		31,448,652
Cboe Global Markets Inc.		27,094		3,100,095
Charles Schwab Corp. (The)		289,271		24,388,438
CME Group Inc.		216,614		51,523,806
FactSet Research Systems Inc.		9,756		4,235,567
Federated Hermes Inc.		30,772		1,048,094
Franklin Resources Inc.		92,572		2,584,610
Interactive Brokers Group Inc., Class A		19,869		1,309,566
Intercontinental Exchange Inc.		145,142		19,176,161
Invesco Ltd.		204,417		4,713,856
Janus Henderson Group PLC		55,152		1,931,423
MarketAxess Holdings Inc.		11,858		4,034,092
Moody’s Corp.		33,238		11,214,834
Morgan Stanley		434,724		37,994,878
Nasdaq Inc.		15,438		2,751,052
Northern Trust Corp.		125,300		14,591,185
Raymond James Financial Inc.		46,612		5,123,125
S&P Global Inc.		83,060		34,069,551
SEI Investments Co.		26,015		1,566,363
State Street Corp.		220,065		19,172,063
T Rowe Price Group Inc.		41,527		6,278,467
				312,128,518
Chemicals — 2.6%
Air Products and Chemicals Inc.		133,319		33,317,751
Albemarle Corp.		22,419		4,957,962
Ashland Global Holdings Inc.		18,019		1,773,250
Cabot Corp.		34,005		2,326,282
Celanese Corp.		37,197		5,314,335
CF Industries Holdings Inc.		51,985		5,357,574
Chemours Co. (The)		97,640		3,073,707
Corteva Inc.		436,716		25,102,436
Dow Inc.		442,401		28,189,792
DuPont de Nemours Inc.		308,201		22,677,430
Eastman Chemical Co.		77,905		8,730,034
Ecolab Inc.		149,912		26,468,463
FMC Corp.		75,950		9,992,741
Ingevity Corp.(a)		10,794		691,572
International Flavors & Fragrances Inc.		153,376		20,142,870
Linde PLC		151,016		48,239,041
LyondellBasell Industries NV, Class A		157,623		16,206,797
Minerals Technologies Inc.		19,922		1,317,840
Mosaic Co. (The)		222,625		14,804,562
NewMarket Corp.		4,115		1,334,824
PPG Industries Inc.		142,456		18,671,708
RPM International Inc.		38,076		3,100,909
Sensient Technologies Corp.		10,794		906,156
Sherwin-Williams Co. (The)		67,985		16,970,416
				319,668,452
Commercial Services & Supplies — 0.5%
Brink’s Co. (The)		29,424		2,000,832
Cintas Corp.		28,747		12,228,686
Clean Harbors Inc.(a)		12,305		1,373,730
Copart Inc.(a)		40,915		5,133,605
IAA Inc.(a)		37,181		1,422,173
MillerKnoll Inc.		45,369		1,567,953
MSA Safety Inc.		10,941		1,451,871
Republic Services Inc.		70,177		9,298,453
Rollins Inc.		75,936		2,661,557

Security	Shares		Value
Commercial Services & Supplies (continued)
Stericycle Inc.(a)		55,004	$	3,240,836
Waste Management Inc.		113,111		17,928,093
				58,307,789
Communications Equipment — 0.9%
Ciena Corp.(a)		34,354		2,082,883
Cisco Systems Inc.		1,394,818		77,775,052
F5 Inc.(a)		17,553		3,667,699
Juniper Networks Inc.		194,857		7,240,886
Lumentum Holdings Inc.(a)(b)		23,782		2,321,123
Motorola Solutions Inc.		41,998		10,171,916
Viasat Inc.(a)		44,007		2,147,542
				105,407,101
Construction & Engineering — 0.2%
AECOM		84,750		6,509,647
Dycom Industries Inc.(a)(b)		10,989		1,046,812
EMCOR Group Inc.		31,968		3,600,556
Fluor Corp.(a)		84,659		2,428,867
MasTec Inc.(a)		18,158		1,581,562
MDU Resources Group Inc.		121,788		3,245,650
Quanta Services Inc.(b)		39,239		5,164,245
				23,577,339
Construction Materials — 0.1%
Martin Marietta Materials Inc.		15,700		6,042,773
Vulcan Materials Co.		41,326		7,591,586
				13,634,359
Consumer Finance — 0.5%
American Express Co.		207,114		38,730,318
Capital One Financial Corp.		129,990		17,066,387
FirstCash Holdings Inc.		24,306		1,709,684
PROG Holdings Inc.(a)		33,999		978,151
Synchrony Financial		135,369		4,712,195
				63,196,735
Containers & Packaging — 0.6%
Amcor PLC		918,258		10,403,863
AptarGroup Inc.		21,643		2,543,053
Avery Dennison Corp.		24,330		4,232,690
Ball Corp.		194,333		17,489,970
Greif Inc., Class A, NVS		15,321		996,784
International Paper Co.		234,520		10,823,098
Packaging Corp. of America		56,886		8,880,474
Sealed Air Corp.		39,894		2,671,302
Silgan Holdings Inc.		50,280		2,324,444
Sonoco Products Co.		58,859		3,682,219
Westrock Co.		159,919		7,520,991
				71,568,888
Distributors — 0.1%
Genuine Parts Co.		85,310		10,750,766
LKQ Corp.		91,581		4,158,693
				14,909,459
Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,409		1,473,031
Grand Canyon Education Inc.(a)		24,040		2,334,524
H&R Block Inc.		52,189		1,359,002
				5,166,557
Diversified Financial Services — 3.2%
Berkshire Hathaway Inc., Class B(a)		1,101,543		388,745,540
Voya Financial Inc.		66,037		4,381,555
				393,127,095

106 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 2.0%
AT&T Inc.		4,293,859	$	101,463,888
Iridium Communications Inc.(a)		37,243		1,501,638
Lumen Technologies Inc.		551,954		6,220,522
Verizon Communications Inc.		2,524,244		128,584,989
				237,771,037
Electric Utilities — 3.3%
ALLETE Inc.		31,499		2,109,803
Alliant Energy Corp.		151,900		9,490,712
American Electric Power Co. Inc.		302,846		30,214,945
Constellation Energy Corp.		196,360		11,045,250
Duke Energy Corp.		462,531		51,646,211
Edison International		229,446		16,084,165
Entergy Corp.		121,514		14,186,759
Evergy Inc.		137,324		9,384,722
Eversource Energy		206,205		18,185,219
Exelon Corp.		588,798		28,044,449
FirstEnergy Corp.		344,365		15,792,579
Hawaiian Electric Industries Inc.		65,434		2,768,513
IDACORP Inc.		30,641		3,534,746
NextEra Energy Inc.		1,179,828		99,943,230
OGE Energy Corp.		75,561		3,081,378
Pinnacle West Capital Corp.		67,561		5,276,514
PNM Resources Inc.		51,404		2,450,429
PPL Corp.		453,763		12,959,471
Southern Co. (The)		637,256		46,207,433
Xcel Energy Inc.		324,379		23,410,432
				405,816,960
Electrical Equipment — 0.9%
AMETEK Inc.		139,450		18,571,951
Eaton Corp. PLC		239,677		36,373,381
Emerson Electric Co.		357,172		35,020,715
EnerSys		25,102		1,871,856
Hubbell Inc.		15,015		2,759,307
nVent Electric PLC		41,319		1,437,075
Regal Rexnord Corp.		23,511		3,497,967
Rockwell Automation Inc.		33,715		9,441,211
Sunrun Inc.(a)(b)		124,000		3,765,880
				112,739,343
Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A		169,896		12,801,664
Arrow Electronics Inc.(a)		40,752		4,834,410
Avnet Inc.		59,460		2,413,481
Belden Inc.(b)		26,860		1,488,044
CDW Corp./DE		33,307		5,958,289
Cognex Corp.		39,657		3,059,538
Corning Inc.		447,999		16,535,643
II-VI Inc.(a)(b)		33,031		2,394,417
IPG Photonics Corp.(a)		21,416		2,350,620
Jabil Inc.		48,073		2,967,546
Keysight Technologies Inc.(a)		27,799		4,391,408
Littelfuse Inc.		5,752		1,434,606
National Instruments Corp.		37,155		1,508,121
TD SYNNEX Corp.		24,747		2,554,138
TE Connectivity Ltd.		196,235		25,702,860
Teledyne Technologies Inc.(a)		28,231		13,342,818
Trimble Inc.(a)		66,173		4,773,720
Vishay Intertechnology Inc.		79,496		1,558,122
Vontier Corp.(b)		101,282		2,571,550

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A(a)		8,665	$	3,584,711
				116,225,706
Energy Equipment & Services — 0.7%
Baker Hughes Co.		543,676		19,795,243
ChampionX Corp.(a)		64,140		1,570,147
Halliburton Co.		539,439		20,428,555
NOV Inc.		240,306		4,712,401
Schlumberger NV		843,850		34,859,443
				81,365,789
Entertainment — 1.8%
Activision Blizzard Inc.		468,442		37,526,889
Electronic Arts Inc.		169,099		21,392,715
Live Nation Entertainment Inc.(a)		46,524		5,473,083
Take-Two Interactive Software Inc.(a)		26,226		4,031,985
Walt Disney Co. (The)(a)		1,094,740		150,154,538
World Wrestling Entertainment Inc., Class A		10,164		634,640
				219,213,850
Equity Real Estate Investment Trusts (REITs) — 3.7%
Alexandria Real Estate Equities Inc.		87,882		17,686,253
American Campus Communities Inc.		37,527		2,100,386
American Tower Corp.		134,181		33,708,951
Apartment Income REIT Corp.		49,865		2,665,783
AvalonBay Communities Inc.		49,015		12,173,856
Boston Properties Inc.		86,121		11,092,385
Brixmor Property Group Inc.		80,042		2,065,884
Corporate Office Properties Trust		67,273		1,919,971
Cousins Properties Inc.		89,066		3,588,469
Crown Castle International Corp.		142,937		26,386,170
Digital Realty Trust Inc.		170,639		24,196,610
Douglas Emmett Inc.		56,776		1,897,454
Duke Realty Corp.		79,839		4,635,452
EPR Properties		44,803		2,451,172
Equinix Inc.		29,279		21,713,892
Equity Residential		205,019		18,435,309
Essex Property Trust Inc.		22,189		7,665,856
Federal Realty Investment Trust		25,411		3,101,921
First Industrial Realty Trust Inc.		24,830		1,537,225
Healthcare Realty Trust Inc.		46,862		1,287,768
Healthpeak Properties Inc.		326,629		11,213,174
Highwoods Properties Inc.		62,553		2,861,174
Host Hotels & Resorts Inc.		427,483		8,305,995
Hudson Pacific Properties Inc.		91,359		2,535,212
Iron Mountain Inc.		67,623		3,746,990
JBG SMITH Properties		68,344		1,997,012
Kilroy Realty Corp.		62,806		4,799,635
Kimco Realty Corp.		374,136		9,241,159
Kite Realty Group Trust		131,176		2,986,878
Lamar Advertising Co., Class A		17,716		2,058,245
Macerich Co. (The)		127,604		1,995,727
Medical Properties Trust Inc.		357,191		7,551,018
Mid-America Apartment Communities Inc.		26,173		5,481,935
National Retail Properties Inc.		57,844		2,599,509
Omega Healthcare Investors Inc.		143,149		4,460,523
Park Hotels & Resorts Inc.		141,613		2,765,702
Pebblebrook Hotel Trust(b)		78,720		1,927,066
Physicians Realty Trust		131,919		2,313,859
PotlatchDeltic Corp.		22,503		1,186,583
Prologis Inc.		173,533		28,022,109
PS Business Parks Inc.		4,427		744,090

S C H E D U L E   O F   I N V E S T M E N T S 107

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Public Storage		37,490	$	14,631,597
Rayonier Inc.		34,317		1,411,115
Realty Income Corp.		340,637		23,606,144
Regency Centers Corp.		92,322		6,586,251
Sabra Health Care REIT Inc.		142,762		2,125,726
SBA Communications Corp.		29,033		9,990,255
Simon Property Group Inc.		79,578		10,469,282
SL Green Realty Corp.		38,452		3,121,533
Spirit Realty Capital Inc.		77,122		3,549,154
STORE Capital Corp.		146,986		4,296,401
UDR Inc.		81,273		4,662,632
Ventas Inc.		239,444		14,788,061
Vornado Realty Trust		95,245		4,316,503
Welltower Inc.		261,730		25,162,722
Weyerhaeuser Co.		259,907		9,850,475
				447,672,213
Food & Staples Retailing — 2.4%
BJ’s Wholesale Club Holdings Inc.(a)		81,814		5,531,444
Casey’s General Stores Inc.		22,226		4,404,526
Costco Wholesale Corp.		130,652		75,235,954
Grocery Outlet Holding Corp.(a)(b)		52,304		1,714,525
Kroger Co. (The)		401,956		23,060,216
Performance Food Group Co.(a)(b)		92,432		4,705,713
Sprouts Farmers Market Inc.(a)(b)		67,234		2,150,143
Sysco Corp.		304,981		24,901,699
Walgreens Boots Alliance Inc.		430,349		19,266,725
Walmart Inc.		850,642		126,677,607
				287,648,552
Food Products — 1.9%
Archer-Daniels-Midland Co.		336,456		30,368,518
Campbell Soup Co.		121,239		5,403,622
Conagra Brands Inc.		290,762		9,760,880
Flowers Foods Inc.		118,999		3,059,464
General Mills Inc.		362,633		24,557,507
Hain Celestial Group Inc. (The)(a)		55,599		1,912,606
Hershey Co. (The)		47,882		10,372,678
Hormel Foods Corp.		168,967		8,708,559
Ingredion Inc.		39,815		3,469,877
JM Smucker Co. (The)		64,872		8,784,317
Kellogg Co.		155,085		10,001,432
Kraft Heinz Co. (The)		428,700		16,886,493
Lamb Weston Holdings Inc.		87,458		5,239,609
Lancaster Colony Corp.		6,495		968,729
McCormick & Co. Inc./MD, NVS		150,829		15,052,734
Mondelez International Inc., Class A		834,797		52,408,556
Pilgrim’s Pride Corp.(a)		31,646		794,315
Post Holdings Inc.(a)		35,064		2,428,533
Sanderson Farms Inc.		6,726		1,261,058
Tyson Foods Inc., Class A		176,559		15,824,983
				227,264,470
Gas Utilities — 0.2%
Atmos Energy Corp.		81,798		9,774,043
National Fuel Gas Co.		26,199		1,799,871
New Jersey Resources Corp.		57,753		2,648,553
ONE Gas Inc.		32,093		2,831,886
Southwest Gas Holdings Inc.		39,616		3,101,537
Spire Inc.		30,980		2,223,125
UGI Corp.		125,091		4,530,796
				26,909,811

Security	Shares		Value
Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		499,734	$	59,148,516
ABIOMED Inc.(a)(b)		12,398		4,106,713
Baxter International Inc.		301,065		23,344,580
Becton Dickinson and Co.		171,234		45,548,244
Boston Scientific Corp.(a)		856,844		37,949,621
Cooper Companies Inc. (The)		29,801		12,444,600
DENTSPLY SIRONA Inc.		130,947		6,445,211
Edwards Lifesciences Corp.(a)(b)		139,518		16,424,059
Envista Holdings Corp.(a)(b)		96,632		4,706,945
Globus Medical Inc., Class A(a)		18,942		1,397,541
Haemonetics Corp.(a)(b)		30,642		1,937,187
Hologic Inc.(a)		39,447		3,030,319
ICU Medical Inc.(a)		6,410		1,427,122
IDEXX Laboratories Inc.(a)		15,760		8,621,666
Integra LifeSciences Holdings Corp.(a)		21,402		1,375,293
Intuitive Surgical Inc.(a)		66,557		20,078,916
LivaNova PLC(a)		12,752		1,043,496
Medtronic PLC		808,480		89,700,856
Neogen Corp.(a)		27,723		854,977
NuVasive Inc.(a)		31,010		1,758,267
ResMed Inc.		37,121		9,002,214
STERIS PLC		34,766		8,405,376
Stryker Corp.		119,109		31,843,791
Teleflex Inc.		28,074		9,961,497
Zimmer Biomet Holdings Inc.		125,399		16,038,532
				416,595,539
Health Care Providers & Services — 4.6%
Acadia Healthcare Co. Inc.(a)		53,878		3,530,625
Amedisys Inc.(a)(b)		19,762		3,404,795
AmerisourceBergen Corp.		90,442		13,992,282
Anthem Inc.		145,946		71,691,594
Cardinal Health Inc.		167,326		9,487,384
Centene Corp.(a)		350,860		29,538,903
Chemed Corp.		4,021		2,036,838
Cigna Corp.		194,190		46,529,866
CVS Health Corp.		789,210		79,875,944
DaVita Inc.(a)(b)		37,226		4,210,633
Encompass Health Corp.		59,618		4,239,436
HCA Healthcare Inc.		60,748		15,224,664
HealthEquity Inc.(a)		16,493		1,112,288
Henry Schein Inc.(a)		83,068		7,242,699
Humana Inc.		77,286		33,632,549
Laboratory Corp. of America Holdings(a)		26,424		6,966,952
LHC Group Inc.(a)		18,974		3,199,016
McKesson Corp.		90,064		27,571,292
Molina Healthcare Inc.(a)		17,904		5,972,595
Patterson Companies Inc.		51,861		1,678,741
Progyny Inc.(a)(b)		15,851		814,741
Quest Diagnostics Inc.		38,808		5,311,263
R1 RCM Inc.(a)		33,482		895,978
UnitedHealth Group Inc.		328,710		167,632,239
Universal Health Services Inc., Class B		43,785		6,346,636
				552,139,953
Health Care Technology — 0.1%
Cerner Corp.		177,085		16,568,073
Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.(a)		24,692		57,987,927
Caesars Entertainment Inc.(a)		46,582		3,603,584
Carnival Corp.(a)		488,484		9,877,146

108 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Chipotle Mexican Grill Inc.(a)(b)		5,581	$	8,829,309
Choice Hotels International Inc.		6,293		892,096
Cracker Barrel Old Country Store Inc.		14,051		1,668,275
Darden Restaurants Inc.		77,137		10,255,364
Domino’s Pizza Inc.		7,173		2,919,483
Expedia Group Inc.(a)		90,098		17,629,476
Hilton Worldwide Holdings Inc.(a)		99,321		15,070,969
Las Vegas Sands Corp.(a)		206,033		8,008,503
Marriott International Inc./MD, Class A(a)		164,497		28,910,348
Marriott Vacations Worldwide Corp.		14,002		2,208,115
McDonald’s Corp.		247,123		61,108,575
MGM Resorts International		227,478		9,540,427
Norwegian Cruise Line Holdings Ltd.(a)		251,782		5,508,990
Penn National Gaming Inc.(a)(b)		99,489		4,220,323
Royal Caribbean Cruises Ltd.(a)		135,638		11,363,752
Six Flags Entertainment Corp.(a)		23,608		1,026,948
Starbucks Corp.		338,919		30,831,461
Texas Roadhouse Inc.		17,128		1,434,127
Travel + Leisure Co.		51,674		2,993,992
Wendy’s Co. (The)		52,894		1,162,081
Wyndham Hotels & Resorts Inc.		19,524		1,653,488
Wynn Resorts Ltd.(a)		63,527		5,065,643
Yum! Brands Inc.		92,507		10,964,855
				314,735,257
Household Durables — 0.5%
DR Horton Inc.		91,778		6,838,379
Garmin Ltd.		44,872		5,322,268
KB Home		51,329		1,662,033
Leggett & Platt Inc.		79,886		2,780,033
Lennar Corp., Class A		157,946		12,820,477
Mohawk Industries Inc.(a)		33,057		4,105,679
Newell Brands Inc.		106,552		2,281,278
NVR Inc.(a)		1,044		4,663,830
PulteGroup Inc.		149,014		6,243,687
Taylor Morrison Home Corp.(a)		73,603		2,003,474
Toll Brothers Inc.		68,494		3,220,588
Tri Pointe Homes Inc.(a)		66,579		1,336,906
Whirlpool Corp.		35,631		6,156,324
				59,434,956
Household Products — 2.6%
Church & Dwight Co. Inc.		145,014		14,411,491
Clorox Co. (The)		74,254		10,323,534
Colgate-Palmolive Co.		506,800		38,430,644
Energizer Holdings Inc.		41,693		1,282,477
Kimberly-Clark Corp.		202,515		24,941,747
Procter & Gamble Co. (The)		1,442,145		220,359,756
				309,749,649
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		399,473		10,278,440
Industrial Conglomerates — 1.8%
3M Co.		343,399		51,125,243
General Electric Co.		661,021		60,483,421
Honeywell International Inc.		412,381		80,241,095
Roper Technologies Inc.		63,429		29,953,077
				221,802,836
Insurance — 3.7%
Aflac Inc.		360,472		23,210,792
Alleghany Corp.(a)		8,296		7,026,712

Security	Shares		Value
Insurance (continued)
Allstate Corp. (The)		168,588	$	23,351,124
American Financial Group Inc./OH		21,032		3,062,680
American International Group Inc.		499,256		31,338,299
Aon PLC, Class A		51,888		16,896,290
Arthur J Gallagher & Co.		70,192		12,255,523
Assurant Inc.		34,151		6,209,676
Brighthouse Financial Inc.(a)		47,810		2,469,865
Brown & Brown Inc.		43,554		3,147,648
Chubb Ltd.		259,567		55,521,381
Cincinnati Financial Corp.		47,576		6,468,433
CNO Financial Group Inc.		73,849		1,852,871
Everest Re Group Ltd.		23,611		7,115,883
First American Financial Corp.		35,494		2,300,721
Globe Life Inc.		56,793		5,713,376
Hanover Insurance Group Inc. (The)		21,336		3,190,159
Hartford Financial Services Group Inc. (The)		202,258		14,524,147
Kemper Corp.		35,821		2,025,319
Lincoln National Corp.		100,593		6,574,759
Loews Corp.		118,421		7,676,049
Marsh & McLennan Companies Inc.		118,401		20,177,898
Mercury General Corp.		17,304		951,720
MetLife Inc.		421,915		29,652,186
Old Republic International Corp.		170,965		4,422,865
Primerica Inc.		9,256		1,266,406
Principal Financial Group Inc.		146,725		10,771,082
Progressive Corp. (The)		351,399		40,055,972
Prudential Financial Inc.		227,290		26,858,859
Reinsurance Group of America Inc.		40,514		4,434,662
RenaissanceRe Holdings Ltd.		26,559		4,209,867
RLI Corp.		9,439		1,044,237
Selective Insurance Group Inc.		36,455		3,257,619
Travelers Companies Inc. (The)		145,012		26,498,043
Unum Group		122,519		3,860,574
W R Berkley Corp.		126,327		8,412,115
Willis Towers Watson PLC		73,715		17,412,957
				445,218,769
Interactive Media & Services — 0.2%
Match Group Inc.(a)		169,807		18,464,813
TripAdvisor Inc.(a)		34,427		933,660
Twitter Inc.(a)		249,257		9,643,753
Yelp Inc.(a)(b)		22,732		775,389
				29,817,615
Internet & Direct Marketing Retail — 0.0%
eBay Inc.		86,238		4,937,988
IT Services — 5.0%
Accenture PLC, Class A		159,609		53,824,943
Akamai Technologies Inc.(a)(b)		56,487		6,743,983
Alliance Data Systems Corp.		29,794		1,672,933
Automatic Data Processing Inc.		118,628		26,992,615
Broadridge Financial Solutions Inc.		39,113		6,090,285
Cognizant Technology Solutions Corp., Class A		315,834		28,320,835
DXC Technology Co.(a)		147,004		4,796,740
Euronet Worldwide Inc.(a)		20,946		2,726,122
Fidelity National Information Services Inc.		366,150		36,768,783
Fiserv Inc.(a)		357,297		36,229,916
FleetCor Technologies Inc.(a)		49,095		12,227,601
Genpact Ltd.		35,231		1,532,901
Global Payments Inc.		171,091		23,412,092
International Business Machines Corp.		539,245		70,112,635

S C H E D U L E   O F   I N V E S T M E N T S 109

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Jack Henry & Associates Inc.		43,714	$	8,613,844
Kyndryl Holdings Inc.(a)(b)		107,326		1,408,117
Mastercard Inc., Class A		275,046		98,295,939
Paychex Inc.		91,326		12,463,259
PayPal Holdings Inc.(a)		322,238		37,266,825
Sabre Corp.(a)		100,695		1,150,944
VeriSign Inc.(a)		30,728		6,835,751
Visa Inc., Class A		568,408		126,055,842
Western Union Co. (The)		240,754		4,511,730
WEX Inc.(a)		15,317		2,733,319
				610,787,954
Leisure Products — 0.1%
Callaway Golf Co.(a)		70,193		1,643,920
Hasbro Inc.		77,610		6,357,811
Polaris Inc.		19,115		2,013,192
				10,014,923
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.		72,246		9,560,313
Bio-Rad Laboratories Inc., Class A(a)		5,889		3,316,861
Danaher Corp.		122,442		35,915,912
Illumina Inc.(a)		48,147		16,822,562
IQVIA Holdings Inc.(a)		30,931		7,151,556
Mettler-Toledo International Inc.(a)		5,125		7,037,599
Waters Corp.(a)		9,507		2,950,878
				82,755,681
Machinery — 2.6%
AGCO Corp.		36,715		5,361,491
Caterpillar Inc.		325,268		72,476,216
Colfax Corp.(a)(b)		47,594		1,893,765
Crane Co.		15,266		1,653,003
Cummins Inc.		85,683		17,574,440
Deere & Co.		91,063		37,833,034
Donaldson Co. Inc.		36,246		1,882,255
Dover Corp.		46,604		7,312,168
Flowserve Corp.		77,992		2,799,913
Fortive Corp.		216,746		13,206,334
Graco Inc.		40,740		2,840,393
IDEX Corp.		26,836		5,145,266
Illinois Tool Works Inc.		101,517		21,257,660
Ingersoll Rand Inc.		246,448		12,408,657
ITT Inc.		22,554		1,696,286
Kennametal Inc.		50,124		1,434,048
Lincoln Electric Holdings Inc.		14,881		2,050,751
Middleby Corp. (The)(a)		12,013		1,969,411
Nordson Corp.		13,178		2,992,460
Oshkosh Corp.		40,003		4,026,302
Otis Worldwide Corp.		154,117		11,859,303
PACCAR Inc.		209,217		18,425,741
Parker-Hannifin Corp.		77,253		21,921,311
Pentair PLC		41,625		2,256,491
Snap-on Inc.		32,173		6,610,908
Stanley Black & Decker Inc.		98,478		13,766,240
Terex Corp.		41,800		1,490,588
Timken Co. (The)		41,352		2,510,066
Trinity Industries Inc.		24,520		842,507
Westinghouse Air Brake Technologies Corp.		113,134		10,880,097
Xylem Inc./NY		64,085		5,463,887
				313,840,992

Security	Shares		Value
Marine — 0.0%
Kirby Corp.(a)(b)		35,983	$	2,597,613
Media — 1.9%
Cable One Inc.		1,293		1,893,262
Charter Communications Inc., Class A(a)(b)		71,667		39,095,782
Comcast Corp., Class A		2,720,136		127,356,768
Discovery Inc., Class A(a)(b)		101,368		2,526,091
Discovery Inc., Class C, NVS(a)		181,926		4,542,692
DISH Network Corp., Class A(a)		149,576		4,734,080
Fox Corp., Class A, NVS		191,868		7,569,193
Fox Corp., Class B		88,110		3,196,631
Interpublic Group of Companies Inc. (The)		235,809		8,359,429
John Wiley & Sons Inc., Class A		13,036		691,299
New York Times Co. (The), Class A		42,022		1,926,289
News Corp., Class A, NVS		235,434		5,214,863
News Corp., Class B		72,950		1,642,834
Omnicom Group Inc.		126,214		10,713,044
Paramount Global, Class B, NVS		366,761		13,867,233
TEGNA Inc.		74,202		1,662,125
				234,991,615
Metals & Mining — 0.8%
Alcoa Corp.		67,236		6,053,257
Commercial Metals Co.		72,258		3,007,378
Ferroglobe PLC		5,019		—
Freeport-McMoRan Inc.		494,998		24,621,201
Newmont Corp.		479,496		38,095,957
Nucor Corp.		75,570		11,233,480
Reliance Steel & Aluminum Co.		37,547		6,884,242
Royal Gold Inc.		16,132		2,279,129
United States Steel Corp.		157,585		5,947,258
Worthington Industries Inc.		19,370		995,812
				99,117,714
Multi-Utilities — 1.6%
Ameren Corp.		155,702		14,598,619
Black Hills Corp.		38,228		2,944,321
CenterPoint Energy Inc.		376,841		11,546,408
CMS Energy Corp.		175,341		12,263,350
Consolidated Edison Inc.		212,293		20,099,901
Dominion Energy Inc.		487,049		41,384,553
DTE Energy Co.		117,050		15,475,180
NiSource Inc.		235,187		7,478,947
NorthWestern Corp.		33,381		2,019,217
Public Service Enterprise Group Inc.		303,592		21,251,440
Sempra Energy		192,016		32,281,730
WEC Energy Group Inc.		189,242		18,888,244
				200,231,910
Multiline Retail — 0.8%
Dollar General Corp.		139,327		31,018,370
Dollar Tree Inc.(a)		135,086		21,634,023
Kohl’s Corp.		84,041		5,081,119
Macy’s Inc.		180,751		4,403,094
Nordstrom Inc.		66,977		1,815,747
Ollie’s Bargain Outlet Holdings Inc.(a)		36,219		1,555,968
Target Corp.		129,645		27,513,262
				93,021,583
Oil, Gas & Consumable Fuels — 5.9%
APA Corp.		97,939		4,047,819
Chevron Corp.		1,159,851		188,858,538
CNX Resources Corp.(a)(b)		67,045		1,389,172

110 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		783,036	$	78,303,600
Coterra Energy Inc.		492,514		13,283,103
DTE Midstream LLC(a)		33,641		1,825,361
EOG Resources Inc.		190,226		22,680,646
EQT Corp.		181,122		6,232,408
Equitrans Midstream Corp.		243,487		2,055,030
Escrow PetroCorp.(a)(d)		190		—
Exxon Mobil Corp.		2,547,095		210,364,576
Hess Corp.		48,394		5,180,094
HF Sinclair Corp.		89,063		3,549,161
Kinder Morgan Inc.		1,174,431		22,208,490
Marathon Oil Corp.		466,901		11,723,884
Marathon Petroleum Corp.		348,152		29,766,996
Occidental Petroleum Corp.		314,479		17,843,538
ONEOK Inc.		152,334		10,759,350
Phillips 66		281,288		24,300,470
Pioneer Natural Resources Co.		59,909		14,979,047
Range Resources Corp.(a)		46,644		1,417,045
Valero Energy Corp.		246,064		24,985,339
Williams Companies Inc. (The)		730,592		24,409,079
				720,162,746
Personal Products — 0.2%
BellRing Brands Inc.(a)		67,184		1,550,607
Coty Inc., Class A(a)(b)		214,268		1,926,269
Estee Lauder Companies Inc. (The), Class A		57,552		15,672,561
Nu Skin Enterprises Inc., Class A		29,815		1,427,542
				20,576,979
Pharmaceuticals — 5.2%
Bristol-Myers Squibb Co.		1,310,656		95,717,208
Catalent Inc.(a)		43,273		4,798,976
Jazz Pharmaceuticals PLC(a)		36,854		5,737,062
Johnson & Johnson		1,583,656		280,671,353
Merck & Co. Inc.		1,520,331		124,743,159
Organon & Co.		151,823		5,303,177
Perrigo Co. PLC		80,118		3,078,935
Pfizer Inc.		1,552,498		80,372,821
Viatris Inc.		732,181		7,966,129
Zoetis Inc.		96,936		18,281,160
				626,669,980
Professional Services — 0.4%
CACI International Inc., Class A(a)		13,943		4,200,468
Jacobs Engineering Group Inc.		44,009		6,064,880
KBR Inc.		29,393		1,608,679
Leidos Holdings Inc.		84,064		9,080,593
ManpowerGroup Inc.		32,474		3,049,958
Nielsen Holdings PLC		214,883		5,853,413
Robert Half International Inc.		21,363		2,439,228
Science Applications International Corp.		34,495		3,179,404
Verisk Analytics Inc.		47,347		10,162,087
				45,638,710
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		101,390		9,279,213
Jones Lang LaSalle Inc.(a)		15,430		3,694,868
				12,974,081
Road & Rail — 1.4%
CSX Corp.		1,333,667		49,945,829
JB Hunt Transport Services Inc.		20,867		4,189,885
Knight-Swift Transportation Holdings Inc.		99,391		5,015,270
Landstar System Inc.		8,247		1,243,895

Security	Shares		Value
Road & Rail (continued)
Norfolk Southern Corp.		144,177	$	41,122,164
Ryder System Inc.		32,154		2,550,777
Union Pacific Corp.		225,951		61,732,073
Werner Enterprises Inc.		36,423		1,493,343
XPO Logistics Inc.(a)		59,049		4,298,767
				171,592,003
Semiconductors & Semiconductor Equipment — 3.3%
Amkor Technology Inc.		35,421		769,344
Analog Devices Inc.		315,881		52,177,224
Broadcom Inc.		106,750		67,218,340
Cirrus Logic Inc.(a)		18,248		1,547,248
CMC Materials Inc.		5,637		1,045,100
First Solar Inc.(a)(b)		24,314		2,036,054
Intel Corp.		2,450,863		121,464,770
Microchip Technology Inc.		174,448		13,108,023
Micron Technology Inc.		673,316		52,444,583
MKS Instruments Inc.		15,208		2,281,200
NXP Semiconductors NV		59,477		11,008,003
Qorvo Inc.(a)		33,705		4,182,790
Semtech Corp.(a)		13,106		908,770
Skyworks Solutions Inc.		52,671		7,019,991
SolarEdge Technologies Inc.(a)		7,829		2,523,835
Texas Instruments Inc.		283,219		51,965,022
Wolfspeed Inc.(a)(b)		33,579		3,823,305
				395,523,602
Software — 1.0%
ACI Worldwide Inc.(a)		38,500		1,212,365
ANSYS Inc.(a)(b)		19,842		6,302,811
Autodesk Inc.(a)		47,960		10,280,226
Blackbaud Inc.(a)(b)		8,707		521,288
CDK Global Inc.		37,385		1,819,902
Ceridian HCM Holding Inc.(a)		48,125		3,289,825
Citrix Systems Inc.		75,135		7,581,122
CommVault Systems Inc.(a)		9,541		633,045
Envestnet Inc.(a)		5,993		446,119
Fair Isaac Corp.(a)		6,665		3,108,956
NCR Corp.(a)		79,081		3,178,265
NortonLifeLock Inc.		352,432		9,346,497
Paycom Software Inc.(a)		7,281		2,521,993
PTC Inc.(a)		31,645		3,408,799
salesforce.com Inc.(a)		230,987		49,043,160
Synopsys Inc.(a)		30,515		10,169,734
Tyler Technologies Inc.(a)(b)		9,406		4,184,635
				117,048,742
Specialty Retail — 1.3%
Advance Auto Parts Inc.		19,611		4,058,693
American Eagle Outfitters Inc.		53,322		895,810
AutoNation Inc.(a)		12,693		1,263,969
Bath & Body Works Inc.		53,513		2,557,921
Best Buy Co. Inc.		130,758		11,885,902
CarMax Inc.(a)(b)		45,614		4,400,839
Foot Locker Inc.		54,098		1,604,547
Gap Inc. (The)		128,588		1,810,519
Home Depot Inc. (The)		150,695		45,107,534
Lithia Motors Inc.		18,161		5,450,479
Murphy USA Inc.		13,665		2,732,453
Ross Stores Inc.		212,454		19,218,589
TJX Companies Inc. (The)		717,273		43,452,398
Ulta Salon Cosmetics & Fragrance Inc.(a)		14,463		5,759,456

S C H E D U L E   O F   I N V E S T M E N T S 111

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Urban Outfitters Inc.(a)(b)		39,446	$	990,489
Victoria’s Secret & Co.(a)		22,164		1,138,343
				152,327,941
Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co.		781,162		13,053,217
HP Inc.		326,949		11,868,249
NetApp Inc.		38,831		3,222,973
Seagate Technology Holdings PLC		33,095		2,975,240
Western Digital Corp.(a)		188,487		9,358,380
Xerox Holdings Corp.		74,122		1,495,041
				41,973,100
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)(b)		35,146		1,806,153
Carter’s Inc.		25,321		2,329,279
Columbia Sportswear Co.		9,727		880,585
Hanesbrands Inc.		209,120		3,113,797
Nike Inc., Class B		353,015		47,501,698
PVH Corp.		42,532		3,258,376
Ralph Lauren Corp.		27,957		3,171,442
Skechers U.S.A. Inc., Class A(a)		42,793		1,744,243
Tapestry Inc.		159,437		5,923,085
Under Armour Inc., Class A(a)		64,392		1,095,952
Under Armour Inc., Class C, NVS(a)(b)		73,425		1,142,493
VF Corp.		194,947		11,084,686
				83,051,789
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		66,166		2,726,701
MGIC Investment Corp.		195,005		2,642,318
New York Community Bancorp. Inc.		278,510		2,985,627
Washington Federal Inc.		39,002		1,280,045
				9,634,691
Tobacco — 1.2%
Altria Group Inc.		1,096,271		57,280,160
Philip Morris International Inc.		931,905		87,543,155
				144,823,315
Trading Companies & Distributors — 0.3%
Fastenal Co.		179,304		10,650,658
GATX Corp.		21,289		2,625,572
MSC Industrial Direct Co. Inc., Class A		28,060		2,390,993

Security	Shares		Value
Trading Companies & Distributors (continued)
United Rentals Inc.(a)		17,424	$	6,189,179
Univar Solutions Inc.(a)		102,391		3,290,847
Watsco Inc.		6,839		2,083,433
WW Grainger Inc.		26,151		13,488,424
				40,719,106
Water Utilities — 0.2%
American Water Works Co. Inc.		108,867		18,020,755
Essential Utilities Inc.		50,973		2,606,249
				20,627,004
Wireless Telecommunication Services — 0.4%
T-Mobile U.S. Inc.(a)		353,038		45,312,427
Total Common Stocks — 99.7% (Cost: $10,327,613,146)			12,090,514,002
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(e)(f)		70,233,161		70,219,115
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(e)		22,420,000		22,420,000
				92,639,115
Total Short-Term Investments — 0.8% (Cost: $92,621,309)				92,639,115
Total Investments in Securities — 100.5% (Cost: $10,420,234,455)				12,183,153,117
Other Assets, Less Liabilities — (0.5)%				(59,298,427	)
Net Assets — 100.0%			$	12,123,854,690

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

112 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,092,339	$	43,164,053	(a)	$	—		$	(30,502	)	$	(6,775	)	$	70,219,115		70,233,161	$	81,634	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		8,410,000	(a)		—			—			—			22,420,000		22,420,000		5,851			—
BlackRock Inc.		16,478,550		19,112,428			(1,764,768	)		653,763			(3,031,321	)		31,448,652		41,154		500,317			—
									$	623,261		$	(3,038,096	)	$	124,087,767			$	587,802		$	—

^(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		94		06/17/22		$21,294	$	1,175,941
S&P Mid 400 E-Mini Index		40		06/17/22		10,757		316,778
							$	1,492,719

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,492,719

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,926,528
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,383,113

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	28,688,482

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

S C H E D U L E   O F   I N V E S T M E N T S 113

Schedule of Investments  (continued) March 31, 2022 iShares^® Core S&P U.S. Value ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	12,090,514,002	$	—	$	—	$	12,090,514,002
Money Market Funds		92,639,115		—		—		92,639,115
	$	12,183,153,117	$	—	$	—	$	12,183,153,117
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,492,719	$	—	$	—	$	1,492,719

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

See notes to financial statements.

114 2 0 2 2   I S H A R E S   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

March 31, 2022

	iShares Core S&P 500 ETF		iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF		iShares Core S&P Total U.S. Stock Market ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	331,256,294,871	$	65,806,439,503	$	4,592,902,164	$	44,525,113,092
Affiliated(c)		2,830,455,402		2,592,004,094		70,319,178,634		964,011,874
Cash		4,434,775		9,697		9,117,014		428,130
Cash pledged:
Futures contracts		39,329,800		7,404,100		11,253,000		6,026,790
Receivables:
Investments sold		—		—		37,971,398		957,402
Securities lending income — Affiliated		191,099		751,954		752,518		741,955
Capital shares sold		1,291,096		256,024		375,910		399,302
Dividends		205,016,203		65,064,568		72,640,458		28,846,874
Unrealized appreciation on:
OTC swaps		—		1,482,548		10,591,698		—
Total assets		334,337,013,246		68,473,412,488		75,054,782,794		45,526,525,419
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		1,910,000		17,310,000		—
Collateral on securities loaned, at value		1,352,170,230		2,423,319,237		2,944,532,859		781,339,546
Payables:
Investments purchased		—		17,014,608		16,148,961		105
Variation margin on futures contracts		10,859,172		2,090,516		1,865,274		1,480,357
Capital shares redeemed		—		2,507,476		1,007,624		—
Investment advisory fees		8,161,078		2,751,753		3,638,511		1,100,634
Unrealized depreciation on:
OTC swaps		—		45		—		—
Total liabilities		1,371,190,480		2,449,593,635		2,984,503,229		783,920,642
NET ASSETS	$	332,965,822,766	$	66,023,818,853	$	72,070,279,565	$	44,742,604,777
NET ASSETS CONSIST OF:
Paid-in capital	$	274,507,747,204	$	55,186,832,604	$	62,467,891,808	$	31,725,612,441
Accumulated earnings		58,458,075,562		10,836,986,249		9,602,387,757		13,016,992,336
NET ASSETS	$	332,965,822,766	$	66,023,818,853	$	72,070,279,565	$	44,742,604,777
Shares outstanding		734,400,000		246,000,000		667,750,000		443,350,000
Net asset value	$	453.38	$	268.39	$	107.93	$	100.92
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	1,305,936,748	$	2,348,200,216	$	2,832,935,282	$	746,974,531
(b) Investments, at cost — Unaffiliated	$	266,699,227,053	$	53,175,587,967	$	3,833,035,248	$	31,141,404,523
(c)  Investments, at cost — Affiliated	$	2,680,800,333	$	2,591,916,216	$	59,663,524,205	$	931,504,348

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 115

Statements of Assets and Liabilities  (continued)

March 31, 2022

	iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	12,801,105,823	$	12,059,065,350
Affiliated(c)		112,442,451		124,087,767
Cash		1,295		311,733
Cash pledged:
Futures contracts		1,114,620		1,853,190
Receivables:
Securities lending income — Affiliated		17,338		11,350
Capital shares sold		33,963		—
Dividends		2,136,060		13,558,365
Total assets		12,916,851,550		12,198,887,755
LIABILITIES
Collateral on securities loaned, at value		58,856,789		70,228,536
Payables:
Investments purchased		—		3,941,806
Variation margin on futures contracts		245,464		460,640
Investment advisory fees		416,049		402,083
Total liabilities		59,518,302		75,033,065
NET ASSETS	$	12,857,333,248	$	12,123,854,690
NET ASSETS CONSIST OF:
Paid-in capital	$	9,463,838,261	$	10,914,627,840
Accumulated earnings		3,393,494,987		1,209,226,850
NET ASSETS	$	12,857,333,248	$	12,123,854,690
Shares outstanding		121,900,000		159,950,000
Net asset value	$	105.47	$	75.80
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	56,402,664	$	67,545,145
(b) Investments, at cost — Unaffiliated	$	9,001,926,095	$	10,298,852,159
(c)  Investments, at cost — Affiliated	$	105,611,380	$	121,382,296

See notes to financial statements.

116 2 0 2 2   I S H A R E S   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 Operations

Year Ended March 31, 2022

	iShares Core S&P 500 ETF			iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P Total U.S. Stock Market ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,165,514,226		$	839,766,904		$	80,016,257		$	550,356,063
Dividends — Affiliated		20,340,490			198,611			678,984,154			2,400,713
Securities lending income — Affiliated — net		1,852,303			4,215,055			7,207,681			5,474,914
Other income — Unaffiliated		—			—			—			2,366
Foreign taxes withheld		(843,624	)		—			(811,306	)		(123,081	)
Total investment income		4,186,863,395			844,180,570			765,396,786			558,110,975
EXPENSES
Investment advisory fees		90,917,588			32,285,677			42,511,216			12,700,660
Professional fees		217			217			217			217
Total expenses		90,917,805			32,285,894			42,511,433			12,700,877
Net investment income		4,095,945,590			811,894,676			722,885,353			545,410,098
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,076,291,268	)		216,612,177			141,562,726			49,798,601
Investments — Affiliated		(1,719,775	)		(355,224	)		1,289,615,484			(511,919	)
In-kind redemptions — Unaffiliated		31,710,017,759			4,043,441,606			234,438,055			978,991,809
In-kind redemptions — Affiliated		114,349,217			—			4,317,644,923			2,660,810
Futures contracts		50,904,519			(2,880,826	)		(13,243,676	)		8,394,802
Swaps		—			1,832,831			323,014			—
Net realized gain		30,797,260,452			4,258,650,564			5,970,340,526			1,039,334,103
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		6,507,500,983			(2,385,709,575	)		(516,792,082	)		2,712,437,283
Investments — Affiliated		(114,865,416	)		(1,456,813	)		(5,677,457,848	)		(3,050,568	)
Futures contracts		38,678,492			6,296,483			(2,865,677	)		4,301,243
Swaps		—			1,482,503			58,746,095			—
Net change in unrealized appreciation (depreciation)		6,431,314,059			(2,379,387,402	)		(6,138,369,512	)		2,713,687,958
Net realized and unrealized gain (loss)		37,228,574,511			1,879,263,162			(168,028,986	)		3,753,022,061
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,324,520,101		$	2,691,157,838		$	554,856,367		$	4,298,432,159

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 117

Statements of Operations  (continued)

Year Ended March 31, 2022

	iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	88,888,519		$	225,887,590
Dividends — Affiliated		945,547			508,453
Securities lending income — Affiliated — net		115,625			79,349
Foreign taxes withheld		(15,241	)		(45,154	)
Total investment income		89,934,450			226,430,238
EXPENSES
Investment advisory fees		4,924,748			4,349,511
Professional fees		217			217
Total expenses		4,924,965			4,349,728
Net investment income		85,009,485			222,080,510
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(29,979,774	)		50,825,902
Investments — Affiliated		7,752			(74,155	)
In-kind redemptions — Unaffiliated		1,375,876,517			490,437,400
In-kind redemptions — Affiliated		5,436,454			697,416
Futures contracts		(304,025	)		1,926,528
Net realized gain		1,351,036,924			543,813,091
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		329,396,115			449,716,162
Investments — Affiliated		(3,217,401	)		(3,038,096	)
Futures contracts		1,350,499			1,383,113
Net change in unrealized appreciation (depreciation)		327,529,213			448,061,179
Net realized and unrealized gain		1,678,566,137			991,874,270
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,763,575,622		$	1,213,954,780

See notes to financial statements.

118 2 0 2 2   I S H A R E S   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 Core S&P 500 ETF						iShares Core S&P Mid-Cap ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,095,945,590		$	3,555,473,653		$	811,894,676		$	647,520,949
Net realized gain		30,797,260,452			16,374,262,618			4,258,650,564			3,764,174,399
Net change in unrealized appreciation (depreciation)		6,431,314,059			71,920,026,648			(2,379,387,402	)		23,665,510,073
Net increase in net assets resulting from operations		41,324,520,101			91,849,762,919			2,691,157,838			28,077,205,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,093,331,529	)		(3,658,069,834	)		(842,798,749	)		(660,710,123	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		33,794,619,676			11,729,365,093			3,037,584,731			(2,001,076,312	)
NET ASSETS
Total increase in net assets		71,025,808,248			99,921,058,178			4,885,943,820			25,415,418,986
Beginning of year		261,940,014,518			162,018,956,340			61,137,875,033			35,722,456,047
End of year	$	332,965,822,766		$	261,940,014,518		$	66,023,818,853		$	61,137,875,033

^(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 119

Statements of Changes in Net Assets (continued)

	iShares Core S&P Small-Cap ETF						iShares Core S&P Total U.S. Stock Market ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	722,885,353		$	612,828,954		$	545,410,098		$	439,718,702
Net realized gain		5,970,340,526			2,574,221,048			1,039,334,103			1,001,914,387
Net change in unrealized appreciation (depreciation)		(6,138,369,512	)		28,169,053,043			2,713,687,958			11,630,168,140
Net increase in net assets resulting from operations		554,856,367			31,356,103,045			4,298,432,159			13,071,801,229
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,058,667,702	)		(624,215,143	)		(551,777,171	)		(462,019,285	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,301,078,815			5,677,792,081			4,930,473,507			2,016,661,633
NET ASSETS
Total increase in net assets		3,797,267,480			36,409,679,983			8,677,128,495			14,626,443,577
Beginning of year		68,273,012,085			31,863,332,102			36,065,476,282			21,439,032,705
End of year	$	72,070,279,565		$	68,273,012,085		$	44,742,604,777		$	36,065,476,282

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

See notes to financial statements.

120 2 0 2 2   I S H A R E S   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 (continued)

	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	85,009,485		$	90,622,565		$	222,080,510		$	171,728,579
Net realized gain		1,351,036,924			808,873,464			543,813,091			167,316,774
Net change in unrealized appreciation (depreciation)		327,529,213			3,250,650,598			448,061,179			2,554,127,800
Net increase in net assets resulting from operations		1,763,575,622			4,150,146,627			1,213,954,780			2,893,173,153
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(85,386,412	)		(94,097,632	)		(219,854,566	)		(176,376,851	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		717,396,779			(487,630,998	)		2,044,887,472			1,097,687,768
NET ASSETS
Total increase in net assets		2,395,585,989			3,568,417,997			3,038,987,686			3,814,484,070
Beginning of year		10,461,747,259			6,893,329,262			9,084,867,004			5,270,382,934
End of year	$	12,857,333,248		$	10,461,747,259		$	12,123,854,690		$	9,084,867,004

^(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 121

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P 500 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	397.36		$	258.44		$	284.57		$	265.21		$	237.21
Net investment income(a)		5.98			5.60			5.90			5.38			5.00
Net realized and unrealized gain (loss)(b)		55.94			139.01			(25.20	)		19.43			27.90
Net increase (decrease) from investment operations		61.92			144.61			(19.30	)		24.81			32.90
Distributions(c)
From net investment income		(5.90	)		(5.69	)		(6.83	)		(5.45	)		(4.90	)
Total distributions		(5.90	)		(5.69	)		(6.83	)		(5.45	)		(4.90	)
Net asset value, end of year	$	453.38		$	397.36		$	258.44		$	284.57		$	265.21
Total Return(d)
Based on net asset value		15.61	%		56.31	%		(7.01	)%		9.46	%		13.95	%
Ratios to Average Net Assets(e)
Total expenses		0.03	%		0.03	%		0.04	%		0.04	%		0.04	%
Net investment income		1.35	%		1.64	%		1.96	%		1.95	%		1.94	%
Supplemental Data
Net assets, end of year (000)	$	332,965,823		$	261,940,015		$	162,018,956		$	169,347,166		$	140,335,431
Portfolio turnover rate(f)		3	%		5	%		4	%		5	%		4	%

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

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

See notes to financial statements.

122 2 0 2 2   I S H A R E S   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 Core S&P Mid-Cap ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	260.16		$	143.87		$	189.34		$	187.51		$	171.29
Net investment income(a)		3.41			2.74			3.12			2.85			2.69
Net realized and unrealized gain (loss)(b)		8.35			116.36			(45.14	)		1.84			15.96
Net increase (decrease) from investment operations		11.76			119.10			(42.02	)		4.69			18.65
Distributions(c)
From net investment income		(3.53	)		(2.81	)		(3.45	)		(2.86	)		(2.43	)
Total distributions		(3.53	)		(2.81	)		(3.45	)		(2.86	)		(2.43	)
Net asset value, end of year	$	268.39		$	260.16		$	143.87		$	189.34		$	187.51
Total Return(d)
Based on net asset value		4.51	%		83.36	%		(22.53	)%		2.50	%		10.95	%
Ratios to Average Net Assets(e)
Total expenses		0.05	%		0.05	%		0.07	%		0.07	%		0.07	%
Net investment income		1.26	%		1.36	%		1.62	%		1.50	%		1.49	%
Supplemental Data
Net assets, end of year (000)	$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329		$	44,663,981
Portfolio turnover rate(f)		16	%		20	%		15	%		17	%		10	%

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

^(f)  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 123

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	108.34		$	56.22		$	77.13		$	77.05		$	69.23
Net investment income(a)		1.13			1.03			1.06			1.09			0.98
Net realized and unrealized gain (loss)(b)		0.12			52.13			(20.77	)		0.11			7.78
Net increase (decrease) from investment operations		1.25			53.16			(19.71	)		1.20			8.76
Distributions(c)
From net investment income		(1.66	)		(1.04	)		(1.20	)		(1.12	)		(0.94	)
Total distributions		(1.66	)		(1.04	)		(1.20	)		(1.12	)		(0.94	)
Net asset value, end of year	$	107.93		$	108.34		$	56.22		$	77.13		$	77.05
Total Return(d)
Based on net asset value		1.12	%		95.23	%(e)		(25.89	)%		1.53	%		12.71	%
Ratios to Average Net Assets(f)
Total expenses		0.06	%		0.06	%		0.07	%		0.07	%		0.07	%
Net investment income		1.02	%		1.28	%		1.36	%		1.35	%		1.33	%
Supplemental Data
Net assets, end of year (000)	$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083		$	36,636,388
Portfolio turnover rate(g)		16	%		20	%		16	%		14	%		12	%

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Total U.S. Stock Market ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	91.51		$	57.19		$	64.40		$	60.42		$	54.02
Net investment income(a)		1.29			1.20			1.27			1.19			1.09
Net realized and unrealized gain (loss)(b)		9.41			34.37			(7.09	)		4.00			6.37
Net increase (decrease) from investment operations		10.70			35.57			(5.82	)		5.19			7.46
Distributions(c)
From net investment income		(1.29	)		(1.25	)		(1.39	)		(1.21	)		(1.06	)
Total distributions		(1.29	)		(1.25	)		(1.39	)		(1.21	)		(1.06	)
Net asset value, end of year	$	100.92		$	91.51		$	57.19		$	64.40		$	60.42
Total Return(d)
Based on net asset value		11.70	%		62.58	%		(9.28	)%		8.68	%		13.88	%
Ratios to Average Net Assets(e)
Total expenses		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		1.29	%		1.54	%		1.88	%		1.90	%		1.85	%
Supplemental Data
Net assets, end of year (000)	$	44,742,605		$	36,065,476		$	21,439,033		$	18,750,686		$	12,948,631
Portfolio turnover rate(f)		4	%		5	%		4	%		6	%		8	%

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

^(f)  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 125

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	90.74		$	57.16		$	60.31		$	54.56		$	46.36
Net investment income(a)		0.72			0.76			0.92			0.81			0.76
Net realized and unrealized gain (loss)(b)		14.73			33.62			(2.97	)		5.68			8.16
Net increase (decrease) from investment operations		15.45			34.38			(2.05	)		6.49			8.92
Distributions(c)
From net investment income		(0.72	)		(0.80	)		(1.10	)		(0.74	)		(0.72	)
Total distributions		(0.72	)		(0.80	)		(1.10	)		(0.74	)		(0.72	)
Net asset value, end of year	$	105.47		$	90.74		$	57.16		$	60.31		$	54.56
Total Return(d)
Based on net asset value		17.03	%		60.34	%		(3.54	)%		11.95	%		19.33	%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Total expenses after fees waived		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Net investment income		0.69	%		0.96	%		1.44	%		1.41	%		1.46	%
Supplemental Data
Net assets, end of year (000)	$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790		$	3,693,673
Portfolio turnover rate(f)		15	%		14	%		35	%		31	%		24	%

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	68.82		$	46.23		$	54.82		$	53.08		$	50.45
Net investment income(a)		1.50			1.43			1.45			1.37			1.28
Net realized and unrealized gain (loss)(b)		6.93			22.60			(8.57	)		1.68			2.51
Net increase (decrease) from investment operations		8.43			24.03			(7.12	)		3.05			3.79
Distributions(c)
From net investment income		(1.45	)		(1.44	)		(1.47	)		(1.31	)		(1.16	)
Total distributions		(1.45	)		(1.44	)		(1.47	)		(1.31	)		(1.16	)
Net asset value, end of year	$	75.80		$	68.82		$	46.23		$	54.82		$	53.08
Total Return(d)
Based on net asset value		12.33	%		52.59	%		(13.34	)%		5.83	%		7.55	%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Total expenses after fees waived		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%
Net investment income		2.04	%		2.48	%		2.52	%		2.53	%		2.42	%
Supplemental Data
Net assets, end of year (000)	$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349		$	3,434,150
Portfolio turnover rate(f)		20	%		25	%		34	%		35	%		27	%

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

^(f)  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 127

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Core S&P 500	Diversified
Core S&P Mid-Cap	Diversified
Core S&P Small-Cap	Diversified
Core S&P Total U.S. Stock Market	Diversified
Core S&P U.S. Growth(a)	Diversified
Core S&P U.S. Value	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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. 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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

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

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Notes to Financial Statements  (continued)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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 129

Notes to Financial Statements  (continued)

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

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

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Core S&P 500
Barclays Bank PLC	$	87,894,367	$	87,894,367	$	—	$	—
Barclays Capital, Inc.		32,144,648		32,144,648		—		—
BNP Paribas SA		68,026,736		68,026,736		—		—
BofA Securities, Inc.		86,083,538		86,083,538		—		—
Citigroup Global Markets, Inc.		281,268,343		281,268,343		—		—
Credit Suisse Securities (USA) LLC		4,524,923		4,524,923		—		—
Deutsche Bank Securities, Inc.		431,040		431,040		—		—
Goldman Sachs & Co. LLC		208,935,181		208,935,181		—		—
HSBC Bank PLC		248		248		—		—
J.P. Morgan Securities LLC		135,799,934		135,799,934		—		—
Jefferies LLC		707,723		707,723		—		—
Morgan Stanley		13,479,074		13,479,074		—		—
RBC Capital Markets LLC		119,133,862		119,133,862		—		—
Scotia Capital (USA), Inc.		18,675,701		18,675,701		—		—
SG Americas Securities LLC		10,992,737		10,992,737		—		—
State Street Bank & Trust Co.		39,604,304		39,604,304		—		—
Toronto-Dominion Bank		103,936,628		103,936,628		—		—
UBS AG		44,716,618		44,716,618		—		—
UBS Securities LLC		15,139,558		15,139,558		—		—
Virtu Americas LLC		31,650,411		31,650,411		—		—
Wells Fargo Bank N.A.		523,868		523,868		—		—
Wells Fargo Securities LLC		2,267,306		2,262,457		—		(4,849	)(b)
	$	1,305,936,748	$	1,305,931,899	$	—	$	(4,849	)

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P Mid-Cap
Barclays Bank PLC	$	64,191,480	$	64,191,480		$	—	$	—
Barclays Capital, Inc.		41,872,145		41,872,145			—		—
BNP Paribas SA		522,212,248		522,212,248			—		—
BofA Securities, Inc.		171,905,965		171,905,965			—		—
Citadel Clearing LLC		15,744		15,744			—		—
Citigroup Global Markets, Inc.		148,118,975		148,118,975			—		—
Credit Suisse Securities (USA) LLC		4,478,091		4,478,091			—		—
Goldman Sachs & Co. LLC		183,582,851		183,582,851			—		—
HSBC Bank PLC		5,532,220		5,532,220			—		—
ING Financial Markets LLC		2,128,607		2,128,607			—		—
J.P. Morgan Securities LLC		361,820,312		361,820,312			—		—
Jefferies LLC		830,054		830,054			—		—
Mizuho Securities USA LLC		361,534		361,534			—		—
Morgan Stanley		511,872,094		511,872,094			—		—
National Financial Services LLC		57,648,364		57,648,364			—		—
Natixis SA		11,496,371		11,496,371			—		—
RBC Capital Markets LLC		191,352		191,352			—		—
Scotia Capital (USA), Inc.		41,632,632		41,632,632			—		—
SG Americas Securities LLC		2,355,247		2,355,247			—		—
State Street Bank & Trust Co.		7,779,763		7,779,763			—		—
Toronto-Dominion Bank		66,008,184		66,008,184			—		—
UBS AG		62,020,290		62,020,290			—		—
UBS Securities LLC		40,139,381		40,139,381			—		—
Virtu Americas LLC		8,623,908		8,623,908			—		—
Wells Fargo Bank N.A.		17,114,562		17,114,562			—		—
Wells Fargo Securities LLC		14,267,842		14,267,842			—		—
	$	2,348,200,216	$	2,348,200,216		$	—	$	—
Core S&P Small-Cap
Barclays Bank PLC	$	80,692,987	$	80,692,987		$	—	$	—
Barclays Capital, Inc.		44,561,937		44,561,937			—		—
BMO Capital Markets Corp.		5,059,291		5,059,291			—		—
BNP Paribas SA		526,070,456		526,070,456			—		—
BofA Securities, Inc.		247,420,975		247,420,975			—		—
Citadel Clearing LLC		1,611,402		1,611,402			—		—
Citigroup Global Markets, Inc.		82,689,223		82,689,223			—		—
Credit Suisse Securities (USA) LLC		629,623		629,623			—		—
Deutsche Bank Securities, Inc.		3,409,425		3,409,425			—		—
Goldman Sachs & Co. LLC		417,961,998		417,961,998			—		—
HSBC Bank PLC		382,231		382,231			—		—
ING Financial Markets LLC		747,388		746,877			—		(511	)(b)
J.P. Morgan Securities LLC		364,141,197		364,141,197			—		—
Jefferies LLC		16,672,428		16,672,428			—		—
Mizuho Securities USA LLC		91,256		91,256			—		—
Morgan Stanley		441,945,391		441,945,391			—		—
National Financial Services LLC		151,404,849		151,404,849			—		—
Natixis SA		5,492,983		5,492,983			—		—
Nomura Securities International, Inc.		10,536		10,395			—		(141	)(b)
Pershing LLC		2,946,243		2,946,243			—		—
RBC Capital Markets LLC		164,802		164,802			—		—
Scotia Capital (USA), Inc.		61,808,908		61,808,908			—		—
SG Americas Securities LLC		24,159,014		24,159,014			—		—
State Street Bank & Trust Co.		79,642,479		79,642,479			—		—
Toronto-Dominion Bank		81,211,518		81,211,518			—		—
UBS AG		69,920,803		69,920,803			—		—
UBS Securities LLC		40,249,455		40,249,455			—		—
Virtu Americas LLC		616,596		616,596			—		—
Wells Fargo Bank N.A.		43,249,237		43,249,237			—		—
Wells Fargo Securities LLC		37,970,651		37,970,651			—		—
	$	2,832,935,282	$	2,832,934,630		$	—	$	(652	)

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 131

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P Total U.S. Stock Market
Barclays Bank PLC	$	59,176,719	$	59,176,719		$	—	$	—
Barclays Capital, Inc.		7,349,730		7,349,730			—		—
BMO Capital Markets Corp.		404,912		404,912			—		—
BNP Paribas SA		154,791,050		154,791,050			—		—
BofA Securities, Inc.		61,362,234		61,362,234			—		—
Citadel Clearing LLC		1,276,132		1,276,132			—		—
Citigroup Global Markets, Inc.		29,212,468		29,212,468			—		—
Credit Suisse Securities (USA) LLC		682,127		682,127			—		—
Deutsche Bank Securities, Inc.		674,173		674,173			—		—
Goldman Sachs & Co. LLC		87,436,656		87,436,656			—		—
HSBC Bank PLC		115,580		107,549			—		(8,031	)(b)
ING Financial Markets LLC		672,395		672,395			—		—
J.P. Morgan Securities LLC		103,220,894		103,220,894			—		—
Jefferies LLC		5,185,864		5,185,864			—		—
Morgan Stanley		97,175,115		97,175,115			—		—
National Financial Services LLC		8,130,042		8,130,042			—		—
Natixis SA		9,650,163		9,574,867			—		(75,296	)(b)
Nomura Securities International, Inc.		11,133		11,133			—		—
Pershing LLC		3,680		3,680			—		—
RBC Capital Markets LLC		14,493,177		14,493,177			—		—
Scotia Capital (USA), Inc.		26,276,170		26,276,170			—		—
SG Americas Securities LLC		724,470		724,470			—		—
State Street Bank & Trust Co.		8,512,235		8,512,235			—		—
Toronto-Dominion Bank		8,079,005		8,079,005			—		—
UBS AG		19,612,819		19,612,819			—		—
UBS Securities LLC		27,329,317		27,329,317			—		—
Virtu Americas LLC		3,151,399		3,151,399			—		—
Wells Fargo Bank N.A.		3,735,299		3,735,299			—		—
Wells Fargo Securities LLC		8,529,573		8,529,573			—		—
	$	746,974,531	$	746,891,204		$	—	$	(83,327	)
Core S&P U.S. Growth
Barclays Capital, Inc.	$	1,813,372	$	1,813,372		$	—	$	—
BNP Paribas SA		8,172,436		8,172,436			—		—
BofA Securities, Inc.		2,556,101		2,556,101			—		—
Citigroup Global Markets, Inc.		2,881,921		2,881,921			—		—
Credit Suisse Securities (USA) LLC		1,338,570		1,338,570			—		—
Goldman Sachs & Co. LLC		9,674,530		9,674,530			—		—
J.P. Morgan Securities LLC		14,451,111		14,451,111			—		—
Jefferies LLC		419,676		419,676			—		—
Morgan Stanley		4,209,977		4,209,977			—		—
National Financial Services LLC		1,115,525		1,115,525			—		—
Scotia Capital (USA), Inc.		1,527,440		1,527,440			—		—
State Street Bank & Trust Co.		4,842,220		4,842,220			—		—
UBS AG		65,688		65,688			—		—
Virtu Americas LLC		602,673		602,673			—		—
Wells Fargo Bank N.A.		1,606,130		1,595,866			—		(10,264	)(b)
Wells Fargo Securities LLC		1,125,294		1,125,294			—		—
	$	56,402,664	$	56,392,400		$	—	$	(10,264	)

132 2 0 2 2   I S H A R E S   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  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core S&P U.S. Value
Barclays Bank PLC	$	1,184,407	$	1,184,407		$	—	$	—
Barclays Capital, Inc.		1,244,016		1,244,016			—		—
BNP Paribas SA		10,192,149		10,192,149			—		—
BofA Securities, Inc.		1,581,583		1,581,583			—		—
Citigroup Global Markets, Inc.		21,806,744		21,806,744			—		—
Credit Suisse Securities (USA) LLC		44,489		44,489			—		—
Goldman Sachs & Co. LLC		3,522,943		3,522,943			—		—
J.P. Morgan Securities LLC		2,378,803		2,378,803			—		—
Jefferies LLC		656,824		656,824			—		—
Morgan Stanley		1,096,253		1,096,253			—		—
RBC Capital Markets LLC		5,403		5,403			—		—
Scotia Capital (USA), Inc.		18,953,919		18,953,919			—		—
SG Americas Securities LLC		1,552,463		1,552,463			—		—
Toronto-Dominion Bank		2,522,497		2,522,497			—		—
Wells Fargo Bank N.A.		611,660		611,660			—		—
Wells Fargo Securities LLC		190,992		190,992			—		—
	$	67,545,145	$	67,545,145		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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 Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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 133

Notes to Financial Statements  (continued)

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

134 2 0 2 2   I S H A R E S   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  (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core S&P 500		0.03	%
Core S&P Mid-Cap		0.05
Core S&P Small-Cap		0.06
Core S&P Total U.S. Stock Market		0.03
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core S&P 500	$	794,415
Core S&P Mid-Cap		1,739,069
Core S&P Small-Cap		2,941,198
Core S&P Total U.S. Stock Market		1,833,410
Core S&P U.S. Growth		48,297
Core S&P U.S. Value		33,964

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

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 135

Notes to Financial Statements  (continued)

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 year ended March 31, 2022, 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)
Core S&P 500	$	4,064,716,602	$	1,865,161,568	$	(447,804,773)
Core S&P Mid-Cap		2,499,420,318		2,722,693,360		(233,659,760)
Core S&P Small-Cap		1,929,550,141		2,341,708,796		577,255,223
Core S&P Total U.S. Stock Market		178,546,701		255,741,775		(15,901,750)
Core S&P U.S. Growth		1,153,661,552		1,192,098,397		(21,275,402)
Core S&P U.S. Value		1,449,639,490		1,355,200,182		76,465,771

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core S&P 500	$	10,063,851,646	$	10,172,174,651
Core S&P Mid-Cap		10,538,168,916		10,528,293,170
Core S&P Small-Cap		11,394,388,364		11,465,437,039
Core S&P Total U.S. Stock Market		1,837,808,884		1,835,052,413
Core S&P U.S. Growth		1,864,374,243		1,879,366,665
Core S&P U.S. Value		2,158,004,213		2,148,794,286

For the year ended March 31, 2022, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind     Sales
Core S&P 500	$	104,602,024,855	$	70,850,624,482
Core S&P Mid-Cap		12,020,016,449		9,027,399,601
Core S&P Small-Cap		12,604,727,444		8,476,887,804
Core S&P Total U.S. Stock Market		6,682,248,777		1,781,609,455
Core S&P U.S. Growth		3,535,256,903		2,811,377,465
Core S&P U.S. Value		3,297,221,859		1,255,084,879

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

136 2 0 2 2   I S H A R E S   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  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated     Earnings
Core S&P 500	$	31,474,235,267	$	(31,474,235,267)
Core S&P Mid-Cap		3,960,189,276		(3,960,189,276)
Core S&P Small-Cap		4,396,539,912		(4,396,539,912)
Core S&P Total U.S. Stock Market		975,874,093		(975,874,093)
Core S&P U.S. Growth		1,373,344,043		(1,373,344,043)
Core S&P U.S. Value		485,039,154		(485,039,154)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Core S&P 500
Ordinary income	$	4,093,331,529	$	3,658,069,834
Core S&P Mid-Cap
Ordinary income	$	842,798,749	$	660,710,123
Core S&P Small-Cap
Ordinary income	$	1,058,667,702	$	624,215,143
Core S&P Total U.S. Stock Market
Ordinary income	$	551,777,171	$	462,019,285
Core S&P U.S. Growth
Ordinary income	$	85,386,412	$	94,097,632
Core S&P U.S. Value
Ordinary income	$	219,854,566	$	176,376,851

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Core S&P 500	$	2,614,061	$	(4,768,706,162	)	$	63,224,167,663		$	58,458,075,562
Core S&P Mid-Cap		—		(1,362,420,891	)		12,199,407,140			10,836,986,249
Core S&P Small-Cap		—		(1,050,074,976	)		10,652,462,733			9,602,387,757
Core S&P Total U.S. Stock Market		1,509,677		(277,482,313	)		13,292,964,972			13,016,992,336
Core S&P U.S. Growth		—		(395,394,677	)		3,788,889,664			3,393,494,987
Core S&P U.S. Value		2,317,944		(515,825,848	)		1,722,734,754			1,209,226,850

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements, timing and recognition of partnership income, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Core S&P Mid-Cap	$	375,377,619
Core S&P Small-Cap		1,337,954,012
Core S&P Total U.S. Stock Market		81,328,626
Core S&P U.S. Value		64,596,274

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (continued)

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Core S&P 500	$	270,862,582,610	$	72,853,897,482	$	(9,629,729,819	)	$	63,224,167,663
Core S&P Mid-Cap		56,199,036,457		14,852,043,334		(2,652,636,194	)		12,199,407,140
Core S&P Small-Cap		64,259,618,065		16,045,138,314		(5,392,675,581	)		10,652,462,733
Core S&P Total U.S. Stock Market		32,196,159,994		14,801,344,554		(1,508,379,582	)		13,292,964,972
Core S&P U.S. Growth		9,124,658,610		3,965,949,923		(177,060,259	)		3,788,889,664
Core S&P U.S. Value		10,460,418,363		2,073,947,001		(351,212,247	)		1,722,734,754

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer

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Notes to Financial Statements  (continued)

accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core S&P 500
Shares sold		233,500,000		$	104,876,081,561			175,150,000		$	61,202,856,824
Shares redeemed		(158,300,000	)		(71,081,461,885	)		(142,850,000	)		(49,473,491,731	)
Net increase		75,200,000		$	33,794,619,676			32,300,000		$	11,729,365,093
Core S&P Mid-Cap
Shares sold		44,950,000		$	12,187,553,091			34,950,000		$	7,366,222,576
Shares redeemed		(33,950,000	)		(9,149,968,360	)		(48,250,000	)		(9,367,298,888	)
Net increase (decrease)		11,000,000		$	3,037,584,731			(13,300,000	)	$	(2,001,076,312	)
Core S&P Small-Cap
Shares sold		122,700,000		$	13,651,203,551			140,250,000		$	11,820,860,552
Shares redeemed		(85,100,000	)		(9,350,124,736	)		(76,850,000	)		(6,143,068,471	)
Net increase		37,600,000		$	4,301,078,815			63,400,000		$	5,677,792,081
Core S&P Total U.S. Stock Market
Shares sold		67,200,000		$	6,724,020,212			57,550,000		$	4,688,274,607
Shares redeemed		(17,950,000	)		(1,793,546,705	)		(38,350,000	)		(2,671,612,974	)
Net increase		49,250,000		$	4,930,473,507			19,200,000		$	2,016,661,633
Core S&P U.S. Growth
Shares sold		32,600,000		$	3,543,506,031			22,000,000		$	1,801,756,906
Shares redeemed		(26,000,000	)		(2,826,109,252	)		(27,300,000	)		(2,289,387,904	)
Net increase (decrease)		6,600,000		$	717,396,779			(5,300,000	)	$	(487,630,998	)
Core S&P U.S. Value
Shares sold		45,100,000		$	3,309,869,059			41,100,000		$	2,470,343,171
Shares redeemed		(17,150,000	)		(1,264,981,587	)		(23,100,000	)		(1,372,655,403	)
Net increase		27,950,000		$	2,044,887,472			18,000,000		$	1,097,687,768

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

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 139

Notes to Financial Statements  (continued)

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, 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. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF and iShares Core S&P U.S. Value ETF received proceeds of $3,938,764, $41,582 and $255,306, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

12. 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF,

iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF,

iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 141

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend     Income
Core S&P 500	$	4,018,553,719
Core S&P Mid-Cap		682,473,433
Core S&P Small-Cap		747,421,197
Core S&P Total U.S. Stock Market		524,275,766
Core S&P U.S. Growth		85,334,583
Core S&P U.S. Value		215,294,553

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business     Income
Core S&P 500	$	97,996,892
Core S&P Mid-Cap		81,889,872
Core S&P Small-Cap		103,734,856
Core S&P Total U.S. Stock Market		18,810,801
Core S&P U.S. Growth		2,127,347
Core S&P U.S. Value		6,556,461

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Core S&P 500		94.64	%
Core S&P Mid-Cap		80.37	%
Core S&P Small-Cap		79.06	%
Core S&P Total U.S. Stock Market		91.76	%
Core S&P U.S. Growth		97.15	%
Core S&P U.S. Value		93.39	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 143

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Core S&P 500(a)	$	5.828925	$	—	$	0.068351	$	5.897276		99	%		—	%		1	%		100	%
Core S&P Mid-Cap(a)		3.355061		—		0.174326		3.529387		95			—			5			100
Core S&P Small-Cap(a)		1.562525		—		0.094955		1.657480		94			—			6			100
Core S&P Total U.S. Stock Market(a)		1.271977		—		0.022551		1.294528		98			—			2			100
Core S&P U.S. Growth(a)		0.710321		—		0.008149		0.718470		99			—			1			100
Core S&P U.S. Value(a)		1.430018		—		0.021907		1.451925		98			—			2			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

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Supplemental Information (unaudited)(continued)

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Core S&P 500		$29,779,631		$13,923,925		$15,855,706		661		$3,645,087		$376,716
Core S&P Mid-Cap		6,081,135		2,843,328		3,237,807		661		744,343		76,927
Core S&P Small-Cap		6,728,249		3,145,896		3,582,353		661		823,551		85,113

S U P P L E M E N T A L   I N F O R M A T I O N 145

Trustee and Officer Information  

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E   A N D   O F F I C E R    I N F O R M A T I O N 147

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L   I N F O R M A T I O N 149

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Counterparty Abbreviations
HSBC	HSBC Bank PLC

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Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-302-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Global 100 ETF | IOO | NYSE Arca

· iShares Global Infrastructure ETF | IGF | NASDAQ

· iShares Global Timber & Forestry ETF | WOOD | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Report of Independent Registered Public Accounting Firm		36
Important Tax Information (Unaudited)		37
Statement Regarding Liquidity Risk Management Program		38
Supplemental Information		39
Trustee and Officer Information		40
General Information		43
Glossary of Terms Used in this Report		44

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended March 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 7.28% in U.S. dollar terms for the reporting period.

Stocks were supported by economic recovery in most regions of the world, even as significant challenges emerged. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the pandemic, as mitigation and adaptation allowed most activity to continue. Nonetheless, two highly contagious COVID-19 variants appeared during the reporting period, causing sharp increases in cases in many countries and in some instances leading to new restrictions, which acted as a drag on growth. Inflation was high in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine late in the reporting period presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew robustly, powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity. Consequently, unemployment decreased substantially, falling to 3.6% in March 2022.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates, and indicated that further increases could be necessary.

Stocks in Europe posted modest gains, helped by a steadily growing economy and increasing vaccinations. However, inflation increased significantly, and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many other European countries, and new sanctions imposed limits on some types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying programs.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period and analysts became concerned that the subsequent lockdowns would constrain growth.

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Fund Summary as of March 31, 2022 iShares^® Global 100 ETF

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100TM (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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.11	%		15.51	%		11.84	%		17.11	%		105.67	%		206.06	%
Fund Market		17.09			15.55			11.85			17.09			105.95			206.37
Index		17.48			15.48			11.75			17.48			105.35			203.62

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     1,076.90	$    2.07			$     1,000.00	$     1,022.90	$    2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Global 100 ETF

Portfolio Management Commentary

Amid solid global economic growth as the recovery from the impact of the coronavirus pandemic continued, large-capitalization global stocks posted a significant gain for the reporting period. Stocks from the U.S., which represented approximately 73% of the Index on average, constituted the majority of the Index’s return.

Among U.S. stocks, the information technology sector contributed the most to the Index’s return. Large companies in the sector benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers, moving away from more expensive in-house platforms. Elevated demand allowed for product price increases, which further boosted stock prices in the industry.

The U.S. communication services sector made a solid contribution to the Index’s return. Continued growth in revenues from digital advertising, improved cost management, and strength in sales of cloud services all benefited the interactive media and services industry. Synergies from control of a mobile operating system helped make advertising revenues more resilient to changes on competing platforms.

Stocks from the U.K. also aided the Index’s performance, primarily stocks from the energy sector. Rising oil prices led to higher profits, and healthy cash flow allowed companies in the integrated oil and gas industry to increase dividends and repurchase stock. Swiss stocks gained due to strength in the healthcare sector, as development of COVID-19 antibody treatments and home tests bolstered the pharmaceuticals industry.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	30.7	%
Consumer Discretionary	13.4
Health Care	12.3
Consumer Staples	10.7
Communication Services	9.3
Financials	9.0
Energy	5.8
Industrials	5.2
Materials	2.3
Other (each representing less than 1%)	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	73.4	%
United Kingdom	6.7
Switzerland	5.5
France	4.1
Japan	3.2
Germany	3.0
South Korea	1.5
Australia	1.5
Spain	0.7
Netherlands	0.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Infrastructure ETF

Investment Objective

The iShares Global Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities in the infrastructure industry, as represented by the S&P Global Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.54	%		6.87	%		6.99	%		15.54	%		39.40	%		96.46	%
Fund Market		15.65			6.82			6.99			15.65			39.07			96.59
Index		15.86			6.76			6.87			15.86			38.71			94.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     1,119.00	$     2.11			$     1,000.00	$    1,022.90	$    2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D    S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® Global Infrastructure ETF

Portfolio Management Commentary

Global infrastructure stocks advanced strongly for the reporting period. The continued global economic recovery provided tailwinds for infrastructure-related companies, as greater international trade and industrial production increased the demand for related infrastructure.

Infrastructure stocks in the U.S. contributed the most to the Index’s return, helped by the passage of a significant bill funding infrastructure development. In November 2021, the bipartisan Infrastructure Investment and Jobs Act was signed into law, benefiting companies that provide products and services related to infrastructure. The $1.2 trillion bill funds investments in bridges and roads, broadband internet, water and energy systems, and other projects.

Within the U.S., utilities stocks contributed the most to the Index’s return, led by the electric utilities industry. As the economy improved and business activity accelerated, demand for power increased, benefiting electric utilities companies. While the cost of energy commodities rose substantially, most utilities companies were able to pass along these higher costs to their customers. Utilities providers also increased their investments in renewable energy, and in 2021 the share of energy produced from solar and wind sources grew at the fastest rate on record. The industry also made investments in grid modernization and distribution networks to manage increased demand as more devices and vehicles use electric power.

Energy infrastructure stocks also contributed significantly to the Index’s performance, with both U.S. and Canadian energy stocks posting strong gains. The energy stocks represented in the Index are in the oil and gas storage and transportation industry, which provides pipeline and other transportation services to producers of oil and gas. While companies in this industry typically do not sell oil and gas directly, they can indirectly benefit from higher prices for energy products. Higher oil and gas prices motivate additional production and higher production drives increased revenues for pipeline companies that transport the extra product. Oil and gas prices rose sharply during the reporting period, and oil production began to rise in both the U.S. and Canada after declining significantly in the early part of the coronavirus pandemic.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Electric Utilities	23.4	%
Oil & Gas Storage & Transportation	19.9
Airport Services	19.2
Highways & Railtracks	16.4
Multi-Utilities	14.2
Marine Ports & Services	4.4
Water Utilities	1.5
Other (each representing less than 1%)	1.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	37.4	%
Canada	10.2
Australia	8.7
Spain	7.4
Italy	6.7
France	5.8
China	5.4
Mexico	4.8
Germany	3.2
United Kingdom	2.6

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Timber & Forestry ETF

Investment Objective

The iShares GlobalTimber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.04	%		11.05	%		9.89	%		6.04	%		68.88	%		156.72	%
Fund Market		6.13			11.01			9.89			6.13			68.58			156.68
Index		6.28			10.99			9.74			6.28			68.44			153.36

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     1,050.90	$    2.15			$     1,000.00	$     1,022.80	$    2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D    S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® Global Timber & Forestry ETF

Portfolio Management Commentary

Global timber and forestry stocks advanced during the reporting period, as a resurgence in housing construction and a lumber shortage combined to triple timber prices relative to pre-pandemic levels. Labor shortages in the supply chain for wood construction materials, both at sawmills and in the transportation network, contributed to the increase in lumber prices. Higher U.S. tariffs on softwood lumber imported from Canada also drove timber price increases. Historically low housing inventory levels and low mortgage rates fueled solid demand for new housing construction. However, timber and forestry companies faced challenges from growing deforestation and increasing levels of drought.

U.S.-based lumber companies, particularly specialized real estate investment trusts (“REITs”) engaged in logging and forest management, contributed the most to the Index’s return. Timber REITs are highly sensitive to the price of timber and prevailing homebuilding conditions, so the industry benefited from a housing shortage that drove sales of products used in residential construction, such as structural lumber and engineered wood. Even as U.S. home sales soared during the reporting period, new residential construction projects languished due to delays in the supply chain and labor shortages.

Canadian stocks also contributed to the Index’s performance, led by paper and forest products companies that produce wood materials such as lumber, plywood, pulp, and newsprint. The rise in lumber prices led to sharply higher profits early in the reporting period. Earnings for these companies later slowed when restrictions related to the coronavirus pandemic eased and sales for home renovations and do-it-yourself projects diminished. In November 2021, severe weather and flooding in the Canadian province of British Columbia disrupted transportation networks and reduced lumber shipments.

On the downside, investments in Japan’s materials sector, including paper products manufacturers, detracted from the Index’s return. The weakening Japanese yen, which in the past aided the country’s export-driven economy, more recently pressured profits due to increased overseas manufacturing. However, the shift to eco-conscious packaging as a replacement for plastic helped the Japanese pulp and paper market to position itself as an alternative source of packaging materials.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Paper Products	30.9	%
Specialized REITs	24.4
Forest Products	22.7
Paper Packaging	18.7
Homebuilding	3.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	33.8	%
Sweden	15.4
Canada	14.3
Finland	9.8
Japan	9.0
Brazil	7.7
Ireland	3.9
United Kingdom	3.9
South Africa	2.2

^(a)  Excludes money market funds.

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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.

Shareholder 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 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 a 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.

A B O U T    F U N D    P E R F O R M A N C E / S H A R E H O L D E R    E X P E N S E S 11

Schedule of Investments March 31, 2022 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.5%
BHP Group Ltd.		1,012,183	$	39,017,113
Rio Tinto PLC		211,879		16,938,992
				55,956,105
France — 4.1%
AXA SA		413,171		12,095,302
Cie. de Saint-Gobain		105,052		6,250,631
Engie SA		355,108		4,668,604
L’Oreal SA		47,047		18,792,692
LVMH Moet Hennessy Louis Vuitton SE		53,489		38,180,378
Orange SA		374,563		4,435,312
Sanofi		229,897		23,504,575
Schneider Electric SE		113,519		19,058,741
Societe Generale SA		158,391		4,246,040
TotalEnergies SE		491,234		24,856,204
Vivendi SE		160,425		2,095,873
				158,184,352
Germany — 3.0%
Allianz SE, Registered		81,855		19,547,636
BASF SE		183,800		10,487,722
Bayer AG, Registered		197,215		13,489,322
Deutsche Bank AG, Registered(a)		413,825		5,211,788
Deutsche Telekom AG, Registered		676,889		12,606,464
E.ON SE		449,085		5,217,533
Mercedes-Benz Group AG		166,096		11,658,192
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		28,066		7,503,155
RWE AG		135,128		5,883,810
Siemens AG, Registered		159,756		22,120,974
				113,726,596
Japan — 3.2%
Bridgestone Corp.		120,800		4,688,945
Canon Inc.		210,550		5,131,945
Honda Motor Co. Ltd.		343,000		9,722,622
Mitsubishi UFJ Financial Group Inc.		2,516,600		15,555,451
Nissan Motor Co. Ltd.(a)		479,100		2,128,798
Panasonic Corp.		466,200		4,527,770
Seven & i Holdings Co. Ltd.		158,920		7,576,861
Sony Group Corp.		252,400		25,965,810
Toyota Motor Corp.		2,579,500		46,529,009
				121,827,211
Netherlands — 0.3%
ING Groep NV		776,841		8,110,939
Koninklijke Philips NV		176,174		5,372,195
				13,483,134
South Korea — 1.5%
Samsung Electronics Co. Ltd.		1,026,517		58,740,348
Spain — 0.7%
Banco Bilbao Vizcaya Argentaria SA		1,325,032		7,565,833
Banco Santander SA		3,453,990		11,743,310
Repsol SA		282,608		3,701,936
Telefonica SA		1,097,714		5,319,804
				28,330,883
Switzerland — 5.4%
ABB Ltd., Registered		357,053		11,583,046
Credit Suisse Group AG, Registered		498,525		3,924,445
Nestle SA, Registered		562,843		73,180,095

Security	Shares		Value
Switzerland (continued)
Novartis AG, Registered		486,749	$	42,732,426
Roche Holding AG, Bearer		5,350		2,339,827
Roche Holding AG, NVS		140,474		55,580,182
Swiss Re AG		57,577		5,480,980
UBS Group AG, Registered		739,596		14,452,669
				209,273,670
United Kingdom — 6.7%
Anglo American PLC		268,420		13,947,726
AstraZeneca PLC		309,794		41,082,681
Aviva PLC		749,370		4,433,955
Barclays PLC		3,167,223		6,139,583
BP PLC		3,924,652		19,240,126
Diageo PLC		467,055		23,691,146
GlaxoSmithKline PLC		1,001,965		21,679,459
HSBC Holdings PLC		4,130,072		28,210,716
National Grid PLC		774,680		11,905,443
Prudential PLC		546,219		8,063,976
Shell PLC		1,529,875		41,931,867
Standard Chartered PLC		519,024		3,445,284
Unilever PLC		525,702		23,868,317
Vodafone Group PLC		5,362,718		8,793,700
				256,433,979
United States — 73.1%
3M Co.		114,882		17,103,632
Abbott Laboratories		353,559		41,847,243
Alphabet Inc., Class A(a)		60,134		167,253,701
Alphabet Inc., Class C, NVS(a)		55,537		155,114,286
Amazon.com Inc.(a)		87,497		285,235,845
American Tower Corp.		90,964		22,851,976
Aon PLC, Class A		42,829		13,946,407
Apple Inc.		3,099,831		541,261,491
Bristol-Myers Squibb Co.		434,860		31,757,826
Caterpillar Inc.		108,158		24,099,766
Chevron Corp.		385,430		62,759,567
Citigroup Inc.		396,770		21,187,518
Coca-Cola Co. (The)		777,279		48,191,298
Colgate-Palmolive Co.		168,850		12,803,896
DuPont de Nemours Inc.		103,156		7,590,218
Emerson Electric Co.		119,174		11,685,011
Exxon Mobil Corp.		846,478		69,910,618
Ford Motor Co.		786,460		13,299,039
General Electric Co.		219,803		20,111,975
Goldman Sachs Group Inc. (The)		67,873		22,404,877
Honeywell International Inc.		137,335		26,722,644
HP Inc.		216,038		7,842,179
Intel Corp.		814,173		40,350,414
International Business Machines Corp.		179,310		23,313,886
Johnson & Johnson		526,373		93,289,087
Johnson Controls International PLC		142,154		9,321,038
JPMorgan Chase & Co.		590,889		80,549,988
Kimberly-Clark Corp.		67,171		8,272,780
Marsh & McLennan Companies Inc.		101,129		17,234,404
McDonald’s Corp.		149,407		36,945,363
Merck & Co. Inc.		504,072		41,359,108
Microsoft Corp.		1,498,956		462,143,124
Morgan Stanley		283,138		24,746,261
Nike Inc., Class B		255,187		34,337,963
PepsiCo Inc.		276,613		46,299,484
Pfizer Inc.		1,122,261		58,099,452

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Schedule of Investments  (continued) March 31, 2022 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Philip Morris International Inc.		309,978	$	29,119,333
Procter & Gamble Co. (The)		479,280		73,233,984
Raytheon Technologies Corp.		297,929		29,515,826
Texas Instruments Inc.		184,658		33,881,050
Walmart Inc.		283,085		42,157,018
				2,809,150,576
Total Common Stocks — 99.5% (Cost: $2,535,641,930)				3,825,106,854
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		8,396,000		8,396,000
Total Short-Term Investments — 0.2% (Cost: $8,396,000)				8,396,000
Total Investments in Securities — 99.7% (Cost: $2,544,037,930)				3,833,502,854
Other Assets, Less Liabilities — 0.3%				10,106,761
Net Assets — 100.0%			$	3,843,609,615

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	14,813	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,816,000		5,580,000	(b)		—		—		—		8,396,000		8,396,000		1,334			—
								$	—	$	—	$	8,396,000			$	16,147		$	—

^(a) As of period end, the entity is no longer held.

^(b) Represents net amount purchased (sold).

^(c) 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
Euro Stoxx 50 Index		28		06/17/22	$	1,177	$	39,269
FTSE 100 Index		23		06/17/22		2,250		69,408

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global 100 ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		62		06/17/22	$	14,045	$	884,873
							$	993,550

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	993,550

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	734,273
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	881,588

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,797,392

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
Investments
Assets
Common Stocks	$	2,813,585,888	$	1,011,520,966	$	—	$	3,825,106,854
Money Market Funds		8,396,000		—		—		8,396,000
	$	2,821,981,888	$	1,011,520,966	$	—	$	3,833,502,854
Derivative financial instruments(a)
Assets
Futures Contracts	$	884,873	$	108,677	$	—	$	993,550

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

See notes to financial statements.

14 2 0 2 2    I S H A R E S    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 March 31, 2022 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.7%
Atlas Arteria Ltd.		13,164,141	$	64,068,300
Qube Holdings Ltd.		26,358,000		61,423,519
Transurban Group		17,035,260		172,123,405
				297,615,224
Brazil — 0.1%
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		455,088		4,473,515
Canada — 10.2%
Enbridge Inc.		3,672,730		169,072,200
Gibson Energy Inc.		289,637		5,794,362
Keyera Corp.		436,573		11,066,671
Pembina Pipeline Corp.		1,086,446		40,819,397
TC Energy Corp.		1,937,345		109,268,644
Westshore Terminals Investment Corp.		513,985		13,621,024
				349,642,298
China — 5.4%
Anhui Expressway Co. Ltd., Class H		4,128,000		4,031,404
Beijing Capital International Airport Co. Ltd., Class H(a)		22,444,000		13,047,046
CGN Power Co. Ltd., Class H(b)		13,656,000		3,573,819
China Gas Holdings Ltd.		3,257,400		4,151,825
China Longyuan Power Group Corp. Ltd., Class H		4,440,000		9,979,987
China Merchants Port Holdings Co. Ltd.		18,708,000		33,692,797
China Power International Development Ltd.		7,135,000		3,798,265
China Resources Gas Group Ltd.		1,236,000		5,202,168
China Resources Power Holdings Co. Ltd.		2,392,000		4,451,589
COSCO SHIPPING Ports Ltd.		22,754,000		17,633,102
Guangdong Investment Ltd.		3,850,000		5,245,395
Hainan Meilan International Airport Co. Ltd., Class H(a)		1,838,000		4,188,584
Jiangsu Expressway Co. Ltd., Class H		16,774,000		17,517,906
Kunlun Energy Co. Ltd.		5,320,000		4,597,732
Shenzhen Expressway Co. Ltd., Class H		9,542,000		10,027,688
Shenzhen International Holdings Ltd.		18,046,500		18,981,723
Yuexiu Transport Infrastructure Ltd.		12,862,000		8,659,665
Zhejiang Expressway Co. Ltd., Class H		19,682,000		16,532,950
				185,313,645
Denmark — 0.9%
Orsted AS(b)		254,283		31,828,961
France — 5.7%
Aeroports de Paris(a)		353,186		52,814,760
Engie SA		2,389,646		31,416,670
Gaztransport Et Technigaz SA		50,534		5,674,177
Getlink SE		5,935,425		106,894,932
				196,800,539
Germany — 3.2%
E.ON SE		3,017,872		35,062,064
Fraport AG Frankfurt Airport Services Worldwide(a)		507,717		28,144,469
Hamburger Hafen und Logistik AG		320,077		5,693,553
RWE AG		908,969		39,578,777
				108,478,863
Italy — 6.7%
Atlantia SpA(a)		6,914,520		143,770,430
Enav SpA(a)(b)		3,495,085		16,117,598
Enel SpA		10,386,129		69,345,580
				229,233,608

Security	Shares		Value
Japan — 1.8%
Iwatani Corp.		105,300	$	4,437,753
Japan Airport Terminal Co. Ltd.(a)		1,278,600		58,237,360
				62,675,113
Mexico — 4.8%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		467,180		27,885,974
Grupo Aeroportuario del Pacifico SAB de CV, ADR		476,044		76,752,574
Grupo Aeroportuario del Sureste SAB de CV, ADR(c)		270,012		59,834,659
				164,473,207
Netherlands — 0.1%
Koninklijke Vopak NV		129,152		4,178,634
New Zealand — 2.6%
Auckland International Airport Ltd.(a)		16,575,944		89,686,176
Singapore — 0.7%
Hutchison Port Holdings Trust, Class U(c)		69,353,200		16,905,883
SIA Engineering Co. Ltd.(a)		3,543,900		6,667,610
				23,573,493
Spain — 7.4%
Aena SME SA(a)(b)		1,008,455		168,109,610
Iberdrola SA		7,874,516		86,068,214
				254,177,824
Switzerland — 1.4%
Flughafen Zurich AG, Registered(a)		261,291		46,898,291
United Kingdom — 2.6%
James Fisher & Sons PLC(a)		219,833		999,191
John Menzies PLC(a)		1,150,160		8,968,726
National Grid PLC		5,210,459		80,075,411
				90,043,328
United States — 37.4%
American Electric Power Co. Inc.		677,004		67,544,689
American Water Works Co. Inc.		244,022		40,392,962
Cheniere Energy Inc.		465,834		64,587,884
Consolidated Edison Inc.		475,506		45,020,908
Dominion Energy Inc.		1,088,795		92,514,911
DTE Midstream LLC(a)		191,069		10,367,404
Duke Energy Corp.		1,033,977		115,453,872
Equitrans Midstream Corp.		803,035		6,777,615
Eversource Energy		462,141		40,756,215
Exelon Corp.		1,316,635		62,711,325
Kinder Morgan Inc.		3,851,786		72,837,273
NextEra Energy Inc.		1,997,491		169,207,463
ONEOK Inc.		880,831		62,213,094
Public Service Enterprise Group Inc.		679,709		47,579,630
Sempra Energy		429,250		72,165,510
Southern Co. (The)		1,424,579		103,296,223
Targa Resources Corp.		452,274		34,133,119
WEC Energy Group Inc.		424,005		42,319,939
Williams Companies Inc. (The)		2,399,973		80,183,098
Xcel Energy Inc.		724,083		52,257,070
				1,282,320,204
Total Common Stocks — 99.7%
(Cost: $2,944,119,778)				3,421,412,923

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		1,494,602	$	4,812,619
Total Preferred Stocks — 0.1% (Cost: $3,205,563)				4,812,619
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		1,941,066		1,940,677
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		6,110,000		6,110,000
				8,050,677
Total Short-Term Investments — 0.2% (Cost: $8,049,614)				8,050,677
Total Investments in Securities — 100.0% (Cost: $2,955,374,955)				3,434,276,219
Other Assets, Less Liabilities — (0.0)%				(1,286,908	)
Net Assets — 100.0%			$	3,432,989,311

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,584,799	$	—		$	(3,642,164	)(a)	$	(791	)	$	(1,167	)	$	1,940,677		1,941,066	$	376,476	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,458,000		652,000	(a)		—			—			—			6,110,000		6,110,000		968			—
									$	(791	)	$	(1,167	)	$	8,050,677			$	377,444		$	—

^(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
IBEX 35 Index		20		04/14/22	$  1,852	$	13,471
S&P/TSX 60 Index		21		06/16/22	4,425		39,112
SPI 200 Index		13		06/16/22	1,811		64,842

16 2 0 2 2    I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Infrastructure ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Dow Jones U.S. Real Estate Index		45		06/17/22	$	1,888	$	57,740
							$	175,165

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	175,165

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,060,312
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	168,256

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,052,718

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
Investments
Assets
Common Stocks	$	1,818,441,365	$	1,602,971,558	$	—	$	3,421,412,923
Preferred Stocks		4,812,619		—		—		4,812,619
Money Market Funds		8,050,677		—		—		8,050,677
	$	1,831,304,661	$	1,602,971,558	$	—	$	3,434,276,219
Derivative financial instruments(a)
Assets
Futures Contracts	$	96,852	$	78,313	$	—	$	175,165

^(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    O F    I N V E S T M E N T S 17

Schedule of Investments March 31, 2022 iShares^® Global Timber & Forestry ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 7.7%
Klabin SA		2,419,962	$	12,259,792
Suzano SA		1,038,348		12,027,786
				24,287,578
Canada — 14.3%
Canfor Corp.(a)		378,094		7,790,826
Interfor Corp.		376,866		10,481,647
West Fraser Timber Co. Ltd.		285,162		23,462,595
Western Forest Products Inc.		2,037,764		3,276,332
				45,011,400
Finland — 9.8%
Metsa Board OYJ, Class B		550,050		5,569,009
Stora Enso OYJ, Class R		661,252		12,972,057
UPM-Kymmene OYJ		377,637		12,331,732
				30,872,798
Ireland — 3.9%
Smurfit Kappa Group PLC		275,008		12,215,124
Japan — 8.9%
Daio Paper Corp.		392,800		5,073,875
Oji Holdings Corp.		2,560,900		12,705,087
Sumitomo Forestry Co. Ltd.		586,100		10,327,309
				28,106,271
South Africa — 2.2%
Sappi Ltd.(a)		1,757,086		6,841,964
Sweden — 15.3%
BillerudKorsnas AB		567,846		8,414,889
Holmen AB, Class B		244,514		13,648,405
Svenska Cellulosa AB SCA, Class B		1,346,072		26,137,588
				48,200,882

Security	Shares		Value
United Kingdom — 3.8%
Mondi PLC		626,407	$	12,175,991
United States — 33.6%
CatchMark Timber Trust Inc., Class A		303,010		2,484,682
International Paper Co.		285,703		13,185,193
PotlatchDeltic Corp.		428,062		22,571,709
Rayonier Inc.		628,396		25,839,644
Sylvamo Corp.(a)		109,346		3,639,035
Westrock Co.		272,124		12,797,992
Weyerhaeuser Co.		674,456		25,561,882
				106,080,137
Total Common Stocks — 99.5%
(Cost: $297,553,964)				313,792,145
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		470,000		470,000
Total Short-Term Investments — 0.1%     (Cost: $470,000)			470,000
Total Investments in Securities — 99.6%     (Cost: $298,023,964)			314,262,145
Other Assets, Less Liabilities — 0.4%			1,191,423
Net Assets — 100.0%			$315,453,568

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	1	(b)	$	—		$	(1	)	$	—	$	—		—	$	1,153	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		—			(60,000	)(b)		—			—		470,000		470,000		55			—
									$	(1	)	$	—	$	470,000			$	1,208		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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.

18 2 0 2 2    I S H A R E S    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   (continued) March 31, 2022 iShares^® Global Timber & Forestry ETF

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		10		06/17/22	$	2,265	$	51,530

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	51,530

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	269,234
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	38,089

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,983,601

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
Investments
Assets
Common Stocks	$	182,221,079	$	131,571,066	$	—	$	313,792,145
Money Market Funds		470,000		—		—		470,000
	$	182,691,079	$	131,571,066	$	—	$	314,262,145
Derivative financial instruments(a)
Assets
Futures Contracts	$	51,530	$	—	$	—	$	51,530

^(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    O F    I N V E S T M E N T S 19

Statements of Assets and Liabilities

March 31, 2022

	iShares Global 100 ETF		iShares Global Infrastructure ETF		iShares Global Timber & Forestry ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,825,106,854	$	3,426,225,542	$	313,792,145
Affiliated(c)		8,396,000		8,050,677		470,000
Cash		7,110		9,097		5,895
Foreign currency, at value(d)		2,629,950		7,576,422		472,757
Cash pledged:
Futures contracts		752,000		182,000		110,000
Foreign currency collateral pledged:
Futures contracts(e)		282,990		998,649		—
Receivables:
Investments sold		—		151,637,237		16,431,213
Securities lending income — Affiliated		—		749		—
Dividends		6,572,805		4,139,839		1,118,764
Tax reclaims		1,451,132		226,794		421,996
Total assets		3,845,198,841		3,599,047,006		332,822,770
LIABILITIES
Collateral on securities loaned, at value		—		1,934,723		—
Payables:
Investments purchased		—		162,846,222		17,205,092
Variation margin on futures contracts		243,217		139,451		29,423
Investment advisory fees		1,276,224		1,137,299		107,386
Professional fees		36,095		—		27,193
IRS compliance fee for foreign withholding tax claims		33,690		—		108
Total liabilities		1,589,226		166,057,695		17,369,202
NET ASSETS	$	3,843,609,615	$	3,432,989,311	$	315,453,568
NET ASSETS CONSIST OF:
Paid-in capital	$	2,692,966,380	$	3,255,815,135	$	310,635,823
Accumulated earnings		1,150,643,235		177,174,176		4,817,745
NET ASSETS	$	3,843,609,615	$	3,432,989,311	$	315,453,568
Shares outstanding		50,600,000		67,600,000		3,540,000
Net asset value	$	75.96	$	50.78	$	89.11
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	—	$	345,124	$	—
(b) Investments, at cost — Unaffiliated	$	2,535,641,930	$	2,947,325,341	$	297,553,964
(c)  Investments, at cost — Affiliated	$	8,396,000	$	8,049,614	$	470,000
(d) Foreign currency, at cost	$	2,625,797	$	7,470,702	$	471,274
(e) Foreign currency collateral pledged, at cost	$	290,800	$	1,011,334	$	—

See notes to financial statements.

20 2 0 2 2    I S H A R E S    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 Operations

Year Ended March 31, 2022

	iShares Global 100 ETF			iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	74,226,639		$	88,342,854		$	7,534,287
Dividends — Affiliated		1,334			1,945			55
Securities lending income — Affiliated — net		14,813			375,499			1,153
Other income — Unaffiliated		1,958			—			5,093
Foreign taxes withheld		(4,410,102	)		(5,683,840	)		(480,758	)
Foreign withholding tax claims		136,709			—			275,723
IRS Compliance fee for foreign withholding tax claims		(23,050	)		—			(108	)
Total investment income		69,948,301			83,036,458			7,335,445
EXPENSES
Investment advisory fees		14,118,970			12,708,539			1,348,420
Commitment fees		1,470			5,178			1,880
Professional fees		47,391			217			28,299
Total expenses		14,167,831			12,713,934			1,378,599
Net investment income		55,780,470			70,322,524			5,956,846
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,859,829	)		31,677,803			3,509,321
Investments — Affiliated		—			(791	)		(1	)
In-kind redemptions — Unaffiliated		129,075,365			68,578,399			37,382,306
Futures contracts		734,273			2,060,312			269,234
Foreign currency transactions		(133,806	)		(185,797	)		(58,674	)
Net realized gain		116,816,003			102,129,926			41,102,186
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		345,069,624			293,086,004			(34,759,366	)
Investments — Affiliated		—			(1,167	)		—
Futures contracts		881,588			168,256			38,089
Foreign currency translations		(51,228	)		(358,590	)		31,865
Net change in unrealized appreciation (depreciation)		345,899,984			292,894,503			(34,689,412	)
Net realized and unrealized gain		462,715,987			395,024,429			6,412,774
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	518,496,457		$	465,346,953		$	12,369,620

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 21

Statements of Changes in Net Assets

	iShares Global 100 ETF						iShares Global Infrastructure ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	55,780,470		$	43,191,067		$	70,322,524		$	78,913,924
Net realized gain (loss)		116,816,003			102,579,128			102,129,926			(62,569,876	)
Net change in unrealized appreciation (depreciation)		345,899,984			815,086,813			292,894,503			916,470,827
Net increase in net assets resulting from operations		518,496,457			960,857,008			465,346,953			932,814,875
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(56,448,560	)		(40,952,429	)		(76,469,201	)		(76,623,860	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		408,496,678			197,592,141			(19,508,370	)		(534,217,723	)
NET ASSETS
Total increase in net assets		870,544,575			1,117,496,720			369,369,382			321,973,292
Beginning of year		2,973,065,040			1,855,568,320			3,063,619,929			2,741,646,637
End of year	$	3,843,609,615		$	2,973,065,040		$	3,432,989,311		$	3,063,619,929

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

See notes to financial statements.

22 2 0 2 2    I S H A R E S    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 (continued)

	iShares Global Timber & Forestry ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,956,846		$	2,792,041
Net realized gain (loss)		41,102,186			(6,301,390	)
Net change in unrealized appreciation (depreciation)		(34,689,412	)		136,206,632
Net increase in net assets resulting from operations		12,369,620			132,697,283
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,841,317	)		(2,647,161	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(24,124,346	)		28,821,616
NET ASSETS
Total increase (decrease) in net assets		(16,596,043	)		158,871,738
Beginning of year		332,049,611			173,177,873
End of year	$	315,453,568		$	332,049,611

^(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 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares Global 100 ETF
		Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	65.92		$	44.71		$	47.57		$	45.54		$	40.90
Net investment income(b)		1.16			0.99			1.06			1.14			1.02
Net realized and unrealized gain (loss)(c)		10.08			21.16			(2.83	)		1.97			4.65
Net increase (decrease) from investment operations		11.24			22.15			(1.77	)		3.11			5.67
Distributions(d)
From net investment income		(1.20	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)
Total distributions		(1.20	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)
Net asset value, end of year	$	75.96		$	65.92		$	44.71		$	47.57		$	45.54
Total Return(e)
Based on net asset value		17.11	%		49.88	%		(3.91	)%		7.00	%		13.97	%
Ratios to Average Net Assets(f)
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.40	%		N/A			0.40	%		N/A			N/A
Net investment income		1.58	%		1.71	%		2.11	%		2.46	%		2.30	%
Supplemental Data
Net assets, end of year (000)	$	3,843,610		$	2,973,065		$	1,855,568		$	2,031,281		$	1,780,507
Portfolio turnover rate(g)		2	%		3	%		5	%		9	%		8	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

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

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

See notes to financial statements.

24 2 0 2 2    I S H A R E S    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 Global Infrastructure ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	45.05		$	33.89		$	44.78		$	42.73		$	42.18
Net investment income(a)		1.04			1.04			1.54			1.34			1.44
Net realized and unrealized gain (loss)(b)		5.84			11.14			(10.86	)		2.10			0.45
Net increase (decrease) from investment operations		6.88			12.18			(9.32	)		3.44			1.89
Distributions(c)
From net investment income		(1.15	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)
Total distributions		(1.15	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)
Net asset value, end of year	$	50.78		$	45.05		$	33.89		$	44.78		$	42.73
Total Return(d)
Based on net asset value		15.54	%		36.27	%(e)		(21.75	)%		8.40	%		4.37	%
Ratios to Average Net Assets(f)
Total expenses		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%
Net investment income		2.23	%		2.57	%		3.38	%		3.15	%		3.24	%
Supplemental Data
Net assets, end of year (000)	$	3,432,989		$	3,063,620		$	2,741,647		$	2,825,830		$	2,503,687
Portfolio turnover rate(g)		16	%		25	%		9	%		19	%		11	%

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

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

^(g)  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 25

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Timber & Forestry ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	85.14		$	48.10		$	63.82		$	78.11		$	57.39
Net investment income(a)		1.58	(b)		0.78			0.79			1.57			0.82
Net realized and unrealized gain (loss)(c)		3.53			37.04			(15.27	)		(14.25	)		20.75
Net increase (decrease) from investment operations		5.11			37.82			(14.48	)		(12.68	)		21.57
Distributions(d)
From net investment income		(1.14	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)
Total distributions		(1.14	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)
Net asset value, end of year	$	89.11		$	85.14		$	48.10		$	63.82		$	78.11
Total Return(e)
Based on net asset value		6.04	%(b)		79.23	%		(23.04	)%		(16.22	)%		37.92	%
Ratios to Average Net Assets(f)
Total expenses		0.41	%		0.43	%		0.46	%		0.46	%		0.47	%
Total expenses excluding professional fees for foreign withholding tax claims		0.40	%		N/A			N/A			0.46	%		N/A
Net investment income		1.78	%(b)		1.15	%		1.30	%		2.17	%		1.21	%
Supplemental Data
Net assets, end of year (000)	$	315,454		$	332,050		$	173,178		$	279,553		$	440,542
Portfolio turnover rate(g)		18	%		14	%		10	%		18	%		31	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.07.

• Total return by 0.09%.

• Ratio of net investment income to average net assets by 0.07%.

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

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

See notes to financial statements.

26 2 0 2 2    I S H A R E S    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

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
Global 100	Diversified
Global Infrastructure	Diversified
Global Timber & Forestry	Non-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 Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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 27

Notes to Financial Statements  (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

28 2 0 2 2    I S H A R E S    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  (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Global Infrastructure
Citigroup Global Markets, Inc.	$	288,080	$	288,080		$	—	$	—
HSBC Bank PLC		57,044		57,044			—		—
	$	345,124	$	345,124		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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.

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 29

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Global 100 ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA is entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the iShares Global 100 ETF (the “Group 1 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.

Pursuant to the current securities lending agreement, the iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (the “Group 2 Fund”), retains 82% 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 a given calendar year exceeds a specified threshold: (1) the Group 1 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, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% 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.

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Notes to Financial Statements  (continued)

Prior to January 1, 2022, the Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Global 100	$	4,049
Global Infrastructure		91,794
Global Timber & Forestry		493

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 year ended March 31, 2022, 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)
Global 100	$	12,461,887	$	2,801,840	$	(834,699	)
Global Infrastructure		28,851,595		6,374,181		(503,910	)
Global Timber & Forestry		4,061,545		224,733		(29,959	)

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global 100	$	121,781,714	$	73,931,168
Global Infrastructure		618,541,702		493,465,484
Global Timber & Forestry		60,511,015		60,125,200

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global 100	$	570,803,911	$	212,006,853
Global Infrastructure		206,708,260		279,124,658
Global Timber & Forestry		119,017,903		137,848,023

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.

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Notes to Financial Statements  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings
Global 100	$	128,000,549	$	(128,000,549	)
Global Infrastructure		55,246,336		(55,246,336	)
Global Timber & Forestry		36,094,783		(36,094,783	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Global 100
Ordinary income	$	56,448,560	$	40,952,429
Global Infrastructure
Ordinary income	$	76,469,201	$	76,623,860
Global Timber & Forestry
Ordinary income	$	4,841,317	$	2,647,161

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Global 100	$	17,773,529	$	(114,796,914	)	$	1,247,666,620		$	1,150,643,235
Global Infrastructure		7,975,162		(279,792,184	)		448,991,198			177,174,176
Global Timber & Forestry		1,261,095		(11,070,882	)		14,627,532			4,817,745

(a) Amounts available to offset future realized capital gains.

(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and characterization of corporate actions.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Global Infrastructure	$	36,718,485
Global Timber & Forestry		3,987,315

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global 100	$	2,585,786,283	$	1,435,165,553	$	(187,448,982	)	$	1,247,716,571
Global Infrastructure		2,985,037,670		585,823,057		(136,467,083	)		449,355,974
Global Timber & Forestry		299,661,232		34,833,531		(20,232,618	)		14,600,913

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds:

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Notes to Financial Statements  (continued)

$300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

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Notes to Financial Statements  (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. 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:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global 100
Shares sold		8,550,000		$	627,959,649			7,400,000		$	411,867,144
Shares redeemed		(3,050,000	)		(219,462,971	)		(3,800,000	)		(214,275,003	)
Net increase		5,500,000		$	408,496,678			3,600,000		$	197,592,141

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Notes to Financial Statements  (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global Infrastructure
Shares sold		5,600,000		$	265,747,265			3,300,000		$	125,731,306
Shares redeemed		(6,000,000	)		(285,255,635	)		(16,200,000	)		(659,949,029	)
Net decrease		(400,000	)	$	(19,508,370	)		(12,900,000	)	$	(534,217,723	)
Global Timber & Forestry
Shares sold		1,380,000		$	129,168,563			1,020,000		$	70,906,482
Shares redeemed		(1,740,000	)		(153,292,909	)		(720,000	)		(42,084,866	)
Net increase (decrease)		(360,000	)	$	(24,124,346	)		300,000		$	28,821,616

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global 100 ETF and iShares Global Timber & Forestry ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The iShares Global 100 ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Global 100 ETF, iShares Global Infrastructure ETF and iShares Global Timber &

Forestry ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Global 100 ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend     Income
Global 100	$        77,000,091
Global Infrastructure	88,038,120
Global Timber & Forestry	6,034,080

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
Global Infrastructure	$	61,901,265	$  5,577,546
Global Timber & Forestry		5,758,002	172,307

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received     Deduction
Global 100	58.79%
Global Infrastructure	44.16%
Global Timber & Forestry	12.42%

I M P O R T A N T    T A X    I N F O R M A T I O N 37

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global 100 ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Global 100(a)	$	1.191091	$	—	$	0.005075	$	1.196166		100	%		—	%		0	%(b)		100	%
Global Infrastructure(a)		1.104536		—		0.046910		1.151446		96			—			4			100
Global Timber & Forestry(a)		0.991504		—		0.146704		1.138208		87			—			13			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.

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L    I N F O R M A T I O N 39

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E    A N D    O F F I C E R    I N F O R M A T I O N 41

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L    I N F O R M A T I O N 43

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
NVS	Non-Voting Shares

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Want to know more?

iShares.com  |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-303-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

·   iShares Global Comm Services ETF | IXP | NYSE Arca

·   iShares Global Consumer Discretionary ETF | RXI | NYSE Arca

·   iShares Global Consumer Staples ETF | KXI | NYSE Arca

·   iShares Global Energy ETF | IXC | NYSE Arca

·   iShares Global Financials ETF | IXG | NYSE Arca

·   iShares Global Healthcare ETF | IXJ | NYSE Arca

·   iShares Global Industrials ETF | EXI | NYSE Arca

·   iShares Global Materials ETF | MXI | NYSE Arca

·   iShares Global Tech ETF | IXN | NYSE Arca

·   iShares Global Utilities ETF | JXI | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		25
Shareholder Expenses		25
Schedules of Investments		26
Financial Statements
Statements of Assets and Liabilities		62
Statements of Operations		65
Statements of Changes in Net Assets		68
Financial Highlights		73
Notes to Financial Statements		83
Report of Independent Registered Public Accounting Firm		95
Important Tax Information (Unaudited)		96
Statement Regarding Liquidity Risk Management Program		97
Supplemental Information		98
Trustee and Officer Information		100
General Information		103
Glossary of Terms Used in this Report		104

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended March 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 7.28% in U.S. dollar terms for the reporting period.

Stocks were supported by economic recovery in most regions of the world, even as significant challenges emerged. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the pandemic, as mitigation and adaptation allowed most activity to continue. Nonetheless, two highly contagious COVID-19 variants appeared during the reporting period, causing sharp increases in cases in many countries and in some instances leading to new restrictions, which acted as a drag on growth. Inflation was high in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine late in the reporting period presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew robustly, powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity. Consequently, unemployment decreased substantially, falling to 3.6% in March 2022.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates, and indicated that further increases could be necessary.

Stocks in Europe posted modest gains, helped by a steadily growing economy and increasing vaccinations. However, inflation increased significantly, and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many other European countries, and new sanctions imposed limits on some types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying programs.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period and analysts became concerned that the subsequent lockdowns would constrain growth.

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Fund Summary as of March 31, 2022 iShares^® Global Comm Services ETF

Investment Objective

The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.03	)%		7.12	%		6.96	%		(6.03	)%		41.03	%		95.93	%
Fund Market		(6.37	)		7.10			6.92			(6.37	)		40.94			95.27
Index		(5.40	)		7.36			6.99			(5.40	)		42.63			96.57

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector IndexTM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped IndexTM.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$       887.00	$        2.12			$      1,000.00	$      1,022.70	$        2.27		0.45	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Global Comm Services ETF

Portfolio Management Commentary

Global communication services stocks declined markedly during the reporting period amid investor concerns surrounding the effects of government regulatory policies and expectations of tighter monetary policy by central banks. Revenues were negatively impacted by users spending less time on social media platforms, and expenditures on advertising declined amid supply chain disruptions and rising inflation. Investors grew concerned that changes to corporate policies designed to increase user privacy would make targeted advertising more difficult, ultimately reducing sales. Increased competition in the streaming video market led to reduced revenues, weighing on global communication services stocks.

Chinese communication services stocks, which represented 56% of the Index on average during the reporting period, detracted the most from the Index’s return. The media and entertainment industry led the decline amid investor concern surrounding the impact of new regulations designed to address data security and anticompetitive practices on large technology companies. The Chinese government announced a limit to the amount of time that those under 18 years of age were permitted to play video games, weighing heavily on interactive media and services stocks. A resurgence of COVID-19 infections, disruptions from the war in Ukraine, and the possibility of a large fine due to money laundering toward the end of the reporting period further pressured the industry.

Stocks in the U.S. also detracted from the Index’s return, primarily in the diversified telecommunication services industry. Despite broad inflationary trends, strong competition in the market for mobile data plans led to lower prices, reducing user-generated revenues. Investors also grew concerned about the trajectory for customer growth in the industry. Furthermore, regulatory warnings surrounding the possible effects of 5G technology on aviation led to 5G rollout delays.

On the upside, Canadian telecommunication services companies contributed modestly to the Index’s performance. Revenues rose due to an increase in subscriptions for communications services and heightened investor optimism as the industry upgraded to fiber optic technology and continued the rollout of 5G cellular service.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Interactive Media & Services	46.3%
Diversified Telecommunication Services	19.2
Entertainment	15.7
Media	11.0
Wireless Telecommunication Services	7.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	67.2%
China	8.4
Japan	7.5
Canada	3.0
United Kingdom	3.0
South Korea	1.7
Germany	1.6
Spain	1.4
France	1.3
Netherlands	1.2

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Consumer Discretionary ETF

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.13	)%		11.42	%		11.76	%		(3.13	)%		71.72	%		204.13	%
Fund Market		(3.23	)		11.47			11.75			(3.23	)		72.08			203.71
Index		(2.26	)		11.70			11.84			(2.26	)		73.91			206.14

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$        953.50	$          1.95			$      1,000.00	$      1,022.90	$          2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® Global Consumer Discretionary ETF

Portfolio Management Commentary

Global consumer discretionary stocks declined during the reporting period, led by China, which represented approximately 8% of the Index on average for the reporting period. The country experienced its worst Covid-19 outbreak since the beginning of the coronavirus pandemic. Stocks of Chinese internet and direct marketing companies detracted the most. The nation’s largest online retailer substantially lowered its sales outlook amid expectations for its slowest growth in almost a decade. Sweeping regulatory interventions by the Chinese government weighed heavily on Chinese internet and direct marketing stocks. Online consumer spending on physical goods in China grew at the slowest pace in six years, and overall retail consumption remained subdued as the broader economy continued to operate under strict public health regulations, including lockdowns in coronavirus hot spots.

Stocks in Germany also detracted from the Index’s return, declining late in the reporting period amid Russia’s invasion of Ukraine. Supply chain difficulties weighed on the country’s largest automobile manufacturer, which relies in part on components produced in Ukraine. A German food delivery company also detracted from the Index’s performance, as investors throughout Europe spent significantly less on online food delivery. In addition, the country’s leading shoe company faced a Chinese boycott of certain Western brands and a pandemic-related closure of key factories in Vietnam.

Conversely, stocks in the U.S., representing about 55% of the Index on average for the reporting period, contributed to the Index’s return. In particular, the world’s largest electric car manufacturer advanced significantly as deliveries to dealerships from its plants repeatedly exceeded expectations, boosting the company to the first profitable fiscal year in its history. Overall, U.S. sales of all-electric and hybrid electric vehicles increased by 97% in 2021 compared with the prior year, while light-duty vehicle sales increased just 3%. Most automobile executives expect electric vehicle sales to account for more than half of all U.S. car sales by 2030.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Retailing	37.6%
Automobiles & Components	27.4
Consumer Durables & Apparel	19.1
Consumer Services	15.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	59.6%
Japan	12.3
China	6.7
France	6.6
Germany	3.8
United Kingdom	2.7
Netherlands	1.5
Switzerland	1.3
Australia	1.2
Canada	1.2

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Consumer Staples ETF

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.42	%		7.14	%		8.32	%		9.42	%		41.18	%		122.41	%
Fund Market		9.42			7.13			8.33			9.42			41.11			122.62
Index		9.62			7.13			8.29			9.62			41.09			121.74

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$     1,051.40	$        2.05			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® Global Consumer Staples ETF

Portfolio Management Commentary

Global consumer staples stocks advanced for the reporting period, led by large U.S. consumer staples companies amid gains in broader global equity markets. As coronavirus pandemic restrictions slowly but steadily eased in most parts of the world, consumer staples manufacturers and the stores they supply benefited from higher demand for an array of basic consumer goods. As inflation in the U.S. reached its highest level since the early 1980s, producers and manufacturers throughout the sector experienced rising prices for raw materials amid related inventory shortfalls and supply-chain disruptions. Nevertheless, they generally managed to protect their profit margins by passing along the majority of the cost increases to consumers.

U.S. equities, which represented approximately 54% of the Index on average for the reporting period, contributed the most to the Index’s return. U.S. soft drink companies advanced considerably as their sales and profits rebounded from pandemic-weakened demand prior to the reporting period. A large agricultural product conglomerate also advanced amid price increases for grain, meat, sugar, and other food commodities, as high input costs and volatile weather conditions weighed on production. Meanwhile, food product companies and the hypermarkets and supercenters they supply benefited from a steady increase in retail traffic amid loosening pandemic restrictions in many parts of the country.

Stocks in Switzerland and Canada also contributed to the Index’s performance. In Switzerland, a large food products company exceeded sales and earnings expectations as price increases offset rising input costs. In Canada, food retailers, including convenience stores, also reported higher sales and earnings amid strong sales for fresh, prepared foods and packaged beverages, in addition to healthy profit margins on fuel sales.

Conversely, Japanese and German equities detracted from the Index’s return. Japanese makers of personal products detracted from the Index’s performance as Japanese stocks stayed essentially flat, and the population in their primary domestic market continued to shrink. Similarly, German household products companies detracted as supply chain problems led to downgraded earnings expectations.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Packaged Foods & Meats	22.1%
Household Products	15.9
Hypermarkets & Super Centers	11.3
Tobacco	10.4
Soft Drinks	10.4
Personal Products	8.9
Food Retail	7.7
Distillers & Vintners	5.9
Brewers	4.0
Agricultural Products	1.4
Food Distributors	1.1
Drug Retail	0.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	55.1%
United Kingdom	12.5
Switzerland	9.8
Japan	5.7
France	5.1
Canada	2.1
Australia	1.7
Netherlands	1.7
Belgium	1.4
Germany	1.0

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Energy ETF

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		52.61	%		6.30	%		2.73	%		52.61	%		35.70	%		30.85	%
Fund Market		52.63			6.29			2.71			52.63			35.65			30.64
Index		52.42			5.92			2.49			52.42			33.34			27.92

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$       1,379.90	$      2.37			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

11

Fund Summary as of March 31, 2022  (continued) iShares^® Global Energy ETF

Portfolio Management Commentary

Global energy stocks advanced sharply during the reporting period, as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices began the reporting period at levels similar to those last seen prior to the beginning of the coronavirus pandemic, having recovered from a sharp decrease as the virus first began to spread. Oil prices rallied as vaccinations against COVID-19 rolled out and the global economy recovered. Prices continued to climb throughout 2021 as pandemic-related restrictions eased, travel increased, and oil stockpiles dropped. Members of OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply, sending prices higher. U.S. oil producers, which curtailed output in 2020 when prices slid, were slow to renew production in 2021 when economic activity and demand rebounded. Oil prices briefly faltered when the emergence of new coronavirus variants raised fears of renewed shutdowns and weakened global economic demand.

Oil prices resumed their upward climb in the beginning of 2022, however, and by early March hit their highest levels in 14 years after the U.S. and its European allies began to consider banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

Oil, gas, and consumable fuels stocks in the U.S., Canada, and the U.K. contributed the most to the Index’s return, as stock prices in the energy sector hit their highest levels in years following the rally in oil prices. In a marked turnaround from 2020, leading energy companies posted stronger earnings and, flush with excess cash, rewarded shareholders by buying back their own stock and raising dividends. The higher oil prices and free cash flow led some companies to expand plans to invest in new oil production over future years although most continued to maintain current output plans. Some companies also set new environmental targets including fewer greenhouse gas emissions and a reduction in freshwater usage in oil extraction operations.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Integrated Oil & Gas	55.6%
Oil & Gas Exploration & Production	21.1
Oil & Gas Storage & Transportation	11.1
Oil & Gas Refining & Marketing	6.8
Oil & Gas Equipment & Services	5.0
Coal & Consumable Fuels	0.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	59.1%
Canada	13.2
United Kingdom	12.2
France	4.9
Brazil	2.4
Australia	1.8
Norway	1.6
Italy	1.5
Japan	1.0
Finland	0.8

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Financials ETF

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.48	%		8.15	%		9.17	%		10.48	%		47.97	%		140.48	%
Fund Market		10.12			8.09			9.10			10.12			47.56			138.85
Index		10.92			8.27			9.27			10.92			48.78			142.64

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         1,030.20	$        2.02			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022  (continued) iShares^® Global Financials ETF

Portfolio Management Commentary

Global financials stocks advanced for the reporting period. Companies in the financials sector benefited from growing economic optimism, along with an improving job market and increased stock market activity, which helped raise revenues. Anticipation of interest rate increases, which benefit depositary institutions and lenders, supported financials stocks later in the year, amid renewed concerns over inflation.

Financials stocks in the U.S., which constituted approximately 52% of the Index on average during the reporting period, were the leading contributor to the Index’s return. Diversified financials companies led the advance, benefiting from exposure to a variety of industries that saw significant post-pandemic recoveries, including railroads and homebuilding and information technology firms. A loosening of global travel restrictions drove a substantial rise in consumer spending via credit cards, which helped increase revenues.

The insurance industry also advanced. Companies specializing in property and casualty insurance were able to maintain rate increases and attract new customers. This growth helped offset the impacts of a return to pre-pandemic transportation habits and financial losses from catastrophes, which negatively affected revenues. Insurance brokers benefited from strong and consistent organic growth across multiple specialties, namely commercially focused products and policies for other insurers.

The U.S. banking industry also contributed to the Index’s return as trading and investment banking activity surged through much of the reporting period. However, increased operating costs and limited revenue growth challenged profits late in the reporting period. Consistent loan repayments from consumers and businesses enabled banks to release billions of dollars in loan default reserves, improving revenues further.

Stocks in the Canadian banking sector advanced for the reporting period. Rising confidence in the economy helped boost commercial and retail lending activity. Canadian banks also benefited from the U.S. economic recovery, as institutions with American retail operations reported notable growth in those business units.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Banks	45.5%
Insurance	22.0
Capital Markets	20.6
Diversified Financial Services	9.2
Consumer Finance	2.7
Equity Real Estate Investment Trusts (REITs)	0.0(b)

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	51.9%
Canada	9.1
United Kingdom	5.4
Australia	5.3
Japan	4.1
Switzerland	3.2
China	2.7
Germany	2.6
Hong Kong	2.2
France	2.1

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%

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Fund Summary as of March 31, 2022 iShares^® Global Healthcare ETF

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.94	%		12.91	%		13.25	%		14.94	%		83.50	%		246.95	%
Fund Market		15.07			12.96			13.27			15.07			83.93			247.77
Index		15.23			13.02			13.34			15.23			84.45			249.85

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         1,050.20	$        2.04			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022  (continued) iShares^® Global Healthcare ETF

Portfolio Management Commentary

Global healthcare stocks advanced strongly during the reporting period. New variants of the coronavirus drove substantial demand for vaccines and treatments, to the benefit of manufacturers and distributors alike.

U.S. healthcare stocks, which comprised, on average, 70% of the index during the reporting period, contributed the most to the Index’s return. Within the U.S. healthcare providers and services industry, managed healthcare companies showed notable revenue growth through higher premiums and an increase in insurance memberships, primarily through programs tied to government benefits. Surges in infection rates linked to new coronavirus variants led to a drop-off in preventive and elective medical procedures, reducing costs and offsetting the fiscal impact of increased COVID-19 care and testing. The healthcare services industry also benefited as pharmacies received a substantial boost in sales from serving as distribution sites for coronavirus vaccines and tests.

U.S. companies specializing in healthcare equipment also reported substantial increases in revenue, namely through the provision of products essential to the manufacturing of tests and vaccines. These companies accounted for a large portion of the market share for coronavirus-related bioprocessing activity. They also benefited from high growth across multiple business lines, while making select acquisitions to expand into new fields.

The U.S. pharmaceuticals industry also advanced, with additional contribution to the Index’s return from Swiss and U.K. drugmakers amid strong global demand for coronavirus vaccines and treatments. U.S. vaccines drove substantial annual sales in 2021, including one vaccine that set a record for the highest single-year sales of any pharmaceutical product. In addition, strong demand for antiviral medications targeted at the coronavirus bolstered revenues. Companies that produced antibody medications also gained, though concerns about efficacy against the Omicron strain impacted sales of some drugs. The Swiss pharmaceuticals industry also benefited from demand for antiviral treatments as well as strength in development of cell-based therapies to treat various diseases. In the U.K., although vaccines added to revenues, existing product strength, acquisition activity, and favorable late-stage trial results drove industry gains. On the downside, Japanese healthcare stocks detracted modestly from performance.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Pharmaceuticals	40.1%
Health Care Equipment & Supplies	19.2
Health Care Providers & Services	16.6
Biotechnology	12.3
Life Sciences Tools & Services	11.2
Health Care Technology	0.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	71.2%
Switzerland	8.9
United Kingdom	4.5
Japan	4.3
Denmark	3.2
Germany	2.1
France	1.9
Australia	1.8
Netherlands	0.7
China	0.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Industrials ETF

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		1.54	%		9.36	%	9.87%		1.54	%		56.39	%		156.30	%
Fund Market		1.57			9.39		9.86		1.57			56.66			156.05
Index		2.12			9.51		9.91		2.12			57.51			157.28

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$    1,000.00	$        993.90	$        2.04			$      1,000.00	$      1,022.90	$        2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2022  (continued) iShares^® Global Industrials ETF

Portfolio Management Commentary

Global industrials stocks advanced modestly for the reporting period as a rebound in manufacturing activity and product demand encountered headwinds from rising costs for raw materials, supply-chain issues, and staffing shortages. U.S. industrials stocks, which comprised approximately 53% of the Index on average during the reporting period, contributed the most to the Index’s performance. U.S. commercial and professional services companies grew steadily, recovering from a slowdown in demand from industrial and commercial customers who required fewer services amid pandemic-related closures. Companies such as waste haulers sustained profitability in part due to diversified revenue streams and limited competition, along with expanding business from residential customers.

U.S. transportation companies contributed meaningfully to the Index’s return. Railroad companies increased revenues through price increases and operational efficiencies, diminishing the impact of reduced carloads stemming from global supply-chain shortages. Firms specializing in air freight and logistics also raised prices to help make residential deliveries more profitable amid increased demand. The U.S. capital goods industry also contributed. Aerospace and defense companies benefited from increased demand for commercial airplane engine sales and maintenance amid an increase in air travel activity from pandemic-induced lows. The war in Ukraine further boosted defense stocks, as the U.S. sent weapons to aid Ukraine, and investors anticipated a rise in global defense budgets.

Companies in the U.K. industrials sector also contributed. The professional services industry benefited from growth across multiple business lines. A return to in-person events led to notable increases in revenue for exhibition-focused divisions.

On the downside, Japanese industrials sector stocks were the leading detractors from the Index’s performance. An acute global semiconductor shortage left companies in the machinery industry unable to meet demand. Electrical equipment makers also felt the impact of chip shortages, while increases in the costs of raw goods, such as copper, created additional headwinds.

German industrials sector stocks also weighed on performance. These conglomerates joined other major global firms in halting deliveries to and new business with Russian companies, which previously formed a small yet notable part of their annual sales.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Capital Goods	67.3%
Transportation	21.0
Commercial & Professional Services	11.7

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	52.7%
Japan	14.4
France	6.8
United Kingdom	5.0
Canada	4.0
Germany	3.6
Sweden	3.4
Switzerland	2.7
Denmark	1.7
Netherlands	1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022   iShares^® Global Materials ETF

Investment Objective

The iShares Global Materials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		12.19	%		12.55	%	6.68%		12.19	%		80.63	%		90.86	%
Fund Market		12.17			12.61		6.64		12.17			81.11			90.20
Index		12.74			12.77		6.86		12.74			82.34			94.07

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,128.20	$        2.12			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 19

Fund Summary as of March 31, 2022  (continued) iShares^® Global Materials ETF

Portfolio Management Commentary

Global materials stocks advanced during the reporting period amid growing demand for commodities as governments stimulated spending to boost the economic recovery from the coronavirus pandemic and manufacturing activity resumed. Some commodities prices surged late in the reporting period as the Russian invasion of Ukraine and sanctions imposed by Western countries disrupted trade flows.

U.S. stocks contributed the most to the Index’s return, led by the metals and mining sector, particularly copper mining and steel producing companies. Copper prices hit record highs late in the reporting period on concerns over tightening supply. The war in Ukraine added to supply constraints already pressured by weaker output from Chile, which is responsible for more than a quarter of the world’s copper production. Steel prices rallied late in the reporting period as the Russian war in Ukraine disrupted supply from both countries.

The U.S. chemicals industry, particularly fertilizer manufacturers, was another source of strength. Sanctions on Russia sent fertilizer prices to record highs, as Russia is the world’s largest supplier to the global market. Higher prices for natural gas, a key part of nitrogen-based fertilizer production, also raised fertilizer prices.

The U.K. metals and mining sector also contributed to the Index’s performance. U.K. mining companies posted record earnings from rising raw materials prices and used proceeds to reward shareholders with increased dividends and stock buybacks. Higher mining costs, driven by rising energy expenses and the tightening labor market, partly offset the gains from increased commodities prices. Higher energy costs also led some smelting operations to be discontinued.

Canadian metals and mining companies also advanced during the reporting period, including companies involved in fertilizer production and in extracting gold and copper. The war in Ukraine drove up prices for commodities including fertilizer and copper, which soared to record highs. Rising levels of inflation also added to the higher price for gold. On the downside, chemical companies in Germany and Japan detracted from the Index’s return as rising costs for energy and raw materials blunted the outlook for earnings.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Chemicals	47.2%
Metals & Mining	40.7
Containers & Packaging	5.2
Construction Materials	5.0
Paper & Forest Products	1.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	36.4%
Australia	17.4
Canada	8.6
Japan	6.1
United Kingdom	4.5
Switzerland	4.0
France	3.4
Brazil	3.2
Germany	3.2
Ireland	2.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Tech ETF

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		13.89	%		23.94	%	18.43%		13.89	%		192.49	%		442.84	%
Fund Market		13.84			23.98		18.45		13.84			192.89			443.47
Index		14.39			24.17		18.60		14.39			195.16			450.55

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$       1,025.50	$        2.02			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 21

Fund Summary as of March 31, 2022  (continued) iShares^® Global Tech ETF

Portfolio Management Commentary

Global information technology stocks advanced sharply during the reporting period, driven primarily by large companies positioned to benefit from the increasing role that technology played in business and daily life during the pandemic. Increased time at home due to pandemic restrictions and a subsequent shift toward remote work drove strong demand for computing products for working and learning at home, as well as for home entertainment. Investor optimism grew that revenues from digital services would continue to rise as technology became more integrated into daily life. The pandemic accelerated ongoing trends of firms migrating to the cloud, bolstering demand for cloud and computing services and lifting sales of personal and commercial productivity software.

The U.S., which represented approximately 80% of the Index on average for the reporting period, was the largest contributor to the Index’s return, led by the technology hardware and equipment industry. Retail sales of computing devices increased, leading to record earnings despite ongoing supply chain challenges. Increased demand for digital services, including music and streaming video, drove rising subscription revenues, contributing to returns. New product releases, especially cell phones with enhanced features, further supplemented revenues. Strong sales of wearable technologies such as earbuds also contributed to sales growth.

U.S. software and services stocks also contributed solidly to the Index’s return. Growth in video game console sales and investor optimism about new products and services, along with industry consolidation, bolstered gains. Strength in sales of hardware, including personal computers and tablets, drove increased revenue. Volatility in the labor market increased traffic on a web-based career platform, leading to sharply higher advertising revenues.

On the downside, the South Korean technology hardware and equipment industry modestly detracted from the Index’s return. Despite rising chip prices, stocks declined due to reduced smartphone sales amid component shortages and investor concern that prices for memory chips would fall. Growth in demand for some types of consumer electronics slowed as economic reopening continued in many parts of the world.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Software	27.8%
Semiconductors & Semiconductor Equipment	25.2
Technology Hardware, Storage & Peripherals	24.8
IT Services	15.1
Electronic Equipment, Instruments & Components	4.1
Communications Equipment	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of     Total Investments(a)
United States	81.4%
Taiwan	4.0
Japan	3.4
South Korea	3.2
Netherlands	3.0
Germany	1.3
Canada	1.1
France	0.9
Sweden	0.4
Finland	0.2

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Global Utilities ETF

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities (Sector) Capped 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
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		11.59	%		9.85	%	8.29%		11.59	%		59.99	%		121.70	%
Fund Market		11.97			9.90		8.29		11.97			60.33			121.77
Index(a)		11.45			9.56		7.99		11.45			57.85			115.77
S&P Global 1200 Utilities Index		11.29			9.53		7.98		11.29			57.62			115.54
S&P Global 1200 Utilities (Sector) Capped Index(b)		11.45			N/A		N/A		11.45			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  Index performance through May 2, 2021 reflects the performance of the S&P Global 1200 Utilities Index. Index performance beginning on May 3, 2021 reflects the performance of the S&P Global 1200 Utilities (Sector) Capped Index, which, effective as of May 3, 2021, replaced the S&P Global 1200 Utilities Index as the underlying index of the fund.

^(b)  The inception date of the S&P Global 1200 Utilities (Sector) Capped Index was February 15, 2021. The cumulative total return for this index for the period February 15, 2021 through March 31, 2022 was 13.06%.

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 25 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$       1,133.00	$        2.34			$      1,000.00	$      1,022.70	$        2.22		0.44	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 23

Fund Summary as of March 31, 2022  (continued) iShares^® Global Utilities ETF

Portfolio Management Commentary

Global utilities stocks advanced alongside broader equity markets during the reporting period as coronavirus pandemic restrictions generally eased and global economies rebounded. Consequently, demand for electricity and heating sources increased, aiding earnings gains across much of the sector. Stocks in global utilities declined late in the reporting period, amid investors’ concerns that central banks worldwide, including the Fed, would raise interest rates to combat surging global inflation. Indeed, the Fed raised rates near the end of the reporting period for the first time since 2018 and signaled that it would do so again throughout 2022. Higher bond yields can dampen demand for utilities, as utilities, which have relatively high dividend yields, and bonds are both sought after by income-oriented investors.

U.S. equities, which accounted for about 61% of the Index on average for the reporting period, contributed substantially to the Index’s return, led by stocks of electric utilities. U.S. electricity prices reached a 13-year high as pandemic restrictions eased and severe weather led to energy disruptions. Prices for natural gas and coal, primary sources of power generation for U.S. electricity, also rose considerably in 2021 as economic growth recovered and demand increased. Electricity providers’ earnings rose despite rising input costs, as they were able to increase rates while benefiting from investments to improve services.

U.K. and Canadian equities also contributed to the Index’s return. A large U.K. multi-utilities company helped boost the Index’s return as energy prices rose. A Canadian electricity utilities company, which generates the majority of its revenue in the U.S., benefited from similar market conditions as U.S. utilities. Stock in another Canadian utilities company rose in the latter half of the reporting period after it announced its largest-ever capital spending plan, designed to substantially reduce its greenhouse gas emissions. In contrast, energy providers across western and northern Europe detracted from the Index’s performance. In particular, in Italy, costs related to climate protection initiatives raised concerns about the electrical utilities credit profiles.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Electric Utilities	59.5%
Multi-Utilities	31.5
Gas Utilities	4.9
Water Utilities	3.1
Independent Power and Renewable Electricity Producers	1.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of     Total Investments(a)
United States	64.0%
United Kingdom	6.4
Spain	5.8
Italy	4.6
Canada	4.6
Germany	3.4
France	3.0
Japan	1.8
Hong Kong	1.8
Denmark	1.4

^(a)  Excludes money market funds.

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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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 25

Schedule of Investments March 31, 2022 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.1%
SEEK Ltd.		21,579	$	475,225
Telstra Corp. Ltd.		703,893		2,079,623
				2,554,848
Canada — 3.0%
BCE Inc.		54,462		3,019,011
Rogers Communications Inc., Class B, NVS		20,997		1,188,456
Shaw Communications Inc., Class B, NVS		26,787		831,369
TELUS Corp.		82,108		2,145,060
				7,183,896
China — 8.4%
Baidu Inc.(a)		135,950		2,399,337
NetEase Inc.		120,100		2,166,936
Tencent Holdings Ltd.		339,800		15,662,858
				20,229,131
Finland — 0.2%
Elisa OYJ		9,082		547,705
France — 1.3%
Orange SA		113,156		1,339,914
Publicis Groupe SA		14,123		857,176
Ubisoft Entertainment SA(a)		5,652		248,365
Vivendi SE		48,160		629,186
				3,074,641
Germany — 1.6%
Deutsche Telekom AG, Registered		203,803		3,795,652
Italy — 0.1%
Telecom Italia SpA/Milano		606,182		222,546
Japan — 7.5%
Dentsu Group Inc.		14,800		604,822
KDDI Corp.		99,400		3,258,990
Nexon Co. Ltd.		28,000		669,864
Nintendo Co. Ltd.		7,000		3,533,333
Nippon Telegraph & Telephone Corp.		132,400		3,846,735
SoftBank Corp.		166,400		1,940,740
SoftBank Group Corp.		75,400		3,371,106
Z Holdings Corp.		156,000		674,402
				17,899,992
Mexico — 0.7%
America Movil SAB de CV, Series L, NVS		1,353,380		1,437,073
Grupo Televisa SAB, CPO		150,109		352,896
				1,789,969
Netherlands — 1.2%
Koninklijke KPN NV		207,812		721,103
Universal Music Group NV		79,312		2,117,164
				2,838,267
Norway — 0.2%
Telenor ASA		38,803		556,805
South Korea — 1.7%
Kakao Corp.		18,704		1,625,724
NAVER Corp.		8,846		2,458,559
				4,084,283
Spain — 1.3%
Cellnex Telecom SA(b)		34,189		1,645,325

Security	Shares		Value
Spain (continued)
Telefonica SA		328,935	$	1,594,103
				3,239,428
Sweden — 0.6%
Embracer Group AB(a)		40,256		336,023
Tele2 AB, Class B		29,940		452,567
Telia Co. AB		150,318		602,731
				1,391,321
Switzerland — 0.4%
Swisscom AG, Registered		1,521		913,826
Taiwan — 0.4%
Chunghwa Telecom Co. Ltd.		228,120		1,010,314
United Kingdom — 3.0%
Auto Trader Group PLC(b)		57,657		475,975
BT Group PLC		525,565		1,253,108
Informa PLC(a)		90,743		710,972
ITV PLC(a)		223,163		238,834
Pearson PLC		45,106		442,266
Rightmove PLC		52,461		433,571
Vodafone Group PLC		1,605,681		2,632,970
WPP PLC		73,917		967,432
				7,155,128
United States — 67.1%
Activision Blizzard Inc.		46,677		3,739,294
Alphabet Inc., Class A(a)		10,112		28,125,011
Alphabet Inc., Class C, NVS(a)		9,339		26,083,734
AT&T Inc.		428,409		10,123,305
Charter Communications Inc., Class A(a)		7,141		3,895,558
Comcast Corp., Class A		225,435		10,554,867
Discovery Inc., Class A(a)		10,476		261,062
Discovery Inc., Class C, NVS(a)		18,162		453,505
DISH Network Corp., Class A(a)		14,973		473,895
Electronic Arts Inc.		16,849		2,131,567
Fox Corp., Class A, NVS		18,921		746,433
Fox Corp., Class B		8,922		323,690
Interpublic Group of Companies Inc. (The)		23,583		836,017
Live Nation Entertainment Inc.(a)		8,093		952,061
Lumen Technologies Inc.		55,004		619,895
Match Group Inc.(a)		16,961		1,844,339
Meta Platforms Inc, Class A(a)		129,705		28,841,204
Netflix Inc.(a)		26,635		9,977,205
News Corp., Class A, NVS		23,579		522,275
News Corp., Class B		7,242		163,090
Omnicom Group Inc.		12,522		1,062,867
Paramount Global, Class B, NVS		36,350		1,374,394
Take-Two Interactive Software Inc.(a)		6,915		1,063,112
T-Mobile U.S. Inc.(a)		35,273		4,527,290
Twitter Inc.(a)		47,908		1,853,561
Verizon Communications Inc.		195,876		9,977,923
Walt Disney Co. (The)(a)		77,793		10,670,088
				161,197,242
Total Common Stocks — 99.8% (Cost: $247,803,338)				239,684,994

26 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		351,856	$	119,339
Total Preferred Stocks — 0.0% (Cost: $320,628)				119,339
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		330,000		330,000
Total Short-Term Investments — 0.1% (Cost: $330,000)				330,000
Total Investments in Securities — 99.9% (Cost: $248,453,966)				240,134,333
Other Assets, Less Liabilities — 0.1%				135,614
Net Assets — 100.0%			$	240,269,947

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	2,744,057	$	—		$	(2,743,129	)(b)	$		(928)	$	—	$	—		—	$	3,656	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		173,000		157,000	(b)		—			—			—		330,000		330,000		59			—
									$	(928	)	$	—	$	330,000			$	3,715		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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
Mini-TOPIX Index		5		06/09/22	$	79	$	99
E-Mini S&P Communication Services Select Sector Index		3		06/17/22		270		(6,119	)
Euro Stoxx 50 Index		1		06/17/22		42		(795	)
							$	(6,815	)

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Comm Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	99
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	6,914

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	44,873
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,234	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$647,967

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
Investments
Assets
Common Stocks	$	171,511,021		$	68,173,973		$	—	$	239,684,994
Preferred Stocks		—			119,339			—		119,339
Money Market Funds		330,000			—			—		330,000
	$	171,841,021		$	68,293,312		$	—	$	240,134,333
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	99		$	—	$	99
Liabilities
Futures Contracts		(6,119	)		(795	)		—		(6,914	)
	$	(6,119	)	$	(696	)	$	—	$	(6,815	)

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

See notes to financial statements.

28 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Aristocrat Leisure Ltd.		40,663	$	1,103,676
Tabcorp Holdings Ltd.		135,730		540,762
Wesfarmers Ltd.		69,778		2,618,389
				4,262,827
Brazil — 0.2%
Lojas Renner SA		58,701		339,059
Magazine Luiza SA		170,740		244,578
				583,637
Canada — 1.2%
Canadian Tire Corp. Ltd., Class A, NVS		3,421		516,536
Dollarama Inc.		17,013		964,861
Gildan Activewear Inc.		11,860		444,839
Magna International Inc.		17,213		1,105,080
Restaurant Brands International Inc.		19,268		1,125,733
				4,157,049
Chile — 0.0%
Falabella SA		45,857		146,576
China — 6.7%
Alibaba Group Holding Ltd.(a)		904,800		12,347,544
ANTA Sports Products Ltd.		69,400		860,907
BYD Co. Ltd., Class H		49,000		1,362,949
JDcom Inc., Class A(a)		128,250		3,644,207
Li Ning Co. Ltd.		143,500		1,218,509
Meituan, Class B(a)(b)		247,100		4,681,047
				24,115,163
Denmark — 0.2%
Pandora A/S		6,093		580,446
France — 6.6%
Accor SA(a)		10,249		330,215
Cie. Generale des Etablissements Michelin SCA		10,955		1,484,572
EssilorLuxottica SA		18,486		3,380,914
Hermes International		2,134		3,020,348
Kering SA		4,510		2,847,286
LVMH Moet Hennessy Louis Vuitton SE		16,413		11,715,578
Renault SA(a)		12,701		332,004
Sodexo SA		4,926		400,858
Valeo		14,101		260,459
				23,772,234
Germany — 2.9%
adidas AG		10,979		2,558,391
Bayerische Motoren Werke AG		19,569		1,691,105
Continental AG(a)		6,557		470,046
Delivery Hero SE(a)(b)		11,685		509,277
Mercedes-Benz Group AG		51,281		3,599,387
Puma SE		6,232		529,981
Volkswagen AG		1,818		449,081
Zalando SE(a)(b)		12,005		607,863
				10,415,131
Ireland — 0.3%
Flutter Entertainment PLC, Class DI(a)		9,398		1,083,068
Italy — 0.7%
Ferrari NV		7,849		1,709,979
Moncler SpA		13,073		725,314
				2,435,293

Security	Shares		Value
Japan — 12.2%
Aisin Corp.		11,300	$	386,207
Bandai Namco Holdings Inc.		13,600		1,031,281
Bridgestone Corp.		36,900		1,432,302
Denso Corp.		32,100		2,047,983
Fast Retailing Co. Ltd.		4,000		2,050,628
Honda Motor Co. Ltd.		105,643		2,994,539
Isuzu Motors Ltd.		38,600		498,636
Koito Manufacturing Co. Ltd.		8,100		327,803
Nissan Motor Co. Ltd.(a)		146,200		649,614
Nitori Holdings Co. Ltd.		5,400		679,389
Oriental Land Co. Ltd./Japan		14,000		2,679,674
Pan Pacific International Holdings Corp.		32,600		521,617
Panasonic Corp.		142,600		1,384,942
Rakuten Group Inc.		56,200		441,885
Sekisui House Ltd.		40,000		773,727
Shimano Inc.		5,100		1,167,943
Sony Group Corp.		77,300		7,952,286
Subaru Corp.		37,688		598,598
Sumitomo Electric Industries Ltd.		48,800		580,099
Suzuki Motor Corp.		30,200		1,034,960
Toyota Motor Corp.		790,700		14,262,643
Yamaha Motor Co. Ltd.		19,413		435,117
				43,931,873
Netherlands — 1.5%
Just Eat Takeaway.com NV(a)(b)		9,176		307,744
Prosus NV		53,591		2,890,045
Stellantis NV		137,088		2,219,382
				5,417,171
South Korea — 0.6%
Hyundai Motor Co.		8,814		1,300,426
Kia Corp.		16,521		1,000,646
				2,301,072
Spain — 0.4%
Industria de Diseno Textil SA		68,728		1,498,612
Sweden — 0.6%
Electrolux AB, Class B		15,508		234,675
Evolution AB(b)		11,132		1,132,506
H & M Hennes & Mauritz AB, Class B		45,215		607,131
				1,974,312
Switzerland — 1.3%
Cie. Financiere Richemont SA, Class A, Registered		32,050		4,062,490
Swatch Group AG (The), Bearer		1,778		504,105
Swatch Group AG (The), Registered		3,171		172,554
				4,739,149
United Kingdom — 2.7%
Aptiv PLC(a)		16,543		1,980,363
Barratt Developments PLC		62,448		425,134
Berkeley Group Holdings PLC		7,005		341,679
Burberry Group PLC		24,907		543,712
Compass Group PLC		109,442		2,355,201
Entain PLC(a)		35,696		764,645
InterContinental Hotels Group PLC		11,471		775,836
Kingfisher PLC		129,306		431,578
Next PLC		8,143		640,452
Persimmon PLC		19,517		547,283
Taylor Wimpey PLC		224,204		381,800
Whitbread PLC(a)		12,368		460,505
				9,648,188

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States — 59.4%
Advance Auto Parts Inc.		3,855	$	797,831
Amazon.com Inc.(a)		11,945		38,940,103
AutoZone Inc.(a)		1,268		2,592,527
Bath & Body Works Inc.		16,008		765,182
Best Buy Co. Inc.		13,283		1,207,425
Booking Holdings Inc.(a)		2,515		5,906,352
BorgWarner Inc.		14,647		569,768
Caesars Entertainment Inc.(a)		13,187		1,020,146
CarMax Inc.(a)		9,890		954,187
Carnival Corp.(a)		49,588		1,002,669
Chipotle Mexican Grill Inc.(a)		1,723		2,725,838
Darden Restaurants Inc.		7,912		1,051,900
Dollar General Corp.		14,265		3,175,817
Dollar Tree Inc.(a)(c)		13,755		2,202,863
Domino’s Pizza Inc.		2,226		906,004
DR Horton Inc.		19,743		1,471,051
eBay Inc.		38,278		2,191,798
Etsy Inc.(a)		7,774		966,153
Expedia Group Inc.(a)		9,232		1,806,425
Ford Motor Co.		241,718		4,087,451
Garmin Ltd.		9,221		1,093,703
General Motors Co.(a)		89,292		3,905,632
Genuine Parts Co.		8,695		1,095,744
Hasbro Inc.		7,857		643,645
Hilton Worldwide Holdings Inc.(a)		17,061		2,588,836
Home Depot Inc. (The)		47,205		14,129,873
Las Vegas Sands Corp.(a)		20,868		811,139
Lennar Corp., Class A		16,062		1,303,753
LKQ Corp.		16,412		745,269
Lowe’s Companies Inc.		41,323		8,355,097
Marriott International Inc./MD, Class A(a)		16,740		2,942,055
McDonald’s Corp.		45,844		11,336,304
MGM Resorts International		23,108		969,150
Mohawk Industries Inc.(a)		3,358		417,064
Newell Brands Inc.		23,256		497,911
Nike Inc., Class B		78,297		10,535,644
Norwegian Cruise Line Holdings Ltd.(a)		25,619		560,544
NVR Inc.(a)		201		897,921
O’Reilly Automotive Inc.(a)		4,122		2,823,405
Penn National Gaming Inc.(a)		10,228		433,872
Pool Corp.		2,472		1,045,285
PulteGroup Inc.		15,544		651,294
PVH Corp.		4,332		331,875
Ralph Lauren Corp.		2,952		334,875
Ross Stores Inc.		21,872		1,978,541
Royal Caribbean Cruises Ltd.(a)		13,640		1,142,759
Starbucks Corp.		70,689		6,430,578
Tapestry Inc.		16,196		601,681
Target Corp.		29,443		6,248,394
Tesla Inc.(a)		38,737		41,742,991
TJX Companies Inc. (The)		73,184		4,433,487
Tractor Supply Co.		6,934		1,618,188
Ulta Salon Cosmetics & Fragrance Inc.(a)		3,324		1,323,683

Security	Shares		Value
United States (continued)
Under Armour Inc., Class A(a)		11,497	$	195,679
Under Armour Inc., Class C, NVS(a)		12,821		199,495
VF Corp.		19,735		1,122,132
Whirlpool Corp.		3,619		625,291
Wynn Resorts Ltd.(a)		6,505		518,709
Yum! Brands Inc.		17,730		2,101,537
				213,074,525
Total Common Stocks — 98.7% (Cost: $374,753,665)				354,136,326
Preferred Stocks
Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,507		271,645
Porsche Automobil Holding SE, Preference Shares, NVS		9,325		897,008
Volkswagen AG, Preference Shares, NVS		11,240		1,931,609
				3,100,262
South Korea — 0.1%
Hyundai Motor Co.
Preference Shares, NVS		1,402		99,173
Series 2, Preference Shares, NVS		2,287		162,534
				261,707
Total Preferred Stocks — 0.9% (Cost: $4,070,031)				3,361,969
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		2,229,314		2,228,868
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		370,000		370,000
				2,598,868
Total Short-Term Investments — 0.7% (Cost: $2,598,868)				2,598,868
Total Investments in Securities — 100.3% (Cost: $381,422,564)				360,097,163
Other Assets, Less Liabilities — (0.3)%				(1,232,200	)
Net Assets — 100.0%			$	358,864,963

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Affiliate of the Fund.

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

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

30 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Consumer Discretionary ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	796,179	$	1,434,505	(a)	$	—	$	(1,816	)	$	—	$	2,228,868		2,229,314	$	4,066	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		270,000		100,000	(a)		—		—			—		370,000		370,000		94			—
								$	(1,816	)	$	—	$	2,598,868			$	4,160		$	—

^(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
TOPIX Index		1		06/09/22	$	158	$	13,557
Euro Stoxx 50 Index		8		06/17/22		336		6,660
S&P Consumer Discretionary Select Sector E-Mini Index		4		06/17/22		749		53,541
							$	73,758

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	73,758

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,938
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	54,406

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	963,945

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Consumer Discretionary ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	219,942,150	$	134,194,176	$	—	$	354,136,326
Preferred Stocks		—		3,361,969		—		3,361,969
Money Market Funds		2,598,868		—		—		2,598,868
	$	222,541,018	$	137,556,145	$	—	$	360,097,163
Derivative financial instruments(a)
Assets
Futures Contracts	$	53,541	$	20,217	$	—	$	73,758

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

See notes to financial statements.

32 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.7%
Coles Group Ltd.		364,025	$	4,865,355
Endeavour Group Ltd./Australia		350,171		1,904,857
Treasury Wine Estates Ltd.		197,650		1,707,308
Woolworths Group Ltd.		330,415		9,173,911
				17,651,431
Belgium — 1.4%
Anheuser-Busch InBev SA/NV		236,800		14,157,816
Brazil — 0.6%
Ambev SA, ADR		1,201,832		3,881,917
BRF SA, ADR(a)(b)		206,228		818,725
Natura & Co. Holding SA(a)		233,100		1,275,403
				5,976,045
Canada — 2.1%
Alimentation Couche-Tard Inc.		226,628		10,209,726
George Weston Ltd.		19,039		2,344,562
Loblaw Companies Ltd.		44,704		4,011,434
Metro Inc.		66,041		3,801,392
Saputo Inc.		65,760		1,557,536
				21,924,650
Chile — 0.1%
Cencosud SA		377,157		743,001
Denmark — 0.3%
Carlsberg A/S, Class B		27,501		3,376,061
Finland — 0.2%
Kesko OYJ, Class B		73,901		2,040,413
France — 5.1%
Carrefour SA		169,223		3,682,639
Danone SA		187,478		10,356,839
L’Oreal SA		64,372		25,713,078
Pernod Ricard SA		54,973		12,078,171
				51,830,727
Germany — 0.7%
Beiersdorf AG		27,007		2,837,191
HelloFresh SE(a)		47,640		2,138,260
Henkel AG & Co. KGaA		27,078		1,787,272
				6,762,723
Ireland — 0.4%
Kerry Group PLC, Class A		41,944		4,691,095
Japan — 5.7%
Aeon Co. Ltd.		237,717		5,068,719
Ajinomoto Co. Inc.		149,600		4,246,061
Asahi Group Holdings Ltd.		138,198		5,033,236
Japan Tobacco Inc.		299,900		5,121,567
Kao Corp.		129,300		5,279,399
Kikkoman Corp.		52,700		3,490,654
Kirin Holdings Co. Ltd.		226,596		3,384,586
MEIJI Holdings Co. Ltd.		40,100		2,174,700
Nissin Foods Holdings Co. Ltd.		23,000		1,612,649
Seven & i Holdings Co. Ltd.		218,637		10,424,000
Shiseido Co. Ltd.		109,000		5,505,422
Unicharm Corp.		121,700		4,372,179
Yakult Honsha Co. Ltd.		44,020		2,348,197
				58,061,369

Security	Shares		Value
Mexico — 1.0%
Fomento Economico Mexicano SAB de CV		502,012	$	4,173,590
Wal-Mart de Mexico SAB de CV		1,380,481		5,685,722
				9,859,312
Netherlands — 1.7%
Heineken Holding NV		27,331		2,140,104
Heineken NV		64,381		6,156,741
Koninklijke Ahold Delhaize NV		285,091		9,170,093
				17,466,938
Norway — 0.5%
Mowi ASA		122,803		3,307,810
Orkla ASA		204,342		1,815,474
				5,123,284
Sweden — 0.7%
Essity AB, Class B		164,257		3,876,303
Swedish Match AB		434,123		3,264,619
				7,140,922
Switzerland — 9.7%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		290		3,451,554
Chocoladefabriken Lindt & Spruengli AG, Registered		30		3,628,752
Nestle SA, Registered		711,995		92,572,638
				99,652,944
United Kingdom — 12.4%
Associated British Foods PLC		96,595		2,098,345
British American Tobacco PLC		622,855		26,158,157
Diageo PLC		636,616		32,292,049
Imperial Brands PLC		258,828		5,452,139
J Sainsbury PLC		474,547		1,570,647
Marks & Spencer Group PLC(a)		533,680		1,077,157
Ocado Group PLC(a)		176,198		2,690,476
Reckitt Benckiser Group PLC		201,489		15,370,771
Tesco PLC		2,085,580		7,550,431
Unilever PLC		717,936		32,596,269
				126,856,441
United States — 54.8%
Altria Group Inc.		498,038		26,022,485
Archer-Daniels-Midland Co.		153,093		13,818,174
Brown-Forman Corp., Class B, NVS		49,820		3,338,936
Campbell Soup Co.		55,223		2,461,289
Church & Dwight Co. Inc.		66,163		6,575,279
Clorox Co. (The)		33,548		4,664,178
Coca-Cola Co. (The)		747,991		46,375,442
Colgate-Palmolive Co.		229,782		17,424,369
Conagra Brands Inc.		130,777		4,390,184
Constellation Brands Inc., Class A		44,802		10,318,797
Costco Wholesale Corp.		83,540		48,106,509
Estee Lauder Companies Inc. (The), Class A		63,362		17,254,740
General Mills Inc.		164,454		11,136,825
Hershey Co. (The)		39,636		8,586,347
Hormel Foods Corp.		76,914		3,964,148
JM Smucker Co. (The)		29,542		4,000,282
Kellogg Co.		69,749		4,498,113
Kimberly-Clark Corp.		91,822		11,308,798
Kraft Heinz Co. (The)		193,548		7,623,856
Kroger Co. (The)		182,926		10,494,465
Lamb Weston Holdings Inc.		39,828		2,386,095
McCormick & Co. Inc./MD, NVS		68,084		6,794,783
Molson Coors Beverage Co., Class B		51,361		2,741,650

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Mondelez International Inc., Class A		379,329	$	23,814,275
Monster Beverage Corp.(a)		102,425		8,183,757
PepsiCo Inc.		280,015		46,868,911
Philip Morris International Inc.		423,086		39,744,699
Procter & Gamble Co. (The)		606,287		92,640,654
Sysco Corp.		138,353		11,296,522
Tyson Foods Inc., Class A		79,977		7,168,338
Walgreens Boots Alliance Inc.		195,348		8,745,730
Walmart Inc.		316,123		47,077,037
				559,825,667
Total Common Stocks — 99.1% (Cost: $966,983,989)				1,013,140,839
Preferred Stocks
Germany — 0.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		48,570		3,250,872
Total Preferred Stocks — 0.3% (Cost: $4,961,042)				3,250,872
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		404,240		404,159

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,390,000	$	1,390,000
				1,794,159
Total Short-Term Investments — 0.2% (Cost: $1,794,140)				1,794,159
Total Investments in Securities — 99.6% (Cost: $973,739,171)				1,018,185,870
Other Assets, Less Liabilities — 0.4%				3,589,053
Net Assets — 100.0%			$	1,021,774,923

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,545,992	$	—		$	(1,141,239	)(a)	$	(613	)	$	19	$	404,159		404,240	$	5,675	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		847,000		543,000	(a)		—			—			—		1,390,000		1,390,000		215			—
									$	(613	)	$	19	$	1,794,159			$	5,890		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		53		06/17/22	$	4,037	$	197,145
Euro Stoxx 50 Index		9		06/17/22		378		7,295

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Global Consumer Staples ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		7		06/17/22	$	685	$	21,035
							$	225,475

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	225,475

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	369,612
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	137,452

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,800,467

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
Investments
Assets
Common Stocks	$	603,019,770	$	410,121,069	$	—	$	1,013,140,839
Preferred Stocks		—		3,250,872		—		3,250,872
Money Market Funds		1,794,159		—		—		1,794,159
	$	604,813,929	$	413,371,941	$	—	$	1,018,185,870
Derivative financial instruments(a)
Assets
Futures Contracts	$	197,145	$	28,330	$	—	$	225,475

^(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   O F   I N V E S T M E N T S 35

Schedule of Investments March 31, 2022 iShares^® Global Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Ampol Ltd.		215,670	$	4,899,554
Santos Ltd.		2,754,818		15,971,893
Woodside Petroleum Ltd.		876,301		21,058,753
				41,930,200
Austria — 0.3%
OMV AG		130,263		6,224,285
Brazil — 1.1%
Petroleo Brasileiro SA, ADR		1,689,347		25,002,336
Canada — 13.2%
Cameco Corp.		359,401		10,467,376
Canadian Natural Resources Ltd.		1,058,171		65,522,551
Cenovus Energy Inc.		1,144,956		19,086,416
Enbridge Inc.		1,835,701		84,505,534
Imperial Oil Ltd.		198,230		9,593,181
Pembina Pipeline Corp.		497,093		18,676,526
Suncor Energy Inc.		1,305,769		42,510,737
TC Energy Corp.		887,879		50,077,469
				300,439,790
Chile — 0.1%
Empresas COPEC SA		299,637		2,475,395
Colombia — 0.2%
Ecopetrol SA, ADR		225,456		4,193,482
Finland — 0.8%
Neste OYJ		389,300		17,749,412
France — 4.9%
TotalEnergies SE		2,222,563		112,460,618
Italy — 1.5%
Eni SpA		2,287,467		33,358,620
Japan — 1.0%
ENEOS Holdings Inc.		2,925,620		10,938,083
Inpex Corp.		929,200		10,924,919
				21,863,002
Norway — 1.6%
Equinor ASA		974,178		36,372,521
Portugal — 0.2%
Galp Energia SGPS SA		413,030		5,221,803
Spain — 0.7%
Repsol SA		1,272,385		16,667,215
United Kingdom — 12.1%
BP PLC		17,813,943		87,330,672
Shell PLC		6,930,873		189,966,137
				277,296,809

Security	Shares		Value
United States — 58.9%
APA Corp.		328,312	$	13,569,135
Baker Hughes Co.		820,950		29,890,790
Chevron Corp.		1,746,471		284,377,873
ConocoPhillips		1,179,824		117,982,400
Coterra Energy Inc.		735,268		19,830,178
Devon Energy Corp.		570,527		33,735,262
Diamondback Energy Inc.		154,734		21,210,937
EOG Resources Inc.		530,397		63,239,234
Exxon Mobil Corp.		3,835,584		316,780,883
Halliburton Co.		814,581		30,848,182
Hess Corp.		250,181		26,779,374
Kinder Morgan Inc.		1,768,339		33,439,290
Marathon Oil Corp.		705,312		17,710,384
Marathon Petroleum Corp.		524,675		44,859,712
Occidental Petroleum Corp.		803,373		45,583,384
ONEOK Inc.		404,607		28,577,392
Phillips 66		424,213		36,647,761
Pioneer Natural Resources Co.		205,519		51,385,916
Schlumberger NV		1,270,193		52,471,673
Valero Energy Corp.		370,433		37,613,767
Williams Companies Inc. (The)		1,100,852		36,779,465
				1,343,312,992
Total Common Stocks — 98.4% (Cost: $2,001,702,107)				2,244,568,480
Preferred Stocks
Brazil — 1.3%
Petroleo Brasileiro SA, Preference Shares, ADR		2,084,109		29,135,844
Total Preferred Stocks — 1.3% (Cost: $31,660,992)				29,135,844
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(a)(b)		3,430,000		3,430,000
Total Short-Term Investments — 0.1% (Cost: $3,430,000)				3,430,000
Total Investments in Securities — 99.8% (Cost: $2,036,793,099)				2,277,134,324
Other Assets, Less Liabilities — 0.2%				3,708,395
Net Assets — 100.0%			$	2,280,842,719

^(a)  Affiliate of the Fund.

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

36 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Energy ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(21	)(b)	$	21	$	—	$	—		—	$	133	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,400,000		2,030,000	(b)		—			—		—		3,430,000		3,430,000		752			—
									$	21	$	—	$	3,430,000			$	885		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		73		06/17/22	$	5,819	$	39,501
FTSE 100 Index		10		06/17/22		978		25,885
							$	65,386

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	65,386

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,276,267
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	203,096

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,127,284

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

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Energy ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,675,423,995	$	569,144,485	$	—	$	2,244,568,480
Preferred Stocks		29,135,844		—		—		29,135,844
Money Market Funds		3,430,000		—		—		3,430,000
	$	1,707,989,839	$	569,144,485	$	—	$	2,277,134,324
Derivative financial instruments(a)
Assets
Futures Contracts	$	39,501	$	25,885	$	—	$	65,386

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.3%
ASX Ltd.		27,785	$	1,690,166
Australia & New Zealand Banking Group Ltd.		398,907		8,174,004
Commonwealth Bank of Australia		240,328		18,926,400
Insurance Australia Group Ltd.		341,522		1,117,728
Macquarie Group Ltd.		49,997		7,561,249
Medibank Pvt Ltd.		392,748		902,349
National Australia Bank Ltd.		457,514		11,014,594
QBE Insurance Group Ltd.		212,911		1,825,779
Suncorp Group Ltd.		180,472		1,496,058
Westpac Banking Corp.		494,734		8,938,146
				61,646,473
Austria — 0.2%
Erste Group Bank AG		48,774		1,778,616
Belgium — 0.5%
Ageas SA/NV		25,576		1,292,950
Groupe Bruxelles Lambert SA		14,796		1,531,034
KBC Group NV		47,921		3,438,291
				6,262,275
Brazil — 0.4%
B3 SA - Brasil, Bolsa, Balcao		857,325		2,828,909
Banco do Brasil SA		198,180		1,444,397
				4,273,306
Canada — 9.1%
Bank of Montreal		94,012		11,062,757
Bank of Nova Scotia (The)		169,975		12,182,346
Brookfield Asset Management Inc., Class A		206,518		11,675,953
Canadian Imperial Bank of Commerce		63,740		7,737,108
Intact Financial Corp.		24,853		3,672,236
Manulife Financial Corp.		273,334		5,828,968
National Bank of Canada		48,002		3,679,584
Power Corp. of Canada		79,550		2,462,572
Royal Bank of Canada		200,399		22,063,687
Sun Life Financial Inc.		81,505		4,550,693
Toronto-Dominion Bank (The)		256,931		20,385,542
				105,301,446
Chile — 0.1%
Banco de Chile		6,028,341		645,695
Banco Santander Chile, ADR		20,766		469,104
				1,114,799
China — 2.7%
Bank of China Ltd., Class H		10,887,000		4,344,517
China Construction Bank Corp., Class H		14,538,720		10,890,439
China Merchants Bank Co. Ltd., Class H		538,500		4,191,911
Industrial & Commercial Bank of China Ltd., Class H		9,362,000		5,739,395
Ping An Insurance Group Co. of China Ltd., Class H		837,500		5,855,016
				31,021,278
Colombia — 0.1%
Bancolombia SA, ADR		15,816		674,710
Denmark — 0.2%
Danske Bank A/S		95,641		1,590,996
Tryg A/S		51,187		1,244,595
				2,835,591
Finland — 0.7%
Nordea Bank Abp		485,304		4,994,745

Security	Shares		Value
Finland (continued)
Sampo OYJ, Class A		71,711	$	3,504,098
				8,498,843
France — 2.0%
AXA SA		290,263		8,497,253
BNP Paribas SA		160,288		9,159,598
Credit Agricole SA		195,665		2,337,912
SCOR SE		22,511		723,851
Societe Generale SA		109,177		2,926,744
				23,645,358
Germany — 2.6%
Allianz SE, Registered		57,658		13,769,197
Commerzbank AG(a)		137,903		1,047,912
Deutsche Bank AG, Registered(a)		293,452		3,695,788
Deutsche Boerse AG		26,751		4,815,467
Hannover Rueck SE		8,707		1,479,130
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		19,504		5,214,193
				30,021,687
Hong Kong — 2.2%
AIA Group Ltd.		1,709,800		17,853,522
Hong Kong Exchanges & Clearing Ltd.		170,800		8,005,962
				25,859,484
Italy — 1.3%
Assicurazioni Generali SpA		171,696		3,927,057
FinecoBank Banca Fineco SpA		89,181		1,352,883
Intesa Sanpaolo SpA		2,428,714		5,558,754
Mediobanca Banca di Credito Finanziario SpA		103,083		1,041,704
UniCredit SpA		313,608		3,383,121
				15,263,519
Japan — 4.1%
Dai-ichi Life Holdings Inc.		160,000		3,251,326
Daiwa Securities Group Inc.		219,400		1,241,082
Japan Exchange Group Inc.		74,600		1,385,166
Mitsubishi UFJ Financial Group Inc.		1,782,600		11,018,496
Mizuho Financial Group Inc.		359,710		4,588,230
MS&AD Insurance Group Holdings Inc.		67,100		2,178,597
Nomura Holdings Inc.		430,300		1,809,741
ORIX Corp.		168,300		3,354,648
Resona Holdings Inc.		328,500		1,399,193
Sompo Holdings Inc.		50,100		2,201,415
Sumitomo Mitsui Financial Group Inc.		195,700		6,181,841
Sumitomo Mitsui Trust Holdings Inc.		52,627		1,712,726
T&D Holdings Inc.		81,700		1,109,321
Tokio Marine Holdings Inc.		99,300		5,778,585
				47,210,367
Malta — 0.0%
BGP Holdings PLC, NVS(b)		608,993		7
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		340,137		2,557,440
Netherlands — 1.1%
ABN AMRO Bank NV, CVA(c)		59,599		761,069
Aegon NV		196,946		1,044,036
Euronext NV(c)		14,314		1,300,393
EXOR NV		15,299		1,163,024
ING Groep NV		549,265		5,734,834
NN Group NV		44,977		2,279,378
				12,282,734

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.2%
DNB Bank ASA		127,100	$	2,873,596
Peru — 0.1%
Credicorp Ltd.		9,044		1,554,392
Singapore — 1.5%
DBS Group Holdings Ltd.		254,700		6,673,701
Oversea-Chinese Banking Corp. Ltd.		575,000		5,216,313
United Overseas Bank Ltd.		220,700		5,163,939
				17,053,953
South Korea — 0.4%
KB Financial Group Inc., ADR		53,730		2,623,636
Shinhan Financial Group Co. Ltd., ADR(a)(d)		71,606		2,393,788
				5,017,424
Spain — 1.4%
Banco Bilbao Vizcaya Argentaria SA		947,235		5,408,640
Banco Santander SA		2,436,781		8,284,875
CaixaBank SA		610,597		2,071,072
				15,764,587
Sweden — 1.4%
EQT AB		39,713		1,548,739
Industrivarden AB, Class A		26,906		763,077
Industrivarden AB, Class C		24,832		692,164
Investor AB, Class B		256,436		5,571,901
Kinnevik AB, Class B(a)		34,174		891,124
Skandinaviska Enskilda Banken AB, Class A		225,625		2,439,198
Svenska Handelsbanken AB, Class A		215,595		1,982,490
Swedbank AB, Class A		131,008		1,956,687
				15,845,380
Switzerland — 3.2%
Baloise Holding AG, Registered		6,645		1,186,774
Credit Suisse Group AG, Registered		356,250		2,804,440
Julius Baer Group Ltd.		30,978		1,793,455
Partners Group Holding AG		3,230		3,999,391
Swiss Life Holding AG, Registered		4,446		2,849,021
Swiss Re AG		40,186		3,825,463
UBS Group AG, Registered		522,740		10,215,021
Zurich Insurance Group AG		21,167		10,454,374
				37,127,939
Taiwan — 0.7%
Cathay Financial Holding Co. Ltd.		1,261,000		2,814,725
CTBC Financial Holding Co. Ltd.		2,872,000		2,926,871
Fubon Financial Holding Co. Ltd.		1,130,000		3,000,396
				8,741,992
United Kingdom — 5.4%
3i Group PLC		136,958		2,476,524
abrdn plc		298,802		836,674
Admiral Group PLC		38,770		1,300,143
Aviva PLC		530,675		3,139,956
Barclays PLC		2,222,963		4,309,159
Direct Line Insurance Group PLC		185,350		667,885
Hargreaves Lansdown PLC		51,256		675,595
HSBC Holdings PLC		2,907,108		19,857,184
Intermediate Capital Group PLC		41,790		970,241
Legal & General Group PLC		840,181		2,978,768
Lloyds Banking Group PLC		9,925,396		6,044,228
London Stock Exchange Group PLC		46,100		4,807,333
M&G PLC		371,184		1,069,504
NatWest Group PLC		714,176		2,017,073

Security	Shares		Value
United Kingdom (continued)
Phoenix Group Holdings PLC		120,718	$	967,179
Prudential PLC		386,969		5,712,926
Schroders PLC		17,856		751,906
St. James’s Place PLC		76,737		1,446,752
Standard Chartered PLC		361,546		2,399,944
				62,428,974
United States — 51.6%
Aflac Inc.		84,153		5,418,612
Allstate Corp. (The)		39,620		5,487,766
American Express Co.		86,736		16,219,632
American International Group Inc.		117,384		7,368,194
Ameriprise Financial Inc.		15,800		4,745,688
Aon PLC, Class A		30,340		9,879,614
Arthur J Gallagher & Co.		29,346		5,123,812
Assurant Inc.		7,585		1,379,181
Bank of America Corp.		1,003,214		41,352,481
Bank of New York Mellon Corp. (The)		104,425		5,182,613
Berkshire Hathaway Inc., Class B(a)		258,180		91,114,304
BlackRock Inc.(e)		20,118		15,373,572
Brown & Brown Inc.		33,162		2,396,618
Capital One Financial Corp.		58,414		7,669,174
Cboe Global Markets Inc.		14,949		1,710,465
Charles Schwab Corp. (The)		211,840		17,860,230
Chubb Ltd.		60,904		13,027,366
Cincinnati Financial Corp.		21,138		2,873,922
Citigroup Inc.		279,358		14,917,717
Citizens Financial Group Inc.		60,255		2,731,359
CME Group Inc.		50,522		12,017,163
Comerica Inc.		18,568		1,679,104
Discover Financial Services		40,651		4,479,334
Everest Re Group Ltd.		5,571		1,678,988
FactSet Research Systems Inc.		5,311		2,305,771
Fifth Third Bancorp		96,365		4,147,550
First Republic Bank/CA		25,355		4,110,045
Franklin Resources Inc.		39,716		1,108,871
Globe Life Inc.		13,140		1,321,884
Goldman Sachs Group Inc. (The)		47,893		15,809,479
Hartford Financial Services Group Inc. (The)		47,618		3,419,449
Huntington Bancshares Inc./OH		204,439		2,988,898
Intercontinental Exchange Inc.		79,091		10,449,503
Invesco Ltd.		48,249		1,112,622
JPMorgan Chase & Co.		417,077		56,855,937
KeyCorp.		131,633		2,945,947
Lincoln National Corp.		24,022		1,570,078
Loews Corp.		28,259		1,831,748
M&T Bank Corp.		18,207		3,086,086
MarketAxess Holdings Inc.		5,331		1,813,606
Marsh & McLennan Companies Inc.		70,955		12,092,151
MetLife Inc.		99,029		6,959,758
Moody’s Corp.		22,902		7,727,364
Morgan Stanley		200,066		17,485,768
MSCI Inc.		11,478		5,772,057
Nasdaq Inc.		16,658		2,968,456
Northern Trust Corp.		29,200		3,400,340
People’s United Financial Inc.		60,447		1,208,335
PNC Financial Services Group Inc. (The)		58,993		10,881,259
Principal Financial Group Inc.		34,817		2,555,916
Progressive Corp. (The)		82,725		9,429,823
Prudential Financial Inc.		53,481		6,319,850
Raymond James Financial Inc.		26,219		2,881,730

40 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Regions Financial Corp.		130,817	$	2,911,986
S&P Global Inc.		49,966		20,495,054
Signature Bank/New York NY		8,615		2,528,416
State Street Corp.		51,709		4,504,888
SVB Financial Group(a)		8,322		4,655,743
Synchrony Financial		73,584		2,561,459
T Rowe Price Group Inc.		31,666		4,787,582
Travelers Companies Inc. (The)		34,058		6,223,418
Truist Financial Corp.		188,934		10,712,558
U.S. Bancorp.		190,891		10,145,857
W R Berkley Corp.		29,569		1,969,000
Wells Fargo & Co.		548,392		26,575,076
Willis Towers Watson PLC		17,197		4,062,275
Zions Bancorp. N.A.		20,761		1,361,091
				599,741,593
Total Common Stocks — 98.7% (Cost: $1,190,142,911)				1,146,397,763
Preferred Stocks
Brazil — 0.7%
Banco Bradesco SA, Preference Shares, ADR		692,938		3,215,232
Itau Unibanco Holding SA, Preference Shares, ADR		687,913		3,927,983
Itausa SA, Preference Shares, NVS		665,281		1,502,142
				8,645,357
Total Preferred Stocks — 0.7% (Cost: $9,576,332)				8,645,357

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(e)(f)(g)		20,645	$	20,641
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(e)(f)		2,000,000		2,000,000
				2,020,641
Total Short-Term Investments — 0.2% (Cost: $2,020,641)				2,020,641
Total Investments in Securities — 99.6% (Cost: $1,201,739,884)				1,157,063,761
Other Assets, Less Liabilities — 0.4%				5,081,560
Net Assets — 100.0%			$	1,162,145,321

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,798,588	$	—		$	(1,775,681	)(a)	$	(2,266	)	$	—		$	20,641		20,645	$	14,376	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		540,000		1,460,000	(a)		—			—			—			2,000,000		2,000,000		301			—
BlackRock Inc.		6,674,808		51,673,667			(38,702,640	)		(382,516	)		(3,889,747	)		15,373,572		20,118		811,100			—
									$	(384,782	)	$	(3,889,747	)	$	17,394,213			$	825,777		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Financials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financials Select Sector Index		41		06/17/22	$  4,837	$	(79,800	)
Euro Stoxx 50 Index		23		06/17/22	966		(7,894	)
FTSE 100 Index		10		06/17/22	978		12,469
						$	(75,225	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,469
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	87,694

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	21,910
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(52,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,037,007

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.

42 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	719,589,415		$	426,808,341		$	7	$	1,146,397,763
Preferred Stocks		8,645,357			—			—		8,645,357
Money Market Funds		2,020,641			—			—		2,020,641
	$	730,255,413		$	426,808,341		$	7	$	1,157,063,761
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	12,469		$	—	$	12,469
Liabilities
Futures Contracts		(79,800	)		(7,894	)		—		(87,694	)
	$	(79,800	)	$	4,575		$	—	$	(75,225	)

^(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   O F   I N V E S T M E N T S 43

Schedule of Investments March 31, 2022 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Cochlear Ltd.		31,468	$	5,253,931
CSL Ltd.		228,635		45,645,283
Ramsay Health Care Ltd.		88,823		4,301,745
Sonic Healthcare Ltd.		228,085		6,021,954
				61,222,913
Belgium — 0.2%
UCB SA		60,571		7,244,105
Brazil — 0.1%
Rede D’Or Sao Luiz SA(a)		353,408		3,704,027
Canada — 0.1%
Bausch Health Cos Inc.(b)		136,672		3,122,307
China — 0.3%
Wuxi Biologics Cayman Inc., New(a)(b)		1,549,000		12,299,983
Denmark — 3.2%
Coloplast A/S, Class B		57,017		8,634,567
Genmab A/S(b)		31,201		11,268,337
GN Store Nord AS		65,754		3,223,022
Novo Nordisk A/S, Class B		786,471		87,232,277
				110,358,203
France — 1.9%
Eurofins Scientific SE		60,728		6,007,379
Sanofi		548,878		56,117,061
Sartorius Stedim Biotech		11,396		4,665,686
				66,790,126
Germany — 1.9%
Bayer AG, Registered		468,141		32,020,407
Fresenius Medical Care AG & Co. KGaA		95,605		6,406,567
Fresenius SE & Co. KGaA		196,463		7,213,423
Merck KGaA		61,529		12,849,376
Siemens Healthineers AG(a)		133,803		8,291,870
				66,781,643
Ireland — 0.3%
STERIS PLC		47,820		11,561,441
Japan — 4.3%
Astellas Pharma Inc.		885,775		13,840,130
Chugai Pharmaceutical Co. Ltd.		303,200		10,117,301
Daiichi Sankyo Co. Ltd.		873,500		19,074,603
Eisai Co. Ltd.		142,300		6,592,555
Hoya Corp.		176,800		20,147,748
M3 Inc.		205,000		7,403,775
Olympus Corp.		620,400		11,758,184
Ono Pharmaceutical Co. Ltd.		236,100		5,917,939
Otsuka Holdings Co. Ltd.		267,100		9,227,711
Shionogi & Co. Ltd.		135,200		8,307,141
Sysmex Corp.		80,600		5,837,657
Takeda Pharmaceutical Co. Ltd.		752,892		21,451,555
Terumo Corp.		361,200		10,929,368
				150,605,667
Netherlands — 0.7%
Argenx SE(b)(c)		24,230		7,580,869
Koninklijke Philips NV		421,170		12,843,027
QIAGEN NV(b)		110,607		5,427,472
				25,851,368

Security	Shares		Value
South Korea — 0.2%
Celltrion Inc.		48,792	$	6,868,840
Spain — 0.1%
Grifols SA		141,624		2,570,568
Sweden — 0.1%
Getinge AB, Class B		103,831		4,136,520
Switzerland — 8.8%
Alcon Inc.		237,933		18,850,462
Lonza Group AG, Registered		35,574		25,777,038
Novartis AG, Registered		1,161,317		101,953,763
Roche Holding AG, Bearer		12,972		5,673,316
Roche Holding AG, NVS		335,151		132,606,415
Sonova Holding AG, Registered		25,209		10,530,758
Straumann Holding AG, Registered		5,437		8,681,184
Vifor Pharma AG (b)		22,437		4,000,320
				308,073,256
United Kingdom — 4.5%
AstraZeneca PLC		739,127		98,017,775
GlaxoSmithKline PLC		2,387,671		51,661,901
Smith & Nephew PLC		421,283		6,700,450
				156,380,126
United States — 70.9%
Abbott Laboratories		843,544		99,841,868
AbbVie Inc.		843,351		136,715,630
ABIOMED Inc.(b)		21,874		7,245,544
Agilent Technologies Inc.		143,712		19,017,409
Align Technology Inc.(b)		34,915		15,222,940
AmerisourceBergen Corp.		71,832		11,113,129
Amgen Inc.		268,825		65,007,261
Anthem Inc.		115,658		56,813,523
Baxter International Inc.		238,911		18,525,159
Becton Dickinson and Co.		135,705		36,097,530
Biogen Inc.(b)		70,254		14,795,492
Bio-Rad Laboratories Inc., Class A(b)		10,365		5,837,879
Bio-Techne Corp.		18,742		8,116,036
Boston Scientific Corp.(b)		679,306		30,086,463
Bristol-Myers Squibb Co.		1,040,007		75,951,711
Cardinal Health Inc.		133,858		7,589,748
Catalent Inc.(b)		85,352		9,465,537
Centene Corp.(b)		278,615		23,456,597
Cerner Corp.		140,248		13,121,603
Charles River Laboratories International Inc.(b)		23,963		6,804,773
Cigna Corp.		153,885		36,872,385
Cooper Companies Inc. (The)		23,426		9,782,463
CVS Health Corp.		626,380		63,395,920
Danaher Corp.		303,579		89,048,828
DaVita Inc.(b)		29,368		3,321,814
DENTSPLY SIRONA Inc.		104,657		5,151,217
Dexcom Inc.(b)		46,247		23,659,965
Edwards Lifesciences Corp.(b)		297,520		35,024,054
Eli Lilly & Co.		378,756		108,464,356
Gilead Sciences Inc.		598,392		35,574,404
HCA Healthcare Inc.		114,286		28,642,357
Henry Schein Inc.(b)(c)		66,867		5,830,134
Hologic Inc.(b)		120,496		9,256,503
Humana Inc.		61,316		26,682,884
IDEXX Laboratories Inc.(b)		40,431		22,118,183
Illumina Inc.(b)		74,615		26,070,481

44 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Incyte Corp.(b)		90,235	$	7,166,464
Intuitive Surgical Inc.(b)		170,820		51,532,977
IQVIA Holdings Inc.(b)		91,196		21,085,427
Johnson & Johnson		1,255,855		222,575,182
Laboratory Corp. of America Holdings(b)		44,366		11,697,539
McKesson Corp.		71,380		21,851,559
Medtronic PLC		641,409		71,164,328
Merck & Co. Inc.		1,204,977		98,868,363
Mettler-Toledo International Inc.(b)		10,921		14,996,608
Moderna Inc.(b)		168,087		28,954,667
Molina Healthcare Inc.(b)		27,742		9,254,454
Organon & Co.		120,991		4,226,216
PerkinElmer Inc.(c)		60,006		10,468,647
Pfizer Inc.		2,677,564		138,617,488
Quest Diagnostics Inc.		56,708		7,761,057
Regeneron Pharmaceuticals Inc.(b)		50,854		35,517,451
ResMed Inc.		69,713		16,906,100
Stryker Corp.		160,364		42,873,315
Teleflex Inc.		22,208		7,880,065
Thermo Fisher Scientific Inc.		187,977		111,028,615
UnitedHealth Group Inc.		449,301		229,130,031
Universal Health Services Inc., Class B		34,735		5,034,838
Vertex Pharmaceuticals Inc.(b)		121,340		31,666,100
Viatris Inc.		580,428		6,315,057
Waters Corp.(b)		29,336		9,105,601
West Pharmaceutical Services Inc.		35,156		14,438,921
Zimmer Biomet Holdings Inc.		100,023		12,792,942
Zoetis Inc.		225,452		42,517,993
			2,475,149,785
Total Common Stocks — 99.4% (Cost: $2,590,028,823)				3,472,720,878

Security	Shares		Value
Preferred Stocks
Germany — 0.2%
Sartorius AG, Preference Shares, NVS		11,744	$	5,183,140
Total Preferred Stocks — 0.2% (Cost: $3,941,845)				5,183,140
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		6,066,361		6,065,148
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		4,860,000		4,860,000
				10,925,148
Total Short-Term Investments — 0.3% (Cost: $10,923,937)				10,925,148
Total Investments in Securities — 99.9% (Cost: $2,604,894,605)				3,488,829,166
Other Assets, Less Liabilities — 0.1%				3,176,149
Net Assets — 100.0%			$	3,492,005,315

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,610,638	$	4,466,198	(a)	$	—		$	(10,534	)	$	(1,154	)	$	6,065,148		6,066,361	$	16,804	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,014,000		—			(154,000	)(a)		—			—			4,860,000		4,860,000		1,170			—
									$	(10,534	)	$	(1,154	)	$	10,925,148			$	17,974		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		92		06/17/22	$	12,709	$	515,540

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	515,540

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,048,292
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	346,583

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,172,262

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
Investments
Assets
Common Stocks	$	2,497,537,880	$	975,182,998	$	—	$	3,472,720,878
Preferred Stocks		—		5,183,140		—		5,183,140
Money Market Funds		10,925,148		—		—		10,925,148
	$	2,508,463,028	$	980,366,138	$	—	$	3,488,829,166
Derivative financial instruments(a)
Assets
Futures Contracts	$	515,540	$	—	$	—	$	515,540

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

See notes to financial statements.

46 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
Brambles Ltd.		94,114	$	694,528
Qantas Airways Ltd.(a)		124,865		482,805
Transurban Group		202,875		2,049,839
				3,227,172
Brazil — 0.4%
CCR SA		73,639		211,897
Localiza Rent a Car SA		38,698		496,623
WEG SA		97,492		714,033
				1,422,553
Canada — 4.0%
CAE Inc.(a)		20,871		543,249
Canadian National Railway Co.		40,167		5,388,158
Canadian Pacific Railway Ltd.		61,711		5,093,262
SNC-Lavalin Group Inc.		11,884		286,132
Thomson Reuters Corp.		10,952		1,189,069
Waste Connections Inc.		17,301		2,419,497
				14,919,367
Cayman Islands — 0.3%
CK Hutchison Holdings Ltd.		178,020		1,301,754
Denmark — 1.7%
AP Moller - Maersk A/S, Class A		200		590,478
AP Moller - Maersk A/S, Class B, NVS		391		1,174,941
DSV A/S		14,179		2,717,484
Vestas Wind Systems A/S		67,238		1,972,413
				6,455,316
Finland — 0.5%
Kone OYJ, Class B		26,653		1,394,754
Metso Outotec OYJ		47,854		403,394
Wartsila OYJ Abp		31,438		287,056
				2,085,204
France — 6.8%
Airbus SE(a)		40,729		4,914,704
Alstom SA		19,298		451,551
Bouygues SA		14,186		495,149
Bureau Veritas SA		19,240		548,549
Cie. de Saint-Gobain		34,766		2,068,589
Eiffage SA		5,255		539,332
Legrand SA		17,827		1,694,928
Safran SA		23,242		2,736,408
Schneider Electric SE		37,773		6,341,721
Teleperformance		3,907		1,488,169
Thales SA		7,130		892,929
Vinci SA		34,306		3,505,133
				25,677,162
Germany — 3.6%
Brenntag SE		10,330		832,923
Daimler Truck Holding AG(a)		32,777		909,069
Deutsche Post AG, Registered		65,683		3,136,486
GEA Group AG		11,012		451,352
MTU Aero Engines AG		3,528		815,956
Siemens AG, Registered		53,041		7,344,442
				13,490,228
Hong Kong — 0.5%
Techtronic Industries Co. Ltd.		115,000		1,842,468

Security	Shares		Value
Ireland — 1.0%
Kingspan Group PLC		10,217	$	998,679
Ryanair Holdings PLC, ADR(a)(b)		6,762		589,105
Trane Technologies PLC		15,498		2,366,545
				3,954,329
Italy — 0.3%
Atlantia SpA(a)		33,532		697,215
Prysmian SpA		17,900		607,458
				1,304,673
Japan — 14.3%
AGC Inc.		15,000		599,330
ANA Holdings Inc.(a)		32,000		668,902
Central Japan Railway Co.		13,800		1,799,427
Dai Nippon Printing Co. Ltd.		18,900		443,113
Daifuku Co. Ltd.		8,500		606,487
Daikin Industries Ltd.		19,500		3,541,275
East Japan Railway Co.		25,200		1,458,514
FANUC Corp.		12,800		2,246,525
Hankyu Hanshin Holdings Inc.		16,300		471,098
Hitachi Ltd.		64,700		3,237,857
ITOCHU Corp.		99,000		3,348,769
Japan Airlines Co. Ltd.(a)		29,700		553,706
Kajima Corp.		33,300		405,152
Kintetsu Group Holdings Co. Ltd.		12,800		366,399
Komatsu Ltd.		64,600		1,552,048
Kubota Corp.		76,600		1,435,810
Makita Corp.		19,200		614,334
Marubeni Corp.		114,800		1,333,081
Mitsubishi Corp.		98,700		3,703,887
Mitsubishi Electric Corp.		142,800		1,637,751
Mitsubishi Heavy Industries Ltd.		22,200		728,740
Mitsui & Co. Ltd.		109,300		2,966,971
Nidec Corp.		36,500		2,882,882
Obayashi Corp.		48,100		353,041
Odakyu Electric Railway Co. Ltd.		22,800		377,904
Recruit Holdings Co. Ltd.		112,700		4,896,479
Secom Co. Ltd.		14,200		1,027,255
SG Holdings Co. Ltd.		34,000		640,246
SMC Corp.		4,100		2,291,875
Sumitomo Corp.		84,000		1,454,767
Taisei Corp.		13,800		398,394
Tokyu Corp.		38,400		498,199
TOPPAN INC.		23,500		414,539
Toshiba Corp.		29,000		1,101,810
TOTO Ltd.		10,700		429,718
Toyota Industries Corp.		13,500		931,141
Toyota Tsusho Corp.		15,900		652,566
West Japan Railway Co.		16,500		683,691
Yamato Holdings Co. Ltd.		23,000		429,644
Yaskawa Electric Corp.		18,200		709,344
				53,892,671
Netherlands — 1.1%
CNH Industrial NV		65,603		1,033,298
IMCD NV		3,834		654,051
Randstad NV		8,142		489,781
Wolters Kluwer NV		17,359		1,850,580
				4,027,710
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		17,019		458,823
Aena SME SA(a)(c)		4,899		816,664

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Ferrovial SA		33,172	$	882,204
				2,157,691
Sweden — 3.4%
Alfa Laval AB		19,649		675,875
Assa Abloy AB, Class B		65,456		1,759,430
Atlas Copco AB, Class A		43,064		2,235,277
Atlas Copco AB, Class B		25,799		1,169,972
Epiroc AB, Class A		41,850		895,123
Epiroc AB, Class B		26,230		473,568
Nibe Industrier AB, Class B		92,847		1,029,167
Sandvik AB		72,969		1,550,067
Skanska AB, Class B		26,740		598,232
SKF AB, Class B		24,908		406,149
Volvo AB, Class B		105,676		1,971,422
				12,764,282
Switzerland — 2.7%
ABB Ltd., Registered		118,784		3,853,435
Adecco Group AG, Registered		11,139		505,282
Geberit AG, Registered		2,372		1,462,235
Kuehne + Nagel International AG, Registered		3,398		964,791
Schindler Holding AG, Participation Certificates, NVS		2,705		579,600
Schindler Holding AG, Registered		1,368		291,504
SGS SA, Registered		401		1,114,837
Siemens Energy AG(a)		26,533		603,645
VAT Group AG(c)		1,818		692,183
				10,067,512
United Kingdom — 5.0%
Ashtead Group PLC		29,797		1,876,150
BAE Systems PLC		214,588		2,015,292
Bunzl PLC		22,361		867,184
DCC PLC		6,839		529,571
Experian PLC		64,359		2,479,469
Ferguson PLC		15,424		2,089,640
IMI PLC		17,808		317,054
Intertek Group PLC		10,863		741,049
Melrose Industries PLC		289,935		470,315
RELX PLC		131,885		4,103,962
Rentokil Initial PLC		123,626		851,594
Rolls-Royce Holdings PLC(a)		550,127		723,415
Smiths Group PLC		26,285		497,994
Spirax-Sarco Engineering PLC		4,945		808,412
Weir Group PLC (The)		16,866		359,918
				18,731,019
United States — 52.5%
3M Co.		37,896		5,641,956
A O Smith Corp.		8,770		560,315
Alaska Air Group Inc.(a)(b)		8,494		492,737
Allegion PLC		6,046		663,730
American Airlines Group Inc.(a)(b)		42,593		777,322
AMETEK Inc.		15,388		2,049,374
Boeing Co. (The)(a)		36,465		6,983,047
Carrier Global Corp.		57,150		2,621,471
Caterpillar Inc.		35,909		8,001,243
CH Robinson Worldwide Inc.		8,589		925,121
Cintas Corp.		5,854		2,490,233
Copart Inc.(a)		14,210		1,782,929
CSX Corp.		147,257		5,514,775
Cummins Inc.		9,471		1,942,597
Deere & Co.		18,650		7,748,329

Security	Shares		Value
United States (continued)
Delta Air Lines Inc.(a)		42,560	$	1,684,099
Dover Corp.		9,545		1,497,611
Eaton Corp. PLC		26,510		4,023,158
Emerson Electric Co.		39,391		3,862,288
Equifax Inc.		8,080		1,915,768
Expeditors International of Washington Inc.		11,281		1,163,748
Fastenal Co.		38,024		2,258,626
FedEx Corp.		16,189		3,745,973
Fortive Corp.		23,935		1,458,360
Fortune Brands Home & Security Inc.		8,976		666,737
Generac Holdings Inc.(a)		4,178		1,241,952
General Dynamics Corp.		15,350		3,702,113
General Electric Co.		72,975		6,677,213
Honeywell International Inc.		45,595		8,871,875
Howmet Aerospace Inc.		25,294		909,066
Huntington Ingalls Industries Inc.		2,673		533,103
IDEX Corp.		5,075		973,030
Illinois Tool Works Inc.		19,000		3,978,600
Ingersoll Rand Inc.		27,058		1,362,370
Jacobs Engineering Group Inc.		8,667		1,194,399
JB Hunt Transport Services Inc.		5,556		1,115,589
Johnson Controls International PLC		46,701		3,062,185
L3Harris Technologies Inc.		13,029		3,237,316
Leidos Holdings Inc.		9,294		1,003,938
Lockheed Martin Corp.		16,095		7,104,333
Masco Corp.		15,919		811,869
Nielsen Holdings PLC		24,210		659,480
Nordson Corp.		3,616		821,121
Norfolk Southern Corp.		15,919		4,540,417
Northrop Grumman Corp.		9,743		4,357,264
Old Dominion Freight Line Inc.		6,199		1,851,517
Otis Worldwide Corp.		28,239		2,172,991
PACCAR Inc.		23,120		2,036,178
Parker-Hannifin Corp.		8,516		2,416,500
Pentair PLC		10,823		586,715
Quanta Services Inc.		9,478		1,247,400
Raytheon Technologies Corp.		99,125		9,820,314
Republic Services Inc.		13,875		1,838,438
Robert Half International Inc.		7,340		838,081
Rockwell Automation Inc.		7,741		2,167,712
Rollins Inc.		14,758		517,268
Roper Technologies Inc.		6,995		3,303,249
Snap-on Inc.		3,564		732,331
Southwest Airlines Co.(a)		39,443		1,806,489
Stanley Black & Decker Inc.		10,786		1,507,775
Textron Inc.		14,580		1,084,460
TransDigm Group Inc.(a)		3,500		2,280,390
Union Pacific Corp.		42,292		11,554,597
United Airlines Holdings Inc.(a)(b)		21,282		986,634
United Parcel Service Inc., Class B		48,404		10,380,722
United Rentals Inc.(a)		4,812		1,709,271
Verisk Analytics Inc.		10,713		2,299,331
Waste Management Inc.		25,604		4,058,234
Westinghouse Air Brake Technologies Corp.		12,431		1,195,489
WW Grainger Inc.		2,867		1,478,770
Xylem Inc./NY		11,920		1,016,299
				197,515,935
Total Common Stocks — 99.6% (Cost: $386,899,196)				374,837,046

48 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		2,815,813	$	2,815,249
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		310,000		310,000
				3,125,249
Total Short-Term Investments — 0.8% (Cost: $3,124,788)				3,125,249
Total Investments in Securities — 100.4% (Cost: $390,023,984)				377,962,295
Other Assets, Less Liabilities — (0.4)%				(1,481,181	)
Net Assets — 100.0%			$	376,481,114

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	808,386	$	2,007,469	(a)	$	—		$	(862	)	$	256	$	2,815,249		2,815,813	$	2,769	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		460,000		—			(150,000	)(a)		—			—		310,000		310,000		76			—
									$	(862	)	$	256	$	3,125,249			$	2,845		$	—

^(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
TOPIX Index		1		06/09/22	$	158	$	(2,632	)
Euro Stoxx 50 Index		10		06/17/22		420		(873	)
XAI Industrial Index		9		06/17/22		933		24,929
							$	21,424

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	24,929
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,505

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(41,447	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,992

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,160,943

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
Investments
Assets
Common Stocks	$	216,813,505	$	158,023,541		$	—	$	374,837,046
Money Market Funds		3,125,249		—			—		3,125,249
	$	219,938,754	$	158,023,541		$	—	$	377,962,295
Derivative financial instruments(a)
Assets
Futures Contracts	$	24,929	$	—		$	—	$	24,929
Liabilities
Futures Contracts		—		(3,505	)		—		(3,505	)
	$	24,929	$	(3,505	)	$	—	$	21,424

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

See notes to financial statements.

50 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 17.2%
BHP Group Ltd.		1,349,416	$	52,016,598
BlueScope Steel Ltd.		131,931		2,051,540
Fortescue Metals Group Ltd.		450,236		6,920,955
Glencore PLC		2,916,080		18,974,068
Newcrest Mining Ltd.		238,278		4,814,975
Northern Star Resources Ltd.		312,098		2,517,911
OZ Minerals Ltd.		88,670		1,768,338
Rio Tinto Ltd.		99,023		8,852,667
Rio Tinto PLC		282,799		22,608,801
South32 Ltd.		1,235,464		4,696,342
				125,222,195
Belgium — 0.6%
Solvay SA		19,287		1,900,841
Umicore SA		53,585		2,316,338
				4,217,179
Brazil — 2.9%
Vale SA, ADR		1,067,127		21,331,869
Canada — 8.5%
Agnico Eagle Mines Ltd.		121,377		7,427,381
Barrick Gold Corp.		474,300		11,632,235
CCL Industries Inc., Class B, NVS		39,061		1,762,221
First Quantum Minerals Ltd.		147,174		5,095,141
Franco-Nevada Corp.		50,988		8,113,868
Kinross Gold Corp.		347,220		2,038,631
Nutrien Ltd.		146,953		15,189,591
Teck Resources Ltd., Class B		124,487		5,026,680
Wheaton Precious Metals Corp.		120,547		5,732,527
				62,018,275
Chile — 0.5%
Empresas CMPC SA		298,070		551,968
Sociedad Quimica y Minera de Chile SA, ADR		38,179		3,268,122
				3,820,090
Denmark — 0.8%
Chr Hansen Holding A/S		27,178		1,995,598
Novozymes A/S, Class B		55,920		3,834,108
				5,829,706
Finland — 1.1%
Stora Enso OYJ, Class R		163,646		3,210,312
UPM-Kymmene OYJ		142,146		4,641,776
				7,852,088
France — 3.3%
Air Liquide SA		126,702		22,165,725
Arkema SA		17,436		2,084,300
				24,250,025
Germany — 3.2%
BASF SE		244,830		13,970,125
Covestro AG(a)		51,074		2,571,850
HeidelbergCement AG		38,802		2,199,072
Symrise AG		35,246		4,225,737
				22,966,784
Ireland — 2.1%
CRH PLC		204,947		8,174,338
James Hardie Industries PLC		118,289		3,548,445
Smurfit Kappa Group PLC		69,264		3,076,523
				14,799,306

Security	Shares		Value
Japan — 6.1%
Asahi Kasei Corp.		371,600	$	3,214,169
JFE Holdings Inc.		154,100		2,156,504
Mitsubishi Chemical Holdings Corp.		379,600		2,524,618
Mitsui Chemicals Inc.		55,000		1,382,676
Nippon Paint Holdings Co. Ltd.		384,300		3,366,982
Nippon Steel Corp.		253,229		4,468,136
Nitto Denko Corp.		39,700		2,846,015
Shin-Etsu Chemical Co. Ltd.		105,600		16,044,148
Sumitomo Chemical Co. Ltd.		437,300		2,002,315
Sumitomo Metal Mining Co. Ltd.		73,300		3,713,643
Toray Industries Inc.		437,200		2,273,251
				43,992,457
Luxembourg — 0.7%
ArcelorMittal SA		162,716		5,212,462
Mexico — 1.0%
Cemex SAB de CV, NVS(b)		4,000,678		2,150,189
Grupo Mexico SAB de CV, Series B		829,101		4,960,433
				7,110,622
Netherlands — 1.7%
Akzo Nobel NV		48,583		4,174,362
Koninklijke DSM NV		46,606		8,337,521
				12,511,883
Norway — 0.8%
Norsk Hydro ASA		362,081		3,517,933
Yara International ASA		41,737		2,087,205
				5,605,138
Peru — 0.2%
Southern Copper Corp.		22,476		1,705,928
South Korea — 1.4%
LG Chem Ltd.		12,644		5,525,003
POSCO		20,186		4,842,091
				10,367,094
Sweden — 0.9%
Boliden AB		73,063		3,685,676
Svenska Cellulosa AB SCA, Class B		160,292		3,112,498
				6,798,174
Switzerland — 4.0%
Givaudan SA, Registered		2,110		8,720,496
Holcim Ltd.		137,913		6,707,642
Sika AG, Registered		40,824		13,506,768
				28,934,906
Taiwan — 1.3%
Formosa Plastics Corp.		1,148,720		4,248,602
Nan Ya Plastics Corp.		1,504,940		4,871,677
				9,120,279
United Kingdom — 4.5%
Amcor PLC		404,551		4,583,563
Anglo American PLC		359,469		18,678,843
Croda International PLC		37,917		3,900,583
DS Smith PLC		369,577		1,554,335
Johnson Matthey PLC		52,577		1,285,859
Mondi PLC		128,321		2,494,281
				32,497,464
United States — 36.1%
Air Products and Chemicals Inc.		59,101		14,769,931
Albemarle Corp.		31,220		6,904,303

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Avery Dennison Corp.		22,110	$	3,846,477
Ball Corp.		86,354		7,771,860
Celanese Corp.		28,893		4,127,943
CF Industries Holdings Inc.		57,185		5,893,486
Corteva Inc.		193,977		11,149,798
Dow Inc.		196,214		12,502,756
DuPont de Nemours Inc.		136,721		10,059,931
Eastman Chemical Co.		34,532		3,869,656
Ecolab Inc.		66,457		11,733,648
FMC Corp.		33,644		4,426,541
Freeport-McMoRan Inc.		391,328		19,464,655
International Flavors & Fragrances Inc.		67,899		8,917,176
International Paper Co.		102,794		4,743,943
Linde PLC		136,627		43,642,763
LyondellBasell Industries NV, Class A		70,162		7,214,057
Martin Marietta Materials Inc.		16,645		6,406,494
Mosaic Co. (The)		98,417		6,544,730
Newmont Corp.		212,565		16,888,289
Nucor Corp.		72,504		10,777,720
Packaging Corp. of America		25,345		3,956,608
PPG Industries Inc.		63,365		8,305,250
Sealed Air Corp.		39,318		2,632,733
Sherwin-Williams Co. (The)		64,300		16,050,566
Vulcan Materials Co.		35,229		6,471,567
Westrock Co.		70,566		3,318,719
				262,391,600
Total Common Stocks — 98.9% (Cost: $682,896,573)				718,555,524

Security	Shares		Value
Preferred Stocks
Brazil — 0.3%
Gerdau SA, Preference Shares, ADR		302,892	$	1,947,596
South Korea — 0.0%
LG Chem Ltd., Preference Shares, NVS		2,022		453,536
Total Preferred Stocks — 0.3% (Cost: $2,855,167)				2,401,132
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		2,490,000		2,490,000
Total Short-Term Investments — 0.3% (Cost: $2,490,000)				2,490,000
Total Investments in Securities — 99.5% (Cost: $688,241,740)				723,446,656
Other Assets, Less Liabilities — 0.5%				3,580,908
Net Assets — 100.0%			$	727,027,564

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	59,165	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		670,000		1,820,000	(b)		—		—		—		2,490,000		2,490,000		199			—
								$	—	$	—	$	2,490,000			$	59,364		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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.

52 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Global Materials ETF

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/TSX 60 Index		7		06/16/22	$	1,475	$	26,297
FTSE 100 Index		17		06/17/22		1,663		65,158
MSCI Emerging Markets Index		19		06/17/22		1,069		59,382
S&P 500 E-Mini Index		7		06/17/22		1,586		107,877
							$	258,714

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	258,714

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	106,177
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	261,389

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,195,885

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.

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Materials ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	362,961,947	$	355,593,577	$	—	$	718,555,524
Preferred Stocks		1,947,596		453,536		—		2,401,132
Money Market Funds		2,490,000		—		—		2,490,000
	$	367,399,543	$	356,047,113	$	—	$	723,446,656
Derivative financial instruments(a)
Assets
Futures Contracts	$	193,556	$	65,158	$	—	$	258,714

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

See notes to financial statements.

54 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.1%
Computershare Ltd.		217,758	$	4,002,193
Brazil — 0.0%
Pagseguro Digital Ltd., Class A(a)(b)		76,610		1,536,030
StoneCo Ltd., Class A(a)		88,187		1,031,788
				2,567,818
Canada — 1.1%
CGI Inc.(a)		82,045		6,535,905
Constellation Software Inc.		7,534		12,878,581
Open Text Corp.		102,967		4,366,100
Shopify Inc., Class A(a)		43,459		29,391,098
				53,171,684
China — 0.2%
Xiaomi Corp., Class B(a)(c)		5,121,800		8,949,961
Finland — 0.2%
Nokia OYJ(a)		2,065,987		11,377,427
France — 0.9%
Capgemini SE		61,073		13,552,275
Dassault Systemes SE		264,613		13,000,066
Edenred		95,909		4,742,204
STMicroelectronics NV , New		249,629		10,809,068
Worldline SA/France(a)(c)		95,058		4,125,531
				46,229,144
Germany — 1.3%
Infineon Technologies AG		497,953		16,845,751
SAP SE		416,499		46,159,799
				63,005,550
Ireland — 0.1%
Seagate Technology Holdings PLC		76,666		6,892,273
Italy — 0.1%
Nexi SpA(a)(c)		294,466		3,398,053
Japan — 3.4%
Advantest Corp.		76,400		5,964,842
Canon Inc.		394,400		9,613,104
FUJIFILM Holdings Corp.		152,600		9,314,693
Fujitsu Ltd.		70,100		10,502,782
Keyence Corp.		73,240		33,961,566
Kyocera Corp.		133,200		7,453,794
Lasertec Corp.		29,600		4,924,374
Murata Manufacturing Co. Ltd.		244,400		16,099,308
NEC Corp.		104,400		4,385,917
Nomura Research Institute Ltd.		165,900		5,412,866
NTT Data Corp.		245,800		4,830,525
Obic Co. Ltd.		25,500		3,819,309
Omron Corp.		77,700		5,170,819
Renesas Electronics Corp.(a)		537,800		6,231,471
Ricoh Co. Ltd.		277,600		2,403,951
Rohm Co. Ltd.		33,400		2,593,174
TDK Corp.		148,800		5,368,282
Tokyo Electron Ltd.		59,900		30,762,304
				168,813,081
Netherlands — 3.0%
Adyen NV(a)(c)		11,793		23,358,318
ASM International NV		14,517		5,286,098
ASML Holding NV		154,839		103,466,743

Security	Shares		Value
Netherlands (continued)
NXP Semiconductors NV		101,059	$	18,704,000
				150,815,159
New Zealand — 0.1%
Xero Ltd.(a)		49,128		3,723,296
South Korea — 2.8%
Samsung Electronics Co. Ltd.		1,955,711		111,911,584
Samsung SDI Co. Ltd.		20,871		10,157,700
SK Hynix Inc.		204,810		19,702,544
				141,771,828
Spain — 0.2%
Amadeus IT Group SA(a)		171,400		11,144,091
Sweden — 0.5%
Hexagon AB, Class B		795,347		11,143,446
Sinch AB(a)(b)(c)		260,532		1,767,049
Telefonaktiebolaget LM Ericsson, Class B		1,095,866		9,989,414
				22,899,909
Switzerland — 0.1%
Logitech International SA, Registered		66,131		4,915,658
Temenos AG, Registered		25,563		2,458,898
				7,374,556
Taiwan — 4.0%
Delta Electronics Inc.		735,000		6,814,717
Hon Hai Precision Industry Co. Ltd.		4,745,378		17,424,217
MediaTek Inc.		609,000		18,952,394
Taiwan Semiconductor Manufacturing Co. Ltd.		7,210,600		147,914,737
United Microelectronics Corp.		4,438,000		8,150,050
				199,256,115
United Kingdom — 0.2%
Halma PLC		144,417		4,724,905
Sage Group PLC (The)		428,782		3,928,794
				8,653,699
United States — 81.2%
Accenture PLC, Class A		240,750		81,188,123
Adobe Inc.(a)		179,686		81,868,535
Advanced Micro Devices Inc.(a)		622,750		68,091,485
Akamai Technologies Inc.(a)		61,595		7,353,827
Amphenol Corp., Class A		228,350		17,206,173
Analog Devices Inc.		200,115		33,054,996
ANSYS Inc.(a)		33,133		10,524,697
Apple Inc.		5,905,770		1,031,206,500
Applied Materials Inc.		338,265		44,583,327
Arista Networks Inc.(a)		85,181		11,838,455
Autodesk Inc.(a)		84,012		18,007,972
Automatic Data Processing Inc.		159,910		36,385,921
Broadcom Inc.		157,277		99,034,181
Broadridge Financial Solutions Inc.		44,773		6,971,604
Cadence Design Systems Inc.(a)		105,931		17,421,412
CDW Corp./DE		51,577		9,226,610
Ceridian HCM Holding Inc.(a)		52,990		3,622,396
Cisco Systems Inc.		1,606,622		89,585,243
Citrix Systems Inc.		47,219		4,764,397
Cognizant Technology Solutions Corp., Class A		200,085		17,941,622
Corning Inc.		284,556		10,502,962
DXC Technology Co.(a)		92,463		3,017,068
Enphase Energy Inc.(a)		51,212		10,333,557
EPAM Systems Inc.(a)		21,529		6,385,717
F5 Inc.(a)		23,271		4,862,475

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Fidelity National Information Services Inc.		232,211	$	23,318,629
Fiserv Inc.(a)		225,887		22,904,942
FleetCor Technologies Inc.(a)		30,829		7,678,271
Fortinet Inc.(a)		51,762		17,689,146
Gartner Inc.(a)		31,204		9,281,942
Global Payments Inc.		108,470		14,843,035
Hewlett Packard Enterprise Co.		490,817		8,201,552
HP Inc.		412,444		14,971,717
Intel Corp.		1,551,156		76,875,291
International Business Machines Corp.		341,620		44,417,432
Intuit Inc.		107,868		51,867,249
IPG Photonics Corp.(a)		13,728		1,506,785
Jack Henry & Associates Inc.		27,561		5,430,895
Juniper Networks Inc.		125,748		4,672,796
Keysight Technologies Inc.(a)		69,956		11,050,949
KLA Corp.		57,549		21,066,387
Lam Research Corp.		53,140		28,568,595
Mastercard Inc., Class A		328,767		117,494,750
Microchip Technology Inc.		212,025		15,931,559
Micron Technology Inc.		426,559		33,224,681
Microsoft Corp.		2,855,797		880,470,773
Monolithic Power Systems Inc.		16,554		8,039,947
Motorola Solutions Inc.		64,182		15,544,880
NetApp Inc.		84,911		7,047,613
NortonLifeLock Inc.		220,815		5,856,014
NVIDIA Corp.		952,330		259,852,764
Oracle Corp.		600,183		49,653,140
Paychex Inc.		122,741		16,750,464
Paycom Software Inc.(a)		18,205		6,305,848
PayPal Holdings Inc.(a)		443,788		51,324,082
PTC Inc.(a)		39,926		4,300,829
Qorvo Inc.(a)		40,886		5,073,953
QUALCOMM Inc.		429,311		65,607,307
salesforce.com Inc.(a)		375,218		79,666,286
ServiceNow Inc.(a)		76,186		42,427,222
Skyworks Solutions Inc.		62,530		8,333,998
SolarEdge Technologies Inc.(a)		19,913		6,419,354
Synopsys Inc.(a)		58,449		19,479,298
TE Connectivity Ltd.		124,391		16,292,733
Teledyne Technologies Inc.(a)		17,707		8,368,859
Teradyne Inc.		61,891		7,317,373
Texas Instruments Inc.		351,809		64,549,915
Trimble Inc.(a)		95,289		6,874,148

Security	Shares		Value
United States (continued)
Tyler Technologies Inc.(a)		15,568	$	6,926,048
VeriSign Inc.(a)		36,683		8,160,500
Visa Inc., Class A		631,747		140,102,532
Western Digital Corp.(a)		120,463		5,980,988
Zebra Technologies Corp., Class A(a)		20,220		8,365,014
				4,061,067,740
Total Common Stocks — 99.5% (Cost: $3,362,974,025)				4,975,113,577
Preferred Stocks
South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		313,464		16,242,267
Total Preferred Stocks — 0.3% (Cost: $11,012,476)				16,242,267
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		1,105,353		1,105,132
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		3,810,000		3,810,000
				4,915,132
Total Short-Term Investments — 0.1% (Cost: $4,914,518)				4,915,132
Total Investments in Securities — 99.9% (Cost: $3,378,901,019)				4,996,270,976
Other Assets, Less Liabilities — 0.1%				5,692,101
Net Assets — 100.0%			$	5,001,963,077

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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

56 2 0 2 2   I S H A R E S    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  (continued) March 31, 2022 iShares^® Global Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,633,344	$	—	$	(21,520,165	)(a)	$	(6,753	)	$	(1,294	)	$	1,105,132		1,105,353	$	18,849	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,912,000		—		(102,000	)(a)		—			—			3,810,000		3,810,000		838			—
								$	(6,753	)	$	(1,294	)	$	4,915,132			$	19,687		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		54		06/17/22	$	8,655	$	647,643

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	647,643

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	55,375
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	508,555

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$9,319,448

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

S C H E D U L E    O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,142,403,515	$	832,710,062	$	—	$	4,975,113,577
Preferred Stocks		—		16,242,267		—		16,242,267
Money Market Funds		4,915,132		—		—		4,915,132
	$	4,147,318,647	$	848,952,329	$	—	$	4,996,270,976
Derivative financial instruments(a)
Assets
Futures Contracts	$	647,643	$	—	$	—	$	647,643

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

See notes to financial statements.

58 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.1%
APA Group		132,084	$	1,049,783
Origin Energy Ltd.		193,270		899,618
				1,949,401
Austria — 0.4%
Verbund AG		7,471		788,969
Canada — 4.6%
Algonquin Power & Utilities Corp.		74,297		1,152,357
Brookfield Infrastructure Partners LP(a)		33,500		2,218,238
Emera Inc.		28,647		1,420,033
Fortis Inc.		52,109		2,577,210
Hydro One Ltd.(b)		33,478		901,923
				8,269,761
Chile — 0.2%
Enel Americas SA, ADR		43,082		257,200
Colombia — 0.2%
Interconexion Electrica SA ESP		50,451		324,929
Denmark — 1.4%
Orsted AS(b)		20,758		2,598,308
Finland — 0.5%
Fortum OYJ		48,226		881,429
France — 3.0%
Electricite de France SA		54,532		511,848
Engie SA		195,086		2,564,795
Veolia Environnement SA		72,178		2,314,277
				5,390,920
Germany — 3.4%
E.ON SE		246,372		2,862,385
RWE AG		74,416		3,240,258
				6,102,643
Hong Kong — 1.8%
CLP Holdings Ltd.		183,500		1,785,435
Hong Kong & China Gas Co. Ltd.		1,194,166		1,442,456
				3,227,891
Italy — 4.6%
Enel SpA		849,272		5,670,376
Snam SpA		224,973		1,297,317
Terna - Rete Elettrica Nazionale		154,399		1,325,867
				8,293,560
Japan — 1.8%
Chubu Electric Power Co. Inc.		79,800		825,917
Kansai Electric Power Co Inc/The		91,500		861,854
Osaka Gas Co. Ltd.		45,700		783,123
Tokyo Gas Co. Ltd.		45,800		838,470
				3,309,364
Portugal — 0.9%
EDP - Energias de Portugal SA		322,034		1,585,014
Spain — 5.7%
Enagas SA		23,897		530,663
Endesa SA		36,336		792,256
Iberdrola SA		645,709		7,057,579
Naturgy Energy Group SA		37,281		1,116,919

Security	Shares		Value
Spain (continued)
Red Electrica Corp. SA		41,560	$	853,269
				10,350,686
United Kingdom — 6.3%
National Grid PLC		425,959		6,546,226
Severn Trent PLC		28,026		1,129,566
SSE PLC		115,423		2,637,304
United Utilities Group PLC		74,827		1,101,865
				11,414,961
United States — 63.8%
AES Corp. (The)		73,163		1,882,484
Alliant Energy Corp.		27,473		1,716,513
Ameren Corp.		28,267		2,650,314
American Electric Power Co. Inc.		55,357		5,522,968
American Water Works Co. Inc.		19,921		3,297,523
Atmos Energy Corp.		14,921		1,782,910
CenterPoint Energy Inc.		69,008		2,114,405
CMS Energy Corp.		31,797		2,223,882
Consolidated Edison Inc.		38,818		3,675,288
Constellation Energy Corp.		35,828		2,015,325
Dominion Energy Inc.		88,979		7,560,546
DTE Energy Co.		21,260		2,810,785
Duke Energy Corp.		84,499		9,435,158
Edison International		41,690		2,922,469
Entergy Corp.		22,133		2,584,028
Evergy Inc.		25,162		1,719,571
Eversource Energy		37,828		3,336,051
Exelon Corp.		107,684		5,128,989
FirstEnergy Corp.		62,767		2,878,495
NextEra Energy Inc.		213,442		18,080,672
NiSource Inc.		43,093		1,370,357
NRG Energy Inc.		27,105		1,039,748
Pinnacle West Capital Corp.		12,380		966,878
PPL Corp.		82,380		2,352,773
Public Service Enterprise Group Inc.		55,488		3,884,160
Sempra Energy		35,098		5,900,676
Southern Co. (The)		116,424		8,441,904
WEC Energy Group Inc.		34,705		3,463,906
Xcel Energy Inc.		59,236		4,275,062
				115,033,840
Total Common Stocks — 99.7% (Cost: $182,024,500)				179,778,876
Rights
France — 0.0%
Electricite de France SA (Expires 04/04/22)(c)		43,499		16,168
Total Rights — 0.0% (Cost: $0)				16,168
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		20,250		20,246

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (continued) March 31, 2022 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		190,000	$	190,000
				210,246
Total Short-Term Investments — 0.1% (Cost: $210,243)				210,246
Total Investments in Securities — 99.8% (Cost: $182,234,743)				180,005,290
Other Assets, Less Liabilities — 0.2%				396,379
Net Assets — 100.0%			$	180,401,669

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	20,323	(a)	$	—		$	(80	)	$	3	$	20,246		20,250	$	21,975	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,000		—			(18,000	)(a)		—			—		190,000		190,000		51			—
									$	(80	)	$	3	$	210,246			$	22,026		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		6		06/17/22	$    450	$	23,096

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	23,096

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

60 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Global Utilities ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	60,038
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	9,309

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	557,618

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
Investments
Assets
Common Stocks	$	123,885,730	$	55,893,146	$	—	$	179,778,876
Rights		—		16,168		—		16,168
Money Market Funds		210,246		—		—		210,246
	$	124,095,976	$	55,909,314	$	—	$	180,005,290
Derivative financial instruments(a)
Assets
Futures Contracts	$	23,096	$	—	$	—	$	23,096

^(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    O F   I N V E S T M E N T S 61

Statements of Assets and Liabilities

March 31, 2022

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF		iShares Global Energy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	239,804,333		$	357,498,295		$	1,016,391,711	$	2,273,704,324
Affiliated(c)		330,000			2,598,868			1,794,159		3,430,000
Cash		10,527			7,056			3,999		—
Foreign currency, at value(d)		281,458			454,190			1,951,809		2,856,437
Cash pledged:
Futures contracts		20,000			41,000			204,000		556,000
Foreign currency collateral pledged:
Futures contracts(e)		6,287			47,390			88,914		89,328
Receivables:
Investments sold		155,932			194			798		4,890
Securities lending income — Affiliated		—			180			75		—
Dividends		399,443			532,213			2,891,898		3,592,539
Tax reclaims		21,501			65,158			482,734		342,344
Total assets		241,029,481			361,244,544			1,023,810,097		2,284,575,862
LIABILITIES
Bank overdraft		—			—			—		2,806
Collateral on securities loaned, at value		—			2,229,784			404,140		—
Payables:
Investments purchased		259,762			—			1,264,864		2,736,770
Variation margin on futures contracts		7,020			22,207			24,994		116,961
Capital shares redeemed		—			—			—		113,524
Investment advisory fees		93,315			119,411			341,176		763,082
Professional fees		67,387			8,179			—		—
IRS compliance fee for foreign withholding tax claims		332,050			—			—		—
Total liabilities		759,534			2,379,581			2,035,174		3,733,143
NET ASSETS	$	240,269,947		$	358,864,963		$	1,021,774,923	$	2,280,842,719
NET ASSETS CONSIST OF:
Paid-in capital	$	355,886,292		$	405,538,664		$	994,274,555	$	2,248,956,601
Accumulated earnings (loss)		(115,616,345	)		(46,673,701	)		27,500,368		31,886,118
NET ASSETS	$	240,269,947		$	358,864,963		$	1,021,774,923	$	2,280,842,719
Shares outstanding		3,250,000			2,300,000			16,450,000		63,150,000
Net asset value	$	73.93		$	156.03		$	62.11	$	36.12
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Securities loaned, at value	$	—		$	2,180,763		$	401,109	$	—
(b) Investments, at cost — Unaffiliated	$	248,123,966		$	378,823,696		$	971,945,031	$	2,033,363,099
(c)  Investments, at cost — Affiliated	$	330,000		$	2,598,868		$	1,794,140	$	3,430,000
(d) Foreign currency, at cost	$	279,657		$	453,292		$	1,951,424	$	2,859,625
(e) Foreign currency collateral pledged, at cost	$	6,404		$	47,849		$	90,143	$	91,566

See notes to financial statements.

62 2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,139,669,548		$	3,477,904,018	$	374,837,046		$	720,956,656
Affiliated(c)		17,394,213			10,925,148		3,125,249			2,490,000
Cash		17,043			—		42,499			146
Foreign currency, at value(d)		1,821,495			2,513,784		549,745			1,503,496
Cash pledged:
Futures contracts		282,999			604,000		46,000			157,000
Foreign currency collateral pledged:
Futures contracts(e)		177,207			—		57,347			187,424
Receivables:
Investments sold		471,163			—		—			—
Securities lending income — Affiliated		87			2,057		385			1
Capital shares sold		—			48,155		—			—
Dividends		3,888,011			4,555,026		618,214			4,180,440
Tax reclaims		764,567			2,865,679		196,378			319,838
Total assets		1,164,486,333			3,499,417,867		379,472,863			729,795,001
LIABILITIES
Bank overdraft		—			2,886		—			—
Collateral on securities loaned, at value		20,641			6,076,620		2,815,740			—
Payables:
Investments purchased		—			33,437		192			2,453,432
Variation margin on futures contracts		129,515			142,603		23,952			68,190
Capital shares redeemed		1,587,700			—		—			—
Investment advisory fees		581,849			1,157,006		131,755			235,676
Professional fees		21,307			—		20,110			10,139
Total liabilities		2,341,012			7,412,552		2,991,749			2,767,437
NET ASSETS	$	1,162,145,321		$	3,492,005,315	$	376,481,114		$	727,027,564
NET ASSETS CONSIST OF:
Paid-in capital	$	1,298,576,272		$	2,678,142,844	$	413,127,229		$	779,679,192
Accumulated earnings (loss)		(136,430,951	)		813,862,471		(36,646,115	)		(52,651,628	)
NET ASSETS	$	1,162,145,321		$	3,492,005,315	$	376,481,114		$	727,027,564
Shares outstanding		14,600,000			39,950,000		3,250,000			7,750,000
Net asset value	$	79.60		$	87.41	$	115.84		$	93.81
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Securities loaned, at value	$	20,058		$	5,904,850	$	2,790,080		$	—
(b) Investments, at cost — Unaffiliated	$	1,181,987,759		$	2,593,970,668	$	386,899,196		$	685,751,740
(c)  Investments, at cost — Affiliated	$	19,752,125		$	10,923,937	$	3,124,788		$	2,490,000
(d) Foreign currency, at cost	$	1,826,681		$	2,520,462	$	548,147		$	1,498,946
(e) Foreign currency collateral pledged, at cost	$	178,011		$	—	$	57,823		$	188,990

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 63

Statements of Assets and Liabilities  (continued)

March 31, 2022

	iShares Global Tech ETF			iShares Global Utilities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,991,355,844		$	179,795,044
Affiliated(c)		4,915,132			210,246
Cash		6,282			3,923
Foreign currency, at value(d)		3,183,989			223,887
Cash pledged:
Futures contracts		546,000			27,000
Receivables:
Securities lending income — Affiliated		552			1
Capital shares sold		2,447,559			—
Dividends		3,670,956			245,689
Tax reclaims		143,177			43,787
Other assets		10,270			—
Total assets		5,006,279,761			180,549,577
LIABILITIES
Collateral on securities loaned, at value		1,052,240			20,242
Payables:
Investments purchased		1,491,120			—
Variation margin on futures contracts		116,100			289
Investment advisory fees		1,637,564			56,441
Professional fees		19,660			22,667
IRS compliance fee for foreign withholding tax claims		—			48,269
Total liabilities		4,316,684			147,908
NET ASSETS	$	5,001,963,077		$	180,401,669
NET ASSETS CONSIST OF:
Paid-in capital	$	3,441,790,424		$	226,030,076
Accumulated earnings (loss)		1,560,172,653			(45,628,407	)
NET ASSETS	$	5,001,963,077		$	180,401,669
Shares outstanding		86,450,000	(e)		2,750,000
Net asset value	$	57.86	(e)	$	65.60
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	1,026,731		$	16,007
(b) Investments, at cost — Unaffiliated	$	3,373,986,501		$	182,024,500
(c)  Investments, at cost — Affiliated	$	4,914,518		$	210,243
(d) Foreign currency, at cost	$	3,174,338		$	223,030
(e) Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

See notes to financial statements.

64 2 0 2 2   I S H A R E S   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 Operations

Year Ended March 31, 2022

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,390,503		$	4,672,840		$	19,702,572		$	80,944,262
Dividends — Affiliated		368			288			330			752
Securities lending income — Affiliated — net		3,347			3,872			5,560			133
Other income — Unaffiliated		8,592			1,447			—			—
Foreign taxes withheld		(449,193	)		(278,017	)		(662,763	)		(3,922,065	)
Foreign withholding tax claims		453,223			83,012			—			—
IRS Compliance fee for foreign withholding tax claims		(321,410	)		—			—			—
Total investment income		4,085,430			4,483,442			19,045,699			77,023,082
EXPENSES
Investment advisory fees		1,246,269			1,787,909			2,921,293			6,542,597
Commitment fees		452			381			283			2,887
Professional fees		79,705			8,663			217			217
Total expenses		1,326,426			1,796,953			2,921,793			6,545,701
Net investment income		2,759,004			2,686,489			16,123,906			70,477,381
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		5,155,604			111,680			(2,283,590	)		(60,994,135	)
Investments — Affiliated		(928	)		(1,816	)		(613	)		21
In-kind redemptions — Unaffiliated		54,142,130			70,613,239			25,743,833			171,137,895
Futures contracts		44,873			1,938			369,612			3,276,267
Foreign currency transactions		(20,147	)		(40,394	)		(52,363	)		(297,276	)
Net realized gain		59,321,532			70,684,647			23,776,879			113,122,772
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(79,137,381	)		(98,149,071	)		6,841,262			515,896,207
Investments — Affiliated		—			—			19			—
Futures contracts		(4,234	)		54,406			137,452			203,096
Foreign currency translations		7,477			150			(11,531	)		(13,430	)
Net change in unrealized appreciation (depreciation)		(79,134,138	)		(98,094,515	)		6,967,202			516,085,873
Net realized and unrealized gain (loss)		(19,812,606	)		(27,409,868	)		30,744,081			629,208,645
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,053,602	)	$	(24,723,379	)	$	46,867,987		$	699,686,026

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 65

Statements of Operations  (continued)

Year Ended March 31, 2022

	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	63,671,276		$	58,034,489		$	7,434,558		$	30,948,485
Dividends — Affiliated		813,081			2,858			173			199
Securities lending income — Affiliated — net		12,696			15,116			2,672			59,165
Other income — Unaffiliated		2,475			—			2,666			2,977
Foreign taxes withheld		(3,703,824	)		(2,927,938	)		(490,964	)		(1,058,682	)
Foreign withholding tax claims		217,359			—			204,899			102,111
Total investment income		61,013,063			55,124,525			7,154,004			30,054,255
EXPENSES
Investment advisory fees		9,903,298			13,277,303			1,715,491			3,115,779
Commitment fees		5,726			—			67			3,551
Professional fees		22,201			217			20,974			10,726
Total expenses		9,931,225			13,277,520			1,736,532			3,130,056
Net investment income		51,081,838			41,847,005			5,417,472			26,924,199
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(45,127,205	)		(8,391,340	)		(1,833,054	)		(8,818,529	)
Investments — Affiliated		(124,865	)		(10,534	)		(862	)		—
In-kind redemptions — Unaffiliated		122,216,193			81,823,426			17,558,141			101,537,006
In-kind redemptions — Affiliated		(259,917	)		—			—			—
Futures contracts		21,910			2,048,292			(41,447	)		106,177
Foreign currency transactions		(291,770	)		(131,935	)		(3,347	)		(75,675	)
Net realized gain		76,434,346			75,337,909			15,679,431			92,748,979
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(53,091,380	)		300,968,363			(14,939,384	)		(44,031,152	)
Investments — Affiliated		(3,889,747	)		(1,154	)		256			—
Futures contracts		(52,415	)		346,583			5,992			261,389
Foreign currency translations		(28,858	)		(4,126	)		(943	)		30,028
Net change in unrealized appreciation (depreciation)		(57,062,400	)		301,309,666			(14,934,079	)		(43,739,735	)
Net realized and unrealized gain		19,371,946			376,647,575			745,352			49,009,244
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	70,453,784		$	418,494,580		$	6,162,824		$	75,933,443

See notes to financial statements.

66 2 0 2 2   I S H A R E S   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 Operations  (continued)

Year Ended March 31, 2022

	iShares Global Tech ETF			iShares Global Utilities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	50,436,075		$	5,189,599
Dividends — Affiliated		1,006			51
Non-cash dividends — Unaffiliated		—			274,008
Securities lending income — Affiliated — net		18,681			21,975
Other income — Unaffiliated		3,318			—
Foreign taxes withheld		(2,202,521	)		(236,529	)
Foreign withholding tax claims		192,015			—
IRS Compliance fee for foreign withholding tax claims		—			30,831
Total investment income		48,448,574			5,279,935
EXPENSES
Investment advisory fees		21,525,565			637,269
Commitment fees		22,987			20
Professional fees		19,750			33,524
Total expenses		21,568,302			670,813
Net investment income		26,880,272			4,609,122
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		11,410,180			(5,476,436	)
Investments — Affiliated		(6,753	)		(80	)
In-kind redemptions — Unaffiliated		1,083,932,987			3,670,866
Futures contracts		55,375			60,038
Foreign currency transactions		(287,729	)		(27,218	)
Net realized gain (loss)		1,095,104,060			(1,772,830	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(518,553,705	)		13,089,100
Investments — Affiliated		(1,294	)		3
Futures contracts		508,555			9,309
Foreign currency translations		133,398			(1,916	)
Net change in unrealized appreciation (depreciation)		(517,913,046	)		13,096,496
Net realized and unrealized gain		577,191,014			11,323,666
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	604,071,286		$	15,932,788

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 67

Statements of Changes in Net Assets

	iShares Global Comm Services ETF							iShares Global Consumer Discretionary ETF
		Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,759,004		$	2,931,053			$	2,686,489		$	2,194,646
Net realized gain (loss)			59,321,532			20,120,280				70,684,647			(3,864,609	)
Net change in unrealized appreciation (depreciation)			(79,134,138	)		107,127,896				(98,094,515	)		131,716,337
Net increase (decrease) in net assets resulting from operations			(17,053,602	)		130,179,229				(24,723,379	)		130,046,374
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,514,816	)		(3,194,408	)			(4,140,498	)		(1,983,808	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(57,541,140	)		(31,968,301	)			(43,016,116	)		145,733,246
NET ASSETS
Total increase (decrease) in net assets			(80,109,558	)		95,016,520				(71,879,993	)		273,795,812
Beginning of year			320,379,505			225,362,985				430,744,956			156,949,144
End of year		$	240,269,947		$	320,379,505			$	358,864,963		$	430,744,956

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

See notes to financial statements.

68 2 0 2 2   I S H A R E S   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 (continued)

	iShares Global Consumer Staples ETF							iShares Global Energy ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	16,123,906		$	14,978,434			$	70,477,381		$	47,071,842
Net realized gain (loss)			23,776,879			47,826,744				113,122,772			(38,459,112	)
Net change in unrealized appreciation (depreciation)			6,967,202			75,904,067				516,085,873			320,650,620
Net increase in net assets resulting from operations			46,867,987			138,709,245				699,686,026			329,263,350
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(15,010,694	)		(14,922,745	)			(64,194,482	)		(44,636,580	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			464,010,197			(281,259,288	)			337,330,459			406,575,701
NET ASSETS
Total increase (decrease) in net assets			495,867,490			(157,472,788	)			972,822,003			691,202,471
Beginning of year			525,907,433			683,380,221				1,308,020,716			616,818,245
End of year		$	1,021,774,923		$	525,907,433			$	2,280,842,719		$	1,308,020,716

^(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 69

Statements of Changes in Net Assets (continued)

	iShares Global Financials ETF							iShares Global Healthcare ETF
		Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	51,081,838		$	6,364,875			$	41,847,005		$	33,112,125
Net realized gain (loss)			76,434,346			(19,276,017	)			75,337,909			65,418,175
Net change in unrealized appreciation (depreciation)			(57,062,400	)		142,359,595				301,309,666			441,025,445
Net increase in net assets resulting from operations			70,453,784			129,448,453				418,494,580			539,555,745
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(47,722,673	)		(6,228,611	)			(39,505,134	)		(31,015,428	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			666,670,761			146,450,450				407,814,541			249,269,156
NET ASSETS
Total increase in net assets			689,401,872			269,670,292				786,803,987			757,809,473
Beginning of year			472,743,449			203,073,157				2,705,201,328			1,947,391,855
End of year		$	1,162,145,321		$	472,743,449			$	3,492,005,315		$	2,705,201,328

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

See notes to financial statements.

70 2 0 2 2   I S H A R E S   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 (continued)

	iShares Global Industrials ETF							iShares Global Materials ETF
		Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	5,417,472		$	3,917,359			$	26,924,199		$	11,643,528
Net realized gain (loss)			15,679,431			56,361,275				92,748,979			(6,540,684	)
Net change in unrealized appreciation (depreciation)			(14,934,079	)		70,306,075				(43,739,735	)		177,378,292
Net increase in net assets resulting from operations			6,162,824			130,584,709				75,933,443			182,481,136
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(6,438,398	)		(3,589,504	)			(25,613,809	)		(6,021,339	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(45,709,099	)		148,891,058				(46,291,020	)		417,407,351
NET ASSETS
Total increase (decrease) in net assets			(45,984,673	)		275,886,263				4,028,614			593,867,148
Beginning of year			422,465,787			146,579,524				722,998,950			129,131,802
End of year		$	376,481,114		$	422,465,787			$	727,027,564		$	722,998,950

^(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 71

Statements of Changes in Net Assets (continued)

	iShares Global Tech ETF							iShares Global Utilities ETF
		Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	26,880,272		$	32,041,421			$	4,609,122		$	4,555,188
Net realized gain (loss)			1,095,104,060			147,031,442				(1,772,830	)		(619,570	)
Net change in unrealized appreciation (depreciation)			(517,913,046	)		1,854,215,133				13,096,496			33,449,472
Net increase in net assets resulting from operations			604,071,286			2,033,287,996				15,932,788			37,385,090
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(32,243,037	)		(30,800,295	)			(4,448,043	)		(4,959,902	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(616,406,539	)		291,181,184				17,649,357			(33,280,461	)
NET ASSETS
Total increase (decrease) in net assets			(44,578,290	)		2,293,668,885				29,134,102			(855,273	)
Beginning of year			5,046,541,367			2,752,872,482				151,267,567			152,122,840
End of year		$	5,001,963,077		$	5,046,541,367			$	180,401,669		$	151,267,567

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

See notes to financial statements.

72 2 0 2 2   I S H A R E S   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 Global Comm Services ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	80.09			$	51.81			$	56.22			$	57.19			$	59.45
Net investment income(a)			0.74	(b)			0.66				0.78				1.82				2.21
Net realized and unrealized gain (loss)(c)			(5.42	)			28.33				(3.85	)			(0.62	)			(2.41	)
Net increase (decrease) from investment operations			(4.68	)			28.99				(3.07	)			1.20				(0.20	)
Distributions(d)
From net investment income			(1.48	)			(0.71	)			(1.34	)			(2.17	)			(2.06	)
Total distributions			(1.48	)			(0.71	)			(1.34	)			(2.17	)			(2.06	)
Net asset value, end of year		$	73.93			$	80.09			$	51.81			$	56.22			$	57.19
Total Return(e)
Based on net asset value			(6.03	)%(b)			56.20	%			(5.70	)%			2.37	%			(0.46	)%
Ratios to Average Net Assets(f)
Total expenses			0.43	%			0.43	%			0.46	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			N/A				N/A				N/A				N/A
Net investment income			0.89	%(b)			0.96	%			1.34	%			3.28	%			3.71	%
Supplemental Data
Net assets, end of year (000)		$	240,270			$	320,380			$	225,363			$	236,105			$	400,339
Portfolio turnover rate(g)			18	%			13	%			24	%			79	%			3	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.10.

• Total return by 0.15%.

• Ratio of net investment income to average net assets by 0.12%.

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

^(g)  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 73

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Global Consumer Discretionary ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	162.55			$	95.12			$	113.27			$	111.45			$	96.61
Net investment income(a)			1.02	(b)			1.06				1.75				1.70				1.42
Net realized and unrealized gain (loss)(c)			(5.95	)			67.38				(18.03	)			1.87				14.79
Net increase (decrease) from investment operations			(4.93	)			68.44				(16.28	)			3.57				16.21
Distributions(d)
From net investment income			(1.59	)			(1.01	)			(1.87	)			(1.75	)			(1.37	)
Total distributions			(1.59	)			(1.01	)			(1.87	)			(1.75	)			(1.37	)
Net asset value, end of year		$	156.03			$	162.55			$	95.12			$	113.27			$	111.45
Total Return(e)
Based on net asset value			(3.13	)%(b)			72.21	%			(14.71	)%(f)			3.32	%			16.81	%
Ratios to Average Net Assets(g)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%			N/A				N/A				N/A				N/A
Net investment income			0.60	%(b)			0.75	%			1.47	%			1.51	%			1.35	%
Supplemental Data
Net assets, end of year (000)		$	358,865			$	430,745			$	156,949			$	203,889			$	278,617
Portfolio turnover rate(h)			12	%			34	%			17	%			30	%			6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.03.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

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

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

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

See notes to financial statements.

74 2 0 2 2   I S H A R E S    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 Global Consumer Staples ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			03/31/22				03/31/21				03/31/20				03/31/19	(a)			03/31/18	(a)
Net asset value, beginning of year		$	58.11			$	47.96			$	51.67			$	50.14			$	49.65
Net investment income(b)			1.37				1.34				1.18				1.20				1.12
Net realized and unrealized gain (loss)(c)			4.09				10.17				(3.69	)			1.70				0.52
Net increase (decrease) from investment operations			5.46				11.51				(2.51	)			2.90				1.64
Distributions(d)
From net investment income			(1.46	)			(1.36	)			(1.20	)			(1.37	)			(1.15	)
Total distributions			(1.46	)			(1.36	)			(1.20	)			(1.37	)			(1.15	)
Net asset value, end of year		$	62.11			$	58.11			$	47.96			$	51.67			$	50.14
Total Return(e)
Based on net asset value			9.42	%			24.21	%			(5.10	)%			6.07	%			3.19	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			2.22	%			2.46	%			2.21	%			2.43	%			2.18	%
Supplemental Data
Net assets, end of year (000)		$	1,021,775			$	525,907			$	683,380			$	738,832			$	536,507
Portfolio turnover rate(g)			8	%			7	%			7	%			7	%			5	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

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

^(g)  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 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Energy ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	24.63			$	17.06			$	33.70			$	33.91			$	33.19
Net investment income(a)			1.22				0.94				1.13				1.11				1.14
Net realized and unrealized gain (loss)(b)			11.37				7.62				(15.61	)			(0.29	)			0.66
Net increase (decrease) from investment operations			12.59				8.56				(14.48	)			0.82				1.80
Distributions(c)
From net investment income			(1.10	)			(0.99	)			(2.16	)			(1.03	)			(1.08	)
Total distributions			(1.10	)			(0.99	)			(2.16	)			(1.03	)			(1.08	)
Net asset value, end of year		$	36.12			$	24.63			$	17.06			$	33.70			$	33.91
Total Return(d)
Based on net asset value			52.61	%			51.36	%			(45.73	)%			2.56	%			5.56	%
Ratios to Average Net Assets(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			4.33	%			4.65	%			3.78	%			3.17	%			3.39	%
Supplemental Data
Net assets, end of year (000)		$	2,280,843			$	1,308,021			$	616,818			$	1,031,245			$	1,154,552
Portfolio turnover rate(f)			6	%			5	%			7	%			6	%			4	%

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

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

See notes to financial statements.

76 2 0 2 2   I S H A R E S    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 Global Financials ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	73.29			$	47.23			$	61.61			$	68.93			$	60.82
Net investment income(a)			1.65	(b)			1.36				1.71				1.84				1.47
Net realized and unrealized gain (loss)(c)			6.01				26.09				(14.12	)			(7.38	)			8.12
Net increase (decrease) from investment operations			7.66				27.45				(12.41	)			(5.54	)			9.59
Distributions(d)
From net investment income			(1.35	)			(1.39	)			(1.97	)			(1.78	)			(1.48	)
Total distributions			(1.35	)			(1.39	)			(1.97	)			(1.78	)			(1.48	)
Net asset value, end of year		$	79.60			$	73.29			$	47.23			$	61.61			$	68.93
Total Return(e)
Based on net asset value			10.48	%(b)			58.99	%			(20.99	)%(f)			(8.02	)%			15.91	%
Ratios to Average Net Assets(g)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%			0.43	%			N/A				0.46	%			N/A
Net investment income			2.07	%(b)			2.28	%			2.66	%			2.84	%			2.19	%
Supplemental Data
Net assets, end of year (000)		$	1,162,145			$	472,743			$	203,073			$	341,918			$	634,120
Portfolio turnover rate(h)			12	%			4	%			7	%			7	%			4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.01%.

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

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

^(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 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Healthcare ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			03/31/22				03/31/21				03/31/20				03/31/19	(a)			03/31/18	(a)
Net asset value, beginning of year		$	76.96			$	60.95			$	61.13			$	55.61			$	51.44
Net investment income(b)			1.07				1.02				0.96				0.92				0.79
Net realized and unrealized gain (loss)(c)			10.39				15.96				(0.16	)			5.80				4.20
Net increase from investment operations			11.46				16.98				0.80				6.72				4.99
Distributions(d)
From net investment income			(1.01	)			(0.97	)			(0.98	)			(1.20	)			(0.82	)
Total distributions			(1.01	)			(0.97	)			(0.98	)			(1.20	)			(0.82	)
Net asset value, end of year		$	87.41			$	76.96			$	60.95			$	61.13			$	55.61
Total Return(e)
Based on net asset value			14.94	%			28.03	%			1.23	%			12.29	%			9.70	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			1.27	%			1.41	%			1.52	%			1.55	%			1.42	%
Supplemental Data
Net assets, end of year (000)		$	3,492,005			$	2,705,201			$	1,947,392			$	2,121,287			$	1,568,110
Portfolio turnover rate(g)			4	%			5	%			5	%			8	%			4	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

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

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

See notes to financial statements.

78 2 0 2 2   I S H A R E S    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 Global Industrials ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	115.74			$	71.50			$	88.88			$	91.22			$	80.47
Net investment income(a)			1.53	(b)			1.32				1.61				1.65				1.43
Net realized and unrealized gain (loss)(c)			0.32				44.27				(17.32	)			(2.27	)			10.69
Net increase (decrease) from investment operations			1.85				45.59				(15.71	)			(0.62	)			12.12
Distributions(d)
From net investment income			(1.75	)			(1.35	)			(1.67	)			(1.72	)			(1.37	)
Total distributions			(1.75	)			(1.35	)			(1.67	)			(1.72	)			(1.37	)
Net asset value, end of year		$	115.84			$	115.74			$	71.50			$	88.88			$	91.22
Total Return(e)
Based on net asset value			1.54	%(b)			64.27	%			(18.08	)%			(0.59	)%			15.14	%
Ratios to Average Net Assets(f)
Total expenses			0.41	%			0.43	%			0.46	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%			0.43	%			N/A				N/A				N/A
Net investment income			1.27	%(b)			1.34	%			1.75	%			1.87	%			1.61	%
Supplemental Data
Net assets, end of year (000)		$	376,481			$	422,466			$	146,580			$	217,744			$	360,338
Portfolio turnover rate(g)			7	%			8	%			5	%			5	%			6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.05.

• Total return by 0.05%.

• Ratio of net investment income to average net assets by 0.04%.

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

^(g)  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 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Materials ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	86.59			$	49.67			$	64.22			$	67.34			$	59.25
Net investment income(a)			3.16	(b)			2.07				1.54				1.91				1.33
Net realized and unrealized gain (loss)(c)			7.23				35.84				(13.63	)			(3.44	)			7.99
Net increase (decrease) from investment operations			10.39				37.91				(12.09	)			(1.53	)			9.32
Distributions(d)
From net investment income			(3.17	)			(0.99	)			(2.46	)			(1.59	)			(1.23	)
Total distributions			(3.17	)			(0.99	)			(2.46	)			(1.59	)			(1.23	)
Net asset value, end of year		$	93.81			$	86.59			$	49.67			$	64.22			$	67.34
Total Return(e)
Based on net asset value			12.19	%(b)			76.78	%			(19.66	)%			(2.14	)%			15.84	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%			0.43	%			0.45	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%			N/A				N/A				0.46	%			N/A
Net investment income			3.48	%(b)			2.76	%			2.43	%			2.91	%			2.02	%
Supplemental Data
Net assets, end of year (000)		$	727,028			$	722,999			$	129,132			$	208,704			$	400,667
Portfolio turnover rate(g)			6	%			4	%			12	%			11	%			8	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.01.

• Total return by (0.01)%.

• Ratio of net investment income to average net assets by 0.01%.

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

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

See notes to financial statements.

80 2 0 2 2   I S H A R E S    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 Global Tech ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			03/31/22	(a)			03/31/21	(a)			03/31/20	(a)			03/31/19	(a)			03/31/18	(a)
Net asset value, beginning of year		$	51.13			$	30.49			$	28.48			$	26.31			$	20.68
Net investment income(b)			0.29	(c)			0.33				0.38				0.30				0.20
Net realized and unrealized gain(d)			6.81				20.62				2.00				2.10				5.67
Net increase from investment operations			7.10				20.95				2.38				2.40				5.87
Distributions(e)
From net investment income			(0.37	)			(0.31	)			(0.37	)			(0.23	)			(0.24	)
Total distributions			(0.37	)			(0.31	)			(0.37	)			(0.23	)			(0.24	)
Net asset value, end of year		$	57.86			$	51.13			$	30.49			$	28.48			$	26.31
Total Return(f)
Based on net asset value			13.89	%(c)			68.97	%			8.33	%			9.19	%			28.49	%
Ratios to Average Net Assets(g)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%			0.43	%			N/A				0.46	%			N/A
Net investment income			0.50	%(c)			0.75	%			1.21	%			1.09	%			0.82	%
Supplemental Data
Net assets, end of year (000)		$	5,001,963			$	5,046,541			$	2,752,872			$	2,819,178			$	1,538,998
Portfolio turnover rate(h)			7	%			4	%			7	%			17	%			5	%

^(a)  Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

^(b)  Based on average shares outstanding.

^(c)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

• Net investment income per share by $0.00.

• Total return by 0.01%.

• Ratio of net investment income to average net assets by 0.00%.

^(d)  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.

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

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

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

^(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 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Utilities ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	60.51			$	50.71			$	54.08			$	48.78			$	48.09
Net investment income(a)			1.81				1.71				1.62				1.78				1.79
Net realized and unrealized gain (loss)(b)			5.08				9.68				(2.98	)			5.07				0.69
Net increase (decrease) from investment operations			6.89				11.39				(1.36	)			6.85				2.48
Distributions(c)
From net investment income			(1.80	)			(1.59	)			(2.01	)			(1.55	)			(1.79	)
Total distributions			(1.80	)			(1.59	)			(2.01	)			(1.55	)			(1.79	)
Net asset value, end of year		$	65.60			$	60.51			$	50.71			$	54.08			$	48.78
Total Return(d)
Based on net asset value			11.59	%			22.70	%			(2.84	)%			14.40	%			5.13	%
Ratios to Average Net Assets(e)
Total expenses			0.42	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			2.91	%			3.03	%			2.87	%			3.53	%			3.58	%
Supplemental Data
Net assets, end of year (000)		$	180,402			$	151,268			$	152,123			$	208,222			$	131,708
Portfolio turnover rate(f)			9	%			7	%			6	%			8	%			4	%

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

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

See notes to financial statements.

82 2 0 2 2   I S H A R E S    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

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
Global Comm Services		Non-diversified
Global Consumer Discretionary		Diversified
Global Consumer Staples		Diversified
Global Energy		Non-diversified
Global Financials		Diversified
Global Healthcare		Diversified
Global Industrials		Diversified
Global Materials		Diversified
Global Tech		Non-diversified
Global Utilities		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 Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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 83

Notes to Financial Statements   (continued)

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

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Notes to Financial Statements   (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Global Consumer Discretionary
BNP Paribas SA	$	2,180,763	$	2,180,763		$	—	$	—
Global Consumer Staples
Barclays Bank PLC	$	401,109	$	401,109		$	—	$	—
Global Financials
UBS Securities LLC	$	20,058	$	20,058		$	—	$	—
Global Healthcare
Citigroup Global Markets, Inc.	$	5,735,274	$	5,735,274		$	—	$	—
Morgan Stanley		169,576		169,576			—		—
	$	5,904,850	$	5,904,850		$	—	$	—
Global Industrials
Barclays Bank PLC	$	976,759	$	976,759		$	—	$	—
BNP Paribas SA		1,236,761		1,236,761			—		—
Morgan Stanley		162,043		159,933			—		(2,110	)(b)
UBS AG		257,701		253,753			—		(3,948	)(b)
UBS Securities LLC		156,816		154,414			—		(2,402	)(b)
	$	2,790,080	$	2,781,620		$	—	$	(8,460	)
Global Tech
Citigroup Global Markets, Inc.	$	411,366	$	411,366		$	—	$	—
J.P. Morgan Securities LLC		599,094		599,094			—		—
Morgan Stanley		16,271		16,271			—		—
	$	1,026,731	$	1,026,731		$	—	$	—
Global Utilities
Jefferies LLC	$	16,007	$	16,007		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a counterparty.

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 85

Notes to Financial Statements   (continued)

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.

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 Fund, BFA is entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each Fund, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

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Notes to Financial Statements   (continued)

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 of iShares Global Comm Services ETF and iShares Global Tech ETF (the “Group 1 Funds”), 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.

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% 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 a given calendar year exceeds a specified threshold: (1) each Group 1 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, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% 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.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Global Comm Services	$	1,244
Global Consumer Discretionary		1,246
Global Consumer Staples		1,727
Global Energy		51
Global Financials		3,338
Global Healthcare		6,372
Global Industrials		942
Global Materials		13,213
Global Tech		8,001
Global Utilities		4,868

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

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 87

Notes to Financial Statements   (continued)

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 year ended March 31, 2022, 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)
Global Comm Services	$	22,463,357	$	11,254,332	$	(1,148,698	)
Global Consumer Discretionary		7,560,633		8,217,707		(146,301	)
Global Consumer Staples		12,117,033		6,369,080		(82,878	)
Global Energy		24,814,367		12,342,658		(11,660,872	)
Global Financials		40,199,839		18,298,119		(2,738,976	)
Global Healthcare		55,686,886		5,762,103		(826,306	)
Global Industrials		7,373,897		4,907,935		463,289
Global Materials		1,917,848		2,107,784		(279,005	)
Global Tech		44,892,398		23,658,893		(624,936	)
Global Utilities		3,147,352		3,580,837		68,725

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Comm Services	$	72,310,374	$	56,962,372
Global Consumer Discretionary		68,521,797		53,091,161
Global Consumer Staples		71,962,851		56,641,305
Global Energy		130,131,192		93,480,264
Global Financials		478,705,294		285,171,116
Global Healthcare		162,209,517		118,379,288
Global Industrials		28,126,550		31,105,986
Global Materials		53,545,626		46,265,933
Global Tech		355,699,803		381,813,870
Global Utilities		15,861,763		14,929,399

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	157,600,598	$	230,551,726
Global Consumer Discretionary		202,511,704		261,428,322
Global Consumer Staples		554,657,666		104,635,543
Global Energy		1,276,644,944		960,131,608
Global Financials		3,053,445,678		2,577,585,575
Global Healthcare		543,236,511		177,958,061
Global Industrials		92,926,454		136,726,362
Global Materials		311,592,916		364,524,698
Global Tech		1,415,392,364		2,008,476,428
Global Utilities		64,539,791		47,631,024

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.

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Notes to Financial Statements   (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Global Comm Services	$	53,400,340	$	(53,400,340	)
Global Consumer Discretionary		69,988,394		(69,988,394	)
Global Consumer Staples		25,743,599		(25,743,599	)
Global Energy		146,628,475		(146,628,475	)
Global Financials		112,571,210		(112,571,210	)
Global Healthcare		80,980,497		(80,980,497	)
Global Industrials		17,243,004		(17,243,004	)
Global Materials		100,181,039		(100,181,039	)
Global Tech		1,079,636,830		(1,079,636,830	)
Global Utilities		2,527,600		(2,527,600	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Global Comm Services Ordinary income	$	5,514,816	$	3,194,408
Global Consumer Discretionary Ordinary income	$	4,140,498	$	1,983,808
Global Consumer Staples Ordinary income	$	15,010,694	$	14,922,745
Global Energy Ordinary income	$	64,194,482	$	44,636,580
Global Financials Ordinary income	$	47,722,673	$	6,228,611
Global Healthcare Ordinary income	$	39,505,134	$	31,015,428
Global Industrials Ordinary income	$	6,438,398	$	3,589,504
Global Materials Ordinary income	$	25,613,809	$	6,021,339
Global Tech Ordinary income	$	32,243,037	$	30,800,295
Global Utilities Ordinary income	$	4,448,043	$	4,959,902

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Global Comm Services	$	325,169	$	(103,298,108	)	$	(12,643,406	)	$	(115,616,345	)
Global Consumer Discretionary		672,725		(23,915,694	)		(23,430,732	)		(46,673,701	)
Global Consumer Staples		4,485,405		(18,264,523	)		41,279,486			27,500,368
Global Energy		15,824,401		(194,620,291	)		210,682,008			31,886,118
Global Financials		7,560,095		(95,814,627	)		(48,176,419	)		(136,430,951	)
Global Healthcare		14,879,475		(67,956,469	)		866,939,465			813,862,471
Global Industrials		2,188,999		(24,121,065	)		(14,714,049	)		(36,646,115	)
Global Materials		8,140,510		(89,618,604	)		28,826,466			(52,651,628	)
Global Tech		4,806,581		(46,874,482	)		1,602,240,554			1,560,172,653
Global Utilities		959,995		(42,422,177	)		(4,166,225	)		(45,628,407	)

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 89

Notes to Financial Statements   (continued)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Global Comm Services	$	6,352,409
Global Consumer Discretionary		632,302
Global Tech		15,125,556

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	252,785,329	$	20,121,356	$	(32,772,252	)	$	(12,650,896	)
Global Consumer Discretionary		383,537,110		23,535,481		(46,961,870	)		(23,426,389	)
Global Consumer Staples		976,904,569		104,663,662		(63,382,361	)		41,281,301
Global Energy		2,066,431,910		312,637,902		(101,935,488	)		210,702,414
Global Financials		1,205,218,370		57,088,930		(105,243,539	)		(48,154,609	)
Global Healthcare		2,621,879,548		987,059,631		(120,110,013	)		866,949,618
Global Industrials		392,671,666		30,860,764		(45,572,767	)		(14,712,003	)
Global Materials		694,646,608		75,788,346		(46,962,001	)		28,826,345
Global Tech		3,394,007,836		1,731,086,625		(128,823,485	)		1,602,263,140
Global Utilities		184,169,764		14,924,792		(19,089,266	)		(4,164,474	)

9. LINE OF CREDIT

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

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Notes to Financial Statements   (continued)

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their

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 91

Notes to Financial Statements   (continued)

debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. 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:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global Comm Services
Shares sold		2,400,000		$	180,066,363			750,000		$	48,313,418
Shares redeemed		(3,150,000	)		(237,607,503	)		(1,100,000	)		(80,281,719	)
Net decrease		(750,000	)	$	(57,541,140	)		(350,000	)	$	(31,968,301	)
Global Consumer Discretionary
Shares sold		1,350,000		$	226,608,040			1,300,000		$	185,563,893
Shares redeemed		(1,700,000	)		(269,624,156	)		(300,000	)		(39,830,647	)
Net increase (decrease)		(350,000	)	$	(43,016,116	)		1,000,000		$	145,733,246
Global Consumer Staples
Shares sold		9,150,000		$	571,394,685			550,000		$	30,568,546
Shares redeemed		(1,750,000	)		(107,384,488	)		(5,750,000	)		(311,827,834	)
Net increase (decrease)		7,400,000		$	464,010,197			(5,200,000	)	$	(281,259,288	)
Global Energy
Shares sold		46,650,000		$	1,309,027,739			54,900,000		$	1,108,103,622
Shares redeemed		(36,600,000	)		(971,697,280	)		(37,950,000	)		(701,527,921	)
Net increase		10,050,000		$	337,330,459			16,950,000		$	406,575,701
Global Financials
Shares sold		42,650,000		$	3,390,727,688			2,850,000		$	180,470,187
Shares redeemed		(34,500,000	)		(2,724,056,927	)		(700,000	)		(34,019,737	)
Net increase		8,150,000		$	666,670,761			2,150,000		$	146,450,450
Global Healthcare
Shares sold		6,950,000		$	589,227,954			6,300,000		$	464,149,825
Shares redeemed		(2,150,000	)		(181,413,413	)		(3,100,000	)		(214,880,669	)
Net increase		4,800,000		$	407,814,541			3,200,000		$	249,269,156

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Notes to Financial Statements   (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global Industrials
Shares sold		800,000		$	96,528,258			4,500,000		$	471,229,133
Shares redeemed		(1,200,000	)		(142,237,357	)		(2,900,000	)		(322,338,075	)
Net increase (decrease)		(400,000	)	$	(45,709,099	)		1,600,000		$	148,891,058
Global Materials
Shares sold		3,650,000		$	336,899,964			6,500,000		$	468,147,892
Shares redeemed		(4,250,000	)		(383,190,984	)		(750,000	)		(50,740,541	)
Net increase (decrease)		(600,000	)	$	(46,291,020	)		5,750,000		$	417,407,351
Global Tech
Shares sold		27,900,000	(a)	$	1,627,576,238			14,400,000	(a)	$	584,003,864
Shares redeemed		(40,150,000	)(a)		(2,243,982,777	)		(6,000,000	)(a)		(292,822,680	)
Net increase (decrease)		(12,250,000	)	$	(616,406,539	)		8,400,000		$	291,181,184
Global Utilities
Shares sold		1,050,000		$	66,190,402			1,900,000		$	96,618,404
Shares redeemed		(800,000	)		(48,541,045	)		(2,400,000	)		(129,898,865	)
Net increase (decrease)		250,000		$	17,649,357			(500,000	)	$	(33,280,461	)

^(a)  Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

The Board authorized a six-for-one stock split for the iShares Global Tech ETF, effective after the close of trading on July 16, 2021, for the shareholders of record on July 14, 2021. The impact of the stock split was an increase in the number of shares outstanding by a factor of six, while decreasing the NAV per share by a factor of six, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Tech ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Global Consumer Discretionary ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Tech ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

The iShares Global Comm Services ETF and iShares Global Utilities ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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 93

Notes to Financial Statements   (continued)

13. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Global Consumer Discretionary ETF received proceeds of $21,522 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

14. 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF,

iShares Global Consumer Staples ETF, iShares Global Energy ETF,

iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF,

iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D    P U B L I C   A C C O U N T I N G   F I R M 95

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend   Income
Global Comm Services	$	5,910,790
Global Consumer Discretionary		5,467,500
Global Consumer Staples		19,549,785
Global Energy		83,076,242
Global Financials		61,295,874
Global Healthcare		57,999,596
Global Industrials		7,578,052
Global Materials		30,364,273
Global Tech		45,501,216
Global Utilities		5,403,870

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Global Materials	$	26,898,046	$	916,029

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received     Deduction
Global Comm Services	40.33%
Global Consumer Discretionary	57.78%
Global Consumer Staples	64.95%
Global Energy	59.69%
Global Financials	42.49%
Global Healthcare	82.65%
Global Industrials	52.21%
Global Materials	14.56%
Global Tech	100.00%
Global Utilities	66.19%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 97

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Global Comm Services(a)	$	1.123655	$	—	$	0.356819	$	1.480474		76	%		—	%		24	%		100	%
Global Consumer Staples(a)		1.431194		—		0.032839		1.464033		98			—			2			100
Global Energy(a)		1.071666		—		0.023664		1.095330		98			—			2			100
Global Financials(a)		1.293106		—		0.055971		1.349077		96			—			4			100
Global Healthcare(a)		0.912974		—		0.101439		1.014413		90			—			10			100
Global Industrials(a)		1.507213		—		0.243886		1.751099		86			—			14			100
Global Materials(a)		3.153923		—		0.019071		3.172994		99			—			1			100
Global Tech(a)		0.354917		—		0.016953		0.371870		95			—			5			100
Global Utilities(a)		1.734301		—		0.067601		1.801902		96			—			4			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Global Consumer Staples ETF and iShares Global Energy ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

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Supplemental Information (unaudited) (continued)

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Global Consumer Staples		$94,622		$44,242		$50,380		661		$11,582		$1,197
Global Energy		137,747		64,406		73,341		661		16,861		1,743

S U P P L E M E N T A L   I N F O R M A T I O N 99

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 101

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L   I N F O R M A T I O N 103

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares

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Want to know more?

iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-300-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

·  iShares Asia 50 ETF | AIA | NASDAQ

·  iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

·  iShares Europe ETF | IEV | NYSE Arca

·  iShares International Developed Property ETF | WPS | NYSE Arca

·  iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

·  iShares International Dividend Growth ETF | IGRO | Cboe BZX

·  iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		19
Shareholder Expenses		19
Schedules of Investments		20
Financial Statements
Statements of Assets and Liabilities		55
Statements of Operations		57
Statements of Changes in Net Assets		59
Financial Highlights		63
Notes to Financial Statements		70
Report of Independent Registered Public Accounting Firm		82
Important Tax Information (Unaudited)		83
Statement Regarding Liquidity Risk Management Program		84
Supplemental Information		85
Trustee and Officer Information		86
General Information		89
Glossary of Terms Used in this Report		90

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended March 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 7.28% in U.S. dollar terms for the reporting period.

Stocks were supported by economic recovery in most regions of the world, even as significant challenges emerged. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the pandemic, as mitigation and adaptation allowed most activity to continue. Nonetheless, two highly contagious COVID-19 variants appeared during the reporting period, causing sharp increases in cases in many countries and in some instances leading to new restrictions, which acted as a drag on growth. Inflation was high in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine late in the reporting period presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew robustly, powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity. Consequently, unemployment decreased substantially, falling to 3.6% in March 2022.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates, and indicated that further increases could be necessary.

Stocks in Europe posted modest gains, helped by a steadily growing economy and increasing vaccinations. However, inflation increased significantly, and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many other European countries, and new sanctions imposed limits on some types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying programs.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period and analysts became concerned that the subsequent lockdowns would constrain growth.

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Fund Summary as of March 31, 2022  iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.36	)%		7.41	%		6.56	%		(23.36	)%		42.99	%		88.81	%
Fund Market		(24.47	)		7.41			6.59			(24.47	)		42.95			89.35
Index		(21.47	)		8.42			7.37			(21.47	)		49.78			103.58

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         881.40	$        2.35			$      1,000.00	$         1,022.40	$        2.52		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Asia 50 ETF

Portfolio Management Commentary

Large-capitalization stocks in Asia declined significantly for the reporting period, driven by slowing growth and a far-reaching regulatory crackdown in China. Inflationary pressures, supply chain disruptions, and strict pandemic-related restrictions led to concerns about regional and global economic growth. Following Russia’s invasion of Ukraine, the possibility of war-related sanctions against China also weighed on stocks.

Chinese stocks drove the majority of detraction from the Index’s return, led by technology-related stocks in the consumer discretionary and communication services sectors, primarily due to regulatory restrictions. The government’s campaign to rein in large internet firms by lessening their monopolistic advantages continued to weigh on companies. Regulatory measures included anti-trust fines, restrictions on listings on foreign stock exchanges, and the construction of a state-backed cloud system to compete with private industry. A suggestion by the Chinese government in February 2022 that they might act to reduce online food-delivery fees reignited uncertainties about continuing crackdowns. In the consumer discretionary sector, the internet and direct marketing industry declined as regulation weakened large companies’ competitive advantages, while concerns surrounding new customer growth and slowing consumption pressured margins and earnings. In the communication services sector, the media and entertainment industry declined amid rules limiting video game use and restrictions on key advertisers. Revenue growth slowed for media and videogaming firms, constraining earnings and raising concerns about future growth. The possibility of delisting from U.S. exchanges amid U.S.-China tensions also weighed on Chinese stocks.

South Korean stocks also detracted significantly from the Index’s performance, led by the technology hardware and equipment industry. Despite rising semiconductor prices, decreased smartphone sales amid component shortages and investor concern that semiconductor prices would begin to decline weighed on the industry. Growth in demand for some other consumer electronics slowed as pandemic-related restrictions continued to abate in many parts of the world. Stocks in Hong Kong also detracted from the Index’s return as Chinese regulations and pandemic-related lockdowns in mainland China and Hong Kong weighed on equities listed in the city.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	35.9	%
Financials	23.0
Communication Services	16.4
Consumer Discretionary	16.2
Materials	2.8
Industrials	1.8
Health Care	1.5
Real Estate	1.3
Utilities	1.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	37.9	%
Taiwan	23.6
South Korea	23.0
Hong Kong	10.3
Singapore	4.5
Cayman Islands	0.7

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Fund Summary as of March 31, 2022 iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.83	)%		(3.52	)%		(0.89	)%		(3.83	)%		(16.40	)%		(8.52	)%
Fund Market		(3.19	)		(3.49	)		(0.87	)		(3.19	)		(16.29	)		(8.33	)
Index		(3.11	)		(3.03	)		(0.19	)		(3.11	)		(14.27	)		(1.93	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       927.50	$        2.88			$       1,000.00	$       1,021.90	$        3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® Emerging Markets Infrastructure ETF

Portfolio Management Commentary

Emerging market infrastructure stocks declined during the reporting period, falling sharply toward the end of the reporting period as Russia’s invasion of Ukraine and resulting sanctions disrupted oil and natural gas markets and raised concerns about the pace of global economic growth. Prior to the invasion, the Index advanced as the continued global economic recovery provided tailwinds for infrastructure-related companies, driven by strengthening international trade and industrial production.

Russian infrastructure stocks were the largest detractors from the Index’s return. Western nations imposed sanctions designed to squeeze Russia’s economy, which reduced trade, isolated the country from the global financial system, and raised expectations for a sharp decrease in Russia’s economic growth. Many sanctions impacted energy companies in Russia, a major exporter of oil and gas. The U.S. banned imports of Russian fuels, while the E.U. halted new energy investments. Germany halted the certification of an $11 billion pipeline from Russia, and the E.U. pledged to reduce and eventually end Russian gas imports. A major Russian pipeline operator, whose stock declined sharply following the invasion, set limits on receiving oil as so much remained unsold.

Chinese gas utilities stocks weighed on the Index’s return as high natural gas prices constrained margins for gas distributors. The country’s slowing property market led to a dramatic reduction in new customers and weighed on profits, while the slowing economy and high prices prompted forecasters to project slower demand growth for natural gas in China.

Mexican airport services stocks contributed to the Index’s return amid a sluggish recovery in air travel. While 2021 global passenger volumes remained dramatically lower than prior to the pandemic, domestic travel rebounded faster, especially in Latin America, where in-country trips make up a sizable proportion of flights. Mexico’s domestic-flight recovery was particularly robust, while the number of Americans flying to Mexico also improved. Toward the end of the reporting period, sharply increasing jet fuel prices and flight costs raised concerns about the impact on the recovery in air travel.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	41.0	%
Utilities	39.4
Energy	19.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments
China	49.3	%
Brazil	19.6
Mexico	15.1
Thailand	10.1
South Korea	5.9
Russia	0.0

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.69	%		6.57	%		6.02	%		2.69	%		37.45	%		79.40	%
Fund Market		2.85			6.57			6.00			2.85			37.48			79.16
Index		3.80			7.07			6.45			3.80			40.73			86.83

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       974.10	$        3.05			$       1,000.00	$       1,021.80	$        3.13		0.62	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® Europe ETF

Portfolio Management Commentary

European equities gained modestly despite rising inflation and the war in Ukraine. Stocks rose early in the reporting period as the Eurozone economy slowly expanded despite the spread of COVID-19 variant cases. Rising prices and the prospect of higher interest rates subsequently slowed consumer demand. Stocks then trended lower as higher commodities prices, supply bottlenecks, and economic uncertainty stemming from the war in Ukraine weighed on markets.

U.K. stocks contributed the most to the Index’s return as the nation’s economy returned to its pre-pandemic size. Energy companies led the advance, driven by oil prices that climbed throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. Despite a gradual increase in global oil supply throughout 2021, demand continued to outstrip supply, sending prices higher and increasing corporate profits. U.K. healthcare stocks also added to gains as the global rollout of COVID-19 vaccines continued amid strong sales of existing drugs. Materials stocks further contributed as higher commodities prices translated into strong profits for mining operations. Metals prices increased significantly following Russia’s invasion of Ukraine.

Stocks in Switzerland also contributed to the Index’s return, with pharmaceuticals companies leading returns in the healthcare sector. Demand for COVID-19 treatment and testing drove robust gains, and sales of other core products improved. In the consumer staples sector, companies reported strong demand for household goods, which allowed companies to increase prices in order to side-step the impact of higher commodities costs.

On the downside, stocks in Germany were the largest detractors from the Index’s return as consumer discretionary companies faltered under the weight of rising inflation and continued shortages of computer chips. The closure of factories following Russia’s invasion of Ukraine further exacerbated production delays for automobile manufacturers. Boycotts of Western brands in China and COVID-19 related closures of factories in supplier countries such as Vietnam impacted sportswear companies. Stocks in Sweden also detracted from the Index’s return as lower household spending slowed economic growth.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	16.5	%
Health Care	15.6
Industrials	14.7
Consumer Staples	12.7
Consumer Discretionary	10.1
Information Technology	8.0
Materials	7.6
Energy	5.5
Utilities	4.3
Communication Services	3.9
Real Estate	1.1

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	23.1	%
France	17.1
Switzerland	16.6
Germany	12.3
Netherlands	7.9
Sweden	4.8
Denmark	4.1
Spain	3.7
Italy	2.9
Finland	1.9

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.79	%		4.54	%		5.85	%		1.79	%		24.84	%		76.61	%
Fund Market		1.68			4.50			5.80			1.68			24.64			75.80
Index		2.50			4.81			6.01			2.50			26.46			79.29

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         975.50	$        2.46			$      1,000.00	$         1,022.40	$        2.52		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2022  (continued) iShares^® International Developed Property ETF

Portfolio Management Commentary

International developed property stocks posted modest returns for the reporting period despite the easing of restrictions in many parts of the world from the COVID-19 pandemic. Australian stocks contributed the most to the Index’s performance, led by industrial real estate investment trusts (“REITs”). Industrial REITs benefited from growing demand for storage facilities and delivery warehouses due to increased online shopping. The diversified REITs industry gained as businesses reoriented to the new demands of the digital economy and located warehouses and logistical centers closer to consumers.

Australian retail REITs also advanced as developers of shopping centers reported a rebound in foot traffic, rent, and demand for retail space as pandemic-related restrictions eased and vaccinations against COVID-19 increased. The pandemic disrupted business for restaurants at shopping centers, but increased business for takeout food mitigated the impact. Nonetheless, rising interest rates and inflationary pressures limited gains. Some Australian states extended protections for tenants impacted by the pandemic, limiting landlords from terminating leases and forcing rent relief.

U.K. real estate companies also contributed to the Index’s return. Higher online purchases during stay-at-home orders drove demand for warehouse and logistics services, leading to rising profits at industrial REITs. Limited land availability and zoning restrictions limited the ability to build enough new warehouses to meet growing demand, driving up the value of existing property portfolios.

The Israeli real estate management and development industry also contributed to the Index’s return. Commercial property owners reported stronger earnings after shopping mall stores and business offices reopened following the lifting of pandemic-related restrictions.

On the downside, Japanese companies in the real estate management and development industry detracted from the Index’s return. Vacancy rates in Tokyo office towers dropped through most of 2021 but investors were concerned about the impact of newly planned buildings on the supply of office space.

The German real estate management and development industry also detracted from the Index’s performance. The German government pledged to expand affordable housing, which could negatively impact developers.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Real Estate Operating Companies	23.6	%
Diversified Real Estate Activities	15.2
Industrial REITs	14.2
Diversified REITs	13.3
Retail REITs	12.9
Office REITs	8.6
Real Estate Development	3.9
Residential REITs	3.8
Specialized REITs	1.8
Health Care REITs	1.7
Hotel & Resort REITs	1.0
Other (each representing less than 1%)	0.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	26.1	%
Australia	13.2
United Kingdom	10.5
Hong Kong	9.9
Singapore	7.7
Germany	7.1
Sweden	5.3
Canada	4.1
France	3.4
Belgium	2.8

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.42	%		1.92	%		2.42	%		1.97	%
Fund Market		1.86			1.90			1.86			1.95
Index		3.55			3.01			3.55			3.07

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/23/21. The first day of secondary market trading was 3/25/21.

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         977.40	$        1.48			$      1,000.00	$         1,023.40	$        1.51		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022  (continued) iShares^® International Developed Small Cap Value Factor ETF

Portfolio Management Commentary

International developed market small-capitalization stocks with prominent value characteristics advanced for the reporting period. Canadian stocks contributed the most to the Index’s return, led by stocks in the energy sector. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. Higher prices for energy products drove increased revenues and cash flows for Canadian energy companies.

Stocks from the U.K. also advanced, particularly in the real estate sector. Businesses that own self-storage facilities benefited from rising demand for storage, which led to higher occupancy rates. Small and medium sized businesses were leading customers of storage facilities, as were older and divorced individuals.

On the downside, Japanese stocks detracted from the Index’s performance. The capital goods industry endured declines as makers of construction equipment raised concerns about semiconductor supply shortages. The retail industry also faced headwinds as Japanese retail spending declined late in the reporting period. In Sweden, the consumer discretionary sector was a detractor amid a selloff of outdoor-related stocks.

The Index’s selection process is designed to maximize exposure to small-capitalization stocks with prominent value characteristics, with screens to eliminate stocks with low liquidity, high volatility, high leverage, negative sentiment, and negative momentum. Reflecting those constraints, the Index significantly outperformed the broader market, as represented by the MSCI World ex USA Small Cap Index. Exposure to the value factor and the low-volatility factor were significant contributors to the Index’s relative return.

From a sector perspective, stock selection in the healthcare, utilities and real estate sectors were the top contributors to the Index’s relative return. Stock selection and an overweight position in healthcare also contributed, while stock selection in the materials and industrials sector detracted from performance.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	20.8	%
Financials	17.6
Real Estate	17.1
Materials	13.4
Consumer Discretionary	8.4
Energy	5.9
Consumer Staples	5.2
Health Care	3.6
Information Technology	3.3
Utilities	2.8
Communication Services	1.9

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Canada	18.4	%
United Kingdom	17.1
Japan	15.2
Australia	10.4
Switzerland	7.5
Sweden	6.9
Germany	3.4
Belgium	2.5
Finland	2.2
France	2.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.28	%		7.72	%		7.93	%		3.28	%		45.07	%		56.55	%
Fund Market		2.75			7.33			7.97			2.75			42.46			56.86
Index		3.93			7.84			8.03			3.93			45.85			57.36

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 5/17/16. The first day of secondary market trading was 5/19/16.

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         1,010.70	$        0.75			$      1,000.00	$         1,024.20	$        0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022  (continued) iShares^® International Dividend Growth ETF

Portfolio Management Commentary

Dividend stocks outside the U.S. advanced as the global economic recovery and higher consumer demand brought corporate dividends to record levels during the reporting period. Healthy corporate balance sheets and accessible capital markets also drove strong dividends. Mining companies led dividend payouts, as higher commodities prices supported cash flow. Banks resumed dividends and stock repurchases.

Canadian equities advanced strongly as economic activity in the country rose above pre-coronavirus pandemic levels. High vaccination rates helped the economy reopen, and targeted government aid bolstered household incomes, enabling steady, if uneven, economic recovery despite inflationary pressure. Stimulus programs also created higher government debt, which raised concerns about the impact on economic growth.

Japan’s economy recovered more slowly than in many other developed countries, but its corporate dividend yields ranked among the strongest, reflecting resilient company balance sheets. Consumer spending, which comprises about half of Japan’s economy, drove growth. However, a surge in COVID-19 cases early in 2022 raised concerns about continued growth. The Bank of Japan maintained stimulus measures. and the Japanese yen weakened, attenuating the effect of more expensive commodities inputs. A rise in exports and decline in imports supported the economy’s gains.

Switzerland’s economy grew significantly in 2021, driven by increases in private consumption as pandemic-related restrictions eased. Government spending on pandemic-related aid contributed, as did the hotel and catering industry, which benefited from the resumption of summer tourism. Switzerland’s solid currency, highly skilled workforce, and globally competitive companies with strong balance sheets helped it weather the pandemic. Few companies reduced their dividends, and Swiss banks resumed payouts earlier than banks in the E.U.

The U.K.’s economy advanced strongly as its services sector, which comprises 79% of its economy, expanded amid reopening. Healthcare and social services contributed to growth as the British vaccination program expanded, and testing and tracing increased. Household and government spending also grew, along with exports, supporting a strong rebound in dividends amid the U.K.’s strongest economic growth since 1941.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	24.0	%
Health Care	13.7
Industrials	12.8
Consumer Staples	12.6
Utilities	9.7
Information Technology	6.7
Materials	6.5
Communication Services	6.1
Consumer Discretionary	2.9
Real Estate	2.7
Energy	2.3

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Canada	20.2	%
Japan	19.6
Switzerland	11.9
United Kingdom	10.5
China	7.0
Germany	5.4
France	4.2
Hong Kong	3.6
Italy	3.5
India	2.6

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022  iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		19.25	%		2.95	%		(1.40	)%		19.25	%		15.63	%		(13.12	)%
Fund Market		19.14			2.89			(1.38	)		19.14			15.29			(12.97	)
Index		19.86			3.23			(1.02	)		19.86			17.24			(9.78	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Past performance is no guarantee 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” on page 19 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,221.90	$        2.60			$       1,000.00	$       1,022.60	$        2.37		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2022  (continued) iShares^® Latin America 40 ETF

Portfolio Management Commentary

Large-capitalization Latin American stocks advanced strongly for the reporting period, rising sharply after declining for much of 2021. Markets benefited from strength in energy- and commodities-exporting countries as prices for oil, metals, and other raw materials rose. Commodities price increases helped strengthen Latin American currencies, improving foreign investors’ returns. The perception of value in the region and the removal of Russian stocks from key global indexes helped drive up inflows from abroad.

Brazilian stocks contributed the most to the Index’s return, bolstered by rising commodities prices, investor appetite for value in a shift away from growth, and the perception of improved prospects for political stability. The Brazilian energy sector advanced amid soaring oil prices, as supply failed to keep pace with renewed demand. Supply constraints following Russia’s invasion of Ukraine and the resulting sanctions against Russia, a key exporter of oil, further pressured supply chains. High oil prices drove stronger sales and profits for the integrated oil and gas industry. The materials sector, another strong contributor to the Index’s performance, also advanced due to increased commodities prices. Metals and mining companies advanced sharply as prices for commodities such as iron ore reached record highs, driving earnings growth. Despite high levels of volatility, iron ore prices ended the reporting period near 10-year highs.

Mexican stocks contributed significantly to the Index’s return, led by the communication services and consumer staples sectors. Mexico’s close link to the U.S. economy, which recovered faster than expected, bolstered investor optimism that Mexico might experience relatively less volatility than other emerging markets, despite slowing Mexican domestic growth. The telecommunication services industry advanced, as subscriber growth and demand for broadband services bolstered earnings. In the consumer staples sector, food and staples retailers benefited from improved margins and increased online shopping.

Peruvian stocks also contributed to the Index’s performance, bolstered by a strong economic recovery and growth in exports. In the financials sector, Peruvian banks benefited from growth in loans and net interest income as well as a reduction in loan loss provisions.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Materials	27.9	%
Financials	27.7
Energy	13.9
Consumer Staples	12.5
Communication Services	6.2
Industrials	4.5
Consumer Discretionary	2.5
Health Care	1.6
Information Technology	1.4
Utilities	1.1
Real Estate	0.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Brazil	63.4	%
Mexico	23.8
Chile	6.7
Peru	3.6
Colombia	2.5

^(a)  Excludes money market funds.

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 19

Schedule of Investments March 31, 2022 iShares^® Asia 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Cayman Islands — 0.7%
CK Hutchison Holdings Ltd.		1,875,648	$	13,715,498
China — 37.7%
Alibaba Group Holding Ltd.(a)		10,310,300		140,701,688
ANTA Sports Products Ltd.		792,000		9,824,758
Baidu Inc.(a)		1,586,200		27,994,323
Bank of China Ltd., Class H		53,784,000		21,462,798
BYD Co. Ltd., Class H		560,500		15,590,465
China Construction Bank Corp., Class H		72,274,960		54,138,607
China Merchants Bank Co. Ltd., Class H		2,631,500		20,484,705
Industrial & Commercial Bank of China Ltd., Class H		46,117,115		28,272,200
JDcom Inc., Class A(a)		1,456,150		41,376,314
Li Ning Co. Ltd.		1,625,000		13,798,443
Meituan, Class B(a)(b)		2,823,700		53,491,995
NetEase Inc.		1,400,900		25,276,112
Ping An Insurance Group Co. of China Ltd., Class H		4,165,500		29,121,279
Tencent Holdings Ltd.		4,230,200		194,988,290
Wuxi Biologics Cayman Inc., New(a)(b)		2,269,000		18,017,212
Xiaomi Corp., Class B(a)(b)		9,399,800		16,425,445
				710,964,634
Hong Kong — 10.2%
AIA Group Ltd.		8,457,600		88,313,221
CLP Holdings Ltd.		1,163,500		11,320,728
Hong Kong & China Gas Co. Ltd.		7,552,504		9,122,816
Hong Kong Exchanges & Clearing Ltd.		830,200		38,914,225
Link REIT		1,473,100		12,545,253
Sun Hung Kai Properties Ltd.		1,071,500		12,748,144
Techtronic Industries Co. Ltd.		1,205,000		19,305,863
				192,270,250
Singapore — 4.4%
DBS Group Holdings Ltd.		1,257,300		32,944,029
Oversea-Chinese Banking Corp. Ltd.		2,794,974		25,355,583
United Overseas Bank Ltd.		1,075,100		25,155,190
				83,454,802
South Korea — 21.1%
Celltrion Inc.		71,702		10,094,064
Hyundai Motor Co.		100,085		14,766,631
Kakao Corp.		218,249		18,969,879
KB Financial Group Inc.		273,085		13,685,346
Kia Corp.		187,044		11,328,909
LG Chem Ltd.		33,066		14,448,732
NAVER Corp.		103,223		28,688,661
POSCO		52,960		12,703,711

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd.		3,589,353	$	205,393,425
Samsung SDI Co. Ltd.		38,461		18,718,571
Shinhan Financial Group Co. Ltd.		360,905		12,259,478
SK Hynix Inc.		376,638		36,232,249
				397,289,656
Taiwan — 23.5%
Cathay Financial Holding Co. Ltd.		5,983,000		13,354,875
Chunghwa Telecom Co. Ltd.		2,651,551		11,743,380
CTBC Financial Holding Co. Ltd.		13,629,359		13,889,756
Delta Electronics Inc.		1,341,000		12,433,382
Formosa Plastics Corp.		3,021,071		11,173,592
Fubon Financial Holding Co. Ltd.		5,361,000		14,234,620
Hon Hai Precision Industry Co. Ltd.		8,721,052		32,022,212
MediaTek Inc.		1,118,112		34,796,222
Nan Ya Plastics Corp.		3,930,510		12,723,547
Taiwan Semiconductor Manufacturing Co. Ltd.		13,233,343		271,462,354
United Microelectronics Corp.		8,115,000		14,902,581
				442,736,521
Total Common Stocks — 97.6% (Cost: $1,723,767,087)				1,840,431,361
Preferred Stocks
South Korea — 1.8%
Hyundai Motor Co.
Preference Shares, NVS		16,044		1,134,897
Series 2, Preference Shares, NVS		25,903		1,840,893
LG Chem Ltd., Preference Shares, NVS		5,478		1,228,720
Samsung Electronics Co. Ltd., Preference Shares, NVS		575,305		29,809,667
				34,014,177
Total Preferred Stocks — 1.8% (Cost: $26,399,731)				34,014,177
Total Investments in Securities — 99.4% (Cost: $1,750,166,818)				1,874,445,538
Other Assets, Less Liabilities — 0.6%				10,679,644
Net Assets — 100.0%			$	1,885,125,182

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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Schedule of Investments  (continued) March 31, 2022 iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	43,949,971	$	—	$	(43,943,633	)(b)	$	(2,244	)	$	(4,094	)	$	—		—	$	146,507	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		3,430,000		—		(3,430,000	)(b)		—			—			—		—		344			—
								$	(2,244	)	$	(4,094	)	$	—			$	146,851		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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
FTSE Taiwan Index		44		04/28/22	$	2,690	$	(22,014	)
MSCI China Future Index		151		06/17/22		3,860		142,027
MSCI Emerging Markets Index		42		06/17/22		2,364		120,083
							$	240,096

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	262,110
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	22,014

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,296,140	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	136,413

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Asia 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,934,782

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
Investments
Assets
Common Stocks	$	—	$	1,840,431,361		$	—	$	1,840,431,361
Preferred Stocks		—		34,014,177			—		34,014,177
	$	—	$	1,874,445,538		$	—	$	1,874,445,538
Derivative financial instruments(a)
Assets
Futures Contracts	$	120,083	$	142,027		$	—	$	262,110
Liabilities
Futures Contracts		—		(22,014	)		—		(22,014	)
	$	120,083	$	120,013		$	—	$	240,096

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

See notes to financial statements.

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Schedule of Investments March 31, 2022 iShares^® Emerging Markets Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 16.3%
CCR SA		286,254	$	823,701
Centrais Eletricas Brasileiras SA, ADR		64,422		509,578
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		61,020		599,827
Ultrapar Participacoes SA, ADR		469,548		1,422,730
				3,355,836
China — 48.9%
Beijing Capital International Airport Co. Ltd., Class H(a)		432,000		251,128
CGN Power Co. Ltd., Class H(b)		1,782,000		464,011
China Gas Holdings Ltd.		428,400		546,031
China Longyuan Power Group Corp. Ltd., Class H		594,000		1,335,161
China Merchants Port Holdings Co. Ltd.		360,000		648,354
China Oilfield Services Ltd., Class H		1,188,000		1,207,050
China Power International Development Ltd.		954,000		507,855
China Resources Gas Group Ltd.		160,000		673,420
China Resources Power Holdings Co. Ltd.		320,000		595,530
China Suntien Green Energy Corp. Ltd., Class H		1,116,000		624,505
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		828,000		382,723
COSCO SHIPPING Ports Ltd.		432,000		334,776
Guangdong Investment Ltd.		504,000		686,670
Jiangsu Expressway Co. Ltd., Class H		324,000		338,369
Kunlun Energy Co. Ltd.		720,000		622,249
Shenzhen Expressway Co. Ltd., Class H		180,000		189,162
Shenzhen International Holdings Ltd.		342,499		360,248
Zhejiang Expressway Co. Ltd., Class H		360,000		302,401
				10,069,643
Mexico — 15.0%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		8,766		523,243
Grupo Aeroportuario del Pacifico SAB de CV, ADR		8,928		1,439,461
Grupo Aeroportuario del Sureste SAB de CV, ADR		5,076		1,124,842
				3,087,546
South Korea — 5.9%
Korea Electric Power Corp., ADR(a)(c)		91,692		853,653
SK Discovery Co. Ltd.		7,303		249,204
SK Gas Ltd.		1,168		110,820
				1,213,677
Thailand — 9.9%
Airports of Thailand PCL, NVDR(a)(c)		1,035,400		2,053,286
Total Common Stocks — 96.0% (Cost: $17,918,790)				19,779,988

Security	Shares		Value
Preferred Stocks
Brazil — 3.2%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		201,258	$	648,051
Russia — 0.0%
Transneft PJSC, Preference Shares, NVS(d)		640		—
Total Preferred Stocks — 3.2% (Cost: $1,913,394)				648,051
Short-Term Investments
Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(e)(f)(g)		1,225,134		1,224,889
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(e)(f)		30,000		30,000
				1,254,889
Total Short-Term Investments — 6.1% (Cost: $1,255,406)				1,254,889
Total Investments in Securities — 105.3% (Cost: $21,087,590)				21,682,928
Other Assets, Less Liabilities — (5.3)%				(1,087,733	)
Net Assets — 100.0%			$ 20,595,195

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

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

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Emerging Markets Infrastructure ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	808,840		$417,110	(a)	$	—	$	(410	)	$	(651	)	$	1,224,889		1,225,134	$	6,099	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—			—			30,000		30,000		4			—
								$	(410	)	$	(651	)	$	1,254,889			$	6,103		$	—

^(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
MSCI Emerging Markets Index		1		06/17/22	$	56	$	3,817

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,817

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(22,322	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	3,817

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	117,862

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.

24 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Emerging Markets Infrastructure ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	7,710,256	$	12,069,732	$	—	$	19,779,988
Preferred Stocks		648,051		—		—		648,051
Money Market Funds		1,254,889		—		—		1,254,889
	$	9,613,196	$	12,069,732	$	—	$	21,682,928
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,817	$	—	$	—	$	3,817

^(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   O F   I N V E S T M E N T S 25

Schedule of Investments   March 31, 2022 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.5%
Glencore PLC		2,095,880	$	13,637,270
Rio Tinto PLC		203,009		16,229,867
				29,867,137
Austria — 0.3%
Erste Group Bank AG		64,448		2,350,192
OMV AG		27,388		1,308,666
Verbund AG		13,030		1,376,022
				5,034,880
Belgium — 1.3%
Ageas SA/NV		34,430		1,740,548
Anheuser-Busch InBev SA/NV		166,313		9,943,534
Groupe Bruxelles Lambert SA		20,386		2,109,467
KBC Group NV		64,456		4,624,663
Solvay SA		13,623		1,342,623
UCB SA		24,162		2,889,700
Umicore SA		39,336		1,700,391
				24,350,926
Denmark — 4.1%
AP Moller - Maersk A/S, Class A		579		1,709,436
AP Moller - Maersk A/S, Class B, NVS		1,125		3,380,584
Carlsberg A/S, Class B		19,027		2,335,781
Chr Hansen Holding A/S		20,033		1,470,962
Coloplast A/S, Class B		22,983		3,480,510
Danske Bank A/S		131,556		2,188,445
DSV A/S		41,204		7,896,975
Genmab A/S(a)		12,447		4,495,272
GN Store Nord AS		26,051		1,276,925
Novo Nordisk A/S, Class B		315,566		35,001,343
Novozymes A/S, Class B		40,541		2,779,660
Orsted AS(b)		36,839		4,611,189
Pandora A/S		18,768		1,787,921
Tryg A/S		70,031		1,702,781
Vestas Wind Systems A/S		192,528		5,647,770
				79,765,554
Finland — 1.9%
Elisa OYJ		29,192		1,760,473
Fortum OYJ		84,434		1,543,205
Kesko OYJ, Class B		51,619		1,425,205
Kone OYJ, Class B		76,821		4,020,048
Metso Outotec OYJ		136,118		1,147,431
Neste OYJ		82,596		3,765,812
Nokia OYJ(a)		1,048,561		5,774,444
Nordea Bank Abp		661,911		6,812,383
Sampo OYJ, Class A		96,942		4,736,991
Stora Enso OYJ, Class R		114,375		2,243,742
UPM-Kymmene OYJ		101,040		3,299,460
Wartsila OYJ Abp		93,354		852,402
				37,381,596
France — 17.0%
Accor SA(a)		31,022		999,505
Air Liquide SA		90,711		15,869,324
Airbus SE(a)		117,865		14,222,584
Alstom SA		56,527		1,322,668
Arkema SA		12,681		1,515,887
AXA SA		394,938		11,561,543
BNP Paribas SA		217,296		12,417,299
Bouygues SA		40,617		1,417,698

Security	Shares		Value
France (continued)
Bureau Veritas SA		57,385	$	1,636,095
Capgemini SE		30,678		6,807,537
Carrefour SA		120,570		2,623,850
Cie. de Saint-Gobain		100,272		5,966,219
Cie. Generale des Etablissements Michelin SCA		34,395		4,661,054
Credit Agricole SA		265,429		3,171,490
Danone SA		131,505		7,264,725
Dassault Systemes SE		133,569		6,562,058
Edenred		48,410		2,393,624
Eiffage SA		15,614		1,602,498
Electricite de France SA		90,291		847,488
Engie SA		341,987		4,496,102
EssilorLuxottica SA		57,663		10,546,017
Eurofins Scientific SE		24,396		2,413,319
Gecina SA		10,761		1,356,190
Hermes International		6,641		9,399,312
Kering SA		14,032		8,858,784
Legrand SA		51,680		4,913,550
L’Oreal SA		45,079		18,006,585
LVMH Moet Hennessy Louis Vuitton SE		51,325		36,635,718
Orange SA		360,867		4,273,133
Pernod Ricard SA		38,830		8,531,377
Publicis Groupe SA		45,394		2,755,125
Renault SA(a)		40,405		1,056,188
Safran SA		67,295		7,923,008
Sanofi		220,528		22,546,692
Sartorius Stedim Biotech		4,683		1,917,287
Schneider Electric SE		108,822		18,270,161
SCOR SE		28,898		929,227
Societe Generale SA		152,609		4,091,040
Sodexo SA		15,942		1,297,295
STMicroelectronics NV , New		125,145		5,418,845
Teleperformance		11,212		4,270,629
Thales SA		20,615		2,581,730
TotalEnergies SE		469,419		23,752,376
Ubisoft Entertainment SA(a)		17,436		766,187
Unibail-Rodamco-Westfield(a)		22,276		1,668,633
Valeo		43,354		800,790
Veolia Environnement SA		124,674		3,997,481
Vinci SA		98,912		10,106,096
Vivendi SE		154,566		2,019,328
Worldline SA/France(a)(b)		47,605		2,066,064
				330,527,415
Germany — 11.5%
adidas AG		34,186		7,966,223
Allianz SE, Registered		78,159		18,665,001
Aroundtown SA		185,321		1,058,992
BASF SE		174,718		9,969,498
Bayer AG, Registered		188,536		12,895,686
Bayerische Motoren Werke AG		61,550		5,318,999
Beiersdorf AG		19,001		1,996,129
Brenntag SE		29,854		2,407,171
Commerzbank AG(a)		190,710		1,449,187
Continental AG(a)		20,283		1,454,010
Covestro AG(b)		36,860		1,856,099
Daimler Truck Holding AG(a)		94,484		2,620,512
Delivery Hero SE(a)(b)		35,778		1,559,341
Deutsche Bank AG, Registered(a)		394,864		4,972,990
Deutsche Boerse AG		36,266		6,528,269
Deutsche Post AG, Registered		190,425		9,093,149

26 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Telekom AG, Registered		648,961	$	12,086,329
E.ON SE		430,383		5,000,251
Fresenius Medical Care AG & Co. KGaA		38,457		2,577,034
Fresenius SE & Co. KGaA		79,680		2,925,566
GEA Group AG		31,981		1,310,816
Hannover Rueck SE		11,492		1,952,242
HeidelbergCement AG		28,252		1,601,159
HelloFresh SE(a)		33,146		1,487,715
Henkel AG & Co. KGaA		18,652		1,231,118
Infineon Technologies AG		251,452		8,506,622
LEG Immobilien SE		14,262		1,624,128
Mercedes-Benz Group AG		160,171		11,242,319
Merck KGaA		24,960		5,212,508
MTU Aero Engines AG		10,105		2,337,084
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		27,036		7,227,795
Puma SE		19,700		1,675,326
RWE AG		130,592		5,686,301
SAP SE		209,610		23,230,681
Siemens AG, Registered		153,198		21,212,906
Siemens Healthineers AG(b)		53,721		3,329,130
Symrise AG		25,401		3,045,394
Volkswagen AG		5,643		1,393,931
Vonovia SE		149,605		6,973,147
Zalando SE(a)(b)		36,909		1,868,857
				224,549,615
Ireland — 1.0%
CRH PLC		148,570		5,925,734
Flutter Entertainment PLC, Class DI(a)		28,857		3,325,611
Kerry Group PLC, Class A		29,471		3,296,091
Kingspan Group PLC		29,792		2,912,071
Ryanair Holdings PLC, ADR(a)(c)		19,073		1,661,640
Smurfit Kappa Group PLC		49,170		2,184,001
				19,305,148
Italy — 2.9%
Assicurazioni Generali SpA		234,704		5,368,185
Atlantia SpA(a)		96,737		2,011,408
Enel SpA		1,482,852		9,900,631
Eni SpA		480,104		7,001,459
Ferrari NV		24,582		5,355,421
FinecoBank Banca Fineco SpA		117,603		1,784,047
Intesa Sanpaolo SpA		3,262,936		7,468,092
Mediobanca Banca di Credito Finanziario SpA		136,894		1,383,381
Moncler SpA		40,489		2,246,404
Nexi SpA(a)(b)		147,917		1,706,920
Prysmian SpA		52,227		1,772,385
Snam SpA		389,869		2,248,198
Telecom Italia SpA/Milano		1,935,103		710,428
Terna - Rete Elettrica Nazionale		271,773		2,333,789
UniCredit SpA		427,392		4,610,593
				55,901,341
Luxembourg — 0.2%
ArcelorMittal SA		116,643		3,736,555
Netherlands — 7.8%
ABN AMRO Bank NV, CVA(b)		80,085		1,022,671
Adyen NV(a)(b)		5,924		11,733,628
Aegon NV		268,750		1,424,679
Akzo Nobel NV		35,466		3,047,320

Security	Shares		Value
Netherlands (continued)
Argenx SE(a)		9,630	$	3,012,950
ASM International NV		7,342		2,673,454
ASML Holding NV		77,779		51,973,597
CNH Industrial NV		192,935		3,038,876
Euronext NV(b)		18,911		1,718,020
EXOR NV		21,768		1,654,795
Heineken Holding NV		19,663		1,539,675
Heineken NV		45,501		4,351,251
IMCD NV		10,780		1,838,986
ING Groep NV		742,625		7,753,692
Just Eat Takeaway.com NV(a)(b)		28,735		963,711
Koninklijke Ahold Delhaize NV		201,031		6,466,262
Koninklijke DSM NV		33,638		6,017,627
Koninklijke KPN NV		686,030		2,380,509
Koninklijke Philips NV		169,135		5,157,550
NN Group NV		61,045		3,093,683
Prosus NV		167,479		9,031,776
QIAGEN NV(a)		43,412		2,130,221
Randstad NV		24,359		1,465,312
Stellantis NV		422,838		6,845,522
Universal Music Group NV		255,159		6,811,243
Wolters Kluwer NV		49,755		5,304,198
				152,451,208
Norway — 1.1%
DNB Bank ASA		173,432		3,921,113
Equinor ASA		206,113		7,695,564
Mowi ASA		87,129		2,346,898
Norsk Hydro ASA		256,781		2,494,851
Orkla ASA		139,491		1,239,306
Telenor ASA		122,840		1,762,696
Yara International ASA		30,193		1,509,907
				20,970,335
Portugal — 0.2%
EDP - Energias de Portugal SA		559,967		2,756,093
Galp Energia SGPS SA		87,690		1,108,636
				3,864,729
Spain — 3.7%
ACS Actividades de Construccion y Servicios SA		49,055		1,322,496
Aena SME SA(a)(b)		14,191		2,365,642
Amadeus IT Group SA(a)		86,898		5,649,937
Banco Bilbao Vizcaya Argentaria SA		1,286,632		7,346,572
Banco Santander SA		3,319,092		11,284,667
CaixaBank SA		831,461		2,820,216
Cellnex Telecom SA(b)		108,547		5,223,759
Enagas SA		40,348		895,979
Endesa SA		61,705		1,345,392
Ferrovial SA		95,530		2,540,606
Grifols SA		57,716		1,047,583
Iberdrola SA		1,130,321		12,354,373
Industria de Diseno Textil SA		215,861		4,706,842
Naturgy Energy Group SA		65,369		1,958,419
Red Electrica Corp. SA		72,128		1,480,862
Repsol SA		272,658		3,571,599
Telefonica SA		1,050,538		5,091,177
				71,006,121
Sweden — 4.7%
Alfa Laval AB		58,882		2,025,390
Assa Abloy AB, Class B		189,235		5,086,558
Atlas Copco AB, Class A		123,660		6,418,687

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Atlas Copco AB, Class B		74,093	$	3,360,082
Boliden AB		52,817		2,664,363
Electrolux AB, Class B		50,968		771,274
Embracer Group AB(a)(c)		125,613		1,048,510
Epiroc AB, Class A		118,011		2,524,119
Epiroc AB, Class B		75,700		1,366,720
EQT AB		53,011		2,067,337
Essity AB, Class B		114,987		2,713,580
Evolution AB(b)		34,457		3,505,459
Getinge AB, Class B		41,492		1,652,998
H & M Hennes & Mauritz AB, Class B		140,882		1,891,713
Hexagon AB, Class B		401,081		5,619,465
Industrivarden AB, Class A		34,904		989,907
Industrivarden AB, Class C		32,553		907,379
Investor AB, Class B		350,154		7,608,228
Kinnevik AB, Class B(a)		45,121		1,176,579
Nibe Industrier AB, Class B		269,461		2,986,854
Sandvik AB		210,127		4,463,690
Sinch AB(a)(b)		130,872		887,635
Skandinaviska Enskilda Banken AB, Class A		304,087		3,287,438
Skanska AB, Class B		76,912		1,720,690
SKF AB, Class B		72,958		1,189,650
Svenska Cellulosa AB SCA, Class B		117,064		2,273,111
Svenska Handelsbanken AB, Class A		296,220		2,723,872
Swedbank AB, Class A		175,182		2,616,454
Swedish Match AB		301,740		2,269,094
Tele2 AB, Class B		96,790		1,463,057
Telefonaktiebolaget LM Ericsson, Class B		549,375		5,007,851
Telia Co. AB		472,010		1,892,623
Volvo AB, Class B		303,833		5,668,107
				91,848,474
Switzerland — 16.6%
ABB Ltd., Registered		342,548		11,112,494
Adecco Group AG, Registered		32,527		1,475,474
Alcon Inc.		96,342		7,632,784
Baloise Holding AG, Registered		8,696		1,553,076
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		201		2,392,284
Chocoladefabriken Lindt & Spruengli AG, Registered		21		2,540,126
Cie. Financiere Richemont SA, Class A, Registered		100,465		12,734,418
Credit Suisse Group AG, Registered		480,571		3,783,109
Geberit AG, Registered		6,860		4,228,891
Givaudan SA, Registered		1,523		6,294,462
Holcim Ltd.		98,328		4,782,356
Julius Baer Group Ltd.		41,835		2,422,016
Kuehne + Nagel International AG, Registered		9,745		2,766,889
Logitech International SA, Registered		32,844		2,441,364
Lonza Group AG, Registered		14,323		10,378,493
Nestle SA, Registered		539,632		70,162,231
Novartis AG, Registered		465,830		40,895,915
Partners Group Holding AG		4,324		5,353,983
Roche Holding AG, Bearer		5,205		2,276,412
Roche Holding AG, NVS		134,638		53,271,100
Schindler Holding AG, Participation Certificates, NVS		7,972		1,708,161
Schindler Holding AG, Registered		3,676		783,310
SGS SA, Registered		1,161		3,227,746
Siemens Energy AG(a)		74,328		1,691,016
Sika AG, Registered		29,301		9,694,342
Sonova Holding AG, Registered		10,085		4,212,888
Straumann Holding AG, Registered		2,198		3,509,517

Security	Shares		Value
Switzerland (continued)
Swatch Group AG (The), Bearer		5,554	$	1,574,691
Swatch Group AG (The), Registered		10,443		568,269
Swiss Life Holding AG, Registered		6,075		3,892,894
Swiss Prime Site AG, Registered		14,806		1,460,238
Swiss Re AG		55,391		5,272,886
Swisscom AG, Registered		4,819		2,895,284
Temenos AG, Registered		12,679		1,219,590
UBS Group AG, Registered		711,787		13,909,245
VAT Group AG(b)		5,110		1,945,576
Vifor Pharma AG (a)		8,929		1,591,962
Zurich Insurance Group AG		28,829		14,238,633
				321,894,125
United Kingdom — 23.0%
3i Group PLC		186,297		3,368,689
abrdn plc		421,915		1,181,402
Admiral Group PLC		51,577		1,729,623
Anglo American PLC		258,089		13,410,903
Ashtead Group PLC		85,471		5,381,630
Associated British Foods PLC		69,303		1,505,478
AstraZeneca PLC		297,253		39,419,582
Auto Trader Group PLC(b)		183,924		1,518,343
Aviva PLC		719,518		4,257,323
BAE Systems PLC		619,459		5,817,617
Barclays PLC		3,064,468		5,940,395
Barratt Developments PLC		194,985		1,327,420
Berkeley Group Holdings PLC		21,786		1,062,645
BP PLC		3,761,994		18,442,715
British American Tobacco PLC		438,295		18,407,156
British Land Co PLC (The)		181,900		1,259,449
BT Group PLC		1,697,832		4,048,153
Bunzl PLC		64,845		2,514,759
Burberry Group PLC		76,244		1,664,382
Compass Group PLC		343,061		7,382,703
Croda International PLC		27,526		2,831,644
DCC PLC		19,768		1,530,715
Diageo PLC		445,611		22,603,409
Direct Line Insurance Group PLC		266,201		959,221
DS Smith PLC		265,426		1,116,305
Entain PLC(a)		112,077		2,400,804
Experian PLC		184,434		7,105,432
Ferguson PLC		44,272		5,997,961
GlaxoSmithKline PLC		961,530		20,804,570
Halma PLC		71,688		2,345,423
Hargreaves Lansdown PLC		67,761		893,145
HSBC Holdings PLC		3,941,667		26,923,804
IMI PLC		50,729		903,180
Imperial Brands PLC		183,035		3,855,581
Informa PLC(a)		291,011		2,280,074
InterContinental Hotels Group PLC		36,442		2,464,738
Intermediate Capital Group PLC		55,823		1,296,047
Intertek Group PLC		31,330		2,137,260
ITV PLC(a)		703,097		752,471
J Sainsbury PLC		329,559		1,090,769
Johnson Matthey PLC		38,084		931,409
Kingfisher PLC		396,558		1,323,570
Land Securities Group PLC		147,161		1,509,843
Legal & General Group PLC		1,148,633		4,072,350
Lloyds Banking Group PLC		13,528,924		8,238,654
London Stock Exchange Group PLC		61,850		6,449,751
M&G PLC		502,130		1,446,803

28 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Marks & Spencer Group PLC(a)		379,891	$	766,756
Melrose Industries PLC		835,053		1,354,571
Mondi PLC		93,923		1,825,659
National Grid PLC		739,709		11,368,001
NatWest Group PLC		1,011,090		2,855,658
Next PLC		24,968		1,963,748
Ocado Group PLC(a)		123,201		1,881,232
Pearson PLC		142,305		1,395,304
Persimmon PLC		60,316		1,691,342
Phoenix Group Holdings PLC		161,129		1,290,948
Prudential PLC		524,917		7,749,489
Reckitt Benckiser Group PLC		141,477		10,792,701
RELX PLC		380,245		11,832,360
Rentokil Initial PLC		357,001		2,459,192
Rightmove PLC		166,189		1,373,491
Rolls-Royce Holdings PLC(a)		1,609,947		2,117,074
Sage Group PLC (The)		218,029		1,997,731
Schroders PLC		24,469		1,030,376
Segro PLC		229,841		4,040,383
Severn Trent PLC		49,367		1,989,698
Shell PLC		1,467,552		40,223,675
Smith & Nephew PLC		169,515		2,696,113
Smiths Group PLC		76,525		1,449,839
Spirax-Sarco Engineering PLC		14,070		2,300,174
SSE PLC		200,498		4,581,186
St. James’s Place PLC		102,564		1,933,678
Standard Chartered PLC		491,163		3,260,343
Taylor Wimpey PLC		703,627		1,198,217
Tesco PLC		1,465,563		5,305,782
Unilever PLC		503,993		22,882,668
United Utilities Group PLC		132,547		1,951,821
Vodafone Group PLC		5,125,715		8,405,066
Weir Group PLC (The)		50,682		1,081,547
Whitbread PLC(a)		38,398		1,429,696
WPP PLC		232,427		3,042,025
				447,422,844
Total Common Stocks — 98.8% (Cost: $1,898,256,006)				1,919,878,003
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,766		833,912

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		34,657	$	2,319,652
Porsche Automobil Holding SE, Preference Shares, NVS		29,563		2,843,781
Sartorius AG, Preference Shares, NVS		4,734		2,089,321
Volkswagen AG, Preference Shares, NVS		35,000		6,014,796
				14,101,462
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		1,169,475		396,650
Total Preferred Stocks — 0.7% (Cost: $19,335,299)				14,498,112
Rights
France — 0.0%
Electricite de France SA (Expires 04/04/22)		90,291		33,561
Total Rights — 0.0% (Cost: $0)				33,561
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		2,533,942		2,533,435
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		2,630,000		2,630,000
				5,163,435
Total Short-Term Investments — 0.3% (Cost: $5,163,119)				5,163,435
Total Investments in Securities — 99.8% (Cost: $1,922,754,424)				1,939,573,111
Other Assets, Less Liabilities — 0.2%				4,406,122
Net Assets — 100.0%			$	1,943,979,233

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Europe ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,383,628	$	—		$	(5,847,745	)(a)	$	(1,547	)	$	(901	)	$	2,533,435		2,533,942	$	46,938	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		820,000		1,810,000	(a)		—			—			—			2,630,000		2,630,000		386			—
									$	(1,547	)	$	(901	)	$	5,163,435			$	47,324		$	—

^(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
Euro Stoxx 50 Index		108		06/17/22	$	4,538	$	82,341
FTSE 100 Index		30		06/17/22		2,935		81,855
							$	164,196

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	164,196

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	676,151
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	43,841

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,114,203

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

30 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Europe ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,822,826	$	1,909,055,177	$	—	$	1,919,878,003
Preferred Stocks		—		14,498,112		—		14,498,112
Rights		—		33,561		—		33,561
Money Market Funds		5,163,435		—		—		5,163,435
	$	15,986,261	$	1,923,586,850	$	—	$	1,939,573,111
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	164,196	$	—	$	164,196

^(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   O F   I N V E S T M E N T S 31

Schedule of Investments   March 31, 2022 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 13.1%
Abacus Property Group		27,102	$	66,773
Arena REIT(a)		24,839		90,894
BWP Trust		34,546		103,617
Cedar Woods Properties Ltd.		4,379		15,240
Centuria Capital Group		45,568		97,143
Centuria Industrial REIT		38,203		109,245
Centuria Office REIT		30,776		50,472
Charter Hall Group		33,365		405,463
Charter Hall Long Wale REIT		42,672		169,264
Charter Hall Retail REIT		37,029		116,108
Charter Hall Social Infrastructure REIT		23,089		67,576
Cromwell Property Group		101,908		63,055
Dexus		76,335		623,097
Dexus Industria REIT		15,796		39,991
GDI Property Group		34,842		28,294
Goodman Group		120,246		2,043,763
GPT Group (The)		135,942		524,370
Growthpoint Properties Australia Ltd.		20,312		66,279
HealthCo REIT		18,470		26,675
Home Consortium Ltd.		12,885		66,362
HomeCo Daily Needs REIT		101,764		109,275
Hotel Property Investments		13,674		39,328
Ingenia Communities Group		25,825		97,495
Irongate Group		38,089		54,337
Lendlease Corp. Ltd.		48,861		407,302
Lifestyle Communities Ltd.		6,642		84,002
Mirvac Group		279,628		518,502
National Storage REIT		76,404		153,719
RAM Essential Services Property Ltd., NVS		25,899		18,068
Rural Funds Group		27,296		59,797
Scentre Group		366,964		834,350
Shopping Centres Australasia Property Group		78,562		170,906
Stockland		169,430		536,924
Vicinity Centres		274,635		381,098
Waypoint REIT		50,419		100,353
				8,339,137
Austria — 0.5%
CA Immobilien Anlagen AG		3,364		104,225
IMMOFINANZ AG		5,105		129,777
S IMMO AG		3,040		74,402
				308,404
Belgium — 2.8%
Aedifica SA		2,559		321,809
Befimmo SA		1,764		92,266
Care Property Invest NV		1,871		51,365
Cofinimmo SA		2,083		303,358
Immobel SA		296		23,736
Intervest Offices & Warehouses NV		1,663		50,316
Montea NV		715		93,204
Retail Estates NV		792		64,580
Shurgard Self Storage SA		1,764		109,252
VGP NV		632		161,757
Warehouses De Pauw CVA		9,928		428,353
Xior Student Housing NV		1,481		82,722
				1,782,718
British Virgin Islands — 0.1%
MAS Real Estate Inc.		29,807		41,568

Security	Shares		Value
Canada — 4.1%
Allied Properties REIT		4,401	$	164,155
Artis REIT		4,371		45,697
Automotive Properties Real Estate Investment Trust		1,350		15,734
Boardwalk REIT		1,643		77,264
BTB Real Estate Investment Trust		2,591		8,850
Canadian Apartment Properties REIT		6,008		257,832
Choice Properties REIT		11,463		142,032
Crombie REIT		3,443		50,537
CT REIT		3,592		50,799
Dream Industrial REIT		8,037		103,761
Dream Office REIT		1,691		37,698
DREAM Unlimited Corp., Class A		1,594		63,497
European Residential Real Estate Investment Trust		3,132		12,527
First Capital Real Estate Investment Trust		7,597		109,080
Granite REIT		2,303		177,549
H&R Real Estate Investment Trust		10,187		106,340
Inovalis Real Estate Investment Trust		1,144		8,510
InterRent REIT		4,742		60,652
Killam Apartment REIT		3,857		66,086
Minto Apartment Real Estate Investment Trust(b)		1,469		25,229
Morguard Corp.		312		34,401
Morguard North American Residential REIT		1,463		22,949
Nexus Industrial REIT, NVS		1,998		20,409
NorthWest Healthcare Properties REIT		7,665		84,428
Plaza Retail REIT		3,639		14,816
Prinmaris REIT, NVS		3,418		42,351
RioCan REIT		10,790		217,759
Slate Grocery REIT		2,023		27,639
Slate Office REIT		1,983		8,106
SmartCentres Real Estate Investment Trust		5,027		132,013
Summit Industrial Income REIT		6,098		107,409
Tricon Residential Inc.		19,238		305,771
True North Commercial Real Estate Investment Trust		2,777		15,905
				2,617,785
China — 0.7%
Gemdale Properties & Investment Corp. Ltd.		442,000		47,095
Greenland Hong Kong Holdings Ltd.		54,000		12,121
Road King Infrastructure Ltd.		14,000		12,046
Wharf Holdings Ltd. (The)		98,000		298,498
Yuexiu REIT		158,000		67,855
Zhuguang Holdings Group Co. Ltd.		174,000		29,099
			466,714
Finland — 0.5%
Citycon Oyj		5,509		41,702
Kojamo Oyj		10,694		256,958
				298,660
France — 3.4%
Altarea SCA		308		52,513
Carmila SA		3,208		50,516
Covivio		3,351		266,686
Gecina SA		3,855		485,839
ICADE		2,261		145,463
Klepierre SA		13,763		366,427
Mercialys SA		3,555		35,230
Nexity SA		3,507		123,464
Unibail-Rodamco-Westfield(c)		8,257		618,509
				2,144,647
Germany — 7.0%
ADLER Group SA(b)		5,724		75,712

32 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
alstria office REIT-AG		1,068	$	14,512
Aroundtown SA		68,711		392,640
Deutsche EuroShop AG		3,567		65,730
Deutsche Wohnen SE		3,390		113,665
DIC Asset AG		2,657		42,442
Grand City Properties SA		7,294		145,709
Hamborner REIT AG		5,056		53,400
Instone Real Estate Group SE(b)		3,286		61,523
LEG Immobilien SE		5,143		585,674
Sirius Real Estate Ltd.		82,568		136,016
TAG Immobilien AG		10,296		233,141
Vonovia SE		54,928		2,560,216
				4,480,380
Guernsey — 0.1%
BMO Commercial Property Trust Ltd.		56,239		85,061
Hong Kong — 9.8%
Champion REIT		132,000		59,990
CK Asset Holdings Ltd.		139,000		950,124
Far East Consortium International Ltd.		81,000		27,417
Fortune REIT		103,000		92,553
Hang Lung Group Ltd.		58,000		122,632
Hang Lung Properties Ltd.		131,000		264,040
Henderson Land Development Co. Ltd.		92,044		382,077
Hongkong Land Holdings Ltd.(a)		82,900		405,041
Hysan Development Co. Ltd.		42,000		122,784
K Wah International Holdings Ltd.		104,000		39,173
Kerry Properties Ltd.		41,000		115,501
Link REIT		149,300		1,271,473
Prosperity REIT		90,000		32,745
Shun Tak Holdings Ltd.(c)		162,000		35,402
Sino Land Co. Ltd.		224,000		288,828
Sun Hung Kai Properties Ltd.		108,500		1,290,876
Sunlight REIT		72,000		35,383
Swire Properties Ltd.		75,200		185,834
Wharf Real Estate Investment Co. Ltd.		109,000		538,707
Zensun Enterprises Ltd.		39,000		18,421
				6,279,001
Ireland — 0.2%
Hibernia REIT PLC		47,676		85,230
Irish Residential Properties REIT PLC		30,657		49,312
				134,542
Israel — 2.7%
AFI Properties Ltd.		704		41,981
Airport City Ltd.(c)		4,719		107,371
Alony Hetz Properties & Investments Ltd.		10,681		177,032
Amot Investments Ltd.		13,923		104,314
Ashtrom Group Ltd.		1		21
Azrieli Group Ltd.		2,580		226,666
Big Shopping Centers Ltd.		775		119,667
Blue Square Real Estate Ltd.		363		31,032
Electra Real Estate Ltd.		1,412		26,778
Gav-Yam Lands Corp. Ltd.		4,121		48,443
Gazit-Globe Ltd.		4,788		43,430
Israel Canada T.R Ltd.		8,535		46,590
Israel Land Development - Urban Renewal Ltd.		1,110		17,920
Isras Investment Co. Ltd.		110		27,443
Mega Or Holdings Ltd.		1,570		61,492
Mehadrin Ltd.(c)		1		48

Security	Shares		Value
Israel (continued)
Melisron Ltd.(c)		1,636	$	136,116
Mivne Real Estate KD Ltd.		42,564		166,013
Norstar Holdings Inc.		1,731		26,031
Prashkovsky Investments and Construction Ltd.		457		22,048
Property & Building Corp. Ltd.(c)		198		26,627
REIT 1 Ltd.		12,710		85,968
Sella Capital Real Estate Ltd.		15,210		51,045
Summit Real Estate Holdings Ltd.(c)		2,441		55,743
YH Dimri Construction & Development Ltd.		487		45,097
				1,694,916
Italy — 0.0%
COIMA RES SpA(b)		1,561		13,642
Immobiliare Grande Distribuzione SIIQ SpA(c)		4,054		19,481
				33,123
Japan — 25.9%
Activia Properties Inc.		53		184,770
Advance Residence Investment Corp.		97		273,775
Aeon Mall Co. Ltd.		6,780		90,222
AEON REIT Investment Corp.		121		149,678
Airport Facilities Co. Ltd.		2,000		8,859
Ardepro Co. Ltd.		12,500		4,491
Arealink Co. Ltd.		700		7,687
Comforia Residential REIT Inc.		45		121,241
CRE Inc./Japan		900		13,179
CRE Logistics REIT Inc.		40		68,010
Daito Trust Construction Co. Ltd.		4,800		509,493
Daiwa House Industry Co. Ltd.		47,100		1,227,834
Daiwa House REIT Investment Corp.		150		404,401
Daiwa Office Investment Corp.		21		130,366
Daiwa Securities Living Investments Corp.		157		148,129
Dear Life Co. Ltd.		1,800		7,812
ESCON Japan Reit Investment Corp.		26		28,989
Frontier Real Estate Investment Corp.		36		149,751
Fukuoka REIT Corp.		51		70,308
Global One Real Estate Investment Corp.		67		61,571
GLP J-Reit(c)		316		480,163
Goldcrest Co. Ltd.		1,100		15,169
Good Com Asset Co. Ltd.		600		5,105
Hankyu Hanshin REIT Inc.		48		60,565
Health Care & Medical Investment Corp.		25		32,814
Heiwa Real Estate Co. Ltd.		2,400		77,727
Heiwa Real Estate REIT Inc.		65		79,696
Hoshino Resorts REIT Inc.		17		95,188
Hulic Co. Ltd.		41,900		375,903
Hulic Reit Inc.		91		124,320
Ichigo Hotel REIT Investment Corp.		19		13,435
Ichigo Inc.		18,000		46,300
Ichigo Office REIT Investment Corp.		107		77,380
Industrial & Infrastructure Fund Investment Corp.		147		222,715
Invincible Investment Corp.		437		150,827
Itochu Advance Logistics Investment Corp.		41		53,065
Japan Excellent Inc.		92		101,851
Japan Hotel REIT Investment Corp.		320		163,144
Japan Logistics Fund Inc.		64		166,589
Japan Metropolitan Fund Invest		493		415,995
Japan Prime Realty Investment Corp.		71		232,415
Japan Property Management Center Co. Ltd.		1,000		8,383
Japan Real Estate Investment Corp.		98		513,286
Katitas Co. Ltd.		3,500		96,148

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

Schedule of Investments  (continued) March 31, 2022 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Keihanshin Building Co. Ltd.		3,200	$	39,190
Kenedix Office Investment Corp.		30		179,604
Kenedix Residential Next Investment Corp.		70		122,386
Kenedix Retail REIT Corp.		41		94,035
LaSalle Logiport REIT		125		179,793
Leopalace21 Corp.(c)		13,700		22,572
Marimo Regional Revitalization REIT Inc.		12		12,858
Mirai Corp.		126		54,572
Mirainovate Co. Ltd.		2,980		4,211
Mitsubishi Estate Co. Ltd.		98,400		1,465,221
Mitsubishi Estate Logistics REIT Investment Corp.(c)		32		124,495
Mitsui Fudosan Co. Ltd.		68,256		1,460,836
Mitsui Fudosan Logistics Park Inc.		38		179,481
Mori Hills REIT Investment Corp.		114		141,220
Mori Trust Hotel Reit Inc.		23		23,851
Mori Trust Sogo REIT Inc.		68		79,727
Nippon Accommodations Fund Inc.		35		183,999
Nippon Building Fund Inc.		120		680,738
Nippon Commercial Development Co. Ltd.		600		9,259
Nippon Prologis REIT Inc.		188		548,932
NIPPON REIT Investment Corp.		32		100,414
Nomura Real Estate Holdings Inc.		8,300		198,777
Nomura Real Estate Master Fund Inc.		333		440,195
NTT UD REIT Investment Corp.		100		132,136
One REIT Inc.		19		46,710
Ooedo Onsen Reit Investment Corp.		18		10,306
Orix JREIT Inc.		195		264,446
SAMTY Co. Ltd.		1,900		34,098
Samty Residential Investment Corp.		50		51,621
Sankei Real Estate Inc.		31		28,464
Sekisui House Reit Inc.		314		207,737
Shinoken Group Co. Ltd.		1,700		14,257
SOSiLA Logistics REIT Inc.(c)		48		63,266
SRE Holdings Corp.(a)(c)		400		10,939
Star Asia Investment Corp.		129		65,803
Star Mica Holdings Co. Ltd.		800		8,623
Starts Corp. Inc.		2,300		45,023
Starts Proceed Investment Corp.		16		31,240
Sumitomo Realty & Development Co. Ltd.		33,700		932,659
Sun Frontier Fudousan Co. Ltd.		2,000		17,132
Takara Leben Co. Ltd.		6,400		15,655
Takara Leben Real Estate Investment Corp.		41		41,431
TKP Corp.(a)(c)		1,100		11,476
TOC Co. Ltd.		3,600		19,578
Tokyo Rakutenchi Co. Ltd.		200		6,789
Tokyo Tatemono Co. Ltd.		14,700		220,287
Tokyu Fudosan Holdings Corp.		42,900		235,447
Tokyu REIT Inc.		65		105,202
Tosei Corp.		2,100		20,022
Tosei Reit Investment Corp.		22		24,702
United Urban Investment Corp.		221		254,713
XYMAX REIT Investment Corp.		16		16,376
				16,551,253
Malta — 0.0%
BGP Holdings PLC, NVS(d)		1,986,852		22
Netherlands — 0.5%
Brack Capital Properties NV(c)		172		28,518
CTP NV(b)		4,617		77,292
Eurocommercial Properties NV		2,860		78,406

Security	Shares		Value
Netherlands (continued)
NSI NV		1,228	$	53,940
Vastned Retail NV		1,230		36,916
Wereldhave NV		2,799		54,551
				329,623
New Zealand — 0.7%
Argosy Property Ltd.		59,160		56,392
Goodman Property Trust		73,589		120,168
Kiwi Property Group Ltd.		111,186		84,578
Precinct Properties New Zealand Ltd.		91,877		99,761
Vital Healthcare Property Trust(a)		29,604		66,681
				427,580
Norway — 0.4%
Entra ASA(b)		12,921		258,600
Selvaag Bolig ASA		2,972		16,796
				275,396
Singapore — 7.6%
AIMS APAC REIT(a)		30,685		31,386
ARA LOGOS Logistics Trust		91,346		57,202
Ascendas India Trust		52,700		46,096
Ascendas REIT		238,392		513,693
Ascott Residence Trust		136,860		113,591
CapitaLand China Trust		79,826		70,985
CapitaLand Integrated Commercial Trust		359,510		594,751
Capitaland Investment Ltd/Singapore(c)		176,000		515,693
CDL Hospitality Trusts		55,100		52,199
City Developments Ltd.		33,100		191,342
Cromwell European Real Estate Investment Trust		22,220		56,044
Eagle Hospitality Trust(c)(d)		53,200		1
EC World Real Estate Investment Trust		18,900		10,162
ESR-REIT(a)		196,289		62,182
Far East Hospitality Trust(a)		74,300		35,510
First REIT		80,300		18,281
Frasers Centrepoint Trust		75,206		134,964
Frasers Logistics & Commercial Trust		205,372		220,269
IREIT Global(a)		34,500		16,001
Keppel DC REIT		93,503		156,914
Keppel Pacific Oak US REIT(a)		57,600		42,282
Keppel REIT		140,300		125,877
Lendlease Global Commercial REIT(a)		64,800		36,945
Manulife US Real Estate Investment Trust		124,550		83,928
Mapletree Commercial Trust		155,212		215,948
Mapletree Industrial Trust		137,932		273,065
Mapletree Logistics Trust		227,311		308,898
Mapletree North Asia Commercial Trust		151,900		137,430
OUE Commercial Real Estate Investment Trust		168,800		52,148
OUE Ltd.		22,200		21,621
Parkway Life REIT		27,600		95,547
Prime U.S. REIT		40,200		30,294
Sasseur Real Estate Investment Trust		35,100		21,883
SPH REIT		67,600		48,280
Starhill Global REIT		102,500		46,019
Suntec REIT		153,100		196,868
Tuan Sing Holdings Ltd.(a)		36,400		11,011
UOL Group Ltd.		33,200		171,901
Wing Tai Holdings Ltd.(a)		34,900		45,851
				4,863,062
South Korea — 0.4%
D&D Platform REIT Co. Ltd., NVS		3,841		16,933
ESR Kendall Square REIT Co. Ltd.		10,365		59,690

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
IGIS Value Plus REIT Co. Ltd.		1,538	$	7,487
JR Reit XXVII		8,172		37,532
Koramco Energy Plus Reit		2,371		12,774
Korea REIT & Trust Co. Ltd.		10,211		19,715
LOTTE Reit Co. Ltd.		8,546		40,784
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		6,908		26,445
Shinhan Alpha REIT Co. Ltd.		2,868		18,006
SK D&D Co. Ltd.		559		13,795
SK REITs Co. Ltd., NVS		4,183		22,226
				275,387
Spain — 0.8%
Aedas Homes SA(b)		1,243		31,627
Inmobiliaria Colonial Socimi SA		19,099		174,104
Lar Espana Real Estate Socimi SA		4,343		23,744
Merlin Properties Socimi SA		23,659		276,601
Metrovacesa SA(b)(c)		3,101		26,312
				532,388
Sweden — 5.3%
Akelius Residential Property AB, Class D		15,091		30,851
Annehem Fastigheter AB, Class B(c)		2,864		9,124
Atrium Ljungberg AB, Class B		3,404		69,736
Castellum AB		20,308		501,399
Catena AB		2,059		124,054
Cibus Nordic Real Estate AB		2,909		77,410
Dios Fastigheter AB		6,459		70,061
Fabege AB		19,257		284,363
Fastighets AB Balder, Class B(c)		7,467		491,628
Hufvudstaden AB, Class A		8,352		118,548
K-Fast Holding AB(c)		4,326		30,474
NP3 Fastigheter AB		2,016		66,582
Nyfosa AB		11,898		170,105
Pandox AB(c)		6,258		94,242
Platzer Fastigheter Holding AB, Class B		4,375		54,037
Sagax AB, Class B		11,741		356,280
Sagax AB, Class D		7,827		26,888
Samhallsbyggnadsbolaget i Norden AB		80,733		360,372
Samhallsbyggnadsbolaget i Norden AB, Class D		10,289		30,082
Wallenstam AB, Class B		14,887		216,143
Wihlborgs Fastigheter AB		9,468		198,056
				3,380,435
Switzerland — 2.2%
Allreal Holding AG, Registered		1,068		228,663
Intershop Holding AG		86		59,471
Mobimo Holding AG, Registered		471		150,258
PSP Swiss Property AG, Registered		3,244		426,042
Swiss Prime Site AG, Registered		5,426		535,138
				1,399,572
United Kingdom — 10.4%
AEW UK REIT PLC		10,176		16,000
Assura PLC		208,155		182,933
Big Yellow Group PLC		12,263		247,224
British Land Co PLC (The)		66,492		460,381
Capital & Counties Properties PLC		59,805		136,472
Civitas Social Housing PLC		42,357		48,631
CLS Holdings PLC		13,446		35,245
Custodian REIT PLC		30,650		40,988
Derwent London PLC		7,957		334,005
Empiric Student Property PLC		42,596		51,088
Grainger PLC		52,411		199,884

Security	Shares		Value
United Kingdom (continued)
Great Portland Estates PLC		17,954	$	166,724
Hammerson PLC(a)		248,650		107,856
Helical PLC		7,471		40,337
Home Reit PLC		39,611		64,523
Impact Healthcare REIT PLC		26,621		42,766
Intu Properties PLC, NVS(a)(d)		47,783		1
Land Securities Group PLC		53,276		546,601
LondonMetric Property PLC		69,480		251,316
LXI REIT Plc		64,724		125,705
NewRiver REIT PLC		22,911		25,763
Phoenix Spree Deutschland Ltd.		7,350		36,759
Picton Property Income Ltd. (The)		39,414		50,763
Primary Health Properties PLC		93,706		182,066
PRS REIT PLC (The)		38,806		54,801
Regional REIT Ltd.(b)		30,607		35,181
Safestore Holdings PLC		14,962		263,375
Schroder REIT Ltd.		38,429		29,060
Segro PLC		85,048		1,495,062
Shaftesbury PLC		20,348		164,195
Standard Life Investment Property Income Trust Ltd.		29,612		33,268
Supermarket Income REIT PLC		70,640		117,394
Triple Point Social Housing REIT PLC(b)		26,739		32,913
Tritax Big Box REIT PLC		131,712		417,042
UK Commercial Property REIT Ltd.		61,742		71,321
UNITE Group PLC (The)		28,312		428,854
Workspace Group PLC		9,073		81,039
				6,617,536
Total Common Stocks — 99.2% (Cost: $72,615,317)				63,358,910
Rights
Austria — 0.0%
BUWOG AG (Expires 12/31/99)(d)		463		—
Singapore — 0.0%
Lendlease Global Commer (Expires 04/12/22)(a)		18,792		762
South Korea — 0.0%
Koramco Energy Plus REIT (Expires 04/19/22)		644		149
Shinhan Alpha REIT Co. Ltd. (Expires 04/15/22)		1,094		—
			149
Total Rights — 0.0% (Cost: $0)				911
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(e)(f)(g)		458,898		458,807

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments  (continued) March 31, 2022 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(e)(f)		30,000	$	30,000
				488,807
Total Short-Term Investments — 0.8% (Cost: $488,680)				488,807
Total Investments in Securities — 100.0% (Cost: $73,103,997)				63,848,628
Other Assets, Less Liabilities — (0.0)%				(2,656	)
Net Assets — 100.0%			$	63,845,972

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

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Non-income producing security.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	385,445		$73,992	(a)	$	—	$	(434	)	$	(196	)	$	458,807		458,898	$	26,918	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—			—			30,000		30,000		8			—
								$	(434	)	$	(196	)	$	488,807			$	26,926		$	—

^(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
Mini-TOPIX Index		12		06/09/22	$	190	$	6,851
Dow Jones U.S. Real Estate Index		5		06/17/22		210		8,318
							$	15,169

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	15,169

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

36 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Property ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	52,755
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	6,908

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	483,653

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
Investments
Assets
Common Stocks	$	5,323,381	$	58,035,505	$	24	$	63,358,910
Rights		—		911		—		911
Money Market Funds		488,807		—		—		488,807
	$	5,812,188	$	58,036,416	$	24	$	63,848,628
Derivative financial instruments(a)
Assets
Futures Contracts	$	8,318	$	6,851	$	—	$	15,169

^(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   O F   I N V E S T M E N T S 37

Schedule of Investments   March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 10.3%
Abacus Property Group		126,626	$	311,979
Arena REIT		86,016		314,761
AUB Group Ltd.		18,319		310,921
Austal Ltd.		82,128		115,953
Bapcor Ltd.		89,570		426,945
Bega Cheese Ltd.		79,875		285,728
Bravura Solutions Ltd.		64,656		85,666
Brickworks Ltd.		15,810		287,190
BWP Trust		130,013		389,958
BWX Ltd.		36,818		61,549
Cedar Woods Properties Ltd.		18,240		63,479
Centuria Capital Group		183,987		392,228
Centuria Industrial REIT		139,680		399,426
Centuria Office REIT		123,313		202,231
Charter Hall Long Wale REIT		144,490		573,138
Charter Hall Retail REIT		129,216		405,168
Charter Hall Social Infrastructure REIT		87,817		257,021
Credit Corp. Group Ltd.		15,360		345,777
Dexus Industria REIT		59,664		151,053
Elders Ltd.		40,994		406,837
Emeco Holdings Ltd.		152,307		98,872
Gold Road Resources Ltd.		229,970		280,762
GrainCorp Ltd., Class A		60,624		383,658
Growthpoint Properties Australia Ltd.		73,488		239,796
GUD Holdings Ltd.		32,066		277,542
Healius Ltd.		152,135		496,129
Ingenia Communities Group		97,056		366,406
InvoCare Ltd.		38,880		347,231
IPH Ltd.		43,632		258,392
Irongate Group		127,824		182,352
Kelsian Group Ltd.		35,616		186,963
Link Administration Holdings Ltd.		133,201		512,948
McMillan Shakespeare Ltd.		13,898		124,470
Monadelphous Group Ltd.		24,384		199,343
National Storage REIT		306,913		617,487
New Hope Corp. Ltd.(a)		59,664		151,695
Nine Entertainment Co. Holdings Ltd.		390,576		863,482
Perseus Mining Ltd.		328,080		481,930
Premier Investments Ltd.		21,698		443,793
Reliance Worldwide Corp. Ltd.		209,712		662,155
Rural Funds Group		100,224		219,558
Sandfire Resources Ltd.		110,355		468,477
Select Harvests Ltd.		31,585		126,141
Service Stream Ltd.(b)		150,336		116,958
SmartGroup Corp. Ltd.		22,320		142,291
Steadfast Group Ltd.		257,859		918,279
Super Retail Group Ltd.		43,539		334,459
Superloop Ltd.(b)		119,760		84,181
Tassal Group Ltd.		56,800		152,708
United Malt Grp Ltd.		72,001		203,325
Viva Energy Group Ltd.(c)		227,760		398,606
Waypoint REIT		197,232		392,566
Western Areas Ltd.(b)		86,544		234,894
Westgold Resources Ltd.		85,324		123,628
				16,878,485
Austria — 1.8%
CA Immobilien Anlagen AG		11,328		350,970
EVN AG		9,600		247,480

Security	Shares		Value
Austria (continued)
Mayr Melnhof Karton AG		2,300	$	410,037
Oesterreichische Post AG		8,880		315,537
Poor AG.(b)		3,312		43,237
Schoeller-Bleckmann Oilfield Equipment AG(b)		3,360		180,694
UNIQA Insurance Group AG		29,565		234,516
Vienna Insurance Group AG Wiener Versicherung Gruppe		10,274		266,523
Wienerberger AG		30,194		911,727
				2,960,721
Belgium — 2.4%
Aedifica SA		9,792		1,231,398
Befimmo SA		5,952		311,320
Bekaert SA		9,459		370,113
Cie d’Entreprises CFE		1,862		261,502
Gimv NV		5,200		312,823
KBC Ancora		9,456		416,028
Montea NV		3,262		425,217
Shurgard Self Storage SA		6,710		415,578
Tessenderlo Group SA(b)		7,008		253,402
				3,997,381
Canada — 18.3%
Aecon Group Inc.		15,793		214,380
Allied Properties REIT		33,601		1,253,301
AltaGas Ltd.		74,448		1,667,435
ARC Resources Ltd.		174,147		2,331,897
Canadian Apartment Properties REIT		46,273		1,985,799
Canadian Western Bank		22,714		660,262
Capital Power Corp.		30,672		998,806
Celestica Inc.(b)		28,226		335,736
Choice Properties REIT		68,258		845,752
Dream Office REIT		9,840		219,366
Finning International Inc.		42,847		1,290,054
Granite REIT		16,465		1,269,365
Home Capital Group Inc.		13,538		411,506
iA Financial Corp. Inc.		28,692		1,744,494
Laurentian Bank of Canada		11,569		384,600
Linamar Corp.		12,096		537,675
Maple Leaf Foods Inc.		20,163		483,854
Martinrea International Inc.		21,168		152,053
Mullen Group Ltd.		24,435		261,130
North West Co. Inc. (The)		12,726		389,878
Onex Corp.		20,303		1,360,625
Parex Resources Inc.		33,649		690,394
PrairieSky Royalty Ltd.		53,472		739,536
Russel Metals Inc.		16,608		439,993
SSR Mining Inc.		56,592		1,230,389
Stella-Jones Inc.		17,424		523,633
Torex Gold Resources Inc.(b)		22,896		287,539
Tourmaline Oil Corp.		74,736		3,443,422
Transcontinental Inc., Class A		19,202		268,335
West Fraser Timber Co. Ltd.		26,353		2,168,275
Yamana Gold Inc.		257,473		1,437,557
				30,027,041
Denmark — 1.5%
FLSmidth & Co. A/S		15,363		401,075
Scandinavian Tobacco Group A/S, Class A(c)		16,038		341,985
Schouw & Co. A/S		3,458		298,449
Spar Nord Bank A/S		21,697		285,746
Sydbank AS		15,936		544,011

38 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
Topdanmark AS		11,281	$	631,485
				2,502,751
Finland — 2.2%
Cargotec OYJ, Class B		12,914		490,530
Kemira OYJ		24,003		314,024
Konecranes OYJ		19,296		592,367
Metsa Board OYJ, Class B		45,986		465,588
Outokumpu OYJ(b)		89,904		478,641
Terveystalo OYJ(c)		19,923		246,847
TietoEVRY OYJ		25,101		668,091
Uponor OYJ		14,465		293,081
				3,549,169
France — 2.1%
Beneteau SA(b)		9,719		152,166
Carmila SA		10,560		166,286
Coface SA(b)		27,842		335,283
Derichebourg SA		24,672		257,110
Fnac Darty SA		4,513		231,367
IPSOS		10,273		511,362
Jacquet Metal Service SA		3,120		67,439
Mersen SA		3,793		140,368
Metropole Television SA		17,329		341,780
Nexity SA		11,378		400,565
Quadient SA		9,312		174,793
Rothschild & Co.		7,461		295,022
Television Francaise 1		28,563		276,985
Vicat SA		4,079		138,246
				3,488,772
Germany — 3.2%
Aurubis AG		9,459		1,126,014
Bilfinger SE		7,010		266,211
CropEnergies AG		5,088		67,000
Deutsche EuroShop AG		13,872		255,621
Deutz AG(b)		32,736		168,977
Freenet AG		33,517		896,948
Hamburger Hafen und Logistik AG		6,865		122,115
Hornbach Holding AG & Co. KGaA		2,247		283,245
Instone Real Estate Group SE(c)		12,336		230,964
Krones AG		3,840		318,952
Salzgitter AG(b)		10,209		473,058
Sirius Real Estate Ltd.		260,020		428,335
Suedzucker AG		20,750		267,025
Takkt AG		8,595		155,594
Wacker Neuson SE		6,482		144,514
				5,204,573
Guernsey — 0.1%
BMO Commercial Property Trust Ltd.		137,953		208,654
Hong Kong — 0.1%
VSTECS Holdings Ltd.		192,000		179,777
Ireland — 1.8%
Bank of Ireland Group PLC(b)		245,232		1,559,458
Grafton Group PLC		58,627		749,966
Greencore Group PLC(b)		141,552		238,945
Hibernia REIT PLC		175,441		313,636
				2,862,005
Israel — 0.8%
Clal Insurance Enterprises Holdings Ltd.(b)		12,694		297,843

Security	Shares		Value
Israel (continued)
Menora Mivtachim Holdings Ltd.(b)		5,953	$	146,903
Migdal Insurance & Financial Holdings Ltd.		84,565		150,757
Oil Refineries Ltd.(b)		397,729		157,829
Plus500 Ltd.		27,101		500,062
				1,253,394
Italy — 1.6%
Banca IFIS SpA		7,058		144,310
Banco BPM SpA		404,928		1,192,779
BFF Bank SpA(c)		49,008		363,789
Credito Emiliano SpA		20,643		135,718
Societa Cattolica Di Assicurazione SPA(a)(b)		10,033		66,921
Unipol Gruppo SpA		128,259		703,497
				2,607,014
Japan — 15.0%
ADEKA Corp.		28,800		632,567
Aichi Steel Corp.		4,800		94,170
Aida Engineering Ltd.		14,400		123,823
Aiphone Co. Ltd.		4,800		80,371
Aisan Industry Co. Ltd.		9,600		56,912
Alconix Corp.		4,800		54,604
Alpen Co. Ltd.		4,800		80,169
Anest Iwata Corp.		9,600		64,977
AOKI Holdings Inc.		9,600		45,509
Aomori Bank Ltd. (The)(b)(d)		4,800		74,322
Arata Corp.		4,800		142,882
Asahi Co. Ltd.		4,800		52,145
Asahi Diamond Industrial Co. Ltd.		14,400		69,308
ASAHI YUKIZAI Corp.		4,800		78,400
Autobacs Seven Co. Ltd.		14,400		158,352
Awa Bank Ltd. (The)		9,600		169,860
BML Inc.		4,800		121,091
Bunka Shutter Co. Ltd.		14,400		115,779
Canon Electronics Inc.		4,800		62,847
Cawachi Ltd.		4,800		88,253
Central Glass Co. Ltd.		9,600		163,389
Chubu Shiryo Co. Ltd.		4,800		38,703
Chudenko Corp.		4,800		81,114
Chugoku Marine Paints Ltd.		9,600		70,913
Citizen Watch Co. Ltd.		72,000		305,083
Daihen Corp.		4,800		165,310
Daiichi Jitsugyo Co. Ltd.		4,800		167,981
Daiken Corp.		4,800		85,077
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		4,800		80,658
DCM Holdings Co. Ltd.		24,000		207,169
Digital Holdings Inc.		4,800		54,601
Doshisha Co. Ltd.		4,800		58,684
Duskin Co. Ltd.		9,600		211,077
EDION Corp.		24,000		222,831
Eizo Corp.		4,800		140,496
Exedy Corp.		9,600		123,331
Fuji Seal International Inc.		9,600		131,256
Fujibo Holdings Inc.		4,800		135,441
Furuno Electric Co. Ltd.		4,800		39,755
Futaba Industrial Co. Ltd.		14,400		42,744
Glory Ltd.		14,400		243,351
Goldcrest Co. Ltd.		4,800		66,193
Gunze Ltd.		4,800		146,472
H2O Retailing Corp.		24,000		165,790
Hakuto Co. Ltd.		4,800		95,424

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Heiwado Co. Ltd.		9,600	$	148,886
Hibiya Engineering Ltd.		4,800		72,041
Hokuetsu Corp.		33,600		190,646
Hokuto Corp.		4,800		74,975
Hosiden Corp.		14,400		135,883
Hosokawa Micron Corp.		4,800		104,727
Inabata & Co. Ltd.		9,600		161,906
Ines Corp.		4,800		63,926
Iseki & Co. Ltd.		4,800		50,712
Ishihara Sangyo Kaisha Ltd.		9,600		83,810
Itochu Enex Co. Ltd.		14,400		121,091
Japan Wool Textile Co. Ltd. (The)		19,200		139,957
Joshin Denki Co. Ltd.		4,800		75,354
Joyful Honda Co. Ltd.		14,400		176,150
JVCKenwood Corp.		43,200		62,646
Kaga Electronics Co. Ltd.		4,800		126,874
Kanamoto Co. Ltd.		9,600		156,853
Kanematsu Corp.		19,200		210,034
Kanto Denka Kogyo Co. Ltd.		9,600		84,259
Katakura Industries Co. Ltd.		4,800		87,580
Kato Sangyo Co. Ltd.		4,800		124,332
Kintetsu World Express Inc.		9,600		245,634
Kissei Pharmaceutical Co. Ltd.		9,600		200,096
Kitz Corp.		19,200		107,574
Kiyo Bank Ltd. (The)		14,400		161,399
Koa Corp.		9,600		111,628
Kohnan Shoji Co. Ltd.		4,800		137,202
Kojima Co. Ltd.		4,800		22,528
Komeri Co. Ltd.		9,600		206,397
Komori Corp.		9,600		57,000
Kumagai Gumi Co. Ltd.		9,600		212,493
Kureha Corp.		4,800		382,584
KYB Corp.		4,800		116,235
Kyoei Steel Ltd.		4,800		52,332
Kyokuto Kaihatsu Kogyo Co. Ltd.		9,600		108,701
LEC Inc.		4,800		34,489
Life Corp.		4,800		123,539
Macnica Fuji Electronics Holdings Inc.		14,400		307,973
Makino Milling Machine Co. Ltd.		4,800		151,325
Marudai Food Co. Ltd.		4,800		58,257
Marusan Securities Co. Ltd.		14,400		58,469
Matsuda Sangyo Co. Ltd.		4,800		96,569
Maxell Ltd.		9,600		93,983
Meidensha Corp.		9,600		198,556
Meisei Industrial Co. Ltd.		14,400		81,221
Mimasu Semiconductor Industry Co. Ltd.		4,800		99,611
Mirait Holdings Corp.		24,000		381,881
Mitsubishi Pencil Co. Ltd.		9,600		99,200
Mitsuboshi Belting Ltd.		4,800		79,354
Mizuno Corp.		4,800		82,683
Nachi-Fujikoshi Corp.		4,800		163,856
Neturen Co. Ltd.		9,600		46,234
Nichiha Corp.		9,600		196,318
Nichireki Co. Ltd.		4,800		48,357
Nihon Chouzai Co. Ltd.		4,800		52,216
Nihon Parkerizing Co. Ltd.		24,000		181,968
Nikkon Holdings Co. Ltd.		14,400		240,296
Nippn Corp., New		14,400		196,090
Nippon Coke & Engineering Co. Ltd.		43,200		50,807
Nippon Denko Co. Ltd.		28,800		79,265

Security	Shares		Value
Japan (continued)
Nippon Koei Co. Ltd.		4,800	$	117,325
Nippon Light Metal Holdings Co. Ltd.		14,400		201,324
Nippon Soda Co. Ltd.		4,800		132,045
Nippon Steel Trading Corp.		4,800		207,775
Nippon Suisan Kaisha Ltd.		72,000		322,562
Nippon Thompson Co. Ltd.		19,200		84,106
Nishimatsu Construction Co. Ltd.		9,600		288,237
Nishimatsuya Chain Co. Ltd.		9,600		123,446
Nishio Rent All Co. Ltd.		4,800		109,578
Nissha Co. Ltd.		9,600		113,128
Nisshinbo Holdings Inc.		38,400		332,552
Nitta Corp.		4,800		108,236
Nitto Kogyo Corp.		4,800		61,754
Nojima Corp.		9,600		181,419
Noritake Co. Ltd./Nagoya Japan		4,800		174,472
Noritz Corp.		9,600		114,948
Obara Group Inc.		4,800		117,346
Okamura Corp.		19,200		189,581
Oki Electric Industry Co. Ltd.		24,000		165,490
Okumura Corp.		9,600		233,014
Onoken Co. Ltd.		4,800		60,326
Osaka Soda Co. Ltd.		4,800		122,337
Osaka Steel Co. Ltd.		4,800		60,675
Osaki Electric Co. Ltd.		9,600		36,657
Oyo Corp.		4,800		90,298
Pacific Industrial Co. Ltd.		14,400		110,937
Pack Corp. (The)		4,800		100,825
Piolax Inc.		4,800		60,954
Press Kogyo Co. Ltd.		24,000		73,900
Pressance Corp.		4,800		71,494
Prima Meat Packers Ltd.		9,600		172,887
Qol Holdings Co. Ltd.		4,800		45,631
Restar Holdings Corp.		4,800		77,410
Ryobi Ltd.		4,800		41,889
S Foods Inc.		4,800		128,791
Sakai Chemical Industry Co. Ltd.		4,800		75,929
Sanki Engineering Co. Ltd.		14,400		164,928
Sanyo Chemical Industries Ltd.		4,800		197,268
Sanyo Special Steel Co. Ltd.		4,800		82,917
Seiko Holdings Corp.		4,800		89,583
Shinmaywa Industries Ltd.		14,400		106,478
Shizuoka Gas Co. Ltd.		14,400		100,254
Siix Corp.		9,600		83,034
Sinfonia Technology Co. Ltd.		4,800		52,080
SKY Perfect JSAT Holdings Inc.		33,600		113,775
Sodick Co. Ltd.		14,400		91,929
Star Micronics Co. Ltd.		9,600		120,436
Starts Corp. Inc.		9,600		187,920
Starzen Co. Ltd.		4,800		78,526
Sumitomo Osaka Cement Co. Ltd.		9,600		263,145
Sumitomo Warehouse Co. Ltd. (The)		14,400		269,838
Sun Frontier Fudousan Co. Ltd.		4,800		41,118
Suruga Bank Ltd.		48,000		159,591
SWCC Showa Holdings Co. Ltd.		4,800		73,213
Tadano Ltd.		28,800		241,127
Takamatsu Construction Group Co. Ltd.		4,800		80,936
Takaoka Toko Co. Ltd.		4,800		57,764
Takara Standard Co. Ltd.		14,400		149,071
Takasago Thermal Engineering Co. Ltd.		14,400		204,182
Tamron Co. Ltd.		4,800		93,245

40 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tatsuta Electric Wire and Cable Co. Ltd.		9,600	$	36,220
T-Gaia Corp.		4,800		64,134
Toa Corp./Tokyo		4,800		97,830
Toagosei Co. Ltd.		33,600		295,374
Toho Holdings Co. Ltd.		14,400		217,431
TOKAI Holdings Corp.		28,800		203,081
Tokyu Construction Co. Ltd.		19,200		105,320
Tomy Co. Ltd.		24,000		238,609
Topre Corp.		9,600		91,676
Towa Pharmaceutical Co. Ltd.		4,800		107,835
Toyo Construction Co. Ltd.(b)		19,200		121,628
Toyo Ink SC Holdings Co. Ltd.		9,600		149,192
Toyo Tanso Co. Ltd.		4,800		123,257
Toyobo Co. Ltd.		24,000		214,040
Tsubakimoto Chain Co.		9,600		238,908
Tsurumi Manufacturing Co. Ltd.		4,800		71,307
United Super Markets Holdings Inc.		14,400		124,443
VT Holdings Co. Ltd.		24,000		87,350
Wacoal Holdings Corp.		14,400		216,474
Warabeya Nichiyo Holdings Co. Ltd.		4,800		69,885
Xebio Holdings Co. Ltd.		4,800		37,099
Yamazen Corp.		14,400		110,802
Yellow Hat Ltd.		9,600		123,225
Yokogawa Bridge Holdings Corp.		9,600		152,264
Yondoshi Holdings Inc.		4,800		64,403
Yuasa Trading Co. Ltd.		4,800		113,508
				24,673,077
Liechtenstein — 0.7%
APERAM SA		12,639		558,604
Subsea 7 SA		64,512		599,368
				1,157,972
Netherlands — 1.3%
Boskalis Westminster		21,459		768,408
COSMO Pharmaceuticals NV(b)		2,544		167,375
Flow Traders(c)		6,969		236,561
ForFarmers NV		9,600		36,205
Fugro NV(b)		27,456		328,653
Koninklijke BAM Groep NV(b)		64,608		194,922
NSI NV		4,736		208,030
RHI Magnesita NV		7,587		240,758
				2,180,912
New Zealand — 1.3%
Argosy Property Ltd.		218,640		208,411
Goodman Property Trust		292,800		478,132
Kathmandu Holdings Ltd.		151,536		142,346
Precinct Properties New Zealand Ltd.		352,033		382,242
Stride Property Group		116,064		159,677
Summerset Group Holdings Ltd.		60,432		490,418
Z Energy Ltd.		126,434		328,594
				2,189,820
Norway — 1.2%
Austevoll Seafood ASA		23,904		369,651
Elkem ASA(c)		72,672		310,102
Entra ASA(c)		16,944		339,117
SpareBank 1 SMN		36,288		579,675
Veidekke ASA		29,283		406,761
				2,005,306
Poland — 0.3%
Grupa Azoty SA(b)		12,720		129,148

Security	Shares		Value
Poland (continued)
PGE Polska Grupa Energetyczna SA(b)		196,992	$	424,296
				553,444
Singapore — 1.7%
CapitaLand China Trust		297,600		264,639
Cromwell European Real Estate Investment Trust		86,520		218,225
First Resources Ltd.		139,200		209,847
Frasers Centrepoint Trust		288,000		516,841
Haw Par Corp. Ltd.		38,400		328,014
Keppel Pacific Oak US REIT		225,600		165,606
Parkway Life REIT		105,600		365,570
Prime U.S. REIT		168,000		126,601
Raffles Medical Group Ltd.		249,600		214,927
SPH REIT		244,800		174,838
Starhill Global REIT		374,400		168,094
				2,753,202
Sweden — 6.9%
AFRY AB		26,594		533,403
Arjo AB, Class B		59,905		507,192
Atrium Ljungberg AB, Class B		12,050		246,862
Axfood AB		27,917		909,149
Betsson AB, Class B		31,827		193,011
Bilia AB, Class A		20,163		286,986
BillerudKorsnas AB		46,947		695,706
Bonava AB, Class B		22,898		143,395
Bravida Holding AB(c)		53,712		617,614
Bure Equity AB		14,688		477,168
Clas Ohlson AB, Class B		10,272		116,727
Cloetta AB, Class B		55,105		150,358
Fabege AB		69,123		1,020,722
Granges AB		28,656		280,940
Hexpol AB		66,576		649,832
Hufvudstaden AB, Class A		28,947		410,872
Lindab International AB		18,262		464,556
Loomis AB		20,257		552,546
Mekonomen AB(b)		10,945		128,876
Munters Group AB(c)		29,379		182,001
NCC AB, Class B		25,345		360,081
Nolato AB, Class B		47,712		353,351
Peab AB, Class B		53,088		533,943
Ratos AB, Class B		53,233		274,218
SSAB AB, Class B(b)		175,779		1,170,436
				11,259,945
Switzerland — 7.5%
ALSO Holding AG, Registered(b)		720		175,080
Arbonia AG		11,697		229,039
Ascom Holding AG, Registered(b)		9,504		106,507
Bell Food Group AG, Registered		515		151,214
Bobst Group SA, Registered(b)		2,112		208,091
Bossard Holding AG, Class A, Registered		723		169,470
Bucher Industries AG, Registered		1,728		698,474
Burckhardt Compression Holding AG		835		441,261
Bystronic AG, Registered		347		357,830
Cembra Money Bank AG		7,875		578,849
Comet Holding AG, Registered		2,016		582,185
Daetwyler Holding AG, Bearer		1,968		650,980
dormakaba Holding AG		816		418,540
Forbo Holding AG, Registered		288		490,609
Galenica AG(c)		12,906		993,584
Huber + Suhner AG, Registered		4,726		442,071

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Interroll Holding AG, Registered		146	$	480,920
Kardex Holding AG, Registered		1,562		359,710
Komax Holding AG, Registered(b)		940		263,003
Landis+Gyr Group AG		6,626		419,097
Rieter Holding AG, Registered(b)		816		132,053
SFS Group AG		4,510		628,168
Siegfried Holding AG, Registered(b)		1,082		891,856
St. Galler Kantonalbank AG, Class A, Registered		748		373,545
Swissquote Group Holding SA, Registered		2,352		423,846
u-blox Holding AG(b)		1,874		182,054
Valiant Holding AG, Registered		4,227		436,759
Vontobel Holding AG, Registered		7,345		617,681
Ypsomed Holding AG, Registered		817		143,493
Zehnder Group AG, Registered		2,547		220,164
				12,266,133
United Kingdom — 17.0%
AG Barr PLC		22,682		158,755
Balfour Beatty PLC		170,637		575,000
Bank of Georgia Group PLC		10,371		161,851
Beazley PLC		160,800		884,155
Biffa PLC(c)		59,424		247,790
Big Yellow Group PLC		45,363		914,525
Bodycote PLC		50,803		419,493
Brewin Dolphin Holdings PLC		78,961		529,799
Capricorn Energy PLC(b)		133,776		386,259
Chemring Group PLC		75,817		322,290
Close Brothers Group PLC		40,548		631,169
Coats Group PLC		391,040		391,945
Cranswick PLC		14,777		682,084
Crest Nicholson Holdings PLC		66,973		233,989
Currys PLC		271,916		322,451
Drax Group PLC		107,372		1,104,174
Elementis PLC(b)		155,616		240,907
Essentra PLC		81,266		334,709
Frasers Group PLC(b)		48,745		403,428
Great Portland Estates PLC		68,601		637,042
Halfords Group PLC		53,904		174,195
Ibstock PLC(c)		104,336		239,462
IG Group Holdings PLC		98,098		1,053,643
Inchcape PLC		103,723		907,594
Investec PLC		178,314		1,179,643
IP Group PLC		267,656		312,497
Jupiter Fund Management PLC		117,074		317,739
Just Group PLC(b)		277,440		318,700
LondonMetric Property PLC		237,620		859,495
Man Group PLC/Jersey		367,812		1,122,426
Mediclinic International PLC(b)		105,299		489,960
Morgan Advanced Materials PLC		76,330		309,454
Morgan Sindall Group PLC		11,373		358,095
Ninety One PLC		89,081		298,170
OSB Group PLC		101,358		750,742
Paragon Banking Group PLC		67,363		440,714
Pets at Home Group Plc		127,858		604,004
Picton Property Income Ltd. (The)		146,937		189,245
Premier Foods PLC		190,830		285,780
QinetiQ Group PLC		150,483		598,005

Security	Shares		Value
United Kingdom (continued)
Redde Northgate PLC		66,453	$	377,119
Redrow PLC		61,154		418,353
Safestore Holdings PLC		55,765		981,626
Savills PLC		36,094		524,855
Serco Group PLC		324,132		610,235
TBC Bank Group PLC		9,794		141,525
TP ICAP Group PLC		212,112		413,224
Tritax Big Box REIT PLC		501,707		1,588,563
UK Commercial Property REIT Ltd.		200,231		231,297
Vesuvius PLC		57,440		256,862
Virgin Money UK PLC		332,688		740,157
Vistry Group PLC		58,946		725,283
Vivo Energy PLC(c)		104,688		187,857
Workspace Group PLC		36,722		327,995
				27,916,329
Total Common Stocks — 99.1% (Cost: $163,415,365)				162,675,877
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,352		130,148
Schaeffler AG, Preference Shares, NVS		20,928		129,126
				259,274
Total Preferred Stocks — 0.2% (Cost: $283,179)				259,274
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(e)(f)(g)		17,610		17,607
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(e)(f)		40,000		40,000
				57,607
Total Short-Term Investments — 0.0% (Cost: $57,610)				57,607
Total Investments in Securities — 99.3% (Cost: $163,756,154)				162,992,758
Other Assets, Less Liabilities — 0.7%				1,188,613
Net Assets — 100.0%			$	164,181,371

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

^(b)  Non-income producing security.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

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

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

42 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$ 17,640	(a)	$	—	$	(30	)	$	(3	)	$	17,607		17,610	$	391	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		40,000	(a)		—		—			—			40,000		40,000		4			—
								$	(30	)	$	(3	)	$	57,607			$	395		$	—

^(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
Mini-TOPIX Index		79		06/09/22	$	1,251	$	9,820

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	9,820

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(4,255	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	9,863

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	289,230

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.

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments  (continued) March 31, 2022 iShares^® International Developed Small Cap Value Factor ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	37,880,662	$	124,720,893	$	74,322	$	162,675,877
Preferred Stocks		—		259,274		—		259,274
Money Market Funds		57,607		—		—		57,607
	$	37,938,269	$	124,980,167	$	74,322	$	162,992,758
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	9,820	$	—	$	9,820

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

See notes to financial statements.

44 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.4%
Appen Ltd.		7,029	$	35,948
AUB Group Ltd.		5,247		89,055
Bapcor Ltd.		34,104		162,561
Brickworks Ltd.		5,879		106,793
carsales.com Ltd.		16,038		248,289
Cleanaway Waste Management Ltd.		97,614		223,901
Codan Ltd./Australia		14,256		77,243
Collins Foods Ltd.		7,029		55,101
Computershare Ltd.		36,036		662,309
CSL Ltd.		14,553		2,905,399
Domino’s Pizza Enterprises Ltd.		3,762		244,883
Newcrest Mining Ltd.		52,470		1,060,281
Northern Star Resources Ltd.		57,123		460,851
Pro Medicus Ltd.		606		21,953
PSC Insurance Group Ltd.		10,243		34,722
Sonic Healthcare Ltd.		34,650		914,837
Technology One Ltd.		10,041		85,165
Washington H Soul Pattinson & Co. Ltd.		15,840		337,856
				7,727,147
Belgium — 0.3%
Elia Group SA/NV		1,386		211,463
Etablissements Franz Colruyt NV		6,534		270,471
UCB SA		4,455		532,804
				1,014,738
Brazil — 0.1%
Cia. de Locacao das Americas		14,405		82,175
Localiza Rent a Car SA		11,880		152,460
				234,635
Canada — 20.1%
Aecon Group Inc.		6,586		89,401
Agnico Eagle Mines Ltd.		24,651		1,508,460
Alimentation Couche-Tard Inc.		15,741		709,141
Atco Ltd., Class I, NVS		8,217		282,171
Badger Infrastructure Solutions Ltd.		2,828		71,167
Barrick Gold Corp.		67,716		1,660,739
Brookfield Asset Management Inc., Class A		36,044		2,037,827
Canadian Imperial Bank of Commerce		43,461		5,275,532
Canadian National Railway Co.		23,958		3,213,820
Canadian Natural Resources Ltd.		80,685		4,996,061
Canadian Pacific Railway Ltd.		18,118		1,495,353
Canadian Tire Corp. Ltd., Class A, NVS		3,960		597,920
Canadian Western Bank		7,029		204,323
Cargojet Inc.		396		60,210
Cogeco Communications Inc.		1,584		131,114
Cogeco Inc.		808		49,818
Dollarama Inc.		2,178		123,521
Empire Co. Ltd., Class A, NVS		5,247		186,099
Enghouse Systems Ltd.		2,079		65,722
Equitable Group Inc.		792		45,449
Finning International Inc.		9,801		295,092
First National Financial Corp.		3,030		98,233
FirstService Corp.		594		85,920
Fortis Inc.		41,283		2,041,777
Franco-Nevada Corp.		3,366		535,641
George Weston Ltd.		2,574		316,976
goeasy Ltd.		707		79,333
Great-West Lifeco Inc.		32,785		966,124
Hydro One Ltd.(a)		25,047		674,785

Security	Shares		Value
Canada (continued)
iA Financial Corp. Inc.		8,019	$	487,561
Imperial Oil Ltd.		9,999		483,893
Intact Financial Corp.		8,019		1,184,874
Loblaw Companies Ltd.		5,049		453,063
Magna International Inc.		20,295		1,302,945
Manulife Financial Corp.		238,980		5,096,354
Maple Leaf Foods Inc.		4,455		106,907
Metro Inc.		8,613		495,774
North West Co. Inc. (The)		4,356		133,452
Open Text Corp.		12,385		525,160
Pan American Silver Corp.		7,128		194,543
Parkland Corp.		14,751		436,223
Power Corp. of Canada		69,520		2,152,081
Premium Brands Holdings Corp.		2,376		207,866
Quebecor Inc., Class B		16,335		389,380
Ritchie Bros Auctioneers Inc.		4,465		263,725
Royal Bank of Canada		77,616		8,545,428
Saputo Inc.		14,553		344,690
Savaria Corp.		3,737		52,371
Stantec Inc.		2,871		144,015
Stella-Jones Inc.		3,366		101,156
Sun Life Financial Inc.		51,183		2,857,716
TFI International Inc.		1,919		204,387
TMX Group Ltd.		3,267		336,016
Toromont Industries Ltd.		2,376		225,237
Toronto-Dominion Bank (The)		108,405		8,601,121
Transcontinental Inc., Class A		8,930		124,791
Waste Connections Inc.		4,158		581,485
Wheaton Precious Metals Corp.		13,266		630,855
				64,560,798
China — 6.9%
Anhui Conch Cement Co. Ltd., Class A		59,400		367,620
AVIC Electromechanical Systems Co. Ltd., Class A		10,100		17,130
Canvest Environmental Protection Group Co. Ltd.		99,000		43,571
China Communications Services Corp. Ltd., Class H		396,000		178,560
China Construction Bank Corp., Class A		148,500		146,493
China Lesso Group Holdings Ltd.		101,000		121,225
China Medical System Holdings Ltd.		202,000		315,038
China Merchants Bank Co. Ltd., Class A		138,600		1,014,745
China Merchants Bank Co. Ltd., Class H		252,500		1,965,566
China National Nuclear Power Co. Ltd., Class A		80,800		102,526
China Railway Group Ltd., Class A		161,600		152,970
China Resources Gas Group Ltd.		78,000		328,292
China Suntien Green Energy Corp. Ltd., Class H		198,000		110,799
China Water Affairs Group Ltd.		92,000		100,256
Citic Pacific Special Steel Group Co. Ltd.		30,300		94,660
CSPC Pharmaceutical Group Ltd.		594,000		680,632
ENN Energy Holdings Ltd.		50,300		751,277
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,900		135,712
Genertec Universal Medical Group Co. Ltd.(a)		202,000		132,369
Guangdong Investment Ltd.		452,000		615,823
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		19,800		51,747
Haier Smart Home Co. Ltd., Class H		118,800		379,861
Industrial & Commercial Bank of China Ltd., Class A		1,306,800		978,612
Infore Environment Technology Group Co. Ltd.		49,500		39,697
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		10,100		44,443
Kweichow Moutai Co. Ltd., Class A		3,200		860,464
Longfor Group Holdings Ltd.(a)		202,000		1,033,264

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments  (continued) March 31, 2022 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Luzhou Laojiao Co. Ltd., Class A		5,400	$	156,745
Metallurgical Corp. of China Ltd., Class A		80,800		47,571
Ping An Insurance Group Co. of China Ltd., Class H		841,500		5,882,981
Sany Heavy Industry Co. Ltd., Class A		79,200		217,059
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		158,400		168,239
Shanghai Baosight Software Co. Ltd., Class A		10,100		77,113
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		30,300		55,546
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		19,800		76,309
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		118,800		228,108
Shanghai Tunnel Engineering Co. Ltd., Class A		59,400		49,363
Shenzhou International Group Holdings Ltd.		49,500		653,500
Suofeiya Home Collection Co. Ltd., Class A		10,100		30,418
Tencent Holdings Ltd.		69,300		3,194,338
Valiant Co. Ltd.		10,100		28,632
Wuliangye Yibin Co. Ltd., Class A		15,800		382,873
Yankuang Energy Group Co. Ltd., Class A		20,200		121,867
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H.		40,400		44,467
Zhongsheng Group Holdings Ltd.		19,000		133,593
				22,312,074
Colombia — 0.2%
Grupo Argos SA		31,581		116,179
Grupo Nutresa SA		15,134		183,710
Interconexion Electrica SA ESP		59,400		382,565
				682,454
Denmark — 0.8%
Carlsberg A/S, Class B		7,128		875,043
Coloplast A/S, Class B		6,534		989,499
DSV A/S		1,980		379,478
Royal Unibrew A/S		2,424		226,464
Scandinavian Tobacco Group A/S, Class A(a)		9,031		192,571
				2,663,055
Finland — 0.2%
Huhtamaki OYJ		8,514		296,188
Olvi OYJ, Class A		990		38,897
Uponor OYJ		3,762		76,224
Valmet OYJ		10,494		325,717
				737,026
France — 4.2%
Pharmagest Interactive		198		18,928
Sanofi		84,942		8,684,435
Schneider Electric SE		27,819		4,670,541
				13,373,904
Germany — 5.3%
Atoss Software AG		198		39,059
Bechtle AG		2,277		128,196
Brenntag SE		7,722		622,636
Cewe Stiftung & Co. KGaA		396		39,901
Deutsche Boerse AG		11,187		2,013,780
Deutsche Wohnen SE		3,663		122,819
DIC Asset AG		6,889		110,043
Encavis AG		5,841		121,785
Fresenius Medical Care AG & Co. KGaA		13,464		902,233
Fresenius SE & Co. KGaA		33,066		1,214,066
FUCHS PETROLUB SE		3,232		91,878
Gerresheimer AG		1,683		122,938
LANXESS AG		6,039		265,101
LEG Immobilien SE		6,384		726,997

Security	Shares		Value
Germany (continued)
MBB SE		101	$	14,058
Nemetschek SE		594		57,044
Nexus AG		198		11,799
SAP SE		55,242		6,122,367
Sirius Real Estate Ltd.		86,190		141,982
Stratec SE		198		22,065
Symrise AG		3,564		427,297
TAG Immobilien AG		14,910		337,620
Vib Vermoegen AG		1,485		59,942
Vonovia SE		72,666		3,386,990
				17,102,596
Greece — 0.2%
Hellenic Telecommunications Organization SA		24,849		449,323
Sarantis SA		2,291		18,145
			467,468
Hong Kong — 3.6%
AIA Group Ltd.		633,600		6,615,974
CK Infrastructure Holdings Ltd.		99,000		661,798
CLP Holdings Ltd.		198,000		1,926,518
Hong Kong & China Gas Co. Ltd.		909,000		1,097,999
Kerry Logistics Network Ltd.		49,500		113,072
Swire Properties Ltd.		99,000		244,649
Techtronic Industries Co. Ltd.		49,500		793,062
				11,453,072
India — 2.5%
Aegis Logistics Ltd.		8,316		22,418
Asian Paints Ltd.		7,495		303,279
Balaji Amines Ltd.		101		3,848
Berger Paints India Ltd.		3,131		28,852
CRISIL Ltd.		808		34,998
Dr Lal PathLabs Ltd.(a)		404		13,836
Grindwell Norton Ltd.		606		14,338
Gujarat Gas Ltd.		2,222		14,692
Infosys Ltd.		165,033		4,132,861
KEC International Ltd.		2,424		12,083
Larsen & Toubro Infotech Ltd.(a)		891		71,841
LIC Housing Finance Ltd.		21,483		101,000
Page Industries Ltd.		198		112,406
Persistent Systems Ltd.		606		37,901
Pidilite Industries Ltd.		2,475		79,940
Power Grid Corp. of India Ltd.		664,587		1,894,693
Relaxo Footwears Ltd.		606		8,492
Reliance Industries Ltd.		12,771		441,718
Reliance Industries Ltd., GDR(a)		7,697		528,044
Schaeffler India Ltd., NVS		350		8,928
Sundaram Finance Ltd.		1,881		47,978
Tata Elxsi Ltd.		297		34,430
UltraTech Cement Ltd.		2,277		197,346
WABCO India Ltd.		101		10,156
				8,156,078
Indonesia — 0.4%
Bank Central Asia Tbk PT		2,197,800		1,220,362
Mayora Indah Tbk PT		363,600		44,556
				1,264,918
Ireland — 1.1%
CRH PLC		54,450		2,171,745
Kerry Group PLC, Class A		3,967		443,677

46 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Smurfit Kappa Group PLC		21,879	$	971,807
				3,587,229
Italy — 3.5%
A2A SpA		223,317		382,491
ACEA SpA		5,947		109,195
Buzzi Unicem SpA		3,465		64,120
DiaSorin SpA		495		77,316
Enel SpA		1,312,245		8,761,531
Interpump Group SpA		1,386		69,452
Iren SpA		62,964		166,800
Recordati Industria Chimica e Farmaceutica SpA		4,752		238,262
Reply SpA		303		49,782
Terna - Rete Elettrica Nazionale		144,144		1,237,804
				11,156,753
Japan — 19.4%
Aeon Delight Co. Ltd.		100		2,485
Aeon Mall Co. Ltd.		9,900		131,740
AGC Inc.		23,200		926,964
Aica Kogyo Co. Ltd.		9,900		240,750
Air Water Inc.		20,200		283,666
Alfresa Holdings Corp.		19,800		274,460
Astellas Pharma Inc.		128,700		2,010,922
Chiba Bank Ltd (The)		49,500		291,046
COMSYS Holdings Corp.		19,800		431,166
DCM Holdings Co. Ltd.		19,800		170,915
EXEO Group Inc.		11,300		208,391
Fujicco Co. Ltd.		9,900		156,582
FUJIFILM Holdings Corp.		19,800		1,208,591
Fuyo General Lease Co. Ltd.		2,300		131,125
Hikari Tsushin Inc.		1,400		159,161
Hisamitsu Pharmaceutical Co. Inc.		9,900		294,785
Itochu Techno-Solutions Corp.		9,900		252,890
Kandenko Co. Ltd.		15,200		103,699
Kao Corp.		39,600		1,616,893
KDDI Corp.		148,500		4,868,813
Kobayashi Pharmaceutical Co. Ltd.		200		16,025
Kubota Corp.		69,300		1,298,977
Kurita Water Industries Ltd.		2,600		95,968
Lasertec Corp.		600		99,818
MCJ Co. Ltd.		9,900		75,329
Medipal Holdings Corp.		9,900		162,896
Mitsubishi Corp.		138,600		5,201,204
Mizuho Leasing Co. Ltd.		1,300		31,588
MonotaRO Co. Ltd.		1,000		21,462
Morinaga & Co. Ltd./Japan		1,500		46,749
Murata Manufacturing Co. Ltd.		29,700		1,956,422
NEC Networks & System Integration Corp.		3,100		45,119
Nichias Corp.		9,900		203,834
Nintendo Co. Ltd.		11,100		5,602,857
Nippon Gas Co. Ltd.		9,900		120,810
Nippon Sanso Holdings Corp.		10,100		192,037
Nippon Telegraph & Telephone Corp.		99,000		2,876,335
Nissan Chemical Corp.		9,900		580,711
Nisshin Seifun Group Inc.		19,800		276,236
Nitori Holdings Co. Ltd.		2,000		251,625
Nitto Denko Corp.		11,300		810,075
Nomura Real Estate Holdings Inc.		10,900		261,044
Nomura Research Institute Ltd.		11,300		368,688
NSD Co. Ltd.		9,900		176,942

Security	Shares		Value
Japan (continued)
NTT Data Corp.		19,800	$	389,115
Obic Co. Ltd.		1,000		149,777
Okinawa Electric Power Co. Inc. (The)		9,900		111,939
Open House Group Co. Ltd.		4,500		199,138
Otsuka Corp.		9,900		351,017
Paltac Corp.		200		7,432
Pan Pacific International Holdings Corp.		9,900		158,405
Raito Kogyo Co. Ltd.		9,900		158,062
Relia Inc.		9,900		85,908
SBI Holdings Inc/Japan		29,700		749,356
SCSK Corp.		10,100		172,716
Sekisui House Ltd.		69,300		1,340,481
Seven & i Holdings Co. Ltd.		39,600		1,888,017
Shin-Etsu Chemical Co. Ltd.		19,800		3,008,278
Shin-Etsu Polymer Co. Ltd.		9,900		91,206
Shionogi & Co. Ltd.		11,300		694,310
Ship Healthcare Holdings Inc.		9,900		160,385
Sohgo Security Services Co. Ltd.		4,200		136,968
Sompo Holdings Inc.		40,400		1,775,193
Sony Group Corp.		19,800		2,036,938
Star Micronics Co. Ltd.		9,900		124,199
Sumitomo Mitsui Financial Group Inc.		202,000		6,380,848
Sumitomo Realty & Development Co. Ltd.		19,800		547,972
Sundrug Co. Ltd.		9,900		241,118
TechnoPro Holdings Inc.		9,900		267,446
Terumo Corp.		19,800		599,118
TIS Inc.		9,900		231,686
Tokio Marine Holdings Inc.		69,300		4,032,789
Tokyo Century Corp.		4,500		164,974
Tokyo Tatemono Co. Ltd.		19,800		296,713
Unicharm Corp.		10,900		391,592
USS Co. Ltd.		19,800		332,712
Yakult Honsha Co. Ltd.		3,200		170,700
Yamaguchi Financial Group Inc.		29,700		164,237
Yamato Holdings Co. Ltd.		20,200		377,339
				62,525,879
Jersey — 0.0%
Sanne Group PLC		6,384		76,651
Malaysia — 0.0%
Allianz Malaysia Bhd		10,100		30,554
Mexico — 0.7%
America Movil SAB de CV, Series L, NVS		1,296,900		1,377,101
Arca Continental SAB de CV		49,500		336,595
Grupo Bimbo SAB de CV, Series A		70,700		213,486
Grupo Comercial Chedraui SA de CV		9,900		25,464
Orbia Advance Corp. SAB de CV		99,000		261,362
Qualitas Controladora SAB de CV		20,200		115,767
				2,329,775
Netherlands — 0.4%
IMCD NV		1,089		185,775
Wolters Kluwer NV		11,286		1,203,159
				1,388,934
New Zealand — 0.3%
EBOS Group Ltd.		9,637		276,034
Fisher & Paykel Healthcare Corp. Ltd.		22,176		372,117
Mainfreight Ltd.		2,772		160,503
Summerset Group Holdings Ltd.		10,041		81,485
				890,139

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments  (continued) March 31, 2022 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.1%
Borregaard ASA		3,762	$	74,271
Medistim ASA		303		9,052
Tomra Systems ASA		2,376		121,209
				204,532
Philippines — 0.0%
International Container Terminal Services Inc.		17,820		77,197
Poland — 0.0%
Neuca SA		99		19,536
Portugal — 0.1%
Sonae SGPS SA		124,443		142,835
Saudi Arabia — 0.0%
Mouwasat Medical Services Co.		1,485		83,918
South Korea — 0.2%
AfreecaTV Co. Ltd.		99		11,998
KIWOOM Securities Co. Ltd.		1,584		128,054
Kolmar BNH Co. Ltd.		707		18,933
LEENO Industrial Inc.		495		74,761
NAVER Corp.		693		192,605
NICE Information Service Co. Ltd.		2,323		37,641
SK Gas Ltd.		297		28,180
Youngone Corp.		909		35,540
				527,712
Spain — 2.4%
Iberdrola SA		689,214		7,533,087
Vidrala SA		990		69,467
Viscofan SA		3,636		215,641
				7,818,195
Sweden — 1.0%
AAK AB		6,633		122,928
Assa Abloy AB, Class B		45,045		1,210,791
Atrium Ljungberg AB, Class B		3,838		78,627
Bravida Holding AB(a)		12,991		149,379
Castellum AB		24,849		613,515
Catena AB		1,212		73,022
Heba Fastighets AB		606		9,771
Lifco AB, Class B		3,232		82,046
Platzer Fastigheter Holding AB, Class B		3,861		47,688
Swedish Match AB		96,822		728,105
				3,115,872
Switzerland — 11.8%
ALSO Holding AG, Registered(b)		297		72,220
Berner Kantonalbank AG		594		143,992
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		33		392,763
Chocoladefabriken Lindt & Spruengli AG, Registered		3		362,875
Coca-Cola HBC AG, Class DI		18,810		392,299
DKSH Holding AG		2,871		241,802
Geberit AG, Registered		1,980		1,220,584
Givaudan SA, Registered		396		1,636,643
Logitech International SA, Registered		6,138		456,251
Nestle SA, Registered		74,646		9,705,373
Novartis AG, Registered		112,860		9,908,149
Partners Group Holding AG		1,485		1,838,729
Roche Holding AG, Bearer		1,584		692,764
Roche Holding AG, NVS		23,859		9,440,093
Siegfried Holding AG, Registered(b)		99		81,602

Security	Shares		Value
Switzerland (continued)
Sika AG, Registered		3,366	$	1,113,653
Temenos AG, Registered		2,079		199,979
				37,899,771
Taiwan — 0.7%
Advantech Co. Ltd.		27,000		345,967
Chailease Holding Co. Ltd.		99,950		876,694
Elan Microelectronics Corp.		57,000		338,603
Parade Technologies Ltd.		2,000		124,996
Sigurd Microelectronics Corp.(b)		101,000		208,146
Sinbon Electronics Co. Ltd.		11,000		99,222
Taiwan Union Technology Corp.		40,000		115,749
Unimicron Technology Corp.		18,000		153,422
Voltronic Power Technology Corp.		2,000		100,931
				2,363,730
Turkey — 0.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		11,880		19,547
United Kingdom — 10.4%
Advanced Medical Solutions Group PLC		1,818		7,056
Ashtead Group PLC		11,187		704,383
Avon Protection PLC		2,772		47,339
B&M European Value Retail SA		73,260		512,549
BAE Systems PLC		300,168		2,819,012
Bunzl PLC		17,820		691,079
CareTech Holdings PLC		5,049		45,828
Clarkson PLC		2,079		100,460
Craneware PLC		990		21,719
Cranswick PLC		2,929		135,198
Croda International PLC		5,247		539,767
DCC PLC		8,122		628,919
Dechra Pharmaceuticals PLC		2,574		136,659
Diageo PLC		133,947		6,794,399
Diploma PLC		5,346		183,532
dotdigital group Plc		8,910		9,680
Drax Group PLC		30,393		312,550
EMIS Group PLC		4,464		77,943
Ferguson PLC		9,999		1,354,662
Focusrite PLC		707		12,074
Games Workshop Group PLC		2,277		216,523
Gamma Communications PLC		1,919		33,977
Genus PLC		2,277		84,411
GlobalData PLC		202		3,327
Grainger PLC		33,660		128,372
Halma PLC		8,118		265,597
Hargreaves Lansdown PLC		36,630		482,813
Hilton Food Group PLC		2,772		44,954
HomeServe PLC		34,749		384,813
Impax Asset Management Group PLC		6,039		77,698
Learning Technologies Group PLC		10,395		22,245
Liontrust Asset Management PLC		8,316		138,159
London Stock Exchange Group PLC		9,702		1,011,730
RELX PLC		120,780		3,758,399
RWS Holdings PLC		21,384		103,937
Sage Group PLC (The)		80,982		742,012
Severn Trent PLC		24,453		985,559
Softcat PLC		4,061		90,904
Spectris PLC		8,415		285,391
Spirax-Sarco Engineering PLC		2,277		372,246
Treatt PLC		693		10,285
Ultra Electronics Holdings PLC		3,838		166,756

48 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Unilever PLC		199,287	$	9,048,178
				33,593,094
Total Common Stocks — 99.3% (Cost: $318,108,174)				319,601,816
Preferred Stocks
Germany — 0.1%
Fuchs Petrolub SE, Preference Shares, NVS		5,742		208,328
Total Preferred Stocks — 0.1% (Cost: $246,301)				208,328
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		370,000		370,000
Total Short-Term Investments — 0.1% (Cost: $370,000)				370,000
Total Investments in Securities — 99.5% (Cost: $318,724,475)				320,180,144
Other Assets, Less Liabilities — 0.5%				1,690,989
Net Assets — 100.0%			$	321,871,133

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	56,251	$	—			$(56,150	)(b)	$	(101	)	$	—	$	—		—	$	4,981	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		250,000	(b)		—			—			—		370,000		370,000		104			—
									$	(101	)	$	—	$	370,000			$	5,085		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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/TSX 60 Index		2		06/16/22	$	422	$	(3,909	)

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments  (continued) March 31, 2022 iShares^® International Dividend Growth ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI EAFE Index		14		06/17/22	$	1,501	$	41,752
							$	37,843

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	41,752
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,909

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,295	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	42,013

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,007,713

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.

50 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® International Dividend Growth ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	70,965,243		$	248,636,573	$	—	$	319,601,816
Preferred Stocks		—			208,328		—		208,328
Money Market Funds		370,000			—		—		370,000
	$	71,335,243		$	248,844,901	$	—	$	320,180,144
Derivative financial instruments(a)
Assets
Futures Contracts	$	41,752		$	—	$	—	$	41,752
Liabilities
Futures Contracts		(3,909	)		—		—		(3,909	)
	$	37,843		$	—	$	—	$	37,843

^(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   O F   I N V E S T M E N T S 51

Schedule of Investments March 31, 2022 iShares^® Latin America 40 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 42.5%
Ambev SA, ADR		15,794,195	$	51,015,250
B3 SA - Brasil, Bolsa, Balcao		21,947,695		72,420,640
Banco do Brasil SA		5,132,979		37,410,733
BRF SA, ADR(a)(b)		2,751,577		10,923,761
CCR SA		3,977,595		11,445,595
Localiza Rent a Car SA		2,120,053		27,207,284
Lojas Renner SA		3,544,429		20,472,752
Magazine Luiza SA		9,906,615		14,190,801
Natura & Co. Holding SA(a)		3,017,583		16,510,651
Pagseguro Digital Ltd., Class A(a)(b)		742,717		14,891,476
Petroleo Brasileiro SA, ADR		6,666,042		98,657,422
Rede D’Or Sao Luiz SA(c)		2,665,403		27,935,772
StoneCo Ltd., Class A(a)(b)		818,838		9,580,405
Vale SA, ADR		14,342,735		286,711,273
WEG SA		5,263,226		38,547,944
				737,921,759
Chile — 6.7%
Banco de Chile		155,757,333		16,683,162
Banco Santander Chile, ADR		557,741		12,599,369
Cencosud SA		4,817,763		9,491,018
Empresas CMPC SA		3,938,213		7,292,802
Empresas COPEC SA		1,209,967		9,995,914
Enel Americas SA, ADR(b)		1,382,722		8,254,850
Falabella SA		2,604,821		8,325,959
Sociedad Quimica y Minera de Chile SA, ADR		511,677		43,799,551
				116,442,625
Colombia — 2.5%
Bancolombia SA, ADR		404,672		17,263,307
Ecopetrol SA, ADR		884,576		16,453,114
Interconexion Electrica SA ESP		1,586,277		10,216,401
				43,932,822
Mexico — 23.6%
America Movil SAB de CV, Series L, NVS		80,928,000		85,932,597
Cemex SAB de CV, NVS(a)		54,242,515		29,152,966
Fibra Uno Administracion SA de CV		10,613,300		12,432,875
Fomento Economico Mexicano SAB de CV		6,581,200		54,714,290
Grupo Financiero Banorte SAB de CV, Class O		8,780,800		66,021,551
Grupo Mexico SAB de CV, Series B		11,156,500		66,748,291
Grupo Televisa SAB, CPO		9,058,000		21,294,725
Wal-Mart de Mexico SAB de CV		18,142,000		74,720,595
				411,017,890
Peru — 3.6%
Credicorp Ltd.		226,555		38,938,008

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		304,453	$	23,107,983
				62,045,991
Total Common Stocks — 78.9% (Cost: $1,290,211,131)				1,371,361,087
Preferred Stocks
Brazil — 20.7%
Banco Bradesco SA, Preference Shares, ADR		17,370,777		80,600,405
Gerdau SA, Preference Shares, ADR(b)		4,107,001		26,408,016
Itau Unibanco Holding SA, Preference Shares, ADR		17,361,268		99,132,840
Itausa SA, Preference Shares, NVS		17,030,641		38,453,575
Petroleo Brasileiro SA, Preference Shares, ADR		8,228,910		115,040,162
				359,634,998
Total Preferred Stocks — 20.7% (Cost: $398,132,437)				359,634,998
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		23,459,681		23,454,989
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		3,600,000		3,600,000
				27,054,989
Total Short-Term Investments — 1.5% (Cost: $27,046,170)				27,054,989
Total Investments in Securities — 101.1% (Cost: $1,715,389,738)				1,758,051,074
Other Assets, Less Liabilities — (1.1)%			$	(19,861,397	)
Net Assets — 100.0%			$	1,738,189,677

^(a)  Non-income producing security.

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

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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

52 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Latin America 40 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,526,143	$	—	$	(31,056,596	)(a)	$	(10,594	)	$	(3,964	)	$	23,454,989		23,459,681	$	584,172	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,240,000		—		(3,640,000	)(a)		—			—			3,600,000		3,600,000		1,011			—
								$	(10,594	)	$	(3,964	)	$	27,054,989			$	585,183		$	—

^(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
MEX BOLSA Index		63		06/17/22	$	1,797	$	102,831
MSCI Brazil Index		72		06/17/22		4,096		527,017
							$	629,848

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	629,848

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	947,937
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	559,123

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,070,989

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

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (continued) March 31, 2022 iShares^® Latin America 40 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,354,677,925	$	16,683,162	$	—	$	1,371,361,087
Preferred Stocks		359,634,998		—		—		359,634,998
Money Market Funds		27,054,989		—		—		27,054,989
	$	1,741,367,912	$	16,683,162	$	—	$	1,758,051,074
Derivative financial instruments(a)
Assets
Futures Contracts	$	629,848	$	—	$	—	$	629,848

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

See notes to financial statements.

54 2 0 2 2   I S H A R E S   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

March 31, 2022

	iShares Asia 50 ETF		iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,874,445,538	$	20,428,039		$	1,934,409,676		$	63,359,821
Affiliated(c)		—		1,254,889			5,163,435			488,807
Cash		1,589,626		2,735			5,898			486
Foreign currency, at value(d)		3,856,750		16,490			3,979,028			145,160
Cash pledged:
Futures contracts		300,000		4,000			—			13,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—			718,160			5,290
Receivables:
Investments sold		2,442,855		2,038,350			—			—
Securities lending income — Affiliated		—		274			426			1,039
Dividends		6,026,485		62,467			5,214,194			289,409
Tax reclaims		—		—			3,262,207			54,408
Total assets		1,888,661,254		23,807,244			1,952,753,024			64,357,420
LIABILITIES
Collateral on securities loaned, at value		—		1,226,476			2,528,876			459,660
Deferred foreign capital gain tax		—		—			—			13,188
Payables:
Investments purchased		2,447,552		1,975,311			2,893,119			—
Variation margin on futures contracts		292,158		855			104,692			6,006
Investment advisory fees		796,362		9,407			940,987			25,653
Professional fees		—		—			363,667			6,941
IRS compliance fee for foreign withholding tax claims		—		—			1,942,450			—
Total liabilities		3,536,072		3,212,049			8,773,791			511,448
NET ASSETS	$	1,885,125,182	$	20,595,195		$	1,943,979,233		$	63,845,972
NET ASSETS CONSIST OF:
Paid-in capital	$	1,875,582,314	$	53,128,065		$	2,285,676,462		$	105,545,196
Accumulated earnings (loss)		9,542,868		(32,532,870	)		(341,697,229	)		(41,699,224	)
NET ASSETS	$	1,885,125,182	$	20,595,195		$	1,943,979,233		$	63,845,972
Shares outstanding		27,450,000		900,000			38,750,000			1,800,000
Net asset value	$	68.67	$	22.88		$	50.17		$	35.47
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	—	$	1,163,364		$	2,495,731		$	417,193
(b) Investments, at cost — Unaffiliated	$	1,750,166,818	$	19,832,184		$	1,917,591,305		$	72,615,317
(c)  Investments, at cost — Affiliated	$	—	$	1,255,406		$	5,163,119		$	488,680
(d) Foreign currency, at cost	$	3,858,902	$	16,740		$	3,944,810		$	143,765
(e) Foreign currency collateral pledged, at cost	$	—	$	—		$	753,037		$	5,609

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 55

Statements of Assets and Liabilities  (continued)

March 31, 2022

	iShares International Developed Small Cap Value Factor ETF			iShares International Dividend Growth ETF			iShares Latin America 40 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	162,935,151		$	319,810,144		$	1,730,996,085
Affiliated(c)		57,607			370,000			27,054,989
Cash		1,467			3,315			227,104
Foreign currency, at value(d)		610,775			374,348			500,336
Cash pledged:
Futures contracts		41,000			94,000			582,000
Foreign currency collateral pledged:
Futures contracts(e)		—			22,397			159,880
Receivables:
Investments sold		288,171			—			—
Securities lending income — Affiliated		56			—			4,489
Variation margin on futures contracts		—			—			21,551
Capital shares sold		—			—			7,993,975
Dividends		647,208			1,106,635			2,631,180
Tax reclaims		22,677			327,060			—
Total assets		164,604,112			322,107,899			1,770,171,589
LIABILITIES
Collateral on securities loaned, at value		17,642			—			23,377,407
Deferred foreign capital gain tax		—			166,604			—
Payables:
Investments purchased		346,540			—			7,993,975
Variation margin on futures contracts		18,684			29,393			—
Bank borrowings		—			189			—
Investment advisory fees		39,875			40,580			610,530
Total liabilities		422,741			236,766			31,981,912
NET ASSETS	$	164,181,371		$	321,871,133		$	1,738,189,677
NET ASSETS CONSIST OF:
Paid-in capital	$	164,574,521		$	327,283,822		$	2,617,101,757
Accumulated loss		(393,150	)		(5,412,689	)		(878,912,080	)
NET ASSETS	$	164,181,371		$	321,871,133		$	1,738,189,677
Shares outstanding		4,800,000			4,950,000			57,250,000
Net asset value	$	34.20		$	65.02		$	30.36
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	16,673		$	—		$	22,707,667
(b) Investments, at cost — Unaffiliated	$	163,698,544		$	318,354,475		$	1,688,343,568
(c)  Investments, at cost — Affiliated	$	57,610		$	370,000		$	27,046,170
(d) Foreign currency, at cost	$	612,628		$	373,952		$	500,085
(e) Foreign currency collateral pledged, at cost	$	—		$	22,444		$	155,630

See notes to financial statements.

56 2 0 2 2   I S H A R E S   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 Operations

Year Ended March 31, 2022

	iShares Asia 50 ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	46,707,750		$	780,651		$	57,558,050		$	2,642,587
Dividends — Affiliated		1,398			129			625			102
Interest — Unaffiliated		87			—			—			—
Securities lending income — Affiliated — net		145,453			5,974			46,699			26,824
Other income — Unaffiliated		—			—			2,133,101			899
Foreign taxes withheld		(5,371,613	)		(31,679	)		(6,313,689	)		(224,032	)
Foreign withholding tax claims		—			—			7,776,048			70,941
IRS Compliance fee for foreign withholding tax claims		—			—			(1,931,810	)		—
Total investment income		41,483,075			755,075			59,269,024			2,517,321
EXPENSES
Investment advisory fees		12,759,276			99,260			11,631,732			365,433
Commitment fees		23,664			216			—			—
Professional fees		217			217			1,026,987			7,401
Total expenses		12,783,157			99,693			12,658,719			372,834
Net investment income		28,699,918			655,382			46,610,305			2,144,487
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		19,353,007			(1,275,077	)		(34,799,187	)		(1,561,474	)
Investments — Affiliated		(2,244	)		(410	)		(1,547	)		(434	)
In-kind redemptions — Unaffiliated		82,649,639			15,088			6,778,584			201,521
Futures contracts		(1,296,140	)		(22,322	)		676,151			52,755
Foreign currency transactions		(382,492	)		395			(78,828	)		(14,620	)
Net realized gain (loss)		100,321,770			(1,282,326	)		(27,424,827	)		(1,322,252	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(756,836,545	)		73,335			3,670,158			1,602,842
Investments — Affiliated		(4,094	)		(651	)		(901	)		(196	)
Futures contracts		136,413			3,817			43,841			6,908
Foreign currency translations		304,865			(332	)		(153,554	)		(51	)
Net change in unrealized appreciation (depreciation)		(756,399,361	)		76,169			3,559,544			1,609,503
Net realized and unrealized gain (loss)		(656,077,591	)		(1,206,157	)		(23,865,283	)		287,251
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(627,377,673	)	$	(550,775	)	$	22,745,022		$	2,431,738
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(2,373	)
(b) Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	—		$	(7,408	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 57

Statements of Operations  (continued)

Year Ended March 31, 2022

	iShares International Developed Small Cap Value Factor ETF			iShares International Dividend Growth ETF			iShares Latin America 40 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,444,971		$	7,567,560		$	98,740,272
Dividends — Affiliated		14			104			2,672
Non-cash dividends — Unaffiliated		—			368,296			—
Securities lending income — Affiliated — net		381			4,981			582,511
Foreign taxes withheld		(173,197	)		(833,164	)		(4,801,993	)
Total investment income		1,272,169			7,107,777			94,523,462
EXPENSES
Investment advisory fees		103,251			387,123			6,786,381
Commitment fees		—			1,027			17,488
Professional fees		—			217			217
Interest expense		—			500			—
Total expenses		103,251			388,867			6,804,086
Less:
Investment advisory fees waived		(25,813	)		—			—
Total expenses after fees waived		77,438			388,867			6,804,086
Net investment income		1,194,731			6,718,910			87,719,376
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(448,085	)		(1,000,669	)		(172,321,716	)
Investments — Affiliated		(30	)		(101	)		(10,594	)
In-kind redemptions — Unaffiliated		—			6,371,326			73,010,549
Futures contracts		(4,255	)		(2,295	)		947,937
Foreign currency transactions		311			(78,433	)		387,918
Net realized gain (loss)		(452,059	)		5,289,828			(97,985,906	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(731,788	)		(9,240,110	)		276,619,123
Investments — Affiliated		(3	)		—			(3,964	)
Futures contracts		9,863			42,013			559,123
Foreign currency translations		(1,693	)		(1,064	)		(11,049	)
Net change in unrealized appreciation (depreciation)		(723,621	)		(9,199,161	)		277,163,233
Net realized and unrealized gain (loss)		(1,175,680	)		(3,909,333	)		179,177,327
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,051		$	2,809,577		$	266,896,703
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(126,203	)	$	—
(b) Net of increase in deferred foreign capital gain tax of	$	—		$	(111,235	)	$	—

See notes to financial statements.

58 2 0 2 2   I S H A R E S   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 Asia 50 ETF						iShares Emerging Markets Infrastructure ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	28,699,918		$	32,964,049			$	655,382		$	425,682
Net realized gain (loss)		100,321,770			(56,118,297	)			(1,282,326	)		(1,584,038	)
Net change in unrealized appreciation (depreciation)		(756,399,361	)		882,048,095				76,169			4,775,752
Net increase (decrease) in net assets resulting from operations		(627,377,673	)		858,893,847				(550,775	)		3,617,396
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,774,281	)		(26,020,775	)			(642,264	)		(404,832	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(624,392,740	)		1,280,508,150				5,705,641			—
NET ASSETS
Total increase (decrease) in net assets		(1,287,544,694	)		2,113,381,222				4,512,602			3,212,564
Beginning of year		3,172,669,876			1,059,288,654				16,082,593			12,870,029
End of year	$	1,885,125,182		$	3,172,669,876			$	20,595,195		$	16,082,593

^(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 59

Statements of Changes in Net Assets (continued)

	iShares Europe ETF						iShares International Developed Property ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	46,610,305		$	28,195,816			$	2,144,487		$	2,546,539
Net realized loss		(27,424,827	)		(49,679,049	)			(1,322,252	)		(470,547	)
Net change in unrealized appreciation (depreciation)		3,559,544			542,303,419				1,609,503			24,431,424
Net increase in net assets resulting from operations		22,745,022			520,820,186				2,431,738			26,507,416
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(56,175,033	)		(27,830,960	)			(3,007,345	)		(1,993,212	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		311,464,772			(79,151,475	)			(18,963,064	)		(19,458,302	)
NET ASSETS
Total increase (decrease) in net assets		278,034,761			413,837,751				(19,538,671	)		5,055,902
Beginning of year		1,665,944,472			1,252,106,721				83,384,643			78,328,741
End of year	$	1,943,979,233		$	1,665,944,472			$	63,845,972		$	83,384,643

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

See notes to financial statements.

60 2 0 2 2   I S H A R E S   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 (continued)

	iShares International Developed Small Cap Value Factor ETF						iShares International Dividend Growth ETF
		Year Ended 03/31/22			Period From 03/23/21 to 03/31/21	(a)		Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,194,731		$	27,146		$	6,718,910		$	3,073,259
Net realized gain (loss)		(452,059	)		(4	)		5,289,828			8,076,946
Net change in unrealized appreciation (depreciation)		(723,621	)		(31,682	)		(9,199,161	)		24,946,116
Net increase (decrease) in net assets resulting from operations		19,051			(4,540	)		2,809,577			36,096,321
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(407,661	)		—			(5,744,772	)		(3,199,818	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		157,695,420			6,879,101			134,951,001			77,315,151
NET ASSETS
Total increase in net assets		157,306,810			6,874,561			132,015,806			110,211,654
Beginning of period		6,874,561			—			189,855,327			79,643,673
End of period	$	164,181,371		$	6,874,561		$	321,871,133		$	189,855,327

^(a)  Commencement of operations.

^(b)  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 61

Statements of Changes in Net Assets (continued)

	iShares Latin America 40 ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	87,719,376		$	31,050,991
Net realized loss		(97,985,906	)		(259,401,223	)
Net change in unrealized appreciation (depreciation)		277,163,233			581,656,255
Net increase in net assets resulting from operations		266,896,703			353,306,023
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(99,359,955	)		(24,930,898	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(199,937,506	)		644,338,355
NET ASSETS
Total increase (decrease) in net assets		(32,400,758	)		972,713,480
Beginning of year		1,770,590,435			797,876,955
End of year	$	1,738,189,677		$	1,770,590,435

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

See notes to financial statements.

62 2 0 2 2   I S H A R E S   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 Asia 50 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	90.91		$	56.05		$	61.05		$	67.20			$	52.54
Net investment income(a)		0.93			1.31			1.42			1.48				1.06
Net realized and unrealized gain (loss)(b)		(21.99	)		34.52			(4.94	)		(6.25	)			14.56
Net increase (decrease) from investment operations		(21.06	)		35.83			(3.52	)		(4.77	)			15.62
Distributions(c)
From net investment income		(1.18	)		(0.97	)		(1.48	)		(1.38	)			(0.96	)
Total distributions		(1.18	)		(0.97	)		(1.48	)		(1.38	)			(0.96	)
Net asset value, end of year	$	68.67		$	90.91		$	56.05		$	61.05			$	67.20
Total Return(d)
Based on net asset value		(23.36	)%		64.22	%		(6.00	)%		(6.94	)%			29.86	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%			0.50	%
Net investment income		1.12	%		1.66	%		2.32	%		2.43	%			1.67	%
Supplemental Data
Net assets, end of year (000)	$	1,885,125		$	3,172,670		$	1,059,289		$	1,089,745			$	947,500
Portfolio turnover rate(f)		13	%		46	%		6	%		10	%			16	%

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

^(f)  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 63

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Emerging Markets Infrastructure ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	24.74			$	19.80			$	28.64			$	32.07			$	31.49
Net investment income(a)			0.95				0.65				0.75				0.75				0.66
Net realized and unrealized gain (loss)(b)			(1.84	)			4.91				(8.94	)			(3.45	)			0.77
Net increase (decrease) from investment operations			(0.89	)			5.56				(8.19	)			(2.70	)			1.43
Distributions(c)
From net investment income			(0.97	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)
Total distributions			(0.97	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)
Net asset value, end of year		$	22.88			$	24.74			$	19.80			$	28.64			$	32.07
Total Return(d)
Based on net asset value			(3.83	)%			28.33	%			(29.33	)%			(8.35	)%			4.55	%
Ratios to Average Net Assets(e)
Total expenses			0.60	%			0.60	%			0.75	%			0.75	%			0.75	%
Net investment income			3.96	%			2.90	%			2.60	%			2.56	%			2.02	%
Supplemental Data
Net assets, end of year (000)		$	20,595			$	16,083			$	12,870			$	25,773			$	41,686
Portfolio turnover rate(f)			23	%			27	%			18	%			25	%			21	%

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

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

See notes to financial statements.

64 2 0 2 2   I S H A R E S   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 Europe ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	50.25		$	35.42		$	43.40		$	46.48		$	41.82
Net investment income(a)		1.24	(b)		0.85			1.24			1.42			1.10
Net realized and unrealized gain (loss)(c)		0.21			14.82			(7.78	)		(3.16	)		4.69
Net increase (decrease) from investment operations		1.45			15.67			(6.54	)		(1.74	)		5.79
Distributions(d)
From net investment income		(1.53	)		(0.84	)		(1.44	)		(1.34	)		(1.13	)
Total distributions		(1.53	)		(0.84	)		(1.44	)		(1.34	)		(1.13	)
Net asset value, end of year	$	50.17		$	50.25		$	35.42		$	43.40		$	46.48
Total Return(e)
Based on net asset value		2.69	%(b)		44.70	%		(15.61	)%		(3.73	)%		13.96	%
Ratios to Average Net Assets(f)
Total expenses		0.63	%		0.60	%		0.59	%		0.59	%		0.59	%
Total expenses excluding professional fees for foreign withholding tax claims		0.58	%		0.59	%		0.59	%		0.59	%		N/A
Net investment income		2.34	%(b)		1.94	%		2.84	%		3.23	%		2.39	%
Supplemental Data
Net assets, end of year (000)	$	1,943,979		$	1,665,944		$	1,252,107		$	2,002,860		$	2,765,550
Portfolio turnover rate(g)		5	%		5	%		5	%		7	%		3	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31,2022:

• Net investment income per share by $0.18.

• Total return by 0.36%.

• Ratio of net investment income to average net assets by 0.34%.

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

^(g)  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 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Property ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	36.25			$	27.97			$	38.79			$	38.95			$	35.50
Net investment income(a)			1.06	(b)			0.94				1.14				1.19				1.17
Net realized and unrealized gain (loss)(c)			(0.35	)			8.19				(9.31	)			0.23				3.96
Net increase (decrease) from investment operations			0.71				9.13				(8.17	)			1.42				5.13
Distributions(d)
From net investment income			(1.49	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)
Total distributions			(1.49	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)
Net asset value, end of year		$	35.47			$	36.25			$	27.97			$	38.79			$	38.95
Total Return(e)
Based on net asset value			1.79	%(b)			32.96	%			(22.52	)%			3.91	%			14.58	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%			0.48	%			0.48	%			0.48	%			0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.48	%			N/A				N/A				N/A				N/A
Net investment income			2.82	%(b)			2.92	%			3.01	%			3.16	%			3.04	%
Supplemental Data
Net assets, end of year (000)		$	63,846			$	83,385			$	78,329			$	131,871			$	155,780
Portfolio turnover rate(g)			12	%			16	%			8	%			9	%			11	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022, respectively:

• Net investment income per share by $0.04.

• Total return by 0.12%.

• Ratio of net investment income to average net assets by 0.09%.

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Small Cap Value Factor ETF
						Period From
		Year Ended						03/23/21	(a)
		03/31/22				to 03/31/21
Net asset value, beginning of period			$	34.37			$	34.52
Net investment income(b)				1.59				0.16
Net realized and unrealized loss(c)				(0.74	)			(0.31	)
Net increase (decrease) from investment operations				0.85				(0.15	)
Distributions
From net investment income				(1.02	)			—
Total distributions				(1.02	)			—
Net asset value, end of period			$	34.20			$	34.37
Total Return(d)
Based on net asset value				2.42	%			(0.43	)%(e)
Ratios to Average Net Assets(f)
Total expenses				0.40	%			0.40	%(g)
Total expenses after fees waived				0.30	%			0.30	%(g)
Net investment income				4.55	%			17.96	%(g)
Supplemental Data
Net assets, end of period (000)			$	164,181			$	6,875
Portfolio turnover rate(h)				35	%			0	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  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 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Dividend Growth ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of period		$	64.36			$	45.51			$	53.81			$	56.40			$	51.23
Net investment income(a)			1.74				1.53				1.56				1.51				1.27
Net realized and unrealized gain (loss)(b)			0.39				18.87				(8.24	)			(2.58	)			5.31
Net increase (decrease) from investment operations			2.13				20.40				(6.68	)			(1.07	)			6.58
Distributions(c)
From net investment income			(1.47	)			(1.55	)			(1.62	)			(1.52	)			(1.41	)
Total distributions			(1.47	)			(1.55	)			(1.62	)			(1.52	)			(1.41	)
Net asset value, end of period		$	65.02			$	64.36			$	45.51			$	53.81			$	56.40
Total Return(d)
Based on net asset value			3.28	%			45.29	%			(12.75	)%			(1.88	)%			12.93	%
Ratios to Average Net Assets(e)
Total expenses			0.15	%			0.19	%			0.22	%			0.22	%			0.22	%
Net investment income			2.60	%			2.66	%			2.81	%			2.80	%			2.26	%
Supplemental Data
Net assets, end of period (000)		$	321,871			$	189,855			$	79,644			$	75,329			$	56,397
Portfolio turnover rate(f)			40	%			66	%			35	%			34	%			42	%

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

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

See notes to financial statements.

68 2 0 2 2   I S H A R E S   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 Latin America 40 ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	27.56			$	18.34			$	33.24			$	37.28			$	31.58
Net investment income(a)			1.70				0.68				0.98				0.88				0.83
Net realized and unrealized gain (loss)(b)			3.09				9.09				(14.83	)			(3.96	)			5.49
Net increase (decrease) from investment operations			4.79				9.77				(13.85	)			(3.08	)			6.32
Distributions(c)
From net investment income			(1.99	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)
Total distributions			(1.99	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)
Net asset value, end of year		$	30.36			$	27.56			$	18.34			$	33.24			$	37.28
Total Return(d)
Based on net asset value			19.25	%			53.62	%			(43.05	)%			(7.93	)%			20.38	%
Ratios to Average Net Assets(e)
Total expenses			0.47	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income			6.07	%			2.78	%			3.08	%			2.68	%			2.43	%
Supplemental Data
Net assets, end of year (000)		$	1,738,190			$	1,770,590			$	797,877			$	1,529,164			$	1,770,599
Portfolio turnover rate(f)			27	%			20	%			22	%			20	%			16	%

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

^(f)  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 69

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Asia 50		Non-diversified
Emerging Markets Infrastructure		Non-diversified
Europe		Diversified
International Developed Property		Diversified
International Developed Small Cap Value Factor		Non-diversified
International Dividend Growth		Diversified
Latin America 40		Non-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 Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

70 2 0 2 2   I S H A R E S   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  (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

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 71

Notes to Financial Statements  (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Emerging Markets Infrastructure
Barclays Bank PLC	$	468,293	$	468,293		$	—	$	—
Morgan Stanley		695,071		695,071			—		—
	$	1,163,364	$	1,163,364		$	—	$	—
Europe
BNP Paribas SA	$	287,496	$	281,364		$	—	$	(6,132	)(b)
Morgan Stanley		1,159,136		1,159,136			—		—
UBS AG		718,043		701,093			—		(16,950	)(b)
UBS Securities LLC		331,056		323,241			—		(7,815	)(b)
	$	2,495,731	$	2,464,834		$	—	$	(30,897	)
International Developed Property
BofA Securities, Inc.	$	22,582	$	22,582		$	—	$	—
Credit Suisse Securities (USA) LLC		41,889		41,889			—		—
Goldman Sachs & Co. LLC		57,207		57,207			—		—
HSBC Bank PLC		39,636		39,636			—		—
J.P. Morgan Securities LLC		84,321		84,321			—		—
Morgan Stanley		132,125		132,125			—		—
Nomura Securities International, Inc.		10,558		10,558			—		—
SG Americas Securities LLC		28,875		28,875			—		—
	$	417,193	$	417,193		$	—	$	—
International Developed Small Cap Value Factor
Barclays Capital, Inc.	$	4,522	$	4,522		$	—	$	—
Jefferies LLC		12,151		12,151			—		—
	$	16,673	$	16,673		$	—	$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Latin America 40
Barclays Bank PLC	$	1,538,236	$	1,538,236		$	—	$	—
BNP Paribas SA		235,815		235,815			—		—
Citigroup Global Markets, Inc.		4,596,555		4,596,555			—		—
Credit Suisse Securities (USA) LLC		7,446,652		7,446,652			—		—
Deutsche Bank Securities, Inc.		20,576		20,576			—		—
J.P. Morgan Securities LLC		5,776,806		5,776,806			—		—
Morgan Stanley		3,093,027		3,093,027			—		—
	$	22,707,667	$	22,707,667		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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.

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 Fee
Asia 50		0.50	%
Emerging Markets Infrastructure		0.60
International Developed Property		0.48
International Developed Small Cap Value Factor		0.40
International Dividend Growth		0.15

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 73

Notes to Financial Statements  (continued)

For its investment advisory services to the iShares Europe ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.6000	%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888

For its investment advisory services to the iShares Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

Prior to July 14, 2021, for its investment advisory services to the iShares Latin America 40 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the iShares International Developed Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 31, 2023 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
International Developed Small Cap Value Factor	$	25,813

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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Notes to Financial Statements  (continued)

Pursuant to the current securities lending agreement, each Fund retains 82% 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 85% 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Asia 50	$	40,106
Emerging Markets Infrastructure		1,888
Europe		11,567
International Developed Property		6,191
International Developed Small Cap Value Factor		100
International Dividend Growth		1,179
Latin America 40		142,102

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 year ended March 31, 2022, 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)
Asia 50	$	42,911,767	$	27,142,494	$	(6,550,470	)
Emerging Markets Infrastructure		420,980		742,704		39,901
Europe		9,993,755		6,496,106		(2,933,382	)
International Developed Property		785,763		137,745		(90,795	)
International Developed Small Cap Value Factor		159,707		664,070		(24,756	)
International Dividend Growth		19,437,312		17,708,051		1,139,415
Latin America 40		670,101		4,134,799		(3,840,187	)

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Asia 50	$	336,081,542	$	555,161,077
Emerging Markets Infrastructure		6,915,049		3,775,954
Europe		134,771,558		97,210,291
International Developed Property		9,174,170		10,001,760
International Developed Small Cap Value Factor		13,273,273		12,769,183
International Dividend Growth		132,392,599		104,183,017
Latin America 40		392,487,502		432,439,555

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 75

Notes to Financial Statements  (continued)

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Asia 50	$	1,545,891	$	362,187,608
Emerging Markets Infrastructure		2,468,047		—
Europe		306,780,261		28,561,348
International Developed Property		—		18,070,439
International Developed Small Cap Value Factor		156,795,759		—
International Dividend Growth		134,320,947		28,055,846
Latin America 40		522,327,538		673,976,285

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Earnings (Loss)
Asia 50	$	75,838,491		$	(75,838,491	)
Emerging Markets Infrastructure		15,088			(15,088	)
Europe		5,059,450			(5,059,450	)
International Developed Property		(797,289	)		797,289
International Dividend Growth		6,331,452			(6,331,452	)
Latin America 40		40,049,086			(40,049,086	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Asia 50
Ordinary income	$	35,774,281		$	26,020,775
Emerging Markets Infrastructure
Ordinary income	$	642,264		$	404,832
Europe
Ordinary income	$	56,175,033		$	27,830,960
International Developed Property
Ordinary income	$	3,007,345		$	1,993,212
iShares ETF	Year Ended 03/31/22			Period Ended 03/31/21
International Developed Small Cap Value Factor
Ordinary income	$	407,661		$	—
iShares ETF	Year Ended 03/31/22			Year Ended 03/31/21
International Dividend Growth
Ordinary income	$	5,744,772		$	3,199,818
Latin America 40
Ordinary income	$	99,359,955		$	24,930,898

76 2 0 2 2    I S H A R E S   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  (continued)

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Asia 50	$	7,849,307	$	(68,873,468	)	$	70,567,029		$	—		$	9,542,868
Emerging Markets Infrastructure		79,700		(31,626,395	)		(986,175	)		—			(32,532,870	)
Europe		11,800,381		(330,810,465	)		(22,687,145	)		—			(341,697,229	)
International Developed Property		—		(29,854,811	)		(11,795,754	)		(48,659	)		(41,699,224	)
International Developed Small Cap Value Factor		1,357,579		(357,587	)		(1,393,142	)		—			(393,150	)
International Dividend Growth		1,130,612		(7,114,242	)		570,941			—			(5,412,689	)
Latin America 40		15,180,750		(861,526,464	)		(32,566,366	)		—			(878,912,080	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the iShares Asia 50 ETF utilized $10,908,954 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Asia 50	$	1,803,768,402	$	442,295,120	$	(371,640,008	)	$	70,655,112
Emerging Markets Infrastructure		22,668,838		3,918,345		(4,904,255	)		(985,910	)
Europe		1,962,221,709		368,426,669		(391,075,267	)		(22,648,598	)
International Developed Property		75,634,841		4,062,674		(15,842,036	)		(11,779,362	)
International Developed Small Cap Value Factor		164,393,993		5,605,754		(6,997,169	)		(1,391,415	)
International Dividend Growth		319,437,963		23,433,859		(22,695,587	)		738,272
Latin America 40		1,790,707,731		211,949,977		(244,503,803	)		(32,553,826	)

9. LINE OF CREDIT

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

During the year ended March 31, 2022, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF and iShares Latin America 40 ETF did not borrow under the Credit Agreement.

For the year ended March 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	1,000,000	$	16,438		1.09	%

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 77

Notes to Financial Statements  (continued)

Effective August 13, 2021, iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF and iShares Latin America 40 ETF did not borrow under the Syndicated Credit Agreement.

For the year ended March 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	670,000	$	24,507		1.23	%

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

78 2 0 2 2    I S H A R E S   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  (continued)

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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 79

Notes to Financial Statements  (continued)

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. 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:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Asia 50
Shares sold		550,000		$	50,293,530			16,500,000		$	1,320,555,253
Shares redeemed		(8,000,000	)		(674,686,270	)		(500,000	)		(40,047,103	)
Net increase (decrease)		(7,450,000	)	$	(624,392,740	)		16,000,000		$	1,280,508,150
Emerging Markets Infrastructure
Shares sold		250,000		$	5,705,641			—		$	—
Europe
Shares sold		6,250,000		$	340,588,053			2,250,000		$	86,142,285
Shares redeemed		(650,000	)		(29,123,281	)		(4,450,000	)		(165,293,760	)
Net increase (decrease)		5,600,000		$	311,464,772			(2,200,000	)	$	(79,151,475	)
International Developed Property
Shares sold		—		$	58			2,800,000		$	86,165,116
Shares redeemed		(500,000	)		(18,963,122	)		(3,300,000	)		(105,623,418	)
Net decrease		(500,000	)	$	(18,963,064	)		(500,000	)	$	(19,458,302	)

	Year Ended 03/31/22				Period Ended 03/31/21
iShares ETF	Shares		Amount		Shares		Amount
International Developed Small Cap Value Factor Shares sold		4,600,000	$	157,695,420		200,000	$	6,879,101

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
International Dividend Growth
Shares sold		2,450,000		$	165,044,172			2,150,000		$	132,833,399
Shares redeemed		(450,000	)		(30,093,171	)		(950,000	)		(55,518,248	)
Net increase		2,000,000		$	134,951,001			1,200,000		$	77,315,151
Latin America 40
Shares sold		25,250,000		$	664,304,225			37,000,000		$	972,094,694
Shares redeemed		(32,250,000	)		(864,241,731	)		(16,250,000	)		(327,756,339	)
Net increase (decrease)		(7,000,000	)	$	(199,937,506	)		20,750,000		$	644,338,355

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 State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other

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Notes to Financial Statements  (continued)

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.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe ETF and iShares International Developed Property ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The iShares Europe ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. 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 81

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF: statements of operations for the year ended March 31, 2022 and statements of changes in net assets for each of the two years in the period ended March 31, 2022.

iShares International Developed Small Cap Value Factor ETF: statement of operations for the year ended March 31, 2022 and statements of changes in net assets for the year ended March 31, 2022 and the period March 23, 2021 (commencement of operations) to March 31, 2021.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Asia 50	$	22,733,367
Emerging Markets Infrastructure		399,343
Europe		64,044,996
International Developed Property		1,317,261
International Developed Small Cap Value Factor		1,186,552
International Dividend Growth		7,123,411
Latin America 40		98,638,909

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Asia 50	$	54,338,855	$	7,333,996
Emerging Markets Infrastructure		780,653		26,276
Europe		64,816,995		—
International Developed Property		3,072,184		133,329
International Developed Small Cap Value Factor		1,443,366		67,354
International Dividend Growth		7,936,613		872,385
Latin America 40		111,853,361		4,322,077

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Latin America 40		0.96	%

I M P O R T A N T   T A X   I N F O R M A T I O N 83

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Asia 50(a)	$	1.152662	$	—	$	0.022759	$	1.175421		98	%		—	%		2	%		100	%
Emerging Markets Infrastructure(a)		0.956778		—		0.009332		0.966110		99			—			1			100
Europe(a)		1.481609		—		0.044860		1.526469		97			—			3			100
International Developed Property(a)		1.326316		—		0.162190		1.488506		89			—			11			100
International Developed Small Cap Value Factor(a)		0.624090		—		0.395061		1.019151		61			—			39			100
International Dividend Growth		1.467391		—		—		1.467391		100			—			—			100
Latin America 40(a)		1.971073		—		0.015797		1.986870		99			—			1			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L   I N F O R M A T I O N 85

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 87

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L   I N F O R M A T I O N 89

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

90 2 0 2 2   I S H A R E S   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

Want to know more?

iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-304-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Currency Hedged JPX-Nikkei 400 ETF  |  HJPX  |  NYSE Arca

· iShares JPX-Nikkei 400 ETF  |  JPXN  |  NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		19
Statements of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		22
Notes to Financial Statements		24
Report of Independent Registered Public Accounting Firm		32
Important Tax Information (Unaudited)		33
Statement Regarding Liquidity Risk Management Program		34
Supplemental Information		35
Trustee and Officer Information		36
General Information		39
Glossary of Terms Used in this Report		40

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended March 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 7.28% in U.S. dollar terms for the reporting period.

Stocks were supported by economic recovery in most regions of the world, even as significant challenges emerged. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the pandemic, as mitigation and adaptation allowed most activity to continue. Nonetheless, two highly contagious COVID-19 variants appeared during the reporting period, causing sharp increases in cases in many countries and in some instances leading to new restrictions, which acted as a drag on growth. Inflation was high in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine late in the reporting period presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew robustly, powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity. Consequently, unemployment decreased substantially, falling to 3.6% in March 2022.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates, and indicated that further increases could be necessary.

Stocks in Europe posted modest gains, helped by a steadily growing economy and increasing vaccinations. However, inflation increased significantly, and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many other European countries, and new sanctions imposed limits on some types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying programs.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period and analysts became concerned that the subsequent lockdowns would constrain growth.

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Fund Summary as of March 31, 2022 iShares^® Currency Hedged JPX-Nikkei 400 ETF

Investment Objective

The iShares Currency Hedged JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of an index composed of broad-based Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the JPX-Nikkei 400 Net Total Return USD Hedged 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares JPX-Nikkei 400 ETF.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.01	)%		8.11	%		7.89	%		(0.01	)%		47.71	%		63.90	%
Fund Market		0.01			8.05			7.88			0.01			47.26			63.78
Index		1.70			8.81			8.74			1.70			52.52			72.43

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/29/15. The first day of secondary market trading was 10/1/15.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	967.80	$	0.00		$	1,000.00	$	1,024.90	$	0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D    S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Currency Hedged JPX-Nikkei 400 ETF

Portfolio Management Commentary

Japanese stocks retreated for the reporting period as the Japanese economy’s recovery trailed other developed countries. Prolonged states of emergency, rising COVID-19 cases, and supply chain disruptions drove contractions in business investment, household consumption, and exports, but each recovered somewhat as economic conditions improved. A very weak Japanese yen relative to the U.S. dollar also weighed on the Index’s return.

Healthcare stocks were the largest detractors from the Index’s return in U.S. dollar terms. Pharmaceuticals, biotechnology, and life sciences stocks declined as foreign exchange losses weighed on revenues, despite underlying growth. Divestitures were also negative for these firms, which sold off sales and distribution rights for certain products to focus on patented drugs. Healthcare equipment and supplies companies also weighed on the Index’s performance as higher prices for fuel and raw materials drove costs higher following Russia’s invasion of Ukraine.

Industrials stocks also weighed significantly on the Index’s return, with capital goods companies driving detraction. Supply chain difficulties and higher input costs diminished operating profits for companies that make electric vehicle motors. Makers of industrial robotic devices were also negative, unable to meet demand due to semiconductor chip shortages.

Consumer discretionary stocks also detracted. Amid intermittent lockdowns and supply chain constraints that limited profits, fast fashion retailers and electric vehicle battery makers weighed on the Index’s return. Supply chain woes also dampened performance for consumer staples companies in Japan, as did store closures and fears of future lockdowns.

On the upside, financials companies were positive for the Index in U.S. dollar terms, as global multiline insurers’ diverse revenue sources, including investments in foreign securities, made them resilient enough to weather COVID-19 driven losses.

The Japanese yen depreciated by approximately 9% against the U.S. dollar for the reporting period. The Bank of Japan’s relatively accommodative monetary policy and Japan’s comparatively muted inflation drove the Japanese yen’s decline relative to the U.S. dollar.

The Japanese yen’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Japanese yen’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Japanese equities measured in Japanese yen.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.6	%
Forward foreign currency exchange contracts, net cumulative appreciation		5.4
Other assets less liabilities		(5.0	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		25.2	%
Consumer Discretionary		15.2
Information Technology		13.2
Financials		10.8
Health Care		10.1
Consumer Staples		8.0
Communication Services		7.0
Materials		5.3
Real Estate		2.9
Utilities		1.2
Energy		1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® JPX-Nikkei 400 ETF

Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.94	)%		5.03	%		5.81	%		(8.94	)%		27.80	%		75.88	%
Fund Market		(9.20	)		4.97			5.92			(9.20	)		27.43			77.72
Index		(7.44	)		5.63			6.26			(7.44	)		31.51			83.51

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	884.20	$	2.25		$	1,000.00	$	1,022.50	$	2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D    S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® JPX-Nikkei 400 ETF

Portfolio Management Commentary

Japanese stocks retreated for the reporting period as the Japanese economy’s recovery trailed other developed countries. Prolonged states of emergency, rising COVID-19 cases, and supply chain disruptions drove contractions in business investment, household consumption, and exports, but each recovered somewhat as economic conditions improved. A very weak Japanese yen relative to the U.S. dollar also weighed on the Index’s return.

Healthcare stocks were the largest detractors from the Index’s return. Pharmaceuticals, biotechnology, and life sciences stocks declined as foreign exchange losses weighed on revenues, despite underlying growth. Divestitures were also negative for these firms, which sold off sales and distribution rights for certain products to focus on patented drugs. Healthcare equipment and supplies companies also weighed on the Index’s performance as higher prices for fuel and raw materials drove costs higher following Russia’s invasion of Ukraine.

Industrials stocks also weighed significantly on the Index’s return, with capital goods companies driving detraction. Supply chain difficulties and higher input costs diminished operating profits for companies that make electric vehicle motors. Makers of industrial robotic devices were also negative, unable to meet demand due to semiconductor chip shortages.

Consumer discretionary stocks also detracted. Amid intermittent lockdowns and supply chain constraints that limited profits, fast fashion retailers and electric vehicle battery makers weighed on the Index’s return. Supply chain woes also dampened performance for consumer staples companies in Japan, as did store closures and fears of future lockdowns.

On the upside, financials companies were positive for the Index, as global multiline insurers’ diverse revenue sources, including investments in foreign securities, made them resilient enough to weather COVID-19 driven losses.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	25.2	%
Consumer Discretionary	15.2
Information Technology	13.2
Financials	10.8
Health Care	10.1
Consumer Staples	8.0
Communication Services	7.0
Materials	5.3
Real Estate	2.9
Utilities	1.2
Energy	1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tokyo Electron Ltd.	2.1	%
Sony Group Corp.	1.8
Mitsubishi Corp.	1.8
Mitsubishi UFJ Financial Group Inc.	1.7
Toyota Motor Corp.	1.7
Nippon Telegraph & Telephone Corp.	1.7
Recruit Holdings Co. Ltd.	1.6
Daikin Industries Ltd.	1.5
KDDI Corp.	1.5
ITOCHU Corp.	1.5

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder 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 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 a 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.

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 9

Schedule of Investments   March 31, 2022 iShares^® Currency Hedged JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares JPX-Nikkei 400 ETF(a)		52,796	$	3,438,076
Total Investment Companies — 99.6% (Cost: $3,189,040)				3,438,076
Total Investments in Securities — 99.6% (Cost: $3,189,040)				3,438,076
Other Assets, Less Liabilities — 0.4%				14,319
Net Assets — 100.0%			$	3,452,395

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	1,000	$	—	$	(1,000	)(b)	$	—		$	—		$	—		—	$	—	$	—
iShares JPX-Nikkei 400 ETF		3,532,614		519,150		(189,278	)		(6,715	)		(417,695	)		3,438,076		52,796		90,638		—
								$	(6,715	)	$	(417,695	)	$	3,438,076			$	90,638	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,389,964	JPY	390,148,000		MS		04/05/22	$	185,148
USD	3,584,428	JPY	434,767,000		MS		05/09/22		10,739
									195,887
JPY	390,148,000	USD	3,214,455		MS		04/05/22		(9,639	)
JPY	10,830,000	USD	89,134		MS		05/09/22		(113	)
									(9,752	)
	Net unrealized appreciation							$	186,135

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:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	195,887

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Schedule of Investments  (continued) March 31, 2022 iShares^® Currency Hedged JPX-Nikkei 400 ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Foreign Currency Exchange Contracts
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	9,752

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	279,918
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	55,165

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,438,465
Average amounts sold — in USD	$	7,086,752

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:
Forward foreign currency exchange contracts	$	195,887	$	9,752
Total derivative assets and liabilities in the Statement of Assets and Liabilities		195,887		9,752
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		195,887		9,752

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 Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC		$	195,887	$	(9,752	)	$	—	$	—	$	186,135
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)
Morgan Stanley & Co. International PLC		$	9,752	$	(9,752	)	$	—	$	—	$	—

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

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Currency Hedged JPX-Nikkei 400 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	3,438,076	$	—		$	—	$	3,438,076
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	195,887		$	—	$	195,887
Liabilities
Forward Foreign Currency Exchange Contracts		—		(9,752	)		—		(9,752	)
	$	—	$	186,135		$	—	$	186,135

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

12 2 0 2 2    I S H A R E S     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 March 31, 2022 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
Kintetsu World Express Inc.		800	$	20,469
Maruwa Unyu Kikan Co. Ltd.		800		7,317
SG Holdings Co. Ltd.		8,800		165,711
Yamato Holdings Co. Ltd.		6,400		119,553
				313,050
Auto Components — 2.7%
Aisin Corp.		3,200		109,368
Bridgestone Corp.		14,400		558,947
Denso Corp.		11,200		714,561
Koito Manufacturing Co. Ltd.		3,200		129,503
NGK Spark Plug Co. Ltd.		4,000		64,404
Nifco Inc./Japan		1,600		36,392
Stanley Electric Co. Ltd.		3,200		60,503
Sumitomo Electric Industries Ltd.		17,600		209,216
Sumitomo Rubber Industries Ltd.		4,000		36,651
Toyo Tire Corp.		2,400		30,516
Toyoda Gosei Co. Ltd.		1,600		26,384
Toyota Boshoku Corp.		1,600		26,017
TS Tech Co. Ltd.		2,400		26,835
Yokohama Rubber Co. Ltd. (The)		3,200		44,032
				2,073,329
Automobiles — 4.3%
Honda Motor Co. Ltd.		38,400		1,088,480
Isuzu Motors Ltd.		15,200		196,354
Subaru Corp.		14,400		228,715
Suzuki Motor Corp.		11,200		383,826
Toyota Motor Corp.		72,820		1,313,527
Yamaha Motor Co. Ltd.		6,700		150,172
				3,361,074
Banks — 5.4%
Aozora Bank Ltd.		3,200		67,421
Chiba Bank Ltd (The)		16,800		98,779
Concordia Financial Group Ltd.		29,600		110,161
Fukuoka Financial Group Inc.		4,000		77,184
Mebuki Financial Group Inc.		23,200		48,311
Mitsubishi UFJ Financial Group Inc.		217,600		1,345,016
Mizuho Financial Group Inc.		61,650		786,368
Resona Holdings Inc.		54,400		231,708
Seven Bank Ltd.		15,200		29,666
Shinsei Bank Ltd.(a)		3,200		58,366
Sumitomo Mitsui Financial Group Inc.		33,600		1,061,369
Sumitomo Mitsui Trust Holdings Inc.		8,804		286,523
				4,200,872
Beverages — 1.2%
Asahi Group Holdings Ltd.		12,000		437,046
Ito En Ltd.		1,600		78,538
Kirin Holdings Co. Ltd.		18,400		274,834
Suntory Beverage & Food Ltd.		3,200		121,968
				912,386
Biotechnology — 0.1%
PeptiDream Inc.(a)		2,400		42,651
Building Products — 2.0%
AGC Inc.		4,800		191,786
Aica Kogyo Co. Ltd.		1,600		38,909
Daikin Industries Ltd.		6,400		1,162,265
Nichias Corp.		800		16,471

Security	Shares		Value
Building Products (continued)
Sanwa Holdings Corp.		4,000	$	40,483
TOTO Ltd.		3,200		128,514
				1,578,428
Capital Markets — 1.2%
Daiwa Securities Group Inc.		36,800		208,167
GMO Financial Holdings Inc.		800		5,369
JAFCO Group Co. Ltd.(a)		2,400		36,582
Japan Exchange Group Inc.		12,000		222,815
Nomura Holdings Inc.		74,400		312,909
SBI Holdings Inc/Japan		5,600		141,293
				927,135
Chemicals — 4.5%
Air Water Inc.		4,800		67,406
Asahi Kasei Corp.		31,200		269,866
Daicel Corp.		6,400		42,661
Denka Co. Ltd.		1,600		44,329
DIC Corp.		2,400		49,039
Kansai Paint Co. Ltd.		4,800		77,059
Kuraray Co. Ltd.		7,200		61,977
Mitsubishi Chemical Holdings Corp.		32,000		212,823
Mitsubishi Gas Chemical Co. Inc.		4,800		81,254
Mitsui Chemicals Inc.		4,000		100,558
Nippon Paint Holdings Co. Ltd.		18,400		161,209
Nippon Sanso Holdings Corp.		4,000		76,054
Nissan Chemical Corp.		2,400		140,779
Nitto Denko Corp.		3,200		229,402
NOF Corp.		1,600		65,375
Shin-Etsu Chemical Co. Ltd.		7,200		1,093,919
Showa Denko KK		4,000		78,978
Sumitomo Chemical Co. Ltd.		35,200		161,174
Teijin Ltd.		4,800		53,411
Tokai Carbon Co. Ltd.		4,000		37,317
Tokuyama Corp.		1,600		22,388
Toray Industries Inc.		34,400		178,865
Tosoh Corp.		7,200		106,412
Ube Industries Ltd.		2,400		39,092
Zeon Corp.		4,000		44,398
				3,495,745
Commercial Services & Supplies — 0.6%
Aeon Delight Co. Ltd.		800		19,881
Japan Elevator Service Holdings Co. Ltd.		1,600		20,712
Pilot Corp.		800		34,356
Secom Co. Ltd.		4,800		347,241
Sohgo Security Services Co. Ltd.		1,600		52,178
				474,368
Construction & Engineering — 1.1%
COMSYS Holdings Corp.		2,400		52,262
EXEO Group Inc.		2,400		44,260
Hazama Ando Corp.		3,200		23,649
INFRONEER Holdings Inc.		5,600		47,794
Kajima Corp.		11,200		136,267
Kandenko Co. Ltd.		2,400		16,374
Kumagai Gumi Co. Ltd.		800		17,708
Kyudenko Corp.		800		18,705
Mirait Holdings Corp.		2,400		38,188
Nishimatsu Construction Co. Ltd.		900		27,022
Obayashi Corp.		15,200		111,564
Penta-Ocean Construction Co. Ltd.		6,400		31,928
Shimizu Corp.		14,400		86,417

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

Schedule of Investments  (continued) March 31, 2022 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Sumitomo Mitsui Construction Co. Ltd.		3,220	$	10,969
Taisei Corp.		4,800		138,572
Toda Corp.		6,400		38,764
Tokyu Construction Co. Ltd.		1,600		8,777
				849,220
Construction Materials — 0.0%
Taiheiyo Cement Corp.		2,400		39,548
Consumer Finance — 0.2%
Acom Co. Ltd.		8,800		22,884
AEON Financial Service Co. Ltd.		2,400		23,784
Marui Group Co. Ltd.		4,000		73,189
Orient Corp.		12,000		12,130
				131,987
Containers & Packaging — 0.1%
FP Corp.		800		19,070
Rengo Co. Ltd.		4,800		30,661
				49,731
Distributors — 0.0%
Paltac Corp.		800		29,729
Diversified Financial Services — 1.0%
Financial Products Group Co. Ltd.		1,600		11,236
Fuyo General Lease Co. Ltd.		800		45,609
Mitsubishi HC Capital Inc.		16,800		78,061
Mizuho Leasing Co. Ltd.		800		19,439
ORIX Corp.		29,600		590,003
Tokyo Century Corp.		800		29,329
Zenkoku Hosho Co. Ltd.		800		30,740
				804,417
Diversified Telecommunication Services — 1.7%
Nippon Telegraph & Telephone Corp.		44,000		1,278,371
Usen-Next Holdings Co. Ltd.		800		16,580
				1,294,951
Electric Utilities — 0.7%
Chubu Electric Power Co. Inc.		15,200		157,317
Chugoku Electric Power Co. Inc. (The)		7,200		50,067
Hokkaido Electric Power Co. Inc.		4,000		15,846
Kansai Electric Power Co Inc/The		19,200		180,848
Kyushu Electric Power Co. Inc.		10,400		69,632
Tohoku Electric Power Co. Inc.		11,200		65,377
				539,087
Electrical Equipment — 2.1%
Fuji Electric Co. Ltd.		3,200		159,490
Mitsubishi Electric Corp.		48,800		559,680
Nidec Corp.		12,000		947,797
				1,666,967
Electronic Equipment, Instruments & Components — 4.8%
Anritsu Corp.		3,200		40,521
Azbil Corp.		3,200		106,207
Daiwabo Holdings Co. Ltd.		2,800		37,526
Hamamatsu Photonics KK		3,200		169,961
Horiba Ltd.		800		43,592
Keyence Corp.		2,344		1,086,918
Kyocera Corp.		7,200		402,908
Murata Manufacturing Co. Ltd.		14,400		948,568
Omron Corp.		4,000		266,194
Shimadzu Corp.		6,400		220,125
Taiyo Yuden Co. Ltd.		2,400		107,442

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TDK Corp.		7,200	$	259,756
Yokogawa Electric Corp.		4,800		81,785
				3,771,503
Entertainment — 2.4%
Akatsuki Inc.		200		4,726
Capcom Co. Ltd.		4,000		96,977
GungHo Online Entertainment Inc.(b)		1,690		35,884
Koei Tecmo Holdings Co. Ltd.		1,640		53,780
Konami Holdings Corp.		1,600		100,920
Nexon Co. Ltd.		11,200		267,946
Nintendo Co. Ltd.		2,200		1,110,476
Square Enix Holdings Co. Ltd.		1,900		84,167
Toho Co. Ltd./Tokyo		3,200		120,927
				1,875,803
Food & Staples Retailing — 2.0%
Ain Holdings Inc.		800		41,570
Cosmos Pharmaceutical Corp.		400		48,480
Create SD Holdings Co. Ltd.		800		20,994
Kobe Bussan Co. Ltd.(b)		4,000		123,099
Kusuri no Aoki Holdings Co. Ltd.		500		27,825
Lawson Inc.		800		30,624
MatsukiyoCocokara & Co.		2,400		84,893
Seven & i Holdings Co. Ltd.		19,200		915,402
Sugi Holdings Co. Ltd.		800		39,597
Sundrug Co. Ltd.		1,600		38,969
Tsuruha Holdings Inc.		1,000		63,498
Welcia Holdings Co. Ltd.		2,400		59,052
Yaoko Co. Ltd.		800		43,478
				1,537,481
Food Products — 1.9%
Ajinomoto Co. Inc.		10,400		295,181
Ariake Japan Co. Ltd.		800		33,929
Calbee Inc.		2,400		46,274
Kagome Co. Ltd.		2,400		61,323
Kewpie Corp.		3,200		61,314
Kikkoman Corp.		3,200		211,956
MEIJI Holdings Co. Ltd.		3,200		173,542
Morinaga & Co. Ltd./Japan		900		28,049
Morinaga Milk Industry Co. Ltd.		800		34,224
NH Foods Ltd.		1,600		54,346
Nichirei Corp.		2,400		46,544
Nippon Suisan Kaisha Ltd.		6,400		28,672
Nissin Foods Holdings Co. Ltd.		1,900		133,219
Prima Meat Packers Ltd.		800		14,407
Toyo Suisan Kaisha Ltd.		2,400		85,877
Yakult Honsha Co. Ltd.		4,000		213,375
				1,522,232
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		8,800		150,798
Tokyo Gas Co. Ltd.		9,600		175,749
				326,547
Health Care Equipment & Supplies — 3.1%
Asahi Intecc Co. Ltd.		5,600		109,248
Hoya Corp.		9,700		1,105,391
Japan Lifeline Co. Ltd.		1,600		13,378
Nihon Kohden Corp.		1,600		38,435
Olympus Corp.		25,600		485,186
Sysmex Corp.		4,000		289,710

14 2 0 2 2    I S H A R E S     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  (continued) March 31, 2022 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Terumo Corp.		13,600	$	411,516
				2,452,864
Health Care Providers & Services — 0.2%
Alfresa Holdings Corp.		4,800		66,536
Medipal Holdings Corp.		4,800		78,980
Ship Healthcare Holdings Inc.		1,600		25,921
				171,437
Health Care Technology — 0.4%
M3 Inc.		8,000		288,928
Hotels, Restaurants & Leisure — 1.7%
Food & Life Companies Ltd.		3,200		89,254
KOMEDA Holdings Co. Ltd.		800		13,335
McDonald’s Holdings Co. Japan Ltd.		2,600		108,123
Oriental Land Co. Ltd./Japan		5,600		1,071,870
Zensho Holdings Co. Ltd.		2,400		56,069
				1,338,651
Household Durables — 3.5%
Casio Computer Co. Ltd.		3,200		36,632
ES-Con Japan Ltd.		800		5,338
Haseko Corp.		4,800		55,132
Iida Group Holdings Co. Ltd.		4,000		68,964
Open House Group Co. Ltd.		1,600		70,804
Panasonic Corp.		52,000		505,028
Pressance Corp.		800		11,916
Rinnai Corp.		800		59,843
Sekisui Chemical Co. Ltd.		10,400		149,021
Sekisui House Ltd.		16,800		324,965
Sony Group Corp.		13,300		1,368,246
Sumitomo Forestry Co. Ltd.		4,000		70,481
				2,726,370
Household Products — 0.6%
Lion Corp.		6,400		71,329
Pigeon Corp.		3,200		56,277
Unicharm Corp.		9,600		344,888
				472,494
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		4,000		57,128
eRex Co. Ltd.		800		11,295
RENOVA Inc.(a)(b)		800		11,132
				79,555
Industrial Conglomerates — 1.5%
Hitachi Ltd.		22,400		1,120,989
TOKAI Holdings Corp.		2,400		16,924
				1,137,913
Insurance — 2.9%
Dai-ichi Life Holdings Inc.		24,000		487,699
MS&AD Insurance Group Holdings Inc.		10,400		337,667
Sompo Holdings Inc.		8,000		351,523
T&D Holdings Inc.		12,800		173,798
Tokio Marine Holdings Inc.		16,000		931,091
				2,281,778
Interactive Media & Services — 0.5%
Dip Corp.		800		21,819
Kakaku.com Inc.		3,200		71,465
Mixi Inc.		800		14,358
Z Holdings Corp.		69,600		300,887
				408,529

Security	Shares		Value
Internet & Direct Marketing Retail — 0.1%
ZOZO Inc.		3,200	$	85,457
IT Services — 2.9%
Bell System24 Holdings Inc.		800		8,979
Digital Garage Inc.		800		29,888
Fujitsu Ltd.		4,400		659,233
GMO Payment Gateway Inc.		800		81,501
Infocom Corp.		800		13,768
Information Services International-Dentsu Ltd.		800		25,480
Itochu Techno-Solutions Corp.		2,400		61,307
NEC Corp.		6,400		268,869
NEC Networks & System Integration Corp.		1,600		23,287
Nihon Unisys Ltd.		1,600		40,593
Nomura Research Institute Ltd.		8,864		289,208
NS Solutions Corp.		800		23,974
NTT Data Corp.		12,800		251,549
Obic Co. Ltd.		1,600		239,643
Otsuka Corp.		2,400		85,095
SCSK Corp.		2,400		41,041
TIS Inc.		4,800		112,332
				2,255,747
Leisure Products — 1.2%
Bandai Namco Holdings Inc.		4,000		303,318
Shimano Inc.		2,000		458,017
Yamaha Corp.		3,200		139,059
				900,394
Machinery — 6.4%
Amada Co. Ltd.		7,200		63,300
Daifuku Co. Ltd.		2,400		171,243
DMG Mori Co. Ltd.		3,200		43,347
Ebara Corp.		2,400		133,131
FANUC Corp.		4,300		754,692
Fuji Corp./Aichi		1,600		28,858
Hino Motors Ltd.		6,400		37,413
Hitachi Construction Machinery Co. Ltd.		1,600		41,457
Hoshizaki Corp.		1,600		109,760
IHI Corp.		3,200		76,453
Japan Steel Works Ltd. (The)		1,600		49,592
Komatsu Ltd.		22,400		538,171
Kubota Corp.		24,000		449,862
Makita Corp.		5,600		179,181
MINEBEA MITSUMI Inc.		8,800		191,664
MISUMI Group Inc.		6,400		190,533
Mitsubishi Heavy Industries Ltd.		8,000		262,609
Miura Co. Ltd.		2,400		59,135
Nabtesco Corp.		2,400		63,366
NGK Insulators Ltd.		5,600		79,884
NSK Ltd.		7,200		43,144
OSG Corp.		2,400		36,679
SMC Corp.		1,400		782,591
Sumitomo Heavy Industries Ltd.		3,200		73,331
Takeuchi Manufacturing Co. Ltd.		800		17,203
Toyota Industries Corp.		4,000		275,893
Yaskawa Electric Corp.		5,600		218,260
				4,970,752
Marine — 0.7%
Mitsui OSK Lines Ltd.		7,200		200,007
Nippon Yusen KK		4,000		349,898
				549,905

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

Schedule of Investments  (continued) March 31, 2022 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.1%
Hakuhodo DY Holdings Inc.		6,400	$	80,339
Metals & Mining — 0.5%
Asahi Holdings Inc.		1,600		29,590
Mitsui Mining & Smelting Co. Ltd.		1,600		43,716
Sumitomo Metal Mining Co. Ltd.		6,400		324,247
				397,553
Multiline Retail — 0.3%
Izumi Co. Ltd.		800		21,063
Pan Pacific International Holdings Corp.		9,600		153,605
Ryohin Keikaku Co. Ltd.		5,600		64,956
Seria Co. Ltd.		1,600		36,326
				275,950
Oil, Gas & Consumable Fuels — 1.1%
Cosmo Energy Holdings Co. Ltd.		1,600		34,274
ENEOS Holdings Inc.		72,800		272,179
Idemitsu Kosan Co. Ltd.		5,600		154,367
Inpex Corp.		26,400		310,394
Iwatani Corp.		1,600		67,430
				838,644
Paper & Forest Products — 0.2%
Daio Paper Corp.		2,400		31,001
Oji Holdings Corp.		22,400		111,131
				142,132
Personal Products — 1.6%
Fancl Corp.		1,600		35,640
Kao Corp.		11,200		457,303
Kobayashi Pharmaceutical Co. Ltd.		1,300		104,160
Kose Corp.		800		83,700
Pola Orbis Holdings Inc.		2,400		31,251
Rohto Pharmaceutical Co. Ltd.		2,400		72,447
Shiseido Co. Ltd.		9,100		459,627
				1,244,128
Pharmaceuticals — 6.2%
Astellas Pharma Inc.		42,440		663,120
Chugai Pharmaceutical Co. Ltd.		15,200		507,200
Daiichi Sankyo Co. Ltd.		38,809		847,471
Eisai Co. Ltd.		5,900		273,339
JCR Pharmaceuticals Co. Ltd.		1,600		29,427
Kaken Pharmaceutical Co. Ltd.		800		25,441
Kyowa Kirin Co. Ltd.		5,600		130,278
Nippon Shinyaku Co. Ltd.		1,600		108,784
Ono Pharmaceutical Co. Ltd.		11,200		280,732
Otsuka Holdings Co. Ltd.		10,400		359,297
Santen Pharmaceutical Co. Ltd.		8,800		87,986
Sawai Group Holdings Co. Ltd.		800		29,211
Shionogi & Co. Ltd.		6,400		393,238
Sumitomo Dainippon Pharma Co. Ltd.		3,200		31,570
Takeda Pharmaceutical Co. Ltd.		36,000		1,025,719
Towa Pharmaceutical Co. Ltd.		800		17,973
				4,810,786
Professional Services — 2.3%
BayCurrent Consulting Inc.		300		108,593
Benefit One Inc.		1,600		33,580
en Japan Inc.		800		19,181
IR Japan Holdings Ltd.		200		7,048
Meitec Corp.		800		43,337
Nihon M&A Center Holdings Inc.		8,000		111,904
Outsourcing Inc.		2,400		24,729

Security	Shares		Value
Professional Services (continued)
Persol Holdings Co. Ltd.		4,800	$	107,550
Recruit Holdings Co. Ltd.		28,000		1,216,516
SMS Co. Ltd.		1,600		43,879
TechnoPro Holdings Inc.		3,200		86,447
UT Group Co. Ltd.		800		20,140
				1,822,904
Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		2,400		31,937
Daito Trust Construction Co. Ltd.		1,600		169,831
Daiwa House Industry Co. Ltd.		14,400		375,389
Hulic Co. Ltd.		10,400		93,303
Ichigo Inc.		4,800		12,346
Katitas Co. Ltd.		1,600		43,953
Mitsubishi Estate Co. Ltd.		32,000		476,495
Mitsui Fudosan Co. Ltd.		21,600		462,290
Nomura Real Estate Holdings Inc.		2,400		57,478
Relo Group Inc.		2,400		35,711
SAMTY Co. Ltd.		800		14,357
Starts Corp. Inc.		800		15,660
Sumitomo Realty & Development Co. Ltd.		10,400		287,823
Tokyo Tatemono Co. Ltd.		4,800		71,930
Tokyu Fudosan Holdings Corp.		13,600		74,641
				2,223,144
Road & Rail — 1.2%
Central Japan Railway Co.		4,000		521,573
Hankyu Hanshin Holdings Inc.		5,600		161,850
Hitachi Transport System Ltd.		800		43,891
Kyushu Railway Co.		3,200		65,363
Nippon Express Holdings Inc.		1,600		109,921
Sankyu Inc.		1,600		52,151
Senko Group Holdings Co. Ltd.		2,400		17,578
				972,327
Semiconductors & Semiconductor Equipment — 3.9%
Advantest Corp.		4,000		312,295
Disco Corp.		700		195,746
Japan Material Co. Ltd.		2,400		33,830
Lasertec Corp.		2,100		349,364
Optorun Co. Ltd.		800		13,735
Renesas Electronics Corp.(a)		27,200		315,166
SCREEN Holdings Co. Ltd.		800		79,740
SUMCO Corp.		6,400		104,736
Tokyo Electron Ltd.		3,100		1,592,039
Tokyo Seimitsu Co. Ltd.		800		31,617
Ulvac Inc.		800		40,687
				3,068,955
Software — 0.4%
Justsystems Corp.		800		37,683
Oracle Corp. Japan		800		55,438
Rakus Co. Ltd.		2,400		32,213
Systena Corp.		6,400		22,433
Trend Micro Inc/Japan		2,400		140,155
				287,922
Specialty Retail — 1.2%
ABC-Mart Inc.		800		30,154
Bic Camera Inc.		3,200		28,356
Fast Retailing Co. Ltd.		700		358,860
Hikari Tsushin Inc.		500		56,843
Kohnan Shoji Co. Ltd.		800		22,867
K’s Holdings Corp.		4,000		41,229

16 2 0 2 2    I S H A R E S     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  (continued) March 31, 2022 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Nitori Holdings Co. Ltd.		1,900	$	239,044
Nojima Corp.		800		15,118
T-Gaia Corp.		800		10,689
USS Co. Ltd.		4,800		80,657
Workman Co. Ltd.		800		32,695
				916,512
Technology Hardware, Storage & Peripherals — 1.0%
Brother Industries Ltd.		6,400		116,387
Elecom Co. Ltd.		1,600		19,218
FUJIFILM Holdings Corp.		8,800		537,151
MCJ Co. Ltd.		1,600		12,174
Seiko Epson Corp.		6,400		96,147
Wacom Co. Ltd.		4,000		30,664
				811,741
Textiles, Apparel & Luxury Goods — 0.0%
Goldwin Inc.		800		40,460
Tobacco — 0.6%
Japan Tobacco Inc.		26,400		450,848
Trading Companies & Distributors — 6.5%
ITOCHU Corp.		33,600		1,136,552
Kanamoto Co. Ltd.		800		13,071
Kanematsu Corp.		1,600		17,503
Marubeni Corp.		48,000		557,386
Mitsubishi Corp.		36,000		1,350,962
Mitsui & Co. Ltd.		37,600		1,020,660
MonotaRO Co. Ltd.		6,400		137,359
Nippon Steel Trading Corp.		800		34,629
Sojitz Corp.		5,420		89,138
Sumitomo Corp.		30,400		526,487
Toyota Tsusho Corp.		4,800		197,001
				5,080,748

Security	Shares		Value
Wireless Telecommunication Services — 2.3%
KDDI Corp.		35,200	$	1,154,089
SoftBank Group Corp.		13,600		608,051
				1,762,140
Total Common Stocks — 98.8% (Cost: $68,544,943)				77,166,248
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.34%(c)(d)(e)		98,009		97,990
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.25%(c)(d)		30,000		30,000
				127,990
Total Short-Term Investments — 0.2% (Cost: $127,987)				127,990
Total Investments in Securities — 99.0% (Cost: $68,672,930)				77,294,238
Other Assets, Less Liabilities — 1.0%				760,277
Net Assets — 100.0%			$	78,054,515

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$149,088	$	—			$(51,035)(a)	$	(64	)	$	1	$	97,990		98,009	$	2,284	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—			—		30,000		30,000		7			—
								$	(64	)	$	1	$	127,990			$	2,291		$	—

^(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.

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

Schedule of Investments  (continued) March 31, 2022 iShares^® JPX-Nikkei 400 ETF

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
Mini-TOPIX Index		55		06/09/22	$	871	$	827

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	827

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(34,488	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,064

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	593,045

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
Investments
Assets
Common Stocks	$	—	$	77,166,248	$	—	$	77,166,248
Money Market Funds		127,990		—		—		127,990
	$	127,990	$	77,166,248	$	—	$	77,294,238
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	827	$	—	$	827

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

See notes to financial statements.

18 2 0 2 2    I S H A R E S     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

March 31, 2022

	iShares Currency Hedged JPX-Nikkei 400 ETF		iShares JPX-Nikkei 400 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—	$	77,166,248
Affiliated(c)		3,438,076		127,990
Cash		1,686		9,711
Foreign currency, at value(d)		—		133,052
Foreign currency collateral pledged:
Futures contracts(e)		—		8,321
Receivables:
Securities lending income — Affiliated		—		6
Dividends		—		756,146
Unrealized appreciation on:
Forward foreign currency exchange contracts		195,887		—
Total assets		3,635,649		78,201,474
LIABILITIES
Collateral on securities loaned, at value		—		97,987
Payables:
Investments purchased		173,502		—
Variation margin on futures contracts		—		17,212
Investment advisory fees		—		31,760
Unrealized depreciation on:
Forward foreign currency exchange contracts		9,752		—
Total liabilities		183,254		146,959
NET ASSETS	$	3,452,395	$	78,054,515
NET ASSETS CONSIST OF:
Paid-in capital	$	3,264,496	$	93,382,252
Accumulated earnings (loss)		187,899		(15,327,737	)
NET ASSETS	$	3,452,395	$	78,054,515
Shares outstanding		100,000		1,200,000
Net asset value	$	34.52	$	65.05
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	—	$	92,706
(b) Investments, at cost — Unaffiliated	$	—	$	68,544,943
(c)  Investments, at cost — Affiliated	$	3,189,040	$	127,987
(d) Foreign currency, at cost	$	—	$	133,783
(e) Foreign currency collateral pledged, at cost	$	—	$	8,878

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 19

Statements of Operations

Year Ended March 31, 2022

	iShares Currency Hedged JPX-Nikkei 400 ETF			iShares JPX-Nikkei 400 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	1,956,279
Dividends — Affiliated		90,638			20
Securities lending income — Affiliated — net		—			2,271
Foreign taxes withheld		—			(195,501	)
Total investment income		90,638			1,763,069
EXPENSES
Investment advisory fees		20,690			413,342
Professional fees		217			217
Total expenses		20,907			413,559
Less:
Investment advisory fees waived		(20,907	)		—
Total expenses after fees waived		—			413,559
Net investment income		90,638			1,349,510
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(1,737,965	)
Investments — Affiliated		(6,715	)		(64	)
Futures contracts		—			(34,488	)
Forward foreign currency exchange contracts		279,918			—
Foreign currency transactions		—			(22,187	)
Net realized gain (loss)		273,203			(1,794,704	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(7,238,361	)
Investments — Affiliated		(417,695	)		1
Futures contracts		—			2,064
Forward foreign currency exchange contracts		55,165			—
Foreign currency translations		—			2,952
Net change in unrealized appreciation (depreciation)		(362,530	)		(7,233,344	)
Net realized and unrealized loss		(89,327	)		(9,028,048	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,311		$	(7,678,538	)

See notes to financial statements.

20 2 0 2 2    I S H A R E S     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 Currency Hedged JPX-Nikkei 400 ETF						iShares JPX-Nikkei 400 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	90,638		$	41,854		$	1,349,510		$	1,222,320
Net realized gain (loss)		273,203			(74,291	)		(1,794,704	)		6,677,923
Net change in unrealized appreciation (depreciation)		(362,530	)		1,146,786			(7,233,344	)		21,774,283
Net increase (decrease) in net assets resulting from operations		1,311			1,114,349			(7,678,538	)		29,674,526
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(91,653	)		(40,843	)		(2,229,146	)		(1,305,691	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			—			—			(20,685,841	)
NET ASSETS
Total increase (decrease) in net assets		(90,342	)		1,073,506			(9,907,684	)		7,682,994
Beginning of year		3,542,737			2,469,231			87,962,199			80,279,205
End of year	$	3,452,395		$	3,542,737		$	78,054,515		$	87,962,199

^(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 21

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged JPX-Nikkei 400 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	35.43		$	24.69		$	27.81		$	29.22		$	25.57
Net investment income(a)		0.91			0.42			0.58			0.41			0.48
Net realized and unrealized gain (loss)(b)		(0.90	)		10.73			(3.12	)		(1.41	)		3.63
Net increase (decrease) from investment operations		0.01			11.15			(2.54	)		(1.00	)		4.11
Distributions(c)
From net investment income		(0.92	)		(0.41	)		(0.58	)		(0.41	)		(0.46	)
Total distributions		(0.92	)		(0.41	)		(0.58	)		(0.41	)		(0.46	)
Net asset value, end of year	$	34.52		$	35.43		$	24.69		$	27.81		$	29.22
Total Return(d)
Based on net asset value		(0.01	)%		45.49	%		(9.49	)%		(3.36	)%		16.08	%
Ratios to Average Net Assets(e)
Total expenses		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%
Total expenses after fees waived		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
Net investment income		2.58	%		1.39	%		2.05	%		1.43	%		1.69	%
Supplemental Data
Net assets, end of year (000)	$	3,452		$	3,543		$	2,469		$	2,781		$	2,922
Portfolio turnover rate(f)		5	%		8	%		9	%		5	%		11	%

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

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

See notes to financial statements.

22 2 0 2 2    I S H A R E S     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 JPX-Nikkei 400 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	73.30		$	53.52		$	58.88		$	65.42		$	55.69
Net investment income(a)		1.12			0.88			0.96			1.06			0.95
Net realized and unrealized gain (loss)(b)		(7.51	)		19.82			(5.10	)		(6.73	)		9.76
Net increase (decrease) from investment operations		(6.39	)		20.70			(4.14	)		(5.67	)		10.71
Distributions(c)
From net investment income		(1.86	)		(0.92	)		(1.22	)		(0.87	)		(0.98	)
Total distributions		(1.86	)		(0.92	)		(1.22	)		(0.87	)		(0.98	)
Net asset value, end of year	$	65.05		$	73.30		$	53.52		$	58.88		$	65.42
Total Return(d)
Based on net asset value		(8.94	)%		38.91	%		(7.29	)%		(8.67	)%		19.32	%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.57	%		1.36	%		1.61	%		1.73	%		1.54	%
Supplemental Data
Net assets, end of year (000)	$	78,055		$	87,962		$	80,279		$	114,817		$	107,940
Portfolio turnover rate(f)		11	%		10	%		7	%		11	%		8	%

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

^(f)  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 23

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Currency Hedged JPX-Nikkei 400	Diversified
JPX-Nikkei 400	Diversified

Currently the iShares Currency Hedged JPX-Nikkei 400 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares JPX-Nikkei 400 ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged JPX-Nikkei 400 ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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Notes to Financial Statements  (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

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Notes to Financial Statements  (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
JPX-Nikkei 400
Morgan Stanley	$	81,685	$	81,685		$	—	$	—
UBS AG		11,021		11,021			—		—
	$	92,706	$	92,706		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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.

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Notes to Financial Statements  (continued)

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, 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 Fee
Currency Hedged JPX-Nikkei 400		0.59	%
JPX-Nikkei 400		0.48

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged JPX-Nikkei 400 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares JPX-Nikkei 400 ETF (“JPXN”), after taking into account any fee waivers by JPXN.

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Notes to Financial Statements  (continued)

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged JPX-Nikkei 400	$	20,907

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 82% 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 85% 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
JPX-Nikkei 400	$	556

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 year ended March 31, 2022, 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)
JPX-Nikkei 400	$	—	$	506,487	$	106,347

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.

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Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged JPX-Nikkei 400	$	519,150	$	189,278
JPX-Nikkei 400		9,237,960		10,214,533

There were no in-kind transactions for the year ended March 31, 2022.

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Currency Hedged JPX-Nikkei 400	$	(1	)	$	1

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Currency Hedged JPX-Nikkei 400
Ordinary income	$	91,653	$	40,843
JPX-Nikkei 400
Ordinary income	$	2,229,146	$	1,305,691

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Currency Hedged JPX-Nikkei 400	$	—	$	(27,023	)	$	214,922		$	187,899
JPX-Nikkei 400		298,153		(23,004,645	)		7,378,755			(15,327,737	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended March 31, 2022, the iShares Currency Hedged JPX-Nikkei 400 ETF utilized $333,977 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged JPX-Nikkei 400	$	3,223,154	$	234,426	$	(19,504	)	$	214,922
JPX-Nikkei 400		69,915,352		16,672,453		(9,292,740	)		7,379,713

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Notes to Financial Statements  (continued)

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

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Notes to Financial Statements  (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/22				Year Ended 03/31/21
iShares ETF	Shares		Amount		Shares			Amount
JPX-Nikkei 400
Shares redeemed		—	$	—		(300,000	)	$	(20,685,841	)

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 State Street Bank and Trust Company, the Trust’s administrator, 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 31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Currency Hedged JPX-Nikkei 400	$	65,448
JPX-Nikkei 400		1,860,406

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid by the underlying funds for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Currency Hedged JPX-Nikkei 400	$	55,624	$	596

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
JPX-Nikkei 400	$	1,956,542	$	188,993

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged JPX-Nikkei 400 ETF and iShares JPX-Nikkei 400 ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Currency Hedged JPX-Nikkei 400(a)	$	0.526965	$	—	$	0.389556	$	0.916521		57	%		—	%		43	%		100	%
JPX-Nikkei 400(a)		1.059229		—		0.798393		1.857622		57			—			43			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L    I N F O R M  A T I O N 35

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

		Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L    I N F O R M A T I O  N 39

Glossary of Terms Used in this Report

Counterparty Abbreviations
MS	Morgan Stanley & Co. International PLC
Currency Abbreviations
JPY	Japanese Yen
USD	United States Dollar

40 2 0 2 2    I S H A R E S     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

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by the Japan Exchange Group, Inc., Tokyo Stock Exchange or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-310-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

·  iShares India 50 ETF | INDY | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Consolidated Schedule of Investments		8
Consolidated Financial Statements
Consolidated Statement of Assets and Liabilities		11
Consolidated Statement of Operations		12
Consolidated Statements of Changes in Net Assets		13
Consolidated Financial Highlights		14
Notes to Consolidated Financial Statements		15
Report of Independent Registered Public Accounting Firm		22
Important Tax Information (Unaudited)		23
Statement Regarding Liquidity Risk Management Program		24
Supplemental Information		25
Trustee and Officer Information		27
General Information		30

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended March 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 7.28% in U.S. dollar terms for the reporting period.

Stocks were supported by economic recovery in most regions of the world, even as significant challenges emerged. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the pandemic, as mitigation and adaptation allowed most activity to continue. Nonetheless, two highly contagious COVID-19 variants appeared during the reporting period, causing sharp increases in cases in many countries and in some instances leading to new restrictions, which acted as a drag on growth. Inflation was high in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine late in the reporting period presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew robustly, powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity. Consequently, unemployment decreased substantially, falling to 3.6% in March 2022.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates, and indicated that further increases could be necessary.

Stocks in Europe posted modest gains, helped by a steadily growing economy and increasing vaccinations. However, inflation increased significantly, and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many other European countries, and new sanctions imposed limits on some types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying programs.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period and analysts became concerned that the subsequent lockdowns would constrain growth.

4 2 0 2 2   I S H A R E S   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 March 31, 2022    iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.57	%		9.37	%		8.19	%		11.57	%		56.51	%		119.65	%
Fund Market		10.37			9.24			8.12			10.37			55.56			118.23
Index		16.04			11.65			9.62			16.04			73.50			150.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         963.70	$       4.36			$      1,000.00	$      1,020.50	$       4.48		0.89	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022   (continued) iShares^® India 50 ETF

Portfolio Management Commentary

Large-capitalization Indian stocks advanced sharply for the reporting period as accommodative monetary policy increased liquidity and the economy continued to recover despite a resurgence of COVID-19 cases. India’s economic growth was among the world’s strongest in 2021 but slowed amid weakness in the job market and consumer spending. Large global corporations benefited from favorable government policy and stimulus efforts.

The information technology sector was the primary contributor to the Index’s return. Software and services stocks benefited from the increasing role of digital technology in business. IT services consultancies advanced as companies pursued digitization, increasing demand for cloud computing, digital payment infrastructure, cybersecurity, and other outsourced services, which drove earnings growth. Large new contracts and strong pricing also supported margins.

Energy stocks were a significant contributor to the Index’s return as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Indian oil, gas, and consumable fuels companies benefited from high energy prices, which supported strong pricing and margins across energy businesses such as retail fuel sales and refining and petrochemical manufacturing. Energy conglomerates with consumer-facing retail, telecommunications, and digital ventures also rose as strengthening consumer demand amid the reduction of pandemic-related restrictions bolstered retail sales, while rising fees and increasing per-user smartphone revenues drove telecommunications earnings.

Financials also contributed to the Index’s return, led by diversified financials stocks. Non-banking finance companies advanced amid strong growth in profits, net interest income, and assets under management, along with growing demand for retail financial services and insurance. Bank stocks benefited from perceived financial health amid improved non-performing loan ratios and strong capitalization and provision coverage, while sustained loan growth and reduced provisioning costs drove earnings.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	35.1	%
Information Technology	18.4
Energy	13.5
Materials	8.0
Consumer Staples	7.2
Consumer Discretionary	6.2
Health Care	4.0
Industrials	3.5
Communication Services	2.3
Utilities	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Reliance Industries Ltd.	12.1	%
Infosys Ltd.	9.3
HDFC Bank Ltd.	8.4
ICICI Bank Ltd.	6.6
Housing Development Finance Corp. Ltd.	5.6
Tata Consultancy Services Ltd.	5.1
Kotak Mahindra Bank Ltd.	3.4
ITC Ltd.	2.9
Larsen & Toubro Ltd.	2.8
Axis Bank Ltd.	2.6

6 2 0 2 2   I S H A R E S   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

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 the 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.

Shareholder Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 7

Consolidated Schedule of Investments March 31, 2022 iShares^® India 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.8%
Bajaj Auto Ltd.		86,585	$	4,158,214
Eicher Motors Ltd.		92,501		2,982,980
Hero MotoCorp Ltd.		86,358		2,597,374
Mahindra & Mahindra Ltd.		630,873		6,671,775
Maruti Suzuki India Ltd.		87,800		8,713,007
Tata Motors Ltd.(a)		1,181,252		6,676,256
				31,799,606
Banks — 24.3%
Axis Bank Ltd.(a)		1,743,613		17,359,205
HDFC Bank Ltd.		2,898,472		55,824,019
ICICI Bank Ltd.		4,589,416		43,773,728
IndusInd Bank Ltd.		430,624		5,268,959
Kotak Mahindra Bank Ltd.		971,820		22,319,428
State Bank of India		2,540,742		16,415,339
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,310,481)(b)		1,741,097		254,986
Yes Bank Ltd.(a)		46,465		7,504
				161,223,168
Chemicals — 2.4%
Asian Paints Ltd.		298,461		12,076,980
UPL Ltd.		364,015		3,678,809
				15,755,789
Construction & Engineering — 2.8%
Larsen & Toubro Ltd.		799,886		18,549,939
Construction Materials — 2.2%
Grasim Industries Ltd.		246,745		5,390,792
Shree Cement Ltd.		8,894		2,805,514
UltraTech Cement Ltd.		75,993		6,586,261
				14,782,567
Consumer Finance — 2.5%
Bajaj Finance Ltd.		175,833		16,698,559
Diversified Financial Services — 1.4%
Bajaj Finserv Ltd.		40,000		8,926,397
Electric Utilities — 1.0%
Power Grid Corp. of India Ltd.		2,257,548		6,436,119
Food Products — 1.9%
Britannia Industries Ltd.		78,633		3,315,487
Nestle India Ltd.		23,562		5,386,318
Tata Consumer Products Ltd.		398,303		4,069,535
				12,771,340
Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		67,428		4,001,678
Independent Power and Renewable Electricity Producers — 0.8%
NTPC Ltd.		3,071,656		5,447,544
Insurance — 1.3%
HDFC Life Insurance Co. Ltd.(c)		596,330		4,219,093
SBI Life Insurance Co. Ltd.(c)		291,386		4,293,004
				8,512,097
IT Services — 18.4%
HCL Technologies Ltd.		718,378		10,978,854
Infosys Ltd.		2,454,579		61,469,123
Tata Consultancy Services Ltd.		685,727		33,700,318
Tech Mahindra Ltd.		410,736		8,081,223

Security	Shares		Value
IT Services (continued)
Wipro Ltd.		975,374	$	7,581,224
				121,810,742
Life Sciences Tools & Services — 0.7%
Divi’s Laboratories Ltd.		84,364		4,879,688
Metals & Mining — 3.4%
Hindalco Industries Ltd.		963,146		7,185,665
JSW Steel Ltd.		651,756		6,260,949
Tata Steel Ltd.		525,445		8,989,037
				22,435,651
Oil, Gas & Consumable Fuels — 13.5%
Bharat Petroleum Corp. Ltd.		652,896		3,082,866
Coal India Ltd.		526,313		1,266,211
Oil & Natural Gas Corp. Ltd.		2,357,202		5,069,046
Reliance Industries Ltd.		2,315,865		80,100,132
				89,518,255
Personal Products — 2.4%
Hindustan Unilever Ltd.		591,124		15,903,743
Pharmaceuticals — 2.7%
Cipla Ltd.		342,532		4,586,177
Dr. Reddy’s Laboratories Ltd.		80,779		4,570,777
Sun Pharmaceutical Industries Ltd.		713,024		8,582,050
				17,739,004
Textiles, Apparel & Luxury Goods — 1.4%
Titan Co. Ltd.		276,099		9,197,782
Thrifts & Mortgage Finance — 5.6%
Housing Development Finance Corp. Ltd.		1,197,202		37,434,199
Tobacco — 2.9%
ITC Ltd.		5,792,484		19,061,009
Transportation Infrastructure — 0.7%
Adani Ports & Special Economic Zone Ltd.		486,641		4,939,229
Wireless Telecommunication Services — 2.3%
Bharti Airtel Ltd.(a)		1,563,522		15,501,459
Total Common Stocks — 100.0% (Cost: $251,742,397)				663,325,564
Short-Term Investments
Money Market Funds — 3.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		20,390,000		20,390,000
Total Short-Term Investments — 3.1% (Cost: $20,390,000)				20,390,000
Total Investments in Securities — 103.1% (Cost: $272,132,397)				683,715,564
Other Assets, Less Liabilities — (3.1)%				(20,487,409	)
Net Assets — 100.0%			$	663,228,155

^(a)  Non-income producing security.

^(b)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $254,986, representing less than 0.05% of its net assets as of period end, and an original cost of $3,310,481.

8 2 0 2 2   I S H A R E S   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

Consolidated Schedule of Investments   (continued) March 31, 2022 iShares^® India 50 ETF

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	9,980,000	$	10,410,000	(a)	$	—	$	—	$	—	$	20,390,000		20,390,000	$	5,206	$	—

^(a)  Represents net amount purchased (sold).

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
SGX Nifty 50 Index		3		04/28/22	$	104	$	949

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	949

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 March 31, 2022, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(189,261	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	758

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

Consolidated Schedule of Investments   (continued) March 31, 2022 iShares^® India 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	790,362

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated 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 Consolidated 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
Investments
Assets
Common Stocks	$	—	$	663,325,564	$	—	$	663,325,564
Money Market Funds		20,390,000		—		—		20,390,000
	$	20,390,000	$	663,325,564	$	—	$	683,715,564
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	949	$	—	$	949

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

See notes to consolidated financial statements.

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Consolidated Statement of Assets and Liabilities

March 31, 2022

	iShares India 50 ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	663,325,564
Affiliated(b)		20,390,000
Cash		283,375
Foreign currency, at value(c)		4,940,056
Cash pledged:
Futures contracts		6,000
Receivables:
Investments sold		4,254,764
Dividends		9,271
Total assets		693,209,030
LIABILITIES
Deferred foreign capital gain tax		24,537,788
Payables:
Investments purchased		4,955,855
Variation margin on futures contracts		1,031
Investment advisory fees		486,201
Total liabilities		29,980,875
NET ASSETS	$	663,228,155
NET ASSETS CONSIST OF:
Paid-in capital	$	350,487,953
Accumulated earnings		312,740,202
NET ASSETS	$	663,228,155
Shares outstanding		14,300,000
Net asset value	$	46.38
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — Unaffiliated	$	251,742,397
(b)   Investments, at cost — Affiliated	$	20,390,000
(c)   Foreign currency, at cost	$	4,940,056

See notes to consolidated financial statements.

F I N A N C I A L   S T A T E M E N T S 11

Consolidated Statement of Operations

Year Ended March 31, 2022

	iShares India 50 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	8,715,443
Dividends — Affiliated		5,206
Interest — Unaffiliated		427
Foreign taxes withheld		(1,858,894	)
Total investment income		6,862,182
EXPENSES
Investment advisory fees		6,197,154
Commitment fees		3,342
Professional fees		217
Mauritius income taxes		291
Total expenses		6,201,004
Net investment income		661,178
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		53,423,516
Futures contracts		(189,261	)
Foreign currency transactions		(717,759	)
Net realized gain		52,516,496
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		16,564,163
Futures contracts		758
Foreign currency translations		8,434
Net change in unrealized appreciation (depreciation)		16,573,355
Net realized and unrealized gain		69,089,851
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	69,751,029
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(4,035,460	)
(b)   Net of increase in deferred foreign capital gain tax of	$	(10,634,597	)

See notes to consolidated financial statements.

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Consolidated Statements of Changes in Net Assets

	iShares India 50 ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	661,178		$	333,331
Net realized gain		52,516,496			29,664,191
Net change in unrealized appreciation (depreciation)		16,573,355			282,365,983
Net increase in net assets resulting from operations		69,751,029			312,363,505
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(48,495,153	)		(570,041	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(49,311,607	)		(104,350,309	)
NET ASSETS
Total increase (decrease) in net assets		(28,055,731	)		207,443,155
Beginning of year		691,283,886			483,840,731
End of year	$	663,228,155		$	691,283,886

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

See notes to consolidated financial statements.

F I N A N C I A L   S T A T E M E N T S 13

Consolidated Financial Highlights

(For a share outstanding throughout each period)

		iShares India 50 ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	44.60			$	25.87			$	37.92			$	35.00			$	32.27
Net investment income(a)			0.05				0.02				0.19				0.16				0.15
Net realized and unrealized gain (loss)(b)			5.10				18.74				(12.01	)			2.97				2.68
Net increase (decrease) from investment operations			5.15				18.76				(11.82	)			3.13				2.83
Distributions(c)
From net investment income			(3.37	)			(0.03	)			(0.23	)			(0.21	)			(0.10	)
Total distributions			(3.37	)			(0.03	)			(0.23	)			(0.21	)			(0.10	)
Net asset value, end of year		$	46.38			$	44.60			$	25.87			$	37.92			$	35.00
Total Return(d)
Based on net asset value			11.57	%			72.59	%			(31.41	)%			9.04	%			8.76	%
Ratios to Average Net Assets(e)
Total expenses			0.89	%			0.90	%			0.93	%			0.94	%			0.92	%
Net investment income			0.10	%			0.06	%			0.51	%			0.45	%			0.42	%
Supplemental Data
Net assets, end of year (000)		$	663,228			$	691,284			$	483,841			$	828,545			$	1,120,132
Portfolio turnover rate(f)			12	%			8	%			26	%			24	%			14	%

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

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

See notes to consolidated financial statements.

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Notes to Consolidated Financial Statements

1. ORGANIZATION

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

These consolidated financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification   Classification
India 50	Non-diversified

Basis of Consolidation: The accompanying consolidated financial statements for the Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $643,273,502, which is 97.0% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

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. The 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement 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 March 31, 2022, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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

The Fund has conducted its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary

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Notes to Consolidated Financial Statements   (continued)

substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statement of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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 Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the 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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that the 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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.

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Notes to Consolidated Financial Statements   (continued)

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 the 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 Global 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 Global 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. 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 Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.89%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

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

The 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 Consolidated Statement 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.

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Notes to Consolidated Financial Statements   (continued)

6. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases	Sales
India 50	$82,968,733	$	196,003,680

There were no in-kind transactions for the year ended March 31, 2022.

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
India 50
Ordinary income	$	48,495,153	$	570,041

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Non-expiring Capital Loss Carryf orwards	(a)	Net Unrealized Gains (Losses)	(b)	Qualified Late-Year Losses	(c)	Total
India 50	$  (7,613,251)		$  332,350,195		$  (11,996,742)		$312,740,202

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Fund utilized $45,690,974 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
India 50	$	326,825,905	$	365,453,426	$	(8,562,818	)	$	356,890,608

8. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Fund. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

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Notes to Consolidated Financial Statements   (continued)

Effective August 13, 2021, the Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the Fund did not borrow under the Credit Agreement or Syndicated Credit Agreement.

Effective August 26, 2021, iShares India 50 ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the year ended March 31, 2022, the Fund did not borrow under the Uncommitted Liquidity Facility.

9. PRINCIPAL RISKS

In the normal course of business, the 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 Fund and its investments. The 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 the 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund 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 Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

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 Fund 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, the 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

N O T E S   T O   C O N S O L I D A T E D   F I N A N C I A L   S T A T E M E N T S 19

Notes to Consolidated Financial Statements   (continued)

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 Fund.

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

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.

The Fund invests a significant portion of its 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 Consolidated 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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
India 50
Shares sold		850,000		$	44,660,162			—		$	249,464
Shares redeemed		(2,050,000	)		(93,971,769	)		(3,200,000	)		(104,599,773	)
Net decrease		(1,200,000	)	$	(49,311,607	)		(3,200,000	)	$	(104,350,309	)

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 State Street Bank and Trust Company, the Trust’s administrator, 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 Consolidated Statement of Assets and Liabilities.

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Notes to Consolidated Financial Statements   (continued)

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s consolidated financial statements was completed through the date the consolidated financial statements were available to be issued and the following items were noted:

Effective April 21, 2022, the Uncommitted Liquidity Facility, to which the Fund and the Mauritius Participating Funds are party, was amended to increase the line of credit amount to $1.5 billion.

N O T E S   T O   C O N S O L I D A T E D   F I N A N C I A L   S T A T E M E N T S 21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares India 50 ETF

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of iShares India 50 ETF and its subsidiary (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2022, the related consolidated statement of operations for the year ended March 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2022 and the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend   Income
India 50	$	8,234,100

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
India 50	$	8,715,443	$	5,918,263

I M P O R T A N T   T A X   I N F O R M A T I O N 23

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares India 50 ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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 the 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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
India 50(a)	$	0.024317	$	—	$	3.343305	$	3.367622		1	%		—	%		99	%		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares India 50 ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

S U P P L E M E N T A L   I N F O R M A T I O N 25

Supplemental Information (unaudited) (continued)

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker   Remuneration
India 50		$60,774		$28,416		$32,358		661		$7,439		$769

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 27

Trustee and Officer Information   (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

28 2 0 2 2   I S H A R E S   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

Trustee and Officer Information   (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 29

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

30 2 0 2 2   I S H A R E S   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

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Fund’s 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 India Index Services & Products Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-307-0322

            

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

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

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

· iShares Russell 1000 ETF | IWB | NYSE Arca

· iShares Russell 1000 Growth ETF | IWF | NYSE Arca

· iShares Russell 1000 Value ETF | IWD | NYSE Arca

· iShares Russell 2000 ETF | IWM | NYSE Arca

· iShares Russell 2000 Growth ETF | IWO | NYSE Arca

· iShares Russell 2000 Value ETF | IWN | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		5.92	%		15.65	%
U.S. small cap equities (Russell 2000® Index)		(5.55	)		(5.79	)
International equities (MSCI Europe, Australasia, Far East Index)		(3.38	)		1.16
Emerging market equities (MSCI Emerging Markets Index)		(8.20	)		(11.37	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.05			0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.04	)		(3.31	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(5.92	)		(4.15	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.55	)		(4.47	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.16	)		(0.66	)
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
Market Overview	4
Fund Summary	5
About Fund Performance	23
Shareholder Expenses	23
Schedules of Investments	24
Financial Statements
Statements of Assets and Liabilities	116
Statements of Operations	119
Statements of Changes in Net Assets	122
Financial Highlights	127
Notes to Financial Statements	136
Report of Independent Registered Public Accounting Firm	150
Important Tax Information (Unaudited)	151
Statement Regarding Liquidity Risk Management Program	152
Supplemental Information	153
Trustee and Officer Information	155
General Information	158
Glossary of Terms Used in this Report	159

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

4 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell Top 200 ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.48	%		16.87	%		14.98	%		15.48	%		117.99	%		303.93	%
Fund Market		15.46			16.88			14.99			15.46			118.16			304.38
Index		15.66			17.04			15.16			15.66			119.58			310.33

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,054.30	$      0.77			$      1,000.00	$      1,024.20	$      0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Russell Top 200 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to attract new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to all-time highs, boosting revenues.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. In addition, companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. As the coronavirus pandemic abated, elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Stocks in the financials sector contributed to the Index’s return as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	31.5	%
Health Care	14.2
Consumer Discretionary	12.1
Financials	11.0
Communication Services	10.7
Consumer Staples	6.5
Industrials	6.4
Energy	3.1
Utilities	1.8
Real Estate	1.5
Materials	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	8.6	%
Microsoft Corp.	7.4
Amazon.com Inc.	4.5
Tesla Inc.	2.9
Alphabet Inc., Class A	2.7
Alphabet Inc., Class C	2.5
NVIDIA Corp.	2.1
Berkshire Hathaway Inc., Class B	2.1
Meta Platforms Inc, Class A	1.6
UnitedHealth Group Inc.	1.5

^(a) Excludes money market funds.

6 2 0 2 2   I S H A R E S   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 March 31, 2022  iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.58	%		22.12	%		17.81	%		18.58	%		171.60	%		414.82	%
Fund Market		18.74			22.15			17.82			18.74			171.94			415.65
Index		18.83			22.34			18.04			18.83			174.05			425.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,041.60	$      1.02			$      1,000.00	$      1,023.90	$      1.01		0.20	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® Russell Top 200 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

A strong rebound in consumer spending supported the consumer discretionary sector, which contributed notably to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	48.4	%
Consumer Discretionary	19.2
Communication Services	11.9
Health Care	7.3
Consumer Staples	4.7
Industrials	4.3
Financials	1.9
Real Estate	1.6
Other (each representing less than 1%)	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	15.0	%
Microsoft Corp.	13.0
Amazon.com Inc.	7.9
Tesla Inc.	5.0
Alphabet Inc., Class A	4.0
Alphabet Inc., Class C	3.7
NVIDIA Corp.	3.6
Meta Platforms Inc, Class A	2.9
Visa Inc., Class A	2.1
Home Depot Inc. (The)	1.7

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell Top 200 Value ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.56	%		10.19	%		11.32	%		11.56	%		62.46	%		192.20	%
Fund Market		11.43			10.20			11.33			11.43			62.55			192.46
Index		11.77			10.40			11.55			11.77			64.01			198.42

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,070.90	$      1.03			$      1,000.00	$      1,023.90	$      1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The healthcare sector contributed the most to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. Elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for health services and pharmaceuticals.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of the value-oriented firms represented in this company’s holdings, which included notable investments in the information technology sector, in addition to insurance, railroad, and utilities companies.

The energy sector was a notable contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	23.3	%
Financials	23.1
Industrials	9.3
Information Technology	9.2
Communication Services	9.1
Consumer Staples	8.8
Energy	7.0
Utilities	4.2
Consumer Discretionary	2.7
Materials	1.9
Real Estate	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	4.8	%
Johnson & Johnson	3.4
UnitedHealth Group Inc.	3.3
JPMorgan Chase & Co.	2.9
Procter & Gamble Co. (The)	2.7
Exxon Mobil Corp.	2.6
Chevron Corp.	2.3
Bank of America Corp.	2.2
Pfizer Inc.	2.1
Walt Disney Co. (The)	1.7

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell 1000 ETF

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.09	%		15.67	%		14.39	%		13.09	%		107.02	%		283.49	%
Fund Market		13.04			15.66			14.39			13.04			107.00			283.63
Index		13.27			15.82			14.53			13.27			108.42			288.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,040.70	$       0.76			$      1,000.00	$      1,024.20	$        0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 1000 ETF

Portfolio Management Commentary

Large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to attract new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 generated billions of dollars in sales for pharmaceuticals companies. As the coronavirus pandemic abated, elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	28.0%
Health Care	13.3
Consumer Discretionary	11.9
Financials	11.5
Communication Services	8.8
Industrials	8.5
Consumer Staples	5.8
Energy	3.7
Real Estate	3.3
Utilities	2.7
Materials	2.5

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	6.4%
Microsoft Corp.	5.5
Amazon.com Inc.	3.4
Tesla Inc.	2.1
Alphabet Inc., Class A	2.0
Alphabet Inc., Class C	1.8
NVIDIA Corp.	1.6
Berkshire Hathaway Inc., Class B	1.5
Meta Platforms Inc, Class A	1.2
UnitedHealth Group Inc.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell 1000 Growth ETF

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.77	%		20.65	%		16.82	%		14.77	%		155.68	%		373.42	%
Fund Market		14.87			20.68			16.84			14.87			155.92			374.04
Index		14.98			20.88			17.04			14.98			158.14			382.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,014.50	$       0.90			$      1,000.00	$      1,024.00	$        0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 1000 Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry led contributions amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

A strong rebound in consumer spending supported the consumer discretionary sector, which also contributed to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	46.2%
Consumer Discretionary	18.5
Communication Services	10.5
Health Care	8.9
Industrials	6.1
Consumer Staples	4.2
Financials	2.5
Real Estate	1.7
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	12.5%
Microsoft Corp.	10.8
Amazon.com Inc.	6.6
Tesla Inc.	4.2
Alphabet Inc., Class A	3.4
Alphabet Inc., Class C	3.1
NVIDIA Corp.	3.0
Meta Platforms Inc, Class A	2.4
Visa Inc., Class A	1.7
Home Depot Inc. (The)	1.5

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell 1000 Value ETF

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.45	%		10.11	%		11.50	%		11.45	%		61.87	%		196.98	%
Fund Market		11.43			10.12			11.51			11.43			61.97			197.32
Index		11.67			10.29			11.70			11.67			63.17			202.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,068.60	$       0.93			$      1,000.00	$      1,024.00	$        0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 1000 Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return amid higher prices for energy commodities, as the rebounding economy accelerated demand for energy while supply remained constrained. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Stocks in the financials sector contributed notably to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry rose, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of this company’s value-oriented holdings, which included notable investments in technology, insurance, railroad, and utilities companies. Robust investment banking activity, especially initial public offerings and existing equity capital financings, drove gains in the capital markets industry despite modest trading activity. The insurance industry also advanced, as many insurers were able to increase insurance premiums in an environment of higher inflation.

The healthcare sector was a modest contributor to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from coronavirus pandemic-induced lows. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. On the downside, the communication services sector detracted marginally from the Index’s return, as disruptions from the Delta and Omicron COVID-19 variants weighed on the earnings of the entertainment industry.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	20.8	%
Health Care	17.9
Industrials	11.0
Information Technology	9.3
Consumer Staples	7.4
Communication Services	7.1
Energy	7.1
Utilities	5.4
Consumer Discretionary	5.0
Real Estate	4.9
Materials	4.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	3.1	%
Johnson & Johnson	2.3
UnitedHealth Group Inc.	2.2
JPMorgan Chase & Co.	1.9
Procter & Gamble Co. (The)	1.8
Exxon Mobil Corp.	1.7
Chevron Corp.	1.5
Bank of America Corp.	1.4
Pfizer Inc.	1.4
Walt Disney Co. (The)	1.1

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Fund Summary as of March 31, 2022   iShares^® Russell 2000 ETF

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.92	)%		9.67	%		11.03	%		(5.92	)%		58.66	%		184.77	%
Fund Market		(6.20	)		9.68			11.02			(6.20	)		58.73			184.57
Index		(5.79	)		9.74			11.04			(5.79	)		59.19			185.00

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        944.00	$       0.92			$      1,000.00	$      1,024.00	$        0.96		0.19	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 2000 ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined for the reporting period despite strong economic growth and robust consumer spending. The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms. A relative dearth of positive news, such as high-growth potential drugs and treatments advancing in the FDA process, along with muted enthusiasm for stocks with high valuations and minimal earnings, also pressured the sector.

Stocks in the consumer discretionary sector also detracted from the Index’s performance despite the overall increase in consumer spending. The consumer durables industry declined amid investor expectations of a downturn in the housing market. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured smaller companies in the sector.

On the upside, the energy sector contributed to the Index’s return. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	16.6	%
Financials	15.9
Industrials	15.5
Information Technology	13.7
Consumer Discretionary	10.2
Real Estate	7.8
Energy	6.6
Materials	4.0
Consumer Staples	3.5
Communication Services	3.2
Utilities	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Ovintiv Inc.	0.5	%
AMC Entertainment Holdings Inc., Class A	0.5
Avis Budget Group Inc.	0.4
BJ’s Wholesale Club Holdings Inc.	0.3
Tenet Healthcare Corp.	0.3
Chesapeake Energy Corp.	0.3
Tetra Tech Inc.	0.3
Antero Resources Corp.	0.3
Lattice Semiconductor Corp.	0.3
EastGroup Properties Inc.	0.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell 2000 Growth ETF

Investment Objective

The iShares Russell 2000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 2000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(14.42	)%		10.28	%		11.26	%		(14.42	)%		63.09	%		190.74	%
Fund Market		(14.68	)		10.27			11.25			(14.68	)		63.05			190.43
Index		(14.33	)		10.33			11.21			(14.33	)		63.46			189.39

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        873.40	$      1.07			$      1,000.00	$      1,023.80	$      1.16		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 19

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 2000 Growth ETF

Portfolio Management Commentary

Growth-oriented small-capitalization U.S. stocks declined for the reporting period despite strong economic growth and robust consumer spending. These stocks, which derive a significant portion of their prices from investors’ expectations of future growth, faced significant headwinds relative to other equities. Growth stocks are particularly sensitive to interest rates, which rose as the Fed moved to a less accommodative monetary policy. Persistent inflation and the war in Ukraine led to concerns about slower economic growth, which also weighed on growth stocks.

The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms. A relative dearth of positive news along with muted enthusiasm for stocks with high valuations and minimal earnings also pressured the sector.

Stocks in the consumer discretionary sector detracted from the Index’s performance despite the overall increase in consumer spending. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. Supply chain difficulties also weighed on some retailers, leading to increased transportation costs and low inventory. Brick-and-mortar retailers declined as coronavirus pandemic trends increased competition from online sellers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small capitalization technology stocks.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	25.1	%
Information Technology	22.8
Industrials	15.7
Consumer Discretionary	13.6
Financials	5.5
Consumer Staples	4.1
Materials	3.5
Energy	3.4
Real Estate	3.3
Communication Services	2.7
Utilities	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tetra Tech Inc.	0.7	%
Lattice Semiconductor Corp.	0.6
EastGroup Properties Inc.	0.6
WillScot Mobile Mini Holdings Corp.	0.6
Synaptics Inc.	0.6
Southwestern Energy Co.	0.6
II-VI Inc.	0.6
Performance Food Group Co.	0.5
Shockwave Medical Inc.	0.5
BJ’s Wholesale Club Holdings Inc.	0.5

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Russell 2000 Value ETF

Investment Objective

The iShares Russell 2000 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 Russell 2000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.07	%		8.40	%		10.40	%		3.07	%		49.66	%		168.93	%
Fund Market		2.83			8.41			10.40			2.83			49.77			168.86
Index		3.32			8.57			10.54			3.32			50.85			172.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 23 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$          1,000.00	$      1,017.20	$      1.16			$      1,000.00	$      1,023.80	$      1.16		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 21

Fund Summary as of March 31, 2022  (continued) iShares^® Russell 2000 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced modestly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

On the downside, the healthcare sector detracted from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor interest in smaller companies that could be acquired by larger firms. Additionally, a relative dearth of positive news and muted enthusiasm for stocks with high valuations and minimal earnings pressured the industry.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	25.4	%
Industrials	15.3
Real Estate	11.9
Energy	9.6
Health Care	8.8
Consumer Discretionary	7.1
Information Technology	5.4
Utilities	5.4
Materials	4.5
Communication Services	3.6
Consumer Staples	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Ovintiv Inc.	0.9	%
AMC Entertainment Holdings Inc., Class A	0.9
Avis Budget Group Inc.	0.8
Chesapeake Energy Corp.	0.6
Tenet Healthcare Corp.	0.6
Antero Resources Corp.	0.5
STAG Industrial Inc.	0.5
Macy’s Inc.	0.5
Range Resources Corp.	0.5
PDC Energy Inc.	0.5

^(a)  Excludes money market funds.

22 2 0 2 2   I S H A R E S   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

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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 23

Schedule of Investments March 31, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Boeing Co. (The)(a)		17,652	$	3,380,358
General Dynamics Corp.		8,189		1,975,023
L3Harris Technologies Inc.		6,454		1,603,625
Lockheed Martin Corp.		8,041		3,549,298
Northrop Grumman Corp.		4,847		2,167,675
Raytheon Technologies Corp.		49,465		4,900,498
				17,576,477
Air Freight & Logistics — 0.7%
FedEx Corp.		8,085		1,870,788
United Parcel Service Inc., Class B		23,880		5,121,305
				6,992,093
Automobiles — 3.3%
Ford Motor Co.		130,094		2,199,889
General Motors Co.(a)		45,336		1,982,997
Rivian Automotive Inc., Class A(a)(b)		4,743		238,288
Tesla Inc.(a)		27,505		29,639,388
				34,060,562
Banks — 3.8%
Bank of America Corp.		234,967		9,685,340
Citigroup Inc.		65,579		3,501,919
JPMorgan Chase & Co.		97,030		13,227,130
PNC Financial Services Group Inc. (The)		13,994		2,581,193
Truist Financial Corp.		43,926		2,490,604
U.S. Bancorp		44,223		2,350,452
Wells Fargo & Co.		128,431		6,223,766
				40,060,404
Beverages — 1.8%
Coca-Cola Co. (The)		128,278		7,953,236
Constellation Brands Inc., Class A		5,151		1,186,379
Keurig Dr Pepper Inc.		22,998		871,624
Monster Beverage Corp.(a)		12,389		989,881
PepsiCo Inc.		45,642		7,639,558
				18,640,678
Biotechnology — 2.3%
AbbVie Inc.		58,381		9,464,144
Amgen Inc.		18,491		4,471,494
Biogen Inc.(a)		4,878		1,027,307
Gilead Sciences Inc.		41,701		2,479,124
Moderna Inc.(a)		11,224		1,933,446
Regeneron Pharmaceuticals Inc.(a)		3,387		2,365,549
Vertex Pharmaceuticals Inc.(a)		8,416		2,196,323
				23,937,387
Building Products — 0.1%
Johnson Controls International PLC		23,233		1,523,388
Capital Markets — 3.0%
Bank of New York Mellon Corp. (The)		24,388		1,210,377
BlackRock Inc.(c)		4,717		3,604,590
Blackstone Inc., NVS		23,214		2,946,785
Charles Schwab Corp. (The)		49,723		4,192,146
CME Group Inc.		11,827		2,813,170
Goldman Sachs Group Inc. (The)		10,828		3,574,323
Intercontinental Exchange Inc.		18,336		2,422,552
Moody’s Corp.		5,352		1,805,818
Morgan Stanley		43,801		3,828,208
S&P Global Inc.		11,429		4,687,947
				31,085,916

Security	Shares		Value
Chemicals — 0.8%
Air Products and Chemicals Inc.		7,291	$	1,822,094
Dow Inc.		24,255		1,545,528
DuPont de Nemours Inc.		17,002		1,251,007
Ecolab Inc.		8,244		1,455,561
Sherwin-Williams Co. (The)		7,942		1,982,482
				8,056,672
Commercial Services & Supplies — 0.2%
Waste Management Inc.		14,032		2,224,072
Communications Equipment — 0.7%
Cisco Systems Inc.		139,624		7,785,434
Consumer Finance — 0.5%
American Express Co.		20,409		3,816,483
Capital One Financial Corp.		13,612		1,787,119
				5,603,602
Diversified Financial Services — 2.1%
Berkshire Hathaway Inc., Class B(a)		60,613		21,390,934
Diversified Telecommunication Services — 1.2%
AT&T Inc.		235,739		5,570,512
Verizon Communications Inc.		138,785		7,069,708
				12,640,220
Electric Utilities — 1.4%
American Electric Power Co. Inc.		16,517		1,647,901
Constellation Energy Corp.		10,729		603,506
Duke Energy Corp.		25,543		2,852,131
Exelon Corp.		32,182		1,532,829
NextEra Energy Inc.		64,801		5,489,293
Southern Co. (The)		34,859		2,527,626
				14,653,286
Electrical Equipment — 0.4%
Eaton Corp. PLC		13,125		1,991,850
Emerson Electric Co.		19,671		1,928,742
				3,920,592
Energy Equipment & Services — 0.2%
Schlumberger NV		46,122		1,905,300
Entertainment — 1.6%
Activision Blizzard Inc.		25,464		2,039,921
Electronic Arts Inc.		9,257		1,171,103
Netflix Inc.(a)		14,272		5,346,149
Walt Disney Co. (The)(a)		60,000		8,229,600
				16,786,773
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		14,948		3,755,236
Crown Castle International Corp.		14,205		2,622,243
Digital Realty Trust Inc.		9,238		1,309,948
Equinix Inc.		2,964		2,198,162
Prologis Inc.		24,302		3,924,287
Public Storage		4,971		1,940,082
				15,749,958
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		14,609		8,412,593
Sysco Corp.		16,901		1,379,967
Walgreens Boots Alliance Inc.		23,629		1,057,870
Walmart Inc.		46,709		6,955,904
				17,806,334

24 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products — 0.5%
General Mills Inc.		19,985	$	1,353,384
Kraft Heinz Co. (The)		22,893		901,756
Mondelez International Inc., Class A		45,654		2,866,158
				5,121,298
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		57,396		6,793,391
Align Technology Inc.(a)		2,591		1,129,676
Baxter International Inc.		16,573		1,285,071
Becton Dickinson and Co.		9,436		2,509,976
Boston Scientific Corp.(a)		46,773		2,071,576
Edwards Lifesciences Corp.(a)		20,376		2,398,663
Intuitive Surgical Inc.(a)		11,678		3,523,019
Medtronic PLC		44,474		4,934,390
Stryker Corp.		11,501		3,074,792
				27,720,554
Health Care Providers & Services — 3.1%
Anthem Inc.		8,081		3,969,549
Centene Corp.(a)		19,025		1,601,715
Cigna Corp.		10,760		2,578,204
CVS Health Corp.		43,602		4,412,958
HCA Healthcare Inc.		8,089		2,027,265
Humana Inc.		4,251		1,849,908
UnitedHealth Group Inc.		31,087		15,853,437
				32,293,036
Hotels, Restaurants & Leisure — 1.4%
Booking Holdings Inc.(a)		1,352		3,175,104
Las Vegas Sands Corp.(a)		10,893		423,411
Marriott International Inc./MD, Class A(a)		9,014		1,584,211
McDonald’s Corp.		24,679		6,102,623
Starbucks Corp.		38,105		3,466,412
				14,751,761
Household Products — 1.5%
Colgate-Palmolive Co.		27,521		2,086,918
Kimberly-Clark Corp.		11,117		1,369,170
Procter & Gamble Co. (The)		79,528		12,151,878
				15,607,966
Industrial Conglomerates — 1.2%
3M Co.		18,878		2,810,557
General Electric Co.		36,121		3,305,072
Honeywell International Inc.		22,733		4,423,387
Roper Technologies Inc.		3,454		1,631,082
				12,170,098
Insurance — 1.6%
Allstate Corp. (The)		9,266		1,283,434
American International Group Inc.		27,437		1,722,220
Aon PLC, Class A		7,212		2,348,443
Chubb Ltd.		14,163		3,029,466
Marsh & McLennan Companies Inc.		16,859		2,873,111
MetLife Inc.		23,138		1,626,139
Progressive Corp. (The)		19,269		2,196,473
Travelers Companies Inc. (The)		7,977		1,457,637
				16,536,923
Interactive Media & Services — 6.7%
Alphabet Inc., Class A(a)		9,941		27,649,400
Alphabet Inc., Class C, NVS(a)		9,141		25,530,722
Meta Platforms Inc, Class A(a)		76,218		16,947,834
				70,127,956

Security	Shares		Value
Internet & Direct Marketing Retail — 4.6%
Amazon.com Inc.(a)		14,343	$	46,757,463
eBay Inc.		20,673		1,183,736
				47,941,199
IT Services — 5.0%
Accenture PLC, Class A		21,015		7,086,888
Automatic Data Processing Inc.		13,907		3,164,399
Block Inc.(a)		15,812		2,144,107
Cognizant Technology Solutions Corp., Class A		17,363		1,556,940
Fidelity National Information Services Inc.		20,102		2,018,643
Fiserv Inc.(a)		19,860		2,013,804
Global Payments Inc.		9,343		1,278,496
International Business Machines Corp.		29,475		3,832,340
Kyndryl Holdings Inc.(a)		7,404		97,140
Mastercard Inc., Class A		28,528		10,195,337
PayPal Holdings Inc.(a)		38,838		4,491,615
Snowflake Inc., Class A(a)		6,702		1,535,629
Twilio Inc., Class A(a)		5,481		903,324
Visa Inc., Class A		54,833		12,160,314
				52,478,976
Life Sciences Tools & Services — 1.5%
Danaher Corp.		20,933		6,140,277
Illumina Inc.(a)		4,810		1,680,614
Thermo Fisher Scientific Inc.		12,981		7,667,227
				15,488,118
Machinery — 1.0%
Caterpillar Inc.		17,890		3,986,250
Deere & Co.		9,222		3,831,372
Illinois Tool Works Inc.		10,361		2,169,593
				9,987,215
Media — 0.9%
Charter Communications Inc., Class A(a)		3,989		2,176,079
Comcast Corp., Class A		148,631		6,958,904
				9,134,983
Metals & Mining — 0.4%
Freeport-McMoRan Inc.		48,248		2,399,856
Newmont Corp.		26,432		2,100,022
Southern Copper Corp.		2,770		210,243
				4,710,121
Multi-Utilities — 0.4%
Dominion Energy Inc.		26,565		2,257,228
Sempra Energy		10,568		1,776,692
				4,033,920
Multiline Retail — 0.5%
Dollar General Corp.		7,704		1,715,141
Target Corp.		15,857		3,365,173
				5,080,314
Oil, Gas & Consumable Fuels — 2.9%
Chevron Corp.		63,929		10,409,559
ConocoPhillips		43,608		4,360,800
EOG Resources Inc.		19,237		2,293,628
Exxon Mobil Corp.		139,943		11,557,892
Kinder Morgan Inc.		64,142		1,212,925
				29,834,804
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		7,545		2,054,654
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		71,946		5,254,216

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Co.		28,010	$	8,021,224
Johnson & Johnson		87,068		15,431,062
Merck & Co. Inc.		83,718		6,869,062
Pfizer Inc.		184,478		9,550,426
Zoetis Inc.		15,657		2,952,753
				48,078,743
Road & Rail — 1.2%
CSX Corp.		73,040		2,735,348
Norfolk Southern Corp.		7,924		2,260,083
Uber Technologies Inc.(a)		53,211		1,898,569
Union Pacific Corp.		21,243		5,803,800
				12,697,800
Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices Inc.(a)		53,959		5,899,877
Analog Devices Inc.		17,370		2,869,177
Applied Materials Inc.		29,362		3,869,912
Broadcom Inc.		13,337		8,398,042
Intel Corp.		133,570		6,619,729
KLA Corp.		5,004		1,831,764
Lam Research Corp.		4,647		2,498,274
Micron Technology Inc.		36,964		2,879,126
NVIDIA Corp.		79,060		21,572,312
NXP Semiconductors NV		8,772		1,623,522
QUALCOMM Inc.		37,276		5,696,518
Texas Instruments Inc.		30,522		5,600,176
				69,358,429
Software — 10.4%
Adobe Inc.(a)		15,565		7,091,725
Atlassian Corp. PLC, Class A(a)		4,607		1,353,675
Autodesk Inc.(a)		7,263		1,556,824
Intuit Inc.		8,770		4,216,967
Microsoft Corp.		249,047		76,783,680
Oracle Corp.		53,152		4,397,265
salesforce.com Inc.(a)		30,903		6,561,325
ServiceNow Inc.(a)		6,612		3,682,157
VMware Inc., Class A		7,358		837,855
Workday Inc., Class A(a)		6,297		1,507,880
Zoom Video Communications Inc., Class A(a)		7,183		842,063
				108,831,416
Specialty Retail — 1.7%
Home Depot Inc. (The)		34,512		10,330,477
Lowe’s Companies Inc.		22,244		4,497,515

Security	Shares		Value
Specialty Retail (continued)
Ross Stores Inc.		11,544	$	1,044,270
TJX Companies Inc. (The)		39,397		2,386,670
				18,258,932
Technology Hardware, Storage & Peripherals — 8.6%
Apple Inc.		510,087		89,066,291
Dell Technologies Inc., Class C(a)		8,884		445,888
				89,512,179
Textiles, Apparel & Luxury Goods — 0.5%
Nike Inc., Class B		40,887		5,501,755
Tobacco — 0.8%
Altria Group Inc.		60,425		3,157,206
Philip Morris International Inc.		51,358		4,824,571
				7,981,777
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		19,419		2,492,429
Total Common Stocks — 99.8% (Cost: $826,317,695)				1,040,187,438
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		249,953		249,903
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,385,000		1,385,000
				1,634,903
Total Short-Term Investments — 0.2% (Cost: $1,634,938)				1,634,903
Total Investments in Securities — 100.0% (Cost: $827,952,633)				1,041,822,341
Other Assets, Less Liabilities — 0.0%				266,887
Net Assets — 100.0%			$	1,042,089,228

^(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.

26 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell Top 200 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	379,310	$	—		$	(127,019	)(a)	$	(2,353)	$	(35)		$	249,903		249,953	$	4,873	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,115,000		270,000	(a)		—			—		—			1,385,000		1,385,000		377			—
BlackRock Inc.		3,510,438		1,119,975			(1,069,431)			408,450		(364,842)			3,604,590		4,717		78,710			—
									$	406,097	$	(364,877	)	$	5,239,493			$	83,960		$	—

^(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		8		06/17/22	$	1,812	$	98,524

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	98,524

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	195,578
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	84,855

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,664,789

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,040,187,438	$	—	$	—	$	1,040,187,438
Money Market Funds		1,634,903		—		—		1,634,903
	$	1,041,822,341	$	—	$	—	$	1,041,822,341
Derivative financial instruments(a)
Assets
Futures Contracts	$	98,524	$	—	$	—	$	98,524

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

See notes to financial statements.

28 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		57,060	$	25,186,284
Northrop Grumman Corp.		3,314		1,482,087
				26,668,371
Air Freight & Logistics — 1.0%
FedEx Corp.		28,623		6,623,076
United Parcel Service Inc., Class B		194,680		41,751,073
				48,374,149
Automobiles — 5.0%
Rivian Automotive Inc., Class A(a)(b)		9,554		479,993
Tesla Inc.(a)		223,622		240,975,067
				241,455,060
Beverages — 2.2%
Coca-Cola Co. (The)		735,809		45,620,158
Monster Beverage Corp.(a)		92,472		7,388,513
PepsiCo Inc.		307,899		51,536,134
				104,544,805
Biotechnology — 2.7%
AbbVie Inc.		474,672		76,949,078
Amgen Inc.		123,573		29,882,423
Moderna Inc.(a)		91,090		15,691,163
Regeneron Pharmaceuticals Inc.(a)		2,903		2,027,513
Vertex Pharmaceuticals Inc.(a)		27,338		7,134,398
				131,684,575
Capital Markets — 1.2%
Blackstone Inc., NVS		188,496		23,927,682
Goldman Sachs Group Inc. (The)		5,427		1,791,452
Moody’s Corp.		41,292		13,932,334
S&P Global Inc.		45,860		18,810,855
				58,462,323
Chemicals — 0.6%
Dow Inc.		14,469		921,965
Ecolab Inc.		59,077		10,430,635
Sherwin-Williams Co. (The)		64,646		16,136,934
				27,489,534
Commercial Services & Supplies — 0.1%
Waste Management Inc.		18,050		2,860,925
Consumer Finance — 0.4%
American Express Co.		105,396		19,709,052
Entertainment — 1.0%
Netflix Inc.(a)		115,940		43,429,965
Walt Disney Co. (The)(a)		24,875		3,411,855
				46,841,820
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.		121,031		30,405,408
Crown Castle International Corp.		115,896		21,394,402
Equinix Inc.		16,975		12,588,999
Public Storage		30,921		12,067,848
				76,456,657
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		111,032		63,937,777
Sysco Corp.		137,427		11,220,915
				75,158,692
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		232,869		27,562,375

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Align Technology Inc.(a)		21,150	$	9,221,400
Edwards Lifesciences Corp.(a)		166,205		19,565,653
Intuitive Surgical Inc.(a)		94,980		28,653,566
Stryker Corp.		39,994		10,692,396
				95,695,390
Health Care Providers & Services — 0.5%
HCA Healthcare Inc.		65,813		16,494,054
UnitedHealth Group Inc.		17,461		8,904,586
				25,398,640
Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.(a)		10,987		25,802,420
Las Vegas Sands Corp.(a)		88,727		3,448,819
Marriott International Inc./MD, Class A(a)		72,981		12,826,411
McDonald’s Corp.		35,723		8,833,583
Starbucks Corp.		309,468		28,152,304
				79,063,537
Household Products — 0.3%
Colgate-Palmolive Co.		118,767		9,006,102
Kimberly-Clark Corp.		45,525		5,606,859
				14,612,961
Industrial Conglomerates — 0.2%
3M Co.		22,014		3,277,445
Honeywell International Inc.		39,797		7,743,700
				11,021,145
Insurance — 0.3%
Aon PLC, Class A		34,608		11,269,403
Marsh & McLennan Companies Inc.		16,051		2,735,411
				14,004,814
Interactive Media & Services — 10.6%
Alphabet Inc., Class A(a)		69,573		193,506,864
Alphabet Inc., Class C, NVS(a)		63,991		178,726,223
Meta Platforms Inc, Class A(a)		619,676		137,791,155
				510,024,242
Internet & Direct Marketing Retail — 8.1%
Amazon.com Inc.(a)		116,619		380,172,109
eBay Inc.		168,283		9,635,885
				389,807,994
IT Services — 6.7%
Accenture PLC, Class A		137,257		46,287,178
Automatic Data Processing Inc.		103,902		23,641,861
Block Inc.(a)(b)		128,977		17,489,281
Fiserv Inc.(a)(b)		10,923		1,107,592
Mastercard Inc., Class A		231,929		82,886,786
PayPal Holdings Inc.(a)		316,105		36,557,544
Snowflake Inc., Class A(a)		51,194		11,730,081
Twilio Inc., Class A(a)		12,584		2,073,969
Visa Inc., Class A		445,808		98,866,840
				320,641,132
Life Sciences Tools & Services — 0.5%
Danaher Corp.		8,893		2,608,584
Illumina Inc.(a)		39,021		13,633,937
Thermo Fisher Scientific Inc.		9,530		5,628,895
				21,871,416
Machinery — 1.6%
Caterpillar Inc.		125,464		27,955,888
Deere & Co.		75,007		31,162,408

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Illinois Tool Works Inc.		75,904	$	15,894,298
				75,012,594
Media — 0.3%
Charter Communications Inc., Class A(a)		30,658		16,724,552
Metals & Mining — 0.1%
Freeport-McMoRan Inc.		115,041		5,722,139
Southern Copper Corp.		20,604		1,563,844
				7,285,983
Multiline Retail — 0.4%
Dollar General Corp.		26,964		6,002,995
Target Corp.		57,698		12,244,670
				18,247,665
Oil, Gas & Consumable Fuels — 0.0%
EOG Resources Inc.		18,662		2,225,070
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		61,584		16,770,555
Pharmaceuticals — 1.5%
Eli Lilly & Co.		179,805		51,490,758
Zoetis Inc.		121,067		22,832,025
				74,322,783
Road & Rail — 0.9%
Uber Technologies Inc.(a)		369,576		13,186,472
Union Pacific Corp.		108,935		29,762,131
				42,948,603
Semiconductors & Semiconductor Equipment — 9.3%
Advanced Micro Devices Inc.(a)		438,646		47,961,554
Analog Devices Inc.		56,171		9,278,326
Applied Materials Inc.		238,442		31,426,656
Broadcom Inc.		108,425		68,273,054
KLA Corp.		40,792		14,932,319
Lam Research Corp.		37,834		20,339,937
Micron Technology Inc.		41,490		3,231,656
NVIDIA Corp.		642,773		175,387,041
NXP Semiconductors NV		21,850		4,043,998
QUALCOMM Inc.		302,850		46,281,537
Texas Instruments Inc.		153,559		28,175,005
				449,331,083
Software — 17.3%
Adobe Inc.(a)		126,542		57,655,066
Atlassian Corp. PLC, Class A(a)		37,477		11,011,867
Autodesk Inc.(a)		58,872		12,619,213
Intuit Inc.		71,398		34,331,014
Microsoft Corp.		2,024,835		624,276,879
Oracle Corp.		404,223		33,441,369

Security	Shares		Value
Software (continued)
salesforce.com Inc.(a)		48,292	$	10,253,358
ServiceNow Inc.(a)		53,691		29,899,981
VMware Inc., Class A		22,228		2,531,102
Workday Inc., Class A(a)		51,563		12,347,276
Zoom Video Communications Inc., Class A(a)		58,480		6,855,610
				835,222,735
Specialty Retail — 3.1%
Home Depot Inc. (The)		280,603		83,992,896
Lowe’s Companies Inc.		180,970		36,590,324
Ross Stores Inc.		94,015		8,504,597
TJX Companies Inc. (The)		320,862		19,437,820
				148,525,637
Technology Hardware, Storage & Peripherals — 15.1%
Apple Inc.		4,147,182		724,139,449
Dell Technologies Inc., Class C(a)		34,793		1,746,261
				725,885,710
Textiles, Apparel & Luxury Goods — 0.9%
Nike Inc., Class B		332,568		44,750,350
Tobacco — 0.3%
Altria Group Inc.		272,836		14,255,681
Total Common Stocks — 99.9% (Cost: $3,486,157,968)				4,813,356,235
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		8,928,316		8,926,531
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		6,166,000		6,166,000
			15,092,531
Total Short-Term Investments — 0.3% (Cost: $15,091,337)				15,092,531
Total Investments in Securities — 100.2% (Cost: $3,501,249,305)				4,828,448,766
Other Assets, Less Liabilities — (0.2)%				(8,076,784	)
Net Assets — 100.0%			$	4,820,371,982

^(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.

30 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell Top 200 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,766,773	$	—		$	(1,841,643	)(a)	$	207	$	1,194	$	8,926,531		8,928,316	$	26,293	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,416,000		1,750,000	(a)		—			—		—		6,166,000		6,166,000		1,434			—
									$	207	$	1,194	$	15,092,531			$	27,727		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		7		06/17/22	$	1,122	$	90,493
Nasdaq 100 E-Mini Index		16		06/17/22		4,758		411,643
							$	502,136

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	502,136

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	269,740
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	454,262

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,320,912

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

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 Growth ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,813,356,235	$	—	$	—	$	4,813,356,235
Money Market Funds		15,092,531		—		—		15,092,531
	$	4,828,448,766	$	—	$	—	$	4,828,448,766
Derivative financial instruments(a)
Assets
Futures Contracts	$	502,136	$	—	$	—	$	502,136

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

See notes to financial statements.

32 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.2%
Boeing Co. (The)(a)		50,732	$	9,715,178
General Dynamics Corp.		23,605		5,693,054
L3Harris Technologies Inc.		18,511		4,599,428
Lockheed Martin Corp.		2,909		1,284,033
Northrop Grumman Corp.		12,648		5,656,438
Raytheon Technologies Corp.		141,815		14,049,612
				40,997,743
Air Freight & Logistics — 0.2%
FedEx Corp.		13,065		3,023,110
Automobiles — 1.0%
Ford Motor Co.		370,617		6,267,133
General Motors Co.(a)		130,225		5,696,042
Rivian Automotive Inc., Class A(a)(b)		10,736		539,377
				12,502,552
Banks — 8.9%
Bank of America Corp.		673,642		27,767,523
Citigroup Inc.		187,959		10,037,011
JPMorgan Chase & Co.		278,179		37,921,361
PNC Financial Services Group Inc. (The)		40,192		7,413,415
Truist Financial Corp.		125,612		7,122,200
U.S. Bancorp		127,147		6,757,863
Wells Fargo & Co.		368,410		17,853,149
				114,872,522
Beverages — 1.3%
Coca-Cola Co. (The)		108,141		6,704,742
Constellation Brands Inc., Class A		14,767		3,401,135
Keurig Dr Pepper Inc.		66,262		2,511,330
Monster Beverage Corp.(a)		2,512		200,709
PepsiCo Inc.		22,295		3,731,737
				16,549,653
Biotechnology — 1.7%
Amgen Inc.		9,393		2,271,415
Biogen Inc.(a)		13,813		2,909,018
Gilead Sciences Inc.		118,927		7,070,210
Regeneron Pharmaceuticals Inc.(a)		8,637		6,032,254
Vertex Pharmaceuticals Inc.(a)		14,450		3,771,016
				22,053,913
Building Products — 0.3%
Johnson Controls International PLC		66,316		4,348,340
Capital Markets — 5.3%
Bank of New York Mellon Corp. (The)		70,023		3,475,242
BlackRock Inc.(c)		13,544		10,349,918
Charles Schwab Corp. (The)		142,484		12,012,826
CME Group Inc.		33,957		8,077,012
Goldman Sachs Group Inc. (The)		29,150		9,622,415
Intercontinental Exchange Inc.		52,666		6,958,232
Moody’s Corp.		788		265,879
Morgan Stanley		125,265		10,948,161
S&P Global Inc.		16,679		6,841,392
				68,551,077
Chemicals — 1.0%
Air Products and Chemicals Inc.		20,935		5,231,866
Dow Inc.		64,555		4,113,444
DuPont de Nemours Inc.		48,483		3,567,379

Security	Shares		Value
Chemicals (continued)
Ecolab Inc.		2,889	$	510,082
				13,422,771
Commercial Services & Supplies — 0.4%
Waste Management Inc.		33,678		5,337,963
Communications Equipment — 1.7%
Cisco Systems Inc.		400,362		22,324,185
Consumer Finance — 0.7%
American Express Co.		21,194		3,963,278
Capital One Financial Corp.		38,888		5,105,606
				9,068,884
Diversified Financial Services — 4.8%
Berkshire Hathaway Inc., Class B(a)		173,776		61,327,288
Diversified Telecommunication Services — 2.8%
AT&T Inc.		676,728		15,991,083
Verizon Communications Inc.		398,068		20,277,584
				36,268,667
Electric Utilities — 3.3%
American Electric Power Co. Inc.		47,472		4,736,281
Constellation Energy Corp.		30,963		1,741,669
Duke Energy Corp.		72,886		8,138,451
Exelon Corp.		92,439		4,402,870
NextEra Energy Inc.		185,779		15,737,339
Southern Co. (The)		100,198		7,265,357
				42,021,967
Electrical Equipment — 0.9%
Eaton Corp. PLC		37,708		5,722,566
Emerson Electric Co.		56,602		5,549,826
				11,272,392
Energy Equipment & Services — 0.4%
Schlumberger NV		132,720		5,482,663
Entertainment — 2.5%
Activision Blizzard Inc.		73,275		5,870,060
Electronic Arts Inc.		26,432		3,343,912
Walt Disney Co. (The)(a)		163,242		22,390,273
				31,604,245
Equity Real Estate Investment Trusts (REITs) — 1.4%
Digital Realty Trust Inc.		26,621		3,774,858
Equinix Inc.		2,472		1,833,285
Prologis Inc.		69,824		11,275,179
Public Storage		3,337		1,302,364
				18,185,686
Food & Staples Retailing — 1.9%
Costco Wholesale Corp.		2,733		1,573,798
Walgreens Boots Alliance Inc.		67,793		3,035,093
Walmart Inc.		133,990		19,953,791
				24,562,682
Food Products — 1.1%
General Mills Inc.		57,248		3,876,835
Kraft Heinz Co. (The)		65,641		2,585,599
Mondelez International Inc., Class A		130,555		8,196,243
				14,658,677
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		82,276		9,738,188
Baxter International Inc.		47,669		3,696,254
Becton Dickinson and Co.		27,033		7,190,778

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

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corp.(a)		134,363	$	5,950,937
Medtronic PLC		127,196		14,112,396
Stryker Corp.		18,923		5,059,064
				45,747,617
Health Care Providers & Services — 6.5%
Anthem Inc.		23,204		11,398,269
Centene Corp.(a)		54,865		4,619,084
Cigna Corp.		30,827		7,386,458
CVS Health Corp.		124,692		12,620,077
Humana Inc.		12,213		5,314,731
UnitedHealth Group Inc.		82,976		42,315,271
				83,653,890
Hotels, Restaurants & Leisure — 1.1%
McDonald’s Corp.		58,159		14,381,558
Household Products — 3.1%
Colgate-Palmolive Co.		37,097		2,813,065
Kimberly-Clark Corp.		15,894		1,957,505
Procter & Gamble Co. (The)		228,002		34,838,706
				39,609,276
Industrial Conglomerates — 2.4%
3M Co.		46,104		6,863,963
General Electric Co.		103,456		9,466,224
Honeywell International Inc.		50,967		9,917,159
Roper Technologies Inc.		9,930		4,689,244
				30,936,590
Insurance — 3.3%
Allstate Corp. (The)		26,605		3,685,058
American International Group Inc.		78,601		4,933,785
Aon PLC, Class A		8,498		2,767,204
Chubb Ltd.		40,615		8,687,548
Marsh & McLennan Companies Inc.		42,444		7,233,306
MetLife Inc.		66,067		4,643,189
Progressive Corp. (The)		55,330		6,307,067
Travelers Companies Inc. (The)		22,768		4,160,397
				42,417,554
Interactive Media & Services — 1.6%
Alphabet Inc., Class A(a)		3,962		11,019,709
Alphabet Inc., Class C, NVS(a)		3,644		10,177,655
				21,197,364
IT Services — 2.9%
Accenture PLC, Class A		11,834		3,990,780
Automatic Data Processing Inc.		3,200		728,128
Cognizant Technology Solutions Corp., Class A		49,980		4,481,707
Fidelity National Information Services Inc.		57,590		5,783,188
Fiserv Inc.(a)		52,803		5,354,224
Global Payments Inc.		26,705		3,654,312
International Business Machines Corp.		84,661		11,007,623
Kyndryl Holdings Inc.(a)		21,198		278,118
Snowflake Inc., Class A(a)		1,095		250,897
Twilio Inc., Class A(a)(b)		11,296		1,861,694
				37,390,671
Life Sciences Tools & Services — 2.8%
Danaher Corp.		56,945		16,703,677
Thermo Fisher Scientific Inc.		33,874		20,007,678
				36,711,355
Machinery — 0.2%
Caterpillar Inc.		7,094		1,580,685

Security	Shares		Value
Machinery (continued)
Illinois Tool Works Inc.		3,035	$	635,529
				2,216,214
Media — 1.6%
Charter Communications Inc., Class A(a)		610		332,767
Comcast Corp., Class A		426,318		19,960,209
				20,292,976
Metals & Mining — 0.9%
Freeport-McMoRan Inc.		98,123		4,880,638
Newmont Corp.		76,059		6,042,888
Southern Copper Corp.		697		52,902
				10,976,428
Multi-Utilities — 0.9%
Dominion Energy Inc.		76,283		6,481,766
Sempra Energy		30,331		5,099,248
				11,581,014
Multiline Retail — 0.6%
Dollar General Corp.		12,580		2,800,685
Target Corp.		25,018		5,309,320
				8,110,005
Oil, Gas & Consumable Fuels — 6.6%
Chevron Corp.		183,280		29,843,483
ConocoPhillips		124,997		12,499,700
EOG Resources Inc.		48,749		5,812,343
Exxon Mobil Corp.		401,209		33,135,851
Kinder Morgan Inc.		183,939		3,478,287
				84,769,664
Pharmaceuticals — 8.7%
Bristol-Myers Squibb Co.		206,592		15,087,414
Eli Lilly & Co.		16,866		4,829,916
Johnson & Johnson		249,621		44,240,330
Merck & Co. Inc.		240,013		19,693,067
Pfizer Inc.		528,886		27,380,428
Zoetis Inc.		2,311		435,831
				111,666,986
Road & Rail — 1.6%
CSX Corp.		209,384		7,841,431
Norfolk Southern Corp.		22,656		6,461,944
Uber Technologies Inc.(a)		21,800		777,824
Union Pacific Corp.		22,407		6,121,817
				21,203,016
Semiconductors & Semiconductor Equipment — 3.1%
Analog Devices Inc.		29,854		4,931,284
Intel Corp.		382,935		18,978,258
Micron Technology Inc.		91,489		7,126,078
NXP Semiconductors NV		17,322		3,205,956
Texas Instruments Inc.		33,252		6,101,077
				40,342,653
Software — 1.4%
Oracle Corp.		10,425		862,460
salesforce.com Inc.(a)		71,581		15,198,078
VMware Inc., Class A		13,255		1,509,347
				17,569,885
Technology Hardware, Storage & Peripherals — 0.1%
Dell Technologies Inc., Class C(a)		13,272		666,122
Tobacco — 1.4%
Altria Group Inc.		76,545		3,999,476

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco (continued)
Philip Morris International Inc.		147,521	$	13,858,123
				17,857,599
Wireless Telecommunication Services — 0.6%
T-Mobile U.S. Inc.(a)		55,806		7,162,700
Total Common Stocks — 99.8% (Cost: $1,081,481,669)				1,284,898,117
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		1,179,006		1,178,770
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,740,000		1,740,000
				2,918,770
Total Short-Term Investments — 0.2% (Cost: $2,918,965)				2,918,770
Total Investments in Securities — 100.0% (Cost: $1,084,400,634)				1,287,816,887
Other Assets, Less Liabilities — (0.0)%				(94,222	)
Net Assets — 100.0%			$	1,287,722,665

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	144,852	$	1,038,344	(a)	$	—		$	(4,231	)	$	(195	)	$	1,178,770		1,179,006	$	2,459	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,620,000		120,000	(a)		—			—			—			1,740,000		1,740,000		479			—
BlackRock Inc.		10,425,759		4,262,295			(4,496,886	)		1,497,807			(1,339,057	)		10,349,918		13,544		225,333			—
									$	1,493,576		$	(1,339,252	)	$	13,268,688			$	228,271		$	—

^(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
DIJA Mini e-CBOT Index		7		06/17/22	$	1,212	$	44,147
E-Mini Consumer Staples Index		8		06/17/22		609		27,942

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell Top 200 Value ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
E-Mini Financials Select Sector Index		6		06/17/22	$	708	$	24,041
							$	96,130

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	96,130

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	305,393
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	78,971

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,312,295

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
Investments
Assets
Common Stocks	$	1,284,898,117	$	—	$	—	$	1,284,898,117
Money Market Funds		2,918,770		—		—		2,918,770
	$	1,287,816,887	$	—	$	—	$	1,287,816,887
Derivative financial instruments(a)
Assets
Futures Contracts	$	96,130	$	—	$	—	$	96,130

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Axon Enterprise Inc.(a)		45,058	$	6,205,838
Boeing Co. (The)(a)		383,981		73,532,361
BWX Technologies Inc.		65,958		3,552,498
Curtiss-Wright Corp.		28,886		4,337,522
General Dynamics Corp.		178,188		42,975,382
HEICO Corp.		31,616		4,854,321
HEICO Corp., Class A		54,978		6,972,860
Hexcel Corp.		61,225		3,641,051
Howmet Aerospace Inc.		273,575		9,832,285
Huntington Ingalls Industries Inc.		28,174		5,619,023
L3Harris Technologies Inc.		140,645		34,946,063
Lockheed Martin Corp.		174,471		77,011,499
Mercury Systems Inc.(a)		40,202		2,591,019
Northrop Grumman Corp.		105,131		47,016,686
Raytheon Technologies Corp.		1,074,707		106,471,222
Spirit AeroSystems Holdings Inc., Class A		78,012		3,814,007
Textron Inc.		161,588		12,018,915
TransDigm Group Inc.(a)		37,821		24,641,894
Virgin Galactic Holdings Inc.(a)(b)		127,917		1,263,820
Woodward Inc.		44,604		5,571,486
			476,869,752
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		92,317		9,943,464
Expeditors International of Washington Inc.		119,266		12,303,481
FedEx Corp.		175,975		40,718,855
GXO Logistics Inc.(a)		69,104		4,929,879
United Parcel Service Inc., Class B		519,589		111,431,057
			179,326,736
Airlines — 0.2%
Alaska Air Group Inc.(a)(b)		86,529		5,019,547
American Airlines Group Inc.(a)(b)		445,754		8,135,010
Copa Holdings SA, Class A, NVS(a)(b)		22,552		1,886,249
Delta Air Lines Inc.(a)		456,441		18,061,370
JetBlue Airways Corp.(a)		226,487		3,385,981
Southwest Airlines Co.(a)		422,167		19,335,249
United Airlines Holdings Inc.(a)(b)		238,255		11,045,502
			66,868,908
Auto Components — 0.2%
Aptiv PLC(a)		194,067		23,231,761
BorgWarner Inc.		176,999		6,885,261
Gentex Corp.		177,530		5,178,550
Lear Corp.		43,856		6,253,427
QuantumScape Corp.(a)(b)		174,716		3,492,573
			45,041,572
Automobiles — 2.5%
Ford Motor Co.		2,808,600		47,493,426
General Motors Co.(a)		985,514		43,106,382
Harley-Davidson Inc.		107,170		4,222,498
Rivian Automotive Inc., Class A(a)(b)		109,005		5,476,411
Tesla Inc.(a)		597,561		643,931,734
Thor Industries Inc.		39,557		3,113,136
			747,343,587
Banks — 3.7%
Bank of America Corp.		5,105,002		210,428,182
Bank of Hawaii Corp.		27,394		2,298,904
Bank OZK		80,911		3,454,900
BOK Financial Corp.		21,569		2,026,408

Security	Shares		Value
Banks (continued)
Citigroup Inc.		1,424,396	$	76,062,746
Citizens Financial Group Inc.		302,901		13,730,502
Comerica Inc.		95,032		8,593,744
Commerce Bancshares Inc.		81,308		5,820,840
Cullen/Frost Bankers Inc.		40,546		5,611,972
East West Bancorp. Inc.		101,869		8,049,688
Fifth Third Bancorp		485,710		20,904,958
First Citizens BancShares Inc./NC, Class A		9,072		6,038,323
First Hawaiian Inc.		81,929		2,285,000
First Horizon Corp.		391,220		9,189,758
First Republic Bank/CA		128,082		20,762,092
FNB Corp.		245,609		3,057,832
Huntington Bancshares Inc./OH		1,031,504		15,080,588
JPMorgan Chase & Co.		2,108,101		287,376,328
KeyCorp		670,539		15,006,663
M&T Bank Corp.		92,290		15,643,155
PacWest Bancorp		83,265		3,591,219
People’s United Financial Inc.		303,929		6,075,541
Pinnacle Financial Partners Inc.		52,835		4,865,047
PNC Financial Services Group Inc. (The)		304,460		56,157,647
Popular Inc.		56,650		4,630,571
Prosperity Bancshares Inc.		62,692		4,349,571
Regions Financial Corp.		692,276		15,410,064
Signature Bank/New York NY		44,127		12,950,833
SVB Financial Group(a)		40,505		22,660,522
Synovus Financial Corp.		103,580		5,075,420
Truist Financial Corp.		954,594		54,125,480
U.S. Bancorp		967,237		51,408,647
Umpqua Holdings Corp.		163,366		3,081,083
Webster Financial Corp.		123,918		6,954,278
Wells Fargo & Co.		2,791,880		135,294,505
Western Alliance Bancorp		76,922		6,370,680
Wintrust Financial Corp.		40,507		3,764,316
Zions Bancorp. N.A		106,048		6,952,507
			1,135,140,514
Beverages — 1.4%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		6,052		2,351,020
Brown-Forman Corp., Class A		32,999		2,070,357
Brown-Forman Corp., Class B, NVS		131,445		8,809,444
Coca-Cola Co. (The)		2,787,497		172,824,814
Constellation Brands Inc., Class A		111,680		25,722,138
Keurig Dr Pepper Inc.		498,403		18,889,474
Molson Coors Beverage Co., Class B		126,864		6,772,000
Monster Beverage Corp.(a)		269,529		21,535,367
PepsiCo Inc.		991,944		166,031,587
			425,006,201
Biotechnology — 2.1%
AbbVie Inc.		1,268,432		205,625,512
Alnylam Pharmaceuticals Inc.(a)		86,154		14,068,087
Amgen Inc.		401,420		97,071,384
Biogen Inc.(a)		105,229		22,161,227
BioMarin Pharmaceutical Inc.(a)		128,880		9,936,648
CureVac NV(a)(b)		25,992		509,703
Exact Sciences Corp.(a)(b)		125,293		8,760,487
Exelixis Inc.(a)		221,393		5,018,979
Gilead Sciences Inc.		899,920		53,500,244
Horizon Therapeutics PLC(a)		155,608		16,371,518
Incyte Corp.(a)		133,900		10,634,338
Ionis Pharmaceuticals Inc.(a)(b)		97,644		3,616,734

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Iovance Biotherapeutics Inc.(a)(b)		106,510	$	1,773,392
Mirati Therapeutics Inc.(a)		29,865		2,455,500
Moderna Inc.(a)		243,992		42,030,062
Natera Inc.(a)(b)		66,250		2,695,050
Neurocrine Biosciences Inc.(a)		65,168		6,109,500
Novavax Inc.(a)(b)		54,210		3,992,566
Regeneron Pharmaceuticals Inc.(a)		73,555		51,372,283
Sage Therapeutics Inc.(a)		40,912		1,354,187
Sarepta Therapeutics Inc.(a)(b)		58,691		4,584,941
Seagen Inc.(a)		95,224		13,717,017
Ultragenyx Pharmaceutical Inc.(a)(b)		45,414		3,297,965
United Therapeutics Corp.(a)		31,023		5,565,836
Vertex Pharmaceuticals Inc.(a)		182,500		47,627,025
				633,850,185
Building Products — 0.5%
A O Smith Corp.		92,997		5,941,578
Advanced Drainage Systems Inc.(b)		44,122		5,242,135
Allegion PLC		62,364		6,846,320
Armstrong World Industries Inc.		32,541		2,929,015
AZEK Co. Inc. (The)(a)(b)		72,207		1,793,622
Builders FirstSource Inc.(a)		135,416		8,739,749
Carlisle Companies Inc.		37,817		9,299,957
Carrier Global Corp.		613,713		28,151,015
Fortune Brands Home & Security Inc.		100,204		7,443,153
Hayward Holdings Inc.(a)(b)		23,896		397,152
Johnson Controls International PLC		503,451		33,011,282
Lennox International Inc.		23,080		5,951,409
Masco Corp.		175,555		8,953,305
Owens Corning		71,386		6,531,819
Trane Technologies PLC		167,035		25,506,244
Trex Co. Inc.(a)(b)		85,285		5,571,669
				162,309,424
Capital Markets — 3.1%
Affiliated Managers Group Inc.		28,134		3,965,487
Ameriprise Financial Inc.		80,032		24,038,411
Ares Management Corp., Class A		101,921		8,279,043
Bank of New York Mellon Corp. (The)		530,056		26,306,679
BlackRock Inc.(c)		102,665		78,453,513
Blackstone Inc., NVS		504,535		64,045,673
Carlyle Group Inc. (The)		111,122		5,434,977
Cboe Global Markets Inc.		75,686		8,659,992
Charles Schwab Corp. (The)		1,079,773		91,035,662
CME Group Inc.		258,014		61,371,210
Evercore Inc., Class A		27,214		3,029,462
FactSet Research Systems Inc.		27,012		11,727,260
Franklin Resources Inc.		202,106		5,642,799
Goldman Sachs Group Inc. (The)		235,249		77,655,695
Interactive Brokers Group Inc., Class A		57,472		3,787,979
Intercontinental Exchange Inc.		400,811		52,955,149
Invesco Ltd.		229,165		5,284,545
Janus Henderson Group PLC		122,635		4,294,678
Jefferies Financial Group Inc.		161,161		5,294,139
KKR & Co. Inc.		398,297		23,288,426
Lazard Ltd., Class A		71,562		2,468,889
LPL Financial Holdings Inc.		56,668		10,352,110
MarketAxess Holdings Inc.		26,809		9,120,422
Moody’s Corp.		116,440		39,288,020
Morgan Stanley		948,709		82,917,167
Morningstar Inc.		15,837		4,326,193

Security	Shares		Value
Capital Markets (continued)
MSCI Inc.		56,880	$	28,603,814
Nasdaq Inc.		84,960		15,139,872
Northern Trust Corp.		149,478		17,406,713
Raymond James Financial Inc.		132,422		14,554,502
S&P Global Inc.		248,820		102,060,988
SEI Investments Co.		77,715		4,679,220
State Street Corp.		261,264		22,761,320
Stifel Financial Corp.		72,614		4,930,491
T Rowe Price Group Inc.		164,151		24,817,990
Tradeweb Markets Inc., Class A		74,688		6,562,835
Virtu Financial Inc., Class A		60,532		2,253,001
				956,794,326
Chemicals — 1.3%
Air Products and Chemicals Inc.		158,684		39,656,718
Albemarle Corp.		82,158		18,169,242
Ashland Global Holdings Inc.		34,428		3,388,059
Axalta Coating Systems Ltd.(a)		135,389		3,327,862
Celanese Corp.		78,318		11,189,293
CF Industries Holdings Inc.		153,333		15,802,499
Chemours Co. (The)		113,476		3,572,224
Corteva Inc.		521,053		29,950,126
Diversey Holdings Ltd.(a)		54,937		415,873
Dow Inc.		529,871		33,763,380
DuPont de Nemours Inc.		369,520		27,189,282
Eastman Chemical Co.		98,508		11,038,806
Ecolab Inc.		179,412		31,676,983
Element Solutions Inc.		165,589		3,626,399
FMC Corp.		92,879		12,220,090
Huntsman Corp.		149,184		5,595,892
International Flavors & Fragrances Inc.		184,612		24,245,094
LyondellBasell Industries NV, Class A		186,249		19,150,122
Mosaic Co. (The)		262,570		17,460,905
NewMarket Corp.		3,775		1,224,535
Olin Corp.		97,542		5,099,496
PPG Industries Inc.		168,062		22,027,886
RPM International Inc.		94,627		7,706,423
Scotts Miracle-Gro Co. (The)		29,280		3,600,269
Sherwin-Williams Co. (The)		173,340		43,269,131
Valvoline Inc.		133,961		4,227,809
Westlake Chemical Corp.		23,724		2,927,542
				401,521,940
Commercial Services & Supplies — 0.4%
Cintas Corp.		62,602		26,630,265
Clean Harbors Inc.(a)		36,170		4,038,019
Copart Inc.(a)		148,818		18,672,194
Driven Brands Holdings Inc.(a)(b)		46,684		1,226,856
IAA Inc.(a)		96,390		3,686,917
MSA Safety Inc.		26,237		3,481,650
Republic Services Inc.		149,776		19,845,320
Rollins Inc.		156,465		5,484,098
Stericycle Inc.(a)		64,615		3,807,116
Waste Management Inc.		302,944		48,016,624
				134,889,059
Communications Equipment — 0.8%
Arista Networks Inc.(a)		171,681		23,860,225
Ciena Corp.(a)		107,588		6,523,061
Cisco Systems Inc.		3,034,040		169,178,070
CommScope Holding Co. Inc.(a)(b)		143,561		1,131,261
F5 Inc.(a)		43,993		9,192,337

38 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Juniper Networks Inc.		228,642	$	8,496,337
Lumentum Holdings Inc.(a)(b)		54,245		5,294,312
Motorola Solutions Inc.		118,265		28,643,783
Ubiquiti Inc.		3,574		1,040,606
Viasat Inc.(a)(b)		55,596		2,713,085
				256,073,077
Construction & Engineering — 0.1%
AECOM		93,748		7,200,784
MasTec Inc.(a)		43,195		3,762,285
MDU Resources Group Inc.		149,308		3,979,058
Quanta Services Inc.		99,499		13,095,063
Valmont Industries Inc.		15,245		3,637,457
				31,674,647
Construction Materials — 0.1%
Eagle Materials Inc.		27,633		3,546,972
Martin Marietta Materials Inc.		44,183		17,005,595
Vulcan Materials Co.		95,725		17,584,682
				38,137,249
Consumer Finance — 0.6%
Ally Financial Inc.		240,902		10,474,419
American Express Co.		441,938		82,642,406
Capital One Financial Corp.		295,764		38,830,856
Credit Acceptance Corp.(a)(b)		5,159		2,839,359
Discover Financial Services		206,970		22,806,024
OneMain Holdings Inc.		73,550		3,487,005
SLM Corp.		193,991		3,561,675
Synchrony Financial		374,058		13,020,959
Upstart Holdings Inc.(a)(b)		34,345		3,746,696
				181,409,399
Containers & Packaging — 0.4%
Amcor PLC		1,082,070		12,259,853
AptarGroup Inc.		46,456		5,458,580
Ardagh Group SA(a)		12,001		201,677
Ardagh Metal Packaging SA(a)(b)		64,028		520,547
Avery Dennison Corp.		60,272		10,485,520
Ball Corp.		228,131		20,531,790
Berry Global Group Inc.(a)		99,303		5,755,602
Crown Holdings Inc.		88,235		11,037,316
Graphic Packaging Holding Co.		194,474		3,897,259
International Paper Co.		283,136		13,066,726
Packaging Corp. of America		67,299		10,506,047
Sealed Air Corp.		110,053		7,369,149
Silgan Holdings Inc.		57,491		2,657,809
Sonoco Products Co.		74,003		4,629,628
Westrock Co.		182,627		8,588,948
				116,966,451
Distributors — 0.1%
Genuine Parts Co.		101,075		12,737,472
LKQ Corp.		192,728		8,751,778
Pool Corp.		27,960		11,822,886
				33,312,136
Diversified Consumer Services — 0.1%
ADT Inc.		102,181		775,554
Bright Horizons Family Solutions Inc.(a)(b)		43,188		5,730,616
Chegg Inc.(a)(b)		93,860		3,405,241
frontdoor Inc.(a)		59,052		1,762,702
Grand Canyon Education Inc.(a)(b)		29,410		2,856,005
H&R Block Inc.		114,890		2,991,736

Security	Shares		Value
Diversified Consumer Services (continued)
Mister Car Wash Inc.(a)(b)		54,902	$	812,001
Service Corp. International		119,314		7,853,247
Terminix Global Holdings Inc.(a)		85,048		3,880,740
				30,067,842
Diversified Financial Services — 1.6%
Apollo Global Management Inc.		264,812		16,415,696
Berkshire Hathaway Inc., Class B(a)		1,316,903		464,748,238
Equitable Holdings Inc.		243,668		7,531,778
Voya Financial Inc.		75,250		4,992,837
				493,688,549
Diversified Telecommunication Services — 0.9%
AT&T Inc.		5,128,398		121,184,045
Lumen Technologies Inc.		756,507		8,525,834
Verizon Communications Inc.		3,016,648		153,668,049
				283,377,928
Electric Utilities — 1.7%
Alliant Energy Corp.		181,486		11,339,245
American Electric Power Co. Inc.		359,141		35,831,498
Avangrid Inc.		40,884		1,910,918
Constellation Energy Corp.		233,989		13,161,881
Duke Energy Corp.		551,258		61,553,468
Edison International		265,962		18,643,936
Entergy Corp.		144,149		16,829,396
Evergy Inc.		163,762		11,191,495
Eversource Energy		244,509		21,563,249
Exelon Corp.		701,978		33,435,212
FirstEnergy Corp.		391,815		17,968,636
Hawaiian Electric Industries Inc.		73,065		3,091,380
IDACORP Inc.		38,450		4,435,592
NextEra Energy Inc.		1,407,873		119,260,922
NRG Energy Inc.		169,503		6,502,135
OGE Energy Corp.		141,976		5,789,781
PG&E Corp.(a)		1,430,656		17,082,033
Pinnacle West Capital Corp.		81,803		6,388,815
PPL Corp.		548,921		15,677,184
Southern Co. (The)		759,314		55,057,858
Xcel Energy Inc.		385,830		27,845,351
				504,559,985
Electrical Equipment — 0.6%
Acuity Brands Inc.(b)		26,130		4,946,409
AMETEK Inc.		164,274		21,878,011
ChargePoint Holdings Inc.(a)(b)		177,131		3,521,364
Eaton Corp. PLC		285,755		43,366,179
Emerson Electric Co.		428,188		41,983,833
Fluence Energy Inc.(a)(b)		24,270		318,180
Generac Holdings Inc.(a)		44,161		13,127,299
Hubbell Inc.		38,654		7,103,446
nVent Electric PLC		119,135		4,143,515
Plug Power Inc.(a)(b)		373,872		10,696,478
Regal Rexnord Corp.		48,327		7,190,091
Rockwell Automation Inc.		82,439		23,085,393
Sensata Technologies Holding PLC(a)(b)		111,314		5,660,317
Shoals Technologies Group Inc., Class A(a)(b)		73,961		1,260,296
Sunrun Inc.(a)(b)		141,120		4,285,814
Vertiv Holdings Co.		229,779		3,216,906
				195,783,531
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		416,515		31,384,405
Arrow Electronics Inc.(a)		49,986		5,929,839

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Avnet Inc.		70,129	$	2,846,536
CDW Corp./DE		98,162		17,560,200
Cognex Corp.		120,266		9,278,522
Coherent Inc.(a)(b)		17,429		4,764,391
Corning Inc.		543,588		20,063,833
IPG Photonics Corp.(a)		24,139		2,649,497
Jabil Inc.		100,522		6,205,223
Keysight Technologies Inc.(a)		130,754		20,655,209
Littelfuse Inc.		16,558		4,129,731
National Instruments Corp.		90,430		3,670,554
TD SYNNEX Corp.		30,027		3,099,087
Teledyne Technologies Inc.(a)		33,247		15,713,530
Trimble Inc.(a)		181,083		13,063,328
Vontier Corp.(b)		120,056		3,048,222
Zebra Technologies Corp., Class A(a)		37,738		15,612,210
				179,674,317
Energy Equipment & Services — 0.3%
Baker Hughes Co.		528,640		19,247,783
Halliburton Co.		634,900		24,043,663
NOV Inc.		279,189		5,474,896
Schlumberger NV		1,003,975		41,474,207
				90,240,549
Entertainment — 1.4%
Activision Blizzard Inc.		552,617		44,270,148
Electronic Arts Inc.		200,568		25,373,858
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		15,635		987,037
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		146,327		10,219,478
Live Nation Entertainment Inc.(a)		98,795		11,622,244
Madison Square Garden Sports Corp.(a)(b)		12,655		2,269,801
Netflix Inc.(a)		310,082		116,153,616
Playtika Holding Corp.(a)(b)		74,322		1,436,644
Roku Inc.(a)(b)		82,358		10,316,986
Skillz Inc.(a)(b)		148,172		444,516
Spotify Technology SA(a)		99,291		14,994,927
Take-Two Interactive Software Inc.(a)(b)		83,023		12,763,956
Walt Disney Co. (The)(a)		1,303,573		178,798,073
World Wrestling Entertainment Inc., Class A		33,752		2,107,475
Zynga Inc., Class A(a)		734,350		6,785,394
				438,544,153
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities Inc.		119,762		24,102,103
American Campus Communities Inc.		98,532		5,514,836
American Homes 4 Rent, Class A		212,193		8,494,086
American Tower Corp.		324,916		81,625,398
Americold Realty Trust		187,288		5,221,589
Apartment Income REIT Corp.		111,938		5,984,206
AvalonBay Communities Inc.		99,504		24,713,809
Boston Properties Inc.		112,508		14,491,030
Brixmor Property Group Inc.		211,853		5,467,926
Camden Property Trust		69,619		11,570,678
Cousins Properties Inc.		105,059		4,232,827
Crown Castle International Corp.		309,087		57,057,460
CubeSmart		156,451		8,140,146
Digital Realty Trust Inc.		201,870		28,625,166
Douglas Emmett Inc.		112,464		3,758,547
Duke Realty Corp.		273,091		15,855,663
EPR Properties		52,927		2,895,636

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equinix Inc.		64,066	$	47,512,627
Equity LifeStyle Properties Inc.		127,229		9,730,474
Equity Residential		264,345		23,769,902
Essex Property Trust Inc.		46,219		15,967,740
Extra Space Storage Inc.		93,079		19,137,042
Federal Realty Investment Trust		56,360		6,879,865
First Industrial Realty Trust Inc.		91,385		5,657,645
Gaming and Leisure Properties Inc.		172,154		8,079,187
Healthcare Trust of America Inc., Class A		147,929		4,636,095
Healthpeak Properties Inc.		390,657		13,411,255
Highwoods Properties Inc.		77,052		3,524,359
Host Hotels & Resorts Inc.		521,502		10,132,784
Hudson Pacific Properties Inc.		110,887		3,077,114
Invitation Homes Inc.		434,255		17,448,366
Iron Mountain Inc.		201,496		11,164,893
JBG SMITH Properties		85,392		2,495,154
Kilroy Realty Corp.		82,980		6,341,332
Kimco Realty Corp.		406,943		10,051,492
Lamar Advertising Co., Class A		61,618		7,158,779
Life Storage Inc.		60,469		8,491,662
Medical Properties Trust Inc.		422,651		8,934,842
Mid-America Apartment Communities Inc.		83,098		17,404,876
National Retail Properties Inc.		131,440		5,906,914
Omega Healthcare Investors Inc.		165,733		5,164,240
Orion Office REIT Inc.		39,514		553,196
Park Hotels & Resorts Inc.		165,024		3,222,919
Prologis Inc.		528,706		85,375,445
Public Storage		108,467		42,332,501
Rayonier Inc.		101,351		4,167,553
Realty Income Corp.		406,843		28,194,220
Regency Centers Corp.		123,707		8,825,257
Rexford Industrial Realty Inc.		115,536		8,617,830
SBA Communications Corp.		77,122		26,537,680
Simon Property Group Inc.		232,531		30,591,778
SL Green Realty Corp.		51,544		4,184,342
Spirit Realty Capital Inc.		94,571		4,352,157
STORE Capital Corp.		167,251		4,888,747
Sun Communities Inc.		83,600		14,654,244
UDR Inc.		227,607		13,057,814
Ventas Inc.		282,587		17,452,573
VICI Properties Inc.		460,626		13,109,416
Vornado Realty Trust		121,443		5,503,797
Welltower Inc.		312,355		30,029,810
Weyerhaeuser Co.		544,517		20,637,194
WP Carey Inc.		136,049		10,998,201
				957,116,419
Food & Staples Retailing — 1.4%
Albertsons Companies Inc., Class A		119,585		3,976,201
Casey’s General Stores Inc.		26,524		5,256,261
Costco Wholesale Corp.		317,403		182,776,518
Grocery Outlet Holding Corp.(a)(b)		62,190		2,038,588
Kroger Co. (The)		522,898		29,998,658
Sysco Corp.		365,752		29,863,651
U.S. Foods Holding Corp.(a)(b)		157,210		5,915,813
Walgreens Boots Alliance Inc.		512,217		22,931,955
Walmart Inc.		1,015,411		151,215,006
				433,972,651
Food Products — 1.0%
Archer-Daniels-Midland Co.		397,726		35,898,749

40 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Beyond Meat Inc.(a)(b)		40,871	$	1,974,478
Bunge Ltd.		100,831		11,173,083
Campbell Soup Co.		134,425		5,991,322
Conagra Brands Inc.		334,209		11,219,396
Darling Ingredients Inc.(a)		117,938		9,479,856
Flowers Foods Inc.		142,923		3,674,550
Freshpet Inc.(a)(b)		29,253		3,002,528
General Mills Inc.		434,283		29,409,645
Hain Celestial Group Inc. (The)(a)		55,164		1,897,642
Hershey Co. (The)		106,159		22,997,224
Hormel Foods Corp.		208,407		10,741,297
Ingredion Inc.		47,981		4,181,544
JM Smucker Co. (The)		73,893		10,005,851
Kellogg Co.		182,485		11,768,458
Kraft Heinz Co. (The)		499,212		19,663,961
Lamb Weston Holdings Inc.		104,430		6,256,401
McCormick & Co. Inc./MD, NVS		178,284		17,792,743
Mondelez International Inc., Class A		992,134		62,286,173
Pilgrim’s Pride Corp.(a)		34,175		857,793
Post Holdings Inc.(a)		44,987		3,115,800
Seaboard Corp.		129		542,508
Tyson Foods Inc., Class A		206,710		18,527,417
				302,458,419
Gas Utilities — 0.1%
Atmos Energy Corp.		96,400		11,518,836
National Fuel Gas Co.		64,501		4,431,219
UGI Corp.		150,679		5,457,593
				21,407,648
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		1,247,028		147,598,234
ABIOMED Inc.(a)		31,913		10,570,862
Align Technology Inc.(a)		56,376		24,579,936
Baxter International Inc.		358,950		27,832,983
Becton Dickinson and Co.		204,542		54,408,172
Boston Scientific Corp.(a)		1,020,629		45,203,658
Cooper Companies Inc. (The)(b)		34,466		14,392,657
DENTSPLY SIRONA Inc.		158,970		7,824,503
Dexcom Inc.(a)(b)		69,153		35,378,675
Edwards Lifesciences Corp.(a)		443,503		52,209,173
Envista Holdings Corp.(a)(b)		115,073		5,605,206
Figs Inc., Class A(a)(b)		54,286		1,168,235
Globus Medical Inc., Class A(a)		53,760		3,966,413
Hologic Inc.(a)		176,702		13,574,248
ICU Medical Inc.(a)(b)		15,366		3,421,086
IDEXX Laboratories Inc.(a)		60,677		33,193,960
Insulet Corp.(a)		47,668		12,698,278
Integra LifeSciences Holdings Corp.(a)		50,677		3,256,504
Intuitive Surgical Inc.(a)		254,007		76,628,832
Masimo Corp.(a)		36,735		5,346,412
Medtronic PLC		963,831		106,937,049
Novocure Ltd.(a)(b)		73,393		6,080,610
Penumbra Inc.(a)		23,589		5,239,824
Quidel Corp.(a)		24,172		2,718,383
ResMed Inc.		102,970		24,971,255
STERIS PLC		62,317		15,066,381
Stryker Corp.		250,151		66,877,870
Tandem Diabetes Care Inc.(a)		45,341		5,272,705
Teleflex Inc.		33,460		11,872,612
Zimmer Biomet Holdings Inc.		150,438		19,241,020

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimvie Inc.(a)		14,802	$	338,078
				843,473,814
Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.(a)(b)		62,377		4,087,565
agilon health Inc.(a)(b)		119,327		3,024,939
Amedisys Inc.(a)		22,882		3,942,340
AmerisourceBergen Corp.		106,120		16,417,825
Anthem Inc.		175,683		86,299,003
Cardinal Health Inc.		196,358		11,133,499
Centene Corp.(a)		416,175		35,037,773
Chemed Corp.		10,895		5,518,862
Cigna Corp.		233,461		55,939,590
CVS Health Corp.		944,952		95,638,592
DaVita Inc.(a)		45,462		5,142,207
Encompass Health Corp.		73,856		5,251,900
Guardant Health Inc.(a)(b)		60,073		3,979,236
HCA Healthcare Inc.		175,685		44,030,175
Henry Schein Inc.(a)(b)		101,129		8,817,438
Humana Inc.		92,553		40,276,289
Laboratory Corp. of America Holdings(a)		66,977		17,659,156
McKesson Corp.		107,946		33,045,509
Molina Healthcare Inc.(a)		41,955		13,995,768
Oak Street Health Inc.(a)(b)		64,004		1,720,428
Premier Inc., Class A		78,980		2,810,898
Quest Diagnostics Inc.		89,247		12,214,344
Signify Health Inc., Class A(a)(b)		45,102		818,601
UnitedHealth Group Inc.		675,418		344,442,917
Universal Health Services Inc., Class B(b)		52,288		7,579,146
				858,824,000
Health Care Technology — 0.2%
Cerner Corp.		210,250		19,670,990
Certara Inc.(a)(b)		91,452		1,964,389
Change Healthcare Inc.(a)		179,067		3,903,661
Definitive Healthcare Corp.(a)(b)		25,380		625,617
Teladoc Health Inc.(a)(b)		108,349		7,815,213
Veeva Systems Inc., Class A(a)		100,538		21,360,303
				55,340,173
Hotels, Restaurants & Leisure — 1.9%
Aramark		166,388		6,256,189
Booking Holdings Inc.(a)		29,412		69,072,611
Boyd Gaming Corp.		55,833		3,672,695
Caesars Entertainment Inc.(a)		149,622		11,574,758
Carnival Corp.(a)		624,380		12,624,964
Chipotle Mexican Grill Inc.(a)		20,177		31,920,619
Choice Hotels International Inc.		25,679		3,640,255
Churchill Downs Inc.		27,588		6,118,467
Darden Restaurants Inc.		89,832		11,943,164
Domino’s Pizza Inc.		26,395		10,743,029
DraftKings Inc., Class A(a)(b)		208,092		4,051,551
Expedia Group Inc.(a)		105,313		20,606,595
Hilton Worldwide Holdings Inc.(a)		195,488		29,663,349
Hyatt Hotels Corp., Class A(a)		34,480		3,291,116
Las Vegas Sands Corp.(a)		237,046		9,213,978
Marriott International Inc./MD, Class A(a)		196,378		34,513,433
Marriott Vacations Worldwide Corp.		28,478		4,490,981
McDonald’s Corp.		536,187		132,588,321
MGM Resorts International(b)		270,644		11,350,809
Norwegian Cruise Line Holdings Ltd.(a)(b)		260,142		5,691,907
Penn National Gaming Inc.(a)		114,821		4,870,707

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Planet Fitness Inc., Class A(a)		59,589	$	5,034,079
Royal Caribbean Cruises Ltd.(a)(b)		156,894		13,144,579
Six Flags Entertainment Corp.(a)		54,747		2,381,495
Starbucks Corp.		828,176		75,339,171
Travel + Leisure Co.		60,609		3,511,685
Vail Resorts Inc.		29,646		7,715,964
Wendy’s Co. (The)		127,650		2,804,471
Wyndham Hotels & Resorts Inc.		63,230		5,354,949
Wynn Resorts Ltd.(a)		78,266		6,240,931
Yum China Holdings Inc.		304,949		12,667,581
Yum! Brands Inc.		207,561		24,602,205
				586,696,608
Household Durables — 0.3%
DR Horton Inc.		237,427		17,690,686
Garmin Ltd.		109,200		12,952,212
Leggett & Platt Inc.		93,121		3,240,611
Lennar Corp., Class A		185,031		15,018,966
Lennar Corp., Class B		11,861		810,699
Mohawk Industries Inc.(a)		40,478		5,027,368
Newell Brands Inc.		263,309		5,637,446
NVR Inc.(a)		2,294		10,247,917
PulteGroup Inc.		173,889		7,285,949
Tempur Sealy International Inc.		127,210		3,551,703
Toll Brothers Inc.		73,628		3,461,989
TopBuild Corp.(a)		23,936		4,341,751
Whirlpool Corp.		40,744		7,039,748
				96,307,045
Household Products — 1.2%
Church & Dwight Co. Inc.		174,145		17,306,530
Clorox Co. (The)		86,367		12,007,604
Colgate-Palmolive Co.		598,670		45,397,146
Kimberly-Clark Corp.		242,474		29,863,098
Procter & Gamble Co. (The)		1,727,857		264,016,550
Reynolds Consumer Products Inc.		31,674		929,315
Spectrum Brands Holdings Inc.		27,442		2,434,654
				371,954,897
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		478,923		12,322,689
Brookfield Renewable Corp., Class A		88,486		3,875,687
Vistra Corp.		341,529		7,940,549
				24,138,925
Industrial Conglomerates — 0.9%
3M Co.		409,581		60,978,419
General Electric Co.		782,996		71,644,134
Honeywell International Inc.		491,958		95,725,188
Roper Technologies Inc.		75,244		35,532,474
				263,880,215
Insurance — 2.2%
Aflac Inc.		462,988		29,811,797
Alleghany Corp.(a)		9,597		8,128,659
Allstate Corp. (The)		201,375		27,892,451
American Financial Group Inc./OH		46,941		6,835,548
American International Group Inc.		594,540		37,319,276
Aon PLC, Class A		156,444		50,942,860
Arch Capital Group Ltd.(a)		272,198		13,179,827
Arthur J Gallagher & Co.		146,613		25,598,630
Assurant Inc.		39,373		7,159,193
Assured Guaranty Ltd.		48,170		3,066,502
Axis Capital Holdings Ltd.		58,554		3,540,760

Security	Shares		Value
Insurance (continued)
Brighthouse Financial Inc.(a)		59,031	$	3,049,542
Brown & Brown Inc.		167,820		12,128,351
Chubb Ltd.		307,780		65,834,142
Cincinnati Financial Corp.		108,115		14,699,315
CNA Financial Corp.		18,874		917,654
Erie Indemnity Co., Class A, NVS		17,502		3,082,627
Everest Re Group Ltd.		27,555		8,304,526
Fidelity National Financial Inc.		195,113		9,529,319
First American Financial Corp.		80,199		5,198,499
Globe Life Inc.		69,421		6,983,753
GoHealth Inc., Class A(a)(b)		220,031		259,637
Hanover Insurance Group Inc. (The)		23,902		3,573,827
Hartford Financial Services Group Inc. (The)		238,972		17,160,579
Kemper Corp.		39,143		2,213,145
Lemonade Inc.(a)(b)		17,642		465,220
Lincoln National Corp.		130,033		8,498,957
Loews Corp.		150,405		9,749,252
Markel Corp.(a)		9,654		14,241,967
Marsh & McLennan Companies Inc.		364,424		62,105,138
Mercury General Corp.		19,047		1,047,585
MetLife Inc.		502,830		35,338,892
Old Republic International Corp.		210,799		5,453,370
Primerica Inc.		28,979		3,964,907
Principal Financial Group Inc.		185,578		13,623,281
Progressive Corp. (The)		419,288		47,794,639
Prudential Financial Inc.		273,286		32,294,207
Reinsurance Group of America Inc.		45,570		4,988,092
RenaissanceRe Holdings Ltd.		32,950		5,222,905
Travelers Companies Inc. (The)		173,400		31,685,382
Unum Group		137,477		4,331,900
W R Berkley Corp.		150,723		10,036,645
White Mountains Insurance Group Ltd.(b)		2,098		2,383,832
Willis Towers Watson PLC		90,033		21,267,595
				680,904,185
Interactive Media & Services — 5.2%
Alphabet Inc., Class A(a)		215,952		600,638,095
Alphabet Inc., Class C, NVS(a)		198,618		554,738,088
IAC/InterActiveCorp.(a)(b)		53,440		5,358,963
Match Group Inc.(a)		203,617		22,141,313
Meta Platforms Inc, Class A(a)		1,655,935		368,213,707
Pinterest Inc., Class A(a)		417,738		10,280,532
TripAdvisor Inc.(a)		73,046		1,981,007
Twitter Inc.(a)		555,449		21,490,322
Vimeo Inc.(a)(b)		102,847		1,221,822
				1,586,063,849
Internet & Direct Marketing Retail — 3.5%
Amazon.com Inc.(a)		311,627		1,015,888,439
DoorDash Inc., Class A(a)(b)		105,245		12,333,662
eBay Inc.		453,308		25,956,416
Etsy Inc.(a)		89,447		11,116,473
Qurate Retail Inc., Series A		297,208		1,414,710
Wayfair Inc., Class A(a)(b)		53,044		5,876,214
				1,072,585,914
IT Services — 4.6%
Accenture PLC, Class A		456,575		153,970,787
Akamai Technologies Inc.(a)(b)		115,079		13,739,282
Alliance Data Systems Corp.		38,513		2,162,505
Amdocs Ltd.		88,408		7,268,022
Automatic Data Processing Inc.		301,782		68,667,476

42 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Block Inc.(a)(b)		344,163	$	46,668,503
Broadridge Financial Solutions Inc.		82,983		12,921,283
Cloudflare Inc., Class A(a)		188,415		22,553,276
Cognizant Technology Solutions Corp., Class A		375,923		33,709,015
Concentrix Corp.		31,550		5,254,968
DXC Technology Co.(a)		175,201		5,716,809
EPAM Systems Inc.(a)		38,542		11,431,943
Euronet Worldwide Inc.(a)(b)		37,149		4,834,942
Fastly Inc., Class A(a)(b)		87,135		1,514,406
Fidelity National Information Services Inc.		437,768		43,960,663
Fiserv Inc.(a)		429,346		43,535,684
FleetCor Technologies Inc.(a)		58,039		14,455,193
Gartner Inc.(a)		58,252		17,327,640
Genpact Ltd.		127,206		5,534,733
Global Payments Inc.		202,833		27,755,668
Globant SA(a)(b)		28,933		7,582,471
GoDaddy Inc., Class A(a)		119,507		10,002,736
International Business Machines Corp.		641,025		83,346,070
Jack Henry & Associates Inc.		52,058		10,258,029
Kyndryl Holdings Inc.(a)		160,351		2,103,805
Mastercard Inc., Class A		619,793		221,501,622
MongoDB Inc.(a)		45,523		20,193,548
Okta Inc.(a)		90,315		13,633,952
Paychex Inc.		229,649		31,340,199
PayPal Holdings Inc.(a)		843,639		97,566,850
Paysafe Ltd.(a)(b)		257,879		874,210
Sabre Corp.(a)		229,755		2,626,100
Shift4 Payments Inc., Class A(a)(b)		28,475		1,763,457
Snowflake Inc., Class A(a)		144,642		33,141,821
SolarWinds Corp.		24,758		329,529
StoneCo Ltd., Class A(a)		158,225		1,851,233
Switch Inc., Class A		81,585		2,514,450
Thoughtworks Holding Inc.(a)(b)		16,994		353,645
Twilio Inc., Class A(a)		119,331		19,666,942
VeriSign Inc.(a)		70,781		15,745,941
Visa Inc., Class A		1,191,321		264,199,258
Western Union Co. (The)		281,490		5,275,123
WEX Inc.(a)		31,968		5,704,690
Wix.com Ltd.(a)		38,194		3,989,745
				1,398,548,224
Leisure Products — 0.1%
Brunswick Corp./DE		57,271		4,632,651
Hasbro Inc.		92,717		7,595,377
Mattel Inc.(a)		260,878		5,794,100
Peloton Interactive Inc., Class A(a)(b)		214,089		5,656,231
Polaris Inc.		39,478		4,157,823
YETI Holdings Inc.(a)		57,712		3,461,566
			31,297,748
Life Sciences Tools & Services — 1.8%
10X Genomics Inc., Class A(a)		57,208		4,351,813
Adaptive Biotechnologies Corp.(a)(b)		77,472		1,075,311
Agilent Technologies Inc.		215,753		28,550,594
Avantor Inc.(a)		439,095		14,850,193
Azenta Inc.		52,176		4,324,347
Bio-Rad Laboratories Inc., Class A(a)		14,753		8,309,332
Bio-Techne Corp.		27,820		12,047,173
Bruker Corp.		73,157		4,703,995
Charles River Laboratories International Inc.(a)		35,314		10,028,117
Danaher Corp.		455,209		133,526,456

Security	Shares		Value
Life Sciences Tools & Services (continued)
Illumina Inc.(a)		104,936	$	36,664,638
IQVIA Holdings Inc.(a)		136,813		31,632,534
Maravai LifeSciences Holdings Inc., Class A(a)		73,208		2,582,046
Mettler-Toledo International Inc.(a)		16,358		22,462,642
PerkinElmer Inc.(b)		91,869		16,027,466
QIAGEN NV(a)		160,771		7,877,779
Repligen Corp.(a)		37,833		7,116,009
Sotera Health Co.(a)(b)		71,084		1,539,679
Syneos Health Inc.(a)		71,143		5,759,026
Thermo Fisher Scientific Inc.		282,074		166,607,008
Waters Corp.(a)		43,374		13,462,856
West Pharmaceutical Services Inc.		52,348		21,499,847
				554,998,861
Machinery — 1.6%
AGCO Corp.		46,671		6,815,366
Allison Transmission Holdings Inc.		71,741		2,816,552
Caterpillar Inc.		388,479		86,560,891
Colfax Corp.(a)		100,014		3,979,557
Crane Co.		37,734		4,085,837
Cummins Inc.		104,150		21,362,206
Deere & Co.		200,209		83,178,831
Donaldson Co. Inc.		90,665		4,708,233
Dover Corp.		102,071		16,014,940
Flowserve Corp.		91,572		3,287,435
Fortive Corp.		231,900		14,129,667
Gates Industrial Corp. PLC(a)(b)		65,973		993,553
Graco Inc.		120,179		8,378,880
IDEX Corp.		55,238		10,590,782
Illinois Tool Works Inc.		225,787		47,279,798
Ingersoll Rand Inc.		282,913		14,244,670
ITT Inc.		62,601		4,708,221
Lincoln Electric Holdings Inc.		40,570		5,590,952
Middleby Corp. (The)(a)		40,973		6,717,114
Nordson Corp.		41,176		9,350,246
Oshkosh Corp.		49,862		5,018,610
Otis Worldwide Corp.		302,398		23,269,526
PACCAR Inc.		245,263		21,600,312
Parker-Hannifin Corp.		92,467		26,238,436
Pentair PLC		114,465		6,205,148
Snap-on Inc.		38,918		7,996,871
Stanley Black & Decker Inc.		117,419		16,414,002
Timken Co. (The)		44,706		2,713,654
Toro Co. (The)		72,063		6,160,666
Westinghouse Air Brake Technologies Corp.		128,911		12,397,371
Xylem Inc./NY		126,502		10,785,560
				493,593,887
Marine — 0.0%
Kirby Corp.(a)		41,750		3,013,933
Media — 1.1%
Altice USA Inc., Class A(a)		150,044		1,872,549
Cable One Inc.		3,810		5,578,754
Charter Communications Inc., Class A(a)(b)		86,658		47,273,672
Comcast Corp., Class A		3,230,736		151,263,060
Discovery Inc., Class A(a)(b)		113,602		2,830,962
Discovery Inc., Class C, NVS(a)		225,762		5,637,277
DISH Network Corp., Class A(a)		177,843		5,628,731
Fox Corp., Class A, NVS		223,720		8,825,754
Fox Corp., Class B		113,571		4,120,356
Interpublic Group of Companies Inc. (The)		279,450		9,906,503

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Liberty Broadband Corp., Class A(a)		18,539	$	2,429,721
Liberty Broadband Corp., Class C, NVS(a)		102,953		13,931,600
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		66,450		3,037,430
Liberty Media Corp.-Liberty SiriusXM,
Class C, NVS(a)		115,424		5,278,340
Loyalty Ventures Inc.(a)		13,525		223,568
New York Times Co. (The), Class A		124,174		5,692,136
News Corp., Class A, NVS		276,279		6,119,580
News Corp., Class B		82,841		1,865,579
Nexstar Media Group Inc., Class A		28,461		5,364,329
Omnicom Group Inc.		146,308		12,418,623
Paramount Global, Class B, NVS		417,864		15,799,438
Sirius XM Holdings Inc.(b)		654,683		4,334,001
				319,431,963
Metals & Mining — 0.6%
Alcoa Corp.		129,807		11,686,524
Cleveland-Cliffs Inc.(a)		320,315		10,317,346
Freeport-McMoRan Inc.		1,054,207		52,436,256
Newmont Corp.		574,058		45,608,908
Nucor Corp.		195,912		29,122,319
Reliance Steel & Aluminum Co.		45,577		8,356,543
Royal Gold Inc.		45,859		6,478,960
Southern Copper Corp.		59,285		4,499,732
Steel Dynamics Inc.		135,361		11,293,168
United States Steel Corp.		186,014		7,020,168
				186,819,924
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		389,775		5,106,052
Annaly Capital Management Inc.		989,619		6,966,918
New Residential Investment Corp.		323,206		3,548,802
Starwood Property Trust Inc.		206,990		5,002,948
				20,624,720
Multi-Utilities — 0.8%
Ameren Corp.		181,649		17,031,410
CenterPoint Energy Inc.		425,243		13,029,446
CMS Energy Corp.		209,647		14,662,711
Consolidated Edison Inc.		256,675		24,301,989
Dominion Energy Inc.		578,196		49,129,314
DTE Energy Co.		137,384		18,163,539
NiSource Inc.		279,714		8,894,905
Public Service Enterprise Group Inc.		364,007		25,480,490
Sempra Energy		229,452		38,575,470
WEC Energy Group Inc.		227,192		22,676,034
				231,945,308
Multiline Retail — 0.5%
Dollar General Corp.		168,409		37,492,896
Dollar Tree Inc.(a)		161,209		25,817,621
Kohl’s Corp.		99,321		6,004,948
Nordstrom Inc.		79,094		2,144,238
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		42,605		1,830,311
Target Corp.		344,640		73,139,501
				146,429,515
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.		224,211		2,437,174
APA Corp.		262,051		10,830,568
Cheniere Energy Inc.		167,156		23,176,179
Chevron Corp.		1,388,951		226,162,891
ConocoPhillips		947,255		94,725,500
Continental Resources Inc./OK		46,294		2,839,211

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Coterra Energy Inc.		572,369	$	15,436,792
Devon Energy Corp.		483,084		28,564,757
Diamondback Energy Inc.		129,424		17,741,442
DTE Midstream LLC(a)		69,116		3,750,234
EOG Resources Inc.		417,462		49,773,994
EQT Corp.		217,763		7,493,225
Exxon Mobil Corp.		3,040,458		251,111,426
Hess Corp.		199,930		21,400,507
HF Sinclair Corp.		114,630		4,568,006
Kinder Morgan Inc.		1,384,044		26,172,272
Marathon Oil Corp.		565,421		14,197,721
Marathon Petroleum Corp.		440,922		37,698,831
New Fortress Energy Inc.		18,852		803,284
Occidental Petroleum Corp.		608,648		34,534,688
ONEOK Inc.		319,713		22,581,329
Phillips 66		334,899		28,931,925
Pioneer Natural Resources Co.		154,795		38,703,394
Targa Resources Corp.		162,569		12,269,082
Texas Pacific Land Corp.		4,202		5,681,566
Valero Energy Corp.		292,150		29,664,911
Williams Companies Inc. (The)		865,705		28,923,204
				1,040,174,113
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		62,723		3,896,353
Sylvamo Corp.(a)		17,505		582,566
				4,478,919
Personal Products — 0.2%
Coty Inc., Class A(a)		251,295		2,259,142
Estee Lauder Companies Inc. (The), Class A		164,102		44,688,257
Herbalife Nutrition Ltd.(a)		76,429		2,320,384
Olaplex Holdings Inc.(a)		57,704		901,914
				50,169,697
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		1,565,615		114,336,863
Catalent Inc.(a)		124,535		13,810,932
Elanco Animal Health Inc.(a)		319,044		8,323,858
Eli Lilly & Co.		608,563		174,274,186
Jazz Pharmaceuticals PLC(a)		41,854		6,515,412
Johnson & Johnson		1,891,672		335,261,029
Merck & Co. Inc.		1,818,864		149,237,791
Nektar Therapeutics(a)(b)		82,113		442,589
Organon & Co.		181,564		6,342,031
Perrigo Co. PLC		98,391		3,781,166
Pfizer Inc.		4,008,033		207,495,868
Royalty Pharma PLC, Class A		239,961		9,348,881
Viatris Inc.		884,293		9,621,108
Zoetis Inc.		340,331		64,183,023
				1,102,974,737
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		91,819		8,065,381
CACI International Inc., Class A(a)		17,517		5,277,171
Clarivate PLC(a)		334,602		5,607,930
CoStar Group Inc.(a)		280,482		18,682,906
Dun & Bradstreet Holdings Inc.(a)		114,582		2,007,477
Equifax Inc.		86,050		20,402,455
FTI Consulting Inc.(a)(b)		25,773		4,052,031
Jacobs Engineering Group Inc.		93,751		12,919,825
Legalzoomcom Inc.(a)(b)		68,633		970,471
Leidos Holdings Inc.		98,953		10,688,903

44 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
ManpowerGroup Inc.		37,242	$	3,497,769
Nielsen Holdings PLC		256,870		6,997,139
Robert Half International Inc.		76,830		8,772,449
Science Applications International Corp.		39,073		3,601,358
TransUnion		137,424		14,201,396
Verisk Analytics Inc.		113,004		24,254,049
				149,998,710
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		237,534		21,739,112
Howard Hughes Corp. (The)(a)(b)		27,991		2,900,147
Jones Lang LaSalle Inc.(a)		35,145		8,415,822
Opendoor Technologies Inc.(a)(b)		306,700		2,652,955
Zillow Group Inc., Class A(a)(b)		40,060		1,932,094
Zillow Group Inc., Class C, NVS(a)(b)		115,391		5,687,622
				43,327,752
Road & Rail — 1.1%
AMERCO		6,441		3,844,891
CSX Corp.		1,586,751		59,423,825
JB Hunt Transport Services Inc.		60,475		12,142,775
Knight-Swift Transportation Holdings Inc.		119,743		6,042,232
Landstar System Inc.		27,511		4,149,484
Lyft Inc., Class A(a)		206,197		7,917,965
Norfolk Southern Corp.		171,862		49,018,480
Old Dominion Freight Line Inc.		73,233		21,873,232
Ryder System Inc.		37,072		2,940,922
Schneider National Inc., Class B		41,951		1,069,750
TuSimple Holdings Inc., Class A(a)(b)		94,761		1,156,084
Uber Technologies Inc.(a)		1,155,672		41,234,377
Union Pacific Corp.		461,543		126,098,163
XPO Logistics Inc.(a)		69,070		5,028,296
				341,940,476
Semiconductors & Semiconductor Equipment — 5.7%
Advanced Micro Devices Inc.(a)		1,172,928		128,247,948
Allegro MicroSystems Inc.(a)		28,703		815,165
Analog Devices Inc.		376,892		62,255,021
Applied Materials Inc.		637,381		84,006,816
Broadcom Inc.		289,816		182,491,339
Cirrus Logic Inc.(a)		38,951		3,302,655
Enphase Energy Inc.(a)		93,617		18,890,038
Entegris Inc.		97,370		12,780,786
First Solar Inc.(a)		73,260		6,134,792
GLOBALFOUNDRIES Inc.(a)(b)		37,438		2,336,880
Intel Corp.		2,901,723		143,809,392
KLA Corp.		108,536		39,730,688
Lam Research Corp.		101,247		54,431,400
Marvell Technology Inc.		605,241		43,401,832
Microchip Technology Inc.		389,765		29,286,942
Micron Technology Inc.		803,229		62,563,507
MKS Instruments Inc.		38,536		5,780,400
Monolithic Power Systems Inc.		32,602		15,834,139
NVIDIA Corp.		1,717,660		468,680,708
NXP Semiconductors NV		189,701		35,109,861
ON Semiconductor Corp.(a)		303,435		18,998,065
Qorvo Inc.(a)		77,792		9,653,987
QUALCOMM Inc.		809,577		123,719,557
Skyworks Solutions Inc.		116,993		15,592,827
Teradyne Inc.		118,992		14,068,424
Texas Instruments Inc.		663,129		121,670,909
Universal Display Corp.		30,944		5,166,101

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Wolfspeed Inc.(a)(b)		85,197	$	9,700,531
				1,718,460,710
Software — 9.7%
Adobe Inc.(a)		338,269		154,122,122
Alteryx Inc., Class A(a)(b)		42,069		3,009,196
Anaplan Inc.(a)		98,810		6,427,591
ANSYS Inc.(a)		61,961		19,681,912
Aspen Technology Inc.(a)		48,419		8,007,050
Atlassian Corp. PLC, Class A(a)		99,751		29,309,836
Autodesk Inc.(a)		158,041		33,876,088
Avalara Inc.(a)		59,235		5,894,475
Bentley Systems Inc., Class B(b)		101,523		4,485,286
Bill.com Holdings Inc.(a)		67,151		15,229,175
Black Knight Inc.(a)		111,936		6,491,169
C3.ai Inc., Class A(a)(b)		42,409		962,684
Cadence Design Systems Inc.(a)		197,517		32,483,646
CDK Global Inc.		78,093		3,801,567
Ceridian HCM Holding Inc.(a)(b)		90,526		6,188,357
Citrix Systems Inc.		89,407		9,021,166
Coupa Software Inc.(a)		55,850		5,676,036
Crowdstrike Holdings Inc., Class A(a)		142,879		32,444,963
Datadog Inc., Class A(a)(b)		183,581		27,807,014
Datto Holding Corp.(a)(b)		17,235		460,519
DocuSign Inc.(a)		138,332		14,818,124
Dolby Laboratories Inc., Class A		48,029		3,756,828
DoubleVerify Holdings Inc.(a)(b)		48,748		1,226,987
Dropbox Inc., Class A(a)		209,852		4,879,059
Duck Creek Technologies Inc.(a)		42,369		937,202
Dynatrace Inc.(a)		147,661		6,954,833
Elastic NV(a)		53,714		4,777,860
Everbridge Inc.(a)		32,092		1,400,495
Fair Isaac Corp.(a)		18,313		8,542,282
Five9 Inc.(a)		46,895		5,177,208
Fortinet Inc.(a)		95,517		32,641,980
Guidewire Software Inc.(a)(b)		62,121		5,877,889
HubSpot Inc.(a)		32,352		15,365,259
Informatica Inc.(a)(b)		23,902		471,826
Intuit Inc.		190,582		91,639,449
Jamf Holding Corp.(a)(b)		37,142		1,292,913
Mandiant Inc.(a)		164,753		3,675,639
Manhattan Associates Inc.(a)		43,798		6,075,221
Microsoft Corp.		5,410,887		1,668,230,571
N-able Inc.(a)(b)		27,617		251,315
nCino Inc.(a)(b)		43,479		1,781,769
NCR Corp.(a)		93,901		3,773,881
New Relic Inc.(a)(b)		33,630		2,249,174
NortonLifeLock Inc.		392,978		10,421,777
Nutanix Inc., Class A(a)		162,889		4,368,683
Oracle Corp.		1,159,437		95,920,223
Palantir Technologies Inc., Class A(a)(b)		1,189,421		16,330,750
Palo Alto Networks Inc.(a)(b)		69,209		43,083,295
Paycom Software Inc.(a)		35,153		12,176,296
Paycor HCM Inc.(a)(b)		33,862		985,723
Paylocity Holding Corp.(a)		29,583		6,087,294
Pegasystems Inc.		26,364		2,126,257
Procore Technologies Inc.(a)(b)		42,514		2,464,112
PTC Inc.(a)		75,065		8,086,002
RingCentral Inc., Class A(a)		58,768		6,888,197
salesforce.com Inc.(a)		671,412		142,554,196
ServiceNow Inc.(a)(b)		143,543		79,937,661

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Smartsheet Inc., Class A(a)		87,356	$	4,785,362
Splunk Inc.(a)		112,111		16,660,816
SS&C Technologies Holdings Inc.		159,721		11,982,269
Synopsys Inc.(a)		108,830		36,269,774
Teradata Corp.(a)		77,118		3,801,146
Trade Desk Inc. (The), Class A(a)		314,337		21,767,837
Tyler Technologies Inc.(a)		28,271		12,577,485
Unity Software Inc.(a)(b)		108,048		10,719,442
VMware Inc., Class A		161,919		18,437,717
Workday Inc., Class A(a)		137,556		32,939,160
Zendesk Inc.(a)(b)		86,329		10,384,515
Zoom Video Communications Inc., Class A(a)		157,869		18,506,983
Zscaler Inc.(a)		56,533		13,640,282
				2,935,080,870
Specialty Retail — 2.0%
Advance Auto Parts Inc.		43,626		9,028,837
AutoNation Inc.(a)(b)		29,563		2,943,884
AutoZone Inc.(a)		14,826		30,312,943
Bath & Body Works Inc.		168,559		8,057,120
Best Buy Co. Inc.		172,734		15,701,521
Burlington Stores Inc.(a)(b)		46,388		8,450,502
CarMax Inc.(a)(b)		117,962		11,380,974
Carvana Co.(a)(b)		55,960		6,675,468
Dick’s Sporting Goods Inc.		42,343		4,235,147
Five Below Inc.(a)		37,801		5,986,544
Floor & Decor Holdings Inc., Class A(a)		70,609		5,719,329
Foot Locker Inc.		57,615		1,708,861
GameStop Corp., Class A(a)(b)		45,949		7,654,185
Gap Inc. (The)		143,489		2,020,325
Home Depot Inc. (The)		749,821		224,443,920
Leslie’s Inc.(a)(b)		121,600		2,354,176
Lithia Motors Inc.		21,291		6,389,855
Lowe’s Companies Inc.		484,040		97,868,048
O’Reilly Automotive Inc.(a)		48,090		32,939,726
Penske Automotive Group Inc.		22,703		2,127,725
Petco Health & Wellness Co. Inc.(a)(b)		39,570		774,385
RH(a)		11,948		3,896,123
Ross Stores Inc.		249,603		22,579,087
TJX Companies Inc. (The)		858,691		52,019,501
Tractor Supply Co.		82,357		19,219,653
Ulta Salon Cosmetics & Fragrance Inc.(a)		37,285		14,847,633
Victoria’s Secret & Co.(a)		52,331		2,687,720
Williams-Sonoma Inc.		53,473		7,753,585
				609,776,777
Technology Hardware, Storage & Peripherals — 6.7%
Apple Inc.		11,082,322		1,935,084,244
Dell Technologies Inc., Class C(a)		192,534		9,663,282
Hewlett Packard Enterprise Co.		947,865		15,838,824
HP Inc.		776,574		28,189,636
NetApp Inc.		160,036		13,282,988
Pure Storage Inc., Class A(a)(b)		202,993		7,167,683
Western Digital Corp.(a)		223,232		11,083,469
Xerox Holdings Corp.		91,138		1,838,253
				2,022,148,379
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)(b)		100,351		5,157,038
Carter’s Inc.		26,900		2,474,531
Columbia Sportswear Co.		25,362		2,296,022
Deckers Outdoor Corp.(a)		18,914		5,178,086

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands Inc.		234,284	$	3,488,489
Lululemon Athletica Inc.(a)		81,130		29,631,110
Nike Inc., Class B		889,487		119,689,371
PVH Corp.		49,256		3,773,502
Ralph Lauren Corp.		32,647		3,703,475
Skechers U.S.A. Inc., Class A(a)		94,105		3,835,720
Tapestry Inc.		189,986		7,057,980
Under Armour Inc., Class A(a)(b)		138,895		2,363,993
Under Armour Inc., Class C, NVS(a)		136,243		2,119,941
VF Corp.		234,747		13,347,714
				204,116,972
Thrifts & Mortgage Finance — 0.0%
MGIC Investment Corp.		239,138		3,240,320
New York Community Bancorp. Inc.		330,899		3,547,237
Rocket Companies Inc., Class A(b)		95,728		1,064,495
TFS Financial Corp.		28,383		471,158
UWM Holdings Corp.		65,296		295,791
				8,619,001
Tobacco — 0.6%
Altria Group Inc.		1,307,539		68,318,913
Philip Morris International Inc.		1,117,793		105,005,474
				173,324,387
Trading Companies & Distributors — 0.3%
Air Lease Corp.		73,599		3,286,195
Core & Main Inc., Class A(a)(b)		40,207		972,607
Fastenal Co.		407,725		24,218,865
MSC Industrial Direct Co. Inc., Class A		34,312		2,923,726
SiteOne Landscape Supply Inc.(a)		33,085		5,349,514
United Rentals Inc.(a)		52,014		18,475,893
Univar Solutions Inc.(a)		122,463		3,935,961
Watsco Inc.		23,482		7,153,556
WW Grainger Inc.		33,121		17,083,481
				83,399,798
Water Utilities — 0.1%
American Water Works Co. Inc.		129,186		21,384,158
Essential Utilities Inc.		164,799		8,426,173
				29,810,331
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		422,785		54,264,455
Total Common Stocks — 99.8% (Cost: $22,178,061,706)				30,352,366,946
Short-Term Investments
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		382,115,872		382,039,449
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		49,500,000		49,500,000
				431,539,449
Total Short-Term Investments — 1.4% (Cost: $431,448,703)				431,539,449
Total Investments in Securities — 101.2% (Cost: $22,609,510,409)				30,783,906,395
Other Assets, Less Liabilities — (1.2)%				(363,437,917	)
Net Assets — 100.0%			$	30,420,468,478

46 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 ETF

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	259,515,588	$	122,794,278	(a)	$	—		$	(137,152	)	$	(133,265	)	$	382,039,449		382,115,872	$	964,946	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		21,460,000		28,040,000	(a)		—			—			—			49,500,000		49,500,000		10,772			—
BlackRock Inc.		80,120,313		16,965,775			(20,408,673	)		9,283,549			(7,507,451	)		78,453,513		102,665		1,782,316			—
									$	9,146,397		$	(7,640,716	)	$	509,992,962			$	2,758,034		$	—

^(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		276		06/17/22	$	62,524	$	2,968,640
S&P Mid 400 E-Mini Index		18		06/17/22		4,841		139,850
							$	3,108,490

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,108,490

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

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,730,107
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,764,762

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	56,449,291

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
Investments
Assets
Common Stocks	$	30,352,165,269	$	201,677	$	—	$	30,352,366,946
Money Market Funds		431,539,449		—		—		431,539,449
	$	30,783,704,718	$	201,677	$	—	$	30,783,906,395
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,108,490	$	—	$	—	$	3,108,490

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

See notes to financial statements.

48 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Axon Enterprise Inc.(a)		212,459	$	29,261,978
BWX Technologies Inc.		229,707		12,372,019
HEICO Corp.(b)		46,996		7,215,766
HEICO Corp., Class A		88,140		11,178,796
Howmet Aerospace Inc.		92,491		3,324,126
Lockheed Martin Corp.		696,569		307,465,557
Northrop Grumman Corp.		40,851		18,269,384
Spirit AeroSystems Holdings Inc., Class A(b)		99,617		4,870,275
TransDigm Group Inc.(a)(b)		48,902		31,861,609
Virgin Galactic Holdings Inc.(a)(b)		569,495		5,626,611
				431,446,121
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		83,912		9,038,162
Expeditors International of Washington Inc.		398,764		41,136,494
FedEx Corp.		350,547		81,113,070
GXO Logistics Inc.(a)		270,135		19,271,431
United Parcel Service Inc., Class B		2,377,399		509,856,990
				660,416,147
Airlines — 0.1%
Delta Air Lines Inc.(a)		2,082,681		82,411,687
Auto Components — 0.0%
Aptiv PLC(a)		166,705		19,956,255
QuantumScape Corp.(a)(b)		571,116		11,416,609
				31,372,864
Automobiles — 4.2%
Rivian Automotive Inc., Class A(a)(b)		132,297		6,646,601
Tesla Inc.(a)(b)		2,734,198		2,946,371,765
Thor Industries Inc.		70,577		5,554,410
				2,958,572,776
Banks — 0.0%
Citizens Financial Group Inc.		258,329		11,710,053
Synovus Financial Corp.		21,845		1,070,405
Western Alliance Bancorp.		180,741		14,968,970
				27,749,428
Beverages — 1.9%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		32,181		12,501,353
Brown-Forman Corp., Class A		62,501		3,921,313
Brown-Forman Corp., Class B, NVS		306,530		20,543,640
Coca-Cola Co. (The)		9,004,568		558,283,216
Monster Beverage Corp.(a)		1,131,353		90,395,105
PepsiCo Inc.		3,767,111		630,539,039
				1,316,183,666
Biotechnology — 2.8%
AbbVie Inc.		5,803,777		940,850,289
Alnylam Pharmaceuticals Inc.(a)		392,695		64,123,167
Amgen Inc.		1,510,059		365,162,467
CureVac NV(a)(b)		173,072		3,393,942
Exact Sciences Corp.(a)(b)		533,450		37,298,824
Exelixis Inc.(a)		888,222		20,135,993
Horizon Therapeutics PLC(a)		139,426		14,669,009
Incyte Corp.(a)		523,493		41,575,814
Ionis Pharmaceuticals Inc.(a)(b)		421,154		15,599,544
Iovance Biotherapeutics Inc.(a)(b)		135,691		2,259,255
Mirati Therapeutics Inc.(a)(b)		113,922		9,366,667
Moderna Inc.(a)		1,109,700		191,156,922
Natera Inc.(a)		266,764		10,851,960

Security	Shares		Value
Biotechnology (continued)
Neurocrine Biosciences Inc.(a)		310,536	$	29,112,750
Novavax Inc.(a)(b)		253,973		18,705,111
Regeneron Pharmaceuticals Inc.(a)		35,194		24,580,194
Sarepta Therapeutics Inc.(a)		268,558		20,979,751
Seagen Inc.(a)		397,639		57,279,898
Ultragenyx Pharmaceutical Inc.(a)(b)		155,682		11,305,627
Vertex Pharmaceuticals Inc.(a)		335,077		87,445,045
				1,965,852,229
Building Products — 0.3%
Advanced Drainage Systems Inc.(b)		199,726		23,729,446
Allegion PLC		224,447		24,639,792
Armstrong World Industries Inc.		74,815		6,734,098
AZEK Co. Inc. (The)(a)(b)		221,435		5,500,445
Carlisle Companies Inc.		66,831		16,435,080
Carrier Global Corp.		1,311,982		60,180,614
Fortune Brands Home & Security Inc.		115,334		8,567,010
Trane Technologies PLC		371,630		56,747,901
Trex Co. Inc.(a)(b)		375,159		24,509,137
				227,043,523
Capital Markets — 1.6%
Ameriprise Financial Inc.		207,049		62,189,238
Ares Management Corp., Class A		408,863		33,211,941
Blackstone Inc., NVS		2,303,187		292,366,558
FactSet Research Systems Inc.		108,260		47,001,079
Goldman Sachs Group Inc. (The)		67,494		22,279,769
LPL Financial Holdings Inc.		263,529		48,141,478
MarketAxess Holdings Inc.		121,420		41,307,084
Moody’s Corp.		506,188		170,792,893
Morningstar Inc.		69,271		18,922,759
MSCI Inc.		183,793		92,425,824
Raymond James Financial Inc.		24,235		2,663,669
S&P Global Inc.		560,142		229,759,046
T Rowe Price Group Inc.		246,913		37,330,776
				1,098,392,114
Chemicals — 0.7%
Axalta Coating Systems Ltd.(a)		92,211		2,266,547
Celanese Corp.		128,905		18,416,657
Chemours Co. (The)		275,644		8,677,273
Diversey Holdings Ltd.(a)		194,158		1,469,776
Dow Inc.		164,300		10,469,196
Ecolab Inc.		722,239		127,518,518
FMC Corp.		105,097		13,827,612
LyondellBasell Industries NV, Class A		98,787		10,157,279
Olin Corp.		22,971		1,200,924
PPG Industries Inc.		324,591		42,544,142
RPM International Inc.		251,910		20,515,551
Scotts Miracle-Gro Co. (The)		139,294		17,127,590
Sherwin-Williams Co. (The)		790,795		197,398,248
Westlake Chemical Corp.		21,595		2,664,823
				474,254,136
Commercial Services & Supplies — 0.4%
Cintas Corp.		269,714		114,733,639
Copart Inc.(a)		686,686		86,158,492
IAA Inc.(a)(b)		456,651		17,466,901
MSA Safety Inc.		34,279		4,548,823
Rollins Inc.		700,428		24,550,001
Waste Management Inc.		223,168		35,372,128
				282,829,984

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment — 0.2%
Arista Networks Inc.(a)		707,544	$	98,334,465
CommScope Holding Co. Inc.(a)		653,852		5,152,354
Ubiquiti Inc.(b)		16,515		4,808,507
				108,295,326
Consumer Finance — 0.5%
American Express Co.		1,287,597		240,780,639
Discover Financial Services		518,247		57,105,637
Synchrony Financial		304,051		10,584,015
Upstart Holdings Inc.(a)(b)		158,815		17,325,129
				325,795,420
Containers & Packaging — 0.1%
Avery Dennison Corp.		146,748		25,529,749
Ball Corp.		307,473		27,672,570
Crown Holdings Inc.		54,074		6,764,117
Graphic Packaging Holding Co.		260,847		5,227,374
Sealed Air Corp.		257,530		17,244,209
				82,438,019
Distributors — 0.1%
Pool Corp.		126,725		53,585,666
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)(b)		157,204		20,859,399
Chegg Inc.(a)(b)		335,779		12,182,062
frontdoor Inc.(a)(b)		166,883		4,981,458
H&R Block Inc.		427,082		11,121,215
Mister Car Wash Inc.(a)(b)		159,524		2,359,360
				51,503,494
Diversified Financial Services — 0.1%
Apollo Global Management Inc.		774,565		48,015,284
Electric Utilities — 0.0%
NRG Energy Inc.		376,960		14,460,186
Electrical Equipment — 0.3%
Fluence Energy Inc.(a)(b)		45,439		595,705
Generac Holdings Inc.(a)(b)		199,968		59,442,488
Plug Power Inc.(a)(b)		1,691,543		48,395,045
Regal Rexnord Corp.		46,530		6,922,733
Rockwell Automation Inc.		229,517		64,271,646
Vertiv Holdings Co.		1,095,930		15,343,020
				194,970,637
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		1,362,532		102,666,786
CDW Corp./DE		447,536		80,059,715
Cognex Corp.		565,075		43,595,536
Coherent Inc.(a)		70,576		19,292,655
Corning Inc.		854,413		31,536,384
IPG Photonics Corp.(a)		5,800		636,608
Jabil Inc.		360,087		22,228,171
Keysight Technologies Inc.(a)(b)		261,245		41,268,873
Vontier Corp.(b)		298,013		7,566,550
Zebra Technologies Corp., Class A(a)		174,854		72,337,100
				421,188,378
Energy Equipment & Services — 0.0%
Halliburton Co.		153,066		5,796,609
Entertainment — 1.1%
Live Nation Entertainment Inc.(a)		168,872		19,866,102
Madison Square Garden Sports Corp.(a)(b)		23,610		4,234,690
Netflix Inc.(a)		1,418,792		531,465,295

Security	Shares		Value
Entertainment (continued)
Playtika Holding Corp.(a)		339,913	$	6,570,518
Roku Inc.(a)(b)		385,842		48,334,427
Skillz Inc.(a)(b)		824,295		2,472,885
Spotify Technology SA(a)		453,653		68,510,676
Take-Two Interactive Software Inc.(a)(b)		74,384		11,435,796
Walt Disney Co. (The)(a)		302,491		41,489,666
World Wrestling Entertainment Inc., Class A		112,967		7,053,660
Zynga Inc., Class A(a)		1,596,217		14,749,045
				756,182,760
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.		1,482,183		372,354,013
Crown Castle International Corp.		1,416,870		261,554,202
Equinix Inc.		207,884		154,170,932
Equity LifeStyle Properties Inc.		307,677		23,531,137
Extra Space Storage Inc.		34,543		7,102,041
Iron Mountain Inc.		671,505		37,208,092
Lamar Advertising Co., Class A		246,595		28,649,407
Public Storage		379,421		148,080,428
SBA Communications Corp.		61,099		21,024,166
Simon Property Group Inc.		933,252		122,778,633
				1,176,453,051
Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		1,357,899		781,946,139
Sysco Corp.		1,683,253		137,437,608
				919,383,747
Food Products — 0.2%
Beyond Meat Inc.(a)(b)		174,030		8,407,389
Darling Ingredients Inc.(a)		18,823		1,512,993
Freshpet Inc.(a)(b)		140,326		14,403,061
Hershey Co. (The)		409,732		88,760,243
Kellogg Co.		374,517		24,152,601
Lamb Weston Holdings Inc.		140,792		8,434,849
Pilgrim’s Pride Corp.(a)		37,833		949,608
				146,620,744
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		2,854,863		337,901,585
ABIOMED Inc.(a)		144,543		47,878,423
Align Technology Inc.(a)		259,417		113,105,812
Dexcom Inc.(a)(b)		317,220		162,289,752
Edwards Lifesciences Corp.(a)		2,027,503		238,677,653
Figs Inc., Class A(a)(b)		28		603
Globus Medical Inc., Class A(a)		6		443
IDEXX Laboratories Inc.(a)		278,358		152,278,527
Insulet Corp.(a)(b)		215,490		57,404,381
Intuitive Surgical Inc.(a)		1,163,586		351,030,624
Masimo Corp.(a)		122,610		17,844,659
Novocure Ltd.(a)(b)		330,639		27,393,441
Penumbra Inc.(a)		112,351		24,956,528
ResMed Inc.		425,318		103,143,868
STERIS PLC		35,335		8,542,943
Stryker Corp.		491,210		131,324,994
Tandem Diabetes Care Inc.(a)		186,302		21,665,060
Teleflex Inc.		26,899		9,544,572
				1,804,983,868
Health Care Providers & Services — 0.7%
agilon health Inc.(a)(b)		534,984		13,561,844
Amedisys Inc.(a)(b)		96,040		16,546,732
Cardinal Health Inc.		528,350		29,957,445
Chemed Corp.		13,391		6,783,211

50 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
DaVita Inc.(a)(b)		144,577	$	16,353,105
Encompass Health Corp.		191,867		13,643,662
Guardant Health Inc.(a)(b)		302,930		20,066,083
HCA Healthcare Inc.		804,917		201,728,299
McKesson Corp.		70,243		21,503,490
Molina Healthcare Inc.(a)		28,515		9,512,319
Oak Street Health Inc.(a)(b)		298,223		8,016,234
UnitedHealth Group Inc.		213,194		108,722,544
				466,394,968
Health Care Technology — 0.1%
Certara Inc.(a)(b)		231,377		4,969,978
Definitive Healthcare Corp.(a)(b)		12		296
Veeva Systems Inc., Class A(a)		454,115		96,481,273
				101,451,547
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings Inc.(a)		134,842		316,669,695
Boyd Gaming Corp.		56,955		3,746,500
Caesars Entertainment Inc.(a)(b)		422,996		32,722,971
Chipotle Mexican Grill Inc.(a)(b)		91,893		145,377,483
Choice Hotels International Inc.		114,240		16,194,662
Churchill Downs Inc.		123,366		27,360,111
Darden Restaurants Inc.		281,527		37,429,015
Domino’s Pizza Inc.		81,914		33,339,817
DraftKings Inc., Class A(a)(b)		980,034		19,081,262
Expedia Group Inc.(a)		478,207		93,570,764
Hilton Worldwide Holdings Inc.(a)		599,244		90,929,285
Las Vegas Sands Corp.(a)		1,074,694		41,773,356
Marriott International Inc./MD, Class A(a)		891,373		156,658,805
McDonald’s Corp.		436,357		107,902,359
Penn National Gaming Inc.(a)(b)		28,732		1,218,811
Planet Fitness Inc., Class A(a)		194,453		16,427,389
Six Flags Entertainment Corp.(a)		96,241		4,186,483
Starbucks Corp.		3,781,337		343,988,227
Travel + Leisure Co.		183,110		10,609,393
Vail Resorts Inc.		130,357		33,928,016
Wendy’s Co. (The)		611,243		13,429,009
Wyndham Hotels & Resorts Inc.		196,224		16,618,211
Wynn Resorts Ltd.(a)(b)		352,415		28,101,572
Yum China Holdings Inc.		100,633		4,180,295
Yum! Brands Inc.		82,765		9,810,135
				1,605,253,626
Household Durables — 0.2%
DR Horton Inc.		449,808		33,515,194
NVR Inc.(a)		6,801		30,381,903
PulteGroup Inc.		248,335		10,405,237
Tempur Sealy International Inc.		597,763		16,689,543
Toll Brothers Inc.		150,456		7,074,441
TopBuild Corp.(a)		89,193		16,178,718
				114,245,036
Household Products — 0.3%
Church & Dwight Co. Inc.		35,485		3,526,499
Clorox Co. (The)		330,945		46,011,284
Colgate-Palmolive Co.		1,460,469		110,747,364
Kimberly-Clark Corp.		552,777		68,080,015
				228,365,162
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		104,423		4,573,727

Security	Shares		Value
Industrial Conglomerates — 0.2%
3M Co.		272,148	$	40,517,394
Honeywell International Inc.		486,394		94,642,545
				135,159,939
Insurance — 0.3%
Alleghany Corp.(a)		4,741		4,015,627
Aon PLC, Class A		423,914		138,039,116
Arch Capital Group Ltd.(a)(b)		287,196		13,906,030
Brown & Brown Inc.		44,067		3,184,722
Erie Indemnity Co., Class A, NVS		60,490		10,654,104
Everest Re Group Ltd.		26,581		8,010,982
GoHealth Inc., Class A(a)(b)		52		61
Lemonade Inc.(a)(b)		6		158
Lincoln National Corp.		88,813		5,804,818
Markel Corp.(a)(b)		7,738		11,415,407
Marsh & McLennan Companies Inc.		199,841		34,056,903
RenaissanceRe Holdings Ltd.		61,067		9,679,730
				238,767,658
Interactive Media & Services — 9.1%
Alphabet Inc., Class A(a)		850,755		2,366,247,419
Alphabet Inc., Class C, NVS(a)		782,507		2,185,534,226
Match Group Inc.(a)(b)		932,823		101,435,173
Meta Platforms Inc, Class A(a)		7,576,830		1,684,783,919
Pinterest Inc., Class A(a)		1,869,342		46,004,506
TripAdvisor Inc.(a)(b)		222,756		6,041,143
Twitter Inc.(a)		267,588		10,352,980
Vimeo Inc.(a)(b)		432,924		5,143,137
				6,405,542,503
Internet & Direct Marketing Retail — 6.9%
Amazon.com Inc.(a)		1,425,834		4,648,147,548
DoorDash Inc., Class A(a)(b)		423,079		49,580,628
eBay Inc.		2,063,076		118,131,732
Etsy Inc.(a)(b)		411,427		51,132,148
Wayfair Inc., Class A(a)(b)		140,821		15,600,150
				4,882,592,206
IT Services — 6.6%
Accenture PLC, Class A		1,679,657		566,430,730
Automatic Data Processing Inc.		1,269,388		288,836,545
Block Inc.(a)(b)		1,574,800		213,542,880
Broadridge Financial Solutions Inc.		341,922		53,240,675
Cloudflare Inc., Class A(a)		809,401		96,885,300
EPAM Systems Inc.(a)		174,364		51,718,106
Euronet Worldwide Inc.(a)(b)		121,987		15,876,608
Fiserv Inc.(a)(b)		139,469		14,142,157
FleetCor Technologies Inc.(a)		60,071		14,961,283
Gartner Inc.(a)(b)		263,506		78,382,495
Genpact Ltd.		12		522
Globant SA(a)(b)		134,852		35,340,664
GoDaddy Inc., Class A(a)		55,793		4,669,874
Jack Henry & Associates Inc.		59,147		11,654,916
Mastercard Inc., Class A		2,835,912		1,013,498,230
MongoDB Inc.(a)(b)		209,339		92,860,687
Okta Inc.(a)		415,917		62,786,830
Paychex Inc.		926,729		126,470,707
PayPal Holdings Inc.(a)		3,859,319		446,330,242
Sabre Corp.(a)		1,034,588		11,825,341
Shift4 Payments Inc., Class A(a)(b)		139,871		8,662,211
Snowflake Inc., Class A(a)(b)		624,931		143,190,440
StoneCo Ltd., Class A(a)(b)		714,298		8,357,287
Switch Inc., Class A		374,118		11,530,317

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Thoughtworks Holding Inc.(a)		18	$	375
Twilio Inc., Class A(a)		153,578		25,311,190
Visa Inc., Class A		5,450,966		1,208,860,730
Western Union Co. (The)		288,588		5,408,139
WEX Inc.(a)(b)		97,611		17,418,683
Wix.com Ltd.(a)		170,227		17,781,912
				4,645,976,076
Leisure Products — 0.1%
Brunswick Corp./DE		24,863		2,011,168
Mattel Inc.(a)(b)		1,162,779		25,825,322
Peloton Interactive Inc., Class A(a)(b)		968,557		25,589,276
Polaris Inc.		125,245		13,190,803
YETI Holdings Inc.(a)(b)		288,373		17,296,613
				83,913,182
Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A(a)		277,089		21,078,160
Adaptive Biotechnologies Corp.(a)(b)		315,886		4,384,498
Agilent Technologies Inc.		881,601		116,662,260
Avantor Inc.(a)(b)		1,984,565		67,117,988
Azenta Inc.		204,961		16,987,168
Bio-Techne Corp.		129,668		56,151,431
Bruker Corp.(b)		342,507		22,023,200
Charles River Laboratories International Inc.(a)		151,942		43,146,970
Danaher Corp.		109,727		32,186,221
Illumina Inc.(a)		477,741		166,922,705
IQVIA Holdings Inc.(a)(b)		306,931		70,965,517
Maravai LifeSciences Holdings Inc., Class A(a)		369,753		13,041,188
Mettler-Toledo International Inc.(a)		74,557		102,380,927
Repligen Corp.(a)		167,349		31,476,673
Sotera Health Co.(a)(b)		292,028		6,325,327
Syneos Health Inc.(a)		42,751		3,460,693
Thermo Fisher Scientific Inc.		115,410		68,166,917
Waters Corp.(a)		185,421		57,552,824
West Pharmaceutical Services Inc.		239,823		98,497,704
				998,528,371
Machinery — 1.5%
AGCO Corp.		20,034		2,925,565
Allison Transmission Holdings Inc.		253,420		9,949,269
Caterpillar Inc.		1,531,131		341,166,610
Deere & Co.		915,617		380,402,239
Donaldson Co. Inc.		47,397		2,461,326
Graco Inc.		349,213		24,347,130
Illinois Tool Works Inc.		926,681		194,047,002
Lincoln Electric Holdings Inc.		187,752		25,874,103
Middleby Corp. (The)(a)		57,907		9,493,274
Nordson Corp.		32,336		7,342,859
Parker-Hannifin Corp.		69,753		19,793,111
Toro Co. (The)		318,625		27,239,251
Xylem Inc./NY		383,162		32,668,392
				1,077,710,131
Media — 0.3%
Altice USA Inc., Class A(a)		495,287		6,181,182
Cable One Inc.		9,770		14,305,625
Charter Communications Inc., Class A(a)		374,601		204,352,337
Nexstar Media Group Inc., Class A		8,758		1,650,708
				226,489,852
Metals & Mining — 0.1%
Freeport-McMoRan Inc.		1,404,344		69,852,071
Southern Copper Corp.		259,639		19,706,600

Security	Shares		Value
Metals & Mining (continued)
Steel Dynamics Inc.		115,154	$	9,607,298
				99,165,969
Multiline Retail — 0.3%
Dollar General Corp.		330,409		73,558,956
Nordstrom Inc.		303,498		8,227,831
Target Corp.		704,414		149,490,739
				231,277,526
Oil, Gas & Consumable Fuels — 0.5%
Cheniere Energy Inc.		765,527		106,140,319
Continental Resources Inc./OK		8		491
Coterra Energy Inc.		443,794		11,969,124
Diamondback Energy Inc.		279,528		38,317,698
EOG Resources Inc.		232,981		27,778,325
Hess Corp.		61,461		6,578,786
New Fortress Energy Inc.		86,292		3,676,902
Occidental Petroleum Corp.		362,464		20,566,207
Pioneer Natural Resources Co.		315,567		78,901,217
Texas Pacific Land Corp.		19,721		26,664,961
				320,594,030
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		22,781		1,415,156
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		751,735		204,712,475
Herbalife Nutrition Ltd.(a)(b)		59,380		1,802,777
Olaplex Holdings Inc.(a)		20		313
				206,515,565
Pharmaceuticals — 1.3%
Catalent Inc.(a)		130,896		14,516,367
Eli Lilly & Co.		2,199,787		629,953,003
Royalty Pharma PLC, Class A		629,993		24,544,527
Zoetis Inc.		1,478,173		278,768,646
				947,782,543
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		428,737		37,660,258
CoStar Group Inc.(a)		988,874		65,868,897
Equifax Inc.		153,780		36,461,238
Legalzoomcom Inc.(a)(b)		171,615		2,426,636
Robert Half International Inc.		314,736		35,936,557
TransUnion		426,251		44,048,778
Verisk Analytics Inc.		329,761		70,776,604
				293,178,968
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		50,310		4,604,371
Opendoor Technologies Inc.(a)(b)		246,525		2,132,441
Zillow Group Inc., Class A(a)(b)		202,033		9,744,052
Zillow Group Inc., Class C, NVS(a)(b)		541,070		26,669,340
				43,150,204
Road & Rail — 1.0%
JB Hunt Transport Services Inc.		244,492		49,091,548
Landstar System Inc.		110,490		16,665,207
Lyft Inc., Class A(a)(b)		978,928		37,590,835
Old Dominion Freight Line Inc.		310,363		92,699,221
TuSimple Holdings Inc., Class A(a)(b)		99,874		1,218,463
Uber Technologies Inc.(a)		4,532,353		161,714,355
Union Pacific Corp.		1,333,789		364,404,493
XPO Logistics Inc.(a)		276,401		20,121,993
				743,506,115

52 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 8.5%
Advanced Micro Devices Inc.(a)		5,366,813	$	586,807,333
Allegro MicroSystems Inc.(a)(b)		107,126		3,042,378
Analog Devices Inc.		685,541		113,237,662
Applied Materials Inc.		2,913,869		384,047,934
Broadcom Inc.		1,326,062		834,994,720
Enphase Energy Inc.(a)		426,431		86,045,247
Entegris Inc.(b)		439,505		57,689,426
GLOBALFOUNDRIES Inc.(a)(b)		80,651		5,034,235
KLA Corp.		498,895		182,625,504
Lam Research Corp.		462,516		248,653,227
Microchip Technology Inc.		1,511,659		113,586,057
Micron Technology Inc.		505,930		39,406,888
MKS Instruments Inc.		150,171		22,525,650
Monolithic Power Systems Inc.		149,454		72,586,819
NVIDIA Corp.		7,859,261		2,144,477,957
NXP Semiconductors NV		270,090		49,988,257
ON Semiconductor Corp.(a)		760,100		47,589,861
QUALCOMM Inc.		3,705,663		566,299,420
Skyworks Solutions Inc.		258,124		34,402,767
Teradyne Inc.		539,278		63,758,838
Texas Instruments Inc.		1,883,735		345,627,698
Universal Display Corp.		141,807		23,674,679
				6,026,102,557
Software — 17.5%
Adobe Inc.(a)		1,547,794		705,205,902
Alteryx Inc., Class A(a)(b)		192,454		13,766,235
Anaplan Inc.(a)		459,148		29,867,577
ANSYS Inc.(a)		120,247		38,196,460
Aspen Technology Inc.(a)(b)		221,331		36,601,507
Atlassian Corp. PLC, Class A(a)(b)		458,925		134,845,933
Autodesk Inc.(a)		724,080		155,206,548
Avalara Inc.(a)(b)		280,875		27,949,871
Bentley Systems Inc., Class B(b)		451,584		19,950,981
Bill.com Holdings Inc.(a)(b)		305,700		69,329,703
C3.ai Inc., Class A(a)(b)		20		454
Cadence Design Systems Inc.(a)		901,293		148,226,647
CDK Global Inc.(b)		58,482		2,846,904
Citrix Systems Inc.		150,192		15,154,373
Coupa Software Inc.(a)(b)		244,258		24,823,941
Crowdstrike Holdings Inc., Class A(a)(b)		653,998		148,509,866
Datadog Inc., Class A(a)		836,654		126,727,981
DocuSign Inc.(a)(b)		632,664		67,770,968
DoubleVerify Holdings Inc.(a)		196,196		4,938,253
Dropbox Inc., Class A(a)		992,735		23,081,089
Duck Creek Technologies Inc.(a)		54,743		1,210,915
Dynatrace Inc.(a)		621,711		29,282,588
Elastic NV(a)		248,884		22,138,232
Everbridge Inc.(a)		133,751		5,836,894
Fair Isaac Corp.(a)		83,249		38,832,328
Five9 Inc.(a)(b)		216,574		23,909,770
Fortinet Inc.(a)		439,220		150,099,043
HubSpot Inc.(a)(b)		148,702		70,624,528
Informatica Inc.(a)(b)		42,118		831,409
Intuit Inc.		871,690		419,143,420
Jamf Holding Corp.(a)(b)		141,688		4,932,159
Mandiant Inc.(a)		223,724		4,991,282
Manhattan Associates Inc.(a)		114,858		15,931,953
Microsoft Corp.		24,757,875		7,633,100,441
nCino Inc.(a)(b)		167,454		6,862,265
NCR Corp.(a)(b)		141,166		5,673,462

Security	Shares		Value
Software (continued)
New Relic Inc.(a)(b)		179,444	$	12,001,215
NortonLifeLock Inc.		500,188		13,264,986
Nutanix Inc., Class A(a)		717,566		19,245,120
Oracle Corp.		4,933,837		408,176,335
Palantir Technologies Inc., Class A(a)(b)		5,492,989		75,418,739
Palo Alto Networks Inc.(a)(b)		317,401		197,585,296
Paycom Software Inc.(a)		159,929		55,396,207
Paycor HCM Inc.(a)(b)		103,634		3,016,786
Paylocity Holding Corp.(a)(b)		130,857		26,926,445
Pegasystems Inc.		120,746		9,738,165
Procore Technologies Inc.(a)(b)		128,756		7,462,698
PTC Inc.(a)(b)		342,764		36,922,538
RingCentral Inc., Class A(a)		268,082		31,421,891
salesforce.com Inc.(a)		591,062		125,494,284
ServiceNow Inc.(a)		655,430		365,002,413
Smartsheet Inc., Class A(a)(b)		387,574		21,231,304
Splunk Inc.(a)(b)		519,485		77,200,666
Synopsys Inc.(a)(b)		316,014		105,317,986
Teradata Corp.(a)		287,431		14,167,474
Trade Desk Inc. (The), Class A(a)(b)		1,433,280		99,254,640
Tyler Technologies Inc.(a)(b)		113,359		50,432,285
Unity Software Inc.(a)(b)		501,000		49,704,210
VMware Inc., Class A		274,272		31,231,353
Workday Inc., Class A(a)		629,499		150,739,830
Zendesk Inc.(a)(b)		390,335		46,953,397
Zoom Video Communications Inc., Class A(a)		717,723		84,138,667
Zscaler Inc.(a)(b)		260,734		62,909,899
				12,406,756,711
Specialty Retail — 3.3%
AutoZone Inc.(a)		14,328		29,294,742
Bath & Body Works Inc.		439,135		20,990,653
Best Buy Co. Inc.		178,261		16,203,925
Burlington Stores Inc.(a)(b)		202,595		36,906,731
CarMax Inc.(a)(b)		45,913		4,429,686
Carvana Co.(a)(b)		255,983		30,536,212
Five Below Inc.(a)(b)		183,608		29,077,999
Floor & Decor Holdings Inc., Class A(a)(b)		337,885		27,368,685
GameStop Corp., Class A(a)(b)		210,216		35,017,781
Home Depot Inc. (The)		3,430,826		1,026,949,147
Leslie’s Inc.(a)(b)		449,518		8,702,669
Lithia Motors Inc.		8,582		2,575,630
Lowe’s Companies Inc.		2,214,686		447,787,362
O’Reilly Automotive Inc.(a)		67,519		46,247,814
Petco Health & Wellness Co. Inc.(a)(b)		16		313
RH(a)		56,469		18,413,976
Ross Stores Inc.		1,155,159		104,495,683
TJX Companies Inc. (The)		3,919,704		237,455,668
Tractor Supply Co.		374,586		87,417,135
Ulta Salon Cosmetics & Fragrance Inc.(a)		172,402		68,653,925
Victoria’s Secret & Co.(a)(b)		138,239		7,099,955
Vroom Inc.(a)(b)		36		96
Williams-Sonoma Inc.		179,718		26,059,110
				2,311,684,897
Technology Hardware, Storage & Peripherals — 12.7%
Apple Inc.		50,707,832		8,854,094,546
Dell Technologies Inc., Class C(a)		429,086		21,535,826
HP Inc.		1,229,314		44,624,098
NetApp Inc.		487,792		40,486,736

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Pure Storage Inc., Class A(a)(b)		837,804	$	29,582,859
				8,990,324,065
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co.		4		362
Deckers Outdoor Corp.(a)		12,775		3,497,412
Hanesbrands Inc.		719,641		10,715,454
Lululemon Athletica Inc.(a)		376,190		137,395,874
Nike Inc., Class B		4,068,287		547,428,699
Skechers U.S.A. Inc., Class A(a)(b)		30,938		1,261,033
Tapestry Inc.		72,936		2,709,572
VF Corp.		675,541		38,411,261
				741,419,667
Thrifts & Mortgage Finance — 0.0%
Rocket Companies Inc., Class A(b)		499,346		5,552,727
UWM Holdings Corp.		148,828		674,191
				6,226,918
Tobacco — 0.2%
Altria Group Inc.		3,331,657		174,079,078
Trading Companies & Distributors — 0.3%
Core & Main Inc., Class A(a)(b)		95,053		2,299,332
Fastenal Co.		1,670,251		99,212,909
SiteOne Landscape Supply Inc.(a)		74,409		12,031,191
United Rentals Inc.(a)		82,141		29,177,305
WW Grainger Inc.		125,329		64,643,445
				207,364,182
Total Common Stocks — 99.8% (Cost: $46,309,989,557)				70,631,705,999

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		1,167,710,788	$	1,167,477,245
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		91,770,000		91,770,000
				1,259,247,245
Total Short-Term Investments — 1.8% (Cost: $1,259,122,285)				1,259,247,245
Total Investments in Securities — 101.6% (Cost: $47,569,111,842)				71,890,953,244
Other Assets, Less Liabilities — (1.6)%				(1,156,195,643	)
Net Assets — 100.0%			$	70,734,757,601

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	986,160,919	$	182,162,326	(a)	$	—	$	(189,977	)	$	(656,023	)	$	1,167,477,245		1,167,710,788	$	2,902,955	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		77,470,000		14,300,000	(a)		—		—			—			91,770,000		91,770,000		21,993			—
								$	(189,977	)	$	(656,023	)	$	1,259,247,245			$	2,924,948		$	—

^(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.

54 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Growth ETF

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
Nasdaq 100 E-Mini Index		260		06/17/22		$77,317	$	7,030,778
S&P 500 E-Mini Index		72		06/17/22		16,311		1,034,375
							$	8,065,153

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	8,065,153

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,992,559
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	7,130,233

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	102,038,704

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
Investments
Assets
Common Stocks	$	70,631,705,999	$	—	$	—	$	70,631,705,999
Money Market Funds		1,259,247,245		—		—		1,259,247,245
	$	71,890,953,244	$	—	$	—	$	71,890,953,244
Derivative financial instruments(a)
Assets
Futures Contracts	$	8,065,153	$	—	$	—	$	8,065,153

^(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   O F   I N V E S T M E N T S 55

Schedule of Investments March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.6%
Boeing Co. (The)(a)		1,492,625	$	285,837,687
BWX Technologies Inc.		63,176		3,402,659
Curtiss-Wright Corp.		111,612		16,759,658
General Dynamics Corp.		691,744		166,834,818
HEICO Corp.(b)		84,292		12,942,194
HEICO Corp., Class A		146,590		18,592,010
Hexcel Corp.		230,883		13,730,612
Howmet Aerospace Inc.		982,493		35,310,798
Huntington Ingalls Industries Inc.		110,666		22,071,227
L3Harris Technologies Inc.		543,887		135,139,603
Lockheed Martin Corp.		85,397		37,694,236
Mercury Systems Inc.(a)(b)		156,163		10,064,705
Northrop Grumman Corp.		372,686		166,672,633
Raytheon Technologies Corp.		4,169,817		413,103,770
Spirit AeroSystems Holdings Inc., Class A(b)		206,250		10,083,563
Textron Inc.		615,131		45,753,444
TransDigm Group Inc.(a)(b)		103,528		67,452,633
Virgin Galactic Holdings Inc.(a)(b)		24		237
Woodward Inc.		171,934		21,476,276
				1,482,922,763
Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		290,799		31,321,960
Expeditors International of Washington Inc.		127,942		13,198,497
FedEx Corp.		384,678		89,010,642
GXO Logistics Inc.(a)(b)		37,950		2,707,353
				136,238,452
Airlines — 0.3%
Alaska Air Group Inc.(a)		343,985		19,954,570
American Airlines Group Inc.(a)(b)		1,773,492		32,366,229
Copa Holdings SA, Class A, NVS(a)(b)		82,612		6,909,668
JetBlue Airways Corp.(a)		870,775		13,018,086
Southwest Airlines Co.(a)		1,641,719		75,190,730
United Airlines Holdings Inc.(a)(b)		891,731		41,340,649
				188,779,932
Auto Components — 0.2%
Aptiv PLC(a)		611,756		73,233,311
BorgWarner Inc.		654,659		25,466,235
Gentex Corp.		662,137		19,314,536
Lear Corp.		164,056		23,392,745
QuantumScape Corp.(a)(b)		193,640		3,870,864
				145,277,691
Automobiles — 0.7%
Ford Motor Co.		10,915,164		184,575,423
General Motors Co.(a)		3,823,654		167,246,626
Harley-Davidson Inc.		433,152		17,066,189
Rivian Automotive Inc., Class A(a)(b)		311,953		15,672,519
Thor Industries Inc.		85,322		6,714,841
				391,275,598
Banks — 7.6%
Bank of America Corp.		19,801,265		816,208,143
Bank of Hawaii Corp.		106,008		8,896,191
Bank OZK		323,456		13,811,571
BOK Financial Corp.		84,763		7,963,484
Citigroup Inc.		5,518,856		294,706,910
Citizens Financial Group Inc.		980,644		44,452,593
Comerica Inc.		366,482		33,140,967
Commerce Bancshares Inc.		307,141		21,988,224

Security	Shares		Value
Banks (continued)
Cullen/Frost Bankers Inc.		158,630	$	21,955,978
East West Bancorp. Inc.		387,016		30,582,004
Fifth Third Bancorp		1,894,003		81,517,889
First Citizens BancShares Inc./NC, Class A		33,718		22,442,701
First Hawaiian Inc.		350,496		9,775,333
First Horizon Corp.		1,464,022		34,389,877
First Republic Bank/CA		493,793		80,043,845
FNB Corp.		942,921		11,739,367
Huntington Bancshares Inc./OH		3,990,463		58,340,569
JPMorgan Chase & Co.		8,176,887		1,114,673,236
KeyCorp		2,578,696		57,711,217
M&T Bank Corp.		358,774		60,812,193
PacWest Bancorp		332,370		14,335,118
People’s United Financial Inc.		1,174,343		23,475,117
Pinnacle Financial Partners Inc.		203,991		18,783,491
PNC Financial Services Group Inc. (The)		1,183,107		218,224,086
Popular Inc.		219,406		17,934,246
Prosperity Bancshares Inc.		245,467		17,030,501
Regions Financial Corp.		2,689,194		59,861,459
Signature Bank/New York NY		171,178		50,239,031
SVB Financial Group(a)		157,762		88,259,951
Synovus Financial Corp.		383,351		18,784,199
Truist Financial Corp.		3,697,997		209,676,430
U.S. Bancorp		3,743,693		198,977,283
Umpqua Holdings Corp.		625,229		11,791,819
Webster Financial Corp.		501,923		28,167,919
Wells Fargo & Co.		10,829,159		524,781,045
Western Alliance Bancorp		136,792		11,329,113
Wintrust Financial Corp.		155,893		14,487,137
Zions Bancorp. N.A		415,309		27,227,658
				4,378,517,895
Beverages — 0.9%
Brown-Forman Corp., Class A		55,807		3,501,331
Brown-Forman Corp., Class B, NVS		259,305		17,378,621
Coca-Cola Co. (The)		3,175,259		196,866,058
Constellation Brands Inc., Class A		433,379		99,815,851
Keurig Dr Pepper Inc.		1,942,249		73,611,237
Molson Coors Beverage Co., Class B		499,349		26,655,250
Monster Beverage Corp.(a)(b)		72,139		5,763,906
PepsiCo Inc.		653,354		109,358,393
				532,950,647
Biotechnology — 1.4%
Amgen Inc.		275,070		66,517,427
Biogen Inc.(a)(b)		405,078		85,309,427
BioMarin Pharmaceutical Inc.(a)		513,124		39,561,860
Exact Sciences Corp.(a)		35,811		2,503,905
Exelixis Inc.(a)		122,020		2,766,193
Gilead Sciences Inc.		3,491,970		207,597,616
Horizon Therapeutics PLC(a)		492,748		51,842,017
Incyte Corp.(a)		72,951		5,793,768
Ionis Pharmaceuticals Inc.(a)(b)		30,285		1,121,756
Iovance Biotherapeutics Inc.(a)(b)		311,344		5,183,878
Mirati Therapeutics Inc.(a)(b)		19,581		1,609,950
Natera Inc.(a)		15,429		627,652
Regeneron Pharmaceuticals Inc.(a)		254,511		177,755,573
Sage Therapeutics Inc.(a)(b)		130,245		4,311,110
Seagen Inc.(a)		40,087		5,774,532
Ultragenyx Pharmaceutical Inc.(a)(b)		43,659		3,170,517
United Therapeutics Corp.(a)		120,521		21,622,673

56 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Vertex Pharmaceuticals Inc.(a)		424,612	$	110,810,994
				793,880,848
Building Products — 0.8%
A O Smith Corp.		360,649		23,041,864
Allegion PLC		55,644		6,108,598
Armstrong World Industries Inc.		73,676		6,631,577
AZEK Co. Inc. (The)(a)(b)		158,512		3,937,438
Builders FirstSource Inc.(a)		529,303		34,161,216
Carlisle Companies Inc.		87,828		21,598,662
Carrier Global Corp.		1,267,144		58,123,895
Fortune Brands Home & Security Inc.		283,067		21,026,217
Hayward Holdings Inc.(a)(b)		137,466		2,284,685
Johnson Controls International PLC		1,955,545		128,225,086
Lennox International Inc.		92,351		23,813,629
Masco Corp.		660,974		33,709,674
Owens Corning		282,493		25,848,109
Trane Technologies PLC		332,689		50,801,610
				439,312,260
Capital Markets — 4.8%
Affiliated Managers Group Inc.		114,129		16,086,483
Ameriprise Financial Inc.		138,480		41,593,853
Ares Management Corp., Class A		45,619		3,705,631
Bank of New York Mellon Corp. (The)		2,055,843		102,031,488
BlackRock Inc.(c)		397,613		303,843,926
Carlyle Group Inc. (The)		443,546		21,693,835
Cboe Global Markets Inc.		292,520		33,470,138
Charles Schwab Corp. (The)		4,190,081		353,265,729
CME Group Inc.		999,464		237,732,507
Evercore Inc., Class A		104,341		11,615,240
FactSet Research Systems Inc.		14,304		6,210,082
Franklin Resources Inc.		789,169		22,033,599
Goldman Sachs Group Inc. (The)		857,618		283,099,702
Interactive Brokers Group Inc., Class A		220,299		14,519,907
Intercontinental Exchange Inc.		1,546,413		204,312,086
Invesco Ltd.		913,236		21,059,222
Janus Henderson Group PLC		473,667		16,587,818
Jefferies Financial Group Inc.		597,403		19,624,689
KKR & Co. Inc.		1,542,567		90,193,893
Lazard Ltd., Class A		276,800		9,549,600
Moody’s Corp.		23,822		8,037,781
Morgan Stanley		3,684,375		322,014,375
Morningstar Inc.		5,961		1,628,366
MSCI Inc.		63,833		32,100,339
Nasdaq Inc.		322,864		57,534,365
Northern Trust Corp.		570,490		66,433,561
Raymond James Financial Inc.		486,910		53,516,278
S&P Global Inc.		489,756		200,888,116
SEI Investments Co.		300,183		18,074,018
State Street Corp.		1,012,203		88,183,125
Stifel Financial Corp.		278,713		18,924,613
T Rowe Price Group Inc.		424,818		64,228,233
Tradeweb Markets Inc., Class A(b)		287,067		25,224,577
Virtu Financial Inc., Class A		249,718		9,294,504
				2,778,311,679
Chemicals — 2.0%
Air Products and Chemicals Inc.		614,772		153,637,671
Albemarle Corp.		322,418		71,302,741
Ashland Global Holdings Inc.		143,570		14,128,724
Axalta Coating Systems Ltd.(a)(b)		469,438		11,538,786

Security	Shares		Value
Chemicals (continued)
Celanese Corp.		194,531	$	27,792,644
CF Industries Holdings Inc.		594,098		61,227,740
Chemours Co. (The)		214,918		6,765,619
Corteva Inc.		2,028,577		116,602,606
Diversey Holdings Ltd.(a)		44		333
Dow Inc.		1,904,003		121,323,071
DuPont de Nemours Inc.		1,433,192		105,454,267
Eastman Chemical Co.		371,666		41,648,892
Ecolab Inc.		83,531		14,748,233
Element Solutions Inc.		642,765		14,076,553
FMC Corp.		263,022		34,605,805
Huntsman Corp.		586,971		22,017,282
International Flavors & Fragrances Inc.		708,043		92,987,287
LyondellBasell Industries NV, Class A		633,658		65,152,716
Mosaic Co. (The)		1,031,211		68,575,531
NewMarket Corp.		18,531		6,011,086
Olin Corp.		364,856		19,074,672
PPG Industries Inc.		380,257		49,840,285
RPM International Inc.		144,543		11,771,582
Valvoline Inc.		493,940		15,588,746
Westlake Chemical Corp.		73,896		9,118,766
				1,154,991,638
Commercial Services & Supplies — 0.5%
Cintas Corp.		15,417		6,558,238
Clean Harbors Inc.(a)		139,505		15,574,338
Driven Brands Holdings Inc.(a)(b)		142,990		3,757,777
MSA Safety Inc.		71,225		9,451,558
Republic Services Inc.		584,546		77,452,345
Rollins Inc.		44,699		1,566,700
Stericycle Inc.(a)(b)		258,897		15,254,211
Waste Management Inc.		987,152		156,463,592
				286,078,759
Communications Equipment — 1.6%
Arista Networks Inc.(a)(b)		69,042		9,595,457
Ciena Corp.(a)		422,933		25,642,428
Cisco Systems Inc.		11,768,434		656,207,880
F5 Inc.(a)		167,345		34,966,738
Juniper Networks Inc.		890,918		33,106,513
Lumentum Holdings Inc.(a)(b)		205,055		20,013,368
Motorola Solutions Inc.		461,846		111,859,101
Ubiquiti Inc.(b)		1,965		572,129
Viasat Inc.(a)(b)		204,271		9,968,425
				901,932,039
Construction & Engineering — 0.2%
AECOM		372,956		28,646,750
MasTec Inc.(a)(b)		160,339		13,965,527
MDU Resources Group Inc.		567,026		15,111,243
Quanta Services Inc.		394,737		51,951,336
Valmont Industries Inc.		59,343		14,159,240
				123,834,096
Construction Materials — 0.3%
Eagle Materials Inc.		105,314		13,518,105
Martin Marietta Materials Inc.		172,230		66,289,605
Vulcan Materials Co.		369,648		67,904,337
				147,712,047
Consumer Finance — 0.7%
Ally Financial Inc.		941,207		40,923,680
American Express Co.		626,118		117,084,066
Capital One Financial Corp.		1,142,779		150,035,455

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Credit Acceptance Corp.(a)(b)		20,367	$	11,209,386
Discover Financial Services		358,334		39,484,823
OneMain Holdings Inc.		297,400		14,099,734
SLM Corp.		767,436		14,090,125
Synchrony Financial		1,179,487		41,057,943
				427,985,212
Containers & Packaging — 0.7%
Amcor PLC		4,219,723		47,809,461
AptarGroup Inc.		184,307		21,656,072
Ardagh Group SA(a)		42,326		711,288
Ardagh Metal Packaging SA(a)(b)		309,582		2,516,902
Avery Dennison Corp.		109,604		19,067,808
Ball Corp.		620,545		55,849,050
Berry Global Group Inc.(a)(b)		369,470		21,414,481
Crown Holdings Inc.		301,209		37,678,234
Graphic Packaging Holding Co.		555,232		11,126,849
International Paper Co.		1,080,919		49,884,412
Packaging Corp. of America		257,836		40,250,778
Sealed Air Corp.		190,233		12,738,002
Silgan Holdings Inc.		225,209		10,411,412
Sonoco Products Co.		265,875		16,633,140
Westrock Co.		723,088		34,006,829
				381,754,718
Distributors — 0.1%
Genuine Parts Co.		390,033		49,151,959
LKQ Corp.		748,133		33,972,719
				83,124,678
Diversified Consumer Services — 0.1%
ADT Inc.		439,417		3,335,175
Bright Horizons Family Solutions Inc.(a)		33,679		4,468,867
Chegg Inc.(a)(b)		78,818		2,859,517
frontdoor Inc.(a)		74,453		2,222,422
Grand Canyon Education Inc.(a)(b)		109,667		10,649,762
H&R Block Inc.		75,220		1,958,729
Mister Car Wash Inc.(a)(b)		42,667		631,045
Service Corp. International		448,556		29,523,956
Terminix Global Holdings Inc.(a)		338,694		15,454,607
				71,104,080
Diversified Financial Services — 3.2%
Apollo Global Management Inc.		365,850		22,679,041
Berkshire Hathaway Inc., Class B(a)		5,107,993		1,802,661,810
Equitable Holdings Inc.		977,078		30,201,481
Voya Financial Inc.		310,825		20,623,239
				1,876,165,571
Diversified Telecommunication Services — 1.9%
AT&T Inc.		19,894,638		470,110,296
Lumen Technologies Inc.		2,874,876		32,399,852
Verizon Communications Inc.		11,700,968		596,047,310
				1,098,557,458
Electric Utilities — 3.4%
Alliant Energy Corp.		704,227		44,000,103
American Electric Power Co. Inc.		1,391,519		138,831,851
Avangrid Inc.		150,855		7,050,963
Constellation Energy Corp.		914,249		51,426,506
Duke Energy Corp.		2,140,081		238,961,444
Edison International		1,036,333		72,646,943
Entergy Corp.		556,948		65,023,679
Evergy Inc.		643,799		43,997,224

Security	Shares		Value
Electric Utilities (continued)
Eversource Energy		952,984	$	84,043,659
Exelon Corp.		2,714,147		129,274,822
FirstEnergy Corp.		1,511,779		69,330,185
Hawaiian Electric Industries Inc.		288,900		12,223,359
IDACORP Inc.		138,217		15,944,713
NextEra Energy Inc.		5,461,793		462,668,485
NRG Energy Inc.		372,075		14,272,797
OGE Energy Corp.		548,281		22,358,899
PG&E Corp.(a)(b)		5,533,699		66,072,366
Pinnacle West Capital Corp.		315,436		24,635,551
PPL Corp.		2,105,937		60,145,561
Southern Co. (The)		2,941,988		213,323,550
Xcel Energy Inc.		1,496,458		107,999,374
				1,944,232,034
Electrical Equipment — 1.0%
Acuity Brands Inc.(b)		97,920		18,536,256
AMETEK Inc.		639,985		85,233,202
ChargePoint Holdings Inc.(a)(b)		645,149		12,825,562
Eaton Corp. PLC		1,107,143		168,020,022
Emerson Electric Co.		1,659,020		162,666,911
Fluence Energy Inc.(a)(b)		55,883		732,626
Hubbell Inc.		150,902		27,731,261
nVent Electric PLC		463,468		16,119,417
Regal Rexnord Corp.		149,844		22,293,790
Rockwell Automation Inc.		125,157		35,047,715
Sensata Technologies Holding PLC(a)(b)		436,644		22,203,347
Shoals Technologies Group Inc., Class A(a)(b)		311,245		5,303,615
Sunrun Inc.(a)(b)		562,813		17,092,631
				593,806,355
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		469,038		35,342,013
Arrow Electronics Inc.(a)		187,028		22,187,132
Avnet Inc.		267,026		10,838,585
Coherent Inc.(a)		5,435		1,485,712
Corning Inc.		1,389,799		51,297,481
IPG Photonics Corp.(a)		90,485		9,931,634
Jabil Inc.		81,063		5,004,019
Keysight Technologies Inc.(a)		285,079		45,033,930
Littelfuse Inc.		66,950		16,697,999
National Instruments Corp.		369,401		14,993,987
TD SYNNEX Corp.		118,128		12,191,991
Teledyne Technologies Inc.(a)(b)		127,661		60,336,418
Trimble Inc.(a)		695,852		50,198,763
Vontier Corp.(b)		206,678		5,247,554
				340,787,218
Energy Equipment & Services — 0.6%
Baker Hughes Co.		2,048,242		74,576,491
Halliburton Co.		2,334,624		88,412,211
NOV Inc.		1,094,011		21,453,556
Schlumberger NV		3,889,972		160,694,743
				345,137,001
Entertainment — 1.8%
Activision Blizzard Inc.		2,147,621		172,045,918
Electronic Arts Inc.		781,936		98,922,723
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		68,853		4,346,690
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		553,479		38,654,973
Live Nation Entertainment Inc.(a)(b)		240,732		28,319,713

58 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Madison Square Garden Sports Corp.(a)(b)		29,972	$	5,375,778
Take-Two Interactive Software Inc.(a)(b)		257,263		39,551,614
Walt Disney Co. (The)(a)		4,798,436		658,153,482
World Wrestling Entertainment Inc., Class A(b)		16,252		1,014,775
Zynga Inc., Class A(a)(b)		1,458,989		13,481,058
				1,059,866,724
Equity Real Estate Investment Trusts (REITs) — 4.7%
Alexandria Real Estate Equities Inc.		462,500		93,078,125
American Campus Communities Inc.		375,868		21,037,332
American Homes 4 Rent, Class A		821,034		32,865,991
Americold Realty Trust		753,885		21,018,314
Apartment Income REIT Corp.		429,342		22,952,623
AvalonBay Communities Inc.		389,119		96,645,486
Boston Properties Inc.		433,175		55,792,940
Brixmor Property Group Inc.		824,219		21,273,092
Camden Property Trust		274,627		45,643,007
Cousins Properties Inc.		406,754		16,388,119
CubeSmart		611,253		31,803,494
Digital Realty Trust Inc.		780,042		110,609,956
Douglas Emmett Inc.		456,088		15,242,461
Duke Realty Corp.		1,055,065		61,257,074
EPR Properties		206,048		11,272,886
Equinix Inc.		72,065		53,444,845
Equity LifeStyle Properties Inc.		239,154		18,290,498
Equity Residential		1,029,360		92,560,051
Essex Property Trust Inc.		180,070		62,210,584
Extra Space Storage Inc.		331,962		68,251,387
Federal Realty Investment Trust		218,573		26,681,206
First Industrial Realty Trust Inc.		353,154		21,863,764
Gaming and Leisure Properties Inc.		649,791		30,494,692
Healthcare Trust of America Inc., Class A		596,424		18,691,928
Healthpeak Properties Inc.		1,487,815		51,076,689
Highwoods Properties Inc.		281,671		12,883,632
Host Hotels & Resorts Inc.		1,955,898		38,003,098
Hudson Pacific Properties Inc.		412,293		11,441,131
Invitation Homes Inc.		1,668,653		67,046,478
Iron Mountain Inc.		232,583		12,887,424
JBG SMITH Properties		329,435		9,626,091
Kilroy Realty Corp.		322,459		24,642,317
Kimco Realty Corp.		1,613,991		39,865,578
Lamar Advertising Co., Class A		26,440		3,071,799
Life Storage Inc.		227,170		31,901,483
Medical Properties Trust Inc.		1,641,788		34,707,398
Mid-America Apartment Communities Inc.		322,492		67,545,949
National Retail Properties Inc.		485,976		21,839,761
Omega Healthcare Investors Inc.		657,462		20,486,516
Orion Office REIT Inc.		155,357		2,174,998
Park Hotels & Resorts Inc.		652,210		12,737,661
Prologis Inc.		2,053,710		331,633,091
Public Storage		98,132		38,298,957
Rayonier Inc.		390,008		16,037,129
Realty Income Corp.		1,571,922		108,934,195
Regency Centers Corp.		470,686		33,578,739
Rexford Industrial Realty Inc.		448,074		33,421,840
SBA Communications Corp.		252,313		86,820,903
Simon Property Group Inc.		116,815		15,368,181
SL Green Realty Corp.		182,893		14,847,254
Spirit Realty Capital Inc.		354,974		16,335,904
STORE Capital Corp.		682,371		19,945,704
Sun Communities Inc.		319,367		55,981,841

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UDR Inc.		882,790	$	50,645,662
Ventas Inc.		1,106,583		68,342,566
VICI Properties Inc.		1,747,712		49,739,884
Vornado Realty Trust		482,556		21,869,438
Welltower Inc.		1,210,221		116,350,647
Weyerhaeuser Co.		2,080,550		78,852,845
WP Carey Inc.		527,141		42,614,078
				2,710,926,716
Food & Staples Retailing — 1.6%
Albertsons Companies Inc., Class A		459,941		15,293,038
Casey’s General Stores Inc.		102,951		20,401,800
Costco Wholesale Corp.		80,261		46,218,297
Grocery Outlet Holding Corp.(a)(b)		240,131		7,871,494
Kroger Co. (The)		2,036,290		116,821,957
U.S. Foods Holding Corp.(a)(b)		619,687		23,318,822
Walgreens Boots Alliance Inc.		1,994,473		89,292,556
Walmart Inc.		3,938,568		586,531,547
				905,749,511
Food Products — 1.8%
Archer-Daniels-Midland Co.		1,547,541		139,681,051
Beyond Meat Inc.(a)(b)		23,941		1,156,590
Bunge Ltd.		381,581		42,282,991
Campbell Soup Co.		547,391		24,397,217
Conagra Brands Inc.		1,317,442		44,226,528
Darling Ingredients Inc.(a)(b)		421,020		33,841,587
Flowers Foods Inc.		514,727		13,233,631
General Mills Inc.		1,680,986		113,836,372
Hain Celestial Group Inc. (The)(a)		245,958		8,460,955
Hershey Co. (The)		57,200		12,391,236
Hormel Foods Corp.		796,179		41,035,066
Ingredion Inc.		185,792		16,191,773
JM Smucker Co. (The)		291,267		39,440,464
Kellogg Co.		392,546		25,315,291
Kraft Heinz Co. (The)		1,930,523		76,043,301
Lamb Weston Holdings Inc.		288,169		17,264,205
McCormick & Co. Inc./MD, NVS		693,343		69,195,631
Mondelez International Inc., Class A		3,835,748		240,808,259
Pilgrim’s Pride Corp.(a)		94,458		2,370,896
Post Holdings Inc.(a)		159,310		11,033,811
Seaboard Corp.		622		2,615,815
Tyson Foods Inc., Class A		798,165		71,539,529
				1,046,362,199
Gas Utilities — 0.1%
Atmos Energy Corp.		373,927		44,680,537
National Fuel Gas Co.		244,012		16,763,624
UGI Corp.		585,563		21,209,092
				82,653,253
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		2,420,727		286,517,248
Baxter International Inc.		1,397,743		108,380,992
Becton Dickinson and Co.		795,944		211,721,104
Boston Scientific Corp.(a)		3,945,153		174,730,826
Cooper Companies Inc. (The)		134,922		56,342,078
DENTSPLY SIRONA Inc.		605,894		29,822,103
Envista Holdings Corp.(a)(b)		451,438		21,989,545
Figs Inc., Class A(a)(b)		157,681		3,393,295
Globus Medical Inc., Class A(a)		207,048		15,276,001
Hologic Inc.(a)		688,453		52,886,959
ICU Medical Inc.(a)(b)		54,746		12,188,649

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Integra LifeSciences Holdings Corp.(a)		195,645	$	12,572,148
Masimo Corp.(a)		35,879		5,221,830
Medtronic PLC		3,739,940		414,946,343
Quidel Corp.(a)(b)		97,603		10,976,433
ResMed Inc.		38,141		9,249,574
STERIS PLC		206,619		49,954,276
Stryker Corp.		555,657		148,554,899
Tandem Diabetes Care Inc.(a)(b)		9,947		1,156,737
Teleflex Inc.		107,223		38,045,937
Zimmer Biomet Holdings Inc.		579,563		74,126,108
Zimvie Inc.(a)		57,974		1,324,126
				1,739,377,211
Health Care Providers & Services — 5.1%
Acadia Healthcare Co. Inc.(a)		244,674		16,033,487
agilon health Inc.(a)(b)		28,752		728,863
Amedisys Inc.(a)(b)		7,610		1,311,127
AmerisourceBergen Corp.		415,503		64,282,469
Anthem Inc.		681,254		334,645,590
Cardinal Health Inc.		308,845		17,511,511
Centene Corp.(a)(b)		1,608,314		135,403,956
Chemed Corp.		30,462		15,430,526
Cigna Corp.		905,160		216,885,388
CVS Health Corp.		3,666,855		371,122,395
DaVita Inc.(a)(b)		57,324		6,483,918
Encompass Health Corp.		115,132		8,187,037
Henry Schein Inc.(a)(b)		385,681		33,627,526
Humana Inc.		358,589		156,047,175
Laboratory Corp. of America Holdings(a)		258,408		68,131,853
McKesson Corp.		357,732		109,512,497
Molina Healthcare Inc.(a)		135,825		45,309,862
Oak Street Health Inc.(a)(b)		26,158		703,127
Premier Inc., Class A		329,807		11,737,831
Quest Diagnostics Inc.		342,001		46,806,257
Signify Health Inc., Class A(a)(b)		207,586		3,767,686
UnitedHealth Group Inc.		2,439,057		1,243,845,898
Universal Health Services Inc., Class B(b)		200,541		29,068,418
				2,936,584,397
Health Care Technology — 0.2%
Cerner Corp.		811,397		75,914,303
Certara Inc.(a)(b)		153,724		3,301,991
Change Healthcare Inc.(a)(b)		700,740		15,276,132
Definitive Healthcare Corp.(a)(b)		47,767		1,177,457
Teladoc Health Inc.(a)(b)		419,824		30,281,905
				125,951,788
Hotels, Restaurants & Leisure — 1.6%
Aramark		630,807		23,718,343
Boyd Gaming Corp.		178,737		11,757,320
Caesars Entertainment Inc.(a)(b)		211,786		16,383,765
Carnival Corp.(a)(b)		2,410,671		48,743,767
Darden Restaurants Inc.		111,782		14,861,417
Domino’s Pizza Inc.		32,597		13,267,305
Hilton Worldwide Holdings Inc.(a)		248,597		37,722,109
Hyatt Hotels Corp., Class A(a)		137,560		13,130,102
Marriott Vacations Worldwide Corp.		118,739		18,725,140
McDonald’s Corp.		1,710,038		422,858,197
MGM Resorts International		1,053,004		44,162,988
Norwegian Cruise Line Holdings Ltd.(a)(b)		1,011,350		22,128,338
Penn National Gaming Inc.(a)(b)		422,446		17,920,159
Planet Fitness Inc., Class A(a)(b)		77,893		6,580,401

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises Ltd.(a)(b)		608,983	$	51,020,596
Six Flags Entertainment Corp.(a)		131,003		5,698,630
Travel + Leisure Co.		87,504		5,069,982
Wyndham Hotels & Resorts Inc.		93,541		7,921,987
Yum China Holdings Inc.		1,107,028		45,985,943
Yum! Brands Inc.		738,728		87,561,430
				915,217,919
Household Durables — 0.5%
DR Horton Inc.		538,530		40,125,870
Garmin Ltd.		421,872		50,038,238
Leggett & Platt Inc.		377,680		13,143,264
Lennar Corp., Class A		717,624		58,249,540
Lennar Corp., Class B		38,242		2,613,841
Mohawk Industries Inc.(a)		155,295		19,287,639
Newell Brands Inc.		1,042,303		22,315,707
NVR Inc.(a)		2,877		12,852,336
PulteGroup Inc.		481,253		20,164,501
Toll Brothers Inc.		187,364		8,809,855
TopBuild Corp.(a)		14,990		2,719,036
Whirlpool Corp.		159,959		27,637,716
				277,957,543
Household Products — 2.2%
Church & Dwight Co. Inc.		637,900		63,394,502
Clorox Co. (The)		66,041		9,181,680
Colgate-Palmolive Co.		1,089,906		82,647,572
Kimberly-Clark Corp.		465,848		57,373,840
Procter & Gamble Co. (The)		6,702,004		1,024,066,211
Reynolds Consumer Products Inc.		150,738		4,422,653
Spectrum Brands Holdings Inc.		111,659		9,906,386
				1,250,992,844
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		1,858,457		47,818,098
Brookfield Renewable Corp., Class A		271,846		11,906,855
Vistra Corp.		1,330,172		30,926,499
				90,651,452
Industrial Conglomerates — 1.6%
3M Co.		1,353,669		201,534,241
General Electric Co.		3,043,845		278,511,818
Honeywell International Inc.		1,496,466		291,182,354
Roper Technologies Inc.		291,544		137,675,823
				908,904,236
Insurance — 4.2%
Aflac Inc.		1,797,714		115,754,804
Alleghany Corp.(a)		33,185		28,107,695
Allstate Corp. (The)		781,022		108,179,357
American Financial Group Inc./OH		185,873		27,066,826
American International Group Inc.		2,312,222		145,138,175
Aon PLC, Class A		249,711		81,313,393
Arch Capital Group Ltd.(a)		791,066		38,303,416
Arthur J Gallagher & Co.		571,310		99,750,726
Assurant Inc.		157,278		28,597,859
Assured Guaranty Ltd.		190,234		12,110,296
Axis Capital Holdings Ltd.		214,931		12,996,878
Brighthouse Financial Inc.(a)		223,208		11,530,925
Brown & Brown Inc.		613,566		44,342,415
Chubb Ltd.		1,195,251		255,664,189
Cincinnati Financial Corp.		415,669		56,514,357
CNA Financial Corp.		68,280		3,319,774
Erie Indemnity Co., Class A, NVS		21,255		3,743,643

60 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Everest Re Group Ltd.		84,464	$	25,455,760
Fidelity National Financial Inc.		749,832		36,621,795
First American Financial Corp.		291,969		18,925,431
Globe Life Inc.		283,211		28,491,027
GoHealth Inc., Class A(a)(b)		96		113
Hanover Insurance Group Inc. (The)		98,293		14,696,769
Hartford Financial Services Group Inc. (The)		933,046		67,002,033
Kemper Corp.		166,468		9,412,101
Lemonade Inc.(a)(b)		95,197		2,510,345
Lincoln National Corp.		430,723		28,152,055
Loews Corp.		581,567		37,697,173
Markel Corp.(a)(b)		31,566		46,567,426
Marsh & McLennan Companies Inc.		1,249,633		212,962,456
Mercury General Corp.		68,510		3,768,050
MetLife Inc.		1,942,005		136,484,111
Old Republic International Corp.		789,504		20,424,468
Primerica Inc.		106,852		14,619,491
Principal Financial Group Inc.		714,155		52,426,119
Progressive Corp. (The)		1,624,530		185,180,175
Prudential Financial Inc.		1,051,135		124,212,623
Reinsurance Group of America Inc.		190,753		20,879,823
RenaissanceRe Holdings Ltd.		67,680		10,727,957
Travelers Companies Inc. (The)		672,538		122,892,869
Unum Group		552,400		17,406,124
W R Berkley Corp.		577,529		38,457,656
White Mountains Insurance Group Ltd.(b)		8,358		9,496,694
Willis Towers Watson PLC		344,842		81,458,577
				2,439,363,949
Interactive Media & Services — 1.2%
Alphabet Inc., Class A(a)		116,309		323,496,037
Alphabet Inc., Class C, NVS(a)		106,963		298,746,590
IAC/InterActiveCorp.(a)(b)		214,787		21,538,840
TripAdvisor Inc.(a)		126,633		3,434,287
Twitter Inc.(a)		1,940,330		75,071,368
Vimeo Inc.(a)(b)		24		285
				722,287,407
Internet & Direct Marketing Retail — 0.0%
DoorDash Inc., Class A(a)(b)		44,611		5,227,963
Qurate Retail Inc., Series A		994,664		4,734,601
Wayfair Inc., Class A(a)(b)		94,440		10,462,063
			20,424,627
IT Services — 2.6%
Accenture PLC, Class A		346,735		116,929,444
Akamai Technologies Inc.(a)(b)		450,700		53,809,073
Alliance Data Systems Corp.		141,575		7,949,436
Amdocs Ltd.		342,887		28,188,740
Automatic Data Processing Inc.		91,470		20,813,084
Broadridge Financial Solutions Inc.		28,575		4,449,413
Cloudflare Inc., Class A(a)		41,494		4,966,832
Cognizant Technology Solutions Corp., Class A		1,464,443		131,316,604
Concentrix Corp.		114,819		19,124,253
DXC Technology Co.(a)		678,528		22,140,369
Euronet Worldwide Inc.(a)(b)		37,878		4,929,822
Fastly Inc., Class A(a)(b)		267,204		4,644,006
Fidelity National Information Services Inc.		1,692,071		169,917,770
Fiserv Inc.(a)(b)		1,550,391		157,209,647
FleetCor Technologies Inc.(a)		171,072		42,607,192
Genpact Ltd.		489,390		21,293,359
Global Payments Inc.		788,067		107,839,088

Security	Shares		Value
IT Services (continued)
GoDaddy Inc., Class A(a)		420,160	$	35,167,392
International Business Machines Corp.		2,485,799		323,203,586
Jack Henry & Associates Inc.		146,201		28,808,907
Kyndryl Holdings Inc.(a)		656,608		8,614,697
Paychex Inc.		113,092		15,433,665
Paysafe Ltd.(a)(b)		1,000,717		3,392,431
Snowflake Inc., Class A(a)		33,185		7,603,679
SolarWinds Corp.		95,659		1,273,221
StoneCo Ltd., Class A(a)(b)		41,810		489,177
Thoughtworks Holding Inc.(a)(b)		52,100		1,084,201
Twilio Inc., Class A(a)		332,779		54,845,307
VeriSign Inc.(a)		271,094		60,307,571
Western Union Co. (The)		822,642		15,416,311
WEX Inc.(a)		40,310		7,193,319
				1,480,961,596
Leisure Products — 0.1%
Brunswick Corp./DE		191,939		15,525,946
Hasbro Inc.		356,248		29,183,836
Polaris Inc.		48,199		5,076,319
				49,786,101
Life Sciences Tools & Services — 2.3%
Adaptive Biotechnologies Corp.(a)(b)		32,561		451,947
Agilent Technologies Inc.		90,486		11,974,012
Azenta Inc.		35,283		2,924,255
Bio-Rad Laboratories Inc., Class A(a)		59,872		33,721,707
Charles River Laboratories International Inc.(a)(b)		8,049		2,285,675
Danaher Corp.		1,673,994		491,032,660
IQVIA Holdings Inc.(a)		267,874		61,935,148
PerkinElmer Inc.(b)		352,729		61,537,101
QIAGEN NV(a)(b)		632,715		31,003,035
Repligen Corp.(a)		6,755		1,270,548
Syneos Health Inc.(a)		250,275		20,259,761
Thermo Fisher Scientific Inc.		995,633		588,070,631
Waters Corp.(a)		10,887		3,379,216
				1,309,845,696
Machinery — 1.7%
AGCO Corp.		156,108		22,796,451
Allison Transmission Holdings Inc.		69,503		2,728,688
Caterpillar Inc.		207,518		46,239,161
Colfax Corp.(a)		387,901		15,434,581
Crane Co.		133,190		14,421,813
Cummins Inc.		398,837		81,805,457
Donaldson Co. Inc.		307,308		15,958,504
Dover Corp.		398,779		62,568,425
Flowserve Corp.		369,724		13,273,092
Fortive Corp.		907,906		55,318,713
Gates Industrial Corp. PLC(a)(b)		250,106		3,766,596
Graco Inc.		173,536		12,098,930
IDEX Corp.		213,572		40,948,160
Illinois Tool Works Inc.		88,657		18,564,776
Ingersoll Rand Inc.(b)		1,094,279		55,096,948
ITT Inc.		235,238		17,692,250
Middleby Corp. (The)(a)		105,556		17,304,851
Nordson Corp.		132,293		30,041,094
Oshkosh Corp.		184,983		18,618,539
Otis Worldwide Corp.		1,180,986		90,876,873
PACCAR Inc.		946,193		83,331,217
Parker-Hannifin Corp.		299,664		85,032,657
Pentair PLC		460,765		24,978,071

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Snap-on Inc.		146,149	$	30,030,696
Stanley Black & Decker Inc.		448,103		62,640,318
Timken Co. (The)		172,712		10,483,618
Toro Co. (The)		15,912		1,360,317
Westinghouse Air Brake Technologies Corp.		497,479		47,842,555
Xylem Inc./NY		173,298		14,775,387
				996,028,738
Marine — 0.0%
Kirby Corp.(a)		164,282		11,859,518
Media — 1.8%
Altice USA Inc., Class A(a)		187,517		2,340,212
Cable One Inc.		6,921		10,134,005
Charter Communications Inc., Class A(a)		17,492		9,542,236
Comcast Corp., Class A		12,531,383		586,719,352
Discovery Inc., Class A(a)(b)		445,690		11,106,595
Discovery Inc., Class C, NVS(a)		881,700		22,016,049
DISH Network Corp., Class A(a)(b)		679,491		21,505,890
Fox Corp., Class A, NVS		868,478		34,261,457
Fox Corp., Class B		401,644		14,571,644
Interpublic Group of Companies Inc. (The)		1,092,360		38,724,162
Liberty Broadband Corp., Class A(a)(b)		67,909		8,900,153
Liberty Broadband Corp., Class C, NVS(a)		390,330		52,819,456
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		269,920		12,338,043
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		437,331		19,999,147
Loyalty Ventures Inc.(a)(b)		44,368		733,403
New York Times Co. (The), Class A		463,070		21,227,129
News Corp., Class A, NVS		1,092,565		24,200,315
News Corp., Class B		321,779		7,246,463
Nexstar Media Group Inc., Class A		102,052		19,234,761
Omnicom Group Inc.		576,278		48,914,477
Paramount Global, Class B, NVS		1,620,176		61,258,855
Sirius XM Holdings Inc.(b)		2,471,868		16,363,766
ViacomCBS Inc., Class A		16,874		681,878
				1,044,839,448
Metals & Mining — 1.1%
Alcoa Corp.		511,350		46,036,840
Cleveland-Cliffs Inc.(a)		1,244,889		40,097,875
Freeport-McMoRan Inc.		2,876,161		143,060,248
Newmont Corp.		2,236,582		177,696,440
Nucor Corp.		759,852		112,952,000
Reliance Steel & Aluminum Co.		175,446		32,168,024
Royal Gold Inc.		182,483		25,781,198
Southern Copper Corp.		20,315		1,541,909
Steel Dynamics Inc.		424,901		35,449,490
United States Steel Corp.		711,528		26,853,067
				641,637,091
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		1,430,731		18,742,576
Annaly Capital Management Inc.		3,980,538		28,022,988
New Residential Investment Corp.		1,185,852		13,020,655
Starwood Property Trust Inc.		816,096		19,725,040
				79,511,259
Multi-Utilities — 1.5%
Ameren Corp.		707,343		66,320,480
CenterPoint Energy Inc.		1,638,060		50,190,158
CMS Energy Corp.		802,129		56,100,902
Consolidated Edison Inc.		985,025		93,262,167

Security	Shares		Value
Multi-Utilities (continued)
Dominion Energy Inc.		2,240,269	$	190,355,657
DTE Energy Co.		536,860		70,978,261
NiSource Inc.		1,105,815		35,164,917
Public Service Enterprise Group Inc.		1,403,241		98,226,870
Sempra Energy		889,004		149,459,353
WEC Energy Group Inc.		876,530		87,486,459
				897,545,224
Multiline Retail — 0.6%
Dollar General Corp.		371,112		82,620,664
Dollar Tree Inc.(a)(b)		618,793		99,099,699
Kohl’s Corp.		385,245		23,291,913
Nordstrom Inc.		47,884		1,298,135
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		175,199		7,526,549
Target Corp.		735,045		155,991,250
				369,828,210
Oil, Gas & Consumable Fuels — 6.5%
Antero Midstream Corp.		918,765		9,986,976
APA Corp.		1,011,119		41,789,548
Chevron Corp.		5,387,463		877,240,600
ConocoPhillips		3,676,012		367,601,200
Continental Resources Inc./OK		162,674		9,976,796
Coterra Energy Inc.		1,848,934		49,865,750
Devon Energy Corp.		1,873,577		110,784,608
Diamondback Energy Inc.		261,713		35,875,618
DTE Midstream LLC(a)		278,506		15,111,736
EOG Resources Inc.		1,428,722		170,346,524
EQT Corp.		845,010		29,076,794
Exxon Mobil Corp.		11,793,335		974,011,538
Hess Corp.		719,089		76,971,287
HF Sinclair Corp.		415,433		16,555,005
Kinder Morgan Inc.		5,434,996		102,775,774
Marathon Oil Corp.		2,151,796		54,031,598
Marathon Petroleum Corp.		1,709,174		146,134,377
Occidental Petroleum Corp.		2,050,478		116,344,122
ONEOK Inc.		1,232,875		87,077,961
Phillips 66		1,298,611		112,187,004
Pioneer Natural Resources Co.		333,960		83,500,019
Targa Resources Corp.		633,836		47,835,603
Valero Energy Corp.		1,131,402		114,882,559
Williams Companies Inc. (The)		3,393,171		113,365,843
				3,763,328,840
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		233,064		14,477,936
Sylvamo Corp.(a)		98,212		3,268,495
				17,746,431
Personal Products — 0.0%
Coty Inc., Class A(a)		1,019,979		9,169,611
Herbalife Nutrition Ltd.(a)(b)		230,487		6,997,586
Olaplex Holdings Inc.(a)(b)		181,410		2,835,438
				19,002,635
Pharmaceuticals — 6.0%
Bristol-Myers Squibb Co.		6,074,031		443,586,484
Catalent Inc.(a)(b)		365,998		40,589,178
Elanco Animal Health Inc.(a)(b)		1,236,747		32,266,729
Eli Lilly & Co.		495,158		141,798,397
Jazz Pharmaceuticals PLC(a)(b)		169,677		26,413,619
Johnson & Johnson		7,337,439		1,300,414,314
Merck & Co. Inc.		7,055,018		578,864,227
Nektar Therapeutics(a)(b)		499,501		2,692,310

62 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Organon & Co.		709,352	$	24,777,665
Perrigo Co. PLC		377,347		14,501,445
Pfizer Inc.		15,546,340		804,834,022
Royalty Pharma PLC, Class A		364,243		14,190,907
Viatris Inc.		3,357,419		36,528,719
Zoetis Inc.		67,347		12,700,971
				3,474,158,987
Professional Services — 0.6%
CACI International Inc., Class A(a)(b)		65,569		19,753,317
Clarivate PLC(a)(b)		1,297,690		21,749,284
CoStar Group Inc.(a)		244,104		16,259,767
Dun & Bradstreet Holdings Inc.(a)(b)		435,280		7,626,106
Equifax Inc.		208,078		49,335,294
FTI Consulting Inc.(a)(b)		92,191		14,494,269
Jacobs Engineering Group Inc.		362,798		49,997,192
Legalzoomcom Inc.(a)(b)		107,518		1,520,305
Leidos Holdings Inc.		392,208		42,366,308
ManpowerGroup Inc.		153,301		14,398,030
Nielsen Holdings PLC		1,002,443		27,306,547
Robert Half International Inc.		37,009		4,225,688
Science Applications International Corp.		158,554		14,613,922
TransUnion		171,272		17,699,249
Verisk Analytics Inc.		160,594		34,468,290
				335,813,568
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		884,031		80,906,517
Howard Hughes Corp. (The)(a)(b)		116,122		12,031,400
Jones Lang LaSalle Inc.(a)		140,710		33,694,417
Opendoor Technologies Inc.(a)(b)		1,014,653		8,776,749
				135,409,083
Road & Rail — 1.2%
AMERCO		25,548		15,250,623
CSX Corp.		6,163,540		230,824,573
JB Hunt Transport Services Inc.		28,490		5,720,507
Knight-Swift Transportation Holdings Inc.		441,210		22,263,457
Landstar System Inc.		8,759		1,321,120
Norfolk Southern Corp.		666,598		190,127,082
Old Dominion Freight Line Inc.		22,064		6,590,076
Ryder System Inc.		148,987		11,819,139
Schneider National Inc., Class B		163,323		4,164,736
TuSimple Holdings Inc., Class A(a)(b)		323,967		3,952,397
Uber Technologies Inc.(a)		634,338		22,633,180
Union Pacific Corp.		658,078		179,793,490
XPO Logistics Inc.(a)		37,975		2,764,580
				697,224,960
Semiconductors & Semiconductor Equipment — 2.7%
Analog Devices Inc.		879,845		145,332,797
Cirrus Logic Inc.(a)		158,851		13,468,976
First Solar Inc.(a)		296,944		24,866,091
GLOBALFOUNDRIES Inc.(a)(b)		69,133		4,315,282
Intel Corp.		11,256,147		557,854,645
Marvell Technology Inc.		2,343,959		168,085,300
Microchip Technology Inc.		239,917		18,027,363
Micron Technology Inc.		2,693,517		209,798,039
MKS Instruments Inc.		23,333		3,499,950
NXP Semiconductors NV		513,149		94,973,617
ON Semiconductor Corp.(a)(b)		534,447		33,461,727
Qorvo Inc.(a)		301,732		37,444,941
Skyworks Solutions Inc.		242,007		32,254,693

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments Inc.		976,350	$	179,140,698
Wolfspeed Inc.(a)(b)		324,895		36,992,545
				1,559,516,664
Software — 1.5%
ANSYS Inc.(a)		141,342		44,897,286
Black Knight Inc.(a)		422,231		24,485,176
C3.ai Inc., Class A(a)(b)		144,754		3,285,916
CDK Global Inc.		268,152		13,053,639
Ceridian HCM Holding Inc.(a)(b)		369,624		25,267,497
Citrix Systems Inc.		222,122		22,412,110
Datto Holding Corp.(a)(b)		65,226		1,742,839
Dolby Laboratories Inc., Class A		185,351		14,498,155
Duck Creek Technologies Inc.(a)		181,620		4,017,434
Dynatrace Inc.(a)		41,218		1,941,368
Guidewire Software Inc.(a)(b)		228,335		21,605,058
Informatica Inc.(a)(b)		25,945		512,154
Jamf Holding Corp.(a)(b)		22,136		770,554
Mandiant Inc.(a)		462,089		10,309,206
Manhattan Associates Inc.(a)(b)		80,699		11,193,758
N-able Inc.(a)(b)		147,734		1,344,379
NCR Corp.(a)		230,531		9,265,041
NortonLifeLock Inc.		1,107,773		29,378,140
Oracle Corp.		303,894		25,141,151
Paycor HCM Inc.(a)(b)		36,510		1,062,806
Pegasystems Inc.		6,277		506,240
Procore Technologies Inc.(a)(b)		46,129		2,673,637
salesforce.com Inc.(a)		2,104,478		446,822,769
SS&C Technologies Holdings Inc.		628,522		47,151,720
Synopsys Inc.(a)		156,045		52,005,117
Teradata Corp.(a)		43,496		2,143,918
Tyler Technologies Inc.(a)		15,310		6,811,266
VMware Inc., Class A		391,568		44,587,848
				868,886,182
Specialty Retail — 0.7%
Advance Auto Parts Inc.		171,484		35,490,329
AutoNation Inc.(a)(b)		119,199		11,869,836
AutoZone Inc.(a)(b)		45,139		92,290,297
Bath & Body Works Inc.		279,480		13,359,144
Best Buy Co. Inc.		515,944		46,899,310
Burlington Stores Inc.(a)(b)		11,442		2,084,389
CarMax Inc.(a)(b)		414,142		39,956,420
Dick’s Sporting Goods Inc.		168,240		16,827,365
Foot Locker Inc.		242,003		7,177,809
Gap Inc. (The)		576,786		8,121,147
Leslie’s Inc.(a)(b)		59,233		1,146,751
Lithia Motors Inc.		74,274		22,291,113
O’Reilly Automotive Inc.(a)		128,670		88,133,803
Penske Automotive Group Inc.		84,993		7,965,544
Petco Health & Wellness Co. Inc.(a)(b)		136,271		2,666,823
Victoria’s Secret & Co.(a)(b)		82,691		4,247,010
Vroom Inc.(a)(b)		236,164		628,196
Williams-Sonoma Inc.		49,740		7,212,300
				408,367,586
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C(a)		381,741		19,159,581
Hewlett Packard Enterprise Co.		3,637,973		60,790,529
HP Inc.		1,968,428		71,453,936
NetApp Inc.		211,669		17,568,527
Pure Storage Inc., Class A(a)		48,336		1,706,744

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp.(a)		876,090	$	43,497,869
Xerox Holdings Corp.		353,441		7,128,905
				221,306,091
Textiles, Apparel & Luxury Goods — 0.3%
Capri Holdings Ltd.(a)(b)		402,460		20,682,419
Carter’s Inc.		114,538		10,536,351
Columbia Sportswear Co.		102,647		9,292,633
Deckers Outdoor Corp.(a)		64,590		17,682,804
Hanesbrands Inc.		379,203		5,646,333
PVH Corp.		193,818		14,848,397
Ralph Lauren Corp.		126,615		14,363,206
Skechers U.S.A. Inc., Class A(a)(b)		319,342		13,016,380
Tapestry Inc.		663,176		24,636,988
Under Armour Inc., Class A(a)(b)		545,856		9,290,469
Under Armour Inc., Class C, NVS(a)(b)		537,300		8,360,388
VF Corp.		326,974		18,591,742
				166,948,110
Thrifts & Mortgage Finance — 0.0%
MGIC Investment Corp.		882,870		11,962,888
New York Community Bancorp. Inc.		1,280,907		13,731,323
TFS Financial Corp.		123,144		2,044,190
UWM Holdings Corp.		130,803		592,538
				28,330,939
Tobacco — 0.9%
Altria Group Inc.		2,246,703		117,390,232
Philip Morris International Inc.		4,337,789		407,491,898
				524,882,130
Trading Companies & Distributors — 0.2%
Air Lease Corp.		293,044		13,084,415
Core & Main Inc., Class A(a)(b)		75,538		1,827,264
Fastenal Co.		176,635		10,492,119
MSC Industrial Direct Co. Inc., Class A		122,736		10,458,335
SiteOne Landscape Supply Inc.(a)(b)		59,302		9,588,540
United Rentals Inc.(a)		131,228		46,613,498
Univar Solutions Inc.(a)		463,089		14,883,680

Security	Shares		Value
Trading Companies & Distributors (continued)
Watsco Inc.		91,570	$	27,895,885
WW Grainger Inc.		22,054		11,375,233
				146,218,969
Water Utilities — 0.2%
American Water Works Co. Inc.		507,681		84,036,436
Essential Utilities Inc.		642,967		32,874,903
				116,911,339
Wireless Telecommunication Services — 0.4%
T-Mobile U.S. Inc.(a)		1,643,134		210,896,249
Total Common Stocks — 99.8% (Cost: $47,242,885,789)				57,854,734,089
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		555,483,114		555,372,018
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		115,810,000		115,810,000
				671,182,018
Total Short-Term Investments — 1.2% (Cost: $671,106,509)				671,182,018
Total Investments in Securities — 101.0% (Cost: $47,913,992,298)				58,525,916,107
Other Assets, Less Liabilities — (1.0)%				(560,398,222	)
Net Assets — 100.0%			$	57,965,517,885

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	337,957,467	$	217,805,969	(a)	$	—		$	(171,202	)	$	(220,216	)	$	555,372,018		555,483,114	$	1,196,893	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,950,000		44,860,000	(a)		—			—			—			115,810,000		115,810,000		22,845			—
BlackRock Inc.		297,510,354		87,749,483			(84,695,625	)		31,828,868			(28,549,154	)		303,843,926		397,613		6,789,561			—
									$	31,657,666		$	(28,769,370	)	$	975,025,944			$	8,009,299		$	—

^(a)  Represents net amount purchased (sold).

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

64 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF

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
DIJA Mini e-CBOT Index		328		06/17/22	$	56,773	$	2,587,023
S&P 500 E-Mini Index		44		06/17/22		9,968		621,605
S&P Mid 400 E-Mini Index		116		06/17/22		31,195		1,221,804
							$	4,430,432

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,430,432

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,497,462
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	3,945,636

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	117,462,002

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.

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 1000 Value ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	57,854,022,801	$	711,288	$	—	$	57,854,734,089
Money Market Funds		671,182,018		—		—		671,182,018
	$	58,525,204,819	$	711,288	$	—	$	58,525,916,107
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,430,432	$	—	$	—	$	4,430,432

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

See notes to financial statements.

66 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
AAR Corp.(a)		776,003	$	37,581,825
Aerojet Rocketdyne Holdings Inc.(a)		1,690,363		66,515,784
Aerovironment Inc.(a)(b)		509,585		47,972,332
AerSale Corp.(a)(b)		319,128		5,016,692
Astronics Corp.(a)(b)		557,153		7,203,988
Byrna Technologies Inc.(a)(b)		415,902		3,397,919
Cadre Holdings Inc.		128,046		3,144,810
Ducommun Inc.(a)(b)		244,657		12,817,580
Kaman Corp.		616,439		26,802,768
Kratos Defense & Security Solutions Inc.(a)(b)		2,764,996		56,627,118
Maxar Technologies Inc.(b)		1,636,644		64,581,972
Moog Inc., Class A		671,553		58,962,354
National Presto Industries Inc.		115,590		8,894,651
Park Aerospace Corp.		448,832		5,857,258
Parsons Corp.(a)(b)		589,267		22,804,633
Triumph Group Inc.(a)(b)		1,448,744		36,624,248
Vectrus Inc.(a)		258,912		9,284,584
				474,090,516
Air Freight & Logistics — 0.4%
Air Transport Services Group Inc.(a)(b)		1,333,942		44,620,360
Atlas Air Worldwide Holdings Inc.(a)(b)		649,015		56,055,426
Forward Air Corp.		618,139		60,441,631
Hub Group Inc., Class A(a)(b)		750,178		57,921,243
Radiant Logistics Inc.(a)		883,106		5,625,385
				224,664,045
Airlines — 0.3%
Allegiant Travel Co.(a)		346,312		56,237,606
Frontier Group Holdings Inc.(a)(b)		804,022		9,109,569
Hawaiian Holdings Inc.(a)(b)		1,142,117		22,499,705
Mesa Air Group Inc.(a)(b)		850,307		3,741,351
SkyWest Inc.(a)		1,126,292		32,493,524
Spirit Airlines Inc.(a)(b)		2,218,949		48,528,415
Sun Country Airlines Holdings Inc.(a)(b)		734,036		19,217,062
				191,827,232
Auto Components — 1.2%
Adient PLC(a)(b)		2,140,683		87,275,646
American Axle & Manufacturing Holdings Inc.(a)		2,564,119		19,897,563
Cooper-Standard Holdings Inc.(a)(b)		381,474		3,345,527
Dana Inc.		3,284,758		57,713,198
Dorman Products Inc.(a)(b)		599,106		56,933,043
Fox Factory Holding Corp.(a)(b)		956,068		93,646,861
Gentherm Inc.(a)(b)		752,061		54,930,535
Goodyear Tire & Rubber Co. (The)(a)(b)		6,243,632		89,221,501
LCI Industries		561,758		58,316,098
Modine Manufacturing Co.(a)(b)		1,136,833		10,242,865
Motorcar Parts of America Inc.(a)(b)		416,887		7,433,095
Patrick Industries Inc.		512,596		30,909,539
Standard Motor Products Inc.		475,537		20,514,666
Stoneridge Inc.(a)(b)		584,968		12,143,936
Tenneco Inc., Class A(a)(b)		1,543,156		28,270,618
Visteon Corp.(a)(b)		623,828		68,078,350
XL Fleet Corp.(a)(b)		2,540,911		5,056,413
XPEL Inc.(a)(b)		406,557		21,388,964
				725,318,418
Automobiles — 0.2%
Arcimoto Inc.(a)(b)		617,315		4,080,452
Canoo Inc.(a)(b)		2,424,085		13,380,949

Security	Shares		Value
Automobiles (continued)
Fisker Inc.(a)(b)		3,702,074	$	47,756,755
Lordstown Motors Corp., Class A(a)(b)		3,631,909		12,384,810
Winnebago Industries Inc.		723,166		39,072,659
Workhorse Group Inc.(a)(b)		3,462,113		17,310,565
				133,986,190
Banks — 8.8%
1st Source Corp.		394,341		18,238,271
Allegiance Bancshares Inc.		422,668		18,884,806
Amalgamated Financial Corp.		328,364		5,900,701
Amerant Bancorp Inc.		609,206		19,244,818
American National Bankshares Inc.		247,641		9,331,113
Ameris Bancorp		1,474,729		64,711,109
Arrow Financial Corp.		318,825		10,336,307
Associated Banc-Corp.		3,407,812		77,561,801
Atlantic Union Bankshares Corp.		1,738,254		63,776,539
Banc of California Inc.		1,257,251		24,340,379
BancFirst Corp.		404,727		33,677,334
Bancorp. Inc. (The)(a)		1,143,268		32,388,782
Bank First Corp.		154,318		11,109,353
Bank of Marin Bancorp., Class A		382,635		13,419,009
Bank of NT Butterfield & Son Ltd. (The)		1,163,695		41,753,377
BankUnited Inc.		1,866,786		82,063,913
Banner Corp.		688,510		40,298,490
Bar Harbor Bankshares		339,342		9,711,968
Berkshire Hills Bancorp. Inc.		974,265		28,224,457
Blue Ridge Bankshares Inc.		407,273		6,178,331
Brookline Bancorp. Inc.		1,705,863		26,986,753
Business First Bancshares Inc.		454,557		11,059,372
Byline Bancorp Inc.		600,560		16,022,941
Cadence Bank		3,760,243		110,024,710
Cambridge Bancorp		157,935		13,424,475
Camden National Corp.		357,077		16,796,902
Capital Bancorp Inc./MD		200,164		4,575,749
Capital City Bank Group Inc.		314,438		8,288,586
Capstar Financial Holdings Inc.		486,604		10,257,612
Carter Bankshares Inc.(a)(b)		604,314		10,496,934
Cathay General Bancorp		1,670,026		74,733,663
CBTX Inc.		443,844		13,759,164
Central Pacific Financial Corp.		550,458		15,357,778
Citizens & Northern Corp.		356,009		8,679,499
City Holding Co.		331,877		26,118,720
Civista Bancshares Inc.		332,202		8,006,068
CNB Financial Corp./PA		375,803		9,891,135
Coastal Financial Corp./WA(a)(b)		232,457		10,634,908
Columbia Banking System Inc.		1,745,698		56,333,674
Community Bank System Inc.		1,172,947		82,282,232
Community Trust Bancorp. Inc.		383,869		15,815,403
ConnectOne Bancorp. Inc.		870,624		27,868,674
CrossFirst Bankshares Inc.(a)(b)		1,090,692		17,189,306
Customers Bancorp. Inc.(a)		704,245		36,719,334
CVB Financial Corp.		3,086,455		71,636,621
Dime Community Bancshares Inc.		790,418		27,324,750
Eagle Bancorp. Inc.		703,132		40,085,555
Eastern Bankshares Inc.		3,947,236		85,023,463
Enterprise Bancorp. Inc./MA		205,428		8,241,771
Enterprise Financial Services Corp.		807,015		38,179,880
Equity Bancshares Inc., Class A		321,211		10,378,327
Farmers National Banc Corp.		731,235		12,474,869
FB Financial Corp.		778,088		34,562,669
Fidelity D&D Bancorp. Inc.(b)		97,460		4,525,068

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Financial Institutions Inc.		374,714	$	11,290,133
First Bancorp. Inc. (The)		237,506		7,144,180
First BanCorp./Puerto Rico		4,282,407		56,185,180
First Bancorp./Southern Pines NC		782,358		32,679,094
First Bancshares Inc. (The)		484,491		16,307,967
First Bank/Hamilton NJ		362,209		5,150,612
First Busey Corp.		1,184,433		30,013,532
First Commonwealth Financial Corp.		2,010,661		30,481,621
First Community Bankshares Inc.		387,806		10,940,007
First Financial Bancorp		2,038,212		46,980,787
First Financial Bankshares Inc.		2,967,019		130,904,878
First Financial Corp./IN		274,573		11,883,519
First Foundation Inc.		1,132,978		27,520,036
First Internet Bancorp		223,829		9,626,885
First Interstate BancSystem Inc., Class A		2,014,272		74,064,781
First Merchants Corp.		1,295,990		53,913,184
First Mid Bancshares Inc.		384,064		14,782,623
First of Long Island Corp. (The)		530,297		10,319,580
Five Star Bancorp		239,345		6,773,464
Flushing Financial Corp.		701,531		15,679,218
Fulton Financial Corp.		3,656,967		60,778,792
German American Bancorp. Inc.		584,228		22,194,822
Glacier Bancorp. Inc.		2,510,163		126,210,996
Great Southern Bancorp. Inc.		246,110		14,522,951
Guaranty Bancshares Inc./TX		182,800		6,398,000
Hancock Whitney Corp.		1,975,359		103,014,972
Hanmi Financial Corp.		640,061		15,751,901
HarborOne Bancorp Inc.		1,158,791		16,246,250
HBT Financial Inc.		214,520		3,899,974
Heartland Financial USA Inc.		928,936		44,431,009
Heritage Commerce Corp.		1,352,330		15,213,712
Heritage Financial Corp./WA		762,866		19,117,422
Hilltop Holdings Inc.		1,438,506		42,292,076
Home BancShares Inc./AR		3,506,746		79,252,460
HomeStreet Inc.		408,743		19,366,243
HomeTrust Bancshares Inc.		366,920		10,835,148
Hope Bancorp Inc.		2,553,370		41,058,190
Horizon Bancorp Inc./IN		1,035,874		19,339,768
Independent Bank Corp.		1,014,565		82,879,815
Independent Bank Corp./MI		489,141		10,761,102
Independent Bank Group Inc.		856,944		60,980,135
International Bancshares Corp.		1,242,966		52,465,595
Investors Bancorp. Inc.		5,194,700		77,556,871
Lakeland Bancorp. Inc.		1,440,112		24,049,870
Lakeland Financial Corp.		568,873		41,527,729
Live Oak Bancshares Inc.(b)		728,915		37,094,484
Macatawa Bank Corp.		610,693		5,502,344
Mercantile Bank Corp.		371,182		13,147,266
Meta Financial Group Inc.		677,932		37,232,025
Metrocity Bankshares Inc.		447,376		10,504,388
Metropolitan Bank Holding Corp.(a)(b)		235,173		23,933,556
Mid Penn Bancorp. Inc.		326,432		8,751,642
Midland States Bancorp. Inc.		500,324		14,439,351
MidWestOne Financial Group Inc.		337,646		11,176,083
MVB Financial Corp.		229,187		9,511,261
National Bank Holdings Corp., Class A		663,972		26,744,792
NBT Bancorp. Inc.		932,209		33,680,711
Nicolet Bankshares Inc.(a)(b)		286,522		26,809,864
Northrim Bancorp. Inc.		137,839		6,005,645
Northwest Bancshares Inc.		2,643,639		35,715,563

Security	Shares		Value
Banks (continued)
OceanFirst Financial Corp.		1,357,232	$	27,280,363
OFG Bancorp		1,087,048		28,958,959
Old National Bancorp./IN		6,720,794		110,086,606
Old Second Bancorp. Inc.		662,996		9,620,072
Origin Bancorp Inc.		527,350		22,301,631
Orrstown Financial Services Inc.		248,827		5,705,603
Pacific Premier Bancorp. Inc.		2,030,659		71,783,796
Park National Corp.		327,643		43,045,737
Peapack Gladstone Financial Corp.		427,438		14,853,471
Peoples Bancorp. Inc./OH		606,088		18,976,615
Peoples Financial Services Corp.		162,122		8,183,919
Preferred Bank/Los Angeles CA		217,251		16,096,127
Premier Financial Corp.		853,168		25,876,585
Primis Financial Corp.		569,175		7,957,067
QCR Holdings Inc.(b)		374,737		21,206,367
RBB Bancorp		338,348		7,947,795
Red River Bancshares Inc.		105,460		5,579,889
Renasant Corp.		1,225,642		40,997,725
Republic Bancorp. Inc./KY, Class A		227,743		10,234,770
Republic First Bancorp. Inc.(a)(b)		969,491		5,002,574
S&T Bancorp. Inc.		794,390		23,498,056
Sandy Spring Bancorp. Inc.		1,023,075		45,956,529
Seacoast Banking Corp. of Florida		1,239,854		43,419,687
ServisFirst Bancshares Inc.		1,139,991		108,629,742
Sierra Bancorp		327,873		8,190,268
Silvergate Capital Corp., Class A(a)(b)		632,826		95,284,611
Simmons First National Corp., Class A		2,525,088		66,207,807
SmartFinancial Inc.		320,256		8,192,148
South Plains Financial Inc.		249,728		6,637,770
South State Corp.		1,753,319		143,053,297
Southern First Bancshares Inc.(a)(b)		178,795		9,089,938
Southside Bancshares Inc.		680,863		27,799,636
Spirit of Texas Bancshares Inc.		328,636		8,636,554
Stock Yards Bancorp. Inc.		569,590		30,131,311
Summit Financial Group Inc.		261,444		6,690,352
Texas Capital Bancshares Inc.(a)(b)		1,161,775		66,581,325
Third Coast Bancshares Inc.(a)(b)		42,566		983,275
Tompkins Financial Corp.		328,480		25,710,130
Towne Bank/Portsmouth VA		1,544,427		46,240,144
TriCo Bancshares		657,137		26,305,194
TriState Capital Holdings Inc.(a)(b)		668,958		22,229,474
Triumph Bancorp. Inc.(a)(b)		542,379		50,994,474
Trustmark Corp.		1,358,441		41,283,022
UMB Financial Corp.		998,678		97,031,554
United Bankshares Inc./WV		3,006,230		104,857,302
United Community Banks Inc./GA		2,231,660		77,661,768
Univest Financial Corp.		690,102		18,467,130
Valley National Bancorp		9,115,513		118,683,979
Veritex Holdings Inc.		1,080,408		41,239,173
Washington Trust Bancorp. Inc.		403,904		21,204,960
WesBanco Inc.		1,400,896		48,134,787
West Bancorp. Inc.		372,941		10,147,725
Westamerica Bancorp		581,412		35,175,426
				5,473,987,701
Beverages — 0.4%
Celsius Holdings Inc.(a)(b)		1,218,348		67,228,443
Coca-Cola Consolidated Inc.		106,408		52,868,815
Duckhorn Portfolio Inc. (The)(a)(b)		814,996		14,824,777
MGP Ingredients Inc.		319,706		27,363,636
National Beverage Corp.		531,123		23,103,850

68 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Beverages (continued)
Primo Water Corp.		3,541,295	$	50,463,454
Zevia PBC, Class A(a)(b)		232,393		1,062,036
				236,915,011
Biotechnology — 6.9%
2seventy bio Inc.(a)(b)		521,008		8,888,396
4D Molecular Therapeutics Inc.(a)		659,462		9,971,065
89bio Inc.(a)(b)		221,975		836,846
ACADIA Pharmaceuticals Inc.(a)(b)		2,710,207		65,641,214
Acumen Pharmaceuticals Inc.(a)(b)		640,328		2,503,682
Adagio Therapeutics Inc.(a)(b)		1,304,220		5,947,243
Adicet Bio Inc.(a)		573,853		11,459,844
Adverum Biotechnologies Inc.(a)(b)		1,940,604		2,542,191
Aeglea BioTherapeutics Inc.(a)		908,187		2,088,830
Aerovate Therapeutics Inc.(a)(b)		228,190		4,182,723
Affimed NV(a)		2,656,931		11,610,788
Agenus Inc.(a)(b)		5,040,529		12,399,701
Agios Pharmaceuticals Inc.(a)(b)		1,227,256		35,725,422
Akebia Therapeutics Inc.(a)(b)		3,952,890		2,837,780
Akero Therapeutics Inc.(a)(b)		585,087		8,302,385
Akouos Inc.(a)(b)		556,494		2,643,346
Alaunos Therapeutics Inc.(a)(b)		4,765,138		3,108,776
Albireo Pharma Inc.(a)(b)		380,732		11,357,236
Aldeyra Therapeutics Inc.(a)(b)		1,107,473		4,922,717
Alector Inc.(a)(b)		1,324,143		18,869,038
Aligos Therapeutics Inc.(a)(b)		475,788		1,022,944
Alkermes PLC(a)		3,637,850		95,711,833
Allakos Inc.(a)		800,128		4,560,730
Allogene Therapeutics Inc.(a)(b)		1,541,097		14,039,394
Allovir Inc.(a)		671,908		4,535,379
Alpine Immune Sciences Inc.(a)		264,014		2,368,206
Altimmune Inc.(a)(b)		907,935		5,529,324
ALX Oncology Holdings Inc.(a)(b)		401,317		6,782,257
Amicus Therapeutics Inc.(a)(b)		5,960,029		56,441,475
AnaptysBio Inc.(a)(b)		440,483		10,897,549
Anavex Life Sciences Corp.(a)(b)		1,540,175		18,959,554
Anika Therapeutics Inc.(a)(b)		328,644		8,252,251
Annexon Inc.(a)(b)		708,968		1,935,483
Apellis Pharmaceuticals Inc.(a)(b)		1,767,925		89,828,269
Applied Molecular Transport Inc.(a)(b)		564,212		4,242,874
Applied Therapeutics Inc.(a)(b)		402,575		849,433
AquaBounty Technologies Inc.(a)(b)		1,555,701		2,909,161
Arbutus Biopharma Corp.(a)(b)		2,071,582		6,173,314
Arcellx Inc.(a)(b)		178,030		2,495,981
Arcturus Therapeutics Holdings Inc.(a)(b)		479,650		12,931,364
Arcus Biosciences Inc.(a)(b)		1,007,539		31,797,931
Arcutis Biotherapeutics Inc.(a)(b)		629,366		12,121,589
Ardelyx Inc.(a)(b)		1,975,360		2,113,635
Arrowhead Pharmaceuticals Inc.(a)(b)		2,320,664		106,727,337
Atara Biotherapeutics Inc.(a)(b)		1,985,463		18,444,951
Athenex Inc.(a)(b)		1,968,105		1,632,543
Athersys Inc.(a)(b)		4,582,372		2,774,626
Atossa Therapeutics Inc.(a)(b)		2,661,305		3,326,631
Atreca Inc., Class A(a)(b)		574,573		1,821,396
Aura Biosciences Inc.(a)(b)		87,831		1,932,282
Avalo Therapeutics Inc.(a)(b)		1,200,134		869,737
Avid Bioservices Inc.(a)(b)		1,380,700		28,124,859
Avidity Biosciences Inc.(a)(b)		853,408		15,762,446
Avita Medical Inc.(a)(b)		542,663		4,601,782
Avrobio Inc.(a)(b)		843,194		1,113,016
Beam Therapeutics Inc.(a)(b)		1,156,410		66,262,293

Security	Shares		Value
Biotechnology (continued)
Beyondspring Inc.(a)(b)		513,533	$	1,129,773
BioAtla Inc.(a)(b)		349,564		1,747,820
BioCryst Pharmaceuticals Inc.(a)(b)		4,047,863		65,818,252
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		1,256,723		149,009,646
Biomea Fusion Inc.(a)(b)		414,395		1,848,202
Bioxcel Therapeutics Inc.(a)(b)		409,880		8,570,591
Black Diamond Therapeutics Inc.(a)(b)		518,091		1,435,112
Bluebird Bio Inc.(a)(b)		1,533,455		7,437,257
Blueprint Medicines Corp.(a)(b)		1,322,578		84,486,283
Bolt Biotherapeutics Inc.(a)(b)		516,208		1,414,410
Bridgebio Pharma Inc.(a)(b)		2,397,335		24,332,950
Brooklyn ImmunoTherapeutics Inc.(a)(b)		672,439		1,378,500
C4 Therapeutics Inc.(a)(b)		888,725		21,560,468
Cardiff Oncology Inc.(a)(b)		847,006		2,100,575
CareDx Inc.(a)(b)		1,144,795		42,345,967
Caribou Biosciences Inc.(a)(b)		1,118,929		10,271,768
Catalyst Pharmaceuticals Inc.(a)(b)		2,182,906		18,096,291
Celcuity Inc.(a)(b)		217,863		2,037,019
Celldex Therapeutics Inc.(a)(b)		1,043,164		35,530,166
CEL-SCI Corp.(a)(b)		813,178		3,195,790
Century Therapeutics Inc.(a)(b)		366,526		4,614,562
Cerevel Therapeutics Holdings Inc.(a)(b)		915,787		32,061,703
ChemoCentryx Inc.(a)(b)		1,225,099		30,713,232
Chimerix Inc.(a)(b)		1,665,708		7,628,943
Chinook Therapeutics Inc.(a)(b)		912,277		14,924,852
Clene Inc.(a)(b)		429,444		1,692,009
Clovis Oncology Inc.(a)(b)		2,543,130		5,137,123
Codiak Biosciences Inc.(a)(b)		356,921		2,237,895
Cogent Biosciences Inc.(a)		846,668		6,341,543
Coherus Biosciences Inc.(a)(b)		1,511,444		19,512,742
Contra GTX Inc., NVS(b)(c)		13,273		13,605
Cortexyme Inc.(a)(b)		454,325		2,812,272
Crinetics Pharmaceuticals Inc.(a)(b)		1,056,043		23,180,144
Cue Biopharma Inc.(a)(b)		696,573		3,399,276
Cullinan Oncology Inc.(a)(b)		584,618		6,120,950
Curis Inc.(a)(b)		1,981,904		4,716,931
Cyteir Therapeutics Inc.(a)(b)		189,886		715,870
Cytokinetics Inc.(a)(b)		1,796,813		66,140,687
CytomX Therapeutics Inc.(a)(b)		1,482,714		3,958,846
Day One Biopharmaceuticals Inc.(a)(b)		471,251		4,674,810
Deciphera Pharmaceuticals Inc.(a)(b)		898,388		8,328,057
Denali Therapeutics Inc.(a)(b)		2,064,163		66,404,124
DermTech Inc.(a)(b)		549,279		8,063,416
Design Therapeutics Inc.(a)(b)		576,626		9,312,510
Dynavax Technologies Corp.(a)(b)		2,439,282		26,441,817
Dyne Therapeutics Inc.(a)(b)		682,634		6,580,592
Eagle Pharmaceuticals Inc./DE(a)		265,999		13,164,290
Editas Medicine Inc.(a)(b)		1,542,083		29,330,419
Eiger BioPharmaceuticals Inc.(a)(b)		755,367		6,269,546
Eliem Therapeutics Inc.(a)(b)		159,695		1,339,841
Emergent BioSolutions Inc.(a)(b)		1,111,165		45,624,435
Enanta Pharmaceuticals Inc.(a)(b)		447,713		31,868,211
Entrada Therapeutics Inc.(a)(b)		195,806		1,838,618
Epizyme Inc.(a)(b)		3,089,671		3,553,122
Erasca Inc.(a)(b)		1,379,004		11,859,434
Evelo Biosciences Inc.(a)(b)		692,517		2,347,633
Exagen Inc.(a)(b)		246,261		1,977,476
Fate Therapeutics Inc.(a)(b)		1,844,818		71,523,594
FibroGen Inc.(a)(b)		1,953,640		23,482,753
Finch Therapeutics Group Inc.(a)		172,093		865,628

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Foghorn Therapeutics Inc.(a)(b)		444,601	$	6,771,273
Forma Therapeutics Holdings Inc.(a)(b)		766,774		7,130,998
Forte Biosciences Inc.(a)(b)		303,566		443,206
Fortress Biotech Inc.(a)(b)		1,628,486		2,214,741
Frequency Therapeutics Inc.(a)(b)		728,101		1,543,574
G1 Therapeutics Inc.(a)(b)		894,984		6,801,878
Gemini Therapeutics Inc.(a)(b)		497,908		692,092
Generation Bio Co.(a)(b)		990,843		7,272,788
Geron Corp.(a)(b)		6,854,033		9,321,485
Global Blood Therapeutics Inc.(a)(b)		1,399,491		48,478,368
Gossamer Bio Inc.(a)(b)		1,418,334		12,311,139
Graphite Bio Inc.(a)(b)		606,929		3,095,338
Greenwich Lifesciences Inc.(a)(b)		91,750		1,800,135
Gritstone bio Inc.(a)(b)		935,279		3,853,349
GT Biopharma Inc.(a)(b)		398,052		1,146,390
Halozyme Therapeutics Inc.(a)(b)		3,128,471		124,763,423
Harpoon Therapeutics Inc.(a)(b)		425,441		2,114,442
Heron Therapeutics Inc.(a)(b)		2,085,682		11,930,101
Homology Medicines Inc.(a)(b)		954,883		2,902,844
Hookipa Pharma Inc.(a)		436,327		994,826
Humanigen Inc.(a)(b)		1,072,588		3,228,490
iBio Inc.(a)(b)		4,900,589		2,098,432
Icosavax Inc.(a)		519,052		3,654,126
Ideaya Biosciences Inc.(a)(b)		742,523		8,308,832
IGM Biosciences Inc.(a)(b)		184,141		4,922,089
Imago Biosciences Inc.(a)(b)		440,118		8,481,074
Immuneering Corp., Class A(a)(b)		429,888		2,781,375
Immunic Inc.(a)(b)		422,684		4,776,329
ImmunityBio Inc.(a)(b)		1,538,555		8,631,294
ImmunoGen Inc.(a)(b)		4,874,593		23,203,063
Immunovant Inc.(a)(b)		903,784		4,979,850
Impel Neuropharma Inc.(a)(b)		123,370		785,867
Infinity Pharmaceuticals Inc.(a)(b)		2,013,509		2,295,400
Inhibrx Inc.(a)(b)		636,764		14,187,102
Inovio Pharmaceuticals Inc.(a)(b)		4,728,384		16,974,899
Inozyme Pharma Inc.(a)(b)		327,078		1,337,749
Insmed Inc.(a)(b)		2,671,174		62,772,589
Instil Bio Inc.(a)(b)		1,250,362		13,441,391
Intellia Therapeutics Inc.(a)(b)		1,573,192		114,323,863
Intercept Pharmaceuticals Inc.(a)(b)		569,701		9,269,035
Ironwood Pharmaceuticals Inc.(a)(b)		3,334,325		41,945,808
iTeos Therapeutics Inc.(a)		461,618		14,854,867
IVERIC bio Inc.(a)(b)		2,621,602		44,121,562
Janux Therapeutics Inc.(a)(b)		374,355		5,368,251
Jounce Therapeutics Inc.(a)(b)		756,898		5,139,337
KalVista Pharmaceuticals Inc.(a)(b)		508,336		7,492,873
Karuna Therapeutics Inc.(a)(b)		506,619		64,234,223
Karyopharm Therapeutics Inc.(a)(b)		1,616,292		11,912,072
Keros Therapeutics Inc.(a)(b)		354,989		19,304,302
Kezar Life Sciences Inc.(a)(b)		856,052		14,227,584
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		661,511		6,575,419
Kinnate Biopharma Inc.(a)		580,518		6,536,633
Kodiak Sciences Inc.(a)		758,748		5,857,535
Kronos Bio Inc.(a)(b)		883,526		6,387,893
Krystal Biotech Inc.(a)(b)		454,580		30,247,753
Kura Oncology Inc.(a)(b)		1,437,206		23,110,272
Kymera Therapeutics Inc.(a)(b)		778,863		32,961,482
Lexicon Pharmaceuticals Inc.(a)(b)		1,555,673		3,251,357
Ligand Pharmaceuticals Inc.(a)(b)		342,136		38,486,879
Lineage Cell Therapeutics Inc.(a)(b)		2,850,248		4,389,382

Security	Shares		Value
Biotechnology (continued)
Lyell Immunopharma Inc.(a)(b)		3,356,959	$	16,952,643
MacroGenics Inc.(a)(b)		1,361,443		11,994,313
Madrigal Pharmaceuticals Inc.(a)(b)		267,101		26,207,950
Magenta Therapeutics Inc.(a)(b)		680,021		1,972,061
MannKind Corp.(a)(b)		5,579,870		20,533,922
MEI Pharma Inc.(a)(b)		2,412,252		1,453,382
MeiraGTx Holdings PLC(a)(b)		677,329		9,381,007
Mersana Therapeutics Inc.(a)(b)		1,627,841		6,495,086
MiMedx Group Inc.(a)(b)		2,649,812		12,480,614
Mirum Pharmaceuticals Inc.(a)		81,924		1,803,966
Molecular Templates Inc.(a)(b)		840,452		2,899,559
Monte Rosa Therapeutics Inc.(a)(b)		630,573		8,840,633
Morphic Holding Inc.(a)(b)		488,892		19,629,014
Mustang Bio Inc.(a)(b)		1,581,964		1,597,784
Myriad Genetics Inc.(a)(b)		1,826,304		46,022,861
Neoleukin Therapeutics Inc.(a)(b)		800,643		1,505,209
NexImmune Inc.(a)(b)		398,646		1,678,300
Nkarta Inc.(a)(b)		319,269		3,633,281
Nurix Therapeutics Inc.(a)(b)		710,765		9,957,818
Nuvalent Inc., Class A(a)(b)		397,403		5,519,928
Ocugen Inc.(a)(b)		4,185,429		13,811,916
Olema Pharmaceuticals Inc.(a)(b)		568,449		2,421,593
Omega Therapeutics Inc.(a)(b)		503,987		3,144,879
Oncocyte Corp.(a)(b)		1,352,795		2,015,665
Oncorus Inc.(a)(b)		464,228		826,326
Oncternal Therapeutics Inc.(a)(b)		1,005,919		1,398,227
OPKO Health Inc.(a)(b)		9,073,883		31,214,157
Organogenesis Holdings Inc., Class A(a)(b)		1,535,362		11,699,458
ORIC Pharmaceuticals Inc.(a)(b)		713,724		3,811,286
Outlook Therapeutics Inc.(a)(b)		2,510,902		4,469,406
Oyster Point Pharma Inc.(a)(b)		252,549		2,939,670
Passage Bio Inc.(a)(b)		844,320		2,617,392
PDL BioPharma Inc.(a)(c)		11,853		20,494
PMV Pharmaceuticals Inc.(a)(b)		596,110		12,411,010
Portage Biotech Inc.(a)(b)		83,924		551,381
Poseida Therapeutics Inc.(a)(b)		653,739		2,928,751
Praxis Precision Medicines Inc.(a)(b)		790,424		8,070,229
Precigen Inc.(a)(b)		2,166,787		4,571,921
Precision BioSciences Inc.(a)(b)		1,121,110		3,453,019
Prelude Therapeutics Inc.(a)(b)		246,107		1,698,138
Prometheus Biosciences Inc.(a)(b)		678,320		25,613,363
Protagonist Therapeutics Inc.(a)		1,015,216		24,040,315
Prothena Corp. PLC(a)(b)		814,893		29,800,637
PTC Therapeutics Inc.(a)(b)		1,565,880		58,422,983
Puma Biotechnology Inc.(a)(b)		758,894		2,185,615
Pyxis Oncology Inc.(a)		182,548		737,494
Radius Health Inc.(a)(b)		1,072,746		9,472,347
Rallybio Corp.(a)(b)		409,489		2,858,233
RAPT Therapeutics Inc.(a)(b)		482,925		10,619,521
Recursion Pharmaceuticals Inc., Class A(a)(b)		2,618,749		18,750,243
REGENXBIO Inc.(a)(b)		893,520		29,655,929
Relay Therapeutics Inc.(a)(b)		1,591,125		47,622,371
Reneo Pharmaceuticals Inc.(a)(b)		148,328		436,084
Replimune Group Inc.(a)(b)		672,457		11,418,320
REVOLUTION Medicines Inc.(a)(b)		1,364,330		34,804,058
Rhythm Pharmaceuticals Inc.(a)(b)		1,001,928		11,542,211
Rigel Pharmaceuticals Inc.(a)(b)		3,888,672		11,627,129
Rocket Pharmaceuticals Inc.(a)(b)		920,230		14,594,848
Rubius Therapeutics Inc.(a)(b)		1,043,870		5,751,724
Sana Biotechnology Inc.(a)(b)		1,956,457		16,160,335

70 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Sangamo Therapeutics Inc.(a)(b)		2,690,331	$	15,630,823
Scholar Rock Holding Corp.(a)(b)		629,603		8,115,583
Selecta Biosciences Inc.(a)(b)		2,045,229		2,515,632
Sensei Biotherapeutics Inc.(a)(b)		471,894		1,090,075
Sera Prognostics Inc., Class A(a)(b)		107,451		407,239
Seres Therapeutics Inc.(a)(b)		1,585,954		11,291,992
Sesen Bio Inc.(a)(b)		4,483,792		2,702,381
Shattuck Labs Inc.(a)		604,714		2,576,082
Sigilon Therapeutics Inc.(a)(b)		343,083		504,332
Silverback Therapeutics Inc.(a)(b)		462,382		1,622,961
Solid Biosciences Inc.(a)		1,355,304		1,626,365
Sorrento Therapeutics Inc.(a)(b)		6,941,297		16,173,222
Spectrum Pharmaceuticals Inc.(a)(b)		3,740,880		4,825,735
Spero Therapeutics Inc.(a)(b)		551,306		4,796,362
SpringWorks Therapeutics Inc.(a)(b)		659,097		37,199,435
Spruce Biosciences Inc.(a)(b)		197,392		396,758
SQZ Biotechnologies Co.(a)(b)		517,465		2,489,007
Stoke Therapeutics Inc.(a)(b)		433,876		9,133,090
Summit Therapeutics Inc.(a)(b)		510,900		1,251,705
Surface Oncology Inc.(a)(b)		786,748		2,313,039
Sutro Biopharma Inc.(a)(b)		977,644		8,036,234
Syndax Pharmaceuticals Inc.(a)(b)		1,105,934		19,221,133
Syros Pharmaceuticals Inc.(a)(b)		1,310,125		1,559,049
Talaris Therapeutics Inc.(a)(b)		425,680		4,188,691
Taysha Gene Therapies Inc.(a)(b)		505,999		3,299,113
TCR2 Therapeutics Inc.(a)(b)		698,802		1,928,693
Tenaya Therapeutics Inc.(a)(b)		646,820		7,619,540
TG Therapeutics Inc.(a)(b)		2,946,528		28,021,481
Tonix Pharmaceuticals Holding Corp.(a)(b)		12,214,150		2,811,697
Travere Therapeutics Inc.(a)(b)		1,345,216		34,666,216
Trevena Inc.(a)(b)		3,717,200		2,044,088
Turning Point Therapeutics Inc.(a)(b)		1,040,608		27,940,325
Twist Bioscience Corp.(a)(b)		1,252,513		61,849,092
Tyra Biosciences Inc.(a)(b)		260,991		2,792,604
UroGen Pharma Ltd.(a)(b)		434,667		3,785,950
Vanda Pharmaceuticals Inc.(a)		1,225,984		13,865,879
Vaxart Inc.(a)(b)		2,745,678		13,838,217
Vaxcyte Inc.(a)(b)		962,697		23,249,133
VBI Vaccines Inc.(a)(b)		4,272,541		7,092,418
Vera Therapeutics Inc.(a)(b)		294,831		6,925,580
Veracyte Inc.(a)(b)		1,530,761		42,203,081
Verastem Inc.(a)(b)		3,925,045		5,534,313
Vericel Corp.(a)(b)		1,053,581		40,267,866
Verve Therapeutics Inc.(a)(b)		816,673		18,636,478
Vigil Neuroscience Inc.(a)(b)		110,611		777,595
Viking Therapeutics Inc.(a)(b)		1,531,039		4,593,117
Vincerx Pharma Inc.(a)		294,581		1,178,324
Vir Biotechnology Inc.(a)(b)		1,363,348		35,065,311
Viracta Therapeutics Inc.(a)(b)		824,037		3,922,416
VistaGen Therapeutics Inc.(a)(b)		4,371,958		5,421,228
Vor BioPharma Inc.(a)(b)		427,847		2,584,196
Werewolf Therapeutics Inc.(a)(b)		546,058		2,402,655
XBiotech Inc.		348,862		3,014,168
Xencor Inc.(a)(b)		1,295,031		34,551,427
Xilio Therapeutics Inc.(a)(b)		132,499		936,768
XOMA Corp.(a)(b)		137,481		3,846,718
Y-mAbs Therapeutics Inc.(a)(b)		797,810		9,477,983
Zentalis Pharmaceuticals Inc.(a)(b)		825,851		38,104,765
				4,267,357,495

Security	Shares		Value
Building Products — 1.2%
AAON Inc.		944,645	$	52,645,066
American Woodmark Corp.(a)		369,807		18,102,053
Apogee Enterprises Inc.		559,453		26,551,639
Caesarstone Ltd.		531,015		5,586,278
Cornerstone Building Brands Inc.(a)		1,235,829		30,055,361
CSW Industrials Inc.		340,550		40,045,274
Gibraltar Industries Inc.(a)		740,203		31,791,719
Griffon Corp.		1,126,278		22,559,348
Insteel Industries Inc.		425,425		15,736,471
JELD-WEN Holding Inc.(a)(b)		2,080,091		42,184,245
Masonite International Corp.(a)(b)		540,086		48,035,249
PGT Innovations Inc.(a)(b)		1,296,051		23,302,997
Quanex Building Products Corp.		741,764		15,569,626
Resideo Technologies Inc.(a)(b)		3,272,308		77,979,100
Simpson Manufacturing Co. Inc.		984,539		107,354,133
UFP Industries Inc.		1,359,320		104,885,131
View Inc.(a)(b)		2,427,796		4,467,145
Zurn Water Solutions Corp.(b)		2,742,313		97,077,880
				763,928,715
Capital Markets — 1.5%
Artisan Partners Asset Management Inc., Class A		1,327,572		52,239,958
Assetmark Financial Holdings Inc.(a)		434,773		9,673,699
Associated Capital Group Inc., Class A(b)		38,334		1,606,578
B. Riley Financial Inc.		459,284		32,131,509
BGC Partners Inc., Class A		7,172,099		31,557,236
Blucora Inc.(a)		1,113,677		21,772,385
BrightSphere Investment Group Inc.		762,268		18,484,999
Cohen & Steers Inc.		570,924		49,036,662
Cowen Inc., Class A		604,457		16,380,785
Diamond Hill Investment Group Inc.		70,470		13,199,031
Donnelley Financial Solutions Inc.(a)		669,118		22,254,865
Federated Hermes Inc.		2,112,367		71,947,220
Focus Financial Partners Inc., Class A(a)(b)		1,455,946		66,594,970
GAMCO Investors Inc., Class A(b)		133,396		2,949,385
GCM Grosvenor Inc., Class A(b)		1,013,454		9,840,638
Greenhill & Co. Inc.		350,712		5,425,515
Hamilton Lane Inc., Class A		792,174		61,227,128
Houlihan Lokey Inc.		1,156,600		101,549,480
Moelis & Co., Class A		1,391,893		65,349,376
Open Lending Corp., Class A(a)(b)		2,354,600		44,525,486
Oppenheimer Holdings Inc., Class A, NVS		205,333		8,948,412
Piper Sandler Cos		395,839		51,953,869
PJT Partners Inc., Class A		543,617		34,313,105
Pzena Investment Management Inc., Class A		365,600		2,932,112
Sculptor Capital Management Inc.		501,263		6,982,594
StepStone Group Inc., Class A		1,016,577		33,608,036
StoneX Group Inc.(a)		388,942		28,871,165
Value Line Inc.		25,707		1,722,369
Virtus Investment Partners Inc.		169,047		40,569,589
WisdomTree Investments Inc.		3,034,716		17,813,783
				925,461,939
Chemicals — 2.0%
AdvanSix Inc.		625,476		31,955,569
American Vanguard Corp.		662,393		13,459,826
Amyris Inc.(a)(b)		4,085,586		17,813,155
Aspen Aerogels Inc.(a)(b)		500,662		17,262,826
Avient Corp.		2,064,179		99,080,592
Balchem Corp.		734,062		100,346,275
Cabot Corp.		1,278,350		87,451,923

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Chase Corp.		167,352	$	14,544,562
Danimer Scientific Inc.(a)(b)		2,065,958		12,106,514
Ecovyst Inc.		1,284,051		14,843,630
Ferro Corp.(a)(b)		1,845,725		40,126,062
FutureFuel Corp.		611,664		5,951,491
GCP Applied Technologies Inc.(a)(b)		1,511,576		47,493,718
Hawkins Inc.		435,980		20,011,482
HB Fuller Co.		1,188,023		78,492,680
Ingevity Corp.(a)(b)		895,022		57,344,060
Innospec Inc.		549,317		50,839,288
Intrepid Potash Inc.(a)(b)		219,609		18,038,683
Koppers Holdings Inc.		463,387		12,752,410
Kronos Worldwide Inc.		509,600		7,908,992
Livent Corp.(a)(b)		3,679,032		95,912,364
Marrone Bio Innovations Inc.(a)(b)		2,277,287		2,459,470
Minerals Technologies Inc.		751,638		49,720,854
Orion Engineered Carbons SA		1,377,613		22,000,480
PureCycle Technologies Inc.(a)(b)		1,288,102		10,304,816
Quaker Chemical Corp.(b)		310,753		53,701,226
Rayonier Advanced Materials Inc.(a)(b)		1,395,562		9,168,842
Sensient Technologies Corp.		957,303		80,365,587
Stepan Co.		480,124		47,441,052
Tredegar Corp.		583,978		7,001,896
Trinseo PLC		881,087		42,221,689
Tronox Holdings PLC, Class A		2,572,810		50,915,910
Valhi Inc.		55,474		1,625,943
Zymergen Inc.(a)(b)		1,889,670		5,461,146
				1,226,125,013
Commercial Services & Supplies — 1.8%
ABM Industries Inc.		1,524,530		70,189,361
ACCO Brands Corp.		2,096,910		16,775,280
Aris Water Solution Inc., A		359,910		6,550,362
Brady Corp., Class A, NVS		1,067,937		49,413,445
BrightView Holdings Inc.(a)(b)		997,512		13,576,138
Brink’s Co. (The)		1,086,635		73,891,180
Casella Waste Systems Inc., Class A(a)(b)		1,113,918		97,634,913
CECO Environmental Corp.(a)(b)		695,565		3,818,652
Cimpress PLC(a)(b)		398,954		25,369,485
CompX International Inc.		40,536		953,407
CoreCivic Inc.(a)		2,748,228		30,697,707
Deluxe Corp.		960,810		29,054,894
Ennis Inc.		565,614		10,446,891
GEO Group Inc. (The)(a)(b)		2,595,671		17,157,385
Harsco Corp.(a)		1,764,745		21,600,479
Healthcare Services Group Inc.		1,698,335		31,538,081
Heritage-Crystal Clean Inc.(a)(b)		356,922		10,568,460
HNI Corp.		985,390		36,508,699
Interface Inc.		1,322,191		17,942,132
KAR Auction Services Inc.(a)(b)		2,749,441		49,627,410
Kimball International Inc., Class B		827,471		6,992,130
Matthews International Corp., Class A		714,919		23,134,779
MillerKnoll Inc.		1,689,234		58,379,927
Montrose Environmental Group Inc.(a)(b)		598,283		31,667,119
NL Industries Inc.		205,237		1,475,654
Pitney Bowes Inc.		2,823,565		14,682,538
SP Plus Corp.(a)(b)		524,727		16,455,439
Steelcase Inc., Class A		1,939,439		23,176,296
Team Inc.(a)(b)		601,700		1,329,757
Tetra Tech Inc.		1,220,599		201,325,599
U.S. Ecology Inc.(a)(b)		705,691		33,788,485

Security	Shares		Value
Commercial Services & Supplies (continued)
UniFirst Corp./MA		342,003	$	63,024,313
Viad Corp.(a)		464,635		16,559,591
VSE Corp.		242,333		11,169,128
				1,116,475,116
Communications Equipment — 0.7%
ADTRAN Inc.		1,095,806		20,217,621
Aviat Networks Inc.(a)(b)		180,767		5,562,201
CalAmp Corp.(a)(b)		808,217		5,908,066
Calix Inc.(a)(b)		1,255,218		53,861,404
Cambium Networks Corp.(a)		241,704		5,713,883
Casa Systems Inc.(a)(b)		674,408		3,048,324
Clearfield Inc.(a)(b)		260,684		17,001,810
Comtech Telecommunications Corp.		591,452		9,279,882
Digi International Inc.(a)(b)		774,986		16,677,699
DZS Inc.(a)(b)		389,194		5,398,121
EMCORE Corp.(a)(b)		835,267		3,090,488
Extreme Networks Inc.(a)		2,876,413		35,121,003
Harmonic Inc.(a)(b)		2,044,339		18,991,909
Infinera Corp.(a)(b)		4,178,966		36,231,635
Inseego Corp.(a)(b)		1,908,412		7,729,069
KVH Industries Inc.(a)(b)		312,113		2,840,228
NETGEAR Inc.(a)(b)		656,528		16,203,111
NetScout Systems Inc.(a)(b)		1,594,474		51,150,726
Plantronics Inc.(a)(b)		957,698		37,733,301
Ribbon Communications Inc.(a)(b)		1,583,564		4,893,213
Viavi Solutions Inc.(a)(b)		5,266,567		84,686,397
				441,340,091
Construction & Engineering — 1.6%
Ameresco Inc., Class A(a)(b)		701,260		55,750,170
API Group Corp.(a)(b)		4,552,609		95,741,367
Arcosa Inc.		1,097,503		62,832,047
Argan Inc.		346,282		14,055,586
Comfort Systems USA Inc.		800,914		71,289,355
Concrete Pumping Holdings Inc.(a)(b)		546,177		3,659,386
Construction Partners Inc., Class A(a)(b)		866,928		22,696,175
Dycom Industries Inc.(a)(b)		662,188		63,080,029
EMCOR Group Inc.		1,200,868		135,253,763
Fluor Corp.(a)(b)		3,212,254		92,159,567
Granite Construction Inc.		1,035,067		33,950,198
Great Lakes Dredge & Dock Corp.(a)(b)		1,456,044		20,428,297
IES Holdings Inc.(a)(b)		196,814		7,911,923
Infrastructure and Energy Alternatives Inc.(a)(b)		618,885		7,333,787
INNOVATE Corp.(a)(b)		1,085,544		4,005,657
Matrix Service Co.(a)		586,436		4,820,504
MYR Group Inc.(a)		372,249		35,006,296
Northwest Pipe Co.(a)(b)		229,249		5,834,387
NV5 Global Inc.(a)(b)		298,986		39,854,834
Primoris Services Corp.		1,208,130		28,777,657
Sterling Construction Co. Inc.(a)(b)		624,430		16,734,724
Tutor Perini Corp.(a)(b)		949,842		10,258,294
WillScot Mobile Mini Holdings Corp.(a)(b)		4,720,049		184,695,517
				1,016,129,520
Construction Materials — 0.1%
Summit Materials Inc., Class A(a)(b)		2,694,900		83,703,594
United States Lime & Minerals Inc.		47,481		5,509,695
				89,213,289
Consumer Finance — 0.7%
Atlanticus Holdings Corp.(a)(b)		112,493		5,826,012
Curo Group Holdings Corp.		488,472		6,374,560

72 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Encore Capital Group Inc.(a)(b)		563,446	$	35,344,967
Enova International Inc.(a)		833,701		31,655,627
EZCORP Inc., Class A, NVS(a)(b)		1,157,202		6,989,500
FirstCash Holdings Inc.		902,062		63,451,041
Green Dot Corp., Class A(a)		1,202,206		33,036,621
LendingClub Corp.(a)(b)		2,278,597		35,956,261
LendingTree Inc.(a)(b)		267,387		31,998,202
Navient Corp.		3,434,464		58,523,266
Nelnet Inc., Class A		384,395		32,669,731
Oportun Financial Corp.(a)		487,691		7,003,243
PRA Group Inc.(a)(b)		977,545		44,067,729
PROG Holdings Inc.(a)		1,282,280		36,891,196
Regional Management Corp.		176,373		8,566,437
World Acceptance Corp.(a)(b)		95,998		18,416,256
				456,770,649
Containers & Packaging — 0.3%
Greif Inc., Class A, NVS		586,733		38,172,849
Greif Inc., Class B		132,291		8,434,874
Myers Industries Inc.		825,555		17,831,988
O-I Glass Inc.(a)		3,533,031		46,565,349
Pactiv Evergreen Inc.		986,097		9,920,136
Ranpak Holdings Corp.(a)(b)		853,657		17,440,212
TriMas Corp.		970,026		31,128,134
				169,493,542
Distributors — 0.0%
Funko Inc., Class A(a)(b)		607,879		10,485,913
Greenlane Holdings Inc., Class A(a)(b)		552,398		309,343
				10,795,256
Diversified Consumer Services — 0.7%
2U Inc.(a)(b)		1,660,657		22,053,525
Adtalem Global Education Inc.(a)(b)		1,119,221		33,252,056
American Public Education Inc.(a)		422,896		8,982,311
Carriage Services Inc.		341,682		18,221,901
Coursera Inc.(a)(b)		1,673,142		38,549,192
European Wax Center Inc., Class A(a)(b)		296,620		8,768,087
Graham Holdings Co., Class B		88,203		53,933,488
Houghton Mifflin Harcourt Co.(a)		2,905,351		61,041,425
Laureate Education Inc., Class A		2,272,848		26,933,249
OneSpaWorld Holdings Ltd.(a)(b)		1,226,876		12,514,135
Perdoceo Education Corp.(a)		1,532,109		17,588,611
PowerSchool Holdings Inc., Class A(a)(b)		986,487		16,286,900
Regis Corp.(a)(b)		889,618		1,885,990
StoneMor Inc.(a)(b)		731,295		1,908,680
Strategic Education Inc.		561,567		37,276,818
Stride Inc.(a)(b)		932,345		33,872,094
Udemy Inc.(a)(b)		308,220		3,840,421
Vivint Smart Home Inc.(a)(b)		2,085,708		14,099,386
WW International Inc.(a)(b)		1,182,657		12,098,581
				423,106,850
Diversified Financial Services — 0.1%
Alerus Financial Corp.		351,492		9,715,239
A-Mark Precious Metals Inc.		200,585		15,513,244
Banco Latinoamericano de Comercio Exterior SA, Class E		730,905		11,387,500
Cannae Holdings Inc.(a)(b)		1,941,170		46,432,786
				83,048,769
Diversified Telecommunication Services — 0.6%
Anterix Inc.(a)(b)		260,202		15,065,696
ATN International Inc.		252,711		10,078,115

Security	Shares		Value
Diversified Telecommunication Services (continued)
Bandwidth Inc., Class A(a)(b)		523,780	$	16,965,234
Cogent Communications Holdings Inc.		962,886		63,887,486
Consolidated Communications Holdings Inc.(a)		1,657,438		9,778,884
EchoStar Corp., Class A(a)(b)		853,410		20,772,000
Globalstar Inc.(a)(b)		13,849,346		20,358,539
IDT Corp., Class B(a)(b)		336,288		11,464,058
Iridium Communications Inc.(a)(b)		2,669,676		107,641,336
Liberty Latin America Ltd., Class A(a)(b)		979,089		9,497,163
Liberty Latin America Ltd., Class C, NVS(a)		3,468,969		33,267,413
Ooma Inc.(a)(b)		495,766		7,431,532
Radius Global Infrastructure Inc., Class A(a)(b)		1,587,511		22,669,657
Telesat Corp.(a)		188,422		3,108,963
				351,986,076
Electric Utilities — 0.7%
ALLETE Inc.		1,197,337		80,197,632
MGE Energy Inc.		824,013		65,747,997
Otter Tail Corp.		942,687		58,917,938
PNM Resources Inc.		1,941,824		92,566,750
Portland General Electric Co.		2,042,168		112,625,565
Via Renewables Inc.		286,389		2,359,846
				412,415,728
Electrical Equipment — 1.0%
Advent Technologies Holdings Inc.(a)(b)		388,106		900,406
Allied Motion Technologies Inc.		264,454		7,891,307
American Superconductor Corp.(a)(b)		625,071		4,756,790
Array Technologies Inc.(a)(b)		2,907,134		32,763,400
Atkore Inc.(a)(b)		1,014,670		99,884,115
AZZ Inc.		548,381		26,453,899
Babcock & Wilcox Enterprises Inc.(a)		1,272,893		10,386,807
Beam Global(a)(b)		200,267		4,095,460
Blink Charging Co.(a)(b)		829,022		21,935,922
Bloom Energy Corp., Class A(a)(b)		3,209,206		77,502,325
Encore Wire Corp.(b)		444,564		50,711,416
EnerSys		944,114		70,402,581
Eos Energy Enterprises Inc.(a)(b)		985,311		4,118,600
FTC Solar Inc.(a)(b)		880,720		4,341,950
FuelCell Energy Inc.(a)(b)		8,355,604		48,128,279
GrafTech International Ltd.		4,508,128		43,368,191
Powell Industries Inc.		215,069		4,176,640
Preformed Line Products Co.		71,203		4,515,694
Romeo Power Inc.(a)(b)		2,312,644		3,445,840
Stem Inc.(a)(b)		2,598,750		28,612,238
Thermon Group Holdings Inc.(a)(b)		739,698		11,983,108
TPI Composites Inc.(a)(b)		821,550		11,550,993
Vicor Corp.(a)(b)		478,353		33,747,804
				605,673,765
Electronic Equipment, Instruments & Components — 2.3%
908 Devices Inc.(a)(b)		468,430		8,904,854
Advanced Energy Industries Inc.		856,566		73,733,201
Aeva Technologies Inc.(a)(b)		2,384,389		10,324,404
Akoustis Technologies Inc.(a)(b)		1,144,313		7,438,035
Arlo Technologies Inc.(a)		1,951,354		17,288,996
Badger Meter Inc.		656,616		65,471,181
Belden Inc.(b)		992,843		55,003,502
Benchmark Electronics Inc.		797,699		19,974,383
CTS Corp.		728,753		25,754,131
Daktronics Inc.(a)(b)		837,424		3,215,708
ePlus Inc.(a)(b)		595,546		33,386,309
Fabrinet(a)		836,169		87,906,447

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
FARO Technologies Inc.(a)		411,587	$	21,369,597
Identiv Inc.(a)(b)		485,476		7,850,147
II-VI Inc.(a)(b)		2,398,127		173,840,226
Insight Enterprises Inc.(a)(b)		791,175		84,908,901
Iteris Inc.(a)(b)		953,083		2,840,187
Itron Inc.(a)(b)		1,017,321		53,592,470
Kimball Electronics Inc.(a)(b)		548,835		10,971,212
Knowles Corp.(a)(b)		2,023,924		43,575,084
Luna Innovations Inc.(a)(b)		724,616		5,586,789
Methode Electronics Inc.		842,294		36,429,215
MicroVision Inc.(a)(b)		3,778,304		17,644,680
Napco Security Technologies Inc.(a)(b)		659,198		13,526,743
nLight Inc.(a)(b)		975,323		16,912,101
Novanta Inc.(a)(b)		798,277		113,586,834
OSI Systems Inc.(a)(b)		374,093		31,842,796
Ouster Inc.(a)(b)		3,042,315		13,690,418
PAR Technology Corp.(a)(b)		581,328		23,450,772
PC Connection Inc.		255,145		13,367,047
Plexus Corp.(a)(b)		643,206		52,620,683
Rogers Corp.(a)		422,904		114,903,017
Sanmina Corp.(a)		1,413,467		57,132,336
ScanSource Inc.(a)(b)		570,302		19,840,807
TTM Technologies Inc.(a)(b)		2,340,695		34,689,100
Velodyne Lidar Inc.(a)		1,704,189		4,362,724
Vishay Intertechnology Inc.		3,000,725		58,814,210
Vishay Precision Group Inc.(a)		278,459		8,952,457
				1,444,701,704
Energy Equipment & Services — 1.2%
Archrock Inc.		3,074,586		28,378,429
Bristow Group Inc.(a)		538,259		19,958,644
Cactus Inc., Class A		1,247,876		70,804,484
ChampionX Corp.(a)		4,590,805		112,382,906
DMC Global Inc.(a)		422,590		12,888,995
Dril-Quip Inc.(a)(b)		796,831		29,761,638
Expro Group Holdings NV(a)(b)		1,075,978		19,130,889
Helix Energy Solutions Group Inc.(a)		3,348,715		16,006,858
Helmerich & Payne Inc.		2,333,852		99,842,189
Liberty Oilfield Services Inc., Class A(a)(b)		2,087,467		30,936,261
Nabors Industries Ltd.(a)(b)		159,967		24,430,160
National Energy Services Reunited Corp.(a)(b)		855,118		7,182,991
Newpark Resources Inc.(a)(b)		2,095,788		7,670,584
NexTier Oilfield Solutions Inc.(a)(b)		3,940,507		36,410,285
Oceaneering International Inc.(a)		2,250,116		34,111,759
Oil States International Inc.(a)		1,401,155		9,738,027
Patterson-UTI Energy Inc.		4,224,151		65,389,858
ProPetro Holding Corp.(a)		1,995,624		27,799,042
RPC Inc.(a)(b)		1,535,775		16,386,719
Select Energy Services Inc., Class A(a)		1,391,421		11,924,478
Solaris Oilfield Infrastructure Inc., Class A		710,955		8,026,682
TETRA Technologies Inc.(a)		2,801,220		11,513,014
Tidewater Inc.(a)(b)		928,383		20,183,046
U.S. Silica Holdings Inc.(a)		1,678,609		31,322,844
			752,180,782
Entertainment — 0.8%
AMC Entertainment Holdings Inc., Class A(a)(b)		11,645,427		286,943,321
Chicken Soup For The Soul Entertainment Inc.(a)(b)		159,739		1,276,315
Cinemark Holdings Inc.(a)(b)		2,452,016		42,370,836
CuriosityStream Inc.(a)(b)		591,485		1,715,307
Eros STX Global Corp.(a)(b)		362,839		1,012,321

Security	Shares		Value
Entertainment (continued)
IMAX Corp.(a)(b)		1,136,406	$	21,512,166
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		227,473		6,546,673
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)(b)		824,617		23,015,060
Lions Gate Entertainment Corp., Class A(a)(b)		1,397,590		22,710,837
Lions Gate Entertainment Corp., Class B, NVS(a)(b)		2,590,693		38,938,116
LiveOne Inc.(a)(b)		1,265,427		1,032,588
Madison Square Garden Entertainment Corp.(a)(b)		590,776		49,217,549
Marcus Corp. (The)(a)(b)		531,703		9,411,143
				505,702,232
Equity Real Estate Investment Trusts (REITs) — 7.1%
Acadia Realty Trust		1,987,370		43,066,308
Agree Realty Corp.		1,585,081		105,185,975
Alexander & Baldwin Inc.		1,640,578		38,045,004
Alexander’s Inc.		48,306		12,377,446
American Assets Trust Inc.		1,129,903		42,812,025
Apartment Investment & Management Co., Class A(a)		3,417,121		25,013,326
Apple Hospitality REIT Inc.		4,874,381		87,592,627
Armada Hoffler Properties Inc.		1,454,727		21,239,014
Ashford Hospitality Trust Inc.(a)(b)		387,169		3,949,124
Braemar Hotels & Resorts Inc.(b)		1,185,142		7,324,178
Brandywine Realty Trust		3,870,261		54,725,491
Broadstone Net Lease Inc.		3,578,841		77,947,157
BRT Apartments Corp.		254,830		6,108,275
CareTrust REIT Inc.		2,198,791		42,436,666
CatchMark Timber Trust Inc., Class A		1,112,392		9,121,614
Centerspace		322,655		31,658,909
Chatham Lodging Trust(a)		1,082,623		14,929,371
City Office REIT Inc.		963,888		17,022,262
Clipper Realty Inc.		277,353		2,515,592
Community Healthcare Trust Inc.		550,206		23,224,195
Corporate Office Properties Trust		2,577,817		73,570,897
CTO Realty Growth Inc.		132,765		8,804,975
DiamondRock Hospitality Co.(a)		4,703,893		47,509,319
DigitalBridge Group Inc.(a)		10,929,478		78,692,242
Diversified Healthcare Trust		5,388,108		17,241,946
Easterly Government Properties Inc.		1,964,716		41,534,096
EastGroup Properties Inc.		915,459		186,094,506
Empire State Realty Trust Inc., Class A		3,238,632		31,803,366
Equity Commonwealth(a)		2,476,142		69,851,966
Essential Properties Realty Trust Inc.		2,760,231		69,833,844
Farmland Partners Inc.		646,456		8,888,770
Four Corners Property Trust Inc.		1,775,579		48,011,656
Franklin Street Properties Corp., Class C		2,254,404		13,300,984
Getty Realty Corp.		931,183		26,650,457
Gladstone Commercial Corp.		809,811		17,832,038
Gladstone Land Corp.		703,368		25,616,663
Global Medical REIT Inc.		1,348,360		22,005,235
Global Net Lease Inc.		2,354,781		37,040,705
Healthcare Realty Trust Inc.		3,341,072		91,812,659
Hersha Hospitality Trust, Class A(a)		736,850		6,690,598
Independence Realty Trust Inc.		4,942,407		130,677,241
Indus Realty Trust Inc.		116,008		8,479,025
Industrial Logistics Properties Trust		1,475,407		33,447,477
Innovative Industrial Properties Inc.		535,387		109,968,490
iStar Inc.		1,522,896		35,650,995
Kite Realty Group Trust		4,929,539		112,245,603
LTC Properties Inc.		892,471		34,333,359
LXP Industrial Trust		6,321,089		99,241,097

74 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Macerich Co. (The)		4,846,713	$	75,802,591
National Health Investors Inc.		995,426		58,740,088
National Storage Affiliates Trust		1,840,946		115,537,771
Necessity Retail REIT Inc.		2,722,570		21,535,529
NETSTREIT Corp.		892,275		20,022,651
NexPoint Residential Trust Inc.		506,759		45,765,405
Office Properties Income Trust		1,089,273		28,026,994
One Liberty Properties Inc.		365,270		11,246,663
Outfront Media Inc.		3,300,610		93,836,342
Paramount Group Inc.		4,202,252		45,846,569
Pebblebrook Hotel Trust(b)		2,953,325		72,297,396
Phillips Edison & Co. Inc.(b)		2,539,580		87,336,156
Physicians Realty Trust		5,024,473		88,129,256
Piedmont Office Realty Trust Inc., Class A		2,864,666		49,329,549
Plymouth Industrial REIT Inc.		697,820		18,910,922
Postal Realty Trust Inc., Class A		298,577		5,022,065
PotlatchDeltic Corp.		1,494,921		78,827,184
Preferred Apartment Communities Inc., Class A		1,174,730		29,297,766
PS Business Parks Inc.		452,965		76,134,357
Retail Opportunity Investments Corp.		2,731,159		52,957,173
Retail Value Inc.		468,475		1,433,534
RLJ Lodging Trust		3,759,148		52,928,804
RPT Realty		1,829,221		25,188,373
Ryman Hospitality Properties Inc.(a)(b)		1,211,203		112,363,302
Sabra Health Care REIT Inc.		5,208,438		77,553,642
Safehold Inc.		464,470		25,754,862
Saul Centers Inc.		266,044		14,020,519
Seritage Growth Properties, Class A(a)(b)		842,898		10,671,089
Service Properties Trust		3,640,142		32,142,454
SITE Centers Corp.		3,949,640		65,998,484
STAG Industrial Inc.		4,019,747		166,216,538
Summit Hotel Properties Inc.(a)		2,361,400		23,519,544
Sunstone Hotel Investors Inc.(a)		4,934,413		58,127,385
Tanger Factory Outlet Centers Inc.		2,339,776		40,220,749
Terreno Realty Corp.		1,668,477		123,550,722
UMH Properties Inc.		971,787		23,896,242
Uniti Group Inc.		4,460,848		61,381,269
Universal Health Realty Income Trust		295,120		17,226,154
Urban Edge Properties		2,636,875		50,364,313
Urstadt Biddle Properties Inc., Class A		679,371		12,778,969
Veris Residential Inc.(a)		1,985,520		34,528,193
Washington Real Estate Investment Trust		1,945,318		49,605,609
Whitestone REIT		1,048,670		13,894,878
Xenia Hotels & Resorts Inc.(a)		2,584,861		49,861,969
				4,370,954,792
Food & Staples Retailing — 1.2%
Andersons Inc. (The)		714,809		35,926,300
BJ’s Wholesale Club Holdings Inc.(a)(b)		3,100,041		209,593,772
Chefs’ Warehouse Inc. (The)(a)(b)		730,034		23,799,108
HF Foods Group Inc.(a)(b)		754,763		5,026,722
Ingles Markets Inc., Class A		311,698		27,756,707
MedAvail Holdings Inc.(a)(b)		266,396		258,697
Natural Grocers by Vitamin Cottage Inc.		195,078		3,823,529
Performance Food Group Co.(a)(b)		3,434,529		174,851,871
PriceSmart Inc.		543,264		42,847,232
Rite Aid Corp.(a)(b)		1,247,757		10,917,874
SpartanNash Co.		820,289		27,061,334
Sprouts Farmers Market Inc.(a)(b)		2,550,147		81,553,701
United Natural Foods Inc.(a)		1,298,290		53,684,291
Village Super Market Inc., Class A		187,172		4,585,714

Security	Shares		Value
Food & Staples Retailing (continued)
Weis Markets Inc.		367,147	$	26,221,639
				727,908,491
Food Products — 1.0%
AppHarvest Inc.(a)(b)		1,573,926		8,459,852
B&G Foods Inc.(b)		1,447,341		39,049,260
Calavo Growers Inc.		397,884		14,502,872
Cal-Maine Foods Inc.		923,129		50,975,183
Fresh Del Monte Produce Inc.		757,853		19,635,971
Hostess Brands Inc.(a)(b)		3,122,914		68,516,733
J&J Snack Foods Corp.		335,848		52,090,025
John B Sanfilippo & Son Inc.		199,840		16,674,650
Laird Superfood Inc.(a)(b)		140,897		508,638
Lancaster Colony Corp.		431,174		64,309,602
Landec Corp.(a)(b)		572,899		6,634,170
Limoneira Co.		356,903		5,239,336
Mission Produce Inc.(a)		842,924		10,662,989
Sanderson Farms Inc.		456,218		85,536,313
Seneca Foods Corp., Class A(a)		140,012		7,216,219
Simply Good Foods Co. (The)(a)(b)		1,932,735		73,347,293
Sovos Brands Inc.(a)(b)		569,708		8,078,459
Tattooed Chef Inc.(a)(b)		1,071,250		13,476,325
Tootsie Roll Industries Inc.		346,008		12,096,452
TreeHouse Foods Inc.(a)(b)		1,185,910		38,257,457
Utz Brands Inc.		1,352,995		19,997,266
Vita Coco Co. Inc. (The)(a)(b)		214,479		1,921,732
Vital Farms Inc.(a)(b)		563,619		6,966,331
Whole Earth Brands Inc.(a)(b)		849,939		6,085,563
				630,238,691
Gas Utilities — 1.1%
Brookfield Infrastructure Corp., Class A		1,435,837		108,319,543
Chesapeake Utilities Corp.		376,592		51,879,314
New Jersey Resources Corp.		2,193,402		100,589,416
Northwest Natural Holding Co.		705,525		36,489,753
ONE Gas Inc.		1,197,178		105,638,987
South Jersey Industries Inc.		2,328,159		80,437,893
Southwest Gas Holdings Inc.		1,491,747		116,788,873
Spire Inc.		1,149,815		82,510,724
				682,654,503
Health Care Equipment & Supplies — 3.5%
Accelerate Diagnostics Inc.(a)(b)		749,858		1,079,796
Accuray Inc.(a)(b)		2,077,903		6,877,859
Acutus Medical Inc.(a)(b)		431,036		599,140
Alphatec Holdings Inc.(a)(b)		1,595,583		18,349,204
AngioDynamics Inc.(a)(b)		848,702		18,281,041
Apyx Medical Corp.(a)(b)		710,791		4,641,465
Artivion Inc.(a)(b)		865,026		18,494,256
Asensus Surgical Inc.(a)(b)		5,356,633		3,357,538
Aspira Women’s Health Inc.(a)(b)		1,652,492		1,718,592
AtriCure Inc.(a)(b)		1,021,761		67,099,045
Atrion Corp.		31,480		22,445,240
Avanos Medical Inc.(a)(b)		1,087,752		36,439,692
Axogen Inc.(a)(b)		866,988		6,883,885
Axonics Inc.(a)(b)		1,047,639		65,582,201
BioLife Solutions Inc.(a)		249,066		5,661,270
Bioventus Inc., Class A(a)		630,445		8,889,274
Butterfly Network Inc.(a)(b)		2,839,430		13,515,687
Cardiovascular Systems Inc.(a)		894,668		20,219,497
Cerus Corp.(a)(b)		3,861,884		21,201,743
ClearPoint Neuro Inc.(a)(b)		427,703		4,452,388

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
CONMED Corp.		658,671	$	97,845,577
CryoPort Inc.(a)(b)		920,225		32,125,055
Cue Health Inc.(a)(b)		352,459		2,273,361
Cutera Inc.(a)(b)		396,503		27,358,707
CVRx Inc.(a)(b)		184,148		1,103,047
CytoSorbents Corp.(a)(b)		905,368		2,888,124
DarioHealth Corp.(a)(b)		306,410		1,789,434
Eargo Inc.(a)(b)		791,067		4,184,744
Glaukos Corp.(a)(b)		1,034,961		59,841,445
Haemonetics Corp.(a)(b)		1,136,516		71,850,542
Heska Corp.(a)		221,290		30,599,981
Inari Medical Inc.(a)(b)		776,937		70,421,570
Inogen Inc.(a)(b)		441,517		14,313,981
Integer Holdings Corp.(a)		748,558		60,311,318
Intersect ENT Inc.(a)		752,957		21,090,326
Invacare Corp.(a)		755,711		1,065,552
iRadimed Corp.		144,155		6,463,910
iRhythm Technologies Inc.(a)(b)		668,504		105,269,325
Lantheus Holdings Inc.(a)		1,524,790		84,336,135
LeMaitre Vascular Inc.		425,918		19,792,409
LivaNova PLC(a)(b)		1,207,959		98,847,285
Meridian Bioscience Inc.(a)(b)		965,427		25,062,485
Merit Medical Systems Inc.(a)		1,160,295		77,182,823
Mesa Laboratories Inc.(b)		111,908		28,523,111
Natus Medical Inc.(a)(b)		760,163		19,977,084
Neogen Corp.(a)(b)		2,453,251		75,658,261
Neuronetics Inc.(a)(b)		573,409		1,737,429
NeuroPace Inc.(a)(b)		158,303		1,299,668
Nevro Corp.(a)(b)		779,667		56,393,314
NuVasive Inc.(a)(b)		1,172,280		66,468,276
OraSure Technologies Inc.(a)(b)		1,638,998		11,112,406
Ortho Clinical Diagnostics Holdings PLC(a)		2,719,447		50,744,881
Orthofix Medical Inc.(a)(b)		426,644		13,951,259
OrthoPediatrics Corp.(a)(b)		315,366		17,026,610
Outset Medical Inc.(a)(b)		1,065,981		48,395,537
Paragon 28 Inc.(a)(b)		194,792		3,260,818
PAVmed Inc.(a)(b)		1,644,836		2,171,184
PROCEPT BioRobotics Corp.(a)(b)		170,004		5,948,440
Pulmonx Corp.(a)(b)		611,394		15,168,685
Pulse Biosciences Inc.(a)(b)		302,979		1,472,478
Quotient Ltd.(a)(b)		1,783,655		2,140,386
Retractable Technologies Inc.(a)(b)		395,722		1,879,679
RxSight Inc.(a)(b)		355,736		4,404,012
SeaSpine Holdings Corp.(a)(b)		721,723		8,776,152
Senseonics Holdings Inc.(a)(b)		9,786,472		19,279,350
Shockwave Medical Inc.(a)(b)		764,774		158,583,537
SI-BONE Inc.(a)(b)		756,079		17,087,385
Sientra Inc.(a)(b)		1,306,806		2,901,109
Sight Sciences Inc.(a)(b)		476,310		5,506,144
Silk Road Medical Inc.(a)(b)		782,969		32,328,790
STAAR Surgical Co.(a)(b)		1,076,592		86,030,467
Stereotaxis Inc.(a)(b)		1,129,270		4,212,177
Surmodics Inc.(a)		307,428		13,935,711
Tactile Systems Technology Inc.(a)(b)		435,818		8,786,091
Talis Biomedical Corp.(a)(b)		328,396		463,038
TransMedics Group Inc.(a)(b)		592,391		15,959,014
Treace Medical Concepts Inc.(a)(b)		673,572		12,737,247
UFP Technologies Inc.(a)(b)		157,378		10,413,702
Utah Medical Products Inc.		76,563		6,879,951
Vapotherm Inc.(a)(b)		519,485		7,220,841

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp.(a)(b)		874,238	$	18,612,527
ViewRay Inc.(a)(b)		3,133,878		12,284,802
Zynex Inc.(b)		531,830		3,313,301
				2,134,850,803
Health Care Providers & Services — 3.0%
1Life Healthcare Inc.(a)(b)		2,625,699		29,092,745
Accolade Inc.(a)(b)		1,174,852		20,630,401
AdaptHealth Corp.(a)(b)		1,622,300		26,005,469
Addus HomeCare Corp.(a)		352,002		32,838,267
Agiliti Inc.(a)(b)		530,950		11,203,045
AirSculpt Technologies Inc.(a)(b)		73,985		1,012,115
Alignment Healthcare Inc.(a)(b)		1,822,102		20,462,206
AMN Healthcare Services Inc.(a)		1,065,089		111,120,735
Apollo Medical Holdings Inc.(a)(b)		854,970		41,440,396
Aveanna Healthcare Holdings Inc.(a)(b)		879,479		2,999,023
Biodesix Inc.(a)(b)		279,180		471,814
Brookdale Senior Living Inc.(a)(b)		4,174,784		29,432,227
Castle Biosciences Inc.(a)(b)		480,114		21,537,914
Community Health Systems Inc.(a)		2,814,318		33,405,955
Contra Zogenix Inc., NVS(b)		1,280,909		871,018
CorVel Corp.(a)		196,436		33,087,680
Covetrus Inc.(a)(b)		2,348,807		39,436,470
Cross Country Healthcare Inc.(a)(b)		796,664		17,263,709
Ensign Group Inc. (The)		1,190,312		107,139,983
Fulgent Genetics Inc.(a)(b)		476,197		29,719,455
Hanger Inc.(a)		840,680		15,409,664
HealthEquity Inc.(a)(b)		1,848,003		124,629,322
InfuSystem Holdings Inc.(a)(b)		407,585		3,994,333
Innovage Holding Corp.(a)(b)		416,654		2,674,919
Invitae Corp.(a)(b)		4,522,022		36,040,515
Joint Corp. (The)(a)		315,210		11,155,282
LHC Group Inc.(a)(b)		691,196		116,535,646
LifeStance Health Group Inc.(a)(b)		1,595,473		16,130,232
MEDNAX Inc.(a)(b)		1,708,319		40,111,330
ModivCare Inc.(a)		280,692		32,389,050
National HealthCare Corp.		288,961		20,293,731
National Research Corp.		308,751		12,241,977
Ontrak Inc.(a)(b)		200,703		454,592
Option Care Health Inc.(a)(b)		3,585,186		102,392,912
Owens & Minor Inc.(b)		1,640,433		72,211,861
Patterson Companies Inc.		1,940,371		62,809,809
Pennant Group Inc. (The)(a)(b)		583,533		10,871,220
PetIQ Inc.(a)(b)		607,573		14,824,781
Privia Health Group Inc.(a)(b)		924,984		24,724,822
Progyny Inc.(a)(b)		1,451,672		74,615,941
R1 RCM Inc.(a)(b)		2,681,718		71,762,774
RadNet Inc.(a)(b)		1,027,758		22,990,947
Select Medical Holdings Corp.		2,500,064		59,976,535
Sharps Compliance Corp.(a)(b)		326,527		1,926,509
SOC Telemed Inc.(a)		1,368,788		4,092,676
Surgery Partners Inc.(a)(b)		766,941		42,220,102
Tenet Healthcare Corp.(a)		2,399,587		206,268,499
Tivity Health Inc.(a)		997,026		32,074,326
U.S. Physical Therapy Inc.(b)		290,074		28,847,859
Viemed Healthcare Inc.(a)(b)		826,053		4,113,744
				1,877,956,537
Health Care Technology — 1.0%
Allscripts Healthcare Solutions Inc.(a)(b)		2,734,032		61,570,401
American Well Corp., Class A(a)(b)		4,148,505		17,465,206

76 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Computer Programs & Systems Inc.(a)(b)		320,632	$	11,045,772
Convey Health Solutions Holdings Inc.(a)(b)		304,787		1,993,307
Evolent Health Inc., Class A(a)(b)		1,808,947		58,428,988
Forian Inc.(a)(b)		412,540		2,871,278
Health Catalyst Inc.(a)(b)		1,209,301		31,599,035
HealthStream Inc.(a)		578,212		11,517,983
Icad Inc.(a)(b)		497,811		2,220,237
Inspire Medical Systems Inc.(a)(b)		610,071		156,599,125
Multiplan Corp.(a)(b)		7,438,990		34,814,473
NantHealth Inc.(a)(b)		644,699		485,845
NextGen Healthcare Inc.(a)		1,279,532		26,755,014
Omnicell Inc.(a)(b)		991,185		128,348,546
OptimizeRx Corp.(a)		389,281		14,679,787
Phreesia Inc.(a)(b)		1,124,973		29,654,288
Schrodinger Inc.(a)(b)		1,029,360		35,121,763
Simulations Plus Inc.(b)		347,772		17,729,417
Tabula Rasa HealthCare Inc.(a)(b)		510,919		2,942,894
				645,843,359
Hotels, Restaurants & Leisure — 2.4%
Accel Entertainment Inc.(a)(b)		1,270,547		15,475,262
Bally’s Corp.(a)(b)		754,783		23,202,029
Biglari Holdings Inc., Class B, NVS(a)(b)		18,482		2,672,682
BJ’s Restaurants Inc.(a)		522,559		14,788,420
Bloomin’ Brands Inc.		2,007,677		44,048,433
Bluegreen Vacations Holding Corp.(a)(b)		326,583		9,657,059
Brinker International Inc.(a)(b)		1,008,825		38,496,762
Carrols Restaurant Group Inc.		762,918		1,724,195
Century Casinos Inc.(a)(b)		604,431		7,222,950
Cheesecake Factory Inc. (The)(a)(b)		1,031,459		41,041,754
Chuy’s Holdings Inc.(a)(b)		456,646		12,329,442
Cracker Barrel Old Country Store Inc.		538,975		63,992,502
Dave & Buster’s Entertainment Inc.(a)		994,605		48,835,106
Denny’s Corp.(a)(b)		1,382,627		19,785,392
Dine Brands Global Inc.		368,430		28,719,119
Drive Shack Inc.(a)(b)		1,924,359		2,963,513
El Pollo Loco Holdings Inc.(a)(b)		440,916		5,123,444
Esports Technologies Inc.(a)(b)		250,502		1,688,383
Everi Holdings Inc.(a)(b)		1,936,032		40,656,672
F45 Training Holdings Inc.(a)(b)		694,063		7,426,474
Fiesta Restaurant Group Inc.(a)		393,015		2,937,787
First Watch Restaurant Group Inc.(a)		226,098		2,950,579
Full House Resorts Inc.(a)(b)		751,849		7,225,269
GAN Ltd.(a)(b)		919,699		4,432,949
Golden Entertainment Inc.(a)(b)		382,577		22,216,246
Golden Nugget Online Gaming Inc.(a)(b)		899,826		6,397,763
Hall of Fame Resort & Entertainment Co.(a)(b)		1,255,823		1,393,964
Hilton Grand Vacations Inc.(a)(b)		1,937,330		100,760,533
International Game Technology PLC		2,263,938		55,873,990
Jack in the Box Inc.		480,624		44,895,088
Krispy Kreme Inc.(b)		1,858,624		27,600,566
Kura Sushi USA Inc., Class A(a)(b)		101,293		5,586,309
Life Time Group Holdings Inc.(a)(b)		879,817		12,792,539
Lindblad Expeditions Holdings Inc.(a)(b)		699,340		10,546,047
Monarch Casino & Resort Inc.(a)(b)		297,604		25,959,997
Nathan’s Famous Inc.		61,757		3,345,377
NEOGAMES SA(a)		227,937		3,517,068
Noodles & Co.(a)(b)		924,458		5,519,014
ONE Group Hospitality Inc. (The)(a)		465,950		4,897,135
Papa John’s International Inc.		746,391		78,580,044
PlayAGS Inc.(a)(b)		624,559		4,165,809

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Portillo’s Inc., Class A(a)(b)		525,416	$	12,904,217
RCI Hospitality Holdings Inc.(b)		199,678		12,272,210
Red Robin Gourmet Burgers Inc.(a)(b)		364,698		6,148,808
Red Rock Resorts Inc., Class A		1,211,521		58,831,460
Rush Street Interactive Inc.(a)(b)		1,213,988		8,825,693
Ruth’s Hospitality Group Inc.		769,447		17,604,947
Scientific Games Corp./DE, Class A(a)		2,175,661		127,820,084
SeaWorld Entertainment Inc.(a)(b)		1,139,872		84,852,072
Shake Shack Inc., Class A(a)(b)		847,858		57,569,558
Sweetgreen Inc.(a)		251,770		8,054,122
Target Hospitality Corp.(a)(b)		567,198		3,403,188
Texas Roadhouse Inc.		1,583,400		132,578,082
Wingstop Inc.		673,025		78,979,484
Xponential Fitness Inc., Class A(a)(b)		264,799		6,206,889
				1,477,494,480
Household Durables — 1.6%
Aterian Inc.(a)(b)		591,277		1,436,803
Bassett Furniture Industries Inc.		222,292		3,681,155
Beazer Homes USA Inc.(a)(b)		670,126		10,199,318
Cavco Industries Inc.(a)		208,346		50,180,134
Century Communities Inc.		676,621		36,246,587
Ethan Allen Interiors Inc.		548,422		14,297,361
Flexsteel Industries Inc.		152,387		2,941,069
GoPro Inc., Class A(a)(b)		2,877,334		24,543,659
Green Brick Partners Inc.(a)(b)		691,249		13,659,080
Hamilton Beach Brands Holding Co., Class A		170,311		1,980,717
Helen of Troy Ltd.(a)(b)		544,677		106,669,544
Hooker Furnishings Corp.		263,706		4,994,592
Hovnanian Enterprises Inc., Class A(a)(b)		116,347		6,876,108
Installed Building Products Inc.		535,142		45,214,148
iRobot Corp.(a)(b)		603,739		38,277,053
KB Home		1,792,197		58,031,339
Landsea Homes Corp.(a)(b)		242,202		2,070,827
La-Z-Boy Inc.		994,654		26,229,026
Legacy Housing Corp.(a)(b)		185,211		3,974,628
LGI Homes Inc.(a)(b)		483,839		47,261,393
Lifetime Brands Inc.		292,167		3,751,424
Lovesac Co. (The)(a)(b)		289,038		15,625,394
M/I Homes Inc.(a)		642,699		28,503,701
MDC Holdings Inc.		1,289,281		48,786,393
Meritage Homes Corp.(a)		830,641		65,811,686
Purple Innovation Inc., Class A(a)(b)		1,296,817		7,586,379
Skyline Champion Corp.(a)(b)		1,180,584		64,790,450
Snap One Holdings Corp.(a)(b)		402,445		5,936,064
Sonos Inc.(a)(b)		2,890,570		81,571,885
Taylor Morrison Home Corp.(a)(b)		2,702,105		73,551,298
Traeger Inc.(a)(b)		673,306		5,009,397
Tri Pointe Homes Inc.(a)(b)		2,480,785		49,814,163
Tupperware Brands Corp.(a)(b)		1,121,350		21,810,257
Universal Electronics Inc.(a)		293,596		9,171,939
VOXX International Corp.(a)(b)		367,748		3,666,448
Vuzix Corp.(a)(b)		1,336,703		8,822,240
Weber Inc., Class A(b)		445,796		4,382,175
				997,355,834
Household Products — 0.3%
Central Garden & Pet Co.(a)(b)		221,669		9,744,569
Central Garden & Pet Co., Class A, NVS(a)		927,584		37,826,876
Energizer Holdings Inc.		1,518,232		46,700,816
Oil-Dri Corp. of America		123,503		3,538,361

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
WD-40 Co.(b)		308,827	$	56,586,371
				154,396,993
Independent Power and Renewable Electricity Producers — 0.4%
Clearway Energy Inc., Class A		799,864		26,651,469
Clearway Energy Inc., Class C		1,838,797		67,134,478
Ormat Technologies Inc.		1,024,023		83,795,802
Sunnova Energy International Inc.(a)(b)		1,948,173		44,924,869
				222,506,618
Insurance — 1.9%
Ambac Financial Group Inc.(a)		1,071,027		11,138,681
American Equity Investment Life Holding Co.		1,880,224		75,039,740
American National Group Inc.		171,478		32,424,775
AMERISAFE Inc.		447,032		22,204,080
Argo Group International Holdings Ltd.		723,733		29,875,698
Bright Health Group Inc.(a)(b)		5,773,045		11,141,977
BRP Group Inc., Class A(a)		1,101,804		29,561,401
Citizens Inc./TX(a)(b)		1,189,233		5,042,348
CNO Financial Group Inc.		2,765,620		69,389,406
Crawford & Co., Class A, NVS		372,374		2,815,148
Donegal Group Inc., Class A		335,979		4,505,478
eHealth Inc.(a)(b)		568,839		7,059,292
Employers Holdings Inc.		621,467		25,492,576
Enstar Group Ltd.(a)(b)		285,018		74,432,451
Genworth Financial Inc., Class A(a)		11,078,471		41,876,620
Goosehead Insurance Inc., Class A		412,099		32,378,619
Greenlight Capital Re Ltd., Class A(a)(b)		609,095		4,306,302
HCI Group Inc.		127,398		8,685,996
Heritage Insurance Holdings Inc.		628,660		4,488,632
Horace Mann Educators Corp.		911,757		38,138,795
Investors Title Co.		29,547		6,004,246
James River Group Holdings Ltd.		817,834		20,233,213
Kinsale Capital Group Inc.(b)		488,268		111,334,869
Maiden Holdings Ltd.(a)(b)		1,589,856		3,831,553
MBIA Inc.(a)(b)		1,072,970		16,513,008
MetroMile Inc.(a)(b)		2,162,279		2,854,208
National Western Life Group Inc., Class A(b)		61,822		13,007,349
NI Holdings Inc.(a)(b)		201,968		3,425,377
Palomar Holdings Inc.(a)(b)		560,006		35,834,784
ProAssurance Corp.		1,159,638		31,171,070
RLI Corp.		913,634		101,075,329
Safety Insurance Group Inc.		319,405		29,017,944
Selective Insurance Group Inc.		1,354,206		121,011,848
Selectquote Inc.(a)(b)		3,090,138		8,621,485
SiriusPoint Ltd.(a)		2,085,401		15,598,800
Stewart Information Services Corp.		583,144		35,344,358
Tiptree Inc.		528,929		6,796,738
Trean Insurance Group Inc.(a)(b)		418,848		1,964,397
Trupanion Inc.(a)(b)		867,974		77,353,843
United Fire Group Inc.		473,687		14,717,455
United Insurance Holdings Corp.		525,369		1,738,971
Universal Insurance Holdings Inc.		658,674		8,885,512
				1,196,334,372
Interactive Media & Services — 0.6%
Cargurus Inc.(a)(b)		2,160,863		91,750,243
Cars.com Inc.(a)		1,559,393		22,502,041
Eventbrite Inc., Class A(a)(b)		1,750,369		25,852,950
EverQuote Inc., Class A(a)(b)		431,878		6,987,786
fuboTV Inc.(a)(b)		3,037,527		19,956,552
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		1,704,666		3,494,565

Security	Shares		Value
Interactive Media & Services (continued)
MediaAlpha Inc., Class A(a)(b)		475,290	$	7,866,050
Outbrain Inc.(a)(b)		487,564		5,231,562
QuinStreet Inc.(a)(b)		1,128,369		13,089,080
TrueCar Inc.(a)(b)		2,148,010		8,484,639
Yelp Inc.(a)(b)		1,625,688		55,452,218
Ziff Davis Inc.(a)(b)		982,933		95,128,256
				355,795,942
Internet & Direct Marketing Retail — 0.4%
1-800-Flowers.com Inc., Class A(a)(b)		612,431		7,814,620
1stdibs.com Inc.(a)(b)		423,058		3,380,233
aka Brands Holding Corp.(a)(b)		160,636		710,011
CarParts.com Inc.(a)(b)		1,115,096		7,471,143
Duluth Holdings Inc., Class B(a)(b)		275,989		3,375,345
Groupon Inc.(a)(b)		542,504		10,432,352
Lands’ End Inc.(a)(b)		329,081		5,568,051
Liquidity Services Inc.(a)		534,401		9,148,945
Lulu’s Fashion Lounge Holdings Inc.(a)(b)		20,393		138,265
Overstock.com Inc.(a)(b)		972,496		42,794,687
PetMed Express Inc.		455,161		11,743,154
Porch Group Inc.(a)(b)		1,763,437		12,247,070
Quotient Technology Inc.(a)(b)		2,104,181		13,424,675
RealReal Inc. (The)(a)(b)		1,781,367		12,932,724
Rent the Runway Inc.(a)(b)		437,999		3,017,813
Revolve Group Inc.(a)(b)		808,678		43,417,922
Shutterstock Inc.		527,855		49,132,743
Stitch Fix Inc., Class A(a)(b)		1,839,488		18,523,644
Xometry Inc., Class A(a)(b)		551,455		20,265,971
				275,539,368
IT Services — 1.5%
BigCommerce Holdings Inc., Series 1(a)(b)		1,097,103		24,037,527
Brightcove Inc.(a)(b)		916,154		7,146,001
Cantaloupe Inc.(a)(b)		1,324,864		8,969,329
Cass Information Systems Inc.		325,123		12,000,290
Conduent Inc.(a)(b)		3,818,779		19,704,900
CSG Systems International Inc.		732,202		46,546,081
DigitalOcean Holdings Inc.(a)(b)		1,145,830		66,286,265
EVERTEC Inc.		1,371,804		56,147,938
Evo Payments Inc., Class A(a)(b)		1,075,499		24,833,272
ExlService Holdings Inc.(a)(b)		744,226		106,625,259
Flywire Corp.(a)(b)		1,272,190		38,903,570
GreenBox POS(a)(b)		409,276		1,727,145
Grid Dynamics Holdings Inc.(a)(b)		1,008,966		14,206,241
Hackett Group Inc. (The)		539,826		12,448,388
I3 Verticals Inc., Class A(a)(b)		471,874		13,146,410
IBEX Holdings Ltd.(a)		128,784		2,052,817
International Money Express Inc.(a)		727,733		14,998,577
Limelight Networks Inc.(a)(b)		2,835,910		14,803,450
LiveRamp Holdings Inc.(a)(b)		1,501,642		56,146,394
Maximus Inc.		1,402,881		105,145,931
MoneyGram International Inc.(a)(b)		2,036,651		21,507,035
Paya Holdings Inc., Class A(a)(b)		1,877,681		11,003,211
Perficient Inc.(a)(b)		733,707		80,773,804
Priority Technology Holdings Inc.(a)(b)		226,773		1,303,945
Rackspace Technology Inc.(a)(b)		1,237,324		13,808,536
Remitly Global Inc.(a)(b)		267,601		2,641,222
Repay Holdings Corp.(a)(b)		1,951,548		28,824,364
StarTek Inc.(a)(b)		382,189		1,693,097
TTEC Holdings Inc.		417,949		34,489,151
Tucows Inc., Class A(a)(b)		216,460		14,784,218

78 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Unisys Corp.(a)(b)		1,480,309	$	31,989,477
Verra Mobility Corp.(a)(b)		3,390,179		55,192,114
				943,885,959
Leisure Products — 0.5%
Acushnet Holdings Corp.		768,210		30,928,135
American Outdoor Brands Inc.(a)(b)		330,051		4,333,570
AMMO Inc.(a)(b)		1,977,910		9,493,968
Callaway Golf Co.(a)		2,604,879		61,006,266
Clarus Corp.(b)		604,061		13,760,509
Escalade Inc.		227,460		3,002,472
Genius Brands International Inc.(a)(b)		6,424,263		6,552,748
Johnson Outdoors Inc., Class A		116,803		9,079,097
Latham Group Inc.(a)(b)		954,513		12,637,752
Malibu Boats Inc., Class A(a)(b)		463,785		26,904,168
Marine Products Corp.		187,151		2,161,594
MasterCraft Boat Holdings Inc.(a)(b)		429,189		10,562,341
Nautilus Inc.(a)(b)		695,906		2,867,133
Smith & Wesson Brands Inc.		1,058,145		16,009,734
Solo Brands Inc., Class A(a)(b)		297,637		2,538,844
Sturm Ruger & Co. Inc.		386,019		26,874,643
Vista Outdoor Inc.(a)		1,284,605		45,847,552
				284,560,526
Life Sciences Tools & Services — 0.6%
Absci Corp.(a)(b)		1,213,109		10,226,509
Aduro Biotech Inc., NVS(b)(c)		272,340		817,020
Akoya Biosciences Inc.(a)(b)		274,031		3,011,601
Alpha Teknova Inc.(a)(b)		157,626		2,176,815
Berkeley Lights Inc.(a)(b)		1,100,737		7,826,240
BioNano Genomics Inc.(a)(b)		6,526,761		16,839,043
ChromaDex Corp.(a)(b)		1,066,104		2,622,616
Codex DNA Inc.(a)(b)		175,548		942,693
Codexis Inc.(a)(b)		1,355,267		27,945,606
Cytek Biosciences Inc.(a)(b)		2,148,044		23,155,914
Fluidigm Corp.(a)(b)		1,719,212		6,171,971
Harvard Bioscience Inc.(a)(b)		882,024		5,477,369
Inotiv Inc.(a)(b)		390,662		10,227,531
IsoPlexis Corp(a)(b)		24,280		83,280
MaxCyte Inc.(a)(b)		2,222,793		15,537,323
Medpace Holdings Inc.(a)(b)		654,468		107,064,420
NanoString Technologies Inc.(a)(b)		1,026,028		35,654,473
NeoGenomics Inc.(a)(b)		2,557,487		31,073,467
Pacific Biosciences of California Inc.(a)(b)		4,388,535		39,935,668
Personalis Inc.(a)(b)		847,167		6,938,298
Quanterix Corp.(a)(b)		695,393		20,298,522
Rapid Micro Biosystems Inc., Cass A(a)(b)		318,449		2,162,269
Seer Inc., Class A(a)(b)		939,903		14,324,122
Singular Genomics Systems Inc.(a)(b)		1,024,124		6,462,222
				396,974,992
Machinery — 3.7%
AgEagle Aerial Systems Inc.(a)(b)		1,517,221		1,805,493
Alamo Group Inc.		224,210		32,239,156
Albany International Corp., Class A		700,971		59,105,875
Altra Industrial Motion Corp.		1,474,657		57,408,397
Astec Industries Inc.		513,950		22,099,850
Barnes Group Inc.		1,076,383		43,259,833
Blue Bird Corp.(a)(b)		391,535		7,368,689
Chart Industries Inc.(a)(b)		828,227		142,264,552
CIRCOR International Inc.(a)(b)		420,836		11,202,654
Columbus McKinnon Corp./NY(b)		625,858		26,536,379

Security	Shares		Value
Machinery (continued)
Commercial Vehicle Group Inc.(a)(b)		728,612	$	6,156,771
Desktop Metal Inc., Class A(a)		4,292,281		20,345,412
Douglas Dynamics Inc.		514,932		17,811,498
Energy Recovery Inc.(a)(b)		931,233		18,755,033
Enerpac Tool Group Corp.(b)		1,365,266		29,885,673
EnPro Industries Inc.		468,571		45,793,444
ESCO Technologies Inc.		576,993		40,343,351
Evoqua Water Technologies Corp.(a)(b)		2,614,119		122,811,311
Federal Signal Corp.		1,371,296		46,281,240
Franklin Electric Co. Inc.		1,053,222		87,459,555
Gorman-Rupp Co. (The)		502,499		18,029,664
Greenbrier Companies Inc. (The)		714,505		36,804,153
Helios Technologies Inc.		727,994		58,421,518
Hillenbrand Inc.		1,651,316		72,938,628
Hydrofarm Holdings Group Inc.(a)(b)		920,686		13,948,393
Hyliion Holdings Corp.(a)(b)		2,651,166		11,744,665
Hyster-Yale Materials Handling Inc.		228,032		7,572,943
Ideanomics Inc.(a)(b)		10,990,853		12,309,755
John Bean Technologies Corp.		708,062		83,884,105
Kadant Inc.(b)		258,258		50,151,121
Kennametal Inc.		1,906,529		54,545,795
Lindsay Corp.		245,645		38,568,721
Luxfer Holdings PLC		619,618		10,409,582
Manitowoc Co. Inc. (The)(a)(b)		794,416		11,979,793
Mayville Engineering Co. Inc.(a)(b)		203,999		1,911,471
Meritor Inc.(a)(b)		1,529,035		54,387,775
Miller Industries Inc./TN		250,450		7,052,672
Mueller Industries Inc.		1,265,260		68,539,134
Mueller Water Products Inc., Class A		3,541,685		45,758,570
Nikola Corp.(a)(b)		5,144,802		55,100,829
NN Inc.(a)(b)		996,276		2,869,275
Omega Flex Inc.		70,528		9,159,471
Park-Ohio Holdings Corp.		185,860		2,615,050
Proto Labs Inc.(a)(b)		627,648		33,202,579
RBC Bearings Inc.(a)(b)		633,060		122,737,673
REV Group Inc.		753,645		10,098,843
Shyft Group Inc. (The)(b)		799,801		28,880,814
SPX Corp.(a)		989,053		48,869,109
SPX FLOW Inc.		948,280		81,760,702
Standex International Corp.		268,884		26,866,889
Tennant Co.		415,850		32,768,980
Terex Corp.		1,571,571		56,042,222
Titan International Inc.(a)		1,157,525		17,050,343
Trinity Industries Inc.		1,740,154		59,791,691
Wabash National Corp.		1,101,726		16,349,614
Watts Water Technologies Inc., Class A		621,887		86,809,206
Welbilt Inc.(a)(b)		2,951,929		70,108,314
				2,258,974,228
Marine — 0.3%
Costamare Inc.		1,211,052		20,648,436
Eagle Bulk Shipping Inc.		202,079		13,763,601
Genco Shipping & Trading Ltd.		715,676		16,904,267
Matson Inc.		938,910		113,251,324
Safe Bulkers Inc.(b)		1,435,488		6,832,923
				171,400,551
Media — 1.0%
Advantage Solutions Inc.(a)(b)		1,745,755		11,137,917
AMC Networks Inc., Class A(a)(b)		664,857		27,013,140
Audacy Inc(a)		2,666,957		7,707,506

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Boston Omaha Corp., Class A(a)(b)		450,022	$	11,417,058
Cardlytics Inc.(a)(b)		731,928		40,241,401
Clear Channel Outdoor Holdings Inc.(a)(b)		8,214,068		28,420,675
comScore Inc.(a)		1,598,087		4,650,433
Daily Journal Corp.(a)(b)		27,736		8,653,355
Digital Media Solutions Inc., Class A(a)(b)		68,472		249,238
Emerald Holding Inc.(a)(b)		601,829		2,046,219
Entravision Communications Corp., Class A		1,384,462		8,874,401
EW Scripps Co. (The), Class A(a)		1,303,253		27,094,630
Fluent Inc.(a)(b)		1,008,870		2,098,450
Gannett Co. Inc.(a)(b)		3,186,408		14,370,700
Gray Television Inc.		1,931,949		42,638,114
Hemisphere Media Group Inc.(a)(b)		362,289		1,655,661
iHeartMedia Inc., Class A(a)(b)		2,542,385		48,127,348
Integral Ad Science Holding Corp.(a)		702,323		9,692,057
John Wiley & Sons Inc., Class A		978,983		51,915,469
Magnite Inc.(a)(b)		2,942,089		38,864,996
National CineMedia Inc.		1,364,069		3,464,735
Scholastic Corp.		602,316		24,261,289
Sinclair Broadcast Group Inc., Class A		1,047,814		29,359,748
Stagwell Inc.(a)(b)		1,418,185		10,267,659
TechTarget Inc.(a)(b)		593,970		48,277,882
TEGNA Inc.		4,995,439		111,897,834
Thryv Holdings Inc.(a)(b)		172,560		4,852,387
WideOpenWest Inc.(a)(b)		1,165,030		20,318,123
				639,568,425
Metals & Mining — 1.5%
Allegheny Technologies Inc.(a)(b)		2,866,202		76,928,862
Arconic Corp.(a)(b)		2,404,262		61,597,192
Carpenter Technology Corp.		1,075,537		45,151,043
Century Aluminum Co.(a)(b)		1,162,556		30,586,848
Coeur Mining Inc.(a)(b)		5,769,473		25,674,155
Commercial Metals Co.		2,702,213		112,466,105
Compass Minerals International Inc.		771,857		48,464,901
Constellium SE(a)		2,808,016		50,544,288
Ferroglobe PLC		1,289,900		13
Gatos Silver Inc.(a)(b)		1,045,036		4,514,556
Haynes International Inc.		281,194		11,978,864
Hecla Mining Co.		12,012,667		78,923,222
Kaiser Aluminum Corp.		355,968		33,517,947
Materion Corp.		458,143		39,281,181
MP Materials Corp.(a)(b)		1,714,293		98,297,561
NovaGold Resources Inc.(a)(b)		5,344,777		41,315,126
Olympic Steel Inc.		220,343		8,474,392
Perpetua Resources Corp.(a)		609,192		2,497,687
PolyMet Mining Corp.(a)(b)		656,234		2,749,621
Ryerson Holding Corp.		370,767		12,984,260
Schnitzer Steel Industries Inc., Class A		579,753		30,112,371
SunCoke Energy Inc.		1,907,049		16,991,807
TimkenSteel Corp.(a)(b)		1,029,556		22,526,685
Warrior Met Coal Inc.		1,153,696		42,813,659
Worthington Industries Inc.		744,147		38,256,597
				936,648,943
Mortgage Real Estate Investment — 1.3%
AFC Gamma Inc.		292,542		5,593,403
Angel Oak Mortgage Inc.		210,462		3,453,681
Apollo Commercial Real Estate Finance Inc.		3,162,716		44,056,634
Arbor Realty Trust Inc.		3,227,807		55,066,387
Ares Commercial Real Estate Corp.		985,039		15,287,805

Security	Shares		Value
Mortgage Real Estate Investment (continued)
ARMOUR Residential REIT Inc.		1,991,590	$	16,729,356
Blackstone Mortgage Trust Inc., Class A		3,547,576		112,777,441
BrightSpire Capital Inc.		1,912,585		17,691,411
Broadmark Realty Capital Inc.		2,897,616		25,064,378
Chicago Atlantic Real Estate Finance Inc., NVS		99,615		1,766,174
Chimera Investment Corp.		5,316,197		64,007,012
Dynex Capital Inc.		830,696		13,457,275
Ellington Financial Inc.		1,209,290		21,464,898
Franklin BSP Realty Trust Inc.		739,182		10,333,764
Granite Point Mortgage Trust Inc.		1,292,761		14,375,502
Great Ajax Corp.		512,026		6,006,065
Hannon Armstrong Sustainable Infrastructure Capital Inc.		1,733,751		82,231,810
Invesco Mortgage Capital Inc.		7,179,395		16,369,021
KKR Real Estate Finance Trust Inc.		782,270		16,122,585
Ladder Capital Corp.		2,566,784		30,467,726
MFA Financial Inc.		10,071,360		40,587,581
New York Mortgage Trust Inc.		8,449,630		30,841,150
Orchid Island Capital Inc.(b)		3,097,534		10,066,986
PennyMac Mortgage Investment Trust		2,213,034		37,378,144
Ready Capital Corp.		1,476,446		22,235,277
Redwood Trust Inc.		2,603,453		27,414,360
TPG RE Finance Trust Inc.		1,380,854		16,307,886
Two Harbors Investment Corp.		7,696,583		42,562,104
				799,715,816
Multi-Utilities — 0.5%
Avista Corp.		1,640,113		74,051,102
Black Hills Corp.		1,452,817		111,895,965
NorthWestern Corp.		1,213,921		73,430,081
Unitil Corp.		352,972		17,606,244
				276,983,392
Multiline Retail — 0.4%
Big Lots Inc.(b)		689,745		23,865,177
Dillard’s Inc., Class A(b)		122,583		32,900,052
Franchise Group Inc.		645,621		26,748,078
Macy’s Inc.		6,817,548		166,075,469
				249,588,776
Oil, Gas & Consumable Fuels — 5.4%
Aemetis Inc.(a)(b)		619,734		7,852,030
Alto Ingredients Inc.(a)(b)		1,753,352		11,957,861
Antero Resources Corp.(a)(b)		6,464,379		197,357,491
Arch Resources Inc.(b)		340,879		46,829,957
Berry Corp.		1,500,884		15,489,123
Brigham Minerals Inc., Class A		993,442		25,382,443
California Resources Corp.		1,831,510		81,923,442
Callon Petroleum Co.(a)(b)		1,092,117		64,522,272
Centennial Resource Development Inc./DE, Class A(a)		4,146,997		33,466,266
Centrus Energy Corp., Class A(a)(b)		223,650		7,537,005
Chesapeake Energy Corp.		2,367,564		205,978,068
Civitas Resources Inc.		983,042		58,697,438
Clean Energy Fuels Corp.(a)(b)		3,516,994		27,924,932
CNX Resources Corp.(a)(b)		4,546,153		94,196,290
Comstock Resources Inc.(a)(b)		2,081,745		27,166,772
CONSOL Energy Inc.(a)(b)		784,385		29,516,408
Crescent Energy Inc.		671,211		11,638,799
CVR Energy Inc.		720,995		18,414,212
Delek U.S. Holdings Inc.(a)		1,552,205		32,937,790
Denbury Inc.(a)(b)		1,140,518		89,610,499

80 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
DHT Holdings Inc.		3,260,346	$	18,910,007
Dorian LPG Ltd.		696,076		10,086,141
Earthstone Energy Inc., Class A(a)(b)		673,355		8,504,474
Energy Fuels Inc./Canada(a)(b)		3,537,578		32,368,839
Equitrans Midstream Corp.		9,233,034		77,926,807
Escrow PetroCorp.(a)(c)		26,106		—
Falcon Minerals Corp.		940,299		6,337,615
Frontline Ltd./Bermuda(a)		2,839,995		24,991,956
Gevo Inc.(a)(b)		4,616,833		21,606,778
Golar LNG Ltd.(a)(b)		2,300,856		57,015,212
Green Plains Inc.(a)(b)		800,530		24,824,435
HighPeak Energy Inc.(b)		113,294		2,515,127
International Seaways Inc.		1,031,193		18,602,722
Kinetik Holdings Inc.		74,113		4,818,086
Kosmos Energy Ltd.(a)		10,172,235		73,138,370
Laredo Petroleum Inc.(a)(b)		288,522		22,833,631
Magnolia Oil & Gas Corp., Class A		3,246,572		76,781,428
Matador Resources Co.(b)		2,501,878		132,549,496
Murphy Oil Corp.		3,325,894		134,332,859
Nordic American Tankers Ltd.		3,833,757		8,165,902
Northern Oil and Gas Inc.		1,361,666		38,385,365
Oasis Petroleum Inc.		446,256		65,287,253
Ovintiv Inc.		5,923,503		320,283,807
Par Pacific Holdings Inc.(a)		1,050,839		13,681,924
PBF Energy Inc., Class A(a)		2,177,866		53,074,594
PDC Energy Inc.		2,204,661		160,234,761
Peabody Energy Corp.(a)(b)		2,007,340		49,240,050
Range Resources Corp.(a)		5,401,755		164,105,317
Ranger Oil Corp.(a)		474,333		16,378,718
Renewable Energy Group Inc.(a)		1,017,147		61,689,966
REX American Resources Corp.(a)		129,491		12,897,304
Riley Exploration Permian Inc.(b)		217,222		5,447,928
Scorpio Tankers Inc.		1,111,590		23,765,794
SFL Corp. Ltd.		2,833,079		28,840,744
SM Energy Co.(b)		2,711,873		105,627,453
Southwestern Energy Co.(a)(b)		22,963,329		164,647,069
Talos Energy Inc.(a)(b)		845,112		13,344,318
Teekay Corp.(a)(b)		1,578,680		5,004,416
Teekay Tankers Ltd., Class A(a)(b)		542,084		7,502,443
Tellurian Inc.(a)(b)		8,361,329		44,315,044
Uranium Energy Corp.(a)(b)		6,036,820		27,709,004
Ur-Energy Inc.(a)(b)		4,166,296		6,666,074
W&T Offshore Inc.(a)(b)		2,088,880		7,979,522
Whiting Petroleum Corp.		889,940		72,539,009
World Fuel Services Corp.		1,454,577		39,331,762
				3,352,688,622
Paper & Forest Products — 0.1%
Clearwater Paper Corp.(a)		376,874		10,563,778
Glatfelter Corp.		1,004,539		12,436,193
Neenah Inc.		384,424		15,246,256
Schweitzer-Mauduit International Inc.		714,619		19,652,022
				57,898,249
Personal Products — 0.6%
Beauty Health Co. (The)(a)(b)		1,973,998		33,321,086
BellRing Brands Inc.(a)		2,554,254		58,952,182
Edgewell Personal Care Co.		1,223,281		44,857,714
elf Beauty Inc.(a)(b)		1,083,768		27,993,728
Honest Co. Inc. (The)(a)(b)		1,855,287		9,666,045
Inter Parfums Inc.		404,336		35,601,785

Security	Shares		Value
Personal Products (continued)
Medifast Inc.		262,068	$	44,755,973
Nature’s Sunshine Products Inc.(a)		276,337		4,647,988
NewAge Inc.(a)(b)		3,026,427		1,758,354
Nu Skin Enterprises Inc., Class A		1,129,111		54,061,835
Revlon Inc., Class A(a)(b)		162,512		1,311,472
USANA Health Sciences Inc.(a)(b)		268,532		21,334,868
Veru Inc.(a)(b)		1,455,004		7,027,669
				345,290,699
Pharmaceuticals — 1.5%
9 Meters Biopharma Inc.(a)(b)		4,983,810		2,986,797
Aclaris Therapeutics Inc.(a)(b)		1,155,995		19,929,354
Aerie Pharmaceuticals Inc.(a)(b)		962,692		8,760,497
Amneal Pharmaceuticals Inc.(a)(b)		2,229,413		9,296,652
Amphastar Pharmaceuticals Inc.(a)(b)		839,904		30,152,554
Ampio Pharmaceuticals Inc.(a)(b)		4,369,520		2,053,674
Amylyx Pharmaceuticals Inc.(a)(b)		208,948		2,684,982
Angion Biomedica Corp.(a)(b)		492,072		1,043,193
ANI Pharmaceuticals Inc.(a)(b)		241,941		6,800,962
Antares Pharma Inc.(a)		3,788,815		15,534,141
Arvinas Inc.(a)(b)		1,067,379		71,834,607
Atea Pharmaceuticals Inc.(a)(b)		1,461,448		10,551,655
Athira Pharma Inc.(a)(b)		734,385		9,914,197
Axsome Therapeutics Inc.(a)(b)		632,057		26,160,839
Cara Therapeutics Inc.(a)(b)		1,003,911		12,197,519
Cassava Sciences Inc.(a)(b)		867,153		32,206,062
CinCor Pharma Inc.(a)(b)		240,740		4,222,580
Citius Pharmaceuticals Inc.(a)(b)		2,594,838		4,644,760
Collegium Pharmaceutical Inc.(a)(b)		791,515		16,115,245
Corcept Therapeutics Inc.(a)(b)		1,990,006		44,814,935
CorMedix Inc.(a)(b)		862,605		4,727,075
Cymabay Therapeutics Inc.(a)(b)		1,523,441		4,737,902
DICE Therapeutics Inc.(a)(b)		308,442		5,900,495
Durect Corp.(a)(b)		5,142,451		3,444,928
Edgewise Therapeutics Inc.(a)		853,645		8,280,356
Endo International PLC(a)(b)		5,358,563		12,378,281
Esperion Therapeutics Inc.(a)(b)		1,260,192		5,847,291
Evolus Inc.(a)(b)		740,188		8,304,909
EyePoint Pharmaceuticals Inc.(a)(b)		550,657		6,690,483
Fulcrum Therapeutics Inc.(a)(b)		637,861		15,085,413
Harmony Biosciences Holdings Inc.(a)		514,430		25,027,019
Ikena Oncology Inc.(a)(b)		557,841		3,402,830
Innoviva Inc.(a)(b)		982,872		19,018,573
Intra-Cellular Therapies Inc.(a)(b)		1,819,487		111,334,410
Kala Pharmaceuticals Inc.(a)(b)		1,099,057		1,516,699
Kaleido Biosciences Inc.(a)(b)		440,325		726,536
KemPharm Inc.(a)(b)		649,922		3,269,108
Landos Biopharma Inc.(a)		103,129		152,115
Marinus Pharmaceuticals Inc.(a)(b)		839,550		7,849,793
Mind Medicine MindMed Inc.(a)(b)		7,866,363		8,731,663
NGM Biopharmaceuticals Inc.(a)(b)		721,248		10,999,032
Nuvation Bio Inc.(a)(b)		3,642,244		19,158,203
Ocular Therapeutix Inc.(a)(b)		1,749,461		8,659,832
Omeros Corp.(a)(b)		1,355,599		8,147,150
Oramed Pharmaceuticals Inc.(a)(b)		837,044		7,240,431
Pacira BioSciences Inc.(a)		1,003,629		76,596,965
Paratek Pharmaceuticals Inc.(a)(b)		1,057,483		3,140,725
Phathom Pharmaceuticals Inc.(a)(b)		460,922		6,273,148
Phibro Animal Health Corp., Class A		466,685		9,310,366
Pliant Therapeutics Inc.(a)(b)		537,798		3,769,964
Prestige Consumer Healthcare Inc.(a)		1,137,024		60,194,051

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Provention Bio Inc.(a)(b)		1,266,180	$	9,268,438
Rain Therapeutics Inc.(a)(b)		301,335		1,527,768
Reata Pharmaceuticals Inc., Class A(a)(b)		630,761		20,663,730
Relmada Therapeutics Inc.(a)(b)		553,611		14,941,961
Revance Therapeutics Inc.(a)(b)		1,585,366		30,914,637
Seelos Therapeutics Inc.(a)(b)		2,212,473		1,853,610
SIGA Technologies Inc.(a)(b)		1,125,478		7,979,639
Supernus Pharmaceuticals Inc.(a)(b)		1,114,345		36,015,630
Tarsus Pharmaceuticals Inc.(a)(b)		191,613		3,222,931
Terns Pharmaceuticals Inc.(a)(b)		309,156		918,193
TherapeuticsMD Inc.(a)(b)		8,685,219		3,300,383
Theravance Biopharma Inc.(a)(b)		1,350,264		12,908,524
Theseus Pharmaceuticals Inc.(a)(b)		232,113		2,676,263
Ventyx Biosciences Inc.(a)(b)		215,815		2,928,610
Verrica Pharmaceuticals Inc.(a)(b)		283,968		2,302,980
WaVe Life Sciences Ltd.(a)		855,916		1,711,832
				954,956,080
Professional Services — 1.8%
Acacia Research Corp.(a)(b)		1,114,405		5,025,966
ASGN Inc.(a)		1,151,440		134,384,562
Atlas Technical Consultants Inc.(a)(b)		308,104		3,709,572
Barrett Business Services Inc.		172,514		13,364,659
CBIZ Inc.(a)(b)		1,100,719		46,197,176
CRA International Inc.		164,103		13,827,319
Exponent Inc.		1,174,582		126,913,585
First Advantage Corp.(a)(b)		1,255,220		25,342,892
Forrester Research Inc.(a)(b)		248,940		14,045,195
Franklin Covey Co.(a)		283,410		12,815,800
Heidrick & Struggles International Inc.		439,359		17,389,829
HireQuest Inc.(b)		115,849		2,215,033
HireRight Holdings Corp.(a)(b)		434,126		7,423,555
Huron Consulting Group Inc.(a)		491,507		22,515,936
ICF International Inc.		414,993		39,067,441
Insperity Inc.		822,374		82,582,797
KBR Inc.		3,202,285		175,261,058
Kelly Services Inc., Class A, NVS		814,806		17,673,142
Kforce Inc.		456,178		33,743,487
Korn Ferry		1,236,640		80,307,402
ManTech International Corp./VA, Class A		614,699		52,980,907
Mistras Group Inc.(a)(b)		455,144		3,008,502
Resources Connection Inc.		706,312		12,106,188
Sterling Check Corp.(a)(b)		358,895		9,485,595
TriNet Group Inc.(a)(b)		916,225		90,119,891
TrueBlue Inc.(a)(b)		786,875		22,732,819
Upwork Inc.(a)(b)		2,653,056		61,657,021
Willdan Group Inc.(a)(b)		250,484		7,687,354
				1,133,584,683
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC(a)(b)		3,144,957		64,503,068
Douglas Elliman Inc., NVS		1,627,712		11,882,298
eXp World Holdings Inc.(b)		1,422,447		30,113,203
Fathom Holdings Inc.(a)(b)		129,278		1,383,275
Forestar Group Inc.(a)(b)		393,193		6,983,108
FRP Holdings Inc.(a)(b)		156,092		9,022,118
Kennedy-Wilson Holdings Inc.		2,705,725		65,992,633
Marcus & Millichap Inc.		535,473		28,208,718
Newmark Group Inc., Class A(b)		3,770,672		60,029,098
Rafael Holdings Inc., Class B(a)(b)		223,414		560,769
RE/MAX Holdings Inc., Class A		423,017		11,730,261

Security	Shares		Value
Real Estate Management & Development (continued)
Realogy Holdings Corp.(a)(b)		2,617,399	$	41,040,816
Redfin Corp.(a)(b)		2,321,802		41,885,308
RMR Group Inc. (The), Class A		354,053		11,011,048
St Joe Co. (The)(b)		750,556		44,462,937
Tejon Ranch Co.(a)(b)		461,055		8,418,864
				437,227,522
Road & Rail — 0.9%
ArcBest Corp.		570,344		45,912,692
Avis Budget Group Inc.(a)(b)		934,417		246,031,996
Covenant Logistics Group Inc., Class A		268,177		5,773,851
Daseke Inc.(a)(b)		906,591		9,129,371
Heartland Express Inc.		1,022,564		14,387,475
HyreCar Inc.(a)(b)		392,437		934,000
Marten Transport Ltd.		1,354,302		24,052,404
PAM Transportation Services Inc.(a)(b)		167,748		5,829,243
Saia Inc.(a)(b)		600,186		146,337,351
U.S. Xpress Enterprises Inc., Class A(a)(b)		632,418		2,453,782
Universal Logistics Holdings Inc.(b)		173,279		3,491,572
Werner Enterprises Inc.		1,366,216		56,014,856
Yellow Corp.(a)(b)		1,148,934		8,054,027
				568,402,620
Semiconductors & Semiconductor Equipment — 3.3%
Alpha & Omega Semiconductor Ltd.(a)		482,831		26,386,714
Ambarella Inc.(a)		796,747		83,594,695
Amkor Technology Inc.		2,316,630		50,317,204
Atomera Inc.(a)(b)		461,326		6,024,918
Axcelis Technologies Inc.(a)		745,530		56,309,881
AXT Inc.(a)(b)		890,537		6,251,570
CEVA Inc.(a)		507,130		20,614,835
CMC Materials Inc.		641,655		118,962,837
Cohu Inc.(a)		1,085,710		32,137,016
Credo Technology Group Holdings(a)(b)		455,350		6,934,981
Diodes Inc.(a)(b)		996,362		86,673,530
FormFactor Inc.(a)		1,758,032		73,890,085
Ichor Holdings Ltd.(a)(b)		636,085		22,657,348
Impinj Inc.(a)(b)		432,800		27,500,112
Kopin Corp.(a)(b)		1,770,982		4,480,584
Kulicke & Soffa Industries Inc.		1,379,884		77,301,102
Lattice Semiconductor Corp.(a)		3,069,071		187,059,877
MACOM Technology Solutions Holdings Inc., Class H(a)(b)		1,113,595		66,670,933
MaxLinear Inc.(a)		1,606,610		93,745,693
Meta Materials Inc.(a)(b)		4,613,086		7,703,854
NeoPhotonics Corp.(a)(b)		1,166,077		17,736,031
NVE Corp.		110,987		6,045,462
Onto Innovation Inc.(a)(b)		1,101,972		95,750,347
PDF Solutions Inc.(a)(b)		671,984		18,728,194
Photronics Inc.(a)		1,346,766		22,854,619
Power Integrations Inc.		1,332,508		123,496,841
Rambus Inc.(a)		2,469,322		78,746,679
Semtech Corp.(a)		1,462,106		101,382,430
Silicon Laboratories Inc.(a)(b)		857,999		128,871,450
SiTime Corp.(a)(b)		364,939		90,439,183
SkyWater Technology Inc.(a)(b)		181,360		1,964,129
SMART Global Holdings Inc.(a)(b)		1,085,664		28,042,701
SunPower Corp.(a)(b)		1,813,563		38,955,333
Synaptics Inc.(a)(b)		895,911		178,734,244
Ultra Clean Holdings Inc.(a)(b)		1,004,797		42,593,345

82 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Veeco Instruments Inc.(a)(b)		1,130,839	$	30,747,512
				2,060,306,269
Software — 5.5%
8x8 Inc.(a)		2,548,983		32,091,696
A10 Networks Inc.		1,350,854		18,844,413
ACI Worldwide Inc.(a)(b)		2,704,510		85,165,020
Agilysys Inc.(a)		474,769		18,933,788
Alarm.com Holdings Inc.(a)		1,079,244		71,726,556
Alkami Technology Inc.(a)(b)		640,086		9,159,631
Altair Engineering Inc., Class A(a)(b)		1,058,964		68,197,282
American Software Inc./GA, Class A		719,949		15,003,737
Appfolio Inc., Class A(a)(b)		431,792		48,883,172
Appian Corp.(a)(b)		892,179		54,262,327
Arteris Inc.(a)(b)		101,055		1,313,715
Asana Inc., Class A(a)(b)		1,656,629		66,215,461
Avaya Holdings Corp.(a)(b)		1,873,194		23,733,368
AvidXchange Holdings Inc.(a)(b)		606,341		4,881,045
Benefitfocus Inc.(a)(b)		569,608		7,188,453
Blackbaud Inc.(a)(b)		1,084,140		64,907,462
Blackline Inc.(a)(b)		1,222,926		89,542,642
Bottomline Technologies DE Inc.(a)		1,001,613		56,771,425
Box Inc., Class A(a)(b)		3,100,220		90,092,393
BTRS Holdings Inc.(a)(b)		2,055,531		15,375,372
Cerence Inc.(a)(b)		878,805		31,724,860
ChannelAdvisor Corp.(a)(b)		670,771		11,114,675
Cleanspark Inc.(a)(b)		898,288		11,111,823
CommVault Systems Inc.(a)(b)		1,012,837		67,201,735
Consensus Cloud Solutions Inc.(a)(b)		360,613		21,683,660
CoreCard Corp.(a)(b)		171,315		4,694,031
Couchbase Inc.(a)(b)		517,857		9,021,069
CS Disco Inc.(a)(b)		345,989		11,753,246
Digimarc Corp.(a)(b)		291,569		7,688,674
Digital Turbine Inc.(a)(b)		2,041,049		89,418,357
Domo Inc., Class B(a)(b)		646,675		32,702,355
E2open Parent Holdings Inc.(a)(b)		4,492,848		39,581,991
Ebix Inc.(b)		607,750		20,146,912
eGain Corp.(a)(b)		465,617		5,391,845
Enfusion Inc., Class A(a)(b)		472,633		6,011,892
EngageSmart Inc.(a)(b)		375,909		8,010,621
Envestnet Inc.(a)(b)		1,178,862		87,754,487
EverCommerce Inc.(a)(b)		630,490		8,322,468
GTY Technology Holdings Inc.(a)(b)		733,739		2,369,977
Instructure Holdings Inc.(a)(b)		271,592		5,448,135
Intapp Inc.(a)(b)		298,899		7,176,565
InterDigital Inc.		700,864		44,715,123
JFrog Ltd.(a)(b)		1,201,418		32,378,215
Kaltura Inc.(a)(b)		1,073,938		1,922,349
LivePerson Inc.(a)(b)		1,479,091		36,119,402
Marathon Digital Holdings Inc.(a)(b)		2,163,883		60,480,530
MeridianLink Inc.(a)(b)		460,361		8,332,534
MicroStrategy Inc., Class A(a)(b)		212,644		103,413,030
Mimecast Ltd.(a)		1,401,620		111,512,887
Mitek Systems Inc.(a)(b)		969,287		14,219,440
Model N Inc.(a)(b)		828,179		22,278,015
Momentive Global Inc.(a)		2,993,818		48,679,481
ON24 Inc.(a)(b)		654,464		8,606,202
OneSpan Inc.(a)(b)		802,524		11,588,447
PagerDuty Inc.(a)(b)		1,876,815		64,168,305
Ping Identity Holding Corp.(a)(b)		1,371,195		37,611,879
Progress Software Corp.		997,688		46,981,128

Security	Shares		Value
Software (continued)
PROS Holdings Inc.(a)(b)		905,641	$	30,166,902
Q2 Holdings Inc.(a)(b)		1,246,780		76,863,987
Qualys Inc.(a)(b)		771,638		109,888,968
Rapid7 Inc.(a)(b)		1,273,103		141,619,978
Rekor Systems Inc.(a)(b)		738,054		3,365,526
Rimini Street Inc.(a)(b)		1,004,707		5,827,301
Riot Blockchain Inc.(a)(b)		2,429,657		51,435,839
SailPoint Technologies Holdings Inc.(a)(b)		2,065,429		105,708,656
Sapiens International Corp. NV		703,173		17,853,562
SecureWorks Corp., Class A(a)		230,528		3,054,496
ShotSpotter Inc.(a)(b)		198,296		5,496,765
Smith Micro Software Inc.(a)(b)		1,023,396		3,858,203
Sprout Social Inc., Class A(a)(b)		1,023,748		82,022,690
SPS Commerce Inc.(a)(b)		817,500		107,256,000
Stronghold Digital Mining Inc.(a)(b)		160,128		936,749
Sumo Logic Inc.(a)(b)		2,012,860		23,490,076
Telos Corp.(a)(b)		903,034		9,003,249
Tenable Holdings Inc.(a)		2,089,313		120,741,398
Upland Software Inc.(a)(b)		651,368		11,470,590
UserTesting Inc.(a)		179,794		1,921,998
Varonis Systems Inc.(a)(b)		2,432,891		115,659,638
Verint Systems Inc.(a)(b)		1,457,634		75,359,678
Veritone Inc.(a)(b)		649,315		11,869,478
Viant Technology Inc., Class A(a)(b)		259,657		1,700,753
VirnetX Holding Corp.(a)		1,502,252		2,448,671
Vonage Holdings Corp.(a)		5,735,884		116,381,086
Workiva Inc.(a)(b)		971,236		114,605,848
Xperi Holding Corp.		2,379,505		41,213,027
Yext Inc.(a)(b)		2,677,256		18,446,294
Zuora Inc., Class A(a)(b)		2,575,224		38,576,855
				3,431,869,564
Specialty Retail — 2.2%
Aaron’s Co. Inc. (The)		712,103		14,299,028
Abercrombie & Fitch Co., Class A(a)		1,264,990		40,467,030
Academy Sports & Outdoors Inc.(b)		1,769,307		69,710,696
American Eagle Outfitters Inc.		3,432,591		57,667,529
America’s Car-Mart Inc./TX(a)(b)		134,460		10,832,098
Arko Corp.		1,904,155		17,327,811
Asbury Automotive Group Inc.(a)(b)		524,276		83,989,015
Barnes & Noble Education Inc.(a)(b)		993,285		3,555,960
Bed Bath & Beyond Inc.(a)(b)		2,193,591		49,421,605
Big 5 Sporting Goods Corp.(b)		449,594		7,710,537
Boot Barn Holdings Inc.(a)		657,627		62,336,463
Buckle Inc. (The)		681,197		22,506,749
Caleres Inc.		848,727		16,405,893
Camping World Holdings Inc., Class A(b)		942,062		26,330,633
CarLotz Inc.(a)(b)		1,614,059		2,211,261
Cato Corp. (The), Class A		480,407		7,042,767
Chico’s FAS Inc.(a)		2,796,339		13,422,427
Children’s Place Inc. (The)(a)(b)		312,088		15,385,938
Citi Trends Inc.(a)(b)		176,701		5,411,468
Conn’s Inc.(a)(b)		414,881		6,393,316
Container Store Group Inc. (The)(a)(b)		733,857		5,995,612
Designer Brands Inc. , Class A(a)		1,385,004		18,711,404
Genesco Inc.(a)(b)		326,707		20,781,832
Group 1 Automotive Inc.		376,416		63,173,897
GrowGeneration Corp.(a)(b)		1,274,727		11,740,236
Guess? Inc.(b)		928,151		20,280,099
Haverty Furniture Companies Inc.		359,990		9,870,926
Hibbett Inc.		310,640		13,773,778

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
JOANN Inc.(b)		273,500	$	3,120,635
Kirkland’s Inc.(a)(b)		326,921		3,037,096
Lazydays Holdings Inc.(a)(b)		167,465		3,379,444
LL Flooring Holdings Inc.(a)(b)		651,704		9,136,890
MarineMax Inc.(a)(b)		478,708		19,272,784
Monro Inc.		752,682		33,373,920
Murphy USA Inc.		525,555		105,089,978
National Vision Holdings Inc.(a)(b)		1,877,949		81,822,238
ODP Corp. (The)(a)(b)		1,041,516		47,732,678
OneWater Marine Inc., Class A		236,590		8,150,526
Party City Holdco Inc.(a)(b)		2,542,651		9,102,691
Rent-A-Center Inc./TX		1,498,380		37,744,192
Sally Beauty Holdings Inc.(a)(b)		2,482,670		38,804,132
Shift Technologies Inc.(a)(b)		1,410,807		3,103,775
Shoe Carnival Inc.		393,091		11,462,534
Signet Jewelers Ltd.		1,189,981		86,511,619
Sleep Number Corp.(a)(b)		506,134		25,666,055
Sonic Automotive Inc., Class A		488,239		20,755,040
Sportsman’s Warehouse Holdings Inc.(a)(b)		993,531		10,620,846
Tilly’s Inc., Class A		507,029		4,745,791
Torrid Holdings Inc.(a)(b)		387,531		2,348,438
TravelCenters of America Inc.(a)(b)		286,181		12,294,336
Urban Outfitters Inc.(a)(b)		1,544,259		38,776,343
Winmark Corp.		77,015		16,943,300
Zumiez Inc.(a)		442,689		16,915,147
				1,346,666,436
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)(b)		2,824,289		47,109,140
Avid Technology Inc.(a)(b)		821,430		28,643,264
Corsair Gaming Inc.(a)(b)		625,864		13,243,282
Diebold Nixdorf Inc.(a)(b)		1,668,394		11,228,292
Eastman Kodak Co.(a)(b)		1,026,427		6,723,097
Quantum Corp.(a)(b)		1,359,228		3,085,448
Super Micro Computer Inc.(a)(b)		1,018,817		38,786,363
Turtle Beach Corp.(a)(b)		346,135		7,369,214
				156,188,100
Textiles, Apparel & Luxury Goods — 0.6%
Crocs Inc.(a)(b)		1,315,743		100,522,765
Fossil Group Inc.(a)(b)		1,099,387		10,598,091
G-III Apparel Group Ltd.(a)(b)		1,015,236		27,462,134
Kontoor Brands Inc.		1,174,583		48,569,007
Movado Group Inc.		347,859		13,583,894
Oxford Industries Inc.		360,140		32,592,670
PLBY Group Inc.(a)(b)		682,417		8,932,839
Rocky Brands Inc.		151,396		6,296,560
Steven Madden Ltd.		1,820,793		70,355,441
Superior Group of Companies Inc.		262,739		4,689,891
Unifi Inc.(a)		304,238		5,506,708
Vera Bradley Inc.(a)(b)		620,535		4,759,503
Wolverine World Wide Inc.		1,831,788		41,325,137
				375,194,640
Thrifts & Mortgage Finance — 1.5%
Axos Financial Inc.(a)(b)		1,266,263		58,741,941
Blue Foundry Bancorp(a)(b)		680,488		9,220,612
Bridgewater Bancshares Inc.(a)(b)		500,690		8,351,509
Capitol Federal Financial Inc.		2,964,238		32,250,909
Columbia Financial Inc.(a)(b)		907,685		19,524,304
Essent Group Ltd.		2,482,552		102,305,968
Federal Agricultural Mortgage Corp., Class C, NVS		211,119		22,902,189

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Finance of America Companies Inc., Class A(a)(b)		532,579	$	1,619,040
Flagstar Bancorp. Inc.		1,138,947		48,291,353
FS Bancorp. Inc.		168,138		5,212,278
Hingham Institution For Savings (The)		33,849		11,616,977
Home Bancorp. Inc.		174,462		7,116,305
Home Point Capital Inc.		175,387		545,454
Kearny Financial Corp./MD		1,577,341		20,316,152
Luther Burbank Corp.		362,974		4,823,925
Merchants Bancorp./IN		366,615		10,037,919
Mr Cooper Group Inc.(a)(b)		1,400,800		63,974,536
NMI Holdings Inc., Class A(a)(b)		1,918,012		39,549,407
Northfield Bancorp. Inc.		1,021,383		14,667,060
Ocwen Financial Corp.(a)(b)		201,583		4,789,612
PCSB Financial Corp.		304,038		5,810,166
PennyMac Financial Services Inc.		695,501		37,000,653
Pioneer Bancorp. Inc./NY(a)(b)		265,263		2,790,567
Provident Bancorp. Inc.		356,302		5,779,218
Provident Financial Services Inc.		1,658,436		38,807,402
Radian Group Inc.		4,116,674		91,431,330
Southern Missouri Bancorp. Inc.		177,821		8,882,159
TrustCo Bank Corp. NY		411,892		13,151,712
Velocity Financial Inc.(a)(b)		197,035		2,155,563
Walker & Dunlop Inc.		669,264		86,616,147
Washington Federal Inc.		1,503,865		49,356,849
Waterstone Financial Inc.		506,975		9,804,897
WSFS Financial Corp.		1,430,250		66,678,255
				904,122,368
Tobacco — 0.1%
22nd Century Group Inc.(a)(b)		3,603,731		8,360,656
Turning Point Brands Inc.		326,685		11,110,557
Universal Corp./VA		537,931		31,237,653
Vector Group Ltd.		3,255,424		39,195,305
				89,904,171
Trading Companies & Distributors — 1.7%
Alta Equipment Group Inc.(a)		429,762		5,311,858
Applied Industrial Technologies Inc.		868,219		89,131,363
Beacon Roofing Supply Inc.(a)(b)		1,261,256		74,767,256
BlueLinx Holdings Inc.(a)(b)		210,878		15,157,911
Boise Cascade Co.		887,295		61,640,384
Custom Truck One Source Inc.(a)(b)		1,278,171		10,723,855
DXP Enterprises Inc./TX(a)(b)		407,617		11,042,344
EVI Industries Inc.(a)(b)		129,993		2,416,570
GATX Corp.		794,790		98,021,451
Global Industrial Co.		285,572		9,203,986
GMS Inc.(a)		968,725		48,213,443
H&E Equipment Services Inc.		723,842		31,501,604
Herc Holdings Inc.		566,317		94,625,907
Karat Packaging Inc.(a)(b)		104,210		2,068,568
Lawson Products Inc./DE(a)(b)		110,604		4,262,678
McGrath RentCorp		543,680		46,201,926
MRC Global Inc.(a)(b)		1,825,721		21,744,337
NOW Inc.(a)		2,476,127		27,311,681
Rush Enterprises Inc., Class A		941,514		47,932,478
Rush Enterprises Inc., Class B		149,613		7,233,789
Textainer Group Holdings Ltd.		1,058,465		40,295,763
Titan Machinery Inc.(a)		435,643		12,311,271
Transcat Inc.(a)(b)		163,228		13,244,320
Triton International Ltd.		1,505,007		105,621,391
Veritiv Corp.(a)(b)		323,808		43,257,511

84 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
WESCO International Inc.(a)(b)		1,006,002	$	130,921,100
Willis Lease Finance Corp.(a)(b)		68,408		2,202,053
				1,056,366,798
Water Utilities — 0.4%
American States Water Co.		837,365		74,542,232
Artesian Resources Corp., Class A, NVS		186,946		9,076,228
Cadiz Inc.(a)(b)		497,338		1,029,490
California Water Service Group		1,191,406		70,626,548
Global Water Resources Inc.		287,501		4,784,016
Middlesex Water Co.		377,518		39,703,568
Pure Cycle Corp.(a)(b)		437,504		5,258,798
SJW Group		628,591		43,737,362
York Water Co. (The)		296,078		13,314,628
				262,072,870
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		1,338,533		25,512,439
Shenandoah Telecommunications Co.		1,067,634		25,174,810
Telephone and Data Systems Inc.		2,294,136		43,313,288
U.S. Cellular Corp.(a)		347,488		10,504,562
				104,505,099
Total Common Stocks — 99.9% (Cost: $79,187,864,155)				61,868,072,825
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Right Quantum Corp., NVS (Expires 04/18/22)(b)		1,373,178		11,605
Total Rights — 0.0% (Cost: $0)				11,605
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)(b)		92,645		1,899,222

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum Corp., (Expires 09/01/25)(a)(b)		46,322	$	690,661
			2,589,883
Total Warrants — 0.0% (Cost: $11,350,881)				2,589,883
Short-Term Investments
Money Market Funds — 9.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		5,978,672,281		5,977,476,546
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		60,200,000		60,200,000
			6,037,676,546
Total Short-Term Investments — 9.7% (Cost: $6,037,747,097)				6,037,676,546
Total Investments in Securities — 109.6% (Cost: $85,236,962,133)				67,908,350,859
Other Assets, Less Liabilities — (9.6)%				(5,955,076,193	)
Net Assets — 100.0%			$	61,953,274,666

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,965,909,856	$	16,254,822	(a)	$	—		$	(1,383,328	)	$	(3,304,804	)	$	5,977,476,546		5,978,672,281	$	36,913,936	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		85,040,000		—			(24,840,000	)(a)		—			—			60,200,000		60,200,000		31,455			—
									$	(1,383,328	)	$	(3,304,804	)	$	6,037,676,546			$	36,945,391		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 ETF

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		883		06/17/22	$	91,232	$	3,118,385

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,118,385

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(6,016,216	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,933,206

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	125,109,910

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
Investments
Assets
Common Stocks	$	61,866,350,675	$	871,031	$	851,119	$	61,868,072,825
Rights		—		11,605		—		11,605
Warrants		2,589,883		—		—		2,589,883
Money Market Funds		6,037,676,546		—		—		6,037,676,546
	$	67,906,617,104	$	882,636	$	851,119	$	67,908,350,859
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,118,385	$	—	$	—	$	3,118,385

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

See notes to financial statements.

86 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Aerojet Rocketdyne Holdings Inc.(a)		494,400	$	19,454,640
Aerovironment Inc.(a)(b)		186,625		17,568,877
Byrna Technologies Inc.(a)(b)		152,511		1,246,015
Cadre Holdings Inc.		20,171		495,400
Kratos Defense & Security Solutions Inc.(a)		229,966		4,709,704
				43,474,636
Air Freight & Logistics — 0.2%
Forward Air Corp.		223,029		21,807,776
Airlines — 0.3%
Allegiant Travel Co.(a)		127,550		20,712,844
Frontier Group Holdings Inc.(a)(b)		293,044		3,320,189
Sun Country Airlines Holdings Inc.(a)(b)		267,537		7,004,119
				31,037,152
Auto Components — 1.6%
Adient PLC(a)(b)		100,714		4,106,110
American Axle & Manufacturing Holdings Inc.(a)(b)		466,548		3,620,412
Dana Inc.		648,139		11,387,802
Dorman Products Inc.(a)		218,179		20,733,550
Fox Factory Holding Corp.(a)		350,923		34,372,908
Gentherm Inc.(a)(b)		275,301		20,107,985
LCI Industries		206,233		21,409,048
Modine Manufacturing Co.(a)		46,328		417,415
Patrick Industries Inc.		188,825		11,386,148
Stoneridge Inc.(a)(b)		34,962		725,811
Tenneco Inc., Class A(a)(b)		517,276		9,476,496
Visteon Corp.(a)(b)		230,279		25,130,347
XL Fleet Corp.(a)(b)		119,951		238,703
XPEL Inc.(a)(b)		149,126		7,845,519
				170,958,254
Automobiles — 0.3%
Arcimoto Inc.(a)(b)		234,922		1,552,835
Canoo Inc.(a)(b)		410,508		2,266,004
Fisker Inc.(a)(b)		1,242,671		16,030,456
Lordstown Motors Corp., Class A(a)(b)		127,503		434,785
Winnebago Industries Inc.		268,398		14,501,544
Workhorse Group Inc.(a)(b)		125,097		625,485
				35,411,109
Banks — 1.9%
Cadence Bank		176,382		5,160,937
Coastal Financial Corp./WA(a)(b)		57,196		2,616,717
CrossFirst Bankshares Inc.(a)		191,720		3,021,507
Customers Bancorp. Inc.(a)(b)		19,655		1,024,812
Eastern Bankshares Inc.		310,563		6,689,527
FB Financial Corp.		25,973		1,153,721
First Financial Bankshares Inc.		1,004,284		44,309,010
Five Star Bancorp		39,116		1,106,983
Glacier Bancorp. Inc.		111,044		5,583,292
Investors Bancorp. Inc.		688,646		10,281,485
Lakeland Financial Corp.		12,812		935,276
Live Oak Bancshares Inc.(b)		264,767		13,473,993
Meta Financial Group Inc.		68,327		3,752,519
Metrocity Bankshares Inc.		39,136		918,913
Metropolitan Bank Holding Corp.(a)		5,817		591,996
Origin Bancorp Inc.		36,650		1,549,928
Pacific Premier Bancorp. Inc.		92,050		3,253,967
RBB Bancorp		12,847		301,776
ServisFirst Bancshares Inc.		346,528		33,020,653

Security	Shares		Value
Banks (continued)
Silvergate Capital Corp., Class A(a)		232,026	$	34,936,155
Southern First Bancshares Inc.(a)		21,064		1,070,894
Stock Yards Bancorp. Inc.		38,797		2,052,361
Texas Capital Bancshares Inc.(a)		160,434		9,194,473
Triumph Bancorp. Inc.(a)(b)		184,233		17,321,587
Veritex Holdings Inc.		54,954		2,097,594
West Bancorp. Inc.		27,896		759,050
				206,179,126
Beverages — 0.6%
Celsius Holdings Inc.(a)(b)		446,978		24,664,246
Coca-Cola Consolidated Inc.(b)		38,971		19,362,741
Duckhorn Portfolio Inc. (The)(a)(b)		199,357		3,626,304
MGP Ingredients Inc.		98,553		8,435,151
National Beverage Corp.		194,490		8,460,315
Zevia PBC, Class A(a)(b)		62,478		285,525
				64,834,282
Biotechnology — 10.0%
4D Molecular Therapeutics Inc.(a)		22,714		343,436
ACADIA Pharmaceuticals Inc.(a)(b)		991,795		24,021,275
Acumen Pharmaceuticals Inc.(a)(b)		127,275		497,645
Adagio Therapeutics Inc.(a)(b)		276,115		1,259,084
Aerovate Therapeutics Inc.(a)(b)		59,984		1,099,507
Affimed NV(a)		960,615		4,197,888
Agenus Inc.(a)(b)		1,815,969		4,467,284
Akebia Therapeutics Inc.(a)(b)		618,919		444,322
Akero Therapeutics Inc.(a)		157,353		2,232,839
Alaunos Therapeutics Inc.(a)(b)		1,751,527		1,142,696
Albireo Pharma Inc.(a)(b)		110,010		3,281,598
Aldeyra Therapeutics Inc.(a)(b)		404,960		1,800,047
Alector Inc.(a)(b)		482,929		6,881,738
Aligos Therapeutics Inc.(a)		173,593		373,225
Alkermes PLC(a)(b)		1,330,282		34,999,719
Allakos Inc.(a)		294,483		1,678,553
Allogene Therapeutics Inc.(a)(b)		227,823		2,075,468
Allovir Inc.(a)		245,863		1,659,575
Alpine Immune Sciences Inc.(a)(b)		97,791		877,185
ALX Oncology Holdings Inc.(a)(b)		145,426		2,457,699
Amicus Therapeutics Inc.(a)(b)		2,180,562		20,649,922
Anavex Life Sciences Corp.(a)(b)		557,666		6,864,868
Apellis Pharmaceuticals Inc.(a)(b)		648,658		32,958,313
Applied Molecular Transport Inc.(a)(b)		206,962		1,556,354
Applied Therapeutics Inc.(a)(b)		112,276		236,902
AquaBounty Technologies Inc.(a)(b)		210,006		392,711
Arbutus Biopharma Corp.(a)(b)		67,034		199,761
Arcellx Inc.(a)(b)		40,010		560,940
Arcutis Biotherapeutics Inc.(a)		23,304		448,835
Ardelyx Inc.(a)(b)		650,074		695,579
Arrowhead Pharmaceuticals Inc.(a)(b)		850,644		39,121,118
Atara Biotherapeutics Inc.(a)(b)		58,423		542,750
Athenex Inc.(a)(b)		427,965		354,997
Athersys Inc.(a)(b)		1,455,107		881,067
Atossa Therapeutics Inc.(a)(b)		151,574		189,468
Aura Biosciences Inc.(a)		26,343		579,546
Avalo Therapeutics Inc.(a)(b)		420,290		304,584
Avid Bioservices Inc.(a)(b)		471,361		9,601,624
Avidity Biosciences Inc.(a)(b)		52,546		970,525
Avita Medical Inc.(a)(b)		200,971		1,704,234
Beam Therapeutics Inc.(a)(b)		424,343		24,314,854
Beyondspring Inc.(a)(b)		195,166		429,365

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
BioAtla Inc.(a)		128,274	$	641,370
BioCryst Pharmaceuticals Inc.(a)(b)		151,231		2,459,016
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		309,755		36,727,650
Biomea Fusion Inc.(a)(b)		180,057		803,054
Bioxcel Therapeutics Inc.(a)(b)		141,409		2,956,862
Blueprint Medicines Corp.(a)(b)		453,301		28,956,868
Bridgebio Pharma Inc.(a)(b)		591,101		5,999,675
Brooklyn ImmunoTherapeutics Inc.(a)(b)		213,202		437,064
C4 Therapeutics Inc.(a)(b)		320,943		7,786,077
CareDx Inc.(a)(b)		420,215		15,543,753
Caribou Biosciences Inc.(a)(b)		239,194		2,195,801
Celcuity Inc.(a)		78,064		729,898
Celldex Therapeutics Inc.(a)(b)		300,193		10,224,574
CEL-SCI Corp.(a)(b)		284,782		1,119,193
Century Therapeutics Inc.(a)(b)		79,856		1,005,387
Cerevel Therapeutics Holdings Inc.(a)(b)		336,441		11,778,799
ChemoCentryx Inc.(a)(b)		30,446		763,281
Chimerix Inc.(a)		440,560		2,017,765
Clene Inc.(a)(b)		112,018		441,351
Clovis Oncology Inc.(a)(b)		974,358		1,968,203
Codiak Biosciences Inc.(a)		134,297		842,042
Cogent Biosciences Inc.(a)		89,106		667,404
Coherus Biosciences Inc.(a)		542,419		7,002,629
Contra GTX Inc., NVS(b)(c)		6,020		6,171
Cortexyme Inc.(a)(b)		167,492		1,036,776
Crinetics Pharmaceuticals Inc.(a)		328,147		7,202,827
Cue Biopharma Inc.(a)		259,239		1,265,086
Cullinan Oncology Inc.(a)(b)		13,248		138,707
Curis Inc.(a)(b)		634,953		1,511,188
Cyteir Therapeutics Inc.(a)(b)		74,686		281,566
Cytokinetics Inc.(a)(b)		609,633		22,440,591
CytomX Therapeutics Inc.(a)		464,545		1,240,335
Day One Biopharmaceuticals Inc.(a)(b)		112,594		1,116,933
Deciphera Pharmaceuticals Inc.(a)(b)		282,479		2,618,580
Denali Therapeutics Inc.(a)(b)		754,199		24,262,582
DermTech Inc.(a)(b)		199,541		2,929,262
Design Therapeutics Inc.(a)		128,545		2,076,002
Dynavax Technologies Corp.(a)(b)		895,417		9,706,320
Eagle Pharmaceuticals Inc./DE(a)		45,470		2,250,310
Editas Medicine Inc.(a)(b)		568,009		10,803,531
Eliem Therapeutics Inc.(a)		32,068		269,051
Enanta Pharmaceuticals Inc.(a)		17,536		1,248,213
Entrada Therapeutics Inc.(a)(b)		44,270		415,695
Epizyme Inc.(a)(b)		1,136,212		1,306,644
Erasca Inc.(a)(b)		308,366		2,651,948
Evelo Biosciences Inc.(a)(b)		258,799		877,329
Exagen Inc.(a)(b)		29,064		233,384
Fate Therapeutics Inc.(a)(b)		672,995		26,092,016
FibroGen Inc.(a)(b)		653,699		7,857,462
Finch Therapeutics Group Inc.(a)(b)		25,067		126,087
Foghorn Therapeutics Inc.(a)(b)		24,525		373,516
Forte Biosciences Inc.(a)		93,068		135,879
Fortress Biotech Inc.(a)(b)		621,432		845,148
G1 Therapeutics Inc.(a)(b)		192,525		1,463,190
Gemini Therapeutics Inc.(a)(b)		102,424		142,369
Generation Bio Co.(a)(b)		348,724		2,559,634
Global Blood Therapeutics Inc.(a)(b)		514,950		17,837,868
Graphite Bio Inc.(a)		133,357		680,121
Greenwich Lifesciences Inc.(a)(b)		33,962		666,334
GT Biopharma Inc.(a)(b)		153,345		441,634

Security	Shares		Value
Biotechnology (continued)
Halozyme Therapeutics Inc.(a)(b)		1,148,556	$	45,804,413
Harpoon Therapeutics Inc.(a)(b)		157,428		782,417
Heron Therapeutics Inc.(a)(b)		779,512		4,458,809
Hookipa Pharma Inc.(a)(b)		97,776		222,929
Humanigen Inc.(a)(b)		409,083		1,231,340
Icosavax Inc.(a)		113,000		795,520
Ideaya Biosciences Inc.(a)(b)		64,666		723,613
IGM Biosciences Inc.(a)(b)		68,806		1,839,184
Imago Biosciences Inc.(a)(b)		94,357		1,818,259
Immuneering Corp., Class A(a)(b)		82,326		532,649
ImmunityBio Inc.(a)(b)		63,068		353,812
ImmunoGen Inc.(a)		960,000		4,569,600
Immunovant Inc.(a)(b)		218,317		1,202,927
Impel Neuropharma Inc.(a)(b)		30,406		193,686
Infinity Pharmaceuticals Inc.(a)(b)		662,349		755,078
Inhibrx Inc.(a)(b)		231,100		5,148,908
Insmed Inc.(a)(b)		980,186		23,034,371
Instil Bio Inc.(a)(b)		208,817		2,244,783
Intellia Therapeutics Inc.(a)(b)		578,051		42,006,966
Intercept Pharmaceuticals Inc.(a)(b)		207,411		3,374,577
Ironwood Pharmaceuticals Inc.(a)(b)		1,216,993		15,309,772
IVERIC bio Inc.(a)(b)		189,757		3,193,610
Janux Therapeutics Inc.(a)(b)		81,840		1,173,586
KalVista Pharmaceuticals Inc.(a)(b)		186,095		2,743,040
Karuna Therapeutics Inc.(a)		184,202		23,354,972
Karyopharm Therapeutics Inc.(a)(b)		602,031		4,436,968
Keros Therapeutics Inc.(a)		129,370		7,035,141
Kiniksa Pharmaceuticals Ltd., Class A(a)		112,656		1,119,801
Kinnate Biopharma Inc.(a)		11,181		125,898
Kodiak Sciences Inc.(a)		280,646		2,166,587
Kronos Bio Inc.(a)(b)		39,184		283,300
Krystal Biotech Inc.(a)		59,446		3,955,537
Kymera Therapeutics Inc.(a)		284,934		12,058,407
Lexicon Pharmaceuticals Inc.(a)(b)		229,719		480,113
Ligand Pharmaceuticals Inc.(a)(b)		14,405		1,620,418
Lyell Immunopharma Inc.(a)(b)		702,999		3,550,145
MacroGenics Inc.(a)		452,704		3,988,322
Madrigal Pharmaceuticals Inc.(a)(b)		98,051		9,620,764
Magenta Therapeutics Inc.(a)		224,884		652,164
MannKind Corp.(a)(b)		212,003		780,171
MEI Pharma Inc.(a)(b)		1,082,305		652,089
MeiraGTx Holdings PLC(a)		15,811		218,982
Mersana Therapeutics Inc.(a)(b)		418,063		1,668,071
MiMedx Group Inc.(a)(b)		637,515		3,002,696
Mirum Pharmaceuticals Inc.(a)		12,310		271,066
Molecular Templates Inc.(a)(b)		311,213		1,073,685
Monte Rosa Therapeutics Inc.(a)(b)		135,974		1,906,356
Morphic Holding Inc.(a)(b)		176,887		7,102,013
Neoleukin Therapeutics Inc.(a)		69,345		130,369
NexImmune Inc.(a)		101,724		428,258
Nurix Therapeutics Inc.(a)		233,928		3,277,331
Nuvalent Inc., Class A(a)(b)		84,218		1,169,788
Ocugen Inc.(a)(b)		1,547,965		5,108,285
Olema Pharmaceuticals Inc.(a)		100,574		428,445
Omega Therapeutics Inc.(a)(b)		97,690		609,586
Oncocyte Corp.(a)(b)		381,477		568,401
Organogenesis Holdings Inc., Class A(a)(b)		569,193		4,337,251
ORIC Pharmaceuticals Inc.(a)		34,002		181,571
Outlook Therapeutics Inc.(a)(b)		925,199		1,646,854
Oyster Point Pharma Inc.(a)(b)		9,420		109,649

88 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
PMV Pharmaceuticals Inc.(a)(b)		217,701	$	4,532,535
Portage Biotech Inc.(a)(b)		19,032		125,040
Praxis Precision Medicines Inc.(a)(b)		23,332		238,220
Precigen Inc.(a)		690,330		1,456,596
Precision BioSciences Inc.(a)(b)		438,737		1,351,310
Prelude Therapeutics Inc.(a)(b)		91,108		628,645
Prometheus Biosciences Inc.(a)		32,106		1,212,323
Protagonist Therapeutics Inc.(a)		371,530		8,797,830
Prothena Corp. PLC(a)(b)		231,102		8,451,400
PTC Therapeutics Inc.(a)(b)		575,985		21,490,000
Puma Biotechnology Inc.(a)(b)		268,926		774,507
Pyxis Oncology Inc.(a)		51,397		207,644
Radius Health Inc.(a)		385,208		3,401,387
Rallybio Corp.(a)(b)		79,008		551,476
RAPT Therapeutics Inc.(a)(b)		175,104		3,850,537
Recursion Pharmaceuticals Inc., Class A(a)(b)		642,338		4,599,140
REGENXBIO Inc.(a)		171,544		5,693,545
Relay Therapeutics Inc.(a)(b)		517,780		15,497,155
Reneo Pharmaceuticals Inc.(a)(b)		35,620		104,723
Replimune Group Inc.(a)(b)		176,013		2,988,701
REVOLUTION Medicines Inc.(a)(b)		70,463		1,797,511
Rigel Pharmaceuticals Inc.(a)(b)		1,424,039		4,257,877
Rocket Pharmaceuticals Inc.(a)(b)		344,126		5,457,838
Rubius Therapeutics Inc.(a)(b)		386,093		2,127,372
Sana Biotechnology Inc.(a)(b)		678,373		5,603,361
Sangamo Therapeutics Inc.(a)(b)		879,220		5,108,268
Scholar Rock Holding Corp.(a)(b)		199,011		2,565,252
Selecta Biosciences Inc.(a)		75,941		93,407
Sera Prognostics Inc., Class A(a)		14,001		53,064
Seres Therapeutics Inc.(a)(b)		585,780		4,170,754
Sesen Bio Inc.(a)(b)		1,633,065		984,248
Shattuck Labs Inc.(a)		183,596		782,119
Sorrento Therapeutics Inc.(a)(b)		2,243,007		5,226,206
Spectrum Pharmaceuticals Inc.(a)(b)		1,358,943		1,753,036
Spero Therapeutics Inc.(a)(b)		190,875		1,660,613
SpringWorks Therapeutics Inc.(a)(b)		242,501		13,686,756
Stoke Therapeutics Inc.(a)		157,159		3,308,197
Summit Therapeutics Inc.(a)(b)		213,885		524,018
Sutro Biopharma Inc.(a)(b)		24,794		203,807
Syndax Pharmaceuticals Inc.(a)(b)		98,556		1,712,903
Syros Pharmaceuticals Inc.(a)(b)		234,502		279,057
Talaris Therapeutics Inc.(a)(b)		118,780		1,168,795
Taysha Gene Therapies Inc.(a)(b)		155,125		1,011,415
Tenaya Therapeutics Inc.(a)(b)		141,311		1,664,644
TG Therapeutics Inc.(a)(b)		1,073,634		10,210,259
Travere Therapeutics Inc.(a)(b)		32,875		847,189
Trevena Inc.(a)(b)		463,838		255,065
Turning Point Therapeutics Inc.(a)(b)		43,195		1,159,786
Twist Bioscience Corp.(a)(b)		459,418		22,686,061
Tyra Biosciences Inc.(a)(b)		58,769		628,828
UroGen Pharma Ltd.(a)(b)		121,125		1,054,999
Vaxart Inc.(a)(b)		932,623		4,700,420
Vaxcyte Inc.(a)		101,550		2,452,433
VBI Vaccines Inc.(a)(b)		1,396,428		2,318,071
Vera Therapeutics Inc.(a)		64,280		1,509,937
Verastem Inc.(a)(b)		1,435,137		2,023,543
Vericel Corp.(a)(b)		386,152		14,758,729
Verve Therapeutics Inc.(a)(b)		173,507		3,959,430
Vigil Neuroscience Inc.(a)(b)		25,356		178,253
Vincerx Pharma Inc.(a)		117,438		469,752

Security	Shares		Value
Biotechnology (continued)
Vir Biotechnology Inc.(a)(b)		498,145	$	12,812,289
Viracta Therapeutics Inc.(a)(b)		66,193		315,079
VistaGen Therapeutics Inc.(a)		1,347,768		1,671,232
Vor BioPharma Inc.(a)(b)		17,535		105,911
Werewolf Therapeutics Inc.(a)(b)		147,179		647,588
Xencor Inc.(a)		465,835		12,428,478
Xilio Therapeutics Inc.(a)(b)		35,861		253,537
XOMA Corp.(a)		5,243		146,699
Y-mAbs Therapeutics Inc.(a)		290,256		3,448,241
Zentalis Pharmaceuticals Inc.(a)(b)		303,208		13,990,017
				1,078,345,466
Building Products — 1.6%
AAON Inc.		348,834		19,440,519
Cornerstone Building Brands Inc.(a)		453,846		11,037,535
CSW Industrials Inc.		124,185		14,602,914
Gibraltar Industries Inc.(a)		79,694		3,422,857
Insteel Industries Inc.		13,608		503,360
JELD-WEN Holding Inc.(a)(b)		302,487		6,134,436
Masonite International Corp.(a)(b)		197,693		17,582,815
PGT Innovations Inc.(a)		227,009		4,081,622
Resideo Technologies Inc.(a)(b)		140,521		3,348,616
Simpson Manufacturing Co. Inc.		361,732		39,443,257
UFP Industries Inc.		452,005		34,876,706
Zurn Water Solutions Corp.		530,921		18,794,603
				173,269,240
Capital Markets — 1.9%
Artisan Partners Asset Management Inc., Class A		489,529		19,262,966
Blucora Inc.(a)(b)		150,374		2,939,812
BrightSphere Investment Group Inc.		271,074		6,573,545
Cohen & Steers Inc.		206,245		17,714,383
Donnelley Financial Solutions Inc.(a)		14,899		495,541
Focus Financial Partners Inc., Class A(a)(b)		539,156		24,660,996
GAMCO Investors Inc., Class A		41,138		909,561
GCM Grosvenor Inc., Class A		335,961		3,262,181
Greenhill & Co. Inc.		120,862		1,869,735
Hamilton Lane Inc., Class A		289,721		22,392,536
Houlihan Lokey Inc.		370,675		32,545,265
Moelis & Co., Class A		280,457		13,167,456
Open Lending Corp., Class A(a)(b)		864,186		16,341,757
PJT Partners Inc., Class A		165,459		10,443,772
Pzena Investment Management Inc., Class A		142,165		1,140,163
StepStone Group Inc., Class A		378,800		12,523,128
StoneX Group Inc.(a)		13,187		978,871
Value Line Inc.		6,975		467,325
Virtus Investment Partners Inc.		60,824		14,597,152
WisdomTree Investments Inc.		834,067		4,895,973
				207,182,118
Chemicals — 2.2%
American Vanguard Corp.		59,597		1,211,011
Amyris Inc.(a)(b)		164,180		715,825
Aspen Aerogels Inc.(a)(b)		185,050		6,380,524
Avient Corp.		80,752		3,876,096
Balchem Corp.		267,390		36,552,213
Cabot Corp.		465,466		31,842,529
Chase Corp.		16,230		1,410,549
Danimer Scientific Inc.(a)(b)		752,225		4,408,038
Ferro Corp.(a)		560,885		12,193,640
Hawkins Inc.		104,812		4,810,871
HB Fuller Co.		78,987		5,218,671

S C H E D U L E   O F   I N V E S T M E N T S 89

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Ingevity Corp.(a)		329,514	$	21,111,962
Innospec Inc.		63,212		5,850,271
Kronos Worldwide Inc.		27,160		421,523
Livent Corp.(a)(b)		1,346,999		35,116,264
Marrone Bio Innovations Inc.(a)		843,278		910,740
Orion Engineered Carbons SA(b)		501,819		8,014,049
PureCycle Technologies Inc.(a)(b)		473,334		3,786,672
Quaker Chemical Corp.		111,784		19,317,393
Sensient Technologies Corp.		180,349		15,140,299
Stepan Co.		16,602		1,640,444
Tredegar Corp.		178,934		2,145,419
Trinseo PLC		322,939		15,475,237
Zymergen Inc.(a)(b)		130,509		377,171
				237,927,411
Commercial Services & Supplies — 1.7%
Aris Water Solution Inc., A		72,077		1,311,801
Brink’s Co. (The)		398,954		27,128,872
Casella Waste Systems Inc., Class A(a)(b)		376,829		33,029,062
Cimpress PLC(a)(b)		145,975		9,282,550
Harsco Corp.(a)		276,302		3,381,936
Healthcare Services Group Inc.		332,364		6,172,000
Heritage-Crystal Clean Inc.(a)		50,943		1,508,422
HNI Corp.		37,595		1,392,895
Interface Inc.		109,892		1,491,234
Montrose Environmental Group Inc.(a)(b)		217,093		11,490,733
Pitney Bowes Inc.		556,049		2,891,455
SP Plus Corp.(a)		193,967		6,082,805
Tetra Tech Inc.		447,517		73,813,454
U.S. Ecology Inc.(a)		28,777		1,377,843
Viad Corp.(a)		168,656		6,010,900
				186,365,962
Communications Equipment — 0.8%
ADTRAN Inc.		27,916		515,050
CalAmp Corp.(a)(b)		293,593		2,146,165
Calix Inc.(a)(b)		378,504		16,241,607
Cambium Networks Corp.(a)		92,453		2,185,589
Casa Systems Inc.(a)(b)		279,032		1,261,225
Clearfield Inc.(a)(b)		94,648		6,172,942
DZS Inc.(a)(b)		67,050		929,983
EMCORE Corp.(a)(b)		29,884		110,571
Extreme Networks Inc.(a)(b)		1,063,765		12,988,571
Harmonic Inc.(a)(b)		139,045		1,291,728
Infinera Corp.(a)(b)		1,521,708		13,193,208
Inseego Corp.(a)(b)		148,039		599,558
Plantronics Inc.(a)		146,254		5,762,408
Viavi Solutions Inc.(a)(b)		1,700,695		27,347,175
				90,745,780
Construction & Engineering — 1.5%
Ameresco Inc., Class A(a)(b)		256,214		20,369,013
Comfort Systems USA Inc.		295,655		26,316,252
Construction Partners Inc., Class A(a)		330,173		8,643,929
Dycom Industries Inc.(a)(b)		199,044		18,960,931
EMCOR Group Inc.		44,009		4,956,734
IES Holdings Inc.(a)(b)		72,687		2,922,017
Infrastructure and Energy Alternatives Inc.(a)(b)		91,500		1,084,275
MYR Group Inc.(a)		102,237		9,614,368
NV5 Global Inc.(a)(b)		26,835		3,577,106
Sterling Construction Co. Inc.(a)		46,859		1,255,821

Security	Shares		Value
Construction & Engineering (continued)
WillScot Mobile Mini Holdings Corp.(a)(b)		1,730,495	$	67,714,269
				165,414,715
Construction Materials — 0.0%
United States Lime & Minerals Inc.		974		113,023
Consumer Finance — 0.2%
Atlanticus Holdings Corp.(a)(b)		40,810		2,113,550
Curo Group Holdings Corp.		177,128		2,311,520
FirstCash Holdings Inc.		24,040		1,690,974
Green Dot Corp., Class A(a)		43,543		1,196,562
LendingTree Inc.(a)(b)		96,463		11,543,727
PROG Holdings Inc.(a)		74,232		2,135,655
Regional Management Corp.		24,802		1,204,633
				22,196,621
Containers & Packaging — 0.2%
Greif Inc., Class A, NVS		32,550		2,117,703
Greif Inc., Class B		7,063		450,337
Myers Industries Inc.		138,051		2,981,902
O-I Glass Inc.(a)		1,292,003		17,028,599
Ranpak Holdings Corp.(a)(b)		50,067		1,022,869
				23,601,410
Distributors — 0.0%
Funko Inc., Class A(a)		221,904		3,827,844
Greenlane Holdings Inc., Class A(a)(b)		369,607		206,980
				4,034,824
Diversified Consumer Services — 0.4%
2U Inc.(a)(b)		512,976		6,812,321
Carriage Services Inc.		24,141		1,287,440
European Wax Center Inc., Class A(a)(b)		51,208		1,513,708
Houghton Mifflin Harcourt Co.(a)		995,996		20,925,876
OneSpaWorld Holdings Ltd.(a)(b)		220,200		2,246,040
PowerSchool Holdings Inc., Class A(a)		66,645		1,100,309
Regis Corp.(a)(b)		316,394		670,755
Stride Inc.(a)(b)		17,953		652,233
Udemy Inc.(a)(b)		21,239		264,638
Vivint Smart Home Inc.(a)(b)		203,924		1,378,526
WW International Inc.(a)(b)		134,166		1,372,518
				38,224,364
Diversified Telecommunication Services — 0.7%
Anterix Inc.(a)(b)		28,096		1,626,758
Bandwidth Inc., Class A(a)(b)		190,191		6,160,287
Cogent Communications Holdings Inc.		354,323		23,509,331
Globalstar Inc.(a)(b)		4,404,596		6,474,756
IDT Corp., Class B(a)		90,826		3,096,258
Iridium Communications Inc.(a)		739,319		29,809,342
Ooma Inc.(a)(b)		106,512		1,596,615
Telesat Corp.(a)		60,847		1,003,976
				73,277,323
Electric Utilities — 0.0%
Via Renewables Inc.		92,560		762,694
Electrical Equipment — 1.3%
Advent Technologies Holdings Inc.(a)(b)		222,870		517,058
Allied Motion Technologies Inc.		90,203		2,691,658
Array Technologies Inc.(a)(b)		253,846		2,860,844
Atkore Inc.(a)		372,800		36,698,432
Babcock & Wilcox Enterprises Inc.(a)		138,267		1,128,259
Beam Global(a)(b)		63,503		1,298,636
Blink Charging Co.(a)(b)		302,447		8,002,748

90 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Bloom Energy Corp., Class A(a)(b)		1,179,487	$	28,484,611
EnerSys		37,661		2,808,381
Eos Energy Enterprises Inc.(a)(b)		387,002		1,617,668
FTC Solar Inc.(a)(b)		349,440		1,722,739
FuelCell Energy Inc.(a)(b)		2,363,241		13,612,268
GrafTech International Ltd.(b)		1,470,407		14,145,315
Romeo Power Inc.(a)(b)		638,280		951,037
Stem Inc.(a)(b)		941,747		10,368,635
TPI Composites Inc.(a)(b)		304,941		4,287,471
Vicor Corp.(a)		175,698		12,395,494
				143,591,254
Electronic Equipment, Instruments & Components — 3.0%
908 Devices Inc.(a)(b)		172,542		3,280,023
Advanced Energy Industries Inc.		312,606		26,909,125
Akoustis Technologies Inc.(a)(b)		424,231		2,757,502
Arlo Technologies Inc.(a)		703,259		6,230,875
Badger Meter Inc.		241,924		24,122,242
CTS Corp.(b)		59,932		2,117,997
Fabrinet(a)(b)		263,684		27,721,099
FARO Technologies Inc.(a)		75,209		3,904,851
Identiv Inc.(a)(b)		168,898		2,731,081
II-VI Inc.(a)(b)		816,560		59,192,434
Insight Enterprises Inc.(a)(b)		101,988		10,945,352
Iteris Inc.(a)(b)		351,096		1,046,266
Itron Inc.(a)(b)		310,380		16,350,818
Kimball Electronics Inc.(a)(b)		10,573		211,354
Luna Innovations Inc.(a)(b)		256,432		1,977,091
MicroVision Inc.(a)(b)		1,378,064		6,435,559
Napco Security Technologies Inc.(a)(b)		238,923		4,902,700
nLight Inc.(a)(b)		363,989		6,311,569
Novanta Inc.(a)(b)		292,921		41,679,729
OSI Systems Inc.(a)(b)		13,843		1,178,316
Ouster Inc.(a)(b)		1,070,648		4,817,916
PAR Technology Corp.(a)(b)		210,494		8,491,328
Plexus Corp.(a)(b)		205,920		16,846,315
Rogers Corp.(a)		136,651		37,128,077
Velodyne Lidar Inc.(a)(b)		634,659		1,624,727
Vishay Intertechnology Inc.		164,211		3,218,536
				322,132,882
Energy Equipment & Services — 0.4%
Cactus Inc., Class A		458,794		26,031,971
ChampionX Corp.(a)		306,944		7,513,989
DMC Global Inc.(a)		157,294		4,797,467
Expro Group Holdings NV(a)(b)		54,823		974,753
Liberty Oilfield Services Inc., Class A(a)(b)		262,851		3,895,452
NexTier Oilfield Solutions Inc.(a)(b)		155,769		1,439,306
Solaris Oilfield Infrastructure Inc., Class A		71,623		808,624
TETRA Technologies Inc.(a)		786,044		3,230,641
				48,692,203
Entertainment — 0.2%
Chicken Soup For The Soul Entertainment Inc.(a)(b)		16,880		134,871
Cinemark Holdings Inc.(a)(b)		743,316		12,844,500
CuriosityStream Inc.(a)(b)		38,566		111,841
IMAX Corp.(a)(b)		40,676		769,997
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		84,097		2,420,312
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		305,858		8,536,497
LiveOne Inc(a)(b)		485,576		396,230
				25,214,248

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 2.4%
Alexander’s Inc.		18,066	$	4,629,051
CatchMark Timber Trust Inc., Class A		296,590		2,432,038
Clipper Realty Inc.		90,773		823,311
Community Healthcare Trust Inc.		129,607		5,470,712
EastGroup Properties Inc.		334,951		68,088,839
Gladstone Commercial Corp.		88,531		1,949,453
Gladstone Land Corp.		152,912		5,569,055
Indus Realty Trust Inc.		36,659		2,679,406
Innovative Industrial Properties Inc.		103,042		21,164,827
National Storage Affiliates Trust		674,947		42,359,674
Necessity Retail REIT Inc.		68,564		542,341
NexPoint Residential Trust Inc.		35,311		3,188,936
Outfront Media Inc.		241,289		6,859,846
Phillips Edison & Co. Inc.(b)		117,377		4,036,595
PS Business Parks Inc.		141,335		23,755,587
Ryman Hospitality Properties Inc.(a)		409,959		38,031,896
Safehold Inc.(b)		115,589		6,409,410
Saul Centers Inc.		92,980		4,900,046
Tanger Factory Outlet Centers Inc.		235,620		4,050,308
UMH Properties Inc.		309,059		7,599,761
Universal Health Realty Income Trust		100,749		5,880,719
				260,421,811
Food & Staples Retailing — 1.3%
Andersons Inc. (The)		107,194		5,387,570
BJ’s Wholesale Club Holdings Inc.(a)		848,245		57,349,845
Chefs’ Warehouse Inc. (The)(a)(b)		18,272		595,667
MedAvail Holdings Inc.(a)(b)		98,664		95,813
Performance Food Group Co.(a)(b)		1,146,401		58,363,275
PriceSmart Inc.		14,803		1,167,513
Sprouts Farmers Market Inc.(a)(b)		417,930		13,365,401
United Natural Foods Inc.(a)(b)		29,338		1,213,126
				137,538,210
Food Products — 0.9%
AppHarvest Inc.(a)(b)		574,992		3,090,582
Calavo Growers Inc.		144,374		5,262,432
J&J Snack Foods Corp.		122,338		18,974,624
John B Sanfilippo & Son Inc.		48,824		4,073,875
Laird Superfood Inc.(a)(b)		37,891		136,786
Lancaster Colony Corp.		138,297		20,626,997
Limoneira Co.		40,397		593,028
Mission Produce Inc.(a)		33,781		427,330
Sanderson Farms Inc.		144,481		27,088,743
Simply Good Foods Co. (The)(a)		43,628		1,655,683
Sovos Brands Inc.(a)(b)		91,450		1,296,761
Tattooed Chef Inc.(a)(b)		390,030		4,906,577
Utz Brands Inc.		498,078		7,361,593
Vita Coco Co. Inc. (The)(a)(b)		65,296		585,052
Vital Farms Inc.(a)(b)		198,543		2,453,991
				98,534,054
Health Care Equipment & Supplies — 5.9%
Accelerate Diagnostics Inc.(a)(b)		277,647		399,812
Accuray Inc.(a)(b)		748,543		2,477,677
Acutus Medical Inc.(a)		156,670		217,771
Alphatec Holdings Inc.(a)(b)		540,310		6,213,565
Apyx Medical Corp.(a)		262,496		1,714,099
Artivion Inc.(a)(b)		278,231		5,948,579
Asensus Surgical Inc.(a)(b)		606,576		380,202
Aspira Women’s Health Inc.(a)(b)		611,885		636,360
AtriCure Inc.(a)		371,015		24,364,555

S C H E D U L E   O F   I N V E S T M E N T S 91

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Atrion Corp.		11,571	$	8,250,123
Axogen Inc.(a)(b)		318,555		2,529,327
Axonics Inc.(a)(b)		379,979		23,786,685
BioLife Solutions Inc.(a)(b)		86,264		1,960,781
Bioventus Inc., Class A(a)(b)		168,821		2,380,376
Butterfly Network Inc.(a)(b)		1,103,103		5,250,770
Cardiovascular Systems Inc.(a)		332,135		7,506,251
Cerus Corp.(a)(b)		1,397,038		7,669,739
ClearPoint Neuro Inc.(a)(b)		158,235		1,647,226
CONMED Corp.		240,684		35,753,608
CryoPort Inc.(a)(b)		335,740		11,720,683
Cue Health Inc.(a)(b)		70,474		454,557
Cutera Inc.(a)		146,160		10,085,040
CVRx Inc.(a)(b)		58,532		350,607
CytoSorbents Corp.(a)(b)		347,055		1,107,105
Eargo Inc.(a)(b)		250,252		1,323,833
Glaukos Corp.(a)(b)		377,476		21,825,662
Haemonetics Corp.(a)(b)		286,203		18,093,754
Heska Corp.(a)(b)		81,184		11,226,124
Inari Medical Inc.(a)(b)		285,354		25,864,487
Inogen Inc.(a)		166,043		5,383,114
Intersect ENT Inc.(a)		275,371		7,713,142
iRadimed Corp.		51,898		2,327,106
iRhythm Technologies Inc.(a)(b)		244,609		38,518,579
Lantheus Holdings Inc.(a)		80,288		4,440,729
LeMaitre Vascular Inc.		156,449		7,270,185
LivaNova PLC(a)(b)		356,695		29,188,352
Meridian Bioscience Inc.(a)(b)		40,225		1,044,241
Merit Medical Systems Inc.(a)(b)		378,737		25,193,585
Neogen Corp.(a)(b)		840,197		25,911,676
Neuronetics Inc.(a)(b)		197,051		597,065
NeuroPace Inc.(a)(b)		58,597		481,081
Nevro Corp.(a)(b)		286,739		20,739,832
NuVasive Inc.(a)(b)		429,816		24,370,567
Ortho Clinical Diagnostics Holdings PLC(a)		1,000,297		18,665,542
OrthoPediatrics Corp.(a)(b)		116,426		6,285,840
Outset Medical Inc.(a)(b)		389,542		17,685,207
Paragon 28 Inc.(a)(b)		61,532		1,030,046
PAVmed Inc.(a)(b)		599,423		791,238
PROCEPT BioRobotics Corp.(a)(b)		49,054		1,716,400
Pulmonx Corp.(a)(b)		215,462		5,345,612
Pulse Biosciences Inc.(a)(b)		117,084		569,028
Quotient Ltd.(a)(b)		673,871		808,645
Retractable Technologies Inc.(a)(b)		145,887		692,963
RxSight Inc.(a)(b)		121,686		1,506,473
SeaSpine Holdings Corp.(a)(b)		135,245		1,644,579
Senseonics Holdings Inc.(a)(b)		3,563,412		7,019,922
Shockwave Medical Inc.(a)(b)		279,732		58,005,228
SI-BONE Inc.(a)		268,421		6,066,315
Sientra Inc.(a)(b)		422,711		938,418
Sight Sciences Inc.(a)(b)		153,257		1,771,651
Silk Road Medical Inc.(a)(b)		284,795		11,759,186
STAAR Surgical Co.(a)(b)		395,202		31,580,592
Stereotaxis Inc.(a)		422,923		1,577,503
Surmodics Inc.(a)		112,900		5,117,757
Tactile Systems Technology Inc.(a)		159,871		3,222,999
TransMedics Group Inc.(a)(b)		216,113		5,822,084
Treace Medical Concepts Inc.(a)(b)		249,807		4,723,850
UFP Technologies Inc.(a)		3,860		255,416
Utah Medical Products Inc.		3,604		323,855

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Vapotherm Inc.(a)(b)		189,607	$	2,635,537
Varex Imaging Corp.(a)		42,931		914,001
ViewRay Inc.(a)		1,236,880		4,848,570
Zynex Inc.		176,677		1,100,698
				638,743,767
Health Care Providers & Services — 4.3%
1Life Healthcare Inc.(a)(b)		956,077		10,593,333
Accolade Inc.(a)(b)		423,107		7,429,759
Addus HomeCare Corp.(a)		53,997		5,037,380
Agiliti Inc.(a)(b)		196,055		4,136,761
AirSculpt Technologies Inc.(a)		36,289		496,434
Alignment Healthcare Inc.(a)(b)		658,918		7,399,649
AMN Healthcare Services Inc.(a)(b)		390,834		40,775,711
Apollo Medical Holdings Inc.(a)(b)		312,211		15,132,867
Aveanna Healthcare Holdings Inc.(a)(b)		336,488		1,147,424
Biodesix Inc.(a)(b)		103,361		174,680
Castle Biosciences Inc.(a)		162,468		7,288,314
Community Health Systems Inc.(a)		896,156		10,637,372
CorVel Corp.(a)		71,944		12,118,247
Cross Country Healthcare Inc.(a)(b)		37,023		802,288
Ensign Group Inc. (The)		436,088		39,252,281
Fulgent Genetics Inc.(a)(b)		21,503		1,342,002
Hanger Inc.(a)		311,569		5,711,060
HealthEquity Inc.(a)(b)		678,536		45,760,468
InfuSystem Holdings Inc.(a)(b)		153,153		1,500,899
Innovage Holding Corp.(a)(b)		154,260		990,349
Invitae Corp.(a)(b)		433,388		3,454,102
Joint Corp. (The)(a)		112,888		3,995,106
LHC Group Inc.(a)		253,670		42,768,762
LifeStance Health Group Inc.(a)(b)		370,395		3,744,693
MEDNAX Inc.(a)(b)		334,775		7,860,517
ModivCare Inc.(a)(b)		34,152		3,940,799
National Research Corp.		117,117		4,643,689
Ontrak Inc.(a)(b)		75,976		172,086
Owens & Minor Inc.(b)		496,816		21,869,840
Patterson Companies Inc.		185,348		5,999,715
Pennant Group Inc. (The)(a)		213,760		3,982,349
PetIQ Inc.(a)		226,830		5,534,652
Privia Health Group Inc.(a)(b)		348,131		9,305,542
Progyny Inc.(a)(b)		533,593		27,426,680
R1 RCM Inc.(a)(b)		985,185		26,363,551
RadNet Inc.(a)(b)		377,358		8,441,498
Select Medical Holdings Corp.		919,745		22,064,683
Sharps Compliance Corp.(a)(b)		145,411		857,925
SOC Telemed Inc.(a)(b)		400,240		1,196,718
Surgery Partners Inc.(a)(b)		284,473		15,660,239
Tenet Healthcare Corp.(a)(b)		105,381		9,058,551
Tivity Health Inc.(a)(b)		215,286		6,925,751
U.S. Physical Therapy Inc.		106,053		10,546,971
Viemed Healthcare Inc.(a)(b)		47,652		237,307
				463,779,004
Health Care Technology — 1.5%
Convey Health Solutions Holdings Inc.(a)(b)		79,142		517,589
Evolent Health Inc., Class A(a)(b)		134,703		4,350,907
Forian Inc.(a)(b)		140,245		976,105
Health Catalyst Inc.(a)(b)		434,163		11,344,679
Icad Inc.(a)(b)		185,486		827,268
Inspire Medical Systems Inc.(a)		222,923		57,222,105
Multiplan Corp.(a)(b)		426,926		1,998,014

92 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
NantHealth Inc.(a)(b)		123,514	$	93,080
Omnicell Inc.(a)		362,702		46,966,282
OptimizeRx Corp.(a)		141,681		5,342,791
Phreesia Inc.(a)(b)		414,890		10,936,500
Schrodinger Inc.(a)(b)		376,577		12,848,807
Simulations Plus Inc.(b)		126,479		6,447,899
Tabula Rasa HealthCare Inc.(a)		201,800		1,162,368
				161,034,394
Hotels, Restaurants & Leisure — 4.4%
Accel Entertainment Inc.(a)(b)		476,571		5,804,635
Bally’s Corp.(a)(b)		271,236		8,337,795
BJ’s Restaurants Inc.(a)(b)		173,301		4,904,418
Bloomin’ Brands Inc.		735,015		16,126,229
Brinker International Inc.(a)(b)		367,369		14,018,801
Century Casinos Inc.(a)		229,257		2,739,621
Cheesecake Factory Inc. (The)(a)		381,737		15,189,315
Chuy’s Holdings Inc.(a)(b)		78,209		2,111,643
Cracker Barrel Old Country Store Inc.		196,587		23,340,774
Dave & Buster’s Entertainment Inc.(a)		168,852		8,290,633
Denny’s Corp.(a)(b)		391,373		5,600,548
Dine Brands Global Inc.		135,025		10,525,199
Drive Shack Inc.(a)(b)		335,841		517,195
Esports Technologies Inc.(a)(b)		105,958		714,157
Everi Holdings Inc.(a)(b)		709,739		14,904,519
F45 Training Holdings Inc.(a)(b)		144,671		1,547,980
First Watch Restaurant Group Inc.(a)		63,734		831,729
Full House Resorts Inc.(a)(b)		269,854		2,593,297
GAN Ltd.(a)(b)		35,771		172,416
Golden Entertainment Inc.(a)(b)		141,752		8,231,539
Golden Nugget Online Gaming Inc.(a)(b)		337,860		2,402,185
Hilton Grand Vacations Inc.(a)(b)		709,398		36,895,790
International Game Technology PLC		834,881		20,604,863
Jack in the Box Inc.		24,437		2,282,660
Krispy Kreme Inc.(b)		493,359		7,326,381
Kura Sushi USA Inc., Class A(a)(b)		36,602		2,018,600
Life Time Group Holdings Inc.(a)(b)		183,238		2,664,281
Lindblad Expeditions Holdings Inc.(a)(b)		257,126		3,877,460
Monarch Casino & Resort Inc.(a)(b)		87,472		7,630,183
Nathan’s Famous Inc.		18,280		990,228
NEOGAMES SA(a)		85,919		1,325,730
Noodles & Co.(a)(b)		342,334		2,043,734
ONE Group Hospitality Inc. (The)(a)(b)		176,328		1,853,207
Papa John’s International Inc.		275,038		28,956,001
PlayAGS Inc.(a)(b)		231,232		1,542,317
Portillo’s Inc., Class A(a)(b)		132,309		3,249,509
RCI Hospitality Holdings Inc.		72,477		4,454,436
Red Robin Gourmet Burgers Inc.(a)(b)		131,125		2,210,767
Red Rock Resorts Inc., Class A		444,944		21,606,481
Rush Street Interactive Inc.(a)(b)		436,604		3,174,111
Ruth’s Hospitality Group Inc.		274,039		6,270,012
Scientific Games Corp./DE, Class A(a)(b)		797,082		46,828,567
SeaWorld Entertainment Inc.(a)		229,819		17,107,726
Shake Shack Inc., Class A(a)(b)		309,314		21,002,421
Sweetgreen Inc.(a)(b)		71,471		2,286,357
Target Hospitality Corp.(a)(b)		143,331		859,986
Texas Roadhouse Inc.		581,015		48,648,386
Wingstop Inc.		247,956		29,097,637
Xponential Fitness Inc., Class A(a)(b)		55,966		1,311,843
				477,024,302

Security	Shares		Value
Household Durables — 1.9%
Aterian Inc.(a)(b)		215,512	$	523,694
Cavco Industries Inc.(a)		53,803		12,958,452
Century Communities Inc.		160,564		8,601,413
GoPro Inc., Class A(a)(b)		1,066,961		9,101,177
Green Brick Partners Inc.(a)		73,496		1,452,281
Hamilton Beach Brands Holding Co., Class A		27,227		316,650
Helen of Troy Ltd.(a)(b)		199,786		39,126,090
Hooker Furnishings Corp.		7,223		136,804
Installed Building Products Inc.		196,894		16,635,574
iRobot Corp.(a)(b)		201,814		12,795,008
KB Home		119,561		3,871,385
LGI Homes Inc.(a)(b)		178,677		17,453,169
Lovesac Co. (The)(a)(b)		105,177		5,685,869
MDC Holdings Inc.		131,514		4,976,490
Meritage Homes Corp.(a)		18,043		1,429,547
Purple Innovation Inc., Class A(a)(b)		483,052		2,825,854
Skyline Champion Corp.(a)		436,286		23,943,376
Snap One Holdings Corp.(a)(b)		69,948		1,031,733
Sonos Inc.(a)(b)		1,065,939		30,080,799
Taylor Morrison Home Corp.(a)(b)		119,273		3,246,611
Traeger Inc.(a)(b)		81,843		608,912
Tri Pointe Homes Inc.(a)(b)		70,417		1,413,973
Vuzix Corp.(a)(b)		499,665		3,297,789
Weber Inc., Class A(b)		60,107		590,852
				202,103,502
Household Products — 0.4%
Central Garden & Pet Co.(a)(b)		31,860		1,400,566
Central Garden & Pet Co., Class A, NVS(a)		127,809		5,212,051
Energizer Holdings Inc.		558,657		17,184,289
WD-40 Co.		113,200		20,741,636
				44,538,542
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Inc., Class A		77,789		2,591,929
Clearway Energy Inc., Class C		170,178		6,213,199
Sunnova Energy International Inc.(a)(b)		107,901		2,488,197
				11,293,325
Insurance — 1.3%
Bright Health Group Inc.(a)(b)		1,481,475		2,859,247
BRP Group Inc., Class A(a)		392,123		10,520,660
eHealth Inc.(a)		60,753		753,945
Goosehead Insurance Inc., Class A		24,079		1,891,887
Heritage Insurance Holdings Inc.		15,519		110,805
Investors Title Co.		1,585		322,088
James River Group Holdings Ltd.		42,582		1,053,479
Kinsale Capital Group Inc.		178,350		40,667,367
Palomar Holdings Inc.(a)(b)		204,115		13,061,319
RLI Corp.		307,640		34,034,213
Selectquote Inc.(a)(b)		1,123,813		3,135,438
Trupanion Inc.(a)(b)		316,624		28,217,531
				136,627,979
Interactive Media & Services — 1.1%
Cargurus Inc.(a)(b)		791,596		33,611,166
Cars.com Inc.(a)(b)		78,422		1,131,630
Eventbrite Inc., Class A(a)(b)		638,337		9,428,238
EverQuote Inc., Class A(a)		166,012		2,686,074
fuboTV Inc.(a)(b)		1,121,157		7,366,002
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		473,459		970,591
MediaAlpha Inc., Class A(a)(b)		163,995		2,714,117
Outbrain Inc.(a)(b)		86,860		932,008

S C H E D U L E   O F   I N V E S T M E N T S 93

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
QuinStreet Inc.(a)		413,562	$	4,797,319
Society Pass Inc.(a)(b)		66,289		196,878
Yelp Inc.(a)(b)		548,739		18,717,487
Ziff Davis Inc.(a)(b)		360,253		34,865,285
				117,416,795
Internet & Direct Marketing Retail — 0.8%
1-800-Flowers.com Inc., Class A(a)(b)		224,901		2,869,737
1stdibs.com Inc.(a)		124,723		996,537
aka Brands Holding Corp.(a)(b)		49,835		220,271
CarParts.com Inc.(a)(b)		399,970		2,679,799
Duluth Holdings Inc., Class B(a)(b)		102,212		1,250,053
Groupon Inc.(a)(b)		165,467		3,181,930
Liquidity Services Inc.(a)(b)		192,752		3,299,914
Lulu’s Fashion Lounge Holdings Inc.(a)		30,322		205,583
Overstock.com Inc.(a)(b)		356,320		15,679,862
PetMed Express Inc.		145,158		3,745,076
Porch Group Inc.(a)(b)		635,133		4,410,999
Quotient Technology Inc.(a)(b)		703,553		4,488,668
RealReal Inc. (The)(a)(b)		663,830		4,819,406
Rent the Runway Inc.(a)(b)		89,634		617,578
Revolve Group Inc.(a)(b)		187,627		10,073,694
Shutterstock Inc.		195,481		18,195,371
Stitch Fix Inc., Class A(a)(b)		674,948		6,796,726
Xometry Inc., Class A(a)(b)		158,668		5,831,049
				89,362,253
IT Services — 2.6%
BigCommerce Holdings Inc., Series 1(a)(b)		399,940		8,762,685
Brightcove Inc.(a)(b)		337,224		2,630,347
Cantaloupe Inc.(a)		488,019		3,303,889
Cass Information Systems Inc.		19,406		716,275
CSG Systems International Inc.		125,613		7,985,218
DigitalOcean Holdings Inc.(a)(b)		397,721		23,008,160
EVERTEC Inc.		500,927		20,502,942
Evo Payments Inc., Class A(a)		393,509		9,086,123
ExlService Holdings Inc.(a)(b)		272,080		38,980,902
Flywire Corp.(a)(b)		393,359		12,028,918
GreenBox POS(a)(b)		157,505		664,671
Grid Dynamics Holdings Inc.(a)(b)		374,414		5,271,749
Hackett Group Inc. (The)		190,313		4,388,618
I3 Verticals Inc., Class A(a)(b)		179,293		4,995,103
IBEX Holdings Ltd.(a)(b)		47,660		759,700
International Money Express Inc.(a)		272,051		5,606,971
Maximus Inc.		509,161		38,161,617
Paya Holdings Inc., Class A(a)(b)		709,022		4,154,869
Perficient Inc.(a)(b)		269,943		29,718,025
Priority Technology Holdings Inc.(a)(b)		83,964		482,793
Rackspace Technology Inc.(a)(b)		332,558		3,711,347
Remitly Global Inc.(a)(b)		85,737		846,224
Repay Holdings Corp.(a)(b)		313,297		4,627,397
TTEC Holdings Inc.		154,884		12,781,028
Tucows Inc., Class A(a)(b)		80,845		5,521,713
Unisys Corp.(a)(b)		429,124		9,273,370
Verra Mobility Corp.(a)(b)		1,257,152		20,466,435
				278,437,089
Leisure Products — 0.5%
Acushnet Holdings Corp.		84,038		3,383,370
AMMO Inc.(a)(b)		735,152		3,528,730
Clarus Corp.		224,881		5,122,789
Escalade Inc.		29,922		394,970

Security	Shares		Value
Leisure Products (continued)
Johnson Outdoors Inc., Class A		27,350	$	2,125,916
Latham Group Inc.(a)(b)		351,972		4,660,109
Malibu Boats Inc., Class A(a)(b)		171,439		9,945,176
Marine Products Corp.		70,057		809,158
MasterCraft Boat Holdings Inc.(a)		152,310		3,748,349
Nautilus Inc.(a)(b)		66,177		272,649
Smith & Wesson Brands Inc.		396,865		6,004,568
Solo Brands Inc., Class A(a)(b)		65,979		562,801
Sturm Ruger & Co. Inc.		132,573		9,229,732
				49,788,317
Life Sciences Tools & Services — 1.1%
Absci Corp.(a)(b)		261,886		2,207,699
Aduro Biotech Inc., NVS(c)		105,692		317,076
Akoya Biosciences Inc.(a)		111,457		1,224,912
Alpha Teknova Inc.(a)(b)		35,630		492,050
Berkeley Lights Inc.(a)(b)		408,954		2,907,663
BioNano Genomics Inc.(a)(b)		2,419,676		6,242,764
ChromaDex Corp.(a)(b)		405,241		996,893
Codex DNA Inc.(a)(b)		41,738		224,133
Codexis Inc.(a)		498,774		10,284,720
Cytek Biosciences Inc.(a)(b)		660,873		7,124,211
Fluidigm Corp.(a)(b)		56,501		202,839
Harvard Bioscience Inc.(a)(b)		281,672		1,749,183
Inotiv Inc.(a)(b)		142,761		3,737,483
IsoPlexis Corp(a)(b)		36,894		126,546
MaxCyte Inc.(a)(b)		482,092		3,369,823
Medpace Holdings Inc.(a)		240,142		39,284,830
NanoString Technologies Inc.(a)(b)		345,813		12,017,002
NeoGenomics Inc.(a)(b)		935,119		11,361,696
Pacific Biosciences of California Inc.(a)(b)		738,114		6,716,837
Personalis Inc.(a)(b)		23,056		188,829
Quanterix Corp.(a)(b)		254,931		7,441,436
Rapid Micro Biosystems Inc., Cass A(a)(b)		71,473		485,302
Seer Inc., Class A(a)(b)		129,690		1,976,476
Singular Genomics Systems Inc.(a)(b)		219,892		1,387,518
				122,067,921
Machinery — 4.2%
AgEagle Aerial Systems Inc.(a)(b)		358,422		426,522
Alamo Group Inc.		72,994		10,495,807
Albany International Corp., Class A		51,554		4,347,033
Blue Bird Corp.(a)(b)		70,529		1,327,356
Chart Industries Inc.(a)(b)		182,127		31,283,955
CIRCOR International Inc.(a)		152,957		4,071,715
Commercial Vehicle Group Inc.(a)(b)		99,822		843,496
Desktop Metal Inc., Class A(a)		1,023,710		4,852,385
Douglas Dynamics Inc.		187,644		6,490,606
Energy Recovery Inc.(a)		345,375		6,955,853
Enerpac Tool Group Corp.(b)		500,552		10,957,083
ESCO Technologies Inc.		18,410		1,287,227
Evoqua Water Technologies Corp.(a)(b)		961,053		45,150,270
Federal Signal Corp.		500,459		16,890,491
Franklin Electric Co. Inc.		385,793		32,036,251
Gorman-Rupp Co. (The)		34,961		1,254,401
Helios Technologies Inc.		269,263		21,608,356
Hillenbrand Inc.		332,586		14,690,324
Hydrofarm Holdings Group Inc.(a)(b)		329,701		4,994,970
Hyliion Holdings Corp.(a)(b)		189,469		839,348
John Bean Technologies Corp.(b)		260,866		30,904,795
Kadant Inc.		95,683		18,580,682

94 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Lindsay Corp.		81,618	$	12,814,842
Luxfer Holdings PLC		97,565		1,639,092
Meritor Inc.(a)		478,421		17,017,435
Miller Industries Inc./TN		4,692		132,127
Mueller Industries Inc.		179,790		9,739,224
Mueller Water Products Inc., Class A		94,755		1,224,235
Nikola Corp.(a)(b)		1,894,249		20,287,407
Omega Flex Inc.		25,851		3,357,269
Proto Labs Inc.(a)(b)		37,480		1,982,692
RBC Bearings Inc.(a)(b)		32,941		6,386,601
REV Group Inc.		44,461		595,777
Shyft Group Inc. (The)(b)		285,965		10,326,196
SPX Corp.(a)		305,181		15,078,993
SPX FLOW Inc.		29,110		2,509,864
Tennant Co.		152,881		12,047,023
Terex Corp.		567,448		20,235,196
Titan International Inc.(a)		68,401		1,007,547
Wabash National Corp.		36,366		539,671
Watts Water Technologies Inc., Class A		128,003		17,867,939
Welbilt Inc.(a)(b)		1,087,465		25,827,294
				450,905,350
Media — 0.7%
AMC Networks Inc., Class A(a)(b)		123,565		5,020,446
Cardlytics Inc.(a)(b)		268,163		14,743,602
Clear Channel Outdoor Holdings Inc.(a)		262,918		909,696
Digital Media Solutions Inc., Class A(a)(b)		12,805		46,610
iHeartMedia Inc., Class A(a)(b)		424,667		8,038,946
Integral Ad Science Holding Corp.(a)		119,473		1,648,727
Magnite Inc.(a)(b)		1,076,904		14,225,902
National CineMedia Inc.		42,008		106,700
Sinclair Broadcast Group Inc., Class A		61,429		1,721,241
Stagwell Inc.(a)(b)		45,756		331,274
TechTarget Inc.(a)(b)		216,907		17,630,201
Thryv Holdings Inc.(a)(b)		54,306		1,527,085
WideOpenWest Inc.(a)(b)		272,132		4,745,982
				70,696,412
Metals & Mining — 1.1%
Allegheny Technologies Inc.(a)(b)		642,687		17,249,719
Century Aluminum Co.(a)(b)		23,771		625,415
Coeur Mining Inc.(a)(b)		1,442,856		6,420,709
Compass Minerals International Inc.		283,917		17,827,149
Gatos Silver Inc.(a)(b)		331,488		1,432,028
Hecla Mining Co.		1,299,187		8,535,659
Kaiser Aluminum Corp.		16,875		1,588,950
Materion Corp.		65,469		5,613,312
MP Materials Corp.(a)(b)		630,736		36,166,402
NovaGold Resources Inc.(a)(b)		1,965,040		15,189,759
Perpetua Resources Corp.(a)		253,448		1,039,137
PolyMet Mining Corp.(a)(b)		82,123		344,095
Ryerson Holding Corp.		87,519		3,064,916
Schnitzer Steel Industries Inc., Class A		17,969		933,310
Warrior Met Coal Inc.		43,311		1,607,271
				117,637,831
Mortgage Real Estate Investment — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital Inc.		36,911		1,750,689
PennyMac Mortgage Investment Trust		160,718		2,714,527
				4,465,216

Security	Shares		Value
Multiline Retail — 0.0%
Franchise Group Inc.		32,938	$	1,364,621
Oil, Gas & Consumable Fuels — 3.0%
Antero Resources Corp.(a)		287,187		8,767,819
Arch Resources Inc.(b)		24,617		3,381,884
Callon Petroleum Co.(a)(b)		346,301		20,459,463
Centennial Resource Development Inc./DE, Class A(a)		193,573		1,562,134
Chesapeake Energy Corp.		51,482		4,478,934
Civitas Resources Inc.		54,371		3,246,492
Crescent Energy Inc.(b)		248,368		4,306,701
Denbury Inc.(a)(b)		419,220		32,938,115
Dorian LPG Ltd.		46,653		676,002
Earthstone Energy Inc., Class A(a)(b)		42,872		541,473
Energy Fuels Inc./Canada(a)(b)		1,105,503		10,115,353
Falcon Minerals Corp.		277,734		1,871,927
Kinetik Holdings Inc.		2,907		188,984
Kosmos Energy Ltd.(a)		3,721,321		26,756,298
Laredo Petroleum Inc.(a)(b)		28,700		2,271,318
Magnolia Oil & Gas Corp., Class A		1,198,256		28,338,754
Matador Resources Co.(b)		917,374		48,602,475
Oasis Petroleum Inc.		139,789		20,451,131
Ovintiv Inc.		121,581		6,573,885
Par Pacific Holdings Inc.(a)		323,644		4,213,845
Riley Exploration Permian Inc.		9,487		237,934
Southwestern Energy Co.(a)(b)		8,429,834		60,441,910
Talos Energy Inc.(a)		47,763		754,178
Tellurian Inc.(a)(b)		3,072,661		16,285,103
Uranium Energy Corp.(a)(b)		2,186,317		10,035,195
Ur-Energy Inc.(a)(b)		1,407,239		2,251,582
				319,748,889
Personal Products — 0.8%
Beauty Health Co. (The)(a)(b)		661,146		11,160,145
BellRing Brands Inc.(a)(b)		618,067		14,264,986
elf Beauty Inc.(a)		396,295		10,236,300
Honest Co. Inc. (The)(a)(b)		501,621		2,613,445
Inter Parfums Inc.		148,021		13,033,249
Medifast Inc.		95,391		16,290,875
NewAge Inc.(a)(b)		632,053		367,223
Nu Skin Enterprises Inc., Class A		184,126		8,815,953
Revlon Inc., Class A(a)(b)		20,608		166,307
Thorne HealthTech Inc.(a)(b)		23,414		148,913
USANA Health Sciences Inc.(a)		98,663		7,838,775
Veru Inc.(a)(b)		380,859		1,839,549
				86,775,720
Pharmaceuticals — 2.3%
9 Meters Biopharma Inc.(a)(b)		1,886,528		1,130,596
Aclaris Therapeutics Inc.(a)(b)		421,871		7,273,056
Aerie Pharmaceuticals Inc.(a)(b)		352,994		3,212,245
Amneal Pharmaceuticals Inc.(a)		828,207		3,453,623
Amphastar Pharmaceuticals Inc.(a)(b)		92,265		3,312,314
Ampio Pharmaceuticals Inc.(a)(b)		1,600,939		752,441
Amylyx Pharmaceuticals Inc.(a)(b)		44,412		570,694
Angion Biomedica Corp.(a)(b)		186,661		395,721
Antares Pharma Inc.(a)		1,395,324		5,720,828
Arvinas Inc.(a)		390,420		26,275,266
Atea Pharmaceuticals Inc.(a)		48,260		348,437
Axsome Therapeutics Inc.(a)(b)		230,772		9,551,653
Cassava Sciences Inc.(a)(b)		317,784		11,802,498
CinCor Pharma Inc.(a)(b)		52,767		925,533

S C H E D U L E   O F   I N V E S T M E N T S 95

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Collegium Pharmaceutical Inc.(a)		286,697	$	5,837,151
Corcept Therapeutics Inc.(a)		725,375		16,335,445
CorMedix Inc.(a)(b)		29,953		164,142
DICE Therapeutics Inc.(a)(b)		67,335		1,288,119
Durect Corp.(a)(b)		1,904,097		1,275,555
Edgewise Therapeutics Inc.(a)		320,819		3,111,944
Esperion Therapeutics Inc.(a)(b)		468,718		2,174,852
Evolus Inc.(a)		271,469		3,045,882
Harmony Biosciences Holdings Inc.(a)(b)		192,068		9,344,108
Ikena Oncology Inc.(a)		17,225		105,073
Innoviva Inc.(a)(b)		42,021		813,106
Intra-Cellular Therapies Inc.(a)		665,847		40,743,178
Kala Pharmaceuticals Inc.(a)(b)		271,837		375,135
Kaleido Biosciences Inc.(a)(b)		154,229		254,478
KemPharm Inc.(a)(b)		115,172		579,315
Landos Biopharma Inc.(a)		43,044		63,490
Marinus Pharmaceuticals Inc.(a)(b)		310,847		2,906,419
Mind Medicine MindMed Inc.(a)(b)		2,694,380		2,990,762
NGM Biopharmaceuticals Inc.(a)(b)		25,200		384,300
Nuvation Bio Inc.(a)(b)		1,112,722		5,852,918
Ocular Therapeutix Inc.(a)(b)		645,206		3,193,770
Omeros Corp.(a)(b)		504,066		3,029,437
Oramed Pharmaceuticals Inc.(a)		304,801		2,636,529
Pacira BioSciences Inc.(a)		366,029		27,935,333
Paratek Pharmaceuticals Inc.(a)(b)		402,177		1,194,466
Phathom Pharmaceuticals Inc.(a)(b)		167,843		2,284,343
Phibro Animal Health Corp., Class A		169,799		3,387,490
Pliant Therapeutics Inc.(a)		183,597		1,287,015
Rain Therapeutics Inc.(a)		88,672		449,567
Reata Pharmaceuticals Inc., Class A(a)(b)		198,062		6,488,511
Relmada Therapeutics Inc.(a)(b)		203,203		5,484,449
Revance Therapeutics Inc.(a)(b)		582,976		11,368,032
Seelos Therapeutics Inc.(a)(b)		798,818		669,250
SIGA Technologies Inc.(a)(b)		400,559		2,839,963
Tarsus Pharmaceuticals Inc.(a)(b)		56,828		955,847
Terns Pharmaceuticals Inc.(a)(b)		70,347		208,931
TherapeuticsMD Inc.(a)(b)		3,425,927		1,301,852
Theravance Biopharma Inc.(a)(b)		455,986		4,359,226
Theseus Pharmaceuticals Inc.(a)(b)		55,638		641,506
Ventyx Biosciences Inc.(a)(b)		50,501		685,299
Verrica Pharmaceuticals Inc.(a)(b)		106,138		860,779
WaVe Life Sciences Ltd.(a)(b)		367,986		735,972
				254,367,844
Professional Services — 2.6%
ASGN Inc.(a)(b)		377,831		44,096,656
Atlas Technical Consultants Inc.(a)(b)		19,699		237,176
CRA International Inc.		50,194		4,229,346
Exponent Inc.		431,342		46,606,503
First Advantage Corp.(a)(b)		417,864		8,436,674
Forrester Research Inc.(a)		95,024		5,361,254
Franklin Covey Co.(a)(b)		104,022		4,703,875
Heidrick & Struggles International Inc.		69,571		2,753,620
HireQuest Inc.		37,804		722,812
HireRight Holdings Corp.(a)(b)		82,525		1,411,178
Huron Consulting Group Inc.(a)		19,528		894,578
Insperity Inc.		301,594		30,286,069
KBR Inc.		1,026,848		56,199,391
Kforce Inc.		167,517		12,391,233
Sterling Check Corp.(a)(b)		60,997		1,612,151
TriNet Group Inc.(a)(b)		336,759		33,123,615

Security	Shares		Value
Professional Services (continued)
Upwork Inc.(a)(b)		977,840	$	22,725,002
Willdan Group Inc.(a)(b)		73,211		2,246,846
				278,037,979
Real Estate Management & Development — 0.9%
Cushman & Wakefield PLC(a)(b)		1,151,254		23,612,219
Douglas Elliman Inc., NVS		88,049		642,758
eXp World Holdings Inc.(b)		520,256		11,013,819
Fathom Holdings Inc.(a)(b)		51,131		547,102
Forestar Group Inc.(a)(b)		36,650		650,904
Marcus & Millichap Inc.		20,065		1,057,024
Newmark Group Inc., Class A(b)		1,394,655		22,202,908
Rafael Holdings Inc., Class B(a)(b)		78,511		197,063
Redfin Corp.(a)(b)		854,201		15,409,786
RMR Group Inc. (The), Class A		13,071		406,508
St Joe Co. (The)		276,800		16,397,632
				92,137,723
Road & Rail — 0.6%
Daseke Inc.(a)(b)		336,712		3,390,690
HyreCar Inc.(a)(b)		147,522		351,102
PAM Transportation Services Inc.(a)(b)		10,926		379,679
Saia Inc.(a)(b)		220,188		53,686,238
Universal Logistics Holdings Inc.		50,430		1,016,165
Werner Enterprises Inc.		60,412		2,476,892
Yellow Corp.(a)(b)		23,723		166,298
				61,467,064
Semiconductors & Semiconductor Equipment — 5.8%
Alpha & Omega Semiconductor Ltd.(a)(b)		147,405		8,055,683
Ambarella Inc.(a)		292,784		30,718,897
Amkor Technology Inc.		177,319		3,851,369
Atomera Inc.(a)(b)		163,719		2,138,170
Axcelis Technologies Inc.(a)		273,047		20,623,240
CEVA Inc.(a)		187,202		7,609,761
CMC Materials Inc.		235,373		43,638,154
Cohu Inc.(a)		345,548		10,228,221
Credo Technology Group Holdings(a)(b)		126,459		1,925,971
Diodes Inc.(a)(b)		279,675		24,328,928
FormFactor Inc.(a)		564,296		23,717,361
Ichor Holdings Ltd.(a)		153,795		5,478,178
Impinj Inc.(a)(b)		157,002		9,975,907
Kopin Corp.(a)(b)		653,197		1,652,588
Kulicke & Soffa Industries Inc.		507,925		28,453,959
Lattice Semiconductor Corp.(a)		1,125,020		68,569,969
MACOM Technology Solutions Holdings Inc., Class H(a)(b)		409,379		24,509,521
MaxLinear Inc.(a)		588,272		34,325,671
Meta Materials Inc.(a)(b)		1,682,486		2,809,752
NVE Corp.		37,994		2,069,533
Onto Innovation Inc.(a)(b)		127,135		11,046,760
Power Integrations Inc.		488,561		45,279,833
Semtech Corp.(a)(b)		536,376		37,192,312
Silicon Laboratories Inc.(a)(b)		314,344		47,214,469
SiTime Corp.(a)		133,908		33,185,081
SkyWater Technology Inc.(a)(b)		65,508		709,452
SMART Global Holdings Inc.(a)(b)		408,465		10,550,651
SunPower Corp.(a)(b)		528,177		11,345,242
Synaptics Inc.(a)(b)		329,237		65,682,781
Ultra Clean Holdings Inc.(a)		368,285		15,611,601
				632,499,015

96 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software — 10.2%
8x8 Inc.(a)		938,227	$	11,812,278
A10 Networks Inc.		415,767		5,799,950
ACI Worldwide Inc.(a)(b)		979,610		30,847,919
Agilysys Inc.(a)(b)		157,486		6,280,542
Alarm.com Holdings Inc.(a)		393,451		26,148,753
Alkami Technology Inc.(a)(b)		220,579		3,156,485
Altair Engineering Inc., Class A(a)(b)		385,789		24,844,812
American Software Inc./GA, Class A		208,485		4,344,827
Appfolio Inc., Class A(a)(b)		158,532		17,947,408
Appian Corp.(a)(b)		326,416		19,852,621
Arteris Inc.(a)(b)		25,685		333,905
Asana Inc., Class A(a)(b)		556,903		22,259,413
Avaya Holdings Corp.(a)(b)		694,464		8,798,859
AvidXchange Holdings Inc.(a)(b)		176,810		1,423,320
Benefitfocus Inc.(a)(b)		162,911		2,055,937
Blackbaud Inc.(a)		398,207		23,840,653
Blackline Inc.(a)(b)		450,899		33,014,825
Bottomline Technologies DE Inc.(a)		64,861		3,676,321
Box Inc., Class A(a)(b)		1,134,345		32,964,066
BTRS Holdings Inc.(a)(b)		788,781		5,900,082
Cerence Inc.(a)(b)		325,612		11,754,593
ChannelAdvisor Corp.(a)		176,580		2,925,931
CommVault Systems Inc.(a)		369,864		24,540,476
Consensus Cloud Solutions Inc.(a)(b)		133,535		8,029,460
CoreCard Corp.(a)(b)		61,486		1,684,716
Couchbase Inc.(a)(b)		141,636		2,467,299
CS Disco Inc.(a)(b)		56,132		1,906,804
Digimarc Corp.(a)(b)		107,059		2,823,146
Digital Turbine Inc.(a)(b)		752,767		32,978,722
Domo Inc., Class B(a)		237,055		11,987,871
eGain Corp.(a)(b)		83,938		972,002
Enfusion Inc., Class A(a)(b)		137,364		1,747,270
EngageSmart Inc.(a)(b)		101,273		2,158,128
Envestnet Inc.(a)(b)		398,743		29,682,429
EverCommerce Inc.(a)(b)		185,444		2,447,861
Instructure Holdings Inc.(a)(b)		16,891		338,833
Intapp Inc.(a)(b)		86,049		2,066,036
InterDigital Inc.		104,761		6,683,752
JFrog Ltd.(a)(b)		445,288		12,000,512
Kaltura Inc.(a)(b)		214,466		383,894
LivePerson Inc.(a)		545,718		13,326,434
Marathon Digital Holdings Inc.(a)(b)		48,208		1,347,414
MeridianLink Inc.(a)(b)		143,499		2,597,332
MicroStrategy Inc., Class A(a)(b)		77,964		37,915,452
Mimecast Ltd.(a)		513,772		40,875,700
Mitek Systems Inc.(a)(b)		360,210		5,284,281
Model N Inc.(a)		274,964		7,396,532
Momentive Global Inc.(a)(b)		1,096,303		17,825,887
ON24 Inc.(a)		152,732		2,008,426
OneSpan Inc.(a)		305,065		4,405,139
PagerDuty Inc.(a)(b)		688,025		23,523,575
Progress Software Corp.		367,648		17,312,544
PROS Holdings Inc.(a)(b)		332,010		11,059,253
Q2 Holdings Inc.(a)(b)		454,775		28,036,879
Qualys Inc.(a)		282,839		40,279,102
Rapid7 Inc.(a)(b)		467,428		51,996,691
Rekor Systems Inc.(a)(b)		190,015		866,468
Rimini Street Inc.(a)(b)		367,176		2,129,621
Riot Blockchain Inc.(a)(b)		890,093		18,843,269
SailPoint Technologies Holdings Inc.(a)(b)		759,686		38,880,729

Security	Shares		Value
Software (continued)
Sapiens International Corp. NV		260,523	$	6,614,679
ShotSpotter Inc.(a)(b)		70,157		1,944,752
Sprout Social Inc., Class A(a)(b)		375,269		30,066,552
SPS Commerce Inc.(a)		299,324		39,271,309
Stronghold Digital Mining Inc.(a)(b)		45,389		265,526
Sumo Logic Inc.(a)		740,834		8,645,533
Telos Corp.(a)(b)		334,968		3,339,631
Tenable Holdings Inc.(a)(b)		766,083		44,271,937
Upland Software Inc.(a)		245,958		4,331,320
UserTesting Inc.(a)(b)		53,499		571,904
Varonis Systems Inc.(a)(b)		889,512		42,287,400
Veritone Inc.(a)(b)		240,158		4,390,088
Viant Technology Inc., Class A(a)(b)		100,339		657,220
Vonage Holdings Corp.(a)		2,101,193		42,633,206
Weave Communications Inc.(a)(b)		29,508		175,868
Workiva Inc.(a)(b)		355,344		41,930,592
Yext Inc.(a)(b)		940,994		6,483,449
Zuora Inc., Class A(a)(b)		936,644		14,030,927
				1,102,705,332
Specialty Retail — 2.8%
Abercrombie & Fitch Co., Class A(a)		38,114		1,219,267
American Eagle Outfitters Inc.		1,262,068		21,202,742
America’s Car-Mart Inc./TX(a)		42,109		3,392,301
Arko Corp.(b)		714,570		6,502,587
Asbury Automotive Group Inc.(a)		192,123		30,778,105
Bed Bath & Beyond Inc.(a)		90,584		2,040,857
Boot Barn Holdings Inc.(a)		241,886		22,928,374
Buckle Inc. (The)		232,992		7,698,056
Caleres Inc.		306,087		5,916,662
Camping World Holdings Inc., Class A(b)		346,541		9,685,821
Chico’s FAS Inc.(a)		216,692		1,040,122
Children’s Place Inc. (The)(a)(b)		114,040		5,622,172
Citi Trends Inc.(a)(b)		66,513		2,036,961
Designer Brands Inc. , Class A(a)		507,198		6,852,245
GrowGeneration Corp.(a)(b)		464,512		4,278,155
Guess? Inc.		45,669		997,868
Haverty Furniture Companies Inc.		57,553		1,578,103
Hibbett Inc.		94,244		4,178,779
JOANN Inc.(b)		95,371		1,088,183
Kirkland’s Inc.(a)(b)		100,771		936,163
MarineMax Inc.(a)(b)		90,915		3,660,238
Monro Inc.		169,626		7,521,217
Murphy USA Inc.		193,663		38,724,853
National Vision Holdings Inc.(a)(b)		689,431		30,038,509
OneWater Marine Inc., Class A		89,665		3,088,959
Party City Holdco Inc.(a)(b)		911,249		3,262,271
Rent-A-Center Inc./TX		511,022		12,872,644
Sally Beauty Holdings Inc.(a)(b)		911,316		14,243,869
Shift Technologies Inc.(a)(b)		103,965		228,723
Shoe Carnival Inc.		132,788		3,872,098
Signet Jewelers Ltd.		341,306		24,812,946
Sleep Number Corp.(a)(b)		89,030		4,514,711
Sportsman’s Warehouse Holdings Inc.(a)(b)		359,719		3,845,396
Torrid Holdings Inc.(a)(b)		38,076		230,741
Urban Outfitters Inc.(a)(b)		401,194		10,073,981
Winmark Corp.		10,137		2,230,140
				303,194,819
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		938,536		15,654,781

S C H E D U L E   O F   I N V E S T M E N T S 97

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Avid Technology Inc.(a)		300,308	$	10,471,740
Corsair Gaming Inc.(a)(b)		232,781		4,925,646
Diebold Nixdorf Inc.(a)(b)		625,791		4,211,573
Eastman Kodak Co.(a)(b)		354,636		2,322,866
Turtle Beach Corp.(a)(b)		109,467		2,330,552
				39,917,158
Textiles, Apparel & Luxury Goods — 0.9%
Crocs Inc.(a)		482,829		36,888,136
Kontoor Brands Inc.		430,772		17,812,422
Oxford Industries Inc.		10,397		940,928
PLBY Group Inc.(a)(b)		246,364		3,224,905
Rocky Brands Inc.		3,026		125,851
Steven Madden Ltd.		674,701		26,070,447
Superior Group of Companies Inc.		16,566		295,703
Wolverine World Wide Inc.		675,368		15,236,302
				100,594,694
Thrifts & Mortgage Finance — 0.1%
Axos Financial Inc.(a)		44,326		2,056,283
Blue Foundry Bancorp(a)(b)		13,445		182,180
Bridgewater Bancshares Inc.(a)		38,986		650,286
Columbia Financial Inc.(a)(b)		124,830		2,685,093
Hingham Institution For Savings (The)		870		298,584
Kearny Financial Corp./MD		178,835		2,303,395
Luther Burbank Corp.		17,909		238,011
NMI Holdings Inc., Class A(a)		42,609		878,598
Walker & Dunlop Inc.		25,614		3,314,964
Waterstone Financial Inc.		22,322		431,707
				13,039,101
Tobacco — 0.1%
22nd Century Group Inc.(a)(b)		1,328,985		3,083,245
Turning Point Brands Inc.(b)		120,991		4,114,904
Vector Group Ltd.		176,099		2,120,232
				9,318,381
Trading Companies & Distributors — 1.3%
Alta Equipment Group Inc.(a)(b)		28,945		357,760
Applied Industrial Technologies Inc.		319,362		32,785,703
Beacon Roofing Supply Inc.(a)(b)		346,405		20,534,888
BlueLinx Holdings Inc.(a)(b)		76,515		5,499,898
Boise Cascade Co.		71,241		4,949,112
Custom Truck One Source Inc.(a)(b)		152,813		1,282,101
EVI Industries Inc.(a)(b)		41,279		767,377
Global Industrial Co.		82,439		2,657,009
H&E Equipment Services Inc.		267,205		11,628,762
Herc Holdings Inc.		207,538		34,677,524
Karat Packaging Inc.(a)(b)		38,606		766,329
Lawson Products Inc./DE(a)(b)		40,033		1,542,872

Security	Shares		Value
Trading Companies & Distributors (continued)
McGrath RentCorp		137,830	$	11,712,793
Textainer Group Holdings Ltd.		54,438		2,072,455
Transcat Inc.(a)		58,934		4,781,905
WESCO International Inc.(a)		65,434		8,515,581
Willis Lease Finance Corp.(a)(b)		6,079		195,683
				144,727,752
Water Utilities — 0.2%
American States Water Co.		158,185		14,081,629
Cadiz Inc.(a)(b)		64,251		133,000
Global Water Resources Inc.		106,474		1,771,727
Middlesex Water Co.		49,281		5,182,883
Pure Cycle Corp.(a)		144,022		1,731,144
York Water Co. (The)		66,002		2,968,110
				25,868,493
Wireless Telecommunication Services — 0.0%
Gogo Inc.(a)(b)		35,336		673,504
Shenandoah Telecommunications Co.(b)		132,140		3,115,861
				3,789,365
Total Common Stocks — 99.9% (Cost: $11,778,783,410)				10,816,763,897
Short-Term Investments
Money Market Funds — 15.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		1,616,406,921		1,616,083,640
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		11,160,000		11,160,000
				1,627,243,640
Total Short-Term Investments — 15.0% (Cost: $1,627,225,639)				1,627,243,640
Total Investments in Securities — 114.9% (Cost: $13,406,009,049)				12,444,007,537
Other Assets, Less Liabilities — (14.9)%				(1,613,188,580	)
Net Assets — 100.0%			$	10,830,818,957

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

98 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,625,108,435	$	—		$	(7,847,645	)(a)	$	(256,537	)	$	(920,613	)	$	1,616,083,640		1,616,406,921	$	9,499,679	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,470,000		690,000	(a)		—			—			—			11,160,000		11,160,000		3,669			—
									$	(256,537	)	$	(920,613	)	$	1,627,243,640			$	9,503,348		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		126		06/17/22	$	13,018	$	436,318

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	436,318

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(847,766	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	849,977

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,302,127

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

S C H E D U L E   O F   I N V E S T M E N T S 99

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Growth ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,816,440,650	$	—	$	323,247	$	10,816,763,897
Money Market Funds		1,627,243,640		—		—		1,627,243,640
	$	12,443,684,290	$	—	$	323,247	$	12,444,007,537
Derivative financial instruments(a)
Assets
Futures Contracts	$	436,318	$	—	$	—	$	436,318

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

See notes to financial statements.

100 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
AAR Corp.(a)		348,169	$	16,861,825
Aerojet Rocketdyne Holdings Inc.(a)		156,417		6,155,009
AerSale Corp.(a)(b)		165,566		2,602,697
Astronics Corp.(a)		257,174		3,325,260
Cadre Holdings Inc.		39,657		973,976
Ducommun Inc.(a)(b)		110,274		5,777,255
Kaman Corp.		282,713		12,292,361
Kratos Defense & Security Solutions Inc.(a)		966,271		19,789,230
Maxar Technologies Inc.(b)		741,391		29,255,289
Moog Inc., Class A		293,838		25,798,976
National Presto Industries Inc.		51,718		3,979,700
Park Aerospace Corp.		193,883		2,530,173
Parsons Corp.(a)(b)		270,191		10,456,392
Triumph Group Inc.(a)(b)		653,456		16,519,368
Vectrus Inc.(a)		116,566		4,180,057
				160,497,568
Air Freight & Logistics — 0.5%
Air Transport Services Group Inc.(a)(b)		602,134		20,141,382
Atlas Air Worldwide Holdings Inc.(a)		294,228		25,412,472
Hub Group Inc., Class A(a)(b)		339,117		26,183,224
Radiant Logistics Inc.(a)		404,106		2,574,155
				74,311,233
Airlines — 0.3%
Hawaiian Holdings Inc.(a)(b)		518,498		10,214,411
Mesa Air Group Inc.(a)		375,960		1,654,224
SkyWest Inc.(a)		508,056		14,657,416
Spirit Airlines Inc.(a)(b)		1,004,034		21,958,223
				48,484,274
Auto Components — 0.8%
Adient PLC(a)(b)		845,121		34,455,583
American Axle & Manufacturing Holdings Inc.(a)		572,554		4,443,019
Cooper-Standard Holdings Inc.(a)(b)		171,034		1,499,968
Dana Inc.		688,864		12,103,341
Goodyear Tire & Rubber Co. (The)(a)(b)		2,827,013		40,398,016
Modine Manufacturing Co.(a)		459,408		4,139,266
Motorcar Parts of America Inc.(a)		191,698		3,417,975
Standard Motor Products Inc.		214,610		9,258,275
Stoneridge Inc.(a)(b)		227,905		4,731,308
Tenneco Inc., Class A(a)		62,197		1,139,449
XL Fleet Corp.(a)(b)		1,096,942		2,182,915
				117,769,115
Automobiles — 0.1%
Canoo Inc.(a)(b)		593,960		3,278,659
Fisker Inc.(a)(b)		140,164		1,808,116
Lordstown Motors Corp., Class A(a)(b)		1,409,366		4,805,938
Workhorse Group Inc.(a)(b)		1,422,439		7,112,195
				17,004,908
Banks — 15.1%
1st Source Corp.		173,396		8,019,565
Allegiance Bancshares Inc.		194,632		8,696,158
Amalgamated Financial Corp.		144,374		2,594,401
Amerant Bancorp Inc.		268,587		8,484,663
American National Bankshares Inc.		110,867		4,177,469
Ameris Bancorp		679,677		29,824,227
Arrow Financial Corp.		144,631		4,688,937
Associated Banc-Corp.		1,519,426		34,582,136
Atlantic Union Bankshares Corp.		773,776		28,389,841

Security	Shares		Value
Banks (continued)
Banc of California Inc.		560,861	$	10,858,269
BancFirst Corp.		176,520		14,688,229
Bancorp. Inc. (The)(a)		540,391		15,309,277
Bank First Corp.		65,655		4,726,503
Bank of Marin Bancorp., Class A		158,056		5,543,024
Bank of NT Butterfield & Son Ltd. (The)		513,518		18,425,026
BankUnited Inc.		874,546		38,445,042
Banner Corp.		339,328		19,860,868
Bar Harbor Bankshares		152,346		4,360,143
Berkshire Hills Bancorp. Inc.		503,718		14,592,710
Blue Ridge Bankshares Inc.		175,855		2,667,720
Brookline Bancorp. Inc.		763,687		12,081,528
Business First Bancshares Inc.		196,932		4,791,356
Byline Bancorp Inc.		257,089		6,859,135
Cadence Bank		1,539,707		45,051,827
Cambridge Bancorp		68,905		5,856,925
Camden National Corp.		150,108		7,061,080
Capital Bancorp Inc./MD		83,335		1,905,038
Capital City Bank Group Inc.		139,343		3,673,081
Capstar Financial Holdings Inc.		215,146		4,535,278
Carter Bankshares Inc.(a)(b)		267,288		4,642,793
Cathay General Bancorp		744,456		33,314,406
CBTX Inc.		190,913		5,918,303
Central Pacific Financial Corp.		249,654		6,965,347
Citizens & Northern Corp.		156,174		3,807,522
City Holding Co.		156,265		12,298,056
Civista Bancshares Inc.		153,908		3,709,183
CNB Financial Corp./PA		170,982		4,500,246
Coastal Financial Corp./WA(a)(b)		32,468		1,485,411
Columbia Banking System Inc.		809,890		26,135,150
Community Bank System Inc.		547,275		38,391,341
Community Trust Bancorp. Inc.		158,898		6,546,598
ConnectOne Bancorp. Inc.		383,543		12,277,211
CrossFirst Bankshares Inc.(a)(b)		242,416		3,820,476
Customers Bancorp. Inc.(a)(b)		289,085		15,072,892
CVB Financial Corp.		1,370,971		31,820,237
Dime Community Bancshares Inc.		344,031		11,893,152
Eagle Bancorp. Inc.		326,865		18,634,574
Eastern Bankshares Inc.		1,389,554		29,930,993
Enterprise Bancorp. Inc./MA		98,062		3,934,247
Enterprise Financial Services Corp.		354,868		16,788,805
Equity Bancshares Inc., Class A		143,423		4,633,997
Farmers National Banc Corp.		315,865		5,388,657
FB Financial Corp.		311,114		13,819,684
Fidelity D&D Bancorp. Inc.(b)		43,352		2,012,833
Financial Institutions Inc.		159,692		4,811,520
First Bancorp. Inc. (The)		112,550		3,385,504
First BanCorp./Puerto Rico		2,050,844		26,907,073
First Bancorp./Southern Pines NC		354,994		14,828,099
First Bancshares Inc. (The)		209,690		7,058,165
First Bank/Hamilton NJ		162,186		2,306,285
First Busey Corp.		515,772		13,069,663
First Commonwealth Financial Corp.		944,088		14,312,374
First Community Bankshares Inc.		175,594		4,953,507
First Financial Bancorp		959,413		22,114,470
First Financial Bankshares Inc.		94,767		4,181,120
First Financial Corp./IN		116,027		5,021,649
First Foundation Inc.		506,974		12,314,398
First Internet Bancorp		96,210		4,137,992
First Interstate BancSystem Inc., Class A		894,973		32,908,157

S C H E D U L E   O F   I N V E S T M E N T S 101

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Merchants Corp.		585,570	$	24,359,712
First Mid Bancshares Inc.		173,425		6,675,128
First of Long Island Corp. (The)		234,614		4,565,588
Five Star Bancorp		73,483		2,079,569
Flushing Financial Corp.		298,561		6,672,838
Fulton Financial Corp.		1,632,354		27,129,724
German American Bancorp. Inc.		253,262		9,621,423
Glacier Bancorp. Inc.		993,099		49,933,018
Great Southern Bancorp. Inc.		104,208		6,149,314
Guaranty Bancshares Inc./TX		82,845		2,899,575
Hancock Whitney Corp.		882,642		46,029,780
Hanmi Financial Corp.		298,593		7,348,374
HarborOne Bancorp Inc.		487,859		6,839,783
HBT Financial Inc.		103,917		1,889,211
Heartland Financial USA Inc.		415,337		19,865,569
Heritage Commerce Corp.		594,833		6,691,871
Heritage Financial Corp./WA		360,904		9,044,254
Hilltop Holdings Inc.		631,864		18,576,802
Home BancShares Inc./AR		1,560,458		35,266,351
HomeStreet Inc.		194,376		9,209,535
HomeTrust Bancshares Inc.		152,806		4,512,361
Hope Bancorp Inc.		1,203,391		19,350,527
Horizon Bancorp Inc./IN		436,164		8,143,182
Independent Bank Corp.		468,223		38,249,137
Independent Bank Corp./MI		208,139		4,579,058
Independent Bank Group Inc.		380,513		27,077,305
International Bancshares Corp.		551,035		23,259,187
Investors Bancorp. Inc.		1,498,512		22,372,784
Lakeland Bancorp. Inc.		631,005		10,537,784
Lakeland Financial Corp.		237,900		17,366,700
Macatawa Bank Corp.		275,064		2,478,327
Mercantile Bank Corp.		162,909		5,770,237
Meta Financial Group Inc.		214,767		11,795,004
Metrocity Bankshares Inc.		149,817		3,517,703
Metropolitan Bank Holding Corp.(a)		95,418		9,710,690
Mid Penn Bancorp. Inc.		144,526		3,874,742
Midland States Bancorp. Inc.		219,378		6,331,249
MidWestOne Financial Group Inc.		149,155		4,937,031
MVB Financial Corp.		105,276		4,368,954
National Bank Holdings Corp., Class A		297,448		11,981,205
NBT Bancorp. Inc.		439,454		15,877,473
Nicolet Bankshares Inc.(a)(b)		125,177		11,712,812
Northrim Bancorp. Inc.		61,749		2,690,404
Northwest Bancshares Inc.		1,273,051		17,198,919
OceanFirst Financial Corp.		597,410		12,007,941
OFG Bancorp		506,719		13,498,994
Old National Bancorp./IN		3,009,567		49,296,707
Old Second Bancorp. Inc.		284,512		4,128,269
Origin Bancorp Inc.		188,942		7,990,357
Orrstown Financial Services Inc.		112,235		2,573,549
Pacific Premier Bancorp. Inc.		823,975		29,127,516
Park National Corp.		145,961		19,176,356
Peapack Gladstone Financial Corp.		179,657		6,243,081
Peoples Bancorp. Inc./OH		258,776		8,102,277
Peoples Financial Services Corp.		73,220		3,696,146
Preferred Bank/Los Angeles CA		99,774		7,392,256
Premier Financial Corp.		366,347		11,111,305
Primis Financial Corp.		256,599		3,587,254
QCR Holdings Inc.		169,334		9,582,611
RBB Bancorp		134,425		3,157,643

Security	Shares		Value
Banks (continued)
Red River Bancshares Inc.		47,693	$	2,523,437
Renasant Corp.		566,612		18,953,171
Republic Bancorp. Inc./KY, Class A		96,136		4,320,352
Republic First Bancorp. Inc.(a)(b)		471,457		2,432,718
S&T Bancorp. Inc.		366,977		10,855,180
Sandy Spring Bancorp. Inc.		453,236		20,359,361
Seacoast Banking Corp. of Florida		560,223		19,619,009
ServisFirst Bancshares Inc.		86,211		8,215,046
Sierra Bancorp		148,981		3,721,545
Simmons First National Corp., Class A		1,141,943		29,941,745
SmartFinancial Inc.		144,404		3,693,854
South Plains Financial Inc.		111,433		2,961,889
South State Corp.		785,681		64,103,713
Southern First Bancshares Inc.(a)(b)		53,130		2,701,129
Southside Bancshares Inc.		324,752		13,259,624
Spirit of Texas Bancshares Inc.		133,687		3,513,294
Stock Yards Bancorp. Inc.		203,765		10,779,169
Summit Financial Group Inc.		120,742		3,089,788
Texas Capital Bancshares Inc.(a)		322,871		18,503,737
Third Coast Bancshares Inc.(a)(b)		34,363		793,785
Tompkins Financial Corp.		145,386		11,379,362
Towne Bank/Portsmouth VA		689,281		20,637,073
TriCo Bancshares		284,268		11,379,248
TriState Capital Holdings Inc.(a)		301,557		10,020,739
Triumph Bancorp. Inc.(a)(b)		16,791		1,578,690
Trustmark Corp.		638,028		19,389,671
UMB Financial Corp.		449,288		43,652,822
United Bankshares Inc./WV		1,349,928		47,085,489
United Community Banks Inc./GA		1,069,952		37,234,330
Univest Financial Corp.		296,497		7,934,260
Valley National Bancorp		4,101,438		53,400,723
Veritex Holdings Inc.		415,095		15,844,176
Washington Trust Bancorp. Inc.		174,966		9,185,715
WesBanco Inc.		616,526		21,183,833
West Bancorp. Inc.		141,919		3,861,616
Westamerica Bancorp		270,559		16,368,820
				2,214,492,115
Beverages — 0.2%
Duckhorn Portfolio Inc. (The)(a)(b)		125,061		2,274,860
MGP Ingredients Inc.		22,679		1,941,096
Primo Water Corp.		1,607,174		22,902,229
Zevia PBC, Class A(a)(b)		43,515		198,863
				27,317,048
Biotechnology — 4.1%
2seventy bio Inc.(a)(b)		239,589		4,087,388
4D Molecular Therapeutics Inc.(a)		260,877		3,944,460
89bio Inc.(a)(b)		103,103		388,698
Acumen Pharmaceuticals Inc.(a)(b)		109,760		429,162
Adagio Therapeutics Inc.(a)(b)		248,155		1,131,587
Adicet Bio Inc.(a)(b)		261,493		5,222,015
Adverum Biotechnologies Inc.(a)(b)		882,111		1,155,565
Aeglea BioTherapeutics Inc.(a)(b)		391,598		900,675
Aerovate Therapeutics Inc.(a)(b)		57,230		1,049,026
Agios Pharmaceuticals Inc.(a)(b)		555,884		16,181,783
Akebia Therapeutics Inc.(a)(b)		1,051,774		755,069
Akero Therapeutics Inc.(a)(b)		64,733		918,561
Akouos Inc.(a)(b)		246,199		1,169,445
Albireo Pharma Inc.(a)(b)		31,896		951,458
Allogene Therapeutics Inc.(a)(b)		411,111		3,745,221

102 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Altimmune Inc.(a)		417,615	$	2,543,275
AnaptysBio Inc.(a)(b)		198,147		4,902,157
Anika Therapeutics Inc.(a)		148,784		3,735,966
Annexon Inc.(a)		318,518		869,554
Applied Therapeutics Inc.(a)(b)		43,793		92,403
AquaBounty Technologies Inc.(a)(b)		438,622		820,223
Arbutus Biopharma Corp.(a)(b)		834,193		2,485,895
Arcellx Inc.(a)		45,229		634,111
Arcturus Therapeutics Holdings Inc.(a)(b)		214,151		5,773,511
Arcus Biosciences Inc.(a)(b)		457,730		14,445,959
Arcutis Biotherapeutics Inc.(a)(b)		257,529		4,960,009
Ardelyx Inc.(a)		207,708		222,248
Atara Biotherapeutics Inc.(a)(b)		817,908		7,598,365
Athenex Inc.(a)(b)		363,437		301,471
Athersys Inc.(a)(b)		290,393		175,833
Atossa Therapeutics Inc.(a)(b)		1,105,686		1,382,108
Atreca Inc., Class A(a)(b)		260,181		824,774
Aura Biosciences Inc.(a)(b)		19,871		437,162
Avid Bioservices Inc.(a)(b)		38,202		778,175
Avidity Biosciences Inc.(a)		318,865		5,889,437
Avrobio Inc.(a)(b)		377,966		498,915
BioCryst Pharmaceuticals Inc.(a)(b)		1,655,795		26,923,227
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		187,740		22,260,332
Black Diamond Therapeutics Inc.(a)(b)		231,354		640,851
Bluebird Bio Inc.(a)(b)		687,387		3,333,827
Blueprint Medicines Corp.(a)(b)		38,721		2,473,497
Bolt Biotherapeutics Inc.(a)		237,181		649,876
Bridgebio Pharma Inc.(a)(b)		363,605		3,690,591
Brooklyn ImmunoTherapeutics Inc.(a)(b)		30,381		62,281
Cardiff Oncology Inc.(a)		381,095		945,116
Caribou Biosciences Inc.(a)(b)		228,573		2,098,300
Catalyst Pharmaceuticals Inc.(a)		996,003		8,256,865
Celldex Therapeutics Inc.(a)(b)		99,296		3,382,022
CEL-SCI Corp.(a)		36		141
Century Therapeutics Inc.(a)(b)		70,413		886,500
ChemoCentryx Inc.(a)(b)		514,428		12,896,710
Chimerix Inc.(a)		221,074		1,012,519
Chinook Therapeutics Inc.(a)		413,482		6,764,566
Clene Inc.(a)(b)		73,092		287,982
Cogent Biosciences Inc.(a)		271,477		2,033,363
Crinetics Pharmaceuticals Inc.(a)		64,823		1,422,865
Cullinan Oncology Inc.(a)(b)		251,872		2,637,100
Curis Inc.(a)		112,606		268,002
Cyteir Therapeutics Inc.(a)(b)		71,877		270,976
Cytokinetics Inc.(a)(b)		60,952		2,243,643
CytomX Therapeutics Inc.(a)(b)		98,202		262,199
Day One Biopharmaceuticals Inc.(a)(b)		92,967		922,233
Deciphera Pharmaceuticals Inc.(a)(b)		57,570		533,674
Design Therapeutics Inc.(a)(b)		116,343		1,878,939
Dyne Therapeutics Inc.(a)(b)		308,568		2,974,596
Eagle Pharmaceuticals Inc./DE(a)		59,407		2,940,052
Eiger BioPharmaceuticals Inc.(a)(b)		334,683		2,777,869
Eliem Therapeutics Inc.(a)(b)		27,449		230,297
Emergent BioSolutions Inc.(a)(b)		500,109		20,534,476
Enanta Pharmaceuticals Inc.(a)		180,302		12,833,896
Entrada Therapeutics Inc.(a)(b)		36,713		344,735
Erasca Inc.(a)(b)		266,684		2,293,482
Exagen Inc.(a)(b)		66,793		536,348
FibroGen Inc.(a)(b)		78,950		948,979
Finch Therapeutics Group Inc.(a)(b)		73,287		368,634

Security	Shares		Value
Biotechnology (continued)
Foghorn Therapeutics Inc.(a)(b)		169,049	$	2,574,616
Forma Therapeutics Holdings Inc.(a)		354,904		3,300,607
Frequency Therapeutics Inc.(a)(b)		307,007		650,855
G1 Therapeutics Inc.(a)(b)		166,985		1,269,086
Gemini Therapeutics Inc.(a)(b)		175,744		244,284
Generation Bio Co.(a)(b)		34,769		255,204
Geron Corp.(a)(b)		3,136,484		4,265,618
Gossamer Bio Inc.(a)(b)		633,710		5,500,603
Graphite Bio Inc.(a)(b)		119,446		609,175
Gritstone bio Inc.(a)(b)		431,677		1,778,509
Homology Medicines Inc.(a)(b)		417,148		1,268,130
Hookipa Pharma Inc.(a)(b)		48,277		110,072
iBio Inc.(a)(b)		2,154,679		922,634
Icosavax Inc.(a)		100,048		704,338
Ideaya Biosciences Inc.(a)(b)		256,085		2,865,591
Imago Biosciences Inc.(a)(b)		84,565		1,629,568
Immuneering Corp., Class A(a)(b)		75,657		489,501
Immunic Inc.(a)(b)		194,489		2,197,726
ImmunityBio Inc.(a)(b)		627,385		3,519,630
ImmunoGen Inc.(a)		1,007,563		4,796,000
Immunovant Inc.(a)(b)		152,592		840,782
Impel Neuropharma Inc.(a)(b)		15,714		100,098
Infinity Pharmaceuticals Inc.(a)(b)		82,191		93,698
Inovio Pharmaceuticals Inc.(a)(b)		2,113,163		7,586,255
Inozyme Pharma Inc.(a)(b)		138,446		566,244
Instil Bio Inc.(a)(b)		298,857		3,212,713
iTeos Therapeutics Inc.(a)		207,271		6,669,981
IVERIC bio Inc.(a)(b)		938,883		15,801,401
Janux Therapeutics Inc.(a)(b)		72,876		1,045,042
Jounce Therapeutics Inc.(a)		348,764		2,368,108
Kezar Life Sciences Inc.(a)(b)		387,087		6,433,386
Kiniksa Pharmaceuticals Ltd., Class A(a)		161,412		1,604,435
Kinnate Biopharma Inc.(a)(b)		244,867		2,757,202
Kronos Bio Inc.(a)		363,446		2,627,715
Krystal Biotech Inc.(a)(b)		131,988		8,782,482
Kura Oncology Inc.(a)(b)		654,666		10,527,029
Lexicon Pharmaceuticals Inc.(a)(b)		403,850		844,047
Ligand Pharmaceuticals Inc.(a)(b)		135,552		15,248,245
Lineage Cell Therapeutics Inc.(a)(b)		1,252,095		1,928,226
Lyell Immunopharma Inc.(a)(b)		649,802		3,281,500
MacroGenics Inc.(a)		46,304		407,938
Magenta Therapeutics Inc.(a)		17,522		50,814
MannKind Corp.(a)(b)		2,279,705		8,389,314
MeiraGTx Holdings PLC(a)		292,986		4,057,856
Mersana Therapeutics Inc.(a)(b)		224,278		894,869
MiMedx Group Inc.(a)(b)		394,679		1,858,938
Mirum Pharmaceuticals Inc.(a)		22,223		489,350
Monte Rosa Therapeutics Inc.(a)(b)		121,026		1,696,785
Mustang Bio Inc.(a)(b)		703,401		710,435
Myriad Genetics Inc.(a)(b)		813,680		20,504,736
Neoleukin Therapeutics Inc.(a)(b)		265,086		498,362
NexImmune Inc.(a)(b)		62,775		264,283
Nkarta Inc.(a)(b)		146,513		1,667,318
Nurix Therapeutics Inc.(a)		26,338		368,995
Nuvalent Inc., Class A(a)(b)		76,852		1,067,474
Olema Pharmaceuticals Inc.(a)		134,665		573,673
Omega Therapeutics Inc.(a)(b)		89,042		555,622
Oncocyte Corp.(a)(b)		177,647		264,694
Oncorus Inc.(a)		201,743		359,103
Oncternal Therapeutics Inc.(a)(b)		442,437		614,987

S C H E D U L E   O F   I N V E S T M E N T S 103

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
OPKO Health Inc.(a)(b)		4,078,152	$	14,028,843
ORIC Pharmaceuticals Inc.(a)		277,497		1,481,834
Oyster Point Pharma Inc.(a)(b)		114,919		1,337,657
Passage Bio Inc.(a)(b)		383,180		1,187,858
Portage Biotech Inc.(a)(b)		38,538		253,195
Poseida Therapeutics Inc.(a)(b)		284,432		1,274,255
Praxis Precision Medicines Inc.(a)(b)		312,650		3,192,157
Precigen Inc.(a)(b)		123,480		260,543
Prometheus Biosciences Inc.(a)		268,470		10,137,427
Prothena Corp. PLC(a)(b)		87,841		3,212,345
Pyxis Oncology Inc.(a)		38,864		157,011
Rallybio Corp.(a)(b)		72,532		506,273
Recursion Pharmaceuticals Inc., Class A(a)(b)		393,996		2,821,011
REGENXBIO Inc.(a)(b)		192,141		6,377,160
Relay Therapeutics Inc.(a)(b)		77,183		2,310,087
Reneo Pharmaceuticals Inc.(a)(b)		20,766		61,052
Replimune Group Inc.(a)		90,000		1,528,200
REVOLUTION Medicines Inc.(a)(b)		525,734		13,411,474
Rhythm Pharmaceuticals Inc.(a)(b)		451,307		5,199,057
Sana Biotechnology Inc.(a)(b)		46,410		383,347
Sangamo Therapeutics Inc.(a)(b)		126,897		737,272
Scholar Rock Holding Corp.(a)(b)		43,808		564,685
Selecta Biosciences Inc.(a)(b)		841,355		1,034,867
Sensei Biotherapeutics Inc.(a)(b)		211,561		488,706
Shattuck Labs Inc.(a)		48,864		208,161
Sigilon Therapeutics Inc.(a)(b)		126,326		185,699
Silverback Therapeutics Inc.(a)(b)		204,342		717,240
Solid Biosciences Inc.(a)(b)		598,295		717,954
Sorrento Therapeutics Inc.(a)(b)		301,938		703,516
Spero Therapeutics Inc.(a)(b)		25,409		221,058
Spruce Biosciences Inc.(a)(b)		80,808		162,424
SQZ Biotechnologies Co.(a)		225,389		1,084,121
Surface Oncology Inc.(a)(b)		353,209		1,038,434
Sutro Biopharma Inc.(a)(b)		413,533		3,399,241
Syndax Pharmaceuticals Inc.(a)(b)		378,938		6,585,942
Syros Pharmaceuticals Inc.(a)(b)		302,366		359,816
Talaris Therapeutics Inc.(a)		65,410		643,634
Taysha Gene Therapies Inc.(a)(b)		39,546		257,840
TCR2 Therapeutics Inc.(a)(b)		314,525		868,089
Tenaya Therapeutics Inc.(a)(b)		130,981		1,542,956
Tonix Pharmaceuticals Holding Corp.(a)(b)		5,115,878		1,177,675
Travere Therapeutics Inc.(a)(b)		562,706		14,500,934
Trevena Inc.(a)(b)		1,076,418		591,922
Turning Point Therapeutics Inc.(a)(b)		420,201		11,282,397
Tyra Biosciences Inc.(a)(b)		48,349		517,334
UroGen Pharma Ltd.(a)(b)		51,293		446,762
Vanda Pharmaceuticals Inc.(a)		558,317		6,314,565
Vaxart Inc.(a)(b)		114,631		577,740
Vaxcyte Inc.(a)(b)		309,641		7,477,830
VBI Vaccines Inc.(a)(b)		238,912		396,594
Vera Therapeutics Inc.(a)(b)		57,233		1,344,403
Veracyte Inc.(a)(b)		691,432		19,062,780
Verve Therapeutics Inc.(a)(b)		155,316		3,544,311
Vigil Neuroscience Inc.(a)(b)		24,302		170,843
Viking Therapeutics Inc.(a)(b)		705,706		2,117,118
Viracta Therapeutics Inc.(a)(b)		293,973		1,399,311
VistaGen Therapeutics Inc.(a)		296,801		368,033
Vor BioPharma Inc.(a)(b)		177,080		1,069,563
Werewolf Therapeutics Inc.(a)(b)		83,036		365,358
XBiotech Inc.		148,266		1,281,018

Security	Shares		Value
Biotechnology (continued)
Xilio Therapeutics Inc.(a)(b)		27,792	$	196,489
XOMA Corp.(a)		57,417		1,606,528
				600,241,056
Building Products — 0.9%
American Woodmark Corp.(a)(b)		169,335		8,288,948
Apogee Enterprises Inc.		250,213		11,875,109
Caesarstone Ltd.		228,335		2,402,084
Gibraltar Industries Inc.(a)		239,286		10,277,334
Griffon Corp.		527,469		10,565,204
Insteel Industries Inc.		174,476		6,453,867
JELD-WEN Holding Inc.(a)(b)		564,066		11,439,259
PGT Innovations Inc.(a)		310,451		5,581,909
Quanex Building Products Corp.		342,394		7,186,850
Resideo Technologies Inc.(a)		1,306,015		31,122,337
UFP Industries Inc.		59,097		4,559,925
View Inc.(a)(b)		1,037,733		1,909,429
Zurn Water Solutions Corp.		585,165		20,714,841
				132,377,096
Capital Markets — 1.1%
Assetmark Financial Holdings Inc.(a)		186,831		4,156,990
Associated Capital Group Inc., Class A		19,154		802,744
B. Riley Financial Inc.		206,267		14,430,439
BGC Partners Inc., Class A		3,239,133		14,252,185
Blucora Inc.(a)		313,953		6,137,781
Cowen Inc., Class A		267,862		7,259,060
Diamond Hill Investment Group Inc.		31,260		5,854,998
Donnelley Financial Solutions Inc.(a)		284,959		9,477,737
Federated Hermes Inc.		953,200		32,465,992
GCM Grosvenor Inc., Class A		53,006		514,688
Houlihan Lokey Inc.		66,858		5,870,133
Moelis & Co., Class A		284,217		13,343,988
Oppenheimer Holdings Inc., Class A, NVS		94,221		4,106,151
Piper Sandler Cos		179,074		23,503,463
PJT Partners Inc., Class A		39,414		2,487,812
Sculptor Capital Management Inc.		225,655		3,143,374
StoneX Group Inc.(a)(b)		162,161		12,037,211
WisdomTree Investments Inc.		341,545		2,004,869
				161,849,615
Chemicals — 1.8%
AdvanSix Inc.		277,836		14,194,641
American Vanguard Corp.		230,051		4,674,636
Amyris Inc.(a)(b)		1,624,153		7,081,307
Avient Corp.		833,720		40,018,560
Chase Corp.		55,815		4,850,882
Ecovyst Inc.		607,922		7,027,578
Ferro Corp.(a)		136,057		2,957,879
FutureFuel Corp.		288,081		2,803,028
GCP Applied Technologies Inc.(a)		684,871		21,518,647
Hawkins Inc.		65,216		2,993,414
HB Fuller Co.		440,248		29,087,185
Innospec Inc.		173,419		16,049,929
Intrepid Potash Inc.(a)(b)		102,912		8,453,192
Koppers Holdings Inc.		211,416		5,818,168
Kronos Worldwide Inc.		193,659		3,005,588
Minerals Technologies Inc.		335,828		22,215,022
Rayonier Advanced Materials Inc.(a)		638,382		4,194,170
Sensient Technologies Corp.		209,072		17,551,594
Stepan Co.		200,354		19,796,979
Tredegar Corp.		55,115		660,829

104 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Tronox Holdings PLC, Class A		1,172,344	$	23,200,688
Valhi Inc.		23,592		691,482
Zymergen Inc.(a)(b)		683,303		1,974,746
				260,820,144
Commercial Services & Supplies — 1.9%
ABM Industries Inc.		689,096		31,725,980
ACCO Brands Corp.		945,695		7,565,560
Aris Water Solution Inc., A		115,443		2,101,063
Brady Corp., Class A, NVS		482,482		22,324,442
BrightView Holdings Inc.(a)(b)		481,259		6,549,935
Casella Waste Systems Inc., Class A(a)		40,683		3,565,865
CECO Environmental Corp.(a)(b)		315,679		1,733,078
CompX International Inc.		10,997		258,649
CoreCivic Inc.(a)		1,226,005		13,694,476
Deluxe Corp.		436,288		13,193,349
Ennis Inc.		257,626		4,758,352
GEO Group Inc. (The)(a)		1,218,065		8,051,410
Harsco Corp.(a)		463,829		5,677,267
Healthcare Services Group Inc.		365,885		6,794,484
Heritage-Crystal Clean Inc.(a)		97,120		2,875,723
HNI Corp.		400,527		14,839,525
Interface Inc.		467,118		6,338,791
KAR Auction Services Inc.(a)		1,232,609		22,248,592
Kimball International Inc., Class B		368,270		3,111,882
Matthews International Corp., Class A		315,775		10,218,479
MillerKnoll Inc.		760,115		26,269,574
NL Industries Inc.		88,814		638,573
Steelcase Inc., Class A		879,679		10,512,164
Team Inc.(a)		270,116		596,956
U.S. Ecology Inc.(a)(b)		285,562		13,672,709
UniFirst Corp./MA		154,452		28,462,415
VSE Corp.		107,188		4,940,295
				272,719,588
Communications Equipment — 0.6%
ADTRAN Inc.		460,181		8,490,340
Aviat Networks Inc.(a)(b)		100,440		3,090,539
Calix Inc.(a)(b)		98,024		4,206,210
Comtech Telecommunications Corp.		262,727		4,122,187
Digi International Inc.(a)(b)		354,972		7,638,997
DZS Inc.(a)(b)		101,120		1,402,534
EMCORE Corp.(a)(b)		320,527		1,185,950
Harmonic Inc.(a)(b)		760,499		7,065,036
Inseego Corp.(a)(b)		680,481		2,755,948
KVH Industries Inc.(a)		152,282		1,385,766
NETGEAR Inc.(a)(b)		297,818		7,350,148
NetScout Systems Inc.(a)		717,837		23,028,211
Plantronics Inc.(a)		253,704		9,995,938
Ribbon Communications Inc.(a)		722,048		2,231,128
Viavi Solutions Inc.(a)		269,678		4,336,422
				88,285,354
Construction & Engineering — 1.7%
API Group Corp.(a)(b)		2,056,318		43,244,368
Arcosa Inc.		495,722		28,380,084
Argan Inc.		152,766		6,200,772
Concrete Pumping Holdings Inc.(a)(b)		256,087		1,715,783
Dycom Industries Inc.(a)(b)		55,119		5,250,636
EMCOR Group Inc.		489,597		55,143,310
Fluor Corp.(a)(b)		1,452,607		41,675,295
Granite Construction Inc.		468,102		15,353,746

Security	Shares		Value
Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.(a)		659,080	$	9,246,892
Infrastructure and Energy Alternatives Inc.(a)		162,350		1,923,847
INNOVATE Corp.(a)(b)		479,929		1,770,938
Matrix Service Co.(a)		279,541		2,297,827
MYR Group Inc.(a)		42,673		4,012,969
Northwest Pipe Co.(a)		99,021		2,520,084
NV5 Global Inc.(a)(b)		102,492		13,662,184
Primoris Services Corp.		546,582		13,019,583
Sterling Construction Co. Inc.(a)(b)		228,361		6,120,075
Tutor Perini Corp.(a)		428,401		4,626,731
				256,165,124
Construction Materials — 0.3%
Summit Materials Inc., Class A(a)(b)		1,208,386		37,532,469
United States Lime & Minerals Inc.		19,228		2,231,217
				39,763,686
Consumer Finance — 1.2%
Encore Capital Group Inc.(a)(b)		253,650		15,911,464
Enova International Inc.(a)(b)		371,771		14,116,145
EZCORP Inc., Class A, NVS(a)		525,778		3,175,699
FirstCash Holdings Inc.		376,392		26,475,413
Green Dot Corp., Class A(a)		493,662		13,565,832
LendingClub Corp.(a)		1,030,059		16,254,331
Navient Corp.		1,547,594		26,371,002
Nelnet Inc., Class A		173,527		14,748,060
Oportun Financial Corp.(a)		221,656		3,182,980
PRA Group Inc.(a)(b)		439,849		19,828,393
PROG Holdings Inc.(a)		487,318		14,020,139
Regional Management Corp.		48,181		2,340,151
World Acceptance Corp.(a)(b)		43,430		8,331,611
				178,321,220
Containers & Packaging — 0.3%
Greif Inc., Class A, NVS		223,838		14,562,900
Greif Inc., Class B		54,813		3,494,877
Myers Industries Inc.		200,511		4,331,038
Pactiv Evergreen Inc.		439,267		4,419,026
Ranpak Holdings Corp.(a)(b)		319,236		6,521,991
TriMas Corp.		441,368		14,163,499
				47,493,331
Diversified Consumer Services — 1.0%
2U Inc.(a)		121,342		1,611,422
Adtalem Global Education Inc.(a)(b)		505,987		15,032,874
American Public Education Inc.(a)		191,255		4,062,256
Carriage Services Inc.		128,196		6,836,693
Coursera Inc.(a)(b)		747,977		17,233,390
European Wax Center Inc., Class A(a)(b)		73,533		2,173,636
Graham Holdings Co., Class B		39,045		23,874,846
Houghton Mifflin Harcourt Co.(a)		83,526		1,754,881
Laureate Education Inc., Class A		1,012,968		12,003,671
OneSpaWorld Holdings Ltd.(a)(b)		267,966		2,733,253
Perdoceo Education Corp.(a)		712,082		8,174,701
PowerSchool Holdings Inc., Class A(a)(b)		360,164		5,946,308
Regis Corp.(a)(b)		36,802		78,020
StoneMor Inc.(a)(b)		329,974		861,232
Strategic Education Inc.		249,080		16,533,930
Stride Inc.(a)(b)		401,559		14,588,638
Udemy Inc.(a)(b)		122,536		1,526,799
Vivint Smart Home Inc.(a)(b)		687,932		4,650,420
WW International Inc.(a)(b)		369,143		3,776,333
				143,453,303

S C H E D U L E   O F   I N V E S T M E N T S 105

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services — 0.3%
Alerus Financial Corp.		159,587	$	4,410,985
A-Mark Precious Metals Inc.		91,705		7,092,465
Banco Latinoamericano de Comercio Exterior SA, Class E		314,302		4,896,825
Cannae Holdings Inc.(a)(b)		867,810		20,758,015
				37,158,290
Diversified Telecommunication Services — 0.5%
Anterix Inc.(a)		83,961		4,861,342
ATN International Inc.		111,979		4,465,722
Consolidated Communications Holdings Inc.(a)		739,607		4,363,681
EchoStar Corp., Class A(a)(b)		384,890		9,368,223
Globalstar Inc.(a)(b)		771,001		1,133,371
IDT Corp., Class B(a)		37,463		1,277,114
Iridium Communications Inc.(a)(b)		296,544		11,956,654
Liberty Latin America Ltd., Class A(a)		435,168		4,221,130
Liberty Latin America Ltd., Class C, NVS(a)		1,562,547		14,984,826
Ooma Inc.(a)(b)		90,840		1,361,692
Radius Global Infrastructure Inc., Class A(a)(b)		730,115		10,426,042
				68,419,797
Electric Utilities — 1.3%
ALLETE Inc.		535,095		35,840,663
MGE Energy Inc.		372,091		29,689,141
Otter Tail Corp.		422,046		26,377,875
PNM Resources Inc.		872,537		41,593,839
Portland General Electric Co.		919,788		50,726,308
Via Renewables Inc.		16,866		138,976
				184,366,802
Electrical Equipment — 0.7%
Advent Technologies Holdings Inc.(a)(b)		82,793		192,080
Allied Motion Technologies Inc.		8,678		258,952
American Superconductor Corp.(a)(b)		282,236		2,147,816
Array Technologies Inc.(a)(b)		1,000,821		11,279,253
AZZ Inc.		250,776		12,097,434
Babcock & Wilcox Enterprises Inc.(a)(b)		408,061		3,329,778
Beam Global(a)(b)		11,801		241,330
Encore Wire Corp.(b)		201,441		22,978,375
EnerSys		373,920		27,883,214
FuelCell Energy Inc.(a)(b)		856,184		4,931,620
GrafTech International Ltd.		230,387		2,216,323
Powell Industries Inc.		92,738		1,800,972
Preformed Line Products Co.		29,718		1,884,716
Romeo Power Inc.(a)(b)		260,854		388,672
Thermon Group Holdings Inc.(a)(b)		340,992		5,524,070
				97,154,605
Electronic Equipment, Instruments & Components — 1.7%
Aeva Technologies Inc.(a)(b)		1,082,003		4,685,073
Belden Inc.		452,393		25,062,572
Benchmark Electronics Inc.		360,441		9,025,443
CTS Corp.(b)		253,407		8,955,403
Daktronics Inc.(a)(b)		384,513		1,476,530
ePlus Inc.(a)		271,992		15,247,872
Fabrinet(a)		53,568		5,631,604
FARO Technologies Inc.(a)		92,146		4,784,220
Identiv Inc.(a)(b)		17,151		277,332
II-VI Inc.(a)(b)		75,461		5,470,168
Insight Enterprises Inc.(a)(b)		229,714		24,652,906
Itron Inc.(a)(b)		82,039		4,321,815
Kimball Electronics Inc.(a)(b)		231,394		4,625,566
Knowles Corp.(a)		898,751		19,350,109

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Methode Electronics Inc.		378,776	$	16,382,062
OSI Systems Inc.(a)		152,716		12,999,186
PC Connection Inc.		114,764		6,012,486
Plexus Corp.(a)		32,276		2,640,500
Rogers Corp.(a)(b)		23,389		6,354,791
Sanmina Corp.(a)(b)		638,329		25,801,258
ScanSource Inc.(a)		258,991		9,010,297
TTM Technologies Inc.(a)		1,063,403		15,759,632
Vishay Intertechnology Inc.		1,175,652		23,042,779
Vishay Precision Group Inc.(a)		123,414		3,967,760
				255,537,364
Energy Equipment & Services — 1.9%
Archrock Inc.		1,375,614		12,696,917
Bristow Group Inc.(a)		241,476		8,953,930
ChampionX Corp.(a)		1,688,017		41,322,656
Dril-Quip Inc.(a)(b)		359,373		13,422,582
Expro Group Holdings NV(a)(b)		408,302		7,259,610
Helix Energy Solutions Group Inc.(a)		1,424,703		6,810,080
Helmerich & Payne Inc.		1,052,376		45,020,645
Liberty Oilfield Services Inc., Class A(a)(b)		624,491		9,254,957
Nabors Industries Ltd.(a)		72,719		11,105,646
National Energy Services Reunited Corp.(a)(b)		385,799		3,240,712
Newpark Resources Inc.(a)(b)		939,925		3,440,125
NexTier Oilfield Solutions Inc.(a)		1,590,052		14,692,080
Oceaneering International Inc.(a)		1,019,901		15,461,699
Oil States International Inc.(a)		633,336		4,401,685
Patterson-UTI Energy Inc.		1,908,335		29,541,026
ProPetro Holding Corp.(a)		882,489		12,293,072
RPC Inc.(a)		692,741		7,391,546
Select Energy Services Inc., Class A(a)		650,108		5,571,426
Solaris Oilfield Infrastructure Inc., Class A		230,182		2,598,755
TETRA Technologies Inc.(a)(b)		294,807		1,211,657
Tidewater Inc.(a)(b)		421,346		9,160,062
U.S. Silica Holdings Inc.(a)		754,368		14,076,507
				278,927,375
Entertainment — 1.3%
AMC Entertainment Holdings Inc., Class A(a)(b)		5,275,375		129,985,240
Chicken Soup For The Soul Entertainment Inc.(a)(b)		55,169		440,800
Cinemark Holdings Inc.(a)(b)		191,681		3,312,248
CuriosityStream Inc.(a)(b)		213,456		619,022
Eros STX Global Corp.(a)(b)		163,524		456,232
IMAX Corp.(a)		451,491		8,546,725
Lions Gate Entertainment Corp., Class A(a)(b)		600,914		9,764,853
Lions Gate Entertainment Corp., Class B, NVS(a)(b)		1,201,672		18,061,130
Madison Square Garden Entertainment Corp.(a)(b)		267,337		22,271,845
Marcus Corp. (The)(a)		234,430		4,149,411
				197,607,506
Equity Real Estate Investment Trusts (REITs) — 11.3%
Acadia Realty Trust		887,621		19,234,747
Agree Realty Corp.		720,027		47,780,992
Alexander & Baldwin Inc.		741,701		17,200,046
American Assets Trust Inc.		507,868		19,243,119
Apartment Investment & Management Co., Class A(a)		1,550,376		11,348,752
Apple Hospitality REIT Inc.		2,181,492		39,201,411
Armada Hoffler Properties Inc.		674,887		9,853,350
Ashford Hospitality Trust Inc.(a)(b)		180,222		1,838,264
Braemar Hotels & Resorts Inc.(b)		583,706		3,607,303
Brandywine Realty Trust		1,737,865		24,573,411
Broadstone Net Lease Inc.		1,612,111		35,111,778

106 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
BRT Apartments Corp.		119,484	$	2,864,031
CareTrust REIT Inc.		986,434		19,038,176
CatchMark Timber Trust Inc., Class A		152,504		1,250,533
Centerspace		145,667		14,292,846
Chatham Lodging Trust(a)		485,710		6,697,941
City Office REIT Inc.		440,519		7,779,566
Clipper Realty Inc.		29,732		269,669
Community Healthcare Trust Inc.		86,518		3,651,925
Corporate Office Properties Trust		1,155,634		32,981,794
CTO Realty Growth Inc.		59,256		3,929,858
DiamondRock Hospitality Co.(a)		2,145,253		21,667,055
DigitalBridge Group Inc.(a)		4,964,335		35,743,212
Diversified Healthcare Trust		2,425,265		7,760,848
Easterly Government Properties Inc.		886,856		18,748,136
Empire State Realty Trust Inc., Class A		1,464,478		14,381,174
Equity Commonwealth(a)		1,114,114		31,429,156
Essential Properties Realty Trust Inc.		1,229,736		31,112,321
Farmland Partners Inc.		289,312		3,978,040
Four Corners Property Trust Inc.		782,456		21,157,610
Franklin Street Properties Corp., Class C		1,041,152		6,142,797
Getty Realty Corp.		416,292		11,914,277
Gladstone Commercial Corp.		275,880		6,074,878
Gladstone Land Corp.		132,102		4,811,155
Global Medical REIT Inc.		613,402		10,010,721
Global Net Lease Inc.		1,066,142		16,770,414
Healthcare Realty Trust Inc.		1,509,579		41,483,231
Hersha Hospitality Trust, Class A(a)		334,855		3,040,483
Independence Realty Trust Inc.		2,256,618		59,664,980
Indus Realty Trust Inc.		13,813		1,009,592
Industrial Logistics Properties Trust		666,332		15,105,746
Innovative Industrial Properties Inc.		114,846		23,589,368
iStar Inc.		681,126		15,945,160
Kite Realty Group Trust		2,211,726		50,361,001
LTC Properties Inc.		398,559		15,332,565
LXP Industrial Trust		2,860,277		44,906,349
Macerich Co. (The)		2,187,314		34,209,591
National Health Investors Inc.		447,073		26,381,778
Necessity Retail REIT Inc.		1,203,219		9,517,462
NETSTREIT Corp.		406,880		9,130,387
NexPoint Residential Trust Inc.		184,543		16,666,078
Office Properties Income Trust		489,540		12,595,864
One Liberty Properties Inc.		164,532		5,065,940
Outfront Media Inc.		1,187,552		33,762,103
Paramount Group Inc.		1,904,271		20,775,597
Pebblebrook Hotel Trust(b)		1,322,349		32,371,104
Phillips Edison & Co. Inc.		1,018,748		35,034,744
Physicians Realty Trust		2,254,852		39,550,104
Piedmont Office Realty Trust Inc., Class A		1,265,995		21,800,434
Plymouth Industrial REIT Inc.		316,660		8,581,486
Postal Realty Trust Inc., Class A		161,032		2,708,558
PotlatchDeltic Corp.		676,100		35,650,753
Preferred Apartment Communities Inc., Class A		531,337		13,251,545
PS Business Parks Inc.		30,874		5,189,302
Retail Opportunity Investments Corp.		1,215,055		23,559,916
Retail Value Inc.		181,583		555,644
RLJ Lodging Trust		1,693,236		23,840,763
RPT Realty		856,240		11,790,425
Ryman Hospitality Properties Inc.(a)(b)		45,450		4,216,397
Sabra Health Care REIT Inc.		2,333,516		34,746,053
Safehold Inc.		71,943		3,989,239

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Saul Centers Inc.		8,336	$	439,307
Seritage Growth Properties, Class A(a)		378,885		4,796,684
Service Properties Trust		1,683,243		14,863,036
SITE Centers Corp.		1,771,663		29,604,489
STAG Industrial Inc.		1,830,654		75,697,543
Summit Hotel Properties Inc.(a)		1,060,334		10,560,927
Sunstone Hotel Investors Inc.(a)		2,227,834		26,243,885
Tanger Factory Outlet Centers Inc.		758,315		13,035,435
Terreno Realty Corp.		753,993		55,833,182
UMH Properties Inc.		60,834		1,495,908
Uniti Group Inc.		2,012,099		27,686,482
Universal Health Realty Income Trust		9,503		554,690
Urban Edge Properties		1,176,330		22,467,903
Urstadt Biddle Properties Inc., Class A		304,465		5,726,987
Veris Residential Inc.(a)		892,862		15,526,870
Washington Real Estate Investment Trust		861,511		21,968,530
Whitestone REIT		470,856		6,238,842
Xenia Hotels & Resorts Inc.(a)		1,158,346		22,344,494
				1,653,916,242
Food & Staples Retailing — 1.1%
Andersons Inc. (The)		189,785		9,538,594
BJ’s Wholesale Club Holdings Inc.(a)(b)		354,821		23,989,448
Chefs’ Warehouse Inc. (The)(a)(b)		299,212		9,754,311
HF Foods Group Inc.(a)(b)		369,918		2,463,654
Ingles Markets Inc., Class A		144,002		12,823,378
Natural Grocers by Vitamin Cottage Inc.		98,415		1,928,934
Performance Food Group Co.(a)(b)		136,638		6,956,241
PriceSmart Inc.		232,689		18,352,181
Rite Aid Corp.(a)(b)		567,253		4,963,464
SpartanNash Co.		367,737		12,131,644
Sprouts Farmers Market Inc.(a)		640,387		20,479,576
United Natural Foods Inc.(a)(b)		551,158		22,790,383
Village Super Market Inc., Class A		88,496		2,168,152
Weis Markets Inc.		167,978		11,996,989
				160,336,949
Food Products — 1.1%
B&G Foods Inc.(b)		650,586		17,552,810
Cal-Maine Foods Inc.		415,260		22,930,657
Fresh Del Monte Produce Inc.		345,627		8,955,196
Hostess Brands Inc.(a)		1,412,063		30,980,662
John B Sanfilippo & Son Inc.		29,699		2,478,085
Laird Superfood Inc.(a)		60,697		219,116
Lancaster Colony Corp.		23,300		3,475,195
Landec Corp.(a)		266,604		3,087,274
Limoneira Co.		124,777		1,831,726
Mission Produce Inc.(a)		333,686		4,221,128
Sanderson Farms Inc.		29,241		5,482,395
Seneca Foods Corp., Class A(a)		62,156		3,203,520
Simply Good Foods Co. (The)(a)		813,085		30,856,576
Sovos Brands Inc.(a)(b)		144,382		2,047,337
Tootsie Roll Industries Inc.(b)		162,008		5,663,797
TreeHouse Foods Inc.(a)(b)		528,623		17,053,378
Vita Coco Co. Inc. (The)(a)(b)		39,721		355,900
Whole Earth Brands Inc.(a)		380,809		2,726,593
				163,121,345
Gas Utilities — 2.1%
Brookfield Infrastructure Corp., Class A		648,811		48,946,302
Chesapeake Utilities Corp.		178,554		24,597,599
New Jersey Resources Corp.		985,679		45,203,239

S C H E D U L E   O F   I N V E S T M E N T S 107

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
Northwest Natural Holding Co.		311,875	$	16,130,175
ONE Gas Inc.		539,776		47,629,834
South Jersey Industries Inc.		1,053,415		36,395,488
Southwest Gas Holdings Inc.		673,809		52,752,507
Spire Inc.		518,097		37,178,641
				308,833,785
Health Care Equipment & Supplies — 1.2%
Alphatec Holdings Inc.(a)(b)		63,480		730,020
AngioDynamics Inc.(a)(b)		384,260		8,276,960
Artivion Inc.(a)(b)		46,542		995,068
Asensus Surgical Inc.(a)(b)		1,680,659		1,053,437
Avanos Medical Inc.(a)		491,865		16,477,477
Bioventus Inc., Class A(a)		78,343		1,104,636
Cue Health Inc.(a)(b)		57,604		371,546
CVRx Inc.(a)(b)		11,904		71,305
DarioHealth Corp.(a)(b)		142,422		831,744
Haemonetics Corp.(a)(b)		164,242		10,383,379
Integer Holdings Corp.(a)		332,602		26,797,743
Invacare Corp.(a)		343,919		484,926
Lantheus Holdings Inc.(a)		589,363		32,597,668
LivaNova PLC(a)(b)		107,264		8,777,413
Lucid Diagnostics Inc.(a)(b)		25,431		85,448
Meridian Bioscience Inc.(a)		386,990		10,046,260
Merit Medical Systems Inc.(a)		58,036		3,860,555
Mesa Laboratories Inc.		50,686		12,918,848
Natus Medical Inc.(a)		343,571		9,029,046
Neogen Corp.(a)		68,515		2,113,003
Neuronetics Inc.(a)(b)		23,357		70,772
OraSure Technologies Inc.(a)		731,004		4,956,207
Orthofix Medical Inc.(a)		195,314		6,386,768
Paragon 28 Inc.(a)(b)		20,904		349,933
PROCEPT BioRobotics Corp.(a)(b)		11,589		405,499
RxSight Inc.(a)(b)		34,533		427,519
SeaSpine Holdings Corp.(a)(b)		164,350		1,998,496
Sientra Inc.(a)(b)		77,177		171,333
Sight Sciences Inc.(a)(b)		40,542		468,665
Talis Biomedical Corp.(a)(b)		142,147		200,427
UFP Technologies Inc.(a)(b)		63,469		4,199,744
Utah Medical Products Inc.		30,416		2,733,182
Varex Imaging Corp.(a)		340,726		7,254,057
				176,629,084
Health Care Providers & Services — 1.9%
AdaptHealth Corp.(a)(b)		730,799		11,714,708
Addus HomeCare Corp.(a)		89,985		8,394,701
AirSculpt Technologies Inc.(a)		22,563		308,662
Brookdale Senior Living Inc.(a)(b)		1,878,959		13,246,661
Castle Biosciences Inc.(a)(b)		17,404		780,743
Community Health Systems Inc.(a)		165,660		1,966,384
Contra Zogenix Inc., NVS(b)		583,774		396,966
Covetrus Inc.(a)		1,056,702		17,742,027
Cross Country Healthcare Inc.(a)(b)		323,361		7,007,233
Fulgent Genetics Inc.(a)(b)		186,682		11,650,824
Invitae Corp.(a)(b)		1,525,221		12,156,011
LifeStance Health Group Inc.(a)(b)		271,477		2,744,632
MEDNAX Inc.(a)(b)		362,338		8,507,696
ModivCare Inc.(a)		85,656		9,883,846
National HealthCare Corp.		127,753		8,972,093
Option Care Health Inc.(a)(b)		1,624,586		46,398,176
Owens & Minor Inc.(b)		129,333		5,693,239

Security	Shares		Value
Health Care Providers & Services (continued)
Patterson Companies Inc.		653,700	$	21,160,269
SOC Telemed Inc.(a)		146,296		437,425
Tenet Healthcare Corp.(a)		956,280		82,201,829
Tivity Health Inc.(a)(b)		183,997		5,919,184
Viemed Healthcare Inc.(a)(b)		289,084		1,439,638
				278,722,947
Health Care Technology — 0.6%
Allscripts Healthcare Solutions Inc.(a)		1,260,440		28,385,109
American Well Corp., Class A(a)(b)		1,892,205		7,966,183
Computer Programs & Systems Inc.(a)		142,357		4,904,199
Convey Health Solutions Holdings Inc.(a)(b)		37,208		243,340
Evolent Health Inc., Class A(a)(b)		650,992		21,027,042
Forian Inc.(a)(b)		14,870		103,495
HealthStream Inc.(a)		264,085		5,260,573
Multiplan Corp.(a)(b)		2,828,322		13,236,547
NantHealth Inc.(a)(b)		89,438		67,400
NextGen Healthcare Inc.(a)(b)		575,712		12,038,138
				93,232,026
Hotels, Restaurants & Leisure — 0.6%
Biglari Holdings Inc., Class B, NVS(a)(b)		8,195		1,185,079
BJ’s Restaurants Inc.(a)(b)		18,074		511,494
Bluegreen Vacations Holding Corp.(a)(b)		149,206		4,412,021
Carrols Restaurant Group Inc.		339,628		767,559
Chuy’s Holdings Inc.(a)		109,870		2,966,490
Dave & Buster’s Entertainment Inc.(a)		239,541		11,761,463
Denny’s Corp.(a)		153,312		2,193,895
Drive Shack Inc.(a)(b)		461,718		711,046
El Pollo Loco Holdings Inc.(a)		192,612		2,238,152
F45 Training Holdings Inc.(a)(b)		138,396		1,480,837
Fiesta Restaurant Group Inc.(a)		179,137		1,339,049
First Watch Restaurant Group Inc.(a)		38,968		508,532
GAN Ltd.(a)(b)		362,578		1,747,626
Hall of Fame Resort & Entertainment Co.(a)(b)		551,159		611,787
Jack in the Box Inc.		186,862		17,454,779
Krispy Kreme Inc.(b)		267,142		3,967,059
Life Time Group Holdings Inc.(a)(b)		171,676		2,496,169
Monarch Casino & Resort Inc.(a)(b)		25,306		2,207,442
Nathan’s Famous Inc.		9,877		535,037
Portillo’s Inc., Class A(a)(b)		63,957		1,570,784
SeaWorld Entertainment Inc.(a)(b)		231,520		17,234,349
Sweetgreen Inc.(a)(b)		35,950		1,150,041
Target Hospitality Corp.(a)(b)		76,022		456,132
Xponential Fitness Inc., Class A(a)		53,521		1,254,532
				80,761,354
Household Durables — 1.4%
Bassett Furniture Industries Inc.		94,427		1,563,711
Beazer Homes USA Inc.(a)(b)		298,902		4,549,288
Cavco Industries Inc.(a)		28,043		6,754,157
Century Communities Inc.		108,182		5,795,310
Ethan Allen Interiors Inc.		228,652		5,960,958
Flexsteel Industries Inc.		67,508		1,302,904
Green Brick Partners Inc.(a)		226,177		4,469,257
Hamilton Beach Brands Holding Co., Class A		44,749		520,431
Hooker Furnishings Corp.		112,336		2,127,644
Hovnanian Enterprises Inc., Class A(a)(b)		53,974		3,189,863
iRobot Corp.(a)(b)		26,552		1,683,397
KB Home		665,742		21,556,726
Landsea Homes Corp.(a)		99,412		849,973
La-Z-Boy Inc.		450,032		11,867,344

108 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Legacy Housing Corp.(a)		82,744	$	1,775,686
Lifetime Brands Inc.		125,611		1,612,845
M/I Homes Inc.(a)		292,067		12,953,171
MDC Holdings Inc.		425,756		16,110,607
Meritage Homes Corp.(a)		355,659		28,178,863
Snap One Holdings Corp.(a)(b)		95,160		1,403,610
Taylor Morrison Home Corp.(a)(b)		1,072,192		29,185,066
Traeger Inc.(a)(b)		210,937		1,569,371
Tri Pointe Homes Inc.(a)(b)		1,043,493		20,953,339
Tupperware Brands Corp.(a)(b)		501,017		9,744,781
Universal Electronics Inc.(a)		132,042		4,124,992
VOXX International Corp.(a)(b)		157,649		1,571,761
Weber Inc., Class A(b)		144,206		1,417,545
				202,792,600
Household Products — 0.1%
Central Garden & Pet Co.(a)(b)		62,322		2,739,675
Central Garden & Pet Co., Class A, NVS(a)		251,788		10,267,915
Oil-Dri Corp. of America		53,542		1,533,978
				14,541,568
Independent Power and Renewable Electricity Producers — 0.6%
Clearway Energy Inc., Class A		273,310		9,106,689
Clearway Energy Inc., Class C		624,058		22,784,358
Ormat Technologies Inc.(b)		463,839		37,955,945
Sunnova Energy International Inc.(a)(b)		751,455		17,328,552
				87,175,544
Insurance — 2.5%
Ambac Financial Group Inc.(a)		471,495		4,903,548
American Equity Investment Life Holding Co.		848,816		33,876,247
American National Group Inc.		76,956		14,551,610
AMERISAFE Inc.		197,543		9,811,961
Argo Group International Holdings Ltd.		324,527		13,396,475
Bright Health Group Inc.(a)(b)		793,570		1,531,590
Citizens Inc./TX(a)(b)		516,769		2,191,101
CNO Financial Group Inc.		1,227,952		30,809,316
Crawford & Co., Class A, NVS		191,131		1,444,950
Donegal Group Inc., Class A		157,210		2,108,186
eHealth Inc.(a)(b)		178,601		2,216,438
Employers Holdings Inc.		282,849		11,602,466
Enstar Group Ltd.(a)(b)		126,816		33,117,998
Genworth Financial Inc., Class A(a)		5,181,965		19,587,828
Goosehead Insurance Inc., Class A		155,508		12,218,264
Greenlight Capital Re Ltd., Class A(a)(b)		278,632		1,969,928
HCI Group Inc.		59,022		4,024,120
Heritage Insurance Holdings Inc.		246,553		1,760,388
Horace Mann Educators Corp.		426,627		17,845,807
Investors Title Co.		11,045		2,244,454
James River Group Holdings Ltd.		317,464		7,854,059
Maiden Holdings Ltd.(a)(b)		680,260		1,639,427
MBIA Inc.(a)		491,454		7,563,477
MetroMile Inc.(a)(b)		1,132,939		1,495,479
National Western Life Group Inc., Class A		26,400		5,554,560
NI Holdings Inc.(a)(b)		87,611		1,485,883
ProAssurance Corp.		555,987		14,944,931
RLI Corp.		32,139		3,555,538
Safety Insurance Group Inc.		149,413		13,574,171
Selective Insurance Group Inc.		608,349		54,362,067
SiriusPoint Ltd.(a)		915,253		6,846,092
Stewart Information Services Corp.		271,872		16,478,162
Tiptree Inc.		240,595		3,091,646

Security	Shares		Value
Insurance (continued)
Trean Insurance Group Inc.(a)(b)		170,516	$	799,720
United Fire Group Inc.		216,716		6,733,366
United Insurance Holdings Corp.		219,948		728,028
Universal Insurance Holdings Inc.		286,062		3,858,976
				371,778,257
Interactive Media & Services — 0.1%
Cars.com Inc.(a)		605,462		8,736,817
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		184,034		377,270
MediaAlpha Inc., Class A(a)(b)		18,871		312,315
Outbrain Inc.(a)(b)		126,452		1,356,830
TrueCar Inc.(a)(b)		963,717		3,806,682
Yelp Inc.(a)(b)		53,250		1,816,357
				16,406,271
Internet & Direct Marketing Retail — 0.1%
1stdibs.com Inc.(a)		44,263		353,661
aka Brands Holding Corp.(a)(b)		34,638		153,100
Groupon Inc.(a)(b)		35,001		673,069
Lands’ End Inc.(a)(b)		148,643		2,515,040
Lulu’s Fashion Lounge Holdings Inc.(a)		39,624		268,651
PetMed Express Inc.		30,122		777,148
Rent the Runway Inc.(a)(b)		59,717		411,450
Revolve Group Inc.(a)(b)		137,019		7,356,550
Xometry Inc., Class A(a)(b)		54,806		2,014,120
				14,522,789
IT Services — 0.6%
Cass Information Systems Inc.		117,485		4,336,371
Conduent Inc.(a)(b)		1,727,389		8,913,327
CSG Systems International Inc.		175,270		11,141,914
DigitalOcean Holdings Inc.(a)(b)		28,946		1,674,526
Flywire Corp.(a)(b)		93,943		2,872,777
Hackett Group Inc. (The)		15,282		352,403
Limelight Networks Inc.(a)		1,283,002		6,697,270
LiveRamp Holdings Inc.(a)		675,668		25,263,227
MoneyGram International Inc.(a)(b)		921,553		9,731,600
Rackspace Technology Inc.(a)(b)		157,603		1,758,850
Remitly Global Inc.(a)(b)		18,874		186,286
Repay Holdings Corp.(a)(b)		494,309		7,300,944
StarTek Inc.(a)(b)		177,705		787,233
Unisys Corp.(a)(b)		144,968		3,132,759
				84,149,487
Leisure Products — 0.5%
Acushnet Holdings Corp.		246,074		9,906,939
American Outdoor Brands Inc.(a)(b)		142,709		1,873,769
Callaway Golf Co.(a)		1,183,285		27,712,535
Escalade Inc.		79,976		1,055,683
Genius Brands International Inc.(a)(b)		2,836,707		2,893,441
Johnson Outdoors Inc., Class A		20,645		1,604,736
Nautilus Inc.(a)		223,101		919,176
Solo Brands Inc., Class A(a)(b)		61,744		526,676
Sturm Ruger & Co. Inc.		11,420		795,061
Vista Outdoor Inc.(a)		576,710		20,582,780
				67,870,796
Life Sciences Tools & Services — 0.2%
Absci Corp.(a)(b)		232,956		1,963,819
Aduro Biotech Inc., NVS(c)		19,180		57,540
Alpha Teknova Inc.(a)(b)		30,469		420,777
Codex DNA Inc.(a)(b)		37,176		199,635
Cytek Biosciences Inc.(a)(b)		180,442		1,945,165
Fluidigm Corp.(a)(b)		693,038		2,488,007

S C H E D U L E   O F   I N V E S T M E N T S 109

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Harvard Bioscience Inc.(a)(b)		60,442	$	375,345
IsoPlexis Corp.(a)(b)		44,993		154,326
MaxCyte Inc.(a)(b)		435,497		3,044,124
NanoString Technologies Inc.(a)(b)		37,255		1,294,611
Pacific Biosciences of California Inc.(a)(b)		1,069,044		9,728,300
Personalis Inc.(a)(b)		338,687		2,773,847
Rapid Micro Biosystems Inc., Cass A(a)(b)		62,325		423,187
Seer Inc., Class A(a)(b)		268,210		4,087,520
Singular Genomics Systems Inc.(a)(b)		196,885		1,242,344
				30,198,547
Machinery — 3.2%
AgEagle Aerial Systems Inc.(a)(b)		239,431		284,923
Alamo Group Inc.		11,940		1,716,853
Albany International Corp., Class A		251,405		21,198,470
Altra Industrial Motion Corp.		663,242		25,820,011
Astec Industries Inc.		231,154		9,939,622
Barnes Group Inc.		483,962		19,450,433
Blue Bird Corp.(a)(b)		89,429		1,683,054
Chart Industries Inc.(a)(b)		151,260		25,981,930
Columbus McKinnon Corp./NY(b)		284,840		12,077,216
Commercial Vehicle Group Inc.(a)(b)		207,934		1,757,042
Desktop Metal Inc., Class A(a)		679,830		3,222,394
EnPro Industries Inc.		209,754		20,499,258
ESCO Technologies Inc.		236,996		16,570,760
Gorman-Rupp Co. (The)		189,526		6,800,193
Greenbrier Companies Inc. (The)		325,698		16,776,704
Hillenbrand Inc.		336,603		14,867,755
Hyliion Holdings Corp.(a)(b)		981,466		4,347,894
Hyster-Yale Materials Handling Inc.		102,130		3,391,737
Ideanomics Inc.(a)(b)		4,938,268		5,530,860
Kennametal Inc.		846,442		24,216,706
Lindsay Corp.		10,795		1,694,923
Luxfer Holdings PLC		159,485		2,679,348
Manitowoc Co. Inc. (The)(a)(b)		352,327		5,313,091
Mayville Engineering Co. Inc.(a)(b)		91,712		859,342
Meritor Inc.(a)		106,420		3,785,359
Miller Industries Inc./TN		104,740		2,949,478
Mueller Industries Inc.		352,186		19,077,916
Mueller Water Products Inc., Class A		1,472,676		19,026,974
NN Inc.(a)(b)		430,835		1,240,805
Park-Ohio Holdings Corp.		86,262		1,213,706
Proto Labs Inc.(a)(b)		238,861		12,635,747
RBC Bearings Inc.(a)(b)		244,530		47,409,476
REV Group Inc.		299,630		4,015,042
SPX Corp.(a)		72,824		3,598,234
SPX FLOW Inc.		394,179		33,986,113
Standex International Corp.		122,265		12,216,719
Titan International Inc.(a)		442,996		6,525,331
Trinity Industries Inc.		789,257		27,118,871
Wabash National Corp.		463,798		6,882,762
Watts Water Technologies Inc., Class A		124,061		17,317,675
				465,680,727
Marine — 0.5%
Costamare Inc.		542,903		9,256,496
Eagle Bulk Shipping Inc.		92,301		6,286,621
Genco Shipping & Trading Ltd.		330,666		7,810,331
Matson Inc.		425,262		51,295,103
Safe Bulkers Inc.		652,033		3,103,677
				77,752,228

Security	Shares		Value
Media — 1.4%
Advantage Solutions Inc.(a)(b)		778,290	$	4,965,490
AMC Networks Inc., Class A(a)(b)		147,228		5,981,874
Audacy Inc.(a)		1,200,446		3,469,289
Boston Omaha Corp., Class A(a)(b)		209,231		5,308,190
Clear Channel Outdoor Holdings Inc.(a)		3,391,723		11,735,361
comScore Inc.(a)(b)		724,568		2,108,493
Daily Journal Corp.(a)(b)		12,263		3,825,933
Emerald Holding Inc.(a)(b)		273,145		928,693
Entravision Communications Corp., Class A		627,219		4,020,474
EW Scripps Co. (The), Class A(a)		586,810		12,199,780
Fluent Inc.(a)(b)		447,661		931,135
Gannett Co. Inc.(a)(b)		1,439,911		6,493,999
Gray Television Inc.		865,302		19,097,215
Hemisphere Media Group Inc.(a)(b)		167,916		767,376
iHeartMedia Inc., Class A(a)(b)		623,188		11,796,949
Integral Ad Science Holding Corp.(a)		175,276		2,418,809
John Wiley & Sons Inc., Class A		440,969		23,384,586
National CineMedia Inc.		540,297		1,372,354
Scholastic Corp.		281,963		11,357,470
Sinclair Broadcast Group Inc., Class A		398,492		11,165,746
Stagwell Inc.(a)(b)		576,582		4,174,454
TEGNA Inc.		2,253,210		50,471,904
Thryv Holdings Inc.(a)(b)		16,001		449,948
WideOpenWest Inc.(a)(b)		200,824		3,502,370
				201,927,892
Metals & Mining — 1.9%
Allegheny Technologies Inc.(a)(b)		508,667		13,652,622
Arconic Corp.(a)(b)		1,091,206		27,956,698
Carpenter Technology Corp.		485,976		20,401,273
Century Aluminum Co.(a)		498,912		13,126,375
Coeur Mining Inc.(a)(b)		831,194		3,698,813
Commercial Metals Co.		1,227,479		51,087,676
Constellium SE(a)		1,261,179		22,701,222
Ferroglobe PLC		532,035		5
Gatos Silver Inc.(a)(b)		81,156		350,594
Haynes International Inc.		125,758		5,357,291
Hecla Mining Co.		3,827,826		25,148,817
Kaiser Aluminum Corp.		141,770		13,349,063
Materion Corp.		127,404		10,923,619
Olympic Steel Inc.		97,068		3,733,235
PolyMet Mining Corp.(a)(b)		165,564		693,713
Ryerson Holding Corp.		62,654		2,194,143
Schnitzer Steel Industries Inc., Class A		246,046		12,779,629
SunCoke Energy Inc.		843,352		7,514,266
TimkenSteel Corp.(a)(b)		471,617		10,318,980
Warrior Met Coal Inc.		473,837		17,584,091
Worthington Industries Inc.		336,118		17,279,827
				279,851,952
Mortgage Real Estate Investment — 2.4%
AFC Gamma Inc.		146,814		2,807,084
Angel Oak Mortgage Inc.		89,139		1,462,771
Apollo Commercial Real Estate Finance Inc.		1,434,701		19,985,385
Arbor Realty Trust Inc.		1,474,110		25,148,317
Ares Commercial Real Estate Corp.		426,410		6,617,883
ARMOUR Residential REIT Inc.		903,751		7,591,508
Blackstone Mortgage Trust Inc., Class A		1,611,697		51,235,848
BrightSpire Capital Inc.		854,402		7,903,219
Broadmark Realty Capital Inc.		1,299,590		11,241,453
Chicago Atlantic Real Estate Finance Inc., NVS		54,469		965,735

110 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Chimera Investment Corp.		2,404,150	$	28,945,966
Dynex Capital Inc.		357,336		5,788,843
Ellington Financial Inc.		543,274		9,643,114
Franklin BSP Realty Trust Inc.		368,087		5,145,856
Granite Point Mortgage Trust Inc.		548,304		6,097,140
Great Ajax Corp.		208,595		2,446,819
Hannon Armstrong Sustainable Infrastructure Capital Inc.		739,145		35,057,647
Invesco Mortgage Capital Inc.		3,232,467		7,370,025
KKR Real Estate Finance Trust Inc.		363,613		7,494,064
Ladder Capital Corp.		1,148,810		13,636,375
MFA Financial Inc.		4,510,612		18,177,766
New York Mortgage Trust Inc.		3,857,254		14,078,977
Orchid Island Capital Inc.		1,404,994		4,566,231
PennyMac Mortgage Investment Trust		795,551		13,436,856
Ready Capital Corp.		680,775		10,252,472
Redwood Trust Inc.		1,179,324		12,418,282
TPG RE Finance Trust Inc.		612,702		7,236,011
Two Harbors Investment Corp.		3,498,404		19,346,174
				356,097,821
Multi-Utilities — 0.9%
Avista Corp.		733,071		33,098,156
Black Hills Corp.		653,376		50,323,020
NorthWestern Corp.		555,284		33,589,129
Unitil Corp.		158,863		7,924,086
				124,934,391
Multiline Retail — 0.8%
Big Lots Inc.		309,389		10,704,859
Dillard’s Inc., Class A(b)		55,515		14,899,671
Franchise Group Inc.		251,236		10,408,708
Macy’s Inc.		3,075,094		74,909,290
				110,922,528
Oil, Gas & Consumable Fuels — 7.6%
Aemetis Inc.(a)(b)		280,568		3,554,797
Alto Ingredients Inc.(a)(b)		763,781		5,208,986
Antero Resources Corp.(a)(b)		2,566,018		78,340,530
Arch Resources Inc.(b)		123,709		16,995,142
Berry Corp.		686,530		7,084,990
Brigham Minerals Inc., Class A		449,456		11,483,601
California Resources Corp.		829,786		37,116,328
Callon Petroleum Co.(a)		67,128		3,965,922
Centennial Resource Development Inc./DE, Class A(a)		1,652,397		13,334,844
Centrus Energy Corp., Class A(a)(b)		100,810		3,397,297
Chesapeake Energy Corp.		1,009,195		87,799,965
Civitas Resources Inc.		376,271		22,467,141
Clean Energy Fuels Corp.(a)(b)		1,590,011		12,624,687
CNX Resources Corp.(a)(b)		2,050,376		42,483,791
Comstock Resources Inc.(a)(b)		939,642		12,262,328
CONSOL Energy Inc.(a)		348,418		13,110,969
CVR Energy Inc.		311,495		7,955,582
Delek U.S. Holdings Inc.(a)		686,091		14,558,851
DHT Holdings Inc.		1,440,351		8,354,036
Dorian LPG Ltd.		264,873		3,838,010
Earthstone Energy Inc., Class A(a)(b)		259,390		3,276,096
Energy Fuels Inc./Canada(a)(b)		227,740		2,083,821
Equitrans Midstream Corp.		4,184,246		35,315,036
Escrow PetroCorp.(a)(c)		19,086		—
Falcon Minerals Corp.		68,102		459,007

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Frontline Ltd./Bermuda(a)		1,273,445	$	11,206,316
Gevo Inc.(a)(b)		2,053,397		9,609,898
Golar LNG Ltd.(a)(b)		1,046,052		25,921,169
Green Plains Inc.(a)(b)		384,107		11,911,158
HighPeak Energy Inc.(b)		53,132		1,179,530
International Seaways Inc.		467,250		8,429,190
Kinetik Holdings Inc.		31,686		2,059,907
Laredo Petroleum Inc.(a)(b)		93,047		7,363,740
Murphy Oil Corp.		1,497,705		60,492,305
Nordic American Tankers Ltd.		1,699,180		3,619,253
Northern Oil and Gas Inc.		625,937		17,645,164
Oasis Petroleum Inc.		29,879		4,371,298
Ovintiv Inc.		2,529,009		136,743,517
Par Pacific Holdings Inc.(a)		82,350		1,072,197
PBF Energy Inc., Class A(a)		983,992		23,979,885
PDC Energy Inc.		996,368		72,416,026
Peabody Energy Corp.(a)(b)		909,422		22,308,122
Range Resources Corp.(a)		2,439,409		74,109,245
Ranger Oil Corp.(a)		217,426		7,507,720
Renewable Energy Group Inc.(a)		456,639		27,695,155
REX American Resources Corp.(a)		55,671		5,544,832
Riley Exploration Permian Inc.		97,463		2,444,372
Scorpio Tankers Inc.		501,514		10,722,369
SFL Corp. Ltd.		1,274,190		12,971,254
SM Energy Co.		1,227,449		47,809,139
Talos Energy Inc.(a)		322,715		5,095,670
Teekay Corp.(a)(b)		705,720		2,237,132
Teekay Tankers Ltd., Class A(a)(b)		245,924		3,403,588
Ur-Energy Inc.(a)(b)		140,775		225,240
W&T Offshore Inc.(a)(b)		964,648		3,684,955
Whiting Petroleum Corp.		402,772		32,829,946
World Fuel Services Corp.		649,114		17,552,043
				1,121,233,092
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)(b)		167,628		4,698,613
Glatfelter Corp.		449,763		5,568,066
Neenah Inc.		173,844		6,894,653
Schweitzer-Mauduit International Inc.		313,883		8,631,782
				25,793,114
Personal Products — 0.3%
Beauty Health Co. (The)(a)(b)		74,227		1,252,952
BellRing Brands Inc.(a)(b)		392,338		9,055,161
Edgewell Personal Care Co.		554,809		20,344,846
Honest Co. Inc. (The)(a)(b)		247,884		1,291,476
Nature’s Sunshine Products Inc.(a)		111,891		1,882,006
NewAge Inc.(a)(b)		573,109		332,976
Nu Skin Enterprises Inc., Class A		281,083		13,458,254
Revlon Inc., Class A(a)(b)		69,512		560,962
Thorne HealthTech Inc.(a)(b)		22,919		145,765
Veru Inc.(a)(b)		177,366		856,678
				49,181,076
Pharmaceuticals — 0.8%
Amphastar Pharmaceuticals Inc.(a)(b)		262,584		9,426,766
Amylyx Pharmaceuticals Inc.(a)(b)		40,206		516,647
ANI Pharmaceuticals Inc.(a)		113,453		3,189,164
Atea Pharmaceuticals Inc.(a)		598,231		4,319,228
Athira Pharma Inc.(a)(b)		326,869		4,412,731
Cara Therapeutics Inc.(a)(b)		460,859		5,599,437
CinCor Pharma Inc.(a)(b)		47,246		828,695

S C H E D U L E   O F   I N V E S T M E N T S 111

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Citius Pharmaceuticals Inc.(a)(b)		1,278,004	$	2,287,627
CorMedix Inc.(a)(b)		361,906		1,983,245
Cymabay Therapeutics Inc.(a)		820,313		2,551,173
DICE Therapeutics Inc.(a)(b)		64,991		1,243,278
Endo International PLC(a)(b)		2,334,208		5,392,020
EyePoint Pharmaceuticals Inc.(a)(b)		251,883		3,060,378
Fulcrum Therapeutics Inc.(a)		282,684		6,685,477
Ikena Oncology Inc.(a)(b)		248,281		1,514,514
Innoviva Inc.(a)		386,884		7,486,205
Kala Pharmaceuticals Inc.(a)(b)		162,929		224,842
KemPharm Inc.(a)(b)		174,287		876,664
NGM Biopharmaceuticals Inc.(a)		286,221		4,364,870
Nuvation Bio Inc.(a)(b)		248,910		1,309,267
Pliant Therapeutics Inc.(a)		22,780		159,688
Prestige Consumer Healthcare Inc.(a)		512,576		27,135,773
Provention Bio Inc.(a)(b)		563,655		4,125,955
Rain Therapeutics Inc.(a)(b)		48,000		243,360
Reata Pharmaceuticals Inc., Class A(a)(b)		36,623		1,199,769
Supernus Pharmaceuticals Inc.(a)(b)		503,937		16,287,244
Tarsus Pharmaceuticals Inc.(a)(b)		19,240		323,617
Terns Pharmaceuticals Inc.(a)(b)		35,399		105,135
Theravance Biopharma Inc.(a)		48,551		464,148
Theseus Pharmaceuticals Inc.(a)(b)		44,306		510,848
Ventyx Biosciences Inc.(a)(b)		40,824		553,982
				118,381,747
Professional Services — 1.2%
Acacia Research Corp.(a)(b)		499,110		2,250,986
ASGN Inc.(a)		55,412		6,467,135
Atlas Technical Consultants Inc.(a)(b)		127,981		1,540,891
Barrett Business Services Inc.		77,182		5,979,290
CBIZ Inc.(a)(b)		501,970		21,067,681
CRA International Inc.		11,524		971,012
First Advantage Corp.(a)(b)		47,690		962,861
Heidrick & Struggles International Inc.		115,313		4,564,089
HireQuest Inc.		7,512		143,629
HireRight Holdings Corp.(a)(b)		124,305		2,125,615
Huron Consulting Group Inc.(a)		196,298		8,992,411
ICF International Inc.		187,462		17,647,673
KBR Inc.		179,395		9,818,288
Kelly Services Inc., Class A, NVS		361,145		7,833,235
Korn Ferry		548,486		35,618,681
ManTech International Corp./VA, Class A		280,654		24,189,568
Mistras Group Inc.(a)(b)		202,913		1,341,255
Resources Connection Inc.		324,693		5,565,238
Sterling Check Corp.(a)(b)		93,684		2,476,068
TrueBlue Inc.(a)(b)		357,174		10,318,757
Willdan Group Inc.(a)(b)		22,852		701,328
				170,575,691
Real Estate Management & Development — 0.6%
Douglas Elliman Inc., NVS(b)		645,136		4,709,493
Forestar Group Inc.(a)(b)		124,980		2,219,645
FRP Holdings Inc.(a)(b)		68,377		3,952,191
Kennedy-Wilson Holdings Inc.		1,215,432		29,644,386
Marcus & Millichap Inc.		217,843		11,475,969
RE/MAX Holdings Inc., Class A		193,799		5,374,046
Realogy Holdings Corp.(a)(b)		1,176,676		18,450,280
RMR Group Inc. (The), Class A		141,808		4,410,229
Tejon Ranch Co.(a)		211,905		3,869,385
				84,105,624

Security	Shares		Value
Road & Rail — 1.2%
ArcBest Corp.		257,932	$	20,763,526
Avis Budget Group Inc.(a)(b)		422,405		111,219,237
Covenant Logistics Group Inc., Class A		123,627		2,661,689
Heartland Express Inc.		477,221		6,714,499
Marten Transport Ltd.		605,696		10,757,161
PAM Transportation Services Inc.(a)(b)		62,985		2,188,729
U.S. Xpress Enterprises Inc., Class A(a)(b)		281,953		1,093,978
Universal Logistics Holdings Inc.(b)		14,501		292,195
Werner Enterprises Inc.		545,849		22,379,809
Yellow Corp.(a)(b)		491,134		3,442,849
				181,513,672
Semiconductors & Semiconductor Equipment — 1.0%
Alpha & Omega Semiconductor Ltd.(a)		38,615		2,110,310
Amkor Technology Inc.		825,313		17,925,798
AXT Inc.(a)(b)		405,958		2,849,825
Cohu Inc.(a)		66,127		1,957,359
Credo Technology Group Holdings(a)(b)		59,405		904,738
Diodes Inc.(a)		100,406		8,734,318
FormFactor Inc.(a)(b)		97,643		4,103,935
Ichor Holdings Ltd.(a)(b)		101,748		3,624,264
NeoPhotonics Corp.(a)		536,350		8,157,884
NVE Corp.		1,571		85,572
Onto Innovation Inc.(a)(b)		339,507		29,499,763
PDF Solutions Inc.(a)		309,627		8,629,305
Photronics Inc.(a)		605,568		10,276,489
Rambus Inc.(a)(b)		1,103,333		35,185,289
SkyWater Technology Inc.(a)(b)		14,343		155,335
SunPower Corp.(a)(b)		165,318		3,551,031
Veeco Instruments Inc.(a)(b)		510,274		13,874,350
				151,625,565
Software — 1.3%
A10 Networks Inc.		103,793		1,447,912
Agilysys Inc.(a)		23,289		928,765
Alkami Technology Inc.(a)(b)		19,661		281,349
American Software Inc./GA, Class A		70,903		1,477,619
Arteris Inc.(a)(b)		17,836		231,868
Asana Inc., Class A(a)(b)		62,598		2,502,042
AvidXchange Holdings Inc.(a)(b)		39,931		321,445
Benefitfocus Inc.(a)		67,406		850,664
Bottomline Technologies DE Inc.(a)		374,179		21,208,466
ChannelAdvisor Corp.(a)		92,076		1,525,699
Cleanspark Inc.(a)(b)		407,172		5,036,718
Couchbase Inc.(a)(b)		61,332		1,068,403
CS Disco Inc.(a)(b)		88,319		3,000,196
E2open Parent Holdings Inc.(a)(b)		2,021,813		17,812,173
Ebix Inc.		273,362		9,061,950
eGain Corp.(a)		120,985		1,401,006
Enfusion Inc., Class A(a)(b)		59,023		750,773
EngageSmart Inc.(a)(b)		38,074		811,357
Envestnet Inc.(a)(b)		35,967		2,677,384
EverCommerce Inc.(a)(b)		70,987		937,028
GTY Technology Holdings Inc.(a)(b)		339,500		1,096,585
Instructure Holdings Inc.(a)(b)		100,790		2,021,847
Intapp Inc.(a)(b)		34,772		834,876
InterDigital Inc.		189,436		12,086,017
Kaltura Inc.(a)		252,167		451,379
Marathon Digital Holdings Inc.(a)(b)		915,875		25,598,706
MeridianLink Inc.(a)(b)		51,178		926,322
Model N Inc.(a)		29,966		806,085

112 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
ON24 Inc.(a)		93,598	$	1,230,814
Ping Identity Holding Corp.(a)(b)		622,154		17,065,684
Rekor Systems Inc.(a)(b)		113,136		515,900
SecureWorks Corp., Class A(a)		101,746		1,348,135
Smith Micro Software Inc.(a)(b)		460,358		1,735,550
Stronghold Digital Mining Inc.(a)(b)		18,311		107,119
UserTesting Inc.(a)(b)		21,399		228,755
Verint Systems Inc.(a)(b)		659,302		34,085,913
VirnetX Holding Corp.(a)(b)		625,855		1,020,144
Weave Communications Inc.(a)(b)		37,768		225,097
Xperi Holding Corp.		1,062,504		18,402,569
				193,120,314
Specialty Retail — 1.6%
Aaron’s Co. Inc. (The)		323,714		6,500,177
Abercrombie & Fitch Co., Class A(a)		524,505		16,778,915
Academy Sports & Outdoors Inc.(b)		804,076		31,680,594
America’s Car-Mart Inc./TX(a)(b)		9,706		781,915
Barnes & Noble Education Inc.(a)		458,039		1,639,780
Bed Bath & Beyond Inc.(a)		880,074		19,828,067
Big 5 Sporting Goods Corp.		213,754		3,665,881
Buckle Inc. (The)		15,252		503,926
CarLotz Inc.(a)(b)		703,806		964,214
Cato Corp. (The), Class A		195,184		2,861,397
Chico’s FAS Inc.(a)(b)		970,677		4,659,250
Conn’s Inc.(a)(b)		186,736		2,877,602
Container Store Group Inc. (The)(a)(b)		334,188		2,730,316
Genesco Inc.(a)(b)		146,808		9,338,457
Group 1 Automotive Inc.		169,313		28,415,801
Guess? Inc.(b)		356,371		7,786,706
Haverty Furniture Companies Inc.		95,269		2,612,276
Hibbett Inc.		23,700		1,050,858
Lazydays Holdings Inc.(a)(b)		82,246		1,659,724
LL Flooring Holdings Inc.(a)(b)		289,343		4,056,589
MarineMax Inc.(a)(b)		101,603		4,090,537
Monro Inc.		128,686		5,705,937
ODP Corp. (The)(a)		468,793		21,484,783
Rent-A-Center Inc./TX		44,841		1,129,545
Shift Technologies Inc.(a)(b)		499,655		1,099,241
Shoe Carnival Inc.		16,362		477,116
Signet Jewelers Ltd.		120,313		8,746,755
Sleep Number Corp.(a)(b)		117,490		5,957,918
Sonic Automotive Inc., Class A		221,077		9,397,983
Tilly’s Inc., Class A		238,158		2,229,159
Torrid Holdings Inc.(a)(b)		135,296		819,894
TravelCenters of America Inc.(a)		129,102		5,546,222
Urban Outfitters Inc.(a)(b)		205,433		5,158,423
Winmark Corp.		22,591		4,970,020
Zumiez Inc.(a)(b)		200,065		7,644,484
				234,850,462
Technology Hardware, Storage & Peripherals — 0.1%
3D Systems Corp.(a)		108,814		1,815,018
Eastman Kodak Co.(a)(b)		15,991		104,741
Quantum Corp.(a)(b)		630,460		1,431,144
Super Micro Computer Inc.(a)		454,493		17,302,548
Turtle Beach Corp.(a)(b)		28,145		599,207
				21,252,658
Textiles, Apparel & Luxury Goods — 0.3%
Fossil Group Inc.(a)		489,589		4,719,638
G-III Apparel Group Ltd.(a)		451,139		12,203,310

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Movado Group Inc.		162,276	$	6,336,878
Oxford Industries Inc.		151,684		13,727,402
Rocky Brands Inc.		65,617		2,729,011
Superior Group of Companies Inc.		90,075		1,607,839
Unifi Inc.(a)		138,964		2,515,248
Vera Bradley Inc.(a)(b)		266,187		2,041,654
				45,880,980
Thrifts & Mortgage Finance — 2.7%
Axos Financial Inc.(a)		533,216		24,735,890
Blue Foundry Bancorp(a)(b)		270,323		3,662,877
Bridgewater Bancshares Inc.(a)		174,194		2,905,556
Capitol Federal Financial Inc.		1,352,142		14,711,305
Columbia Financial Inc.(a)(b)		257,205		5,532,479
Essent Group Ltd.		1,105,143		45,542,943
Federal Agricultural Mortgage Corp., Class C, NVS		93,058		10,094,932
Finance of America Companies Inc., Class A(a)(b)		203,539		618,758
Flagstar Bancorp. Inc.		538,865		22,847,876
FS Bancorp. Inc.		75,636		2,344,716
Hingham Institution For Savings (The)		13,917		4,776,314
Home Bancorp. Inc.		78,569		3,204,829
Home Point Capital Inc.		68,484		212,985
Kearny Financial Corp./MD		479,003		6,169,559
Luther Burbank Corp.		158,634		2,108,246
Merchants Bancorp./IN		152,215		4,167,647
Mr Cooper Group Inc.(a)		630,890		28,812,746
NMI Holdings Inc., Class A(a)		801,592		16,528,827
Northfield Bancorp. Inc.		457,960		6,576,306
Ocwen Financial Corp.(a)(b)		83,593		1,986,170
PCSB Financial Corp.		130,121		2,486,612
PennyMac Financial Services Inc.		308,175		16,394,910
Pioneer Bancorp. Inc./NY(a)(b)		138,926		1,461,501
Provident Bancorp. Inc.		162,223		2,631,257
Provident Financial Services Inc.		770,669		18,033,655
Radian Group Inc.		1,839,017		40,844,568
Southern Missouri Bancorp. Inc.		79,848		3,988,408
TrustCo Bank Corp. NY		193,759		6,186,725
Velocity Financial Inc.(a)(b)		75,361		824,449
Walker & Dunlop Inc.		267,892		34,670,583
Washington Federal Inc.		667,660		21,912,601
Waterstone Financial Inc.		204,674		3,958,395
WSFS Financial Corp.		666,972		31,094,235
				392,028,860
Tobacco — 0.2%
Universal Corp./VA		247,083		14,348,110
Vector Group Ltd.		1,257,537		15,140,745
				29,488,855
Trading Companies & Distributors — 2.0%
Alta Equipment Group Inc.(a)		153,317		1,894,998
Beacon Roofing Supply Inc.(a)(b)		142,296		8,435,307
Boise Cascade Co.		315,895		21,945,226
Custom Truck One Source Inc.(a)(b)		401,850		3,371,521
DXP Enterprises Inc./TX(a)		177,549		4,809,802
GATX Corp.		359,948		44,392,387
Global Industrial Co.		31,208		1,005,834
GMS Inc.(a)		436,693		21,734,211
McGrath RentCorp		75,491		6,415,225
MRC Global Inc.(a)(b)		818,710		9,750,836
NOW Inc.(a)		1,127,204		12,433,060
Rush Enterprises Inc., Class A		431,695		21,977,592

S C H E D U L E   O F   I N V E S T M E N T S 113

Schedule of Investments  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Rush Enterprises Inc., Class B		73,231	$	3,540,719
Textainer Group Holdings Ltd.		416,217		15,845,381
Titan Machinery Inc.(a)		200,621		5,669,549
Triton International Ltd.		682,282		47,882,551
Veritiv Corp.(a)(b)		146,774		19,607,539
WESCO International Inc.(a)(b)		374,558		48,744,978
Willis Lease Finance Corp.(a)(b)		25,304		814,536
				300,271,252
Water Utilities — 0.6%
American States Water Co.		181,307		16,139,949
Artesian Resources Corp., Class A, NVS		79,131		3,841,810
Cadiz Inc.(a)		183,268		379,365
California Water Service Group		536,112		31,780,719
Middlesex Water Co.		113,440		11,930,485
Pure Cycle Corp.(a)(b)		23,368		280,883
SJW Group		281,624		19,595,398
York Water Co. (The)		50,871		2,287,669
				86,236,278
Wireless Telecommunication Services — 0.3%
Gogo Inc.(a)(b)		561,037		10,693,365
Shenandoah Telecommunications Co.		323,855		7,636,501
Telephone and Data Systems Inc.		1,032,470		19,493,034
U.S. Cellular Corp.(a)		155,213		4,692,089
				42,514,989
Total Common Stocks — 99.8% (Cost: $13,947,633,954)				14,630,748,876
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Right Quantum Corp., NVS (Expires 04/18/22)(b)		640,176		5,410
Total Rights — 0.0% (Cost: $0)				5,410

Security	Shares		Value
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)		42,563	$	872,541
Whiting Petroleum Corp., (Expires 09/01/25)(a)		21,281		317,300
				1,189,841
Total Warrants — 0.0% (Cost: $5,241,813)				1,189,841
Short-Term Investments
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		933,139,211		932,952,583
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		12,620,000		12,620,000
				945,572,583
Total Short-Term Investments — 6.5% (Cost: $945,676,255)				945,572,583
Total Investments in Securities — 106.3% (Cost: $14,898,552,022)				15,577,516,710
Other Assets, Less Liabilities — (6.3)%				(919,516,242	)
Net Assets — 100.0%			$	14,658,000,468

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	911,918,766	$	21,765,411	(a)	$	—	$	(310,180	)	$	(421,414	)	$	932,952,583		933,139,211	$	5,215,603	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,210,000		7,410,000	(a)		—		—			—			12,620,000		12,620,000		5,219			—
								$	(310,180	)	$	(421,414	)	$	945,572,583			$	5,220,822		$	—

^(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.

114 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Russell 2000 Value ETF

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		263		06/17/22	$	27,173	$	548,139

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	548,139

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,364,075	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	540,942

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	34,280,386

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
Investments
Assets
Common Stocks	$	14,630,294,365	$	396,971	$	57,540	$	14,630,748,876
Rights		—		5,410		—		5,410
Warrants		1,189,841		—		—		1,189,841
Money Market Funds		945,572,583		—		—		945,572,583
	$	15,577,056,789	$	402,381	$	57,540	$	15,577,516,710
Derivative financial instruments(a)
Assets
Futures Contracts	$	548,139	$	—	$	—	$	548,139

^(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   O F   I N V E S T M E N T S 115

Statements of Assets and Liabilities

March 31, 2022

	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF		iShares Russell 1000 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,036,582,848	$	4,813,356,235	$	1,274,548,199	$	30,273,913,433
Affiliated(c)		5,239,493		15,092,531		13,268,688		509,992,962
Cash		31,539		—		37,366		400,718
Cash pledged:
Futures contracts		85,000		346,000		132,000		3,494,000
Receivables:
Investments sold		—		3,430		—		—
Securities lending income — Affiliated		529		1,950		1,465		104,173
Capital shares sold		—		150,217		10,137		239,068
Dividends		551,585		1,183,025		1,154,859		19,390,442
Total assets		1,042,490,994		4,830,133,388		1,289,152,714		30,807,534,796
LIABILITIES
Bank overdraft		—		2,344		—		—
Collateral on securities loaned, at value		250,008		8,927,444		1,183,196		382,077,660
Payables:
Variation margin on futures contracts		25,579		79,920		35,697		965,902
Capital shares redeemed		—		—		—		276,366
Investment advisory fees		126,179		751,698		211,156		3,746,390
Total liabilities		401,766		9,761,406		1,430,049		387,066,318
NET ASSETS	$	1,042,089,228	$	4,820,371,982	$	1,287,722,665	$	30,420,468,478
NET ASSETS CONSIST OF:
Paid-in capital	$	842,185,697	$	3,585,209,887	$	1,132,345,977	$	23,077,179,074
Accumulated earnings		199,903,531		1,235,162,095		155,376,688		7,343,289,404
NET ASSETS	$	1,042,089,228	$	4,820,371,982	$	1,287,722,665	$	30,420,468,478
Shares outstanding		9,650,000		30,400,000		18,500,000		121,650,000
Net asset value	$	107.99	$	158.56	$	69.61	$	250.07
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	235,877	$	8,477,052	$	1,124,403	$	368,370,896
(b) Investments, at cost — Unaffiliated	$	823,374,029	$	3,486,157,968	$	1,072,970,876	$	22,120,860,273
(c)  Investments, at cost — Affiliated	$	4,578,604	$	15,091,337	$	11,429,758	$	488,650,136

See notes to financial statements.

116 2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

	iShares Russell 1000 Growth ETF		iShares Russell 1000 Value ETF		iShares Russell 2000 ETF			iShares Russell 2000 Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	70,631,705,999	$	57,550,890,163	$	61,870,674,313		$	10,816,763,897
Affiliated(c)		1,259,247,245		975,025,944		6,037,676,546			1,627,243,640
Cash		379,493		4,075,210		2,168,763			618,621
Cash pledged:
Futures contracts		5,870,840		5,424,740		8,140,000			840,000
Receivables:
Investments sold		—		—		17,395,290			369,253
Securities lending income — Affiliated		296,163		170,901		4,538,171			1,374,996
Capital shares sold		—		509,718		17,381,566			158,641
Dividends		17,980,529		60,101,195		56,235,123			3,274,043
Total assets		71,915,480,269		58,596,197,871		68,014,209,772			12,450,643,091
LIABILITIES
Collateral on securities loaned, at value		1,167,851,745		555,381,853		5,979,779,289			1,616,440,037
Payables:
Investments purchased		—		64,887,296		13,451,407			—
Variation margin on futures contracts		1,289,154		1,408,492		1,092,072			139,207
Capital shares redeemed		871,299		—		56,717,383			1,112,333
Investment advisory fees		10,710,470		9,002,345		9,894,955			2,132,557
Total liabilities		1,180,722,668		630,679,986		6,060,935,106			1,619,824,134
NET ASSETS	$	70,734,757,601	$	57,965,517,885	$	61,953,274,666		$	10,830,818,957
NET ASSETS CONSIST OF:
Paid-in capital	$	48,169,850,143	$	50,228,156,111	$	89,184,002,215		$	12,807,153,217
Accumulated earnings (loss)		22,564,907,458		7,737,361,774		(27,230,727,549	)		(1,976,334,260	)
NET ASSETS	$	70,734,757,601	$	57,965,517,885	$	61,953,274,666		$	10,830,818,957
Shares outstanding		255,000,000		349,450,000		301,600,000			42,300,000
Net asset value	$	277.39	$	165.88	$	205.42		$	256.05
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Securities loaned, at value	$	1,122,522,200	$	535,094,975	$	5,695,303,735		$	1,542,968,538
(b) Investments, at cost — Unaffiliated	$	46,309,989,557	$	47,026,145,751	$	79,199,215,036		$	11,778,783,410
(c)  Investments, at cost — Affiliated	$	1,259,122,285	$	887,846,547	$	6,037,747,097		$	1,627,225,639

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 117

Statements of Assets and Liabilities  (continued)

March 31, 2022

	iShares Russell 2000 Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	14,631,944,127
Affiliated(c)		945,572,583
Cash		655,173
Cash pledged:
Futures contracts		2,007,000
Receivables:
Investments sold		12,750,383
Securities lending income — Affiliated		473,560
Capital shares sold		6,349,133
Dividends		21,276,021
Total assets		15,621,027,980
LIABILITIES
Collateral on securities loaned, at value		933,252,473
Payables:
Investments purchased		13,813,054
Variation margin on futures contracts		302,182
Capital shares redeemed		12,698,265
Investment advisory fees		2,961,538
Total liabilities		963,027,512
NET ASSETS	$	14,658,000,468
NET ASSETS CONSIST OF:
Paid-in capital	$	15,594,364,695
Accumulated loss		(936,364,227	)
NET ASSETS	$	14,658,000,468
Shares outstanding		90,800,000
Net asset value	$	161.43
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	885,016,145
(b) Investments, at cost — Unaffiliated	$	13,952,875,767
(c)  Investments, at cost — Affiliated	$	945,676,255

See notes to financial statements.

118 2 0 2 2   I S H A R E S   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 Operations

Year Ended March 31, 2022

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF			iShares Russell 1000 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	12,924,849		$	32,692,981		$	25,156,079		$	394,833,291
Dividends — Affiliated		79,424			1,743			225,812			1,824,148
Securities lending income — Affiliated — net		4,536			25,984			2,459			933,886
Foreign taxes withheld		(2,514	)		(6,019	)		(4,984	)		(83,510	)
Total investment income		13,006,295			32,714,689			25,379,366			397,507,815
EXPENSES
Investment advisory fees		1,449,030			8,490,013			2,401,346			45,278,998
Professional fees		217			217			217			217
Total expenses		1,449,247			8,490,230			2,401,563			45,279,215
Net investment income		11,557,048			24,224,459			22,977,803			352,228,600
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,843,362	)		(16,158,113	)		(5,992,292	)		(111,197,083	)
Investments — Affiliated		(2,291	)		207			(9,029	)		64,838
In-kind redemptions — Unaffiliated		91,044,966			454,541,497			136,528,246			2,788,582,535
In-kind redemptions — Affiliated		408,388			—			1,502,605			9,081,559
Futures contracts		195,578			269,740			305,393			4,730,107
Net realized gain		88,803,279			438,653,331			132,334,923			2,691,261,956
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		31,610,512			168,756,598			(23,445,377	)		586,168,895
Investments — Affiliated		(364,877	)		1,194			(1,339,252	)		(7,640,716	)
Futures contracts		84,855			454,262			78,971			2,764,762
Net change in unrealized appreciation (depreciation)		31,330,490			169,212,054			(24,705,658	)		581,292,941
Net realized and unrealized gain		120,133,769			607,865,385			107,629,265			3,272,554,897
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	131,690,817		$	632,089,844		$	130,607,068		$	3,624,783,497

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 119

Statements of Operations(continued)

Year Ended March 31, 2022

	iShares Russell 1000 Growth ETF			iShares Russell 1000 Value ETF			iShares Russell 2000 ETF			iShares Russell 2000 Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	522,874,153		$	1,069,820,496		$	690,348,811		$	44,875,181
Dividends — Affiliated		101,372			6,847,382			512,283			122,117
Securities lending income — Affiliated — net		2,823,576			1,161,917			36,433,108			9,381,231
Foreign taxes withheld		(95,063	)		(240,339	)		(1,124,400	)		(60,008	)
Total investment income		525,704,038			1,077,589,456			726,169,802			54,318,521
EXPENSES
Investment advisory fees		132,037,407			102,639,510			125,380,918			27,421,280
Professional fees		217			217			217			217
Total expenses		132,037,624			102,639,727			125,381,135			27,421,497
Net investment income		393,666,414			974,949,729			600,788,667			26,897,024
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(239,371,328	)		582,481,652			(1,420,526,434	)		335,207,570
Investments — Affiliated		(189,977	)		(191,388	)		(1,383,328	)		(256,537	)
In-kind redemptions — Unaffiliated		11,786,842,787			4,137,682,157			11,829,904,952			1,636,943,618
In-kind redemptions — Affiliated		—			31,849,054			—			—
Futures contracts		2,992,559			5,497,462			(6,016,216	)		(847,766	)
Net realized gain		11,550,274,041			4,757,318,937			10,401,978,974			1,971,046,885
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,634,234,901	)		244,409,267			(14,943,486,025	)		(3,783,986,035	)
Investments — Affiliated		(656,023	)		(28,769,370	)		(3,304,804	)		(920,613	)
Futures contracts		7,130,233			3,945,636			4,933,206			849,977
Net change in unrealized appreciation (depreciation)		(2,627,760,691	)		219,585,533			(14,941,857,623	)		(3,784,056,671	)
Net realized and unrealized gain (loss)		8,922,513,350			4,976,904,470			(4,539,878,649	)		(1,813,009,786	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,316,179,764		$	5,951,854,199		$	(3,939,089,982	)	$	(1,786,112,762	)

See notes to financial statements.

120 2 0 2 2   I S H A R E S   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 Operations  (continued)

Year Ended March 31, 2022

	iShares Russell 2000 Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	253,648,496
Dividends — Affiliated		77,720
Securities lending income — Affiliated — net		5,143,102
Foreign taxes withheld		(449,907	)
Total investment income		258,419,411
EXPENSES
Investment advisory fees		37,417,586
Professional fees		217
Total expenses		37,417,803
Net investment income		221,001,608
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		90,813,982
Investments — Affiliated		(310,180	)
In-kind redemptions — Unaffiliated		2,669,494,572
Futures contracts		(3,364,075	)
Net realized gain		2,756,634,299
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,478,580,876	)
Investments — Affiliated		(421,414	)
Futures contracts		540,942
Short sales — Unaffiliated		28
Net change in unrealized appreciation (depreciation)		(2,478,461,320	)
Net realized and unrealized gain		278,172,979
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	499,174,587

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 121

Statements of Changes in Net Assets

	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,557,048		$	11,229,444		$	24,224,459		$	22,947,783
Net realized gain		88,803,279			69,341,229			438,653,331			257,612,587
Net change in unrealized appreciation (depreciation)		31,330,490			222,490,850			169,212,054			935,040,813
Net increase in net assets resulting from operations		131,690,817			303,061,523			632,089,844			1,215,601,183
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,546,241	)		(11,376,261	)		(24,456,769	)		(23,069,276	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		56,024,466			204,991,457			682,843,598			658,760,357
NET ASSETS
Total increase in net assets		176,169,042			496,676,719			1,290,476,673			1,851,292,264
Beginning of year		865,920,186			369,243,467			3,529,895,309			1,678,603,045
End of year	$	1,042,089,228		$	865,920,186		$	4,820,371,982		$	3,529,895,309

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

See notes to financial statements.

122 2 0 2 2   I S H A R E S   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  (continued)

	iShares Russell Top 200 Value ETF						iShares Russell 1000 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	22,977,803		$	17,327,180		$	352,228,600		$	340,773,248
Net realized gain (loss)		132,334,923			(14,585,264	)		2,691,261,956			1,663,056,836
Net change in unrealized appreciation (depreciation)		(24,705,658	)		291,606,091			581,292,941			8,576,071,074
Net increase in net assets resulting from operations		130,607,068			294,348,007			3,624,783,497			10,579,901,158
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(22,928,866	)		(17,442,740	)		(357,765,384	)		(354,009,239	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		26,107,292			487,305,987			5,598,922			(1,002,936,822	)
NET ASSETS
Total increase in net assets		133,785,494			764,211,254			3,272,617,035			9,222,955,097
Beginning of year		1,153,937,171			389,725,917			27,147,851,443			17,924,896,346
End of year	$	1,287,722,665		$	1,153,937,171		$	30,420,468,478		$	27,147,851,443

^(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 123

Statements of Changes in Net Assets  (continued)

	iShares Russell 1000 Growth ETF						iShares Russell 1000 Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	393,666,414		$	419,262,223		$	974,949,729		$	834,972,032
Net realized gain (loss)		11,550,274,041			8,071,587,640			4,757,318,937			(19,759,618	)
Net change in unrealized appreciation (depreciation)		(2,627,760,691	)		17,672,083,409			219,585,533			16,214,766,531
Net increase in net assets resulting from operations		9,316,179,764			26,162,933,272			5,951,854,199			17,029,978,945
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(401,934,860	)		(411,316,899	)		(973,061,947	)		(827,083,590	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,335,411,437	)		(5,430,037,516	)		1,878,160,955			3,729,878,540
NET ASSETS
Total increase in net assets		7,578,833,467			20,321,578,857			6,856,953,207			19,932,773,895
Beginning of year		63,155,924,134			42,834,345,277			51,108,564,678			31,175,790,783
End of year	$	70,734,757,601		$	63,155,924,134		$	57,965,517,885		$	51,108,564,678

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

See notes to financial statements.

124 2 0 2 2   I S H A R E S   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  (continued)

	iShares Russell 2000 ETF						iShares Russell 2000 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	600,788,667		$	479,566,961		$	26,897,024		$	41,988,208
Net realized gain		10,401,978,974			8,154,534,099			1,971,046,885			704,281,225
Net change in unrealized appreciation (depreciation)		(14,941,857,623	)		20,703,456,728			(3,784,056,671	)		5,187,588,362
Net increase (decrease) in net assets resulting from operations		(3,939,089,982	)		29,337,557,788			(1,786,112,762	)		5,933,857,795
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(646,681,067	)		(551,110,344	)		(38,453,082	)		(48,359,274	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,764,541,638	)		7,914,467,041			573,103,014			(740,112,140	)
NET ASSETS
Total increase (decrease) in net assets		(7,350,312,687	)		36,700,914,485			(1,251,462,830	)		5,145,386,381
Beginning of year		69,303,587,353			32,602,672,868			12,082,281,787			6,936,895,406
End of year	$	61,953,274,666		$	69,303,587,353		$	10,830,818,957		$	12,082,281,787

^(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 125

Statements of Changes in Net Assets  (continued)

	iShares Russell 2000 Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	221,001,608		$	154,540,658
Net realized gain (loss)		2,756,634,299			(31,238,749	)
Net change in unrealized appreciation (depreciation)		(2,478,461,320	)		6,566,945,191
Net increase in net assets resulting from operations		499,174,587			6,690,247,100
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(248,644,243	)		(177,203,668	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,911,845,387	)		3,198,739,480
NET ASSETS
Total increase (decrease) in net assets		(1,661,315,043	)		9,711,782,912
Beginning of year		16,319,315,511			6,607,532,599
End of year	$	14,658,000,468		$	16,319,315,511

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

See notes to financial statements.

126 2 0 2 2   I S H A R E S   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 Russell Top 200 ETF
		Year Ended  03/31/22			Year Ended  03/31/21			Year Ended  03/31/20			Year Ended  03/31/19			Year Ended  03/31/18
Net asset value, beginning of year		$	94.64		$	61.54		$	65.66		$	60.63		$	53.88
Net investment income(a)			1.26			1.23			1.28			1.21			1.08
Net realized and unrealized gain (loss)(b)			13.37			33.09			(3.94	)		4.97			6.71
Net increase (decrease) from investment operations			14.63			34.32			(2.66	)		6.18			7.79
Distributions(c)
From net investment income			(1.28	)		(1.22	)		(1.46	)		(1.15	)		(1.04	)
Total distributions			(1.28	)		(1.22	)		(1.46	)		(1.15	)		(1.04	)
Net asset value, end of year		$	107.99		$	94.64		$	61.54		$	65.66		$	60.63
Total Return(d)
Based on net asset value			15.48	%		56.06	%		(4.24	)%		10.27	%		14.55	%
Ratios to Average Net Assets(e)
Total expenses			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.20	%		1.48	%		1.82	%		1.91	%		1.84	%
Supplemental Data
Net assets, end of year (000)		$	1,042,089		$	865,920		$	369,243		$	213,382		$	136,411
Portfolio turnover rate(f)			4	%		5	%		5	%		5	%		5	%

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

^(f)  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 127

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
		Year Ended  03/31/22			Year Ended  03/31/21			Year Ended  03/31/20			Year Ended  03/31/19			Year Ended  03/31/18
Net asset value, beginning of year		$	134.47		$	84.14		$	82.24		$	73.61		$	61.44
Net investment income(a)			0.89			0.93			1.04			1.00			0.92
Net realized and unrealized gain(b)			24.09			50.31			1.90			8.60			12.18
Net increase from investment operations			24.98			51.24			2.94			9.60			13.10
Distributions(c)
From net investment income			(0.89	)		(0.91	)		(1.04	)		(0.97	)		(0.93	)
Total distributions			(0.89	)		(0.91	)		(1.04	)		(0.97	)		(0.93	)
Net asset value, end of year		$	158.56		$	134.47		$	84.14		$	82.24		$	73.61
Total Return(d)
Based on net asset value			18.58	%		61.04	%		3.55	%		13.11	%		21.43	%
Ratios to Average Net Assets(e)
Total expenses			0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			0.57	%		0.77	%		1.16	%		1.27	%		1.33	%
Supplemental Data
Net assets, end of year (000)		$	4,820,372		$	3,529,895		$	1,678,603		$	1,377,486		$	978,981
Portfolio turnover rate(f)			10	%		11	%		20	%		15	%		11	%

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

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

See notes to financial statements.

128 2 0 2 2   I S H A R E S   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 Russell Top 200 Value ETF
		Year Ended  03/31/22			Year Ended  03/31/21			Year Ended  03/31/20			Year Ended  03/31/19			Year Ended  03/31/18
Net asset value, beginning of year		$	63.58		$	44.04		$	52.57		$	50.39		$	48.20
Net investment income(a)			1.30			1.26			1.40			1.31			1.17
Net realized and unrealized gain (loss)(b)			6.01			19.49			(8.38	)		2.13			2.15
Net increase (decrease) from investment operations			7.31			20.75			(6.98	)		3.44			3.32
Distributions(c)
From net investment income			(1.28	)		(1.21	)		(1.55	)		(1.26	)		(1.13	)
Total distributions			(1.28	)		(1.21	)		(1.55	)		(1.26	)		(1.13	)
Net asset value, end of year		$	69.61		$	63.58		$	44.04		$	52.57		$	50.39
Total Return(d)
Based on net asset value			11.56	%		47.63	%		(13.72	)%		6.92	%		6.93	%
Ratios to Average Net Assets(e)
Total expenses			0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.91	%		2.31	%		2.56	%		2.54	%		2.33	%
Supplemental Data
Net assets, end of year (000)		$	1,287,723		$	1,153,937		$	389,726		$	425,831		$	284,724
Portfolio turnover rate(f)			15	%		17	%		17	%		14	%		13	%

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

^(f)  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 129

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 1000 ETF
		Year Ended  03/31/22			Year Ended  03/31/21			Year Ended  03/31/20			Year Ended  03/31/19			Year Ended  03/31/18
Net asset value, beginning of year		$	223.72		$	141.59		$	157.27		$	146.79		$	131.25
Net investment income(a)			2.88			2.74			2.96			2.74			2.50
Net realized and unrealized gain (loss)(b)			26.40			82.26			(15.46	)		10.60			15.54
Net increase (decrease) from investment operations			29.28			85.00			(12.50	)		13.34			18.04
Distributions(c)
From net investment income			(2.93	)		(2.87	)		(3.18	)		(2.86	)		(2.50	)
Total distributions			(2.93	)		(2.87	)		(3.18	)		(2.86	)		(2.50	)
Net asset value, end of year		$	250.07		$	223.72		$	141.59		$	157.27		$	146.79
Total Return(d)
Based on net asset value			13.09	%		60.37	%		(8.15	)%		9.18	%(e)		13.83	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.17	%		1.44	%		1.78	%		1.80	%		1.77	%
Supplemental Data
Net assets, end of year (000)		$	30,420,468		$	27,147,851		$	17,924,896		$	19,312,905		$	19,353,884
Portfolio turnover rate(g)			6	%		5	%		5	%		6	%		4	%

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

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

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

See notes to financial statements.

130 2 0 2 2   I S H A R E S   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 Russell 1000 Growth ETF
		Year Ended  03/31/22			Year Ended  03/31/21			Year Ended  03/31/20			Year Ended  03/31/19			Year Ended  03/31/18
Net asset value, beginning of year		$	243.05		$	150.69		$	151.33		$	136.02		$	113.76
Net investment income(a)			1.53			1.54			1.72			1.69			1.55
Net realized and unrealized gain (loss)(b)			34.37			92.34			(0.62	)		15.31			22.26
Net increase from investment operations			35.90			93.88			1.10			17.00			23.81
Distributions(c)
From net investment income			(1.56	)		(1.52	)		(1.74	)		(1.69	)		(1.55	)
Total distributions			(1.56	)		(1.52	)		(1.74	)		(1.69	)		(1.55	)
Net asset value, end of year		$	277.39		$	243.05		$	150.69		$	151.33		$	136.02
Total Return(d)
Based on net asset value			14.77	%		62.44	%		0.68	%		12.57	%		21.02	%
Ratios to Average Net Assets(e)
Total expenses			0.18	%		0.19	%		0.19	%		0.19	%		0.20	%
Net investment income			0.55	%		0.72	%		1.05	%		1.17	%		1.21	%
Supplemental Data
Net assets, end of year (000)		$	70,734,758		$	63,155,924		$	42,834,345		$	42,729,330		$	39,975,377
Portfolio turnover rate(f)			13	%		14	%		18	%		12	%		13	%

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

^(f)  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 131

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 1000 Value ETF
		Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year		$	151.43		$	99.22		$	123.48		$	119.95		$	114.90
Net investment income(a)			2.83			2.69			3.14			2.86			2.67
Net realized and unrealized gain (loss)(b)			14.44			52.15			(23.93	)		3.67			5.08
Net increase (decrease) from investment operations			17.27			54.84			(20.79	)		6.53			7.75
Distributions(c)
From net investment income			(2.82	)		(2.63	)		(3.47	)		(3.00	)		(2.70	)
Total distributions			(2.82	)		(2.63	)		(3.47	)		(3.00	)		(2.70	)
Net asset value, end of year		$	165.88		$	151.43		$	99.22		$	123.48		$	119.95
Total Return(d)
Based on net asset value			11.45	%		55.84	%		(17.30	)%		5.53	%(e)		6.78	%
Ratios to Average Net Assets(f)
Total expenses			0.18	%		0.19	%		0.19	%		0.19	%		0.20	%
Net investment income			1.75	%		2.15	%		2.46	%		2.36	%		2.23	%
Supplemental Data
Net assets, end of year (000)		$	57,965,518		$	51,108,565		$	31,175,791		$	37,877,550		$	36,217,697
Portfolio turnover rate(g)			17	%		18	%		16	%		17	%		15	%

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

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

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

See notes to financial statements.

132 2 0 2 2   I S H A R E S   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 Russell 2000 ETF
		Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year		$	220.43		$	114.62		$	153.10		$	151.96		$	137.69
Net investment income(a)			1.97			1.73			1.83			1.89			1.79
Net realized and unrealized gain (loss)(b)			(14.89	)		106.10			(38.22	)		1.18			14.38
Net increase (decrease) from investment operations			(12.92	)		107.83			(36.39	)		3.07			16.17
Distributions(c)
From net investment income			(2.09	)		(2.02	)		(2.09	)		(1.93	)		(1.90	)
Total distributions			(2.09	)		(2.02	)		(2.09	)		(1.93	)		(1.90	)
Net asset value, end of year		$	205.42		$	220.43		$	114.62		$	153.10		$	151.96
Total Return(d)
Based on net asset value			(5.92	)%		94.67	%		(24.04	)%		2.01	%		11.80	%
Ratios to Average Net Assets(e)
Total expenses			0.19	%		0.19	%		0.19	%		0.19	%		0.20	%
Net investment income			0.90	%		1.01	%		1.19	%		1.21	%		1.23	%
Supplemental Data
Net assets, end of year (000)		$	61,953,275		$	69,303,587		$	32,602,673		$	43,174,723		$	41,918,598
Portfolio turnover rate(f)			23	%		20	%		18	%		22	%		16	%

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

^(f)  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 133

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2000 Growth ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	300.18		$	158.74		$	196.60		$	190.63		$	161.84
Net investment income(a)		0.67			1.02			1.32			1.21			1.23
Net realized and unrealized gain (loss)(b)		(43.86	)		141.60			(37.65	)		6.04			28.91
Net increase (decrease) from investment operations		(43.19	)		142.62			(36.33	)		7.25			30.14
Distributions(c)
From net investment income		(0.94	)		(1.18	)		(1.53	)		(1.28	)		(1.35	)
Total distributions		(0.94	)		(1.18	)		(1.53	)		(1.28	)		(1.35	)
Net asset value, end of year	$	256.05		$	300.18		$	158.74		$	196.60		$	190.63
Total Return(d)
Based on net asset value		(14.42	)%		90.06	%		(18.61	)%		3.81	%		18.68	%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		0.23	%		0.42	%		0.66	%		0.61	%		0.70	%
Supplemental Data
Net assets, end of year (000)	$	10,830,819		$	12,082,282		$	6,936,895		$	9,171,566		$	9,207,286
Portfolio turnover rate(f)		40	%		35	%		33	%		35	%		26	%

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

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

See notes to financial statements.

134 2 0 2 2   I S H A R E S   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 Russell 2000 Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	159.14		$	82.34		$	119.84		$	122.00		$	118.27
Net investment income(a)		2.26			1.84			2.07			2.18			2.03
Net realized and unrealized gain (loss)(b)		2.61			77.01			(37.17	)		(2.10	)		3.93
Net increase (decrease) from investment operations		4.87			78.85			(35.10	)		0.08			5.96
Distributions(c)
From net investment income		(2.58	)		(2.05	)		(2.40	)		(2.24	)		(2.23	)
Total distributions		(2.58	)		(2.05	)		(2.40	)		(2.24	)		(2.23	)
Net asset value, end of year	$	161.43		$	159.14		$	82.34		$	119.84		$	122.00
Total Return(d)
Based on net asset value		3.07	%		96.79	%		(29.79	)%		0.03	%		5.06	%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		1.39	%		1.57	%		1.74	%		1.73	%		1.67	%
Supplemental Data
Net assets, end of year (000)	$	14,658,000		$	16,319,316		$	6,607,533		$	9,107,939		$	8,838,621
Portfolio turnover rate(f)		35	%		28	%		25	%		26	%		23	%

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

^(f)  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 135

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Russell Top 200		Diversified
Russell Top 200 Growth(a)		Diversified
Russell Top 200 Value		Diversified
Russell 1000		Diversified
Russell 1000 Growth(a)		Diversified
Russell 1000 Value		Diversified
Russell 2000		Diversified
Russell 2000 Growth		Diversified
Russell 2000 Value		Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

136 2 0 2 2   I S H A R E S   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  (continued)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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.

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 137

Notes to Financial Statements  (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell Top 200
Barclays Bank PLC	$	228,391	$	228,391		$	—	$	—
Citigroup Global Markets, Inc.		1,206		1,206			—		—
Morgan Stanley		6,280		6,280			—		—
	$	235,877	$	235,877		$	—	$	—
Russell Top 200 Growth
Barclays Bank PLC	$	16,227	$	16,227		$	—	$	—
Citigroup Global Markets, Inc.		804		804			—		—
Credit Suisse Securities (USA) LLC		497,164		497,164			—		—
Goldman Sachs & Co. LLC		441,408		441,408			—		—
ING Financial Markets LLC		7,500,714		7,500,714			—		—
J.P. Morgan Securities LLC		2,412		2,412			—		—
Morgan Stanley		18,323		18,323			—		—
	$	8,477,052	$	8,477,052		$	—	$	—
Russell Top 200 Value
Barclays Bank PLC	$	487,429	$	487,429		$	—	$	—
Deutsche Bank Securities, Inc.		593,316		593,316			—		—
J.P. Morgan Securities LLC		38,132		38,132			—		—
Morgan Stanley		5,526		5,526			—		—
	$	1,124,403	$	1,124,403		$	—	$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 1000
Barclays Bank PLC	$	44,256,520	$	44,256,520		$	—	$	—
Barclays Capital, Inc.		6,646,514		6,646,514			—		—
BMO Capital Markets Corp.		162,006		162,006			—		—
BNP Paribas SA		68,598,121		68,598,121			—		—
BofA Securities, Inc.		21,478,696		21,478,696			—		—
Citadel Clearing LLC		147,323		147,323			—		—
Citigroup Global Markets, Inc.		57,260,364		57,260,364			—		—
Credit Suisse Securities (USA) LLC		4,471		4,471			—		—
Goldman Sachs & Co. LLC		62,389,868		62,389,868			—		—
HSBC Bank PLC		93,827		93,827			—		—
J.P. Morgan Securities LLC		63,574,358		63,574,358			—		—
Jefferies LLC		12,650		12,650			—		—
Morgan Stanley		16,963,848		16,963,848			—		—
National Financial Services LLC		3,335,393		3,335,393			—		—
Nomura Securities International, Inc.		96,152		96,152			—		—
RBC Capital Markets LLC		109,344		109,344			—		—
Scotia Capital (USA), Inc.		5,807,172		5,807,172			—		—
SG Americas Securities LLC		8,510		8,510			—		—
State Street Bank & Trust Co.		2,392,159		2,392,159			—		—
Toronto-Dominion Bank		1,942,592		1,942,592			—		—
UBS AG		8,283,875		8,283,875			—		—
UBS Securities LLC		2,492,621		2,492,621			—		—
Wells Fargo Bank N.A.		1,144,083		1,144,083			—		—
Wells Fargo Securities LLC		1,170,429		1,170,429			—		—
	$	368,370,896	$	368,370,896		$	—	$	—
Russell 1000 Growth
Barclays Bank PLC	$	46,440,537	$	46,440,537		$	—	$	—
Barclays Capital, Inc.		4,970,085		4,970,085			—		—
BMO Capital Markets Corp.		17,845		17,769			—		(76	)(b)
BNP Paribas SA		219,085,331		219,085,331			—		—
BofA Securities, Inc.		21,125,483		21,125,483			—		—
Citadel Clearing LLC		219,780		219,780			—		—
Citigroup Global Markets, Inc.		57,717,065		57,717,065			—		—
Credit Suisse Securities (USA) LLC		770,867		770,867			—		—
Deutsche Bank Securities, Inc.		75,509		75,509			—		—
Goldman Sachs & Co. LLC		36,536,335		36,536,335			—		—
HSBC Bank PLC		87,524		87,524			—		—
ING Financial Markets LLC		194,530		194,530			—		—
J.P. Morgan Securities LLC		139,677,005		139,677,005			—		—
Jefferies LLC		727,982		727,982			—		—
Mizuho Securities USA LLC		491,534		491,534			—		—
Morgan Stanley		84,615,263		84,615,263			—		—
National Financial Services LLC		3,592,211		3,592,211			—		—
Natixis SA		7,396,875		7,396,875			—		—
RBC Capital Markets LLC		108,480,000		108,480,000			—		—
Scotia Capital (USA), Inc.		84,654,452		84,654,452			—		—
SG Americas Securities LLC		2,585,977		2,585,977			—		—
State Street Bank & Trust Co.		54,214,691		54,214,691			—		—
Toronto-Dominion Bank		173,558,912		173,558,912			—		—
UBS AG		30,428,493		30,428,493			—		—
UBS Securities LLC		25,523,065		25,523,065			—		—
Virtu Americas LLC		4,526,372		4,526,372			—		—
Wells Fargo Bank N.A.		12,950,644		12,950,644			—		—
Wells Fargo Securities LLC		1,857,833		1,857,833			—		—
	$	1,122,522,200	$	1,122,522,124		$	—	$	(76	)

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 139

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 1000 Value
Barclays Bank PLC	$	36,941,696	$	36,941,696		$	—	$	—
Barclays Capital, Inc.		9,921,857		9,921,857			—		—
BMO Capital Markets Corp.		132,285		132,285			—		—
BNP Paribas SA		93,353,497		93,353,497			—		—
BofA Securities, Inc.		34,157,888		34,157,888			—		—
Citadel Clearing LLC		1,165,853		1,165,853			—		—
Citigroup Global Markets, Inc.		85,485,646		85,485,646			—		—
Credit Suisse Securities (USA) LLC		656,679		656,679			—		—
Deutsche Bank Securities, Inc.		69,323		69,323			—		—
Goldman Sachs & Co. LLC		80,241,366		80,241,366			—		—
ING Financial Markets LLC		46,912		46,912			—		—
J.P. Morgan Securities LLC		57,010,976		57,010,976			—		—
Jefferies LLC		6,969,039		6,969,039			—		—
Morgan Stanley		22,732,355		22,732,355			—		—
National Financial Services LLC		2,772,064		2,772,064			—		—
RBC Capital Markets LLC		18,173,980		18,173,980			—		—
Scotia Capital (USA), Inc.		45,795,188		45,795,188			—		—
SG Americas Securities LLC		7,744,620		7,744,620			—		—
State Street Bank & Trust Co.		2,882,427		2,882,427			—		—
Toronto-Dominion Bank		2,196,057		2,196,057			—		—
UBS AG		3,286,957		3,286,957			—		—
UBS Securities LLC		5,774,437		5,774,437			—		—
Virtu Americas LLC		1,548,864		1,548,864			—		—
Wells Fargo Bank N.A.		11,041,200		11,041,200			—		—
Wells Fargo Securities LLC		4,993,809		4,993,809			—		—
	$	535,094,975	$	535,094,975		$	—	$	—
Russell 2000
Barclays Bank PLC	$	283,876,080	$	283,876,080		$	—	$	—
Barclays Capital, Inc.		69,015,011		69,015,011			—		—
BMO Capital Markets Corp.		180,539		180,539			—		—
BNP Paribas SA		1,112,106,574		1,112,106,574			—		—
BofA Securities, Inc.		540,935,069		540,935,069			—		—
Citadel Clearing LLC		14,610,004		14,610,004			—		—
Citigroup Global Markets, Inc.		196,959,377		196,959,377			—		—
Credit Suisse Securities (USA) LLC		15,055,590		15,055,590			—		—
Deutsche Bank Securities, Inc.		221,338		221,338			—		—
Goldman Sachs & Co. LLC		588,747,040		588,747,040			—		—
HSBC Bank PLC		4,501,588		4,501,588			—		—
ING Financial Markets LLC		517,399		517,399			—		—
J.P. Morgan Securities LLC		1,306,161,472		1,306,161,472			—		—
Jefferies LLC		37,646,094		37,646,094			—		—
Mizuho Securities USA LLC		102,422		102,422			—		—
Morgan Stanley		796,708,701		796,708,701			—		—
National Financial Services LLC		174,943,505		174,943,505			—		—
Natixis SA		20,519,374		20,519,374			—		—
Nomura Securities International, Inc.		963,304		963,304			—		—
Pershing LLC		4,722,289		4,722,289			—		—
RBC Capital Markets LLC		3,650,725		3,650,725			—		—
Scotia Capital (USA), Inc.		20,602,651		20,602,651			—		—
SG Americas Securities LLC		14,155,490		14,155,490			—		—
State Street Bank & Trust Co.		89,384,059		89,384,059			—		—
Toronto-Dominion Bank		75,514,719		75,514,719			—		—
UBS AG		105,982,797		105,982,797			—		—
UBS Securities LLC		59,994,492		59,994,492			—		—
Virtu Americas LLC		620,688		620,688			—		—
Wells Fargo Bank N.A.		56,906,321		56,906,321			—		—
Wells Fargo Securities LLC		99,999,023		99,999,023			—		—
	$	5,695,303,735	$	5,695,303,735		$	—	$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 2000 Growth
Barclays Bank PLC	$	38,768,716	$	38,768,716		$	—	$	—
Barclays Capital, Inc.		18,547,212		18,547,212			—		—
BMO Capital Markets Corp.		156,432		156,432			—		—
BNP Paribas SA		281,849,820		281,849,820			—		—
BofA Securities, Inc.		100,156,411		100,156,411			—		—
Citadel Clearing LLC		3,762,155		3,762,155			—		—
Citigroup Global Markets, Inc.		67,880,035		67,880,035			—		—
Credit Suisse Securities (USA) LLC		1,641,512		1,641,512			—		—
Deutsche Bank Securities, Inc.		131,882		131,882			—		—
Goldman Sachs & Co. LLC		196,688,903		196,688,903			—		—
HSBC Bank PLC		5,913,874		5,913,874			—		—
ING Financial Markets LLC		956,314		956,314			—		—
J.P. Morgan Securities LLC		389,545,084		389,545,084			—		—
Jefferies LLC		2,118,618		2,118,618			—		—
Mizuho Securities USA LLC		475,068		475,068			—		—
Morgan Stanley		200,570,090		200,570,090			—		—
National Financial Services LLC		37,303,250		37,303,250			—		—
Natixis SA		6,662,038		6,662,038			—		—
Nomura Securities International, Inc.		394,074		394,074			—		—
RBC Capital Markets LLC		1,092,115		1,092,115			—		—
Scotia Capital (USA), Inc.		16,181,538		16,181,538			—		—
SG Americas Securities LLC		4,092,005		4,092,005			—		—
State Street Bank & Trust Co.		50,816,007		50,816,007			—		—
Toronto-Dominion Bank		24,863,611		24,863,611			—		—
UBS AG		36,338,973		36,338,973			—		—
UBS Securities LLC		20,266,074		20,266,074			—		—
Wells Fargo Bank N.A.		18,483,784		18,483,784			—		—
Wells Fargo Securities LLC		17,312,943		17,312,943			—		—
	$	1,542,968,538	$	1,542,968,538		$	—	$	—
Russell 2000 Value
Barclays Bank PLC	$	33,645,821	$	33,645,821		$	—	$	—
Barclays Capital, Inc.		11,038,718		11,038,718			—		—
BMO Capital Markets Corp.		8,552		8,552			—		—
BNP Paribas SA		122,020,467		122,020,467			—		—
BofA Securities, Inc.		88,720,371		88,720,371			—		—
Citadel Clearing LLC		31,668		31,668			—		—
Citigroup Global Markets, Inc.		26,933,033		26,933,033			—		—
Credit Suisse Securities (USA) LLC		835,112		835,112			—		—
Deutsche Bank Securities, Inc.		168,190		168,190			—		—
Goldman Sachs & Co. LLC		120,077,269		120,077,269			—		—
HSBC Bank PLC		982,776		982,776			—		—
ING Financial Markets LLC		105,772		105,772			—		—
J.P. Morgan Securities LLC		142,393,887		142,393,887			—		—
Jefferies LLC		6,283,113		6,283,113			—		—
Morgan Stanley		182,903,552		182,903,552			—		—
National Financial Services LLC		21,952,683		21,952,683			—		—
Natixis SA		992,984		992,984			—		—
Pershing LLC		334,512		334,512			—		—
Scotia Capital (USA), Inc.		7,294,418		7,294,418			—		—
SG Americas Securities LLC		3,964,513		3,964,513			—		—
State Street Bank & Trust Co.		10,824,980		10,824,980			—		—
Toronto-Dominion Bank		13,444,736		13,444,736			—		—
UBS AG		24,528,723		24,528,723			—		—
UBS Securities LLC		15,378,312		15,378,312			—		—
Wells Fargo Bank N.A.		15,347,969		15,347,969			—		—
Wells Fargo Securities LLC		34,804,014		34,804,014			—		—
	$	885,016,145	$	885,016,145		$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statementof assets and liabilities.

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 141

Notes to Financial Statements  (continued)

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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.

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 Fee
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20
Russell 1000		0.15

For its investment advisory services to each of the iShares Russell 1000 Growth and iShares Russell 1000 Value ETFs, BFA is entitled to an annual investment advisoryfee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain otheriShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

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Notes to Financial Statements  (continued)

For its investment advisory services to the iShares Russell 2000 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2000	%
Over $46 billion, up to and including $81 billion		0.1900
Over $81 billion, up to and including $111 billion		0.1805
Over $111 billion, up to and including $141 billion		0.1715
Over $141 billion, up to and including $171 billion		0.1630
Over $171 billion		0.1548

Prior to July 14, 2021, for its investment advisory services to the iShares Russell 2000 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2000	%
Over $46 billion, up to and including $81 billion		0.1900
Over $81 billion, up to and including $111 billion		0.1805
Over $111 billion, up to and including $141 billion		0.1715
Over $141 billion		0.1630

For its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2500	%
Over $46 billion, up to and including $81 billion		0.2375
Over $81 billion, up to and including $111 billion		0.2257
Over $111 billion, up to and including $141 billion		0.2144
Over $141 billion, up to and including $171 billion		0.2037
Over $171 billion		0.1935

Prior to July 14, 2021, for its investment advisory services to each of the iShares Russell 2000 Growth and iShares Russell 2000 Value ETFs, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.2500	%
Over $46 billion, up to and including $81 billion		0.2375
Over $81 billion, up to and including $111 billion		0.2257
Over $111 billion, up to and including $141 billion		0.2144
Over $141 billion		0.2037

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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 143

Notes to Financial Statements  (continued)

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.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid    to BTC
Russell Top 200	$	1,718
Russell Top 200 Growth		10,389
Russell Top 200 Value		850
Russell 1000		373,953
Russell 1000 Growth		1,127,493
Russell 1000 Value		459,043
Russell 2000		12,766,310
Russell 2000 Growth		3,233,569
Russell 2000 Value		1,852,828

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 year ended March 31, 2022, 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)
Russell Top 200	$	16,453,300	$	9,149,115	$	(460,349	)
Russell Top 200 Growth		242,881,835		119,558,592		(4,989,937	)
Russell Top 200 Value		104,985,929		47,674,743		(511,566	)
Russell 1000		601,464,820		420,219,537		(88,243,514	)
Russell 1000 Growth		5,093,555,281		2,726,360,987		(166,856,682	)
Russell 1000 Value		5,360,188,416		4,642,921,221		480,782,855
Russell 2000		1,328,395,204		3,253,588,370		29,407,988
Russell 2000 Growth		1,832,034,487		2,326,256,823		97,144,083
Russell 2000 Value		1,889,642,857		1,679,906,383		47,185,679

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.

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Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	40,461,204	$	40,996,930
Russell Top 200 Growth		415,391,490		408,745,057
Russell Top 200 Value		183,473,314		185,596,704
Russell 1000		1,762,470,899		1,771,964,952
Russell 1000 Growth		9,237,152,341		9,223,069,652
Russell 1000 Value		9,259,601,719		9,192,352,226
Russell 2000		15,231,128,264		15,208,468,310
Russell 2000 Growth		4,673,823,675		4,685,453,366
Russell 2000 Value		5,476,798,995		5,440,133,721

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Russell Top 200	$	282,294,453	$	225,519,089
Russell Top 200 Growth		1,596,708,008		921,193,049
Russell Top 200 Value		424,662,114		395,895,420
Russell 1000		5,560,697,662		5,554,289,973
Russell 1000 Growth		19,281,790,815		20,627,818,604
Russell 1000 Value		12,730,999,361		10,837,114,326
Russell 2000		88,244,227,495		90,860,276,471
Russell 2000 Growth		5,122,191,069		4,555,484,133
Russell 2000 Value		4,963,332,868		6,896,438,219

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated    Earnings (Loss)
Russell Top 200	$	90,956,012	$	(90,956,012	)
Russell Top 200 Growth		453,269,647		(453,269,647	)
Russell Top 200 Value		136,950,638		(136,950,638	)
Russell 1000		2,760,006,485		(2,760,006,485	)
Russell 1000 Growth		11,756,792,919		(11,756,792,919	)
Russell 1000 Value		4,092,132,179		(4,092,132,179	)
Russell 2000		11,418,922,235		(11,418,922,235	)
Russell 2000 Growth		1,601,588,776		(1,601,588,776	)
Russell 2000 Value		2,577,153,666		(2,577,153,666	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Russell Top 200
Ordinary income	$	11,546,241	$	11,376,261
Russell Top 200 Growth
Ordinary income	$	24,456,769	$	23,069,276

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 145

Notes to Financial Statements  (continued)

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Russell Top 200 Value
Ordinary income	$	22,928,866	$	17,442,740
Russell 1000
Ordinary income	$	357,765,384	$	354,009,239
Russell 1000 Growth
Ordinary income	$	401,934,860	$	411,316,899
Russell 1000 Value
Ordinary income	$	973,061,947	$	827,083,590
Russell 2000
Ordinary income	$	646,681,067	$	551,110,344
Russell 2000 Growth
Ordinary income	$	38,453,082	$	48,359,274
Russell 2000 Value
Ordinary income	$	248,644,243	$	177,203,668

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Russell Top 200	$	106,642	$	(11,215,984	)	$	211,012,873		$	—		$	199,903,531
Russell Top 200 Growth		—		(87,537,359	)		1,322,699,454			—			1,235,162,095
Russell Top 200 Value		337,121		(43,326,562	)		198,366,129			—			155,376,688
Russell 1000		—		(666,718,178	)		8,010,007,582			—			7,343,289,404
Russell 1000 Growth		7,452,965		(1,603,451,678	)		24,160,906,171			—			22,564,907,458
Russell 1000 Value		10,173,740		(2,426,541,811	)		10,153,729,845			—			7,737,361,774
Russell 2000		—		(9,508,088,657	)		(17,721,489,953	)		(1,148,939	)		(27,230,727,549	)
Russell 2000 Growth		—		(934,647,008	)		(1,041,458,186	)		(229,066	)		(1,976,334,260	)
Russell 2000 Value		—		(1,454,504,025	)		518,139,798			—			(936,364,227	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Russell 1000 Value	$	693,257,471
Russell 2000 Growth		387,389,371
Russell 2000 Value		125,998,624

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (continued)

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	830,809,468	$	234,388,019	$	(23,375,146	)	$	211,012,873
Russell Top 200 Growth		3,505,749,312		1,390,716,694		(68,017,240	)		1,322,699,454
Russell Top 200 Value		1,089,450,758		225,064,895		(26,698,766	)		198,366,129
Russell 1000		22,773,898,813		9,165,480,038		(1,155,472,456	)		8,010,007,582
Russell 1000 Growth		47,730,047,073		25,915,825,540		(1,754,919,369	)		24,160,906,171
Russell 1000 Value		48,372,186,262		12,267,334,015		(2,113,604,170	)		10,153,729,845
Russell 2000		85,629,840,812		2,270,841,210		(19,992,331,163	)		(17,721,489,953	)
Russell 2000 Growth		13,485,465,723		1,354,490,836		(2,395,949,022	)		(1,041,458,186	)
Russell 2000 Value		15,059,376,912		2,362,144,573		(1,844,004,775	)		518,139,798

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While

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 147

Notes to Financial Statements  (continued)

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		2,650,000		$	283,025,557			5,400,000		$	403,904,934
Shares redeemed		(2,150,000	)		(227,001,091	)		(2,250,000	)		(198,913,477	)
Net increase		500,000		$	56,024,466			3,150,000		$	204,991,457
Russell Top 200 Growth
Shares sold		10,200,000		$	1,599,356,266			10,200,000		$	1,139,281,886
Shares redeemed		(6,050,000	)		(916,512,668	)		(3,900,000	)		(480,521,529	)
Net increase		4,150,000		$	682,843,598			6,300,000		$	658,760,357
Russell Top 200 Value
Shares sold		6,300,000		$	425,716,600			10,250,000		$	537,424,577
Shares redeemed		(5,950,000	)		(399,609,308	)		(950,000	)		(50,118,590	)
Net increase		350,000		$	26,107,292			9,300,000		$	487,305,987
Russell 1000
Shares sold		22,500,000		$	5,575,530,487			18,700,000		$	3,608,974,020
Shares redeemed		(22,200,000	)		(5,569,931,565	)		(23,950,000	)		(4,611,910,842	)
Net increase (decrease)		300,000		$	5,598,922			(5,250,000	)	$	(1,002,936,822	)
Russell 1000 Growth
Shares sold		70,050,000		$	19,313,363,514			39,800,000		$	8,178,323,867
Shares redeemed		(74,900,000	)		(20,648,774,951	)		(64,200,000	)		(13,608,361,383	)
Net decrease		(4,850,000	)	$	(1,335,411,437	)		(24,400,000	)	$	(5,430,037,516	)
Russell 1000 Value
Shares sold		79,150,000		$	12,783,707,883			72,300,000		$	9,602,615,676
Shares redeemed		(67,200,000	)		(10,905,546,928	)		(49,000,000	)		(5,872,737,136	)
Net increase		11,950,000		$	1,878,160,955			23,300,000		$	3,729,878,540

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Notes to Financial Statements  (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Russell 2000
Shares sold		426,400,000		$	93,255,342,373			598,650,000		$	99,881,922,980
Shares redeemed		(439,200,000	)		(96,019,884,011	)		(568,700,000	)		(91,967,455,939	)
Net increase (decrease)		(12,800,000	)	$	(2,764,541,638	)		29,950,000		$	7,914,467,041
Russell 2000 Growth
Shares sold		17,950,000		$	5,179,049,200			10,750,000		$	2,590,349,644
Shares redeemed		(15,900,000	)		(4,605,946,186	)		(14,200,000	)		(3,330,461,784	)
Net increase (decrease)		2,050,000		$	573,103,014			(3,450,000	)	$	(740,112,140	)
Russell 2000 Value
Shares sold		33,300,000		$	5,495,477,619			48,050,000		$	6,188,984,235
Shares redeemed		(45,050,000	)		(7,407,323,006	)		(25,750,000	)		(2,990,244,755	)
Net increase (decrease)		(11,750,000	)	$	(1,911,845,387	)		22,300,000		$	3,198,739,480

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 State Street Bank and Trust Company, the Trust’s administrator, 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. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 1000 ETF and iShares Russell 1000 Value ETF received proceeds of $750,618 and $4,187,372, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

12. 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 149

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (nine of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Russell Top 200	$	12,760,512
Russell Top 200 Growth		31,446,770
Russell Top 200 Value		25,078,728
Russell 1000		379,930,842
Russell 1000 Growth		496,035,905
Russell 1000 Value		1,018,695,866
Russell 2000		569,310,881
Russell 2000 Growth		54,181,340
Russell 2000 Value		200,336,022

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
Russell Top 200	$	175,780
Russell Top 200 Growth		783,410
Russell Top 200 Value		153,155
Russell 1000		11,171,593
Russell 1000 Growth		16,213,866
Russell 1000 Value		26,799,511
Russell 2000		62,788,936
Russell 2000 Growth		2,058,290
Russell 2000 Value		27,016,286

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Russell Top 200		100.00	%
Russell Top 200 Growth		100.00	%
Russell Top 200 Value		100.00	%
Russell 1000		100.00	%
Russell 1000 Growth		100.00	%
Russell 1000 Value		100.00	%
Russell 2000		87.29	%
Russell 2000 Growth		100.00	%
Russell 2000 Value		79.66	%

I M P O R T A N T    T A X    I N F O R M A T I O N 151

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF and iShares Russell 2000 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Russell Top 200(a)	$	1.273482	$	—	$	0.005954	$	1.279436		100	%		—	%		0	%(b)		100	%
Russell Top 200 Growth(a)		0.880049		—		0.007518		0.887567		99			—			1			100
Russell Top 200 Value(a)		1.277450		—		0.003516		1.280966		100			—			0	(b)		100
Russell 1000(a)		2.885073		—		0.046256		2.931329		98			—			2			100
Russell 1000 Growth(a)		1.546840		—		0.016544		1.563384		99			—			1			100
Russell 1000 Value(a)		2.764878		—		0.051999		2.816877		98			—			2			100
Russell 2000(a)		1.969881		—		0.121415		2.091296		94			—			6			100
Russell 2000 Growth(a)		0.894444		—		0.041890		0.936334		96			—			4			100
Russell 2000 Value(a)		2.428697		—		0.155768		2.584465		94			—			6			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.

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Russell 1000 Value ETF and iShares Russell 2000 ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

S U P P L E M E N T A L   I N F O R M A T I O N 153

Supplemental Information (unaudited)(continued)

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Russell 1000 Value		$5,335,781		$2,494,827		$2,840,954		661		$653,110		$67,498
Russell 2000		6,147,199		2,874,218		3,272,981		661		752,430		77,763

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R    I N F O R M A T I O N 157

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 Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 159

Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-305-0322

            

MARCH 31, 2022

2022 Annual Report

iShares Trust

·  iShares Micro-Cap ETF | IWC | NYSE Arca

·  iShares Russell 2500 ETF | SMMD | Cboe BZX

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap ETF | IWR | NYSE Arca

·  iShares Russell Mid-Cap Growth ETF | IWP | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		17
Shareholder Expenses		17
Schedules of Investments		18
Financial Statements
Statements of Assets and Liabilities		97
Statements of Operations		99
Statements of Changes in Net Assets		101
Financial Highlights		104
Notes to Financial Statements		110
Report of Independent Registered Public Accounting Firm		122
Important Tax Information (Unaudited)		123
Statement Regarding Liquidity Risk Management Program		124
Supplemental Information		125
Trustee and Officer Information		127
General Information		130
Glossary of Terms Used in this Report		131

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022    iShares^® Micro-Cap ETF

Investment Objective

The iShares Micro-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of micro-capitalization U.S. equities, as represented by the Russell MicroCap^® 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
		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		(11.41	)%	9.67	%	11.00	%		(11.41	)%	58.68	%	183.88	%
Fund Market		(11.65	)	9.67		10.97			(11.65	)	58.64		183.20
Index		(10.99	)	9.86		11.14			(10.99	)	60.02		187.46

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$         897.90	$        2.84			$      1,000.00	$      1,021.90	$        3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022   (continued) iShares^® Micro-Cap ETF

Portfolio Management Commentary

Micro-capitalization U.S. stocks declined meaningfully for the reporting period despite strong economic growth and robust consumer spending. The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor interest in smaller companies that could be acquired by larger firms. Additionally, a relative dearth of positive news and muted enthusiasm for stocks with high valuations and minimal earnings pressured the industry.

Stocks in the consumer discretionary sector detracted notably from the Index’s performance despite the overall increase in consumer spending. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales. Rising prices also challenged the specialty retail industry, as inflation increased the wholesale cost of goods for retailers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small-capitalization information technology stocks.

On the upside, stocks in the financials sector contributed the most to the Index’s return. Regional banks advanced amid growth in loans, a reduction in the probability of loan defaults, and higher interest rates, which allowed banks to charge more for loans. The energy sector also contributed amid higher prices for energy commodities. Rising oil and gas prices benefited companies in the oil, gas, and consumable fuels industry, as increased cash flow allowed companies to reduce debt while minimizing spending.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Health Care	23.8%
Financials	21.7
Industrials	11.6
Consumer Discretionary	10.7
Information Technology	9.4
Energy	8.3
Materials	4.6
Real Estate	4.4
Communication Services	2.9
Consumer Staples	2.0
Utilities	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Lantheus Holdings Inc.	0.8%
Houghton Mifflin Harcourt Co.	0.6
Civitas Resources Inc.	0.6
Alpha Metallurgical Resources Inc.	0.5
Peabody Energy Corp.	0.5
Arch Resources Inc.	0.5
NexPoint Residential Trust Inc.	0.4
Tellurian Inc.	0.4
IVERIC bio Inc.	0.4
Veritiv Corp.	0.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022      iShares^® Russell 2500 ETF

Investment Objective

The iShares Russell 2500 ETF (the “Fund”) seeks to track the investment results of an index composed of mid- and small-capitalization U.S. equities, as represented by the Russell 2500^TM 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
	1 Year			Since Inception	1 Year			Since Inception
Fund NAV		0.17	%	11.97%		0.17	%		70.81	%
Fund Market		0.35		12.02		0.35			71.22
Index		0.34		11.99		0.34			70.96

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 7/6/17. The first day of secondary market trading was 7/7/17.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        977.10	$        0.35			$      1,000.00	$      1,024.60	$        0.35		0.07	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022   (continued) iShares^® Russell 2500 ETF

Portfolio Management Commentary

Mid- and small-capitalization U.S. stocks advanced marginally for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, which benefited real estate companies that rely heavily on debt financing.

On the downside, the healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms.

Stocks in the consumer discretionary sector also detracted from the Index’s performance despite an overall increase in consumer spending. The consumer durables industry declined amid investor expectations of a downturn in the housing market. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Investment Companies	42.9%
Information Technology	10.0
Industrials	9.8
Financials	8.0
Consumer Discretionary	6.5
Health Care	5.7
Real Estate	5.5
Materials	4.5
Energy	2.8
Consumer Staples	1.6
Utilities	1.4
Communication Services	1.3

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
iShares Russell 2000 ETF	42.9%
Devon Energy Corp.	0.6
MongoDB Inc.	0.5
Enphase Energy Inc.	0.4
ON Semiconductor Corp.	0.4
Diamondback Energy Inc.	0.4
Mosaic Co. (The)	0.4
PerkinElmer Inc.	0.3
Monolithic Power Systems Inc.	0.3
CF Industries Holdings Inc.	0.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022    iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.75	%		15.20	%		14.09	%		11.75	%		102.91	%		273.68	%
Fund Market		11.85			15.23			14.10			11.85			103.12			274.10
Index		11.92			15.40			14.28			11.92			104.64			280.04

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$     1,034.30	$        1.01			$     1,000.00	$     1,023.90	$        1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022   (continued) iShares^® Russell 3000 ETF

Portfolio Management Commentary

U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to attract new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained amid a global shortage of semiconductors. High consumer demand for products that use semiconductors, including personal computers, video cards, and automobiles, led makers of semiconductors to ramp up production to record highs, boosting revenues.

The energy sector was a notable contributor to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from pandemic-induced lows. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 boosted sales for pharmaceuticals companies.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology	27.2%
Health Care	13.5
Consumer Discretionary	11.8
Financials	11.7
Industrials	8.9
Communication Services	8.5
Consumer Staples	5.6
Energy	3.9
Real Estate	3.6
Utilities	2.7
Materials	2.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Apple Inc.	6.0%
Microsoft Corp.	5.2
Amazon.com Inc.	3.2
Tesla Inc.	2.0
Alphabet Inc., Class A	1.9
Alphabet Inc., Class C	1.7
NVIDIA Corp.	1.5
Berkshire Hathaway Inc., Class B	1.5
Meta Platforms Inc, Class A	1.2
UnitedHealth Group Inc.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022    iShares^® Russell Mid-Cap ETF

Investment Objective

The iShares Russell Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Russell MidCap^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.72	%		12.45	%		12.68	%		6.72	%		79.84	%		229.91	%
Fund Market		6.74			12.47			12.69			6.74			79.94			230.13
Index		6.92			12.62			12.85			6.92			81.18			235.10

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$       1,003.10	$        0.90			$      1,000.00	$      1,024.00	$    0.91		0.18	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2022   (continued) iShares^® Russell Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector contributed meaningfully to the Index’s return amid a nationwide rise in residential property prices. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed meaningfully, led by the insurance industry. As premiums and income grew, many insurers were able to increase insurance rates in an environment of higher inflation. The capital markets industry advanced amid growing assets under management and low interest rates, which facilitated borrowing to finance acquisitions. The materials sector was another contributor, as companies rebuilding their stocks of materials boosted demand, leading to strong earnings growth for materials companies.

On the downside, the consumer discretionary and communication services sectors detracted from the Index’s performance. The consumer durables industry faced headwinds amid slowing growth of home exercise equipment. Retailers also declined amid inflationary pressure, which weighed on earnings. The communication services sector declined as the media and entertainment industry was constrained by declining users on a photo-sharing platform. Changing consumer behavior also pressured makers of home-media entertainment devices as more customers enjoyed activities outside the home.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology		17.9%
Industrials		14.5
Financials		12.7
Consumer Discretionary		11.3
Health Care		10.9
Real Estate		8.5
Materials		6.1
Energy		5.7
Utilities		5.2
Consumer Staples		3.8
Communication Services		3.4

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Marvell Technology Inc.	0.6%
Palo Alto Networks Inc.	0.6
Pioneer Natural Resources Co.	0.5
Marathon Petroleum Corp.	0.5
Synopsys Inc.	0.5
Archer-Daniels-Midland Co.	0.5
Dexcom Inc.	0.5
Occidental Petroleum Corp.	0.4
IDEXX Laboratories Inc.	0.4
McKesson Corp.	0.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022    iShares^® Russell Mid-Cap Growth ETF

Investment Objective

The iShares Russell Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell MidCap^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.09	)%		14.86	%		13.29	%		(1.09	)%		99.87	%		248.23	%
Fund Market		(1.16	)		14.85			13.29			(1.16	)		99.86			248.31
Index		(0.89	)		15.10			13.52			(0.89	)		102.04			255.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         898.30	$       1.09			$      1,000.00	$      1,023.80	$    1.16		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022   (continued) iShares^® Russell Mid-Cap Growth ETF

Portfolio Management Commentary

Growth-oriented mid-capitalization U.S. stocks, which derive a significant portion of their prices from investors’ expectations of future growth, declined marginally for the reporting period. Growth stocks faced significant headwinds relative to other equities as they are particularly sensitive to interest rates, which rose as the Fed moved to a less accommodative monetary policy. Persistent inflation and the war in Ukraine led to concerns about slower economic growth, which also weighed on growth stocks.

The communication services sector was the largest detractor from the Index’s performance. The media and entertainment industry was negatively impacted by declining users on a photo-sharing platform amid stiff competition. Changing consumer behavior pressured makers of home-media entertainment devices, as more customers enjoyed outside activities. A slowdown in user growth for subscriptions to streaming audio also weighed on the industry.

Stocks in the consumer discretionary sector also detracted, despite an overall increase in consumer spending. The internet and direct marketing industry declined, as the high rate of growth that began with the pandemic receded amid slowing e-commerce, including sales for food delivery, goods, and used cars. Sales of home exercise equipment slowed as more people returned to gyms, weighing on the consumer durables industry.

On the upside, the information technology sector contributed the most to the Index’s return, led by the software and services industry. Makers of cybersecurity software benefited from increased sales, as more companies invested in security products to protect their online activities. The semiconductors and semiconductor equipment industry gained, as a global shortage of semiconductors helped support profits in the industry. The energy sector also contributed, as the oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow and allowed companies to reduce their debt.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology	34.8%
Health Care	17.1
Industrials	15.3
Consumer Discretionary	15.2
Financials	5.3
Communication Services	3.2
Energy	2.5
Real Estate	2.4
Consumer Staples	2.0
Materials	2.0
Utilities	0.2

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Palo Alto Networks Inc.	1.7%
Dexcom Inc.	1.4
IDEXX Laboratories Inc.	1.3
Fortinet Inc.	1.3
Crowdstrike Holdings Inc., Class A	1.3
Cadence Design Systems Inc.	1.3
Chipotle Mexican Grill Inc.	1.2
Lululemon Athletica Inc.	1.2
Datadog Inc., Class A	1.1
Paychex Inc.	1.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022    iShares^® Russell Mid-Cap Value ETF

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.19	%		9.78	%		11.78	%		11.19	%		59.48	%		204.62	%
Fund Market		11.12			9.81			11.79			11.12			59.64			204.90
Index		11.45			9.99			12.01			11.45			61.01			210.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses       Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$       1,064.30	$        1.18			$      1,000.00	$      1,023.80	$    1.16		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022   (continued) iShares^® Russell Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was another significant contributor to the Index’s performance amid a nationwide rise in residential property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the real estate sector, which relies heavily on debt financing. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed to the Index’s performance, as the strengthening economy and higher interest rates drove earnings growth. The insurance industry was the primary source of strength, continuing its recovery from the adverse effects of the pandemic. Premiums and income grew in the industry, as many insurers were able to increase insurance rates in an environment of higher inflation. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials	16.4%
Industrials	14.1
Real Estate	11.5
Information Technology	9.4
Consumer Discretionary	9.3
Materials	8.1
Health Care	7.8
Utilities	7.8
Energy	7.3
Consumer Staples	4.7
Communication Services	3.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Marvell Technology Inc.	0.8%
Marathon Petroleum Corp.	0.7
Archer-Daniels-Midland Co.	0.7
Prudential Financial Inc.	0.6
Kroger Co. (The)	0.6
Welltower Inc.	0.6
Corteva Inc.	0.6
Occidental Petroleum Corp.	0.6
Aflac Inc.	0.6
Valero Energy Corp.	0.6

^(a)  Excludes money market funds.

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 17

Schedule of Investments March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
AerSale Corp.(a)		36,976	$	581,263
Air Industries Group(a)(b)		60,139		50,210
Astronics Corp.(a)		57,836		747,820
Astrotech Corp.(a)		110,296		79,512
Byrna Technologies Inc.(a)(b)		42,725		349,063
Cadre Holdings Inc.		14,687		360,713
CPI Aerostructures Inc.(a)		26,847		79,199
Ducommun Inc.(a)		25,033		1,311,479
Innovative Solutions & Support Inc.(a)		30,690		247,362
National Presto Industries Inc.		11,896		915,397
Park Aerospace Corp.		44,439		579,929
SIFCO Industries Inc.(a)		6,362		31,545
Sigma Labs Inc.(a)(b)		26,460		53,978
Triumph Group Inc.(a)		147,571		3,730,595
Vectrus Inc.(a)		26,870		963,558
Virtra Inc.(a)(b)		17,782		108,470
				10,190,093
Air Freight & Logistics — 0.1%
Air T Inc.(a)(b)		2,754		62,654
Radiant Logistics Inc.(a)		90,471		576,300
				638,954
Airlines — 0.0%
Mesa Air Group Inc.(a)		80,527		354,319
Auto Components — 0.5%
Cooper-Standard Holdings Inc.(a)		39,144		343,293
Horizon Global Corp.(a)		53,644		306,307
Modine Manufacturing Co.(a)		115,401		1,039,763
Motorcar Parts of America Inc.(a)		43,627		777,870
Stoneridge Inc.(a)(b)		60,262		1,251,039
Strattec Security Corp.(a)(b)		8,905		331,889
Superior Industries International Inc.(a)		57,284		266,944
Sypris Solutions Inc.(a)		28,231		75,941
Unique Fabricating Inc.(a)		21,060		40,014
XL Fleet Corp.(a)		274,975		547,200
				4,980,260
Automobiles — 0.2%
Arcimoto Inc.(a)(b)		66,398		438,891
AYRO Inc.(a)		76,841		98,356
Mullen Automotive Inc.(a)(b)		35,372		105,409
Volcon Inc.(a)(b)		14,853		28,369
Workhorse Group Inc.(a)(b)		358,040		1,790,200
				2,461,225
Banks — 14.2%
ACNB Corp.		19,795		691,835
Affinity Bancshares Inc.(a)		14,235		223,917
Allegiance Bancshares Inc.		44,031		1,967,305
Amalgamated Financial Corp.		31,944		574,034
Amerant Bancorp Inc.		60,917		1,924,368
American National Bankshares Inc.		24,321		916,415
AmeriServ Financial Inc.		32,603		131,716
Ames National Corp.		20,375		506,523
Arrow Financial Corp.		32,384		1,049,889
Auburn National Bancorp. Inc.		5,598		184,790
Bancorp. Inc. (The)(a)		120,978		3,427,307
Bank First Corp.		15,406		1,109,078
Bank of Marin Bancorp., Class A		35,994		1,262,310
Bank of Princeton (The)		13,219		381,368

Security	Shares		Value
Banks (continued)
Bank of South Carolina Corp.		8,282	$	154,459
Bank of the James Financial Group Inc.		9,095		132,787
Bank7 Corp.		7,942		187,590
BankFinancial Corp.		27,484		284,734
Bankwell Financial Group Inc.		14,019		474,263
Bar Harbor Bankshares		34,319		982,210
Baycom Corp.		23,168		504,367
BCB Bancorp. Inc.		34,020		620,865
Blue Ridge Bankshares Inc.		40,336		611,897
Business First Bancshares Inc.		44,519		1,083,147
Byline Bancorp Inc.		58,437		1,559,099
C&F Financial Corp.		7,676		384,644
California Bancorp Inc.(a)(b)		17,733		408,036
Cambridge Bancorp.		15,926		1,353,710
Camden National Corp.		33,760		1,588,070
Capital Bancorp Inc./MD		18,647		426,270
Capital City Bank Group Inc.		31,344		826,228
Capstar Financial Holdings Inc.		47,535		1,002,038
Carter Bankshares Inc.(a)		60,072		1,043,451
CB Financial Services Inc.(b)		11,182		263,336
CBTX Inc.		43,155		1,337,805
Central Pacific Financial Corp.		60,335		1,683,347
Central Valley Community Bancorp.		23,827		556,360
Chemung Financial Corp.		8,095		377,956
ChoiceOne Financial Services Inc.		16,180		405,471
Citizens & Northern Corp.		36,338		885,920
Citizens Community Bancorp. Inc./WI		23,360		352,970
Citizens Holding Co.		10,959		211,509
Civista Bancshares Inc.		34,042		820,412
CNB Financial Corp./PA		37,632		990,474
Coastal Financial Corp./WA(a)(b)		23,696		1,084,092
Codorus Valley Bancorp. Inc.		21,366		470,052
Colony Bankcorp Inc.		25,758		480,902
Community Financial Corp. (The)		12,166		486,640
Community Trust Bancorp. Inc.		36,530		1,505,036
Community West Bancshares		16,292		228,251
ConnectOne Bancorp. Inc.		86,794		2,778,276
CrossFirst Bankshares Inc.(a)(b)		106,962		1,685,721
Customers Bancorp. Inc.(a)(b)		70,552		3,678,581
Dime Community Bancshares Inc.		78,208		2,703,651
Eagle Bancorp. Montana Inc.		14,750		329,368
Emclaire Financial Corp.		5,458		204,784
Enterprise Bancorp. Inc./MA		21,581		865,830
Equity Bancshares Inc., Class A(b)		31,409		1,014,825
Esquire Financial Holdings Inc.(a)(b)		16,289		547,473
Evans Bancorp. Inc.		12,155		461,890
Farmers & Merchants Bancorp. Inc./Archbold OH(b)		23,814		860,876
Farmers National Banc Corp.		71,871		1,226,119
Fidelity D&D Bancorp. Inc.		9,281		430,917
Financial Institutions Inc.		36,600		1,102,758
Finwise Bancorp.(a)(b)		8,178		140,253
First Bancorp. Inc. (The)		24,456		735,636
First Bancshares Inc. (The)		46,963		1,580,775
First Bank/Hamilton NJ		36,112		513,513
First Business Financial Services Inc.		18,777		616,073
First Capital Inc.		7,659		296,020
First Community Bankshares Inc.		38,978		1,099,569
First Community Corp./SC		17,184		364,301
First Financial Corp./IN		26,603		1,151,378
First Financial Northwest Inc.		16,636		284,642

18 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Foundation Inc.		116,704	$	2,834,740
First Guaranty Bancshares Inc.		23,831		570,514
First Internet Bancorp.		21,523		925,704
First Mid Bancshares Inc.		38,856		1,495,567
First National Corp./VA		9,651		202,671
First Northwest Bancorp.		18,614		411,183
First of Long Island Corp. (The)		51,898		1,009,935
First Savings Financial Group Inc.		14,436		354,259
First U.S. Bancshares Inc.		12,956		150,549
First United Corp.		14,894		335,562
First Western Financial Inc.(a)		15,082		471,463
Five Star Bancorp.		28,808		815,266
Flushing Financial Corp.		67,972		1,519,174
FNCB Bancorp Inc.		39,408		373,194
Franklin Financial Services Corp.		9,623		323,140
FVCBankcorp Inc.(a)(b)		27,665		574,049
German American Bancorp. Inc.		57,660		2,190,503
Glen Burnie Bancorp.		5,741		71,877
Great Southern Bancorp. Inc.		23,888		1,409,631
Guaranty Bancshares Inc./TX		18,889		661,115
Hanmi Financial Corp.		70,545		1,736,112
HarborOne Bancorp Inc.		109,422		1,534,096
Hawthorn Bancshares Inc.		13,824		349,471
HBT Financial Inc.		24,030		436,865
Heritage Commerce Corp.		135,506		1,524,443
HomeStreet Inc.		44,579		2,112,153
HomeTrust Bancshares Inc.		34,710		1,024,986
Horizon Bancorp Inc./IN		99,351		1,854,883
Independent Bank Corp./MI		47,769		1,050,918
Investar Holding Corp.(b)		22,310		425,898
Lakeland Bancorp. Inc.		143,909		2,403,280
Landmark Bancorp. Inc./Manhattan KS		9,872		259,930
LCNB Corp.		23,505		412,748
Limestone Bancorp. Inc.		12,023		250,800
Macatawa Bank Corp.		60,955		549,205
MainStreet Bancshares Inc.		16,356		397,614
Malvern Bancorp. Inc.(a)(b)		16,832		271,164
Mercantile Bank Corp.		36,213		1,282,664
Meridian Corp.		12,486		400,676
Metrocity Bankshares Inc.		43,932		1,031,523
Metropolitan Bank Holding Corp.(a)(b)		23,418		2,383,250
Mid Penn Bancorp. Inc.		33,011		885,025
Middlefield Banc Corp.		13,214		327,971
Midland States Bancorp. Inc.		49,644		1,432,726
MidWestOne Financial Group Inc.		33,291		1,101,932
MVB Financial Corp.		23,821		988,572
National Bankshares Inc.		14,069		523,226
Nicolet Bankshares Inc.(a)(b)		28,261		2,644,382
Northeast Bank		17,419		594,162
Northrim Bancorp. Inc.		13,849		603,401
Norwood Financial Corp.		17,516		500,782
Oak Valley Bancorp.		15,777		291,086
Ohio Valley Banc Corp.		10,178		307,376
Old Point Financial Corp.		8,804		215,698
Old Second Bancorp. Inc.		64,423		934,778
Orange County Bancorp Inc.		12,042		481,800
Origin Bancorp Inc.		52,064		2,201,787
Orrstown Financial Services Inc.		25,539		585,609
Parke Bancorp. Inc.		23,176		547,185
Partners Bancorp.		23,930		220,395

Security	Shares		Value
Banks (continued)
Pathfinder Bancorp. Inc.		7,807	$	166,367
Patriot National Bancorp Inc.(a)		8,847		149,780
PCB Bancorp.		27,729		636,381
Peapack Gladstone Financial Corp.		41,170		1,430,658
Penns Woods Bancorp. Inc.		15,785		385,628
Peoples Bancorp. Inc./OH		59,186		1,853,114
Peoples Bancorp. of North Carolina Inc.		10,319		296,155
Peoples Financial Services Corp.		16,292		822,420
Plumas Bancorp.		11,090		422,529
Preferred Bank/Los Angeles CA		23,500		1,741,115
Premier Financial Corp.		83,864		2,543,595
Primis Financial Corp.		56,095		784,208
Professional Holding Corp., Class A(a)		28,770		649,051
QCR Holdings Inc.		35,429		2,004,927
RBB Bancorp.		32,740		769,063
Red River Bancshares Inc.		10,416		551,111
Republic Bancorp. Inc./KY, Class A		21,857		982,254
Republic First Bancorp. Inc.(a)(b)		105,361		543,663
Richmond Mutual Bancorp. Inc.		25,635		437,333
Riverview Bancorp. Inc.		49,107		370,758
Salisbury Bancorp. Inc.		6,163		345,128
SB Financial Group Inc.		15,949		317,545
Shore Bancshares Inc.		38,949		797,676
Sierra Bancorp.		32,555		813,224
SmartFinancial Inc.		32,137		822,064
Sound Financial Bancorp. Inc.		5,272		201,021
South Plains Financial Inc.		24,498		651,157
Southern First Bancshares Inc.(a)		17,345		881,820
Southern States Bancshares Inc.(b)		5,329		122,940
Spirit of Texas Bancshares Inc.		29,854		784,563
Stock Yards Bancorp. Inc.		56,102		2,967,796
Summit Financial Group Inc.		25,937		663,728
Summit State Bank		12,856		218,938
Third Coast Bancshares Inc.(a)		9,216		212,890
TriState Capital Holdings Inc.(a)		68,196		2,266,153
Union Bankshares Inc./Morrisville VT		9,333		286,990
United Bancorp. Inc./OH		11,475		206,894
United Bancshares Inc./OH		6,028		193,860
United Security Bancshares/Fresno CA		32,967		273,626
Unity Bancorp. Inc.		16,384		458,424
Univest Financial Corp.		67,588		1,808,655
USCB Financial Holdings Inc.(a)		23,060		330,450
Village Bank and Trust Financial Corp.		1,448		76,454
Virginia National Bankshares Corp.(b)		10,898		375,981
Washington Trust Bancorp. Inc.		40,289		2,115,172
West Bancorp. Inc.		37,636		1,024,076
				155,330,485
Beverages — 0.0%
Alkaline Water Co. Inc. (The)(a)(b)		194,353		178,805
Fresh Vine Wine Inc.(a)(b)		7,169		24,016
Reed’s Inc.(a)(b)		214,795		64,546
Willamette Valley Vineyards Inc.(a)		10,992		99,258
Winc Inc.(a)		3,635		11,523
Zevia PBC, Class A(a)(b)		24,429		111,640
				489,788
Biotechnology — 12.5%
180 Life Sciences Corp.(a)(b)		68,995		178,697
4D Molecular Therapeutics Inc.(a)(b)		64,449		974,469
89bio Inc.(a)		23,320		87,916

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Aadi Bioscience Inc.(a)(b)		42,383	$	719,240
Abeona Therapeutics Inc.(a)(b)		274,613		86,503
Acorda Therapeutics Inc.(a)(b)		24,858		40,021
Actinium Pharmaceuticals Inc.(a)(b)		52,191		266,696
Acumen Pharmaceuticals Inc.(a)(b)		66,096		258,435
Acurx Pharmaceuticals Inc.(a)(b)		15,191		49,826
Adicet Bio Inc.(a)		59,898		1,196,163
Aditx Therapeutics Inc.(a)(b)		29,674		13,546
ADMA Biologics Inc.(a)		415,086		759,607
Adverum Biotechnologies Inc.(a)(b)		198,135		259,557
Aeglea BioTherapeutics Inc.(a)		95,450		219,535
Aerovate Therapeutics Inc.(a)(b)		30,631		561,466
Affimed NV(a)		267,979		1,171,068
Agenus Inc.(a)		505,949		1,244,635
AgeX Therapeutics Inc.(a)		57,542		49,141
Aileron Therapeutics Inc.(a)(b)		175,420		89,885
AIM ImmunoTech Inc.(a)(b)		111,404		118,088
Akebia Therapeutics Inc.(a)(b)		402,732		289,121
Akero Therapeutics Inc.(a)		59,253		840,800
Akouos Inc.(a)(b)		54,941		260,970
Alaunos Therapeutics Inc.(a)(b)		491,811		320,857
Albireo Pharma Inc.(a)(b)		38,955		1,162,028
Aldeyra Therapeutics Inc.(a)(b)		113,545		504,708
Aligos Therapeutics Inc.(a)		47,665		102,480
Allena Pharmaceuticals Inc.(a)(b)		123,380		28,525
Alpine Immune Sciences Inc.(a)(b)		26,780		240,217
Altimmune Inc.(a)		92,169		561,309
AnaptysBio Inc.(a)		44,961		1,112,335
Anavex Life Sciences Corp.(a)(b)		155,777		1,917,615
Anika Therapeutics Inc.(a)		33,258		835,108
Anixa Biosciences Inc.(a)(b)		63,120		172,949
Annexon Inc.(a)		73,214		199,874
Annovis Bio Inc.(a)(b)		12,475		166,541
Applied Genetic Technologies Corp./DE(a)(b)		99,000		105,930
Applied Therapeutics Inc.(a)(b)		41,624		87,827
Aprea Therapeutics Inc.(a)(b)		42,200		78,492
Aptevo Therapeutics Inc.(a)		5,797		34,028
Aptinyx Inc.(a)(b)		103,641		235,265
AquaBounty Technologies Inc.(a)(b)		149,354		279,292
Aravive Inc.(a)(b)		35,343		68,212
Arbutus Biopharma Corp.(a)		209,606		624,626
ARCA biopharma Inc.(a)(b)		34,787		80,010
Arcellx Inc.(a)(b)		21,392		299,916
Arcturus Therapeutics Holdings Inc.(a)		49,123		1,324,356
Ardelyx Inc.(a)		218,932		234,257
Aridis Pharmaceuticals Inc.(a)(b)		23,003		40,485
Armata Pharmaceuticals Inc.(a)(b)		22,662		110,817
Assembly Biosciences Inc.(a)(b)		99,114		204,175
Astria Therapeutics Inc.(a)		9,038		60,645
Athenex Inc.(a)(b)		197,634		163,937
Athersys Inc.(a)(b)		493,273		298,677
Atossa Therapeutics Inc.(a)(b)		267,397		334,246
Atreca Inc., Class A(a)		59,797		189,556
aTyr Pharma Inc.(a)(b)		62,745		335,686
Aura Biosciences Inc.(a)		12,912		284,064
Avalo Therapeutics Inc.(a)(b)		149,698		108,486
AVEO Pharmaceuticals Inc.(a)(b)		70,712		395,280
Avid Bioservices Inc.(a)(b)		139,989		2,851,576
Avidity Biosciences Inc.(a)		86,955		1,606,059
Avita Medical Inc.(a)(b)		56,616		480,104

Security	Shares		Value
Biotechnology (continued)
Avrobio Inc.(a)(b)		88,359	$	116,634
Axcella Health Inc.(a)(b)		47,034		120,877
Aziyo Biologics Inc., Class A(a)(b)		5,901		35,111
Benitec Biopharma Inc.(a)		17,861		41,705
Beyondspring Inc.(a)		53,055		116,721
BioCardia Inc.(a)(b)		31,740		65,702
Biocept Inc.(a)(b)		38,675		89,726
Biomea Fusion Inc.(a)(b)		50,417		224,860
Bio-Path Holdings Inc.(a)		15,230		58,483
BioVie Inc.(a)		9,039		42,664
Bioxcel Therapeutics Inc.(a)(b)		40,099		838,470
Bolt Biotherapeutics Inc.(a)		54,429		149,135
BrainStorm Cell Therapeutics Inc.(a)		72,704		244,285
Cabaletta Bio Inc.(a)		51,037		103,605
Caladrius Biosciences Inc.(a)		137,552		99,313
Calithera Biosciences Inc.(a)(b)		160,001		64,640
Calyxt Inc.(a)		33,350		34,684
Candel Therapeutics Inc.(a)(b)		37,262		189,664
Capricor Therapeutics Inc.(a)(b)		51,522		176,720
Cardiff Oncology Inc.(a)(b)		88,218		218,781
CASI Pharmaceuticals Inc.(a)(b)		249,724		202,202
Catalyst Biosciences Inc.(a)		72,389		47,777
Catalyst Pharmaceuticals Inc.(a)		224,309		1,859,522
Celcuity Inc.(a)(b)		22,753		212,741
Celldex Therapeutics Inc.(a)(b)		106,499		3,627,356
Cellectar Biosciences Inc.(a)		131,341		90,336
CEL-SCI Corp.(a)(b)		83,913		329,778
CELSION Corp., NVS		12,856		65,051
Checkmate Pharmaceuticals Inc.(a)		19,484		62,154
Checkpoint Therapeutics Inc.(a)(b)		147,374		260,852
ChemoCentryx Inc.(a)(b)		125,079		3,135,731
Chimerix Inc.(a)		168,336		770,979
Chinook Therapeutics Inc.(a)		93,663		1,532,327
Cidara Therapeutics Inc.(a)		136,585		113,734
Clene Inc.(a)(b)		48,180		189,829
Clovis Oncology Inc.(a)		264,419		534,126
Codiak Biosciences Inc.(a)		36,332		227,802
Cogent Biosciences Inc.(a)		86,785		650,020
Cohbar Inc.(a)		128,175		40,285
Concert Pharmaceuticals Inc.(a)		72,056		242,829
Contra GTX Inc., NVS(b)(c)		1,634		1,675
ContraFect Corp.(a)(b)		90,944		331,946
Corbus Pharmaceuticals Holdings Inc.(a)		275,712		146,541
Corvus Pharmaceuticals Inc.(a)(b)		73,240		120,114
Crinetics Pharmaceuticals Inc.(a)		106,960		2,347,772
CTI BioPharma Corp.(a)(b)		200,611		936,853
Cue Biopharma Inc.(a)		71,842		350,589
Curis Inc.(a)		201,552		479,694
Cyclacel Pharmaceuticals Inc.(a)(b)		23,314		71,108
Cyclerion Therapeutics Inc.(a)		75,423		83,720
Cyclo Therapeutics Inc.(a)(b)		15,988		50,682
Cyteir Therapeutics Inc.(a)(b)		44,085		166,200
CytomX Therapeutics Inc.(a)(b)		150,714		402,406
Decibel Therapeutics Inc.(a)(b)		31,881		96,918
DermTech Inc.(a)(b)		56,435		828,466
DiaMedica Therapeutics Inc.(a)		42,869		107,172
Dyadic International Inc.(a)(b)		45,766		137,756
Dynavax Technologies Corp.(a)(b)		249,877		2,708,667
Eagle Pharmaceuticals Inc./DE(a)		26,427		1,307,872
Eiger BioPharmaceuticals Inc.(a)		74,560		618,848

20 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Eledon Pharmaceuticals Inc.(a)		31,508	$	124,142
Elevation Oncology Inc.(a)(b)		28,659		72,221
Eliem Therapeutics Inc.(a)(b)		14,128		118,534
Enochian Biosciences Inc.(a)(b)		45,371		374,311
Entasis Therapeutics Holdings Inc.(a)(b)		23,880		44,656
Entrada Therapeutics Inc.(a)(b)		23,904		224,459
Epizyme Inc.(a)		334,857		385,086
Equillium Inc.(a)(b)		29,975		94,421
Evelo Biosciences Inc.(a)(b)		69,275		234,842
Exagen Inc.(a)(b)		23,613		189,612
Exicure Inc.(a)(b)		138,668		27,664
Fennec Pharmaceuticals Inc.(a)(b)		40,880		228,928
Finch Therapeutics Group Inc.(a)		18,140		91,244
Foghorn Therapeutics Inc.(a)		45,439		692,036
Forte Biosciences Inc.(a)(b)		27,002		39,423
Fortress Biotech Inc.(a)		172,940		235,198
Frequency Therapeutics Inc.(a)(b)		73,096		154,964
G1 Therapeutics Inc.(a)(b)		91,263		693,599
Gain Therapeutics Inc.(a)(b)		9,825		40,086
Galectin Therapeutics Inc.(a)(b)		93,217		150,079
Galera Therapeutics Inc.(a)		33,235		79,099
Gemini Therapeutics Inc.(a)(b)		52,851		73,463
Genocea Biosciences Inc.(a)(b)		95,888		119,860
Genprex Inc.(a)(b)		104,633		236,471
GeoVax Labs Inc.(a)		13,218		15,201
Geron Corp.(a)(b)		703,619		956,922
GlycoMimetics Inc.(a)(b)		96,616		110,142
Gossamer Bio Inc.(a)(b)		143,543		1,245,953
Graphite Bio Inc.(a)(b)		67,362		343,546
Greenwich Lifesciences Inc.(a)(b)		9,450		185,409
Gritstone bio Inc.(a)		98,371		405,289
GT Biopharma Inc.(a)(b)		40,671		117,132
Harpoon Therapeutics Inc.(a)		42,914		213,283
HCW Biologics Inc.(a)(b)		36,201		98,829
Heat Biologics Inc.(a)(b)		58,587		179,276
Hillstream BioPharma Inc., NVS(b)		8,838		14,141
Homology Medicines Inc.(a)(b)		98,673		299,966
Hookipa Pharma Inc.(a)(b)		43,856		99,992
Humanigen Inc.(a)(b)		112,380		338,264
iBio Inc.(a)(b)		492,383		210,838
Icosavax Inc.(a)(b)		56,220		395,789
Ideaya Biosciences Inc.(a)		75,589		845,841
Idera Pharmaceuticals Inc.(a)(b)		107,746		53,873
Imago Biosciences Inc.(a)(b)		46,669		899,312
Immix Biopharma Inc., NVS(b)		8,078		19,468
Immucell Corp.(a)(b)		12,665		122,217
Immuneering Corp., Class A(a)(b)		43,021		278,346
Immunic Inc.(a)		43,450		490,985
ImmunoGen Inc.(a)		498,325		2,372,027
Immunome Inc.(a)(b)		20,148		114,441
Impel Neuropharma Inc.(a)(b)		14,231		90,651
IN8bio Inc.(a)(b)		15,663		54,351
Infinity Pharmaceuticals Inc.(a)(b)		199,938		227,929
Inhibikase Therapeutics Inc.(a)		48,089		71,172
Inhibrx Inc.(a)		64,452		1,435,991
Inmune Bio Inc.(a)(b)		21,049		177,233
Inozyme Pharma Inc.(a)		34,428		140,811
Intercept Pharmaceuticals Inc.(a)(b)		57,607		937,266
iTeos Therapeutics Inc.(a)		46,649		1,501,165
IVERIC bio Inc.(a)(b)		266,382		4,483,209

Security	Shares		Value
Biotechnology (continued)
Janux Therapeutics Inc.(a)(b)		41,409	$	593,805
Jounce Therapeutics Inc.(a)		76,913		522,239
KalVista Pharmaceuticals Inc.(a)(b)		51,688		761,881
Karyopharm Therapeutics Inc.(a)(b)		167,468		1,234,239
Keros Therapeutics Inc.(a)		36,233		1,970,351
Kezar Life Sciences Inc.(a)		88,030		1,463,059
Kintara Therapeutics Inc.(a)(b)		85,425		33,991
Kiromic BioPharma Inc.(a)(b)		32,313		27,595
La Jolla Pharmaceutical Co.(a)		39,604		169,109
Lantern Pharma Inc.(a)(b)		17,652		126,212
Larimar Therapeutics Inc.(a)(b)		26,450		107,123
Leap Therapeutics Inc.(a)(b)		138,478		242,336
Lexicon Pharmaceuticals Inc.(a)(b)		161,311		337,140
Lineage Cell Therapeutics Inc.(a)(b)		293,536		452,045
Lixte Biotechnology Holdings Inc.(a)		12,822		15,515
LogicBio Therapeutics Inc.(a)(b)		49,631		33,754
Lumos Pharma Inc.(a)(b)		14,752		139,406
Magenta Therapeutics Inc.(a)		70,408		204,183
MannKind Corp.(a)(b)		572,824		2,107,992
Marker Therapeutics Inc.(a)(b)		141,414		62,222
MediciNova Inc.(a)(b)		107,521		287,081
MEI Pharma Inc.(a)(b)		292,589		176,285
MeiraGTx Holdings PLC(a)		69,509		962,700
Merrimack Pharmaceuticals Inc.(a)		25,319		160,143
Mersana Therapeutics Inc.(a)		166,066		662,603
Metacrine Inc.(a)(b)		36,356		22,174
MiMedx Group Inc.(a)		258,745		1,218,689
Minerva Neurosciences Inc.(a)(b)		91,610		76,055
MiNK Therapeutics Inc.(a)(b)		6,349		14,285
Mirum Pharmaceuticals Inc.(a)		8,149		179,441
Molecular Templates Inc.(a)		84,791		292,529
Moleculin Biotech Inc.(a)(b)		63,562		113,140
Monopar Therapeutics Inc.(a)(b)		10,606		27,151
Mustang Bio Inc.(a)(b)		165,481		167,136
NanoViricides Inc.(a)(b)		26,383		55,140
Navidea Biopharmaceuticals Inc.(a)		54,591		43,127
Neoleukin Therapeutics Inc.(a)		82,664		155,408
NeuBase Therapeutics Inc.(a)(b)		60,923		114,535
NeuroBo Pharmaceuticals Inc.(a)(b)		20,928		18,879
NexImmune Inc.(a)		40,878		172,096
NextCure Inc.(a)		42,727		207,653
Nkarta Inc.(a)		33,082		376,473
Nuvalent Inc., Class A(a)(b)		42,821		594,784
Nuvectis Pharma Inc.(a)(b)		7,225		53,537
Nymox Pharmaceutical Corp.(a)(b)		110,932		139,774
Olema Pharmaceuticals Inc.(a)		59,572		253,777
Omega Therapeutics Inc.(a)(b)		52,218		325,840
Oncocyte Corp.(a)(b)		137,096		204,273
Oncorus Inc.(a)		48,055		85,538
OncoSec Medical Inc.(a)(b)		59,383		68,290
Oncternal Therapeutics Inc.(a)		104,935		145,860
OpGen Inc.(a)		87,853		65,899
Organovo Holdings Inc.(a)(b)		20,096		75,561
Orgenesis Inc.(a)(b)		51,397		178,348
ORIC Pharmaceuticals Inc.(a)		73,552		392,768
Outlook Therapeutics Inc.(a)(b)		261,357		465,215
Ovid therapeutics Inc.(a)(b)		132,937		417,422
Oyster Point Pharma Inc.(a)(b)		25,391		295,551
Panbela Therapeutics Inc.(a)(b)		27,061		57,099
Pasithea Therapeutics Corp.(a)(b)		8,995		11,694

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
PDS Biotechnology Corp.(a)(b)		59,947	$	371,072
PhaseBio Pharmaceuticals Inc.(a)		86,542		114,235
Phio Pharmaceuticals Corp.(a)(b)		31,824		28,228
Pieris Pharmaceuticals Inc.(a)		132,272		400,784
Plus Therapeutics Inc.(a)		39,940		39,940
Portage Biotech Inc.(a)(b)		11,632		76,422
Poseida Therapeutics Inc.(a)		65,817		294,860
Precision BioSciences Inc.(a)(b)		118,595		365,273
Prometheus Biosciences Inc.(a)		69,455		2,622,621
Protagonist Therapeutics Inc.(a)		103,741		2,456,587
Protalix BioTherapeutics Inc.(a)(b)		100,759		106,805
Protara Therapeutics Inc.(a)		23,162		118,358
Prothena Corp. PLC(a)		83,750		3,062,737
Puma Biotechnology Inc.(a)		74,167		213,601
Pyxis Oncology Inc.(a)		24,777		100,099
Qualigen Therapeutics Inc.(a)		59,323		39,153
Rallybio Corp.(a)(b)		42,436		296,203
RAPT Therapeutics Inc.(a)		49,151		1,080,830
Reneo Pharmaceuticals Inc.(a)(b)		21,257		62,496
Rezolute Inc.(a)		19,951		67,434
Rigel Pharmaceuticals Inc.(a)		394,346		1,179,095
Salarius Pharmaceuticals Inc.(a)		103,317		41,131
Savara Inc.(a)(b)		177,408		232,404
Scholar Rock Holding Corp.(a)		65,128		839,500
Scopus Biopharma Inc.(a)		35,407		24,470
Selecta Biosciences Inc.(a)		210,104		258,428
SELLAS Life Sciences Group Inc.(a)(b)		36,950		246,826
Sensei Biotherapeutics Inc.(a)(b)		48,281		111,529
Sera Prognostics Inc., Class A(a)		19,610		74,322
Sesen Bio Inc.(a)(b)		465,537		280,579
Sierra Oncology Inc.(a)(b)		23,014		737,599
Sigilon Therapeutics Inc.(a)(b)		33,994		49,971
Sio Gene Therapies Inc.(a)		123,826		82,963
Soleno Therapeutics Inc.(a)(b)		113,702		25,356
Solid Biosciences Inc.(a)(b)		136,594		163,913
Soligenix Inc.(a)(b)		89,654		65,438
Spectrum Pharmaceuticals Inc.(a)(b)		373,836		482,248
Spero Therapeutics Inc.(a)(b)		55,779		485,277
Spruce Biosciences Inc.(a)(b)		20,977		42,164
SQZ Biotechnologies Co.(a)(b)		53,079		255,310
Statera Biopharma Inc.(a)		51,889		16,345
Summit Therapeutics Inc.(a)(b)		62,213		152,422
Surface Oncology Inc.(a)(b)		81,221		238,790
Sutro Biopharma Inc.(a)(b)		99,957		821,647
Syndax Pharmaceuticals Inc.(a)(b)		113,848		1,978,678
Synlogic Inc.(a)		99,912		239,789
Syros Pharmaceuticals Inc.(a)(b)		131,678		156,697
T2 Biosystems Inc.(a)(b)		326,762		171,256
Talaris Therapeutics Inc.(a)		49,127		483,410
Taysha Gene Therapies Inc.(a)		51,941		338,655
TCR2 Therapeutics Inc.(a)		71,963		198,618
Tenax Therapeutics Inc.(a)		29,519		23,899
Tenaya Therapeutics Inc.(a)(b)		66,500		783,370
Tonix Pharmaceuticals Holding Corp.(a)(b)		1,149,226		264,552
Tracon Pharmaceuticals Inc.(a)(b)		35,140		92,418
TransCode Therapeutics Inc.(a)		14,637		42,155
Trevena Inc.(a)(b)		373,156		205,198
TScan Therapeutics Inc.(a)(b)		34,989		97,969
Tyme Technologies Inc.(a)		156,484		54,769
Tyra Biosciences Inc.(a)(b)		27,239		291,457

Security	Shares		Value
Biotechnology (continued)
Unicycive Therapeutics Inc.(a)(b)		22,865	$	29,496
UNITY Biotechnology Inc.(a)(b)		97,705		109,430
UroGen Pharma Ltd.(a)(b)		45,492		396,235
Vaccinex Inc.(a)(b)		41,422		54,677
Vanda Pharmaceuticals Inc.(a)		127,340		1,440,215
Vaxart Inc.(a)(b)		284,743		1,435,105
Vaxcyte Inc.(a)(b)		98,790		2,385,778
VBI Vaccines Inc.(a)(b)		435,997		723,755
Vera Therapeutics Inc.(a)		31,471		739,254
Verastem Inc.(a)		402,879		568,059
Vigil Neuroscience Inc.(a)(b)		14,938		105,014
Viking Therapeutics Inc.(a)		158,954		476,862
Vincerx Pharma Inc.(a)(b)		38,817		155,268
Viracta Therapeutics Inc.(a)(b)		85,757		408,203
Viridian Therapeutics Inc.(a)		41,235		762,435
Virios Therapeutics Inc.(a)(b)		16,429		73,602
VistaGen Therapeutics Inc.(a)		451,262		559,565
Vor BioPharma Inc.(a)(b)		43,505		262,770
Voyager Therapeutics Inc.(a)(b)		60,799		463,288
vTv Therapeutics Inc., Class A(a)(b)		52,243		37,725
Vyant Bio Inc.(a)(b)		70,922		101,418
Werewolf Therapeutics Inc.(a)(b)		61,029		268,528
Windtree Therapeutics Inc.(a)(b)		44,600		50,844
X4 Pharmaceuticals Inc.(a)(b)		54,574		95,505
XBiotech Inc.		35,555		307,195
Xilio Therapeutics Inc.(a)(b)		17,318		122,438
XOMA Corp.(a)		13,880		388,362
Yield10 Bioscience Inc.(a)(b)		9,783		51,850
Yumanity Therapeutics Inc.(a)(b)		21,165		31,748
				137,559,932
Building Products — 0.4%
Aeroclean Technologies Inc.(a)		4,615		16,614
Alpha Pro Tech Ltd.(a)(b)		27,301		114,664
Applied UV Inc.(a)(b)		14,961		22,441
Armstrong Flooring Inc.(a)		49,445		70,706
Caesarstone Ltd.		51,750		544,410
Insteel Industries Inc.(b)		43,332		1,602,851
Jewett-Cameron Trading Co. Ltd.(a)		6,757		46,894
Quanex Building Products Corp.		77,331		1,623,178
				4,041,758
Capital Markets — 1.3%
Ashford Inc.(a)		2,497		42,774
Associated Capital Group Inc., Class A		4,101		171,873
Blucora Inc.(a)		112,917		2,207,527
Cohen & Co. Inc.		1,593		25,727
Cowen Inc., Class A		61,495		1,666,514
Diamond Hill Investment Group Inc.		7,017		1,314,284
Donnelley Financial Solutions Inc.(a)		68,356		2,273,520
GAMCO Investors Inc., Class A		11,726		259,262
Greenhill & Co. Inc.		32,532		503,270
Hennessy Advisors Inc.		9,615		97,304
Heritage Global Inc.(a)		53,232		71,863
Manning & Napier Inc.		32,002		291,538
Oppenheimer Holdings Inc., Class A, NVS		21,377		931,610
Pzena Investment Management Inc., Class A		38,579		309,404
Safeguard Scientifics Inc.(a)(b)		37,903		197,854
Siebert Financial Corp.(a)(b)		29,909		64,603
Silvercrest Asset Management Group Inc., Class A		22,809		466,444
StoneX Group Inc.(a)		39,870		2,959,550

22 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Value Line Inc.		2,398	$	160,666
Westwood Holdings Group Inc.		17,140		262,585
				14,278,172
Chemicals — 1.7%
Advanced Emissions Solutions Inc.(a)		38,862		241,722
AdvanSix Inc.		63,334		3,235,734
AgroFresh Solutions Inc.(a)		70,519		133,986
American Vanguard Corp.		67,607		1,373,774
Aspen Aerogels Inc.(a)(b)		51,264		1,767,583
Core Molding Technologies Inc.(a)		17,842		191,980
Crown ElectroKinetics Corp.(a)		16,863		30,691
Flexible Solutions International Inc.(a)		17,968		73,130
Flotek Industries Inc.(a)		155,355		195,747
FutureFuel Corp.		62,515		608,271
Hawkins Inc.		44,692		2,051,363
Intrepid Potash Inc.(a)		23,171		1,903,266
Koppers Holdings Inc.		47,744		1,313,915
LSB Industries Inc.(a)		138,752		3,030,344
Marrone Bio Innovations Inc.(a)		238,729		257,827
Northern Technologies International Corp.		17,684		212,562
Rayonier Advanced Materials Inc.(a)		142,568		936,672
Trecora Resources(a)(b)		55,090		466,061
Tredegar Corp.		60,441		724,687
Valhi Inc.		5,562		163,022
				18,912,337
Commercial Services & Supplies — 1.9%
ACCO Brands Corp.		215,092		1,720,736
Acme United Corp.		5,216		176,040
Aqua Metals Inc.(a)(b)		157,142		237,284
ARC Document Solutions Inc.		84,235		328,517
Aris Water Solution Inc., A		44,976		818,563
CECO Environmental Corp.(a)(b)		71,467		392,354
Charah Solutions Inc.(a)(b)		31,469		157,030
CompX International Inc.		3,754		88,294
DSS Inc.(a)(b)		128,281		73,505
Ennis Inc.		59,140		1,092,316
Fuel Tech Inc.(a)		58,115		84,267
GEO Group Inc. (The)(a)		273,237		1,806,097
Heritage-Crystal Clean Inc.(a)		36,059		1,067,707
Interface Inc.		134,299		1,822,437
Kimball International Inc., Class B		83,951		709,386
Montrose Environmental Group Inc.(a)(b)		60,727		3,214,280
NL Industries Inc.		19,544		140,521
Odyssey Marine Exploration Inc.(a)(b)		27,950		186,147
Performant Financial Corp.(a)(b)		104,735		325,726
Perma-Fix Environmental Services Inc.(a)		26,792		148,160
Quad/Graphics Inc.(a)		78,559		545,199
Quest Resource Holding Corp.(a)		38,462		236,541
Renovare Environmental Inc(a)		43,113		23,691
SP Plus Corp.(a)		53,473		1,676,913
Team Inc.(a)		60,739		134,233
TOMI Environmental Solutions Inc.(a)(b)		33,005		29,959
Viad Corp.(a)		46,792		1,667,667
Vidler Water Resouces Inc.(a)(b)		37,959		586,087
Virco Mfg. Corp.(a)		24,848		74,296
VSE Corp.		24,435		1,126,209
				20,690,162
Communications Equipment — 1.2%
Applied Optoelectronics Inc.(a)(b)		60,804		221,935

Security	Shares		Value
Communications Equipment (continued)
Aviat Networks Inc.(a)(b)		22,665	$	697,402
BK Technologies Corp.		34,110		86,981
CalAmp Corp.(a)		82,109		600,217
Cambium Networks Corp.(a)		25,155		594,664
Casa Systems Inc.(a)(b)		74,399		336,283
Clearfield Inc.(a)(b)		26,391		1,721,221
ClearOne Inc.(a)(b)		19,763		18,036
ComSovereign Holding Corp.(a)(b)		118,605		99,628
Comtech Telecommunications Corp.		59,558		934,465
Digi International Inc.(a)		80,817		1,739,182
DZS Inc.(a)		40,267		558,503
EMCORE Corp.(a)(b)		85,293		315,584
Franklin Wireless Corp.(a)		22,519		89,738
Genasys Inc.(a)		84,001		231,003
Harmonic Inc.(a)(b)		210,762		1,957,979
Inseego Corp.(a)(b)		196,646		796,416
KVH Industries Inc.(a)		34,921		317,781
Lantronix Inc.(a)		60,716		405,583
Network-1 Technologies Inc.		29,248		76,337
Ondas Holdings Inc.(a)(b)		73,924		539,645
PCTEL Inc.		41,701		193,493
Ribbon Communications Inc.(a)		162,368		501,717
TESSCO Technologies Inc.(a)		14,891		89,942
Vislink Technologies Inc.(a)(b)		107,136		113,564
				13,237,299
Construction & Engineering — 1.7%
Argan Inc.		34,569		1,403,156
Bowman Consulting Group Ltd.(a)(b)		21,051		346,078
Concrete Pumping Holdings Inc.(a)(b)		59,546		398,958
Great Lakes Dredge & Dock Corp.(a)(b)		149,880		2,102,816
IES Holdings Inc.(a)		19,975		802,995
Infrastructure and Energy Alternatives Inc.(a)(b)		63,211		749,050
INNOVATE Corp.(a)(b)		108,734		401,228
iSun Inc.(a)		19,166		78,581
Limbach Holdings Inc.(a)		22,369		155,465
Matrix Service Co.(a)		61,070		501,995
Moving Image Technologies LLC(a)(b)		15,443		19,304
MYR Group Inc.(a)		38,331		3,604,647
Northwest Pipe Co.(a)		22,749		578,962
NV5 Global Inc.(a)		30,564		4,074,181
Orbital Energy Group Inc.(a)(b)		107,728		198,220
Orion Group Holdings Inc.(a)		66,931		165,989
Sterling Construction Co. Inc.(a)(b)		64,625		1,731,950
Tutor Perini Corp.(a)		96,446		1,041,617
Williams Industrial Services Group Inc.(a)		41,824		83,230
				18,438,422
Construction Materials — 0.1%
Smith-Midland Corp.(a)(b)		9,612		170,613
United States Lime & Minerals Inc.		4,798		556,760
				727,373
Consumer Finance — 0.9%
Atlanticus Holdings Corp.(a)(b)		11,444		592,685
Consumer Portfolio Services Inc.(a)		34,116		346,619
Curo Group Holdings Corp.		48,722		635,822
Elevate Credit Inc.(a)		49,109		150,274
Enova International Inc.(a)		84,073		3,192,252
EZCORP Inc., Class A, NVS(a)		116,035		700,851
Medallion Financial Corp.(b)		49,147		417,749
Nicholas Financial Inc.(a)		11,233		115,138

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Oportun Financial Corp.(a)		48,609	$	698,025
Regional Management Corp.		17,512		850,558
World Acceptance Corp.(a)(b)		9,830		1,885,787
				9,585,760
Containers & Packaging — 0.3%
Myers Industries Inc.		84,021		1,814,854
Ranpak Holdings Corp.(a)(b)		87,385		1,785,275
				3,600,129
Distributors — 0.1%
AMCON Distributing Co.		379		58,859
Educational Development Corp.		14,221		110,213
Funko Inc., Class A(a)(b)		62,090		1,071,052
Greenlane Holdings Inc., Class A(a)		38,520		21,571
Weyco Group Inc.		14,026		346,723
				1,608,418
Diversified Consumer Services — 1.4%
American Public Education Inc.(a)		42,904		911,281
Amesite Inc.(a)(b)		37,409		21,323
Aspen Group Inc./CO(a)		51,948		84,156
Carriage Services Inc.		35,466		1,891,402
Elite Education Group International Ltd.(a)(b)		6,400		14,080
European Wax Center Inc., Class A(a)(b)		30,822		911,098
Houghton Mifflin Harcourt Co.(a)		294,643		6,190,450
Lincoln Educational Services Corp.(a)		56,254		402,216
OneSpaWorld Holdings Ltd.(a)(b)		123,192		1,256,558
Perdoceo Education Corp.(a)		162,780		1,868,714
Regis Corp.(a)(b)		101,474		215,125
StoneMor Inc.(a)		74,545		194,563
Universal Technical Institute Inc.(a)		74,741		661,458
XpresSpa Group Inc.(a)(b)		241,448		272,836
Zovio Inc.(a)		66,560		54,586
				14,949,846
Diversified Financial Services — 0.4%
Alerus Financial Corp.		35,099		970,136
A-Mark Precious Metals Inc.		20,853		1,612,771
Banco Latinoamericano de Comercio Exterior SA, Class E		71,302		1,110,885
FlexShopper Inc.(a)(b)		35,604		60,883
GWG Holdings Inc.(a)(b)		7,078		38,363
SWK Holdings Corp.(a)(b)		8,042		135,749
				3,928,787
Diversified Telecommunication Services — 0.7%
Anterix Inc.(a)		26,865		1,555,483
ATN International Inc.		25,523		1,017,857
Consolidated Communications Holdings Inc.(a)		169,473		999,891
Cuentas Inc.(a)(b)		13,877		17,901
IDT Corp., Class B(a)		33,556		1,143,924
Ooma Inc.(a)		51,446		771,176
Radius Global Infrastructure Inc., Class A(a)(b)		166,679		2,380,176
				7,886,408
Electric Utilities — 0.1%
Genie Energy Ltd., Class B		48,120		324,810
Via Renewables Inc.		28,229		232,607
				557,417
Electrical Equipment — 1.0%
Advent Technologies Holdings Inc.(a)(b)		76,873		178,345
Allied Motion Technologies Inc.		27,953		834,118
American Superconductor Corp.(a)(b)		64,386		489,977

Security	Shares		Value
Electrical Equipment (continued)
Babcock & Wilcox Enterprises Inc.(a)		128,163	$	1,045,810
Beam Global(a)(b)		20,549		420,227
BitNile Holdings Inc.(a)(b)		192,116		161,973
Blink Charging Co.(a)(b)		84,727		2,241,876
Broadwind Inc.(a)(b)		41,311		89,645
Capstone Green Energy Corp.(a)(b)		35,703		147,096
Energous Corp.(a)(b)		168,716		202,459
Eos Energy Enterprises Inc.(a)(b)		104,095		435,117
Espey Manufacturing & Electronics Corp.(a)		4,371		60,757
Flux Power Holdings Inc.(a)(b)		20,641		55,111
FTC Solar Inc.(a)(b)		94,035		463,593
Ideal Power Inc.(a)(b)		14,272		125,594
LSI Industries Inc.		60,664		363,984
Nuvve Holding Corp.(a)(b)		15,595		123,045
Ocean Power Technologies Inc.(a)(b)		122,623		172,898
Orion Energy Systems Inc.(a)		66,752		186,906
Pioneer Power Solutions Inc.		8,121		45,965
Polar Power Inc.(a)(b)		16,703		53,450
Powell Industries Inc.		21,224		412,170
Preformed Line Products Co.		6,828		433,032
Romeo Power Inc.(a)(b)		225,373		335,806
Sunworks Inc.(a)(b)		67,739		170,702
Thermon Group Holdings Inc.(a)		76,605		1,241,001
Ultralife Corp.(a)		22,622		121,480
Westwater Resources Inc.(a)		78,198		156,396
				10,768,533
Electronic Equipment, Instruments & Components — 1.5%
Airgain Inc.(a)(b)		20,476		155,208
Akoustis Technologies Inc.(a)(b)		117,935		766,577
AmpliTech Group Inc.(a)(b)		9,358		31,443
Arlo Technologies Inc.(a)		196,279		1,739,032
Autoscope Technologies Corp.		7,259		45,804
Bel Fuse Inc., Class B, NVS		23,729		423,325
ClearSign Technologies Corp.(a)		55,534		90,520
Coda Octopus Group Inc.(a)(b)		13,399		88,031
CPS Technologies Corp.(a)(b)		25,766		134,241
CTS Corp.		74,093		2,618,447
Daktronics Inc.(a)		85,282		327,483
Data I/O Corp.(a)		17,813		75,705
Digital Ally Inc.(a)(b)		112,901		123,062
Frequency Electronics Inc.(a)		13,932		121,208
Identiv Inc.(a)(b)		49,656		802,938
Intellicheck Inc.(a)		41,160		104,958
Interlink Electronics Inc.(a)(b)		2,819		27,232
Iteris Inc.(a)		100,265		298,790
Key Tronic Corp.(a)		23,467		132,589
Kimball Electronics Inc.(a)(b)		55,559		1,110,624
LGL Group Inc. (The)(a)(b)		7,199		78,829
LightPath Technologies Inc., Class A(a)(b)		64,645		127,351
Luna Innovations Inc.(a)(b)		71,608		552,098
MICT Inc.(a)(b)		257,289		157,255
Napco Security Technologies Inc.(a)(b)		67,003		1,374,902
Powerfleet Inc.(a)(b)		76,684		227,751
Red Cat Holdings Inc.(a)(b)		77,040		155,621
Research Frontiers Inc.(a)(b)		70,096		134,584
RF Industries Ltd.(a)		22,351		161,151
Richardson Electronics Ltd.		26,569		330,518
ScanSource Inc.(a)(b)		58,195		2,024,604
Soluna Holdings Inc(a)(b)		19,472		214,387
VerifyMe Inc.(a)(b)		12,565		42,344

24 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Vishay Precision Group Inc.(a)		28,687	$	922,287
Wayside Technology Group Inc.		9,525		325,755
Wireless Telecom Group Inc.(a)(b)		34,885		60,002
Wrap Technologies Inc.(a)(b)		48,095		129,857
				16,236,513
Energy Equipment & Services — 2.0%
Bristow Group Inc.(a)		54,876		2,034,802
Dawson Geophysical Co.(a)		49,268		115,287
DMC Global Inc.(a)		44,478		1,356,579
ENGlobal Corp.(a)(b)		59,700		77,610
Expro Group Holdings NV(a)(b)		107,969		1,919,689
Exterran Corp.(a)		58,992		366,340
Forum Energy Technologies Inc.(a)(b)		10,285		235,527
Geospace Technologies Corp.(a)		29,248		168,176
Gulf Island Fabrication Inc.(a)		31,973		125,334
Helix Energy Solutions Group Inc.(a)		330,829		1,581,363
ION Geophysical Corp.(a)(b)		61,225		53,388
KLX Energy Services Holdings Inc.(a)		14,717		76,087
Mammoth Energy Services Inc.(a)		33,432		71,210
MIND Technology Inc.(a)(b)		31,300		39,438
Nabors Industries Ltd.(a)		16,392		2,503,386
Natural Gas Services Group Inc.(a)		28,329		337,398
NCS Multistage Holdings Inc.(a)		1,332		66,680
Newpark Resources Inc.(a)		209,833		767,989
Nine Energy Service Inc.(a)(b)		37,629		140,732
Oil States International Inc.(a)		139,816		971,721
Profire Energy Inc.(a)		91,260		118,638
Ranger Energy Services Inc.(a)		11,569		118,582
SEACOR Marine Holdings Inc.(a)(b)		48,548		391,782
Select Energy Services Inc., Class A(a)		148,029		1,268,609
Smart Sand Inc.(a)(b)		54,263		187,207
Solaris Oilfield Infrastructure Inc., Class A		72,310		816,380
TETRA Technologies Inc.(a)		286,305		1,176,714
Tidewater Inc.(a)		95,320		2,072,257
U.S. Silica Holdings Inc.(a)		170,274		3,177,313
				22,336,218
Entertainment — 0.2%
Ballantyne Strong Inc.(a)		29,688		91,439
Chicken Soup For The Soul Entertainment Inc.(a)(b)		17,463		139,529
Cinedigm Corp., Class A(a)(b)		347,175		282,462
CuriosityStream Inc.(a)(b)		59,304		171,982
Dolphin Entertainment Inc.(a)		27,073		141,050
Eros STX Global Corp.(a)(b)		37,388		104,313
Gaia Inc.(a)(b)		27,733		136,446
LiveOne Inc(a)(b)		146,014		119,147
Marcus Corp. (The)(a)		53,160		940,932
Reading International Inc., Class A, NVS(a)		37,973		162,525
				2,289,825
Equity Real Estate Investment Trusts (REITs) — 4.0%
Alpine Income Property Trust Inc.		23,512		442,026
Ashford Hospitality Trust Inc.(a)(b)		38,883		396,607
Bluerock Residential Growth REIT Inc., Class A		61,788		1,641,707
Braemar Hotels & Resorts Inc.(b)		132,829		820,883
BRT Apartments Corp.		26,342		631,418
CatchMark Timber Trust Inc., Class A		112,671		923,902
Cedar Realty Trust Inc.		29,595		818,006
Chatham Lodging Trust(a)		110,330		1,521,451
City Office REIT Inc.		99,276		1,753,214
Clipper Realty Inc.		28,059		254,495

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CorEnergy Infrastructure Trust Inc.		34,069	$	104,592
Creative Media & Community Trust Corp.		39,999		309,592
CTO Realty Growth Inc.		13,538		897,840
Farmland Partners Inc.		66,769		918,074
Franklin Street Properties Corp., Class C		236,225		1,393,727
Gladstone Commercial Corp.		85,452		1,881,653
Gladstone Land Corp.		72,730		2,648,826
Global Medical REIT Inc.		139,061		2,269,475
Global Self Storage Inc.		23,971		134,238
Hersha Hospitality Trust, Class A(a)		74,745		678,685
Indus Realty Trust Inc.		13,298		971,951
InnSuites Hospitality Trust(b)		8,062		24,589
NETSTREIT Corp.		91,817		2,060,373
New York City REIT Inc., Class A(b)		22,534		297,449
NexPoint Residential Trust Inc.		51,556		4,656,022
One Liberty Properties Inc.		37,291		1,148,190
Pennsylvania Real Estate Investment Trust(a)		183,503		115,717
Plymouth Industrial REIT Inc.		72,401		1,962,067
Postal Realty Trust Inc., Class A		38,883		654,012
Power REIT(a)		5,454		214,833
Preferred Apartment Communities Inc., Class A		120,828		3,013,450
Presidio Property Trust Inc., Class A		28,801		106,852
Retail Value Inc.		41,000		125,460
Seritage Growth Properties, Class A(a)		86,901		1,100,167
Sotherly Hotels Inc.(a)		33,247		68,489
UMH Properties Inc.		101,756		2,502,180
Universal Health Realty Income Trust		29,787		1,738,667
Urstadt Biddle Properties Inc., Class A		68,602		1,290,404
Wheeler Real Estate Investment Trust Inc.(a)(b)		18,259		41,996
Whitestone REIT		106,285		1,408,276
				43,941,555
Food & Staples Retailing — 0.7%
Blue Apron Holdings Inc., Class A(a)(b)		40,926		165,750
Chefs’ Warehouse Inc. (The)(a)(b)		72,641		2,368,097
HF Foods Group Inc.(a)(b)		85,894		572,054
MedAvail Holdings Inc.(a)(b)		27,908		27,102
Natural Grocers by Vitamin Cottage Inc.		21,210		415,716
Rite Aid Corp.(a)(b)		129,563		1,133,676
SpartanNash Co.		83,361		2,750,079
Village Super Market Inc., Class A		19,682		482,209
				7,914,683
Food Products — 0.4%
Alico Inc.		14,435		542,179
Arcadia Biosciences Inc.(a)(b)		52,736		73,830
Bridgford Foods Corp.(a)		4,637		49,384
Farmer Bros. Co.(a)		39,880		283,946
Laird Superfood Inc.(a)		14,300		51,623
Landec Corp.(a)		60,374		699,131
Lifeway Foods Inc.(a)(b)		9,432		68,099
Limoneira Co.		35,697		524,032
Nuzee Inc.(a)(b)		26,412		57,842
Pineapple Energy Inc, NVS		4,194		26,212
Real Good Food Co. Inc. (The)(a)		12,740		100,646
Rocky Mountain Chocolate Factory Inc.		11,452		85,203
S&W Seed Co.(a)		31,875		67,894
Seneca Foods Corp., Class A(a)		13,738		708,057
Vita Coco Co. Inc. (The)(a)		25,637		229,708
Vital Farms Inc.(a)(b)		56,654		700,243

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Whole Earth Brands Inc.(a)		85,852	$	614,700
				4,882,729
Gas Utilities — 0.0%
RGC Resources Inc.		18,460		394,675
Health Care Equipment & Supplies — 4.9%
Accelerate Diagnostics Inc.(a)(b)		77,543		111,662
Accuray Inc.(a)(b)		212,370		702,945
Acutus Medical Inc.(a)		43,703		60,747
Alphatec Holdings Inc.(a)(b)		163,161		1,876,351
AngioDynamics Inc.(a)		87,038		1,874,799
Apollo Endosurgery Inc.(a)		60,038		363,230
Apyx Medical Corp.(a)		71,711		468,273
Asensus Surgical Inc.(a)(b)		549,150		344,207
Aspira Women’s Health Inc.(a)(b)		172,183		179,070
Avinger Inc., NVS(b)		11,801		42,838
Bellerophon Therapeutics Inc.(a)		18,586		43,863
Beyond Air Inc.(a)		62,027		414,340
BioLife Solutions Inc.(a)		24,312		552,612
Biomerica Inc.(a)		24,505		109,537
BioSig Technologies Inc.(a)(b)		68,169		78,394
Bioventus Inc., Class A(a)		65,215		919,531
Bluejay Diagnostics Inc.(a)		19,861		22,244
Chembio Diagnostics Inc.(a)(b)		71,025		58,241
ClearPoint Neuro Inc.(a)(b)		44,712		465,452
Co-Diagnostics Inc.(a)(b)		63,337		391,423
Cutera Inc.(a)		40,623		2,802,987
CVRx Inc.(a)		24,742		148,205
CytoSorbents Corp.(a)		96,655		308,329
DarioHealth Corp.(a)		32,092		187,417
Delcath Systems Inc.(a)(b)		12,395		79,328
Ekso Bionics Holdings Inc.(a)		31,882		92,139
ElectroCore Inc.(a)(b)		149,338		87,363
Electromed Inc.(a)(b)		17,089		212,587
ENDRA Life Sciences Inc.(a)(b)		93,529		36,476
Envveno Medical Corp.(a)(b)		22,986		146,421
Femasys Inc.(a)(b)		13,186		29,800
FONAR Corp.(a)		15,103		280,161
GBS Inc.(a)(b)		29,549		23,116
HeartBeam Inc.(a)(b)		6,761		12,373
Helius Medical Technologies Inc.(a)(b)		7,630		25,179
Intersect ENT Inc.(a)		77,199		2,162,344
IntriCon Corp.(a)(b)		19,860		473,860
Invacare Corp.(a)		80,932		114,114
INVO BioScience Inc.(a)		23,115		61,024
iRadimed Corp.		14,652		656,996
IRIDEX Corp.(a)		31,430		145,521
Kewaunee Scientific Corp.(a)		6,063		86,701
Lantheus Holdings Inc.(a)		156,173		8,637,929
LeMaitre Vascular Inc.		43,605		2,026,324
LENSAR Inc.(a)		21,632		160,077
Lucid Diagnostics Inc.(a)(b)		12,630		42,437
Lucira Health Inc.(a)		36,203		129,245
Meridian Bioscience Inc.(a)(b)		98,846		2,566,042
Microbot Medical Inc.(a)(b)		15,833		99,273
Milestone Scientific Inc.(a)(b)		118,415		179,991
Minerva Surgical Inc.(a)(b)		15,045		67,703
Motus GI Holdings Inc.(a)(b)		115,764		41,663
Myomo Inc.(a)(b)		13,348		50,856
Natus Medical Inc.(a)		77,912		2,047,527

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Nemaura Medical Inc.(a)		25,507	$	111,466
Neuronetics Inc.(a)(b)		58,540		177,376
NeuroPace Inc.(a)		16,703		137,132
OraSure Technologies Inc.(a)(b)		166,514		1,128,965
Orthofix Medical Inc.(a)		43,563		1,424,510
OrthoPediatrics Corp.(a)(b)		31,948		1,724,873
PAVmed Inc.(a)(b)		169,263		223,427
Predictive Oncology Inc.(a)(b)		146,879		143,501
Pro-Dex Inc.(a)(b)		4,945		81,741
Pulse Biosciences Inc.(a)(b)		31,790		154,499
Quotient Ltd.(a)(b)		186,914		224,297
Repro-Med Systems Inc.(a)(b)		67,618		193,387
Retractable Technologies Inc.(a)(b)		41,122		195,330
ReWalk Robotics Ltd.(a)(b)		106,393		123,416
RxSight Inc.(a)		40,956		507,035
Sanara Medtech Inc.(a)(b)		7,225		200,494
SeaSpine Holdings Corp.(a)		73,153		889,540
Second Sight Medical Products Inc.(a)(b)		37,844		54,117
Senseonics Holdings Inc.(a)(b)		997,122		1,964,330
Sensus Healthcare Inc.(a)(b)		29,133		294,826
SI-BONE Inc.(a)(b)		75,145		1,698,277
Sientra Inc.(a)(b)		133,995		297,469
SiNtx Technologies Inc.(a)(b)		65,656		40,050
Sonendo Inc.(a)(b)		19,173		76,884
Stereotaxis Inc.(a)		115,550		431,001
Strata Skin Sciences Inc.(a)(b)		56,077		82,433
Surgalign Holdings Inc.(a)(b)		289,458		88,082
Surmodics Inc.(a)		31,173		1,413,072
Talis Biomedical Corp.(a)		33,198		46,809
Tela Bio Inc.(a)(b)		16,277		189,302
Tivic Health Systems Inc.(a)(b)		8,666		13,779
TransMedics Group Inc.(a)(b)		59,846		1,612,251
UFP Technologies Inc.(a)		16,130		1,067,322
Utah Medical Products Inc.		7,964		715,645
Vapotherm Inc.(a)(b)		52,399		728,346
Venus Concept Inc.(a)(b)		61,982		88,634
ViewRay Inc.(a)		349,409		1,369,683
VolitionRx Ltd.(a)(b)		84,665		254,842
Xtant Medical Holdings Inc.(a)(b)		20,683		14,064
Zynex Inc.		51,332		319,798
				53,803,272
Health Care Providers & Services — 1.6%
AirSculpt Technologies Inc.(a)		14,834		202,929
Akumin Inc.(a)		138,078		153,267
AlerisLife Inc(a)		42,701		91,807
Apollo Medical Holdings Inc.(a)(b)		87,265		4,229,734
Avalon GloboCare Corp.(a)(b)		57,675		40,413
Biodesix Inc.(a)(b)		29,304		49,524
Castle Biosciences Inc.(a)(b)		49,436		2,217,699
Cross Country Healthcare Inc.(a)(b)		82,976		1,798,090
Enzo Biochem Inc.(a)(b)		103,892		301,287
Great Elm Group Inc.(a)		33,753		61,093
Hanger Inc.(a)(b)		86,332		1,582,465
Imac Holdings Inc.(a)		59,612		61,400
InfuSystem Holdings Inc.(a)		42,226		413,815
Joint Corp. (The)(a)(b)		32,213		1,140,018
Novo Integrated Sciences Inc.(a)(b)		21,390		49,411
Ontrak Inc.(a)		25,991		58,870
PetIQ Inc.(a)		62,168		1,516,899
Precipio Inc.(a)(b)		48,008		64,811

26 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Progenity Inc.(a)(b)		43,356	$	50,293
Psychemedics Corp.		11,811		82,086
RadNet Inc.(a)		105,286		2,355,248
Regional Health Properties Inc.(a)(b)		5,588		19,726
Sharps Compliance Corp.(a)(b)		43,368		255,871
SOC Telemed Inc.(a)		138,828		415,096
Sonida Senior Living Inc.(a)(b)		7,402		245,228
Viemed Healthcare Inc.(a)		80,620		401,488
Vivos Therapeutics Inc.(a)(b)		43,689		117,086
				17,975,654
Health Care Technology — 0.6%
CareCloud Inc.(a)(b)		21,600		111,240
Computer Programs & Systems Inc.(a)		32,499		1,119,591
Convey Health Solutions Holdings Inc.(a)		31,899		208,619
Forian Inc.(a)(b)		43,083		299,858
Healthcare Triangle Inc.(a)(b)		14,136		17,246
HealthStream Inc.(a)		58,995		1,175,180
Icad Inc.(a)		50,174		223,776
iSpecimen Inc.(a)(b)		13,169		70,718
NantHealth Inc.(a)		66,019		49,752
OptimizeRx Corp.(a)		39,661		1,495,616
Simulations Plus Inc.		35,554		1,812,543
Streamline Health Solutions Inc.(a)(b)		69,118		110,589
				6,694,728
Hotels, Restaurants & Leisure — 2.4%
Allied Esports Entertainment Inc.(a)(b)		45,703		78,838
Ark Restaurants Corp.(a)		5,127		94,696
BBQ Holdings Inc.(a)		9,599		145,329
Biglari Holdings Inc., Class B, NVS(a)		1,885		272,590
Bluegreen Vacations Holding Corp.(a)		33,617		994,055
BurgerFi International Inc.(a)(b)		32,912		137,243
Canterbury Park Holding Corp.		7,129		156,838
Carrols Restaurant Group Inc.		76,878		173,744
Century Casinos Inc.(a)		62,586		747,903
Chuy’s Holdings Inc.(a)(b)		45,919		1,239,813
Drive Shack Inc.(a)(b)		193,430		297,882
El Pollo Loco Holdings Inc.(a)		44,009		511,385
Esports Entertainment Group Inc.(a)		40,462		29,226
Esports Technologies Inc.(a)(b)		30,327		204,404
Everi Holdings Inc.(a)(b)		197,824		4,154,304
FAT Brands Inc.		13,074		97,401
Fiesta Restaurant Group Inc.(a)		40,432		302,229
First Watch Restaurant Group Inc.(a)		25,295		330,100
Flanigan’s Enterprises Inc.(a)		1,880		65,236
Full House Resorts Inc.(a)		75,375		724,354
GAN Ltd.(a)		93,508		450,708
Golden Entertainment Inc.(a)		39,863		2,314,844
Golden Nugget Online Gaming Inc.(a)		92,799		659,801
Good Times Restaurants Inc.(a)		22,361		78,263
Hall of Fame Resort & Entertainment Co.(a)(b)		129,503		143,748
Inspired Entertainment Inc.(a)		30,331		373,071
Kura Sushi USA Inc., Class A(a)		10,371		571,961
Lindblad Expeditions Holdings Inc.(a)(b)		70,574		1,064,256
Luby’s Inc.		43,656		99,536
Monarch Casino & Resort Inc.(a)(b)		30,482		2,658,945
Nathan’s Famous Inc.		6,484		351,238
NEOGAMES SA(a)		24,070		371,400
Noodles & Co.(a)(b)		93,667		559,192
ONE Group Hospitality Inc. (The)(a)		47,966		504,123

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
PlayAGS Inc.(a)(b)		64,371	$	429,354
Potbelly Corp.(a)		61,749		413,718
RCI Hospitality Holdings Inc.		20,488		1,259,192
Red Robin Gourmet Burgers Inc.(a)(b)		35,895		605,190
Ruth’s Hospitality Group Inc.		76,201		1,743,479
Target Hospitality Corp.(a)(b)		57,643		345,858
Xponential Fitness Inc., Class A(a)		28,740		673,666
				26,429,113
Household Durables — 1.3%
Aterian Inc.(a)(b)		59,296		144,089
Bassett Furniture Industries Inc.		21,259		352,049
Beazer Homes USA Inc.(a)		68,131		1,036,954
Dixie Group Inc. (The)(a)		34,686		107,527
Ethan Allen Interiors Inc.		52,616		1,371,699
Flexsteel Industries Inc.		14,606		281,896
Green Brick Partners Inc.(a)		71,061		1,404,165
Hamilton Beach Brands Holding Co., Class A		16,969		197,350
Harbor Custom Development Inc.(a)(b)		29,482		67,219
Hooker Furnishings Corp.		26,661		504,959
Hovnanian Enterprises Inc., Class A(a)		11,954		706,481
Koss Corp.(a)(b)		9,784		89,621
Landsea Homes Corp.(a)		25,021		213,930
Legacy Housing Corp.(a)		18,779		402,997
Lifetime Brands Inc.		28,985		372,167
Live Ventures Inc.(a)		2,928		124,469
Lovesac Co. (The)(a)(b)		29,700		1,605,582
Nephros Inc.(a)(b)		14,025		61,710
Tupperware Brands Corp.(a)(b)		113,270		2,203,102
Universal Electronics Inc.(a)		29,241		913,489
VOXX International Corp.(a)(b)		36,538		364,284
Vuzix Corp.(a)(b)		135,577		894,808
Weber Inc., Class A(b)		48,583		477,571
				13,898,118
Household Products — 0.0%
Ocean Bio-Chem Inc.		9,159		73,913
Oil-Dri Corp. of America		12,097		346,579
				420,492
Industrial Conglomerates — 0.0%
Gaucho Group Holdings Inc.(a)(b)		18,245		47,072
Insurance — 1.2%
Ambac Financial Group Inc.(a)		106,174		1,104,210
Atlantic American Corp.		11,702		36,276
Citizens Inc./TX(a)(b)		115,904		491,433
Crawford & Co., Class A, NVS		38,457		290,735
Donegal Group Inc., Class A		34,323		460,272
FedNat Holding Co.(a)		39,306		53,063
FG Financial Group Inc.(a)(b)		4,503		11,753
Greenlight Capital Re Ltd., Class A(a)(b)		60,546		428,060
Hallmark Financial Services Inc.(a)(b)		29,421		106,798
HCI Group Inc.		13,102		893,294
Heritage Insurance Holdings Inc.		60,069		428,893
ICC Holdings Inc.(a)		4,671		76,464
Investors Title Co.		3,002		610,037
Kingstone Companies Inc.		21,196		112,763
Kingsway Financial Services Inc.(a)(b)		23,864		131,252
Maiden Holdings Ltd.(a)(b)		162,605		391,878
Marpai Inc.(a)(b)		19,108		34,394
MBIA Inc.(a)(b)		111,395		1,714,369

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
MetroMile Inc.(a)(b)		267,195	$	352,697
Midwest Holding Inc.(a)(b)		6,136		102,778
National Western Life Group Inc., Class A		5,918		1,245,147
NI Holdings Inc.(a)(b)		20,027		339,658
Tiptree Inc.		54,392		698,937
Trean Insurance Group Inc.(a)(b)		40,568		190,264
United Fire Group Inc.		48,550		1,508,449
United Insurance Holdings Corp.		45,915		151,979
Universal Insurance Holdings Inc.		63,623		858,274
Vericity Inc.(a)(b)		5,054		30,829
				12,854,956
Interactive Media & Services — 0.5%
AutoWeb Inc.(a)(b)		17,592		40,638
Creatd Inc.(a)(b)		24,395		28,054
DHI Group Inc.(a)		104,093		619,353
EverQuote Inc., Class A(a)		45,568		737,290
IZEA Worldwide Inc.(a)(b)		142,253		236,140
Kubient Inc.(a)		26,422		44,917
Liberty TripAdvisor Holdings Inc., Class A(a)(b)		171,450		351,472
Outbrain Inc.(a)(b)		56,390		605,065
QuinStreet Inc.(a)		115,978		1,345,345
Society Pass Inc.(a)(b)		6,984		20,742
Super League Gaming Inc.(a)		22,829		42,919
Travelzoo(a)(b)		13,560		88,954
TrueCar Inc.(a)(b)		221,348		874,325
Zedge Inc., Class B(a)		24,621		149,942
				5,185,156
Internet & Direct Marketing Retail — 0.7%
1847 Goedeker Inc.(a)(b)		141,820		272,294
1stdibs.com Inc.(a)		46,227		369,354
CarParts.com Inc.(a)(b)		112,735		755,325
Digital Brands Group Inc.(a)(b)		15,997		30,394
Duluth Holdings Inc., Class B(a)		28,370		346,965
iMedia Brands Inc.(a)		42,340		255,310
iPower Inc.(a)(b)		14,313		24,046
Kidpik Corp.(a)(b)		4,333		20,885
Lands’ End Inc.(a)(b)		33,429		565,619
Liquidity Services Inc.(a)		53,434		914,790
Lulu’s Fashion Lounge Holdings Inc.(a)		14,108		95,652
PARTS iD Inc.(a)		14,137		30,253
PetMed Express Inc.		47,440		1,223,952
Porch Group Inc.(a)(b)		177,605		1,233,467
Remark Holdings Inc.(a)(b)		224,984		184,127
Rent the Runway Inc.(a)(b)		40,180		276,840
RumbleON Inc., Class B(a)(b)		21,425		732,949
TRxADE HEALTH Inc.(a)(b)		9,436		26,138
Waitr Holdings Inc.(a)(b)		241,684		89,423
				7,447,783
IT Services — 1.9%
ALJ Regional Holdings Inc.(a)(b)		51,347		134,529
American Virtual Cloud Technologies Inc.(a)(b)		82,365		77,028
BM Technologies Inc.(a)(b)		21,685		185,407
Brightcove Inc.(a)(b)		94,540		737,412
Cantaloupe Inc.(a)(b)		134,562		910,985
Cass Information Systems Inc.		31,974		1,180,160
Computer Task Group Inc.(a)		32,014		312,777
Crexendo Inc.(b)		17,137		62,207
CSP Inc.(a)		9,521		74,264
ESC Srax Inc., NVS		49,878		2,993

Security	Shares		Value
IT Services (continued)
Exela Technologies Inc.(a)(b)		379,315	$	157,871
Glimpse Group Inc. (The)(a)(b)		4,924		31,464
GreenBox POS(a)(b)		43,984		185,612
Grid Dynamics Holdings Inc.(a)		105,021		1,478,696
Hackett Group Inc. (The)		56,859		1,311,169
I3 Verticals Inc., Class A(a)(b)		49,424		1,376,953
IBEX Holdings Ltd.(a)(b)		13,443		214,281
Information Services Group Inc.		83,889		571,284
Innodata Inc.(a)		57,469		401,708
Inpixon(a)		258,377		67,178
International Money Express Inc.(a)		74,812		1,541,875
Limelight Networks Inc.(a)(b)		290,766		1,517,798
MoneyGram International Inc.(a)(b)		207,854		2,194,938
OLB Group Inc. (The)(a)		5,640		9,870
Paysign Inc.(a)(b)		74,908		147,569
PFSweb Inc.(a)		38,750		442,912
Priority Technology Holdings Inc.(a)(b)		27,313		157,050
Research Solutions Inc/CA(a)		36,961		78,727
ServiceSource International Inc.(a)(b)		232,782		302,617
StarTek Inc.(a)		39,062		173,045
Steel Connect Inc.(a)		84,687		109,246
Tucows Inc., Class A(a)(b)		22,829		1,559,221
Unisys Corp.(a)(b)		152,115		3,287,205
Usio Inc.(a)		45,790		163,928
WidePoint Corp.(a)(b)		18,914		71,495
				21,231,474
Leisure Products — 0.8%
American Outdoor Brands Inc.(a)(b)		32,849		431,307
AMMO Inc.(a)(b)		204,315		980,712
Clarus Corp.		62,252		1,418,100
Escalade Inc.		22,558		297,766
Genius Brands International Inc.(a)(b)		656,544		669,675
JAKKS Pacific Inc.(a)(b)		17,041		239,085
Johnson Outdoors Inc., Class A		12,121		942,165
Marine Products Corp.		18,469		213,317
MasterCraft Boat Holdings Inc.(a)		42,364		1,042,578
Nautilus Inc.(a)		70,763		291,544
Smith & Wesson Brands Inc.		111,345		1,684,650
Twin Vee PowerCats Co.(a)(b)		5,669		23,640
Vinco Ventures Inc.(a)(b)		234,482		750,342
				8,984,881
Life Sciences Tools & Services — 0.5%
Aduro Biotech Inc., NVS(c)		33,109		99,327
Akoya Biosciences Inc.(a)		31,215		343,053
Alpha Teknova Inc.(a)		15,835		218,681
Applied DNA Sciences Inc.(a)		19,871		42,524
Champions Oncology Inc.(a)		14,709		119,584
ChromaDex Corp.(a)(b)		110,793		272,551
Codex DNA Inc.(a)(b)		20,788		111,632
Fluidigm Corp.(a)(b)		177,519		637,293
Harvard Bioscience Inc.(a)		91,540		568,463
Inotiv Inc.(a)(b)		40,636		1,063,851
IsoPlexis Corp(a)		19,595		67,211
Miromatrix Medical Inc.(a)(b)		27,631		109,419
Personalis Inc.(a)(b)		83,815		686,445
Rapid Micro Biosystems Inc., Cass A(a)		36,165		245,560
Seqll Inc.(a)(b)		12,444		17,297
Singular Genomics Systems Inc.(a)(b)		109,623		691,721
				5,294,612

28 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 2.1%
AgEagle Aerial Systems Inc.(a)(b)		158,194	$	188,251
Agrify Corp.(a)(b)		41,508		192,182
Blue Bird Corp.(a)(b)		40,498		762,172
CIRCOR International Inc.(a)		42,376		1,128,049
Columbus McKinnon Corp./NY		64,514		2,735,394
Commercial Vehicle Group Inc.(a)(b)		74,748		631,621
Douglas Dynamics Inc.		52,435		1,813,727
Eastern Co. (The)		12,117		282,205
Energy Recovery Inc.(a)(b)		96,583		1,945,182
FreightCar America Inc.(a)(b)		32,384		191,389
Gencor Industries Inc.(a)		23,512		241,703
Graham Corp.		24,294		187,307
Hurco Companies Inc.		14,687		462,934
Ideanomics Inc.(a)(b)		1,132,448		1,268,342
LB Foster Co., Class A(a)(b)		23,340		358,736
Lightning eMotors Inc.(a)(b)		121,285		691,324
LS Starrett Co. (The), Class A(a)		13,665		105,084
Luxfer Holdings PLC		63,482		1,066,498
Manitex International Inc.(a)		33,258		242,118
Manitowoc Co. Inc. (The)(a)		79,105		1,192,903
Mayville Engineering Co. Inc.(a)(b)		20,826		195,140
Miller Industries Inc./TN		25,593		720,699
NN Inc.(a)		97,495		280,786
Park-Ohio Holdings Corp.		20,034		281,878
Perma-Pipe International Holdings Inc.(a)		17,458		164,629
Shyft Group Inc. (The)(b)		80,303		2,899,741
Taylor Devices Inc.(a)(b)		7,395		72,471
Titan International Inc.(a)		118,042		1,738,759
Twin Disc Inc.(a)		24,069		400,508
Urban-Gro Inc.(a)(b)		19,067		204,779
				22,646,511
Marine — 0.4%
Eagle Bulk Shipping Inc.		20,832		1,418,868
Eneti Inc.		36,032		228,803
Genco Shipping & Trading Ltd.		74,782		1,766,351
Navios Maritime Holdings Inc.(a)		28,186		102,315
Pangaea Logistics Solutions Ltd.		26,131		145,288
Safe Bulkers Inc.		148,079		704,856
				4,366,481
Media — 1.2%
Audacy Inc(a)(b)		274,895		794,446
Beasley Broadcast Group Inc., Class A(a)		20,581		36,223
Boston Omaha Corp., Class A(a)		47,096		1,194,825
Clear Channel Outdoor Holdings Inc.(a)		838,777		2,902,168
comScore Inc.(a)		160,379		466,703
Cumulus Media Inc., Class A(a)		41,915		417,054
Daily Journal Corp.(a)(b)		2,790		870,452
DallasNews Corp.		11,421		79,490
Digital Media Solutions Inc., Class A(a)		7,664		27,897
Emerald Holding Inc.(a)(b)		55,047		187,160
Entravision Communications Corp., Class A		139,732		895,682
Fluent Inc.(a)(b)		100,695		209,446
Gannett Co. Inc.(a)		326,953		1,474,558
Hemisphere Media Group Inc.(a)		37,337		170,630
Lee Enterprises Inc.(a)		12,665		340,942
Marchex Inc., Class B(a)		78,461		179,676
National CineMedia Inc.		138,364		351,445
NextPlay Technologies Inc.(a)(b)		145,824		80,203
Saga Communications Inc., Class A		9,022		206,153

Security	Shares		Value
Media (continued)
Salem Media Group Inc.(a)		24,392	$	82,689
SPAR Group Inc.(a)(b)		18,956		24,643
Stagwell Inc.(a)(b)		142,722		1,033,307
Stran & Co. Inc.(a)(b)		21,344		37,352
Thryv Holdings Inc.(a)		17,608		495,137
Townsquare Media Inc., Class A(a)		26,074		333,486
Troika Media Group Inc.(a)(b)		52,731		55,368
Urban One Inc., Class A(a)		17,743		110,894
Urban One Inc., Class D, NVS(a)(b)		36,415		187,537
				13,245,566
Metals & Mining — 2.2%
Alpha Metallurgical Resources Inc.(a)		40,509		5,345,568
Ampco-Pittsburgh Corp.(a)(b)		36,319		229,173
Caledonia Mining Corp. PLC		28,526		433,881
Comstock Mining Inc.(a)		97,876		163,453
Friedman Industries Inc.		16,054		141,436
Gatos Silver Inc.(a)(b)		107,245		463,298
Gold Resource Corp.		170,524		381,974
Haynes International Inc.		28,364		1,208,306
Hycroft Mining Holding Corp.(a)		84,167		193,584
Olympic Steel Inc.		21,683		833,928
Paramount Gold Nevada Corp.(a)		72,864		47,449
Perpetua Resources Corp.(a)		75,679		310,284
PolyMet Mining Corp.(a)(b)		66,617		279,125
Ramaco Resources Inc.		49,378		780,172
Ryerson Holding Corp.		38,002		1,330,830
Schnitzer Steel Industries Inc., Class A		60,764		3,156,082
SunCoke Energy Inc.		192,976		1,719,416
Synalloy Corp.(a)		17,479		280,538
TimkenSteel Corp.(a)		106,657		2,333,655
U.S. Gold Corp.(a)		15,337		107,359
Universal Stainless & Alloy Products Inc.(a)		18,099		157,099
Warrior Met Coal Inc.		119,486		4,434,126
				24,330,736
Mortgage Real Estate Investment — 1.8%
ACRES Commercial Realty Corp.(a)(b)		21,551		288,999
AFC Gamma Inc.		34,642		662,355
AG Mortgage Investment Trust Inc.		52,534		488,566
Angel Oak Mortgage Inc.		22,236		364,893
Ares Commercial Real Estate Corp.		100,924		1,566,340
Arlington Asset Investment Corp., Class A(a)		71,466		247,987
ARMOUR Residential REIT Inc.		206,417		1,733,903
Cherry Hill Mortgage Investment Corp.		40,430		312,120
Chicago Atlantic Real Estate Finance Inc., NVS		14,169		251,216
Dynex Capital Inc.		83,203		1,347,889
Ellington Financial Inc.		124,470		2,209,342
Ellington Residential Mortgage REIT		26,332		265,690
Franklin BSP Realty Trust Inc.		82,123		1,148,079
Granite Point Mortgage Trust Inc.		123,355		1,371,708
Great Ajax Corp.		49,694		582,911
Invesco Mortgage Capital Inc.		723,778		1,650,214
Lument Finance Trust Inc.		44,295		121,368
Manhattan Bridge Capital Inc.		19,261		122,307
Nexpoint Real Estate Finance Inc.		15,476		349,758
Orchid Island Capital Inc.		314,613		1,022,492
Ready Capital Corp.		156,498		2,356,860
Sachem Capital Corp.		54,672		279,921
Seven Hills Realty Trust		31,370		349,148

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Western Asset Mortgage Capital Corp.		128,082	$	219,020
				19,313,086
Multi-Utilities — 0.2%
Unitil Corp.		36,289		1,810,095
Multiline Retail — 0.2%
Franchise Group Inc.		65,717		2,722,655
Oil, Gas & Consumable Fuels — 6.3%
Adams Resources & Energy Inc.		7,189		276,705
Aemetis Inc.(a)(b)		63,548		805,153
Alto Ingredients Inc.(a)(b)		171,916		1,172,467
American Resources Corp.(a)(b)		94,111		241,865
Amplify Energy Corp.(a)		82,649		454,569
Arch Resources Inc.(b)		35,088		4,820,389
Ardmore Shipping Corp.(a)		80,531		362,389
Battalion Oil Corp.(a)		6,151		114,286
Berry Corp.		155,921		1,609,105
Centrus Energy Corp., Class A(a)(b)		22,841		769,742
Civitas Resources Inc.		100,646		6,009,573
CONSOL Energy Inc.(a)		79,476		2,990,682
Crescent Energy Inc.(b)		67,974		1,178,669
Dorian LPG Ltd.		71,840		1,040,962
Earthstone Energy Inc., Class A(a)(b)		72,028		909,714
Energy Fuels Inc./Canada(a)(b)		358,361		3,279,003
Epsilon Energy Ltd.(b)		34,696		223,789
Evolution Petroleum Corp.		71,394		484,765
EzFill Holdings Inc.(a)		14,457		15,180
Falcon Minerals Corp.		91,321		615,504
Gevo Inc.(a)(b)		462,103		2,162,642
Green Plains Inc.(a)(b)		99,613		3,088,999
Hallador Energy Co.(a)		50,101		175,353
HighPeak Energy Inc.(b)		12,081		268,198
International Seaways Inc.		106,377		1,919,041
Kinetik Holdings Inc.		7,653		497,522
Laredo Petroleum Inc.(a)		29,189		2,310,017
Lightbridge Corp.(a)(b)		16,584		138,476
NACCO Industries Inc., Class A		9,194		360,589
NextDecade Corp.(a)(b)		61,917		409,891
Nordic American Tankers Ltd.		387,276		824,898
Northern Oil and Gas Inc.		141,882		3,999,654
Overseas Shipholding Group Inc., Class A(a)		148,708		310,800
Par Pacific Holdings Inc.(a)		105,161		1,369,196
Peabody Energy Corp.(a)(b)		206,607		5,068,070
PEDEVCO Corp.(a)		39,532		53,368
PHX Minerals Inc.		67,412		206,281
PrimeEnergy Resources Corp.(a)		1,380		94,130
Ranger Oil Corp.(a)		49,371		1,704,781
REX American Resources Corp.(a)		12,439		1,238,924
Riley Exploration Permian Inc.		24,751		620,755
Ring Energy Inc.(a)(b)		195,502		746,818
SandRidge Energy Inc.(a)		72,739		1,165,279
SilverBow Resources Inc.(a)		16,759		536,288
Stabilis Solutions Inc.(a)		5,865		29,325
Teekay Corp.(a)		162,177		514,101
Teekay Tankers Ltd., Class A(a)(b)		55,149		763,262
Tellurian Inc.(a)(b)		858,041		4,547,617
Uranium Energy Corp.(a)(b)		610,785		2,803,503
Ur-Energy Inc.(a)(b)		428,709		685,934
VAALCO Energy Inc.		124,653		813,984

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Vertex Energy Inc.(a)(b)		123,614	$	1,228,723
W&T Offshore Inc.(a)(b)		216,217		825,949
				68,856,879
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		38,056		1,066,710
Glatfelter Corp.		101,788		1,260,135
				2,326,845
Personal Products — 0.6%
Beauty Health Co. (The)(a)(b)		202,307		3,414,942
Grove Inc.(a)(b)		18,314		93,218
Guardion Health Sciences Inc.(a)		53,975		12,501
Jupiter Wellness Inc.(a)(b)		45,685		50,254
LifeMD Inc.(a)(b)		48,129		169,896
Lifevantage Corp.(a)		52,611		250,428
Mannatech Inc.		2,758		100,888
Natural Alternatives International Inc.(a)		11,618		133,839
Natural Health Trends Corp.		16,834		119,185
Nature’s Sunshine Products Inc.(a)		27,778		467,226
NewAge Inc.(a)(b)		308,183		179,054
Revlon Inc., Class A(a)(b)		16,275		131,339
Summer Infant Inc.(a)		2,791		32,543
Thorne HealthTech Inc.(a)(b)		15,389		97,874
United-Guardian Inc.		7,928		178,697
Veru Inc.(a)(b)		149,418		721,689
				6,153,573
Pharmaceuticals — 3.6%
9 Meters Biopharma Inc.(a)(b)		529,709		317,455
AcelRx Pharmaceuticals Inc.(a)(b)		272,794		77,883
Acer Therapeutics Inc.(a)		23,986		69,559
Aclaris Therapeutics Inc.(a)(b)		117,754		2,030,079
Adial Pharmaceuticals Inc.(a)		32,161		64,644
Aerie Pharmaceuticals Inc.(a)(b)		97,725		889,297
Aerpio Pharmaceuticals Inc., NVS(b)		102,420		1
Agile Therapeutics Inc.(a)		201,733		42,263
Alimera Sciences Inc.(a)(b)		16,294		91,246
Altamira Therapeutics Ltd.(a)(b)		55,750		61,325
Amphastar Pharmaceuticals Inc.(a)		85,891		3,083,487
Ampio Pharmaceuticals Inc.(a)		453,937		213,350
Amylyx Pharmaceuticals Inc.(a)(b)		22,445		288,418
Anebulo Pharmaceuticals Inc.(a)		6,851		46,313
Angion Biomedica Corp.(a)(b)		50,445		106,943
ANI Pharmaceuticals Inc.(a)		25,536		717,817
Antares Pharma Inc.(a)		384,672		1,577,155
Aquestive Therapeutics Inc.(a)(b)		59,208		154,533
Athira Pharma Inc.(a)		74,822		1,010,097
Avenue Therapeutics Inc.(a)		24,866		11,973
Aytu BioPharma Inc.(a)		60,804		65,668
Baudax Bio Inc.(a)(b)		6,997		12,385
Biofrontera Inc.(a)(b)		7,408		24,669
Cara Therapeutics Inc.(a)		102,539		1,245,849
cbdMD Inc.(a)(b)		87,168		90,655
CinCor Pharma Inc.(a)		27,164		476,457
Citius Pharmaceuticals Inc.(a)(b)		284,694		509,602
Clearside Biomedical Inc.(a)(b)		110,876		253,906
Clever Leaves Holdings Inc.(a)		48,998		122,005
CNS Pharmaceuticals Inc.(a)		38,201		13,027
Cocrystal Pharma Inc.(a)		205,085		112,797
Cognition Therapeutics Inc.(a)		7,592		20,498
Collegium Pharmaceutical Inc.(a)(b)		80,248		1,633,849

30 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Context Therapeutics LLC(a)(b)		15,945	$	34,601
CorMedix Inc.(a)(b)		86,937		476,415
Cumberland Pharmaceuticals Inc.(a)		19,465		54,891
Cymabay Therapeutics Inc.(a)		195,756		608,801
Dare Bioscience Inc.(a)(b)		175,421		261,377
Dermata Therapeutics Inc.(a)		17,157		21,446
DICE Therapeutics Inc.(a)(b)		32,147		614,972
Durect Corp.(a)(b)		517,590		346,734
Eloxx Pharmaceuticals Inc.(a)(b)		136,445		76,396
Enveric Biosciences Inc.(a)		44,243		14,600
Esperion Therapeutics Inc.(a)		134,983		626,321
Eton Pharmaceuticals Inc.(a)(b)		47,986		209,219
Evofem Biosciences Inc.(a)(b)		373,922		127,133
Evoke Pharma Inc.(a)		80,837		40,014
Evolus Inc.(a)(b)		76,476		858,061
Eyenovia Inc.(a)(b)		44,726		136,414
EyePoint Pharmaceuticals Inc.(a)(b)		57,395		697,349
Fulcrum Therapeutics Inc.(a)(b)		63,515		1,502,130
Graybug Vision Inc.(a)(b)		29,371		36,126
Harrow Health Inc.(a)		51,480		351,094
Hepion Pharmaceuticals Inc.(a)(b)		176,000		227,040
Hoth Therapeutics Inc.(a)(b)		58,439		40,440
Ikena Oncology Inc.(a)		64,014		390,485
IMARA Inc.(a)		23,821		44,783
Jaguar Health Inc.(a)(b)		107,791		76,370
Journey Medical Corp.(a)(b)		7,952		38,249
Kala Pharmaceuticals Inc.(a)(b)		113,725		156,940
Kaleido Biosciences Inc.(a)(b)		46,640		76,956
KemPharm Inc.(a)(b)		67,956		341,819
Landos Biopharma Inc.(a)		10,932		16,125
Lannett Co. Inc.(a)(b)		85,255		67,172
Lipocine Inc.(a)(b)		195,140		267,342
Liquidia Corp.(a)(b)		79,106		567,981
Longboard Pharmaceuticals Inc.(a)(b)		28,189		146,301
Lyra Therapeutics Inc.(a)		15,412		61,956
Marinus Pharmaceuticals Inc.(a)(b)		85,243		797,022
MediWound Ltd.(a)		39,253		78,113
Mind Medicine MindMed Inc.(a)		744,160		826,018
MyMD Pharmaceuticals Inc.(a)		84,569		394,092
Novan Inc.(a)(b)		44,834		176,646
Nutriband Inc.(a)(b)		3,088		13,000
Ocular Therapeutix Inc.(a)		176,904		875,675
Ocuphire Pharma Inc.(a)(b)		25,255		81,826
Omthera Pharmaceuticals Inc., NVS(c)		60,904		15,716
Opiant Pharmaceuticals Inc.(a)		10,050		215,271
Optinose Inc.(a)(b)		139,106		343,592
Oramed Pharmaceuticals Inc.(a)(b)		85,909		743,113
Otonomy Inc.(a)(b)		132,207		317,297
Palisade Bio Inc.(a)(b)		19,295		20,453
Paratek Pharmaceuticals Inc.(a)(b)		112,178		333,169
Petros Pharmaceuticals Inc.(a)(b)		25,321		39,501
PLx Pharma Inc.(a)(b)		63,454		256,354
Processa Pharmaceuticals Inc.(a)(b)		26,692		80,343
ProPhase Labs Inc.		21,507		150,549
Provention Bio Inc.(a)(b)		127,974		936,770
Pulmatrix Inc., NVS		6,643		45,372
Rain Therapeutics Inc.(a)		37,145		188,325
Relmada Therapeutics Inc.(a)		57,621		1,555,191
Reviva Pharmaceuticals Holdings Inc.(a)(b)		21,187		52,120
RVL Pharmaceuticals PLC(a)(b)		96,987		163,908

Security	Shares		Value
Pharmaceuticals (continued)
Satsuma Pharmaceuticals Inc.(a)		47,752	$	181,458
scPharmaceuticals Inc.(a)(b)		30,209		171,587
SCYNEXIS Inc.(a)(b)		56,234		219,875
Seelos Therapeutics Inc.(a)(b)		228,652		191,565
SIGA Technologies Inc.(a)(b)		111,566		791,003
Societal CDMO Inc(a)		95,294		171,529
Tarsus Pharmaceuticals Inc.(a)(b)		19,325		325,046
Terns Pharmaceuticals Inc.(a)		32,088		95,301
TFF Pharmaceuticals Inc.(a)(b)		48,690		307,234
TherapeuticsMD Inc.(a)		908,604		345,269
Theseus Pharmaceuticals Inc.(a)(b)		26,945		310,676
Timber Pharmaceuticals Inc.(a)(b)		112,156		43,180
Trevi Therapeutics Inc.(a)(b)		25,434		55,955
Tricida Inc.(a)		67,440		554,357
Ventyx Biosciences Inc.(a)(b)		24,192		328,285
Verrica Pharmaceuticals Inc.(a)(b)		31,033		251,678
VYNE Therapeutics Inc.(a)(b)		110,270		71,687
WaVe Life Sciences Ltd.(a)		103,450		206,900
Xeris Biopharma Holdings Inc.(a)		270,687		692,959
Zynerba Pharmaceuticals Inc.(a)		91,396		187,362
				39,251,600
Professional Services — 1.7%
Acacia Research Corp.(a)(b)		114,601		516,850
Atlas Technical Consultants Inc.(a)(b)		34,072		410,227
Barrett Business Services Inc.		17,277		1,338,449
BGSF Inc.		22,818		300,513
CRA International Inc.		16,683		1,405,710
DLH Holdings Corp.(a)(b)		12,891		244,155
Forrester Research Inc.(a)		26,115		1,473,408
Franklin Covey Co.(a)		29,087		1,315,314
Heidrick & Struggles International Inc.		45,024		1,782,050
Hill International Inc.(a)(b)		100,193		163,315
HireQuest Inc.(b)		12,157		232,442
Hudson Global Inc.(a)(b)		6,022		244,915
Kelly Services Inc., Class A, NVS		81,814		1,774,546
Kforce Inc.		47,077		3,482,286
Mastech Digital Inc.(a)		9,263		171,273
Mistras Group Inc.(a)(b)		45,860		303,135
RCM Technologies Inc.(a)(b)		18,780		185,171
Red Violet Inc.(a)(b)		18,170		517,845
Resources Connection Inc.		72,310		1,239,393
ShiftPixy Inc.(a)(b)		39,012		30,433
Volt Information Sciences Inc.(a)		33,575		200,778
Where Food Comes From Inc.		6,616		73,835
Willdan Group Inc.(a)(b)		26,067		799,996
				18,206,039
Real Estate Management & Development — 0.4%
Alset EHome International Inc.(a)(b)		85,771		39,455
Altisource Asset Management Corp.(a)		3,171		44,616
Altisource Portfolio Solutions SA(a)		12,246		144,870
American Realty Investors Inc.(a)		3,646		56,039
AMREP Corp.(a)(b)		8,883		120,098
Comstock Holding Companies Inc.(a)		5,076		29,695
Fathom Holdings Inc.(a)(b)		15,364		164,395
Forestar Group Inc.(a)(b)		39,803		706,901
FRP Holdings Inc.(a)(b)		15,612		902,374
InterGroup Corp. (The)(a)		2,996		151,058
JW Mays Inc.(a)		952		36,652
Maui Land & Pineapple Co. Inc.(a)(b)		16,816		186,826

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Rafael Holdings Inc., Class B(a)(b)		27,536	$	69,115
Stratus Properties Inc.(a)		13,624		586,922
Tejon Ranch Co.(a)		47,997		876,425
Transcontinental Realty Investors Inc.(a)		3,009		117,441
Trinity Place Holdings Inc.(a)(b)		41,702		79,234
				4,312,116
Road & Rail — 0.4%
Covenant Logistics Group Inc., Class A		28,000		602,840
Daseke Inc.(a)		92,811		934,607
HyreCar Inc.(a)		43,148		102,692
PAM Transportation Services Inc.(a)		16,440		571,290
Patriot Transportation Holding Inc.		5,288		42,198
U.S. Xpress Enterprises Inc., Class A(a)(b)		61,761		239,633
Universal Logistics Holdings Inc.		18,234		367,415
USA Truck Inc.(a)(b)		19,179		395,088
Yellow Corp.(a)(b)		116,322		815,417
				4,071,180
Semiconductors & Semiconductor Equipment — 2.3%
Aehr Test Systems(a)		53,975		548,386
Alpha & Omega Semiconductor Ltd.(a)		50,065		2,736,052
Amtech Systems Inc.(a)(b)		26,633		267,928
Atomera Inc.(a)(b)		47,237		616,915
AXT Inc.(a)		94,225		661,460
CEVA Inc.(a)		52,003		2,113,922
CVD Equipment Corp.(a)		11,842		52,815
CyberOptics Corp.(a)		16,564		672,167
eMagin Corp.(a)(b)		155,758		177,564
Everspin Technologies Inc.(a)		36,073		314,196
GSI Technology Inc.(a)(b)		39,191		150,102
Ichor Holdings Ltd.(a)(b)		65,123		2,319,681
Impinj Inc.(a)(b)		43,902		2,789,533
inTEST Corp.(a)		24,637		264,355
Kopin Corp.(a)(b)		181,690		459,676
Meta Materials Inc.(a)(b)		467,798		781,223
NeoPhotonics Corp.(a)		121,094		1,841,840
NVE Corp.		10,898		593,614
PDF Solutions Inc.(a)		69,653		1,941,229
Photronics Inc.(a)		137,828		2,338,941
Pixelworks Inc.(a)(b)		122,263		363,121
QuickLogic Corp.(a)(b)		27,012		148,566
SkyWater Technology Inc.(a)(b)		18,730		202,846
SMART Global Holdings Inc.(a)		113,430		2,929,897
WiSA Technologies Inc(a)(b)		33,240		41,550
				25,327,579
Software — 1.8%
A10 Networks Inc.		139,862		1,951,075
Agilysys Inc.(a)		49,124		1,959,065
Akerna Corp.(a)(b)		54,267		61,864
Alfi Inc.(a)(b)		13,849		22,712
American Software Inc./GA, Class A		72,711		1,515,297
Arteris Inc.(a)(b)		11,971		155,623
Asure Software Inc.(a)		41,239		245,372
Auddia Inc.(a)(b)		21,446		43,750
AudioEye Inc.(a)(b)		16,004		108,987
Aware Inc./MA(a)		30,459		91,377
Benefitfocus Inc.(a)		58,362		736,528
BSQUARE Corp.(a)(b)		39,575		68,465
ChannelAdvisor Corp.(a)		68,223		1,130,455
Cleanspark Inc.(a)(b)		91,990		1,137,916

Security	Shares		Value
Software (continued)
Color Star Technology Co. Ltd.(a)(b)		344,358	$	78,514
CoreCard Corp.(a)(b)		16,851		461,717
CYNGN Inc.(a)(b)		10,965		16,009
DatChat Inc.(a)(b)		27,143		71,115
Digimarc Corp.(a)(b)		29,430		776,069
Duos Technologies Group Inc.(a)(b)		10,354		55,497
eGain Corp.(a)		48,403		560,507
Greenidge Generation Holdings Inc.(a)		21,870		188,082
GTY Technology Holdings Inc.(a)		75,364		243,426
Intrusion Inc.(a)(b)		42,169		104,579
Issuer Direct Corp.(a)(b)		7,151		212,599
Kaspien Holdings Inc.(a)(b)		2,306		16,742
Mind CTI Ltd.		40,661		119,137
Mitek Systems Inc.(a)		99,199		1,455,249
NetSol Technologies Inc.(a)		23,016		88,612
Oblong Inc.(a)		35,861		23,511
OneSpan Inc.(a)		81,298		1,173,943
Park City Group Inc.(a)		29,225		154,308
Phunware Inc.(a)(b)		189,315		526,296
Qumu Corp.(a)		36,072		63,487
RealNetworks Inc.(a)		81,173		47,080
Rekor Systems Inc.(a)(b)		79,670		363,295
Rimini Street Inc.(a)		103,294		599,105
Seachange International Inc.(a)(b)		99,877		112,861
ShotSpotter Inc.(a)		19,819		549,383
SilverSun Technologies Inc.		6,439		20,991
Smith Micro Software Inc.(a)(b)		108,532		409,166
SRAX Inc.(a)(b)		44,433		214,611
Stronghold Digital Mining Inc.(a)(b)		17,499		102,369
Synchronoss Technologies Inc.(a)		146,202		252,930
UserTesting Inc.(a)(b)		20,735		221,657
Verb Technology Co. Inc.(a)		139,041		131,825
Veritone Inc.(a)(b)		65,587		1,198,930
VirnetX Holding Corp.(a)		144,714		235,884
Weave Communications Inc.(a)		12,421		74,029
				20,152,001
Specialty Retail — 2.5%
America’s Car-Mart Inc./TX(a)		13,839		1,114,870
Barnes & Noble Education Inc.(a)		104,813		375,231
Big 5 Sporting Goods Corp.		48,091		824,761
Build-A-Bear Workshop Inc., Class A		34,337		627,680
Caleres Inc.		85,756		1,657,664
CarLotz Inc.(a)		166,833		228,561
Cato Corp. (The), Class A		44,512		652,546
Chico’s FAS Inc.(a)		279,984		1,343,923
Citi Trends Inc.(a)(b)		18,559		568,369
Conn’s Inc.(a)(b)		41,109		633,490
Container Store Group Inc. (The)(a)(b)		73,176		597,848
Envela Corp.(a)(b)		18,266		85,120
Express Inc.(a)(b)		152,604		543,270
Genesco Inc.(a)(b)		33,115		2,106,445
Haverty Furniture Companies Inc.		38,049		1,043,304
Hibbett Inc.		31,700		1,405,578
J Jill Inc.(a)		9,949		150,926
JOANN Inc.(b)		25,884		295,336
Kirkland’s Inc.(a)(b)		29,155		270,850
Lazydays Holdings Inc.(a)(b)		17,561		354,381
LL Flooring Holdings Inc.(a)		66,071		926,315
LMP Automotive Holdings Inc.(a)(b)		13,668		68,340
MarineMax Inc.(a)(b)		48,793		1,964,406

32 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
OneWater Marine Inc., Class A		25,565	$	880,714
Party City Holdco Inc.(a)(b)		254,769		912,073
Shift Technologies Inc.(a)(b)		138,552		304,814
Shoe Carnival Inc.		40,882		1,192,119
Sportsman’s Warehouse Holdings Inc.(a)		100,410		1,073,383
Tilly’s Inc., Class A		52,972		495,818
TravelCenters of America Inc.(a)		28,889		1,241,072
Winmark Corp.		7,979		1,755,380
Xcel Brands Inc.(a)(b)		21,891		32,618
Zumiez Inc.(a)(b)		45,039		1,720,940
				27,448,145
Technology Hardware, Storage & Peripherals — 0.6%
AstroNova Inc.(a)		16,179		245,435
Avid Technology Inc.(a)(b)		83,904		2,925,733
Boxlight Corp., Class A(a)(b)		118,286		141,943
Contra Communications Inc., NVS		4,194		3,397
Eastman Kodak Co.(a)(b)		104,851		686,774
Immersion Corp.(a)(b)		70,227		390,462
Intevac Inc.(a)(b)		56,051		299,873
Movano Inc.(a)(b)		25,546		69,230
One Stop Systems Inc.(a)(b)		32,415		123,825
Quantum Corp.(a)(b)		135,718		308,080
Socket Mobile Inc.(a)		14,464		58,001
TransAct Technologies Inc.(a)(b)		22,330		157,650
Turtle Beach Corp.(a)		35,125		747,811
				6,158,214
Textiles, Apparel & Luxury Goods — 0.5%
Charles & Colvard Ltd.(a)		59,001		92,631
Crown Crafts Inc.		19,010		123,755
Culp Inc.		26,722		212,173
Delta Apparel Inc.(a)(b)		14,749		439,373
Fossil Group Inc.(a)		111,234		1,072,296
Jerash Holdings U.S. Inc.		7,938		50,962
Lakeland Industries Inc.(a)(b)		17,425		334,386
Movado Group Inc.		36,405		1,421,615
Rocky Brands Inc.		15,942		663,028
Superior Group of Companies Inc.		26,780		478,023
Unifi Inc.(a)		32,180		582,458
Vera Bradley Inc.(a)(b)		60,655		465,224
Vince Holding Corp.(a)(b)		8,156		66,308
				6,002,232
Thrifts & Mortgage Finance — 2.0%
1895 Bancorp of Wisconsin Inc.(a)		7,029		76,265
Blue Foundry Bancorp(a)(b)		64,802		878,067
Bogota Financial Corp.(a)(b)		12,890		138,181
Bridgewater Bancshares Inc.(a)		48,911		815,835
Broadway Financial Corp./DE(a)		81,556		129,674
Catalyst Bancorp Inc.(a)(b)		12,456		170,274
CF Bankshares Inc.		9,165		203,463
CFSB Bancorp. Inc., NVS(b)		5,009		50,441
Cincinnati Bancorp Inc.(a)		5,417		83,693
Elmira Savings Bank		5,670		130,013
ESSA Bancorp. Inc.		20,366		365,570
Federal Agricultural Mortgage Corp., Class C, NVS		21,216		2,301,512
FFBW Inc.(a)		14,031		169,494
Finance of America Companies Inc., Class A(a)		42,869		130,322
First Seacoast Bancorp.(a)(b)		6,206		65,411
FS Bancorp. Inc.		16,568		513,608
Greene County Bancorp. Inc.		7,835		350,224

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Guaranty Federal Bancshares Inc.		7,341	$	230,728
Hingham Institution For Savings (The)		3,370		1,156,584
HMN Financial Inc.		8,593		212,763
Home Bancorp. Inc.		17,555		716,068
Home Federal Bancorp. Inc./LA		6,297		132,237
Home Point Capital Inc.		18,574		57,765
HV Bancorp Inc.(a)		2,846		61,758
IF Bancorp. Inc.		5,432		129,336
Impac Mortgage Holdings Inc.(a)		30,175		22,631
Kentucky First Federal Bancorp.		9,703		69,862
Lake Shore Bancorp. Inc.		4,118		61,358
Luther Burbank Corp.		36,148		480,407
Magyar Bancorp Inc.		14,598		172,256
Merchants Bancorp./IN		34,416		942,310
Mid-Southern Bancorp Inc.		5,775		84,315
Northeast Community Bancorp Inc.(b)		9,414		115,321
Northfield Bancorp. Inc.		101,755		1,461,202
NSTS Bancorp Inc.(a)		11,859		143,257
Oconee Federal Financial Corp.		2,567		62,506
Ocwen Financial Corp.(a)(b)		19,055		452,747
OP Bancorp.		28,307		392,052
PB Bankshares Inc.(a)(b)		6,036		83,176
PCSB Financial Corp.		29,155		557,152
Pioneer Bancorp. Inc./NY(a)(b)		26,883		282,809
Ponce Financial Group Inc.(a)		23,563		244,584
Provident Bancorp. Inc.		35,245		571,674
Provident Financial Holdings Inc.		13,709		226,747
Prudential Bancorp. Inc.		15,664		257,829
Randolph Bancorp Inc.		10,273		271,310
Rhinebeck Bancorp Inc.(a)		8,092		82,134
Security National Financial Corp., Class A(a)		23,573		235,730
Southern Missouri Bancorp. Inc.		17,759		887,062
Sterling Bancorp Inc./MI(a)		40,487		287,458
TC Bancshares Inc.(a)(b)		10,647		150,123
Territorial Bancorp. Inc.		17,872		428,928
Texas Community Bancshares Inc.(a)		6,354		114,626
Timberland Bancorp. Inc./WA		17,616		475,808
TrustCo Bank Corp. NY		35,866		1,145,201
Velocity Financial Inc.(a)		19,653		215,004
Waterstone Financial Inc.		50,259		972,009
Western New England Bancorp. Inc.		47,144		421,467
William Penn Bancorp. Inc.(b)		30,185		384,859
WVS Financial Corp.		3,353		50,463
				22,075,663
Tobacco — 0.2%
22nd Century Group Inc.(a)(b)		375,838		871,944
Turning Point Brands Inc.		33,810		1,149,878
				2,021,822
Trading Companies & Distributors — 1.1%
Alta Equipment Group Inc.(a)		43,739		540,614
BlueLinx Holdings Inc.(a)		21,287		1,530,110
DXP Enterprises Inc./TX(a)		39,967		1,082,706
EVI Industries Inc.(a)(b)		10,836		201,441
FGI Industries Ltd., NVS		7,468		22,404
Hudson Technologies Inc.(a)		87,831		545,430
Huttig Building Products Inc.(a)(b)		58,641		625,113
India Globalization Capital Inc.(a)(b)		107,404		101,916
Karat Packaging Inc.(a)		10,416		206,758
Lawson Products Inc./DE(a)(b)		11,468		441,977

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Micro-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Titan Machinery Inc.(a)		45,058	$	1,273,339
Transcat Inc.(a)(b)		16,508		1,339,459
Veritiv Corp.(a)		33,225		4,438,528
Willis Lease Finance Corp.(a)		6,597		212,357
				12,562,152
Water Utilities — 0.3%
Artesian Resources Corp., Class A, NVS		18,689		907,351
Cadiz Inc.(a)		55,065		113,984
Consolidated Water Co. Ltd.		33,313		368,442
Global Water Resources Inc.		29,323		487,935
Pure Cycle Corp.(a)(b)		44,962		540,443
York Water Co. (The)		30,138		1,355,306
				3,773,461
Wireless Telecommunication Services — 0.3%
Gogo Inc.(a)(b)		137,098		2,613,088
Spok Holdings Inc.		40,946		326,749
				2,939,837
Total Common Stocks — 99.7% (Cost: $1,151,537,807)				1,093,553,854
Preferred Stocks
Hotels, Restaurants & Leisure — 0.0%
FAT Brands Inc., 8.25%(a)		960		12,576
Total Preferred Stocks — 0.0% (Cost: $12,564)				12,576
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Right Quantum Corp., NVS (Expires 04/18/22)(b)		135,718		1,147
Total Rights — 0.0% (Cost: $0)				1,147

Security	Shares		Value
Short-Term Investments
Money Market Funds — 15.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		172,819,347	$	172,784,783
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		1,230,000		1,230,000
				174,014,783
Total Short-Term Investments — 15.9% (Cost: $174,026,145)				174,014,783
Total Investments in Securities — 115.6% (Cost: $1,325,576,516)				1,267,582,360
Other Assets, Less Liabilities — (15.6)%				(170,938,646	)
Net Assets — 100.0%			$	1,096,643,714

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	216,470,830	$	—		$	(43,542,129	)(a)	$	(52,090	)	$	(91,828	)	$	172,784,783		172,819,347	$	3,034,646	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		680,000		550,000	(a)		—			—			—			1,230,000		1,230,000		349			—
									$	(52,090	)	$	(91,828	)	$	174,014,783			$	3,034,995		$	—

^(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.

34 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Micro-Cap ETF

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		29		06/17/22	$	2,996	$	13,773

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	13,773

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(240,796	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	13,729

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,599,460

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
Investments Assets
Common Stocks	$	1,093,433,739	$	3,397	$	116,718	$	1,093,553,854
Preferred Stocks		12,576		—		—		12,576
Rights		—		1,147		—		1,147
Money Market Funds		174,014,783		—		—		174,014,783
	$	1,267,461,098	$	4,544	$	116,718	$	1,267,582,360
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,773	$	—	$	—	$	13,773

^(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   O F   I N V E S  T M E N T S 35

Schedule of Investments March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Axon Enterprise Inc.(a)		4,329	$	596,233
BWX Technologies Inc.		6,165		332,047
Curtiss-Wright Corp.		2,607		391,467
Hexcel Corp.		5,607		333,448
Howmet Aerospace Inc.		25,698		923,586
Huntington Ingalls Industries Inc.		2,621		522,732
Mercury Systems Inc.(a)		3,713		239,303
Spirit AeroSystems Holdings Inc., Class A		7,047		344,528
Textron Inc.		14,671		1,091,229
Virgin Galactic Holdings Inc.(a)(b)		351		3,468
Woodward Inc.		4,110		513,380
				5,291,421
Air Freight & Logistics — 0.1%
GXO Logistics Inc.(a)		6,431		458,788
Airlines — 0.4%
Alaska Air Group Inc.(a)		8,135		471,911
American Airlines Group Inc.(a)		42,497		775,570
Copa Holdings SA, Class A, NVS(a)		2,121		177,401
JetBlue Airways Corp.(a)		21,222		317,269
				1,742,151
Auto Components — 0.5%
BorgWarner Inc.		15,924		619,444
Gentex Corp.		15,774		460,127
Lear Corp.		3,985		568,221
QuantumScape Corp.(a)(b)		17,914		358,101
				2,005,893
Automobiles — 0.2%
Harley-Davidson Inc.		10,213		402,392
Thor Industries Inc.		3,575		281,353
				683,745
Banks — 2.7%
Bank of Hawaii Corp.		2,669		223,983
Bank OZK		8,022		342,539
BOK Financial Corp.		2,034		191,094
Comerica Inc.		8,713		787,917
Commerce Bancshares Inc.		7,445		532,988
Cullen/Frost Bankers Inc.		3,783		523,605
East West Bancorp. Inc.		9,391		742,077
First Citizens BancShares Inc./NC, Class A		809		538,470
First Hawaiian Inc.		8,486		236,675
First Horizon Corp.		35,665		837,771
FNB Corp.		22,994		286,275
PacWest Bancorp.		7,741		333,869
People’s United Financial Inc.		28,321		566,137
Pinnacle Financial Partners Inc.		4,949		455,704
Popular Inc.		5,284		431,914
Prosperity Bancshares Inc.		5,960		413,505
Signature Bank/New York NY		4,090		1,200,374
Synovus Financial Corp.		9,611		470,939
Umpqua Holdings Corp.		14,461		272,734
Webster Financial Corp.		11,837		664,292
Western Alliance Bancorp.		6,925		573,529
Wintrust Financial Corp.		3,760		349,417
Zions Bancorp. N.A.		10,250		671,990
				11,647,798

Security	Shares		Value
Beverages — 0.1%
Boston Beer Co. Inc. (The), Class A, NVS(a)		624	$	242,405
Biotechnology — 0.9%
Exelixis Inc.(a)		20,566		466,231
Ionis Pharmaceuticals Inc.(a)		9,393		347,917
Iovance Biotherapeutics Inc.(a)		11,748		195,604
Mirati Therapeutics Inc.(a)		3,072		252,580
Neurocrine Biosciences Inc.(a)		6,233		584,344
Novavax Inc.(a)		5,286		389,314
Sage Therapeutics Inc.(a)		4,207		139,252
Sarepta Therapeutics Inc.(a)		5,524		431,535
Ultragenyx Pharmaceutical Inc.(a)		4,374		317,640
United Therapeutics Corp.(a)		2,938		527,106
				3,651,523
Building Products — 1.5%
A O Smith Corp.		8,798		562,104
Advanced Drainage Systems Inc.		4,087		485,576
Allegion PLC		5,977		656,155
Armstrong World Industries Inc.		3,206		288,572
AZEK Co. Inc. (The)(a)		7,472		185,604
Builders FirstSource Inc.(a)		12,622		814,624
Carlisle Companies Inc.		3,433		844,243
Fortune Brands Home & Security Inc.		8,984		667,332
Hayward Holdings Inc.(a)		3,275		54,431
Lennox International Inc.		2,192		565,229
Owens Corning		6,673		610,580
Trex Co. Inc.(a)		7,731		505,066
				6,239,516
Capital Markets — 1.9%
Affiliated Managers Group Inc.		2,684		378,310
Ares Management Corp., Class A		9,434		766,324
Carlyle Group Inc. (The)		10,823		529,353
Cboe Global Markets Inc.		7,065		808,377
Evercore Inc., Class A		2,527		281,306
FactSet Research Systems Inc.		2,520		1,094,058
Invesco Ltd.		22,252		513,131
Janus Henderson Group PLC		11,276		394,886
Jefferies Financial Group Inc.		14,566		478,493
Lazard Ltd., Class A		6,744		232,668
LPL Financial Holdings Inc.		5,299		968,021
Morningstar Inc.		1,547		422,594
SEI Investments Co.		7,131		429,358
Stifel Financial Corp.		6,755		458,664
Virtu Financial Inc., Class A		5,918		220,268
				7,975,811
Chemicals — 1.7%
Ashland Global Holdings Inc.		3,641		358,311
Axalta Coating Systems Ltd.(a)		13,790		338,958
CF Industries Holdings Inc.		14,196		1,463,040
Chemours Co. (The)		10,865		342,030
Diversey Holdings Ltd.(a)		5,069		38,372
Element Solutions Inc.		15,459		338,552
Huntsman Corp.		13,810		518,013
Mosaic Co. (The)		24,713		1,643,414
NewMarket Corp.		437		141,754
Olin Corp.		9,547		499,117
RPM International Inc.		8,486		691,100
Scotts Miracle-Gro Co. (The)		2,762		339,616
Valvoline Inc.		11,971		377,805

36 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Westlake Chemical Corp.		2,225	$	274,565
				7,364,647
Commercial Services & Supplies — 0.4%
Clean Harbors Inc.(a)		3,360		375,110
Driven Brands Holdings Inc.(a)		3,707		97,420
IAA Inc.(a)		9,068		346,851
MSA Safety Inc.		2,461		326,575
Stericycle Inc.(a)		6,107		359,824
				1,505,780
Communications Equipment — 0.7%
Ciena Corp.(a)		10,252		621,579
CommScope Holding Co. Inc.(a)		13,309		104,875
F5 Inc.(a)		4,008		837,471
Juniper Networks Inc.		21,574		801,690
Lumentum Holdings Inc.(a)		4,830		471,408
Viasat Inc.(a)		4,699		229,311
				3,066,334
Construction & Engineering — 0.7%
AECOM		9,071		696,744
MasTec Inc.(a)		3,845		334,899
MDU Resources Group Inc.		13,421		357,670
Quanta Services Inc.		9,425		1,240,424
Valmont Industries Inc.		1,393		332,370
				2,962,107
Construction Materials — 0.1%
Eagle Materials Inc.		2,661		341,566
Consumer Finance — 0.3%
Credit Acceptance Corp.(a)		537		295,549
OneMain Holdings Inc.		7,429		352,209
SLM Corp.		19,526		358,497
Upstart Holdings Inc.(a)(b)		3,242		353,670
				1,359,925
Containers & Packaging — 1.4%
AptarGroup Inc.		4,379		514,533
Ardagh Group SA(a)		885		14,872
Ardagh Metal Packaging SA(a)		9,014		73,284
Avery Dennison Corp.		5,511		958,749
Berry Global Group Inc.(a)		8,940		518,162
Crown Holdings Inc.		8,167		1,021,610
Graphic Packaging Holding Co.		18,861		377,974
Packaging Corp. of America		6,234		973,190
Sealed Air Corp.		9,841		658,953
Silgan Holdings Inc.		5,628		260,182
Sonoco Products Co.		6,494		406,265
				5,777,774
Distributors — 0.3%
Pool Corp.		2,591		1,095,604
Diversified Consumer Services — 0.7%
ADT Inc.		10,473		79,490
Bright Horizons Family Solutions Inc.(a)		3,999		530,627
Chegg Inc.(a)		9,470		343,572
frontdoor Inc.(a)		5,731		171,070
Grand Canyon Education Inc.(a)		2,665		258,798
H&R Block Inc.		11,774		306,595
Mister Car Wash Inc.(a)		5,066		74,926
Service Corp. International		10,660		701,641

Security	Shares		Value
Diversified Consumer Services (continued)
Terminix Global Holdings Inc.(a)		8,107	$	369,923
				2,836,642
Diversified Financial Services — 0.1%
Voya Financial Inc.		7,104		471,350
Electric Utilities — 0.6%
Hawaiian Electric Industries Inc.		7,065		298,920
IDACORP Inc.		3,362		387,840
NRG Energy Inc.		16,182		620,741
OGE Energy Corp.		13,306		542,619
Pinnacle West Capital Corp.		7,458		582,470
				2,432,590
Electrical Equipment — 1.1%
Acuity Brands Inc.		2,289		433,308
ChargePoint Holdings Inc.(a)(b)		15,189		301,957
Fluence Energy Inc.(a)		2,540		33,299
Hubbell Inc.		3,590		659,734
nVent Electric PLC		11,124		386,893
Plug Power Inc.(a)(b)		34,413		984,556
Regal Rexnord Corp.		4,479		666,386
Sensata Technologies Holding PLC(a)		10,367		527,162
Shoals Technologies Group Inc., Class A(a)		7,155		121,921
Sunrun Inc.(a)		13,520		410,603
Vertiv Holdings Co.		22,143		310,002
				4,835,821
Electronic Equipment, Instruments & Components — 1.0%
Arrow Electronics Inc.(a)		4,618		547,833
Avnet Inc.		6,650		269,923
Cognex Corp.		11,371		877,273
Coherent Inc.(a)		1,630		445,577
IPG Photonics Corp.(a)		2,433		267,046
Jabil Inc.		9,753		602,053
Littelfuse Inc.		1,594		397,559
National Instruments Corp.		8,835		358,613
TD SYNNEX Corp.		2,784		287,337
Vontier Corp.		11,347		288,100
				4,341,314
Energy Equipment & Services — 0.1%
NOV Inc.		25,991		509,684
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One, Class A(a)		1,579		99,682
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		13,235		924,332
Madison Square Garden Sports Corp.(a)		1,268		227,429
Playtika Holding Corp.(a)		7,081		136,876
Skillz Inc.(a)		600		1,800
World Wrestling Entertainment Inc., Class A		2,970		185,447
Zynga Inc., Class A(a)		68,351		631,563
				2,207,129
Equity Real Estate Investment Trusts (REITs) — 5.2%
American Campus Communities Inc.		9,096		509,103
American Homes 4 Rent, Class A		19,621		785,429
Americold Realty Trust		17,780		495,706
Apartment Income REIT Corp.		10,414		556,732
Brixmor Property Group Inc.		19,736		509,386
Camden Property Trust		6,579		1,093,430
Cousins Properties Inc.		9,797		394,721
CubeSmart		14,535		756,256

S C H E D U L E   O F   I N V E S  T M E N T S 37

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Douglas Emmett Inc.		11,047	$	369,191
EPR Properties		4,938		270,158
Equity LifeStyle Properties Inc.		11,793		901,929
Federal Realty Investment Trust		5,209		635,863
First Industrial Realty Trust Inc.		8,553		529,516
Gaming and Leisure Properties Inc.		15,529		728,776
Healthcare Trust of America Inc., Class A		14,391		451,014
Highwoods Properties Inc.		6,890		315,149
Host Hotels & Resorts Inc.		47,106		915,270
Hudson Pacific Properties Inc.		9,922		275,335
Iron Mountain Inc.		19,024		1,054,120
JBG SMITH Properties		8,195		239,458
Kilroy Realty Corp.		7,724		590,268
Kimco Realty Corp.		38,588		953,124
Lamar Advertising Co., Class A		5,738		666,641
Life Storage Inc.		5,423		761,552
Medical Properties Trust Inc.		39,265		830,062
National Retail Properties Inc.		11,550		519,057
Omega Healthcare Investors Inc.		15,832		493,325
Park Hotels & Resorts Inc.		15,741		307,422
Rayonier Inc.		9,388		386,034
Regency Centers Corp.		11,231		801,219
Rexford Industrial Realty Inc.		10,709		798,784
SL Green Realty Corp.		4,465		362,469
Spirit Realty Capital Inc.		8,483		390,388
STORE Capital Corp.		16,158		472,298
VICI Properties Inc.		41,865		1,191,478
Vornado Realty Trust		11,698		530,153
				21,840,816
Food & Staples Retailing — 0.4%
Albertsons Companies Inc., Class A		10,828		360,031
Casey’s General Stores Inc.		2,439		483,337
Grocery Outlet Holding Corp.(a)		5,807		190,353
U.S. Foods Holding Corp.(a)		14,699		553,123
				1,586,844
Food Products — 1.0%
Beyond Meat Inc.(a)(b)		4,531		218,893
Bunge Ltd.		9,130		1,011,695
Darling Ingredients Inc.(a)(b)		10,745		863,683
Flowers Foods Inc.		12,540		322,403
Freshpet Inc.(a)		2,717		278,873
Hain Celestial Group Inc. (The)(a)		6,022		207,157
Ingredion Inc.		4,457		388,428
Lamb Weston Holdings Inc.		9,717		582,146
Pilgrim’s Pride Corp.(a)		3,144		78,914
Post Holdings Inc.(a)		3,909		270,737
Seaboard Corp.		18		75,699
				4,298,628
Gas Utilities — 0.2%
National Fuel Gas Co.		5,768		396,261
UGI Corp.		13,858		501,937
				898,198
Health Care Equipment & Supplies — 0.8%
Envista Holdings Corp.(a)		10,718		522,074
Figs Inc., Class A(a)		6,526		140,440
Globus Medical Inc., Class A(a)		5,206		384,099
ICU Medical Inc.(a)		1,341		298,560
Integra LifeSciences Holdings Corp.(a)		4,871		313,010
Masimo Corp.(a)		3,339		485,958

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Penumbra Inc.(a)		2,289	$	508,456
Quidel Corp.(a)		2,472		278,001
Tandem Diabetes Care Inc.(a)		4,115		478,533
				3,409,131
Health Care Providers & Services — 1.2%
Acadia Healthcare Co. Inc.(a)		5,846		383,088
agilon health Inc.(a)		11,200		283,920
Amedisys Inc.(a)		2,132		367,322
Chemed Corp.		996		504,524
Encompass Health Corp.		6,503		462,428
Guardant Health Inc.(a)		6,451		427,314
Henry Schein Inc.(a)(b)		9,277		808,862
Molina Healthcare Inc.(a)		3,847		1,283,321
Premier Inc., Class A		8,154		290,201
Signify Health Inc., Class A(a)(b)		4,417		80,169
				4,891,149
Health Care Technology — 0.1%
Certara Inc.(a)		8,158		175,234
Change Healthcare Inc.(a)		16,556		360,921
Definitive Healthcare Corp.(a)(b)		1,444		35,594
				571,749
Hotels, Restaurants & Leisure — 1.4%
Aramark		15,250		573,400
Boyd Gaming Corp.		5,488		361,001
Choice Hotels International Inc.		2,317		328,458
Churchill Downs Inc.		2,441		541,365
Hyatt Hotels Corp., Class A(a)		3,310		315,939
Marriott Vacations Worldwide Corp.		2,769		436,671
Norwegian Cruise Line Holdings Ltd.(a)(b)		25,036		547,788
Penn National Gaming Inc.(a)(b)		11,307		479,643
Planet Fitness Inc., Class A(a)		5,551		468,948
Six Flags Entertainment Corp.(a)		5,150		224,025
Travel + Leisure Co.		5,652		327,477
Vail Resorts Inc.		2,659		692,058
Wendy’s Co. (The)		11,816		259,598
Wyndham Hotels & Resorts Inc.		6,091		515,847
				6,072,218
Household Durables — 0.7%
Leggett & Platt Inc.		8,920		310,416
Mohawk Industries Inc.(a)		3,666		455,317
Newell Brands Inc.		25,348		542,701
PulteGroup Inc.		16,747		701,699
Tempur Sealy International Inc.		11,869		331,383
Toll Brothers Inc.		7,417		348,747
TopBuild Corp.(a)		2,189		397,063
				3,087,326
Household Products — 0.1%
Reynolds Consumer Products Inc.		3,728		109,380
Spectrum Brands Holdings Inc.		2,800		248,416
				357,796
Independent Power and Renewable Electricity Producers — 0.3%
Brookfield Renewable Corp., Class A		8,537		373,921
Vistra Corp.		31,856		740,652
				1,114,573
Insurance — 2.5%
Alleghany Corp.(a)		886		750,442
American Financial Group Inc./OH		4,513		657,183
Assurant Inc.		3,763		684,226

38 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Assured Guaranty Ltd.		4,456	$	283,669
Axis Capital Holdings Ltd.		5,205		314,746
Brighthouse Financial Inc.(a)		5,255		271,473
Brown & Brown Inc.		15,615		1,128,496
Erie Indemnity Co., Class A, NVS		1,674		294,842
Everest Re Group Ltd.		2,585		779,067
First American Financial Corp.		7,090		459,574
Globe Life Inc.		6,672		671,203
GoHealth Inc., Class A(a)(b)		17,934		21,162
Hanover Insurance Group Inc. (The)		2,372		354,662
Kemper Corp.		4,044		228,648
Lemonade Inc.(a)(b)		77		2,031
Mercury General Corp.		1,782		98,010
Old Republic International Corp.		18,660		482,734
Primerica Inc.		2,621		358,605
Reinsurance Group of America Inc.		4,525		495,307
RenaissanceRe Holdings Ltd.		3,030		480,285
Unum Group		13,480		424,755
W R Berkley Corp.		13,754		915,879
White Mountains Insurance Group Ltd.		197		223,839
				10,380,838
Interactive Media & Services — 0.0%
TripAdvisor Inc.(a)		6,684		181,270
Vimeo Inc.(a)		212		2,519
				183,789
Internet & Direct Marketing Retail — 0.0%
Qurate Retail Inc., Series A		23,911		113,816
IT Services — 2.0%
Alliance Data Systems Corp.		3,288		184,621
Amdocs Ltd.		8,606		707,499
Concentrix Corp.		2,808		467,701
DXC Technology Co.(a)		16,730		545,900
Euronet Worldwide Inc.(a)		3,360		437,304
Fastly Inc., Class A(a)		154		2,677
Genpact Ltd.		12,189		530,343
Globant SA(a)		2,684		703,396
Jack Henry & Associates Inc.		4,910		967,516
MongoDB Inc.(a)		4,327		1,919,414
Paysafe Ltd.(a)		31,688		107,422
Sabre Corp.(a)		21,570		246,545
Shift4 Payments Inc., Class A(a)(b)		3,044		188,515
SolarWinds Corp.		2,313		30,786
Switch Inc., Class A		7,663		236,174
Thoughtworks Holding Inc.(a)(b)		2,814		58,559
Western Union Co. (The)		26,730		500,920
WEX Inc.(a)		2,962		528,569
				8,363,861
Leisure Products — 0.4%
Brunswick Corp./DE		5,129		414,885
Mattel Inc.(a)		23,172		514,650
Polaris Inc.		3,781		398,215
YETI Holdings Inc.(a)		5,734		343,925
				1,671,675
Life Sciences Tools & Services — 2.0%
10X Genomics Inc., Class A(a)(b)		6,013		457,409
Adaptive Biotechnologies Corp.(a)		160		2,221
Avantor Inc.(a)		40,171		1,358,583
Azenta Inc.		4,864		403,128

Security	Shares		Value
Life Sciences Tools & Services (continued)
Bio-Techne Corp.		2,613	$	1,131,534
Bruker Corp.		6,829		439,105
Charles River Laboratories International Inc.(a)		3,329		945,336
Maravai LifeSciences Holdings Inc., Class A(a)		7,350		259,234
PerkinElmer Inc.		8,423		1,469,477
QIAGEN NV(a)		15,166		743,134
Repligen Corp.(a)		3,658		688,033
Sotera Health Co.(a)		6,758		146,378
Syneos Health Inc.(a)		6,765		547,627
				8,591,199
Machinery — 2.0%
AGCO Corp.		4,165		608,215
Allison Transmission Holdings Inc.		6,947		272,739
Colfax Corp.(a)		9,270		368,853
Crane Co.		3,300		357,324
Donaldson Co. Inc.		8,241		427,955
Flowserve Corp.		8,715		312,869
Gates Industrial Corp. PLC(a)		6,353		95,676
Graco Inc.		11,169		778,703
ITT Inc.		5,700		428,697
Lincoln Electric Holdings Inc.		3,830		527,812
Middleby Corp. (The)(a)		3,675		602,479
Nordson Corp.		3,865		877,664
Oshkosh Corp.		4,548		457,756
Pentair PLC		10,986		595,551
Snap-on Inc.		3,554		730,276
Timken Co. (The)		4,305		261,314
Toro Co. (The)		7,071		604,500
				8,308,383
Marine — 0.1%
Kirby Corp.(a)		4,005		289,121
Media — 0.8%
Cable One Inc.		364		532,983
Interpublic Group of Companies Inc. (The)		26,187		928,329
Loyalty Ventures Inc.(a)		1,817		30,035
New York Times Co. (The), Class A		10,994		503,965
News Corp., Class A, NVS		25,944		574,660
News Corp., Class B		8,027		180,768
Nexstar Media Group Inc., Class A		2,621		494,006
				3,244,746
Metals & Mining — 1.2%
Alcoa Corp.		12,416		1,117,813
Cleveland-Cliffs Inc.(a)		30,309		976,253
Reliance Steel & Aluminum Co.		4,135		758,152
Royal Gold Inc.		4,358		615,698
Steel Dynamics Inc.		12,523		1,044,794
United States Steel Corp.		17,822		672,602
				5,185,312
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		34,978		458,212
New Residential Investment Corp.		28,845		316,718
Starwood Property Trust Inc.		19,179		463,556
				1,238,486
Multi-Utilities — 0.2%
NiSource Inc.		26,029		827,722
Multiline Retail — 0.2%
Kohl’s Corp.		9,206		556,594

S C H E D U L E   O F   I N V E S  T M E N T S 39

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail (continued)
Nordstrom Inc.		7,362	$	199,584
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		4,329		185,974
				942,152
Oil, Gas & Consumable Fuels — 2.7%
Antero Midstream Corp.		22,540		245,010
APA Corp.		24,074		994,978
Continental Resources Inc./OK		4,390		269,239
Coterra Energy Inc.		52,873		1,425,985
Devon Energy Corp.		44,970		2,659,076
Diamondback Energy Inc.		12,011		1,646,468
EQT Corp.		20,272		697,559
HF Sinclair Corp.		9,942		396,189
Marathon Oil Corp.		51,442		1,291,709
New Fortress Energy Inc.		1,759		74,951
Targa Resources Corp.		14,971		1,129,861
Texas Pacific Land Corp.		393		531,379
				11,362,404
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		5,802		360,420
Personal Products — 0.1%
Coty Inc., Class A(a)		23,279		209,278
Herbalife Nutrition Ltd.(a)		6,815		206,904
				416,182
Pharmaceuticals — 0.7%
Catalent Inc.(a)		11,362		1,260,046
Jazz Pharmaceuticals PLC(a)		3,986		620,501
Organon & Co.		16,873		589,374
Perrigo Co. PLC		8,992		345,562
				2,815,483
Professional Services — 1.2%
Booz Allen Hamilton Holding Corp.		8,859		778,175
CACI International Inc., Class A(a)		1,547		466,049
Dun & Bradstreet Holdings Inc.(a)		10,659		186,746
FTI Consulting Inc.(a)		2,234		351,230
Jacobs Engineering Group Inc.		8,619		1,187,784
Legalzoomcom Inc.(a)		6,857		96,958
ManpowerGroup Inc.		3,632		341,117
Nielsen Holdings PLC		23,835		649,265
Robert Half International Inc.		7,244		827,120
Science Applications International Corp.		3,845		354,394
				5,238,838
Real Estate Management & Development — 0.3%
Howard Hughes Corp. (The)(a)(b)		2,784		288,450
Jones Lang LaSalle Inc.(a)		3,364		805,543
Opendoor Technologies Inc.(a)(b)		32,621		282,172
				1,376,165
Road & Rail — 0.5%
AMERCO		597		356,373
Knight-Swift Transportation Holdings Inc.		10,704		540,124
Landstar System Inc.		2,540		383,108
Ryder System Inc.		3,497		277,417
Schneider National Inc., Class B		3,584		91,392
TuSimple Holdings Inc., Class A(a)		193		2,355
XPO Logistics Inc.(a)		6,443		469,050
				2,119,819
Semiconductors & Semiconductor Equipment — 2.1%
Allegro MicroSystems Inc.(a)		2,669		75,799

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cirrus Logic Inc.(a)		3,816	$	323,559
Enphase Energy Inc.(a)		8,760		1,767,593
Entegris Inc.		8,963		1,176,483
First Solar Inc.(a)(b)		7,022		588,022
MKS Instruments Inc.		3,686		552,900
Monolithic Power Systems Inc.		3,023		1,468,211
ON Semiconductor Corp.(a)		28,175		1,764,037
Universal Display Corp.		2,886		481,818
Wolfspeed Inc.(a)		7,656		871,712
				9,070,134
Software — 3.9%
Alteryx Inc., Class A(a)		3,938		281,685
Anaplan Inc.(a)		9,467		615,828
Aspen Technology Inc.(a)		4,447		735,400
Avalara Inc.(a)(b)		6,008		597,856
Bentley Systems Inc., Class B		9,133		403,496
Bill.com Holdings Inc.(a)(b)		6,330		1,435,581
Black Knight Inc.(a)		10,095		585,409
C3.ai Inc., Class A(a)		4,830		109,641
CDK Global Inc.		7,834		381,359
Ceridian HCM Holding Inc.(a)		8,700		594,732
Datto Holding Corp.(a)		1,595		42,619
Dolby Laboratories Inc., Class A		4,297		336,111
DoubleVerify Holdings Inc.(a)		3,889		97,886
Dropbox Inc., Class A(a)		19,804		460,443
Duck Creek Technologies Inc.(a)		5,884		130,154
Dynatrace Inc.(a)		13,098		616,916
Elastic NV(a)		5,258		467,699
Everbridge Inc.(a)		77		3,360
Fair Isaac Corp.(a)		1,764		822,836
Five9 Inc.(a)		4,526		499,671
Guidewire Software Inc.(a)		5,553		525,425
Informatica Inc.(a)(b)		2,204		43,507
Jamf Holding Corp.(a)(b)		3,590		124,968
Mandiant Inc.(a)		15,727		350,869
Manhattan Associates Inc.(a)		4,191		581,334
N-able Inc.(a)		2,672		24,315
nCino Inc.(a)		4,138		169,575
NCR Corp.(a)		8,532		342,901
New Relic Inc.(a)		3,494		233,679
NortonLifeLock Inc.		36,627		971,348
Nutanix Inc., Class A(a)		14,062		377,143
Paycor HCM Inc.(a)(b)		3,137		91,318
Paylocity Holding Corp.(a)		2,612		537,471
Pegasystems Inc.		2,726		219,852
Procore Technologies Inc.(a)		4,352		252,242
PTC Inc.(a)		6,996		753,609
Smartsheet Inc., Class A(a)		8,655		474,121
Teradata Corp.(a)		7,200		354,888
Zendesk Inc.(a)		7,927		953,539
				16,600,786
Specialty Retail — 1.2%
AutoNation Inc.(a)		2,763		275,140
Dick’s Sporting Goods Inc.		4,165		416,583
Five Below Inc.(a)		3,649		577,892
Floor & Decor Holdings Inc., Class A(a)		6,759		547,479
Foot Locker Inc.		5,945		176,329
GameStop Corp., Class A(a)(b)		4,382		729,954
Gap Inc. (The)		13,301		187,278

40 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 2500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Leslie’s Inc.(a)		10,536	$	203,977
Lithia Motors Inc.		1,952		585,834
Penske Automotive Group Inc.		2,036		190,814
Petco Health & Wellness Co. Inc.(a)(b)		3,660		71,626
RH(a)		1,168		380,873
Vroom Inc.(a)		14,676		39,038
Williams-Sonoma Inc.		4,914		712,530
				5,095,347
Technology Hardware, Storage & Peripherals — 0.2%
Pure Storage Inc., Class A(a)		17,794		628,306
Xerox Holdings Corp.		9,383		189,255
				817,561
Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd.(a)		9,829		505,112
Carter’s Inc.		2,774		255,180
Columbia Sportswear Co.		2,634		238,456
Deckers Outdoor Corp.(a)		1,812		496,071
Hanesbrands Inc.		23,232		345,925
PVH Corp.		4,723		361,829
Ralph Lauren Corp.		3,178		360,512
Skechers U.S.A. Inc., Class A(a)		8,760		357,058
Tapestry Inc.		17,793		661,010
Under Armour Inc., Class A(a)		12,535		213,346
Under Armour Inc., Class C, NVS(a)(b)		13,496		209,998
				4,004,497
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		21,682		293,791
New York Community Bancorp. Inc.		30,188		323,616
TFS Financial Corp.		3,263		54,166
UWM Holdings Corp.		6,125		27,746
				699,319
Trading Companies & Distributors — 0.5%
Air Lease Corp.		7,184		320,766
Core & Main Inc., Class A(a)		3,727		90,156
MSC Industrial Direct Co. Inc., Class A		3,031		258,271
SiteOne Landscape Supply Inc.(a)		2,935		474,560
Univar Solutions Inc.(a)		11,129		357,686

Security	Shares		Value
Trading Companies & Distributors (continued)
Watsco Inc.		2,178	$	663,506
				2,164,945
Water Utilities — 0.2%
Essential Utilities Inc.		15,323		783,465
Total Common Stocks — 57.1% (Cost: $220,764,509)				241,442,211
Investment Companies
Exchange Traded Funds — 42.8%
iShares Russell 2000 ETF(b)(c)		882,210		181,091,247
Total Investment Companies — 42.8% (Cost: $175,410,692)				181,091,247
Short-Term Investments
Money Market Funds — 26.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		110,859,179		110,837,007
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		440,000		440,000
				111,277,007
Total Short-Term Investments — 26.3% (Cost: $111,276,756)				111,277,007
Total Investments in Securities — 126.2% (Cost: $507,451,957)				533,810,465
Other Assets, Less Liabilities — (26.2)%				(110,660,925	)
Net Assets — 100.0%			$	423,149,540

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	112,434,624	$	—		$	(1,494,274	)(a)	$	(102,179	)	$	(1,164	)	$	110,837,007		110,859,179	$	428,675	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		200,000		240,000	(a)		—			—			—			440,000		440,000		137			—
iShares Russell 2000 ETF		119,636,359		102,225,912			(27,741,150	)		7,464,746			(20,494,620	)		181,091,247		882,210		1,539,825			—
									$	7,362,567		$	(20,495,784	)	$	292,368,254			$	1,968,637		$	—

^(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.

S C H E D U L E   O F   I N V E S  T M E N T S 41

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 2500 ETF

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
Micro E-Mini Russell 2000 Index		5		06/17/22	$	52	$	1,477
Russell 2000 E-Mini Index		6		06/17/22		620		12,268
							$	13,745

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	13,745

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	25,169
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	6,519

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$543,596

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.

42 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 2500 ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	241,427,339	$	14,872	$	—	$	241,442,211
Investment Companies		181,091,247		—		—		181,091,247
Money Market Funds		111,277,007		—		—		111,277,007
	$	533,795,593	$	14,872	$	—	$	533,810,465
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,745	$	—	$	—	$	13,745

^(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   O F   I N V E S  T M E N T S 43

Schedule of Investments March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		9,452	$	457,760
Aerojet Rocketdyne Holdings Inc.(a)		20,041		788,613
Aerovironment Inc.(a)		5,906		555,991
Astronics Corp.(a)		9,157		118,400
Axon Enterprise Inc.(a)		17,246		2,375,292
Boeing Co. (The)(a)		142,549		27,298,134
BWX Technologies Inc.		25,393		1,367,667
Byrna Technologies Inc.(a)(b)		4,864		39,739
Curtiss-Wright Corp.		10,875		1,632,990
Ducommun Inc.(a)		2,633		137,943
General Dynamics Corp.		66,484		16,034,611
HEICO Corp.(b)		11,984		1,840,023
HEICO Corp., Class A		20,838		2,642,884
Hexcel Corp.		23,553		1,400,697
Howmet Aerospace Inc.		101,272		3,639,716
Huntington Ingalls Industries Inc.		10,365		2,067,196
Kaman Corp.		7,861		341,796
Kratos Defense & Security Solutions Inc.(a)		33,732		690,831
L3Harris Technologies Inc.		51,959		12,910,253
Lockheed Martin Corp.		64,578		28,504,729
Maxar Technologies Inc.(b)		18,155		716,396
Mercury Systems Inc.(a)		15,583		1,004,324
Moog Inc., Class A		7,833		687,738
National Presto Industries Inc.		1,619		124,582
Northrop Grumman Corp.		39,106		17,488,985
Park Aerospace Corp.		8,281		108,067
Parsons Corp.(a)(b)		8,192		317,030
Raytheon Technologies Corp.		398,954		39,524,373
Spirit AeroSystems Holdings Inc., Class A		28,426		1,389,747
Textron Inc.		59,474		4,423,676
TransDigm Group Inc.(a)		13,994		9,117,651
Triumph Group Inc.(a)		16,049		405,719
Vectrus Inc.(a)		2,563		91,909
Virgin Galactic Holdings Inc.(a)(b)		47,458		468,885
Woodward Inc.		16,596		2,073,006
				182,787,353
Air Freight & Logistics — 0.6%
Air Transport Services Group Inc.(a)		15,965		534,029
Atlas Air Worldwide Holdings Inc.(a)		8,009		691,737
CH Robinson Worldwide Inc.		34,974		3,767,050
Expeditors International of Washington Inc.		44,298		4,569,782
FedEx Corp.		65,449		15,144,244
Forward Air Corp.		7,389		722,497
GXO Logistics Inc.(a)		25,644		1,829,443
Hub Group Inc., Class A(a)		9,253		714,424
United Parcel Service Inc., Class B		192,883		41,365,688
				69,338,894
Airlines — 0.2%
Alaska Air Group Inc.(a)		32,890		1,907,949
Allegiant Travel Co.(a)		3,699		600,681
American Airlines Group Inc.(a)(b)		168,072		3,067,314
Copa Holdings SA, Class A, NVS(a)		8,226		688,023
Delta Air Lines Inc.(a)		169,174		6,694,215
Frontier Group Holdings Inc.(a)(b)		9,899		112,156
Hawaiian Holdings Inc.(a)(b)		14,339		282,478
JetBlue Airways Corp.(a)		83,104		1,242,405
SkyWest Inc.(a)		14,132		407,708
Southwest Airlines Co.(a)		157,092		7,194,813

Security	Shares		Value
Airlines (continued)
Spirit Airlines Inc.(a)		26,826	$	586,685
Sun Country Airlines Holdings Inc.(a)		6,820		178,547
United Airlines Holdings Inc.(a)(b)		84,775		3,930,169
				26,893,143
Auto Components — 0.2%
Adient PLC(a)		25,047		1,021,166
American Axle & Manufacturing Holdings Inc.(a)		30,381		235,757
Aptiv PLC(a)		72,009		8,620,198
BorgWarner Inc.		62,887		2,446,304
Cooper-Standard Holdings Inc.(a)		5,712		50,094
Dana Inc.		41,254		724,833
Dorman Products Inc.(a)		7,471		709,969
Fox Factory Holding Corp.(a)		11,315		1,108,304
Gentex Corp.		63,237		1,844,623
Gentherm Inc.(a)		8,528		622,885
Goodyear Tire & Rubber Co. (The)(a)		75,846		1,083,839
LCI Industries		7,013		728,020
Lear Corp.		16,062		2,290,281
Modine Manufacturing Co.(a)		11,836		106,642
Motorcar Parts of America Inc.(a)		6,665		118,837
Patrick Industries Inc.		5,940		358,182
QuantumScape Corp.(a)(b)		64,843		1,296,212
Standard Motor Products Inc.		5,131		221,351
Stoneridge Inc.(a)(b)		6,879		142,808
Tenneco Inc., Class A(a)		14,798		271,099
Visteon Corp.(a)		7,743		844,994
XPEL Inc.(a)		4,529		238,271
				25,084,669
Automobiles — 2.3%
Arcimoto Inc.(a)(b)		10,215		67,521
Canoo Inc.(a)(b)		22,041		121,666
Fisker Inc.(a)(b)		41,463		534,873
Ford Motor Co.		1,041,704		17,615,215
General Motors Co.(a)		367,813		16,088,140
Harley-Davidson Inc.		42,377		1,669,654
Lordstown Motors Corp., Class A(a)(b)		30,282		103,262
Rivian Automotive Inc., Class A(a)(b)		37,862		1,902,187
Tesla Inc.(a)		221,828		239,041,853
Thor Industries Inc.		14,642		1,152,325
Winnebago Industries Inc.		7,889		426,243
Workhorse Group Inc.(a)(b)		32,884		164,420
				278,887,359
Banks — 4.0%
1st Source Corp.		4,071		188,284
Allegiance Bancshares Inc.		6,107		272,861
Amerant Bancorp Inc.		7,818		246,971
American National Bankshares Inc.		3,370		126,982
Ameris Bancorp.		16,322		716,209
Arrow Financial Corp.		4,739		153,638
Associated Banc-Corp.		39,849		906,963
Atlantic Union Bankshares Corp.		19,342		709,658
Banc of California Inc.		14,418		279,132
BancFirst Corp.		4,774		397,245
Bancorp. Inc. (The)(a)(b)		12,081		342,255
Bank First Corp.		1,656		119,215
Bank of America Corp.		1,895,080		78,115,198
Bank of Hawaii Corp.		10,845		910,112
Bank of Marin Bancorp., Class A		4,538		159,148
Bank of NT Butterfield & Son Ltd. (The)		14,154		507,846

44 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bank OZK		32,471	$	1,386,512
BankUnited Inc.		22,295		980,088
Banner Corp.		9,732		569,614
Bar Harbor Bankshares		4,846		138,693
Berkshire Hills Bancorp. Inc.		12,318		356,852
BOK Financial Corp.		7,857		738,165
Brookline Bancorp. Inc.		17,954		284,032
Business First Bancshares Inc.		6,591		160,359
Byline Bancorp Inc.		7,414		197,806
Cadence Bank		38,189		1,117,410
Cambridge Bancorp.		1,690		143,650
Camden National Corp.		3,750		176,400
Capital City Bank Group Inc.		4,600		121,256
Capstar Financial Holdings Inc.		5,970		125,848
Carter Bankshares Inc.(a)(b)		8,374		145,456
Cathay General Bancorp.		20,839		932,545
CBTX Inc.		5,028		155,868
Central Pacific Financial Corp.		8,258		230,398
Citigroup Inc.		529,230		28,260,882
Citizens & Northern Corp.		5,853		142,696
Citizens Financial Group Inc.		113,968		5,166,169
City Holding Co.		4,234		333,216
Civista Bancshares Inc.		6,080		146,528
CNB Financial Corp./PA		5,109		134,469
Coastal Financial Corp./WA(a)(b)		2,818		128,924
Columbia Banking System Inc.		19,525		630,072
Comerica Inc.		35,532		3,213,159
Commerce Bancshares Inc.		29,632		2,121,355
Community Bank System Inc.		14,122		990,658
Community Trust Bancorp. Inc.		3,876		159,691
ConnectOne Bancorp. Inc.		10,514		336,553
CrossFirst Bankshares Inc.(a)		12,956		204,187
Cullen/Frost Bankers Inc.		15,217		2,106,185
Customers Bancorp. Inc.(a)(b)		7,353		383,385
CVB Financial Corp.		34,654		804,319
Dime Community Bancshares Inc.		9,622		332,633
Eagle Bancorp. Inc.		9,569		545,529
East West Bancorp. Inc.		37,587		2,970,125
Eastern Bankshares Inc.		44,825		965,530
Enterprise Bancorp. Inc./MA		4,106		164,733
Enterprise Financial Services Corp.		9,430		446,133
Equity Bancshares Inc., Class A		3,998		129,175
Farmers National Banc Corp.		10,906		186,056
FB Financial Corp.		7,687		341,457
Fifth Third Bancorp.		182,250		7,844,040
Financial Institutions Inc.		4,661		140,436
First Bancorp. Inc. (The)		3,817		114,815
First BanCorp./Puerto Rico		52,297		686,137
First Bancorp./Southern Pines NC		8,695		363,190
First Bancshares Inc. (The)		5,080		170,993
First Busey Corp.		14,093		357,117
First Citizens BancShares Inc./NC, Class A		3,228		2,148,557
First Commonwealth Financial Corp.		23,135		350,727
First Community Bankshares Inc.		4,444		125,365
First Financial Bancorp.		24,566		566,246
First Financial Bankshares Inc.		34,744		1,532,905
First Financial Corp./IN		2,819		122,006
First Foundation Inc.		11,701		284,217
First Hawaiian Inc.		35,671		994,864
First Horizon Corp.		142,605		3,349,791

Security	Shares		Value
Banks (continued)
First Internet Bancorp.		2,867	$	123,310
First Interstate BancSystem Inc., Class A		23,870		877,700
First Merchants Corp.		14,437		600,579
First Mid Bancshares Inc.		3,384		130,250
First of Long Island Corp. (The)		6,658		129,565
First Republic Bank/CA		47,291		7,665,871
Five Star Bancorp.		3,951		111,813
Flushing Financial Corp.		7,627		170,463
FNB Corp.		86,761		1,080,174
Fulton Financial Corp.		45,966		763,955
German American Bancorp. Inc.		6,545		248,645
Glacier Bancorp. Inc.		28,686		1,442,332
Great Southern Bancorp. Inc.		2,603		153,603
Guaranty Bancshares Inc./TX		3,148		110,180
Hancock Whitney Corp.		23,806		1,241,483
Hanmi Financial Corp.		8,508		209,382
HarborOne Bancorp Inc.		17,203		241,186
Heartland Financial USA Inc.		9,715		464,668
Heritage Commerce Corp.		16,658		187,403
Heritage Financial Corp./WA		9,192		230,352
Hilltop Holdings Inc.		17,759		522,115
Home BancShares Inc./AR		41,635		940,951
HomeStreet Inc.		5,042		238,890
HomeTrust Bancshares Inc.		5,478		161,765
Hope Bancorp Inc.		29,353		471,996
Horizon Bancorp Inc./IN		10,642		198,686
Huntington Bancshares Inc./OH		379,975		5,555,234
Independent Bank Corp.		12,627		1,031,500
Independent Bank Corp./MI		5,602		123,244
Independent Bank Group Inc.		10,767		766,180
International Bancshares Corp.		14,770		623,442
Investors Bancorp. Inc.		61,583		919,434
JPMorgan Chase & Co.		782,569		106,679,806
KeyCorp		246,364		5,513,626
Lakeland Bancorp. Inc.		17,801		297,277
Lakeland Financial Corp.		6,035		440,555
Live Oak Bancshares Inc.		8,536		434,397
M&T Bank Corp.		33,853		5,738,083
Mercantile Bank Corp.		4,800		170,016
Meta Financial Group Inc.		7,953		436,779
Metrocity Bankshares Inc.		7,637		179,317
Metropolitan Bank Holding Corp.(a)		2,484		252,797
Mid Penn Bancorp. Inc.		5,645		151,342
Midland States Bancorp. Inc.		6,294		181,645
MidWestOne Financial Group Inc.		6,122		202,638
MVB Financial Corp.		3,035		125,953
National Bank Holdings Corp., Class A		7,742		311,848
NBT Bancorp. Inc.		11,816		426,912
Nicolet Bankshares Inc.(a)		3,295		308,313
Northwest Bancshares Inc.		35,751		482,996
OceanFirst Financial Corp.		15,298		307,490
OFG Bancorp.		11,598		308,971
Old National Bancorp./IN		77,531		1,269,958
Old Second Bancorp. Inc.		12,028		174,526
Origin Bancorp Inc.		7,077		299,286
Pacific Premier Bancorp. Inc.		22,786		805,485
PacWest Bancorp.		29,784		1,284,584
Park National Corp.		3,592		471,917
Peapack Gladstone Financial Corp.		4,888		169,858
Peoples Bancorp. Inc./OH		5,512		172,581

S C H E D U L E   O F   I N V E S  T M E N T S 45

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Peoples Financial Services Corp.		3,268	$	164,969
People’s United Financial Inc.		112,534		2,249,555
Pinnacle Financial Partners Inc.		20,429		1,881,102
PNC Financial Services Group Inc. (The)		113,075		20,856,684
Popular Inc.		20,463		1,672,646
Preferred Bank/Los Angeles CA		2,634		195,153
Premier Financial Corp.		9,012		273,334
Primis Financial Corp.		9,807		137,102
Prosperity Bancshares Inc.		24,700		1,713,686
QCR Holdings Inc.		5,101		288,666
RBB Bancorp.		4,589		107,796
Regions Financial Corp.		255,957		5,697,603
Renasant Corp.		16,064		537,341
Republic Bancorp. Inc./KY, Class A		3,160		142,010
S&T Bancorp. Inc.		8,969		265,303
Sandy Spring Bancorp. Inc.		11,073		497,399
Seacoast Banking Corp. of Florida		13,327		466,712
ServisFirst Bancshares Inc.		13,546		1,290,798
Sierra Bancorp.		4,789		119,629
Signature Bank/New York NY		16,373		4,805,312
Silvergate Capital Corp., Class A(a)		7,260		1,093,138
Simmons First National Corp., Class A		28,206		739,561
SmartFinancial Inc.		6,479		165,733
South Plains Financial Inc.		3,812		101,323
South State Corp.		20,927		1,707,434
Southern First Bancshares Inc.(a)		2,352		119,576
Southside Bancshares Inc.		9,146		373,431
Spirit of Texas Bancshares Inc.		5,795		152,293
Stock Yards Bancorp. Inc.		6,093		322,320
SVB Financial Group(a)		15,033		8,410,212
Synovus Financial Corp.		37,848		1,854,552
Texas Capital Bancshares Inc.(a)		13,145		753,340
Tompkins Financial Corp.		3,586		280,676
Towne Bank/Portsmouth VA		17,131		512,902
TriCo Bancshares		7,343		293,940
TriState Capital Holdings Inc.(a)		6,178		205,295
Triumph Bancorp. Inc.(a)		6,117		575,120
Truist Financial Corp.		352,325		19,976,827
Trustmark Corp.		16,710		507,817
U.S. Bancorp.		356,512		18,948,613
UMB Financial Corp.		11,284		1,096,353
Umpqua Holdings Corp.		59,617		1,124,377
United Bankshares Inc./WV		34,750		1,212,080
United Community Banks Inc./GA		25,931		902,399
Univest Financial Corp.		7,249		193,983
Valley National Bancorp.		103,768		1,351,059
Veritex Holdings Inc.		12,182		464,987
Washington Trust Bancorp. Inc.		3,620		190,050
Webster Financial Corp.		47,050		2,640,446
Wells Fargo & Co.		1,036,405		50,224,186
WesBanco Inc.		17,053		585,941
West Bancorp. Inc.		5,778		157,219
Westamerica Bancorp.		7,741		468,330
Western Alliance Bancorp.		27,995		2,318,546
Wintrust Financial Corp.		15,467		1,437,348
Zions Bancorp. N.A.		39,879		2,614,467
				485,381,875
Beverages — 1.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		2,407		935,047
Brown-Forman Corp., Class A		12,044		755,641

Security	Shares		Value
Beverages (continued)
Brown-Forman Corp., Class B, NVS		49,282	$	3,302,880
Celsius Holdings Inc.(a)		14,221		784,715
Coca-Cola Co. (The)		1,034,777		64,156,174
Coca-Cola Consolidated Inc.		1,143		567,900
Constellation Brands Inc., Class A		41,454		9,547,685
Duckhorn Portfolio Inc. (The)(a)		7,032		127,912
Keurig Dr Pepper Inc.		185,998		7,049,324
MGP Ingredients Inc.		3,899		333,715
Molson Coors Beverage Co., Class B		48,649		2,596,884
Monster Beverage Corp.(a)		98,890		7,901,311
National Beverage Corp.		6,780		294,930
PepsiCo Inc.		368,231		61,634,505
Primo Water Corp.		45,194		644,014
				160,632,637
Biotechnology — 2.4%
2seventy bio Inc.(a)(b)		5,812		99,153
4D Molecular Therapeutics Inc.(a)		5,525		83,538
AbbVie Inc.		470,867		76,332,249
ACADIA Pharmaceuticals Inc.(a)(b)		30,654		742,440
Adagio Therapeutics Inc.(a)(b)		5,570		25,399
Adicet Bio Inc.(a)		8,571		171,163
Aeglea BioTherapeutics Inc.(a)		14,678		33,759
Affimed NV(a)		27,678		120,953
Agenus Inc.(a)		45,827		112,734
Agios Pharmaceuticals Inc.(a)(b)		16,392		477,171
Akebia Therapeutics Inc.(a)(b)		51,480		36,957
Akero Therapeutics Inc.(a)		8,057		114,329
Alaunos Therapeutics Inc.(a)(b)		66,462		43,360
Albireo Pharma Inc.(a)(b)		4,950		147,659
Aldeyra Therapeutics Inc.(a)		16,085		71,498
Alector Inc.(a)(b)		16,292		232,161
Aligos Therapeutics Inc.(a)		7,028		15,110
Alkermes PLC(a)		42,822		1,126,647
Allakos Inc.(a)		9,591		54,669
Allogene Therapeutics Inc.(a)		15,691		142,945
Allovir Inc.(a)		9,916		66,933
Alnylam Pharmaceuticals Inc.(a)		31,722		5,179,885
Altimmune Inc.(a)		10,224		62,264
ALX Oncology Holdings Inc.(a)		4,718		79,734
Amgen Inc.		148,654		35,947,510
Amicus Therapeutics Inc.(a)(b)		70,961		672,001
AnaptysBio Inc.(a)		7,322		181,146
Anavex Life Sciences Corp.(a)(b)		19,429		239,171
Anika Therapeutics Inc.(a)		4,140		103,955
Annexon Inc.(a)		9,891		27,002
Apellis Pharmaceuticals Inc.(a)		20,625		1,047,956
Applied Molecular Transport Inc.(a)		5,987		45,022
Applied Therapeutics Inc.(a)(b)		6,388		13,479
Arbutus Biopharma Corp.(a)		27,898		83,136
Arcturus Therapeutics Holdings Inc.(a)(b)		5,962		160,736
Arcus Biosciences Inc.(a)		12,168		384,022
Arcutis Biotherapeutics Inc.(a)		6,266		120,683
Ardelyx Inc.(a)(b)		42,260		45,218
Arrowhead Pharmaceuticals Inc.(a)		27,174		1,249,732
Atara Biotherapeutics Inc.(a)(b)		21,865		203,126
Athenex Inc.(a)		28,906		23,978
Athersys Inc.(a)(b)		86,672		52,480
Atossa Therapeutics Inc.(a)(b)		37,993		47,491
Avid Bioservices Inc.(a)(b)		16,860		343,438
Avidity Biosciences Inc.(a)		9,187		169,684

46 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avita Medical Inc.(a)(b)		7,571	$	64,202
Avrobio Inc.(a)		15,536		20,508
Beam Therapeutics Inc.(a)(b)		12,724		729,085
Beyondspring Inc.(a)		5,707		12,555
BioAtla Inc.(a)		3,131		15,655
BioCryst Pharmaceuticals Inc.(a)		46,454		755,342
Biogen Inc.(a)		38,718		8,154,011
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		14,622		1,733,731
BioMarin Pharmaceutical Inc.(a)		48,055		3,705,040
Bioxcel Therapeutics Inc.(a)		4,936		103,212
Bluebird Bio Inc.(a)		17,438		84,574
Blueprint Medicines Corp.(a)		15,674		1,001,255
Bridgebio Pharma Inc.(a)(b)		29,066		295,020
Brooklyn ImmunoTherapeutics Inc.(a)		6,279		12,872
C4 Therapeutics Inc.(a)(b)		10,688		259,291
Cardiff Oncology Inc.(a)		17,302		42,909
CareDx Inc.(a)(b)		12,981		480,167
Caribou Biosciences Inc.(a)		18,061		165,800
Catalyst Pharmaceuticals Inc.(a)		24,591		203,859
Celldex Therapeutics Inc.(a)(b)		13,564		461,990
CEL-SCI Corp.(a)(b)		11,226		44,118
Century Therapeutics Inc.(a)		8,725		109,848
Cerevel Therapeutics Holdings Inc.(a)		9,816		343,658
ChemoCentryx Inc.(a)		13,444		337,041
Chimerix Inc.(a)		19,185		87,867
Chinook Therapeutics Inc.(a)		9,968		163,076
Clovis Oncology Inc.(a)		30,108		60,818
Codiak Biosciences Inc.(a)		6,091		38,191
Cogent Biosciences Inc.(a)		14,745		110,440
Coherus Biosciences Inc.(a)(b)		16,706		215,674
Contra GTX Inc., NVS(b)(c)		684		701
Cortexyme Inc.(a)(b)		4,924		30,480
Crinetics Pharmaceuticals Inc.(a)		12,311		270,226
Cue Biopharma Inc.(a)		9,973		48,668
Cullinan Oncology Inc.(a)(b)		5,443		56,988
CureVac NV(a)(b)		14,599		286,286
Curis Inc.(a)(b)		22,760		54,169
Cytokinetics Inc.(a)		20,449		752,728
CytomX Therapeutics Inc.(a)		21,953		58,615
Day One Biopharmaceuticals Inc.(a)		10,484		104,001
Deciphera Pharmaceuticals Inc.(a)(b)		10,138		93,979
Denali Therapeutics Inc.(a)		24,217		779,061
DermTech Inc.(a)		6,228		91,427
Design Therapeutics Inc.(a)(b)		5,415		87,452
Dynavax Technologies Corp.(a)(b)		28,761		311,769
Dyne Therapeutics Inc.(a)		10,271		99,012
Eagle Pharmaceuticals Inc./DE(a)		3,226		159,655
Editas Medicine Inc.(a)(b)		18,852		358,565
Emergent BioSolutions Inc.(a)(b)		12,063		495,307
Enanta Pharmaceuticals Inc.(a)		4,869		346,575
Epizyme Inc.(a)		29,581		34,018
Erasca Inc.(a)(b)		17,431		149,907
Evelo Biosciences Inc.(a)(b)		11,865		40,222
Exact Sciences Corp.(a)(b)		45,431		3,176,536
Exelixis Inc.(a)		83,730		1,898,159
Fate Therapeutics Inc.(a)		20,441		792,498
FibroGen Inc.(a)(b)		22,541		270,943
Foghorn Therapeutics Inc.(a)		7,128		108,559
Forma Therapeutics Holdings Inc.(a)		8,176		76,037
Forte Biosciences Inc.(a)		6,432		9,391

Security	Shares		Value
Biotechnology (continued)
G1 Therapeutics Inc.(a)(b)		9,105	$	69,198
Generation Bio Co.(a)(b)		10,899		79,999
Geron Corp.(a)(b)		99,265		135,000
Gilead Sciences Inc.		333,844		19,847,026
Global Blood Therapeutics Inc.(a)(b)		16,204		561,307
Gossamer Bio Inc.(a)(b)		12,296		106,729
Graphite Bio Inc.(a)		14,072		71,767
Gritstone bio Inc.(a)(b)		15,402		63,456
Halozyme Therapeutics Inc.(a)		36,107		1,439,947
Heron Therapeutics Inc.(a)(b)		22,820		130,530
Horizon Therapeutics PLC(a)		57,782		6,079,244
Humanigen Inc.(a)		13,799		41,535
iBio Inc.(a)(b)		84,054		35,992
Icosavax Inc.(a)(b)		3,527		24,830
Ideaya Biosciences Inc.(a)		7,191		80,467
IGM Biosciences Inc.(a)(b)		2,339		62,521
Imago Biosciences Inc.(a)		5,791		111,593
ImmunityBio Inc.(a)(b)		19,592		109,911
ImmunoGen Inc.(a)		55,528		264,313
Immunovant Inc.(a)		13,407		73,873
Incyte Corp.(a)		49,576		3,937,326
Inhibrx Inc.(a)(b)		8,837		196,888
Inovio Pharmaceuticals Inc.(a)(b)		50,079		179,784
Insmed Inc.(a)(b)		31,559		741,637
Instil Bio Inc.(a)(b)		14,250		153,188
Intellia Therapeutics Inc.(a)(b)		17,834		1,295,997
Intercept Pharmaceuticals Inc.(a)(b)		8,203		133,463
Ionis Pharmaceuticals Inc.(a)(b)		38,678		1,432,633
Iovance Biotherapeutics Inc.(a)		36,876		613,985
Ironwood Pharmaceuticals Inc.(a)		40,675		511,692
iTeos Therapeutics Inc.(a)		6,655		214,158
IVERIC bio Inc.(a)		30,472		512,844
Janux Therapeutics Inc.(a)(b)		6,604		94,701
Jounce Therapeutics Inc.(a)		15,724		106,766
KalVista Pharmaceuticals Inc.(a)(b)		6,314		93,068
Karuna Therapeutics Inc.(a)		5,957		755,288
Karyopharm Therapeutics Inc.(a)(b)		22,672		167,093
Keros Therapeutics Inc.(a)		4,121		224,100
Kezar Life Sciences Inc.(a)		11,003		182,870
Kiniksa Pharmaceuticals Ltd., Class A(a)		9,734		96,756
Kinnate Biopharma Inc.(a)		6,256		70,443
Kodiak Sciences Inc.(a)		8,831		68,175
Kronos Bio Inc.(a)(b)		11,966		86,514
Krystal Biotech Inc.(a)		5,910		393,251
Kura Oncology Inc.(a)		16,809		270,289
Kymera Therapeutics Inc.(a)		9,855		417,064
Ligand Pharmaceuticals Inc.(a)		3,935		442,648
Lineage Cell Therapeutics Inc.(a)(b)		45,503		70,075
Lyell Immunopharma Inc.(a)(b)		39,105		197,480
MacroGenics Inc.(a)		15,478		136,361
Madrigal Pharmaceuticals Inc.(a)		2,749		269,732
MannKind Corp.(a)		60,508		222,669
MEI Pharma Inc.(a)(b)		40,323		24,295
MeiraGTx Holdings PLC(a)		10,583		146,575
Mersana Therapeutics Inc.(a)		14,435		57,596
MiMedx Group Inc.(a)		30,315		142,784
Mirati Therapeutics Inc.(a)		10,836		890,936
Moderna Inc.(a)		90,103		15,521,143
Molecular Templates Inc.(a)		14,498		50,018
Monte Rosa Therapeutics Inc.(a)(b)		8,853		124,119

S C H E D U L E   O F   I N V E S  T M E N T S 47

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Morphic Holding Inc.(a)		5,831	$	234,115
Myriad Genetics Inc.(a)		22,926		577,735
Natera Inc.(a)		21,820		887,638
Neoleukin Therapeutics Inc.(a)		13,432		25,252
Neurocrine Biosciences Inc.(a)		25,474		2,388,187
Nkarta Inc.(a)		4,401		50,083
Novavax Inc.(a)(b)		19,709		1,451,568
Nurix Therapeutics Inc.(a)		6,475		90,715
Ocugen Inc.(a)(b)		48,533		160,159
Olema Pharmaceuticals Inc.(a)		5,012		21,351
Oncocyte Corp.(a)		29,881		44,523
Oncorus Inc.(a)		8,700		15,486
OPKO Health Inc.(a)		101,563		349,377
Organogenesis Holdings Inc., Class A(a)		10,060		76,657
ORIC Pharmaceuticals Inc.(a)(b)		9,400		50,196
Passage Bio Inc.(a)		11,611		35,994
PMV Pharmaceuticals Inc.(a)(b)		8,366		174,180
Poseida Therapeutics Inc.(a)(b)		14,959		67,016
Praxis Precision Medicines Inc.(a)		8,953		91,410
Precigen Inc.(a)(b)		20,978		44,264
Precision BioSciences Inc.(a)		15,785		48,618
Prelude Therapeutics Inc.(a)(b)		4,316		29,780
Prometheus Biosciences Inc.(a)		7,898		298,228
Protagonist Therapeutics Inc.(a)		10,863		257,236
Prothena Corp. PLC(a)(b)		9,403		343,868
PTC Therapeutics Inc.(a)		19,986		745,678
Radius Health Inc.(a)		13,335		117,748
RAPT Therapeutics Inc.(a)		5,500		120,945
Recursion Pharmaceuticals Inc., Class A(a)(b)		30,387		217,571
Regeneron Pharmaceuticals Inc.(a)		27,296		19,064,072
REGENXBIO Inc.(a)		9,344		310,127
Relay Therapeutics Inc.(a)(b)		20,141		602,820
Replimune Group Inc.(a)		6,212		105,480
REVOLUTION Medicines Inc.(a)		16,438		419,333
Rhythm Pharmaceuticals Inc.(a)		12,148		139,945
Rigel Pharmaceuticals Inc.(a)		44,245		132,293
Rocket Pharmaceuticals Inc.(a)(b)		9,605		152,335
Rubius Therapeutics Inc.(a)(b)		9,213		50,764
Sage Therapeutics Inc.(a)		13,649		451,782
Sana Biotechnology Inc.(a)(b)		22,766		188,047
Sangamo Therapeutics Inc.(a)		34,002		197,552
Sarepta Therapeutics Inc.(a)		21,773		1,700,907
Scholar Rock Holding Corp.(a)		6,886		88,761
Seagen Inc.(a)		35,737		5,147,915
Selecta Biosciences Inc.(a)		30,234		37,188
Seres Therapeutics Inc.(a)		18,358		130,709
Sesen Bio Inc.(a)		44,932		27,081
Shattuck Labs Inc.(a)		8,365		35,635
Silverback Therapeutics Inc.(a)		4,784		16,792
Sorrento Therapeutics Inc.(a)(b)		69,031		160,842
Spectrum Pharmaceuticals Inc.(a)		53,318		68,780
Spero Therapeutics Inc.(a)(b)		9,129		79,422
SpringWorks Therapeutics Inc.(a)		7,185		405,521
SQZ Biotechnologies Co.(a)		9,898		47,609
Stoke Therapeutics Inc.(a)		5,852		123,185
Sutro Biopharma Inc.(a)		8,321		68,399
Syndax Pharmaceuticals Inc.(a)		14,557		253,001
Syros Pharmaceuticals Inc.(a)(b)		21,362		25,421
Talaris Therapeutics Inc.(a)		8,648		85,096
Taysha Gene Therapies Inc.(a)(b)		8,240		53,725

Security	Shares		Value
Biotechnology (continued)
TCR2 Therapeutics Inc.(a)(b)		9,500	$	26,220
Tenaya Therapeutics Inc.(a)(b)		6,225		73,331
TG Therapeutics Inc.(a)		32,888		312,765
Tonix Pharmaceuticals Holding Corp.(a)(b)		140,228		32,280
Travere Therapeutics Inc.(a)		17,002		438,142
Turning Point Therapeutics Inc.(a)		12,431		333,772
Twist Bioscience Corp.(a)		15,215		751,317
Ultragenyx Pharmaceutical Inc.(a)(b)		16,916		1,228,440
United Therapeutics Corp.(a)		12,012		2,155,073
UroGen Pharma Ltd.(a)(b)		7,192		62,642
Vanda Pharmaceuticals Inc.(a)		15,031		170,001
Vaxart Inc.(a)(b)		31,400		158,256
Vaxcyte Inc.(a)		10,496		253,478
VBI Vaccines Inc.(a)		46,568		77,303
Vera Therapeutics Inc.(a)		4,756		111,718
Veracyte Inc.(a)		17,548		483,798
Verastem Inc.(a)(b)		56,458		79,606
Vericel Corp.(a)		11,703		447,289
Vertex Pharmaceuticals Inc.(a)		67,602		17,642,094
Verve Therapeutics Inc.(a)(b)		9,667		220,601
Viking Therapeutics Inc.(a)		20,521		61,563
Vir Biotechnology Inc.(a)		15,215		391,330
Viracta Therapeutics Inc.(a)		12,796		60,909
VistaGen Therapeutics Inc.(a)		50,280		62,347
Vor BioPharma Inc.(a)		7,367		44,497
Werewolf Therapeutics Inc.(a)		8,997		39,587
Xencor Inc.(a)		15,058		401,747
Y-mAbs Therapeutics Inc.(a)(b)		7,212		85,679
Zentalis Pharmaceuticals Inc.(a)		9,467		436,807
				284,251,770
Building Products — 0.6%
A O Smith Corp.		35,507		2,268,542
AAON Inc.		10,642		593,079
Advanced Drainage Systems Inc.		16,175		1,921,752
Allegion PLC		24,295		2,667,105
American Woodmark Corp.(a)		4,801		235,009
Apogee Enterprises Inc.		7,109		337,393
Armstrong World Industries Inc.		12,220		1,099,922
AZEK Co. Inc. (The)(a)		28,887		717,553
Builders FirstSource Inc.(a)		50,282		3,245,200
Carlisle Companies Inc.		13,622		3,349,922
Carrier Global Corp.		228,584		10,485,148
Cornerstone Building Brands Inc.(a)		16,256		395,346
CSW Industrials Inc.		3,726		438,140
Fortune Brands Home & Security Inc.		36,334		2,698,890
Gibraltar Industries Inc.(a)		8,201		352,233
Griffon Corp.		11,534		231,026
Hayward Holdings Inc.(a)(b)		10,952		182,022
Insteel Industries Inc.		4,321		159,834
JELD-WEN Holding Inc.(a)		21,948		445,106
Johnson Controls International PLC		187,448		12,290,965
Lennox International Inc.		8,790		2,266,590
Masco Corp.		63,129		3,219,579
Masonite International Corp.(a)(b)		6,250		555,875
Owens Corning		26,508		2,425,482
PGT Innovations Inc.(a)		14,950		268,801
Quanex Building Products Corp.		9,133		191,702
Resideo Technologies Inc.(a)		38,161		909,377
Simpson Manufacturing Co. Inc.		11,708		1,276,640
Trane Technologies PLC		62,235		9,503,285

48 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Trex Co. Inc.(a)		30,504	$	1,992,826
UFP Industries Inc.		16,463		1,270,285
View Inc.(a)(b)		26,435		48,640
Zurn Water Solutions Corp.		33,118		1,172,377
				69,215,646
Capital Markets — 3.1%
Affiliated Managers Group Inc.		10,937		1,541,570
Ameriprise Financial Inc.		29,702		8,921,293
Ares Management Corp., Class A		37,695		3,061,965
Artisan Partners Asset Management Inc., Class A		15,041		591,863
Assetmark Financial Holdings Inc.(a)		6,441		143,312
B. Riley Financial Inc.		5,818		407,027
Bank of New York Mellon Corp. (The)		196,760		9,765,199
BGC Partners Inc., Class A		88,000		387,200
BlackRock Inc.(d)		38,039		29,068,263
Blackstone Inc., NVS		186,285		23,647,018
Blucora Inc.(a)		13,252		259,077
BrightSphere Investment Group Inc.		8,600		208,550
Carlyle Group Inc. (The)		43,959		2,150,035
Cboe Global Markets Inc.		28,292		3,237,171
Charles Schwab Corp. (The)		400,835		33,794,399
CME Group Inc.		95,544		22,726,096
Cohen & Steers Inc.		6,144		527,708
Cowen Inc., Class A		6,219		168,535
Diamond Hill Investment Group Inc.		693		129,799
Donnelley Financial Solutions Inc.(a)		6,501		216,223
Evercore Inc., Class A		10,642		1,184,667
FactSet Research Systems Inc.		10,122		4,394,466
Federated Hermes Inc.		27,011		919,995
Focus Financial Partners Inc., Class A(a)(b)		15,697		717,981
Franklin Resources Inc.		76,147		2,126,024
GCM Grosvenor Inc., Class A		11,346		110,170
Goldman Sachs Group Inc. (The)		87,438		28,863,122
Hamilton Lane Inc., Class A		9,402		726,681
Houlihan Lokey Inc.		13,900		1,220,420
Interactive Brokers Group Inc., Class A		21,975		1,448,372
Intercontinental Exchange Inc.		148,268		19,589,168
Invesco Ltd.		89,269		2,058,543
Janus Henderson Group PLC		45,248		1,584,585
Jefferies Financial Group Inc.		57,700		1,895,445
KKR & Co. Inc.		148,062		8,657,185
Lazard Ltd., Class A		26,597		917,596
LPL Financial Holdings Inc.		21,125		3,859,115
MarketAxess Holdings Inc.		10,075		3,427,515
Moelis & Co., Class A		16,531		776,130
Moody’s Corp.		43,126		14,551,144
Morgan Stanley		352,069		30,770,831
Morningstar Inc.		6,365		1,738,727
MSCI Inc.		21,039		10,580,092
Nasdaq Inc.		30,889		5,504,420
Northern Trust Corp.		54,490		6,345,360
Open Lending Corp., Class A(a)		27,110		512,650
Oppenheimer Holdings Inc., Class A, NVS		2,820		122,896
Piper Sandler Cos.		4,999		656,119
PJT Partners Inc., Class A		6,380		402,706
Raymond James Financial Inc.		49,030		5,388,887
S&P Global Inc.		92,370		37,888,327
Sculptor Capital Management Inc.		6,197		86,324
SEI Investments Co.		29,774		1,792,692
State Street Corp.		96,935		8,444,977

Security	Shares		Value
Capital Markets (continued)
StepStone Group Inc., Class A		11,445	$	378,372
Stifel Financial Corp.		26,278		1,784,276
StoneX Group Inc.(a)		5,339		396,314
T Rowe Price Group Inc.		60,767		9,187,363
Tradeweb Markets Inc., Class A		27,866		2,448,585
Virtu Financial Inc., Class A		23,834		887,101
Virtus Investment Partners Inc.		1,739		417,343
WisdomTree Investments Inc.		39,738		233,262
				365,948,251
Chemicals — 1.4%
AdvanSix Inc.		7,940		405,655
Air Products and Chemicals Inc.		58,741		14,679,963
Albemarle Corp.		30,767		6,804,122
American Vanguard Corp.		8,892		180,686
Amyris Inc.(a)(b)		44,325		193,257
Ashland Global Holdings Inc.		13,748		1,352,941
Aspen Aerogels Inc.(a)		5,962		205,570
Avient Corp.		23,210		1,114,080
Axalta Coating Systems Ltd.(a)		56,142		1,379,970
Balchem Corp.		8,222		1,123,947
Cabot Corp.		15,813		1,081,767
Celanese Corp.		29,537		4,219,951
CF Industries Holdings Inc.		57,308		5,906,163
Chase Corp.		2,299		199,806
Chemours Co. (The)		41,791		1,315,581
Corteva Inc.		193,960		11,148,821
Danimer Scientific Inc.(a)(b)		18,997		111,322
Diversey Holdings Ltd.(a)(b)		20,917		158,342
Dow Inc.		196,689		12,533,023
DuPont de Nemours Inc.		136,792		10,065,155
Eastman Chemical Co.		35,651		3,995,051
Ecolab Inc.		66,380		11,720,053
Ecovyst Inc.		12,133		140,258
Element Solutions Inc.		59,402		1,300,904
Ferro Corp.(a)		22,468		488,454
FMC Corp.		33,928		4,463,907
GCP Applied Technologies Inc.(a)(b)		17,916		562,921
Hawkins Inc.		4,516		207,284
HB Fuller Co.		13,634		900,798
Huntsman Corp.		54,706		2,052,022
Ingevity Corp.(a)		11,255		721,108
Innospec Inc.		6,563		607,406
International Flavors & Fragrances Inc.		67,645		8,883,818
Intrepid Potash Inc.(a)		2,915		239,438
Koppers Holdings Inc.		5,248		144,425
Livent Corp.(a)		39,746		1,036,178
LyondellBasell Industries NV, Class A		68,826		7,076,689
Minerals Technologies Inc.		9,793		647,807
Mosaic Co. (The)		98,443		6,546,460
NewMarket Corp.		1,860		603,347
Olin Corp.		38,804		2,028,673
Orion Engineered Carbons SA		16,120		257,436
PPG Industries Inc.		63,057		8,264,881
PureCycle Technologies Inc.(a)(b)		9,271		74,168
Quaker Chemical Corp.		3,578		618,314
Rayonier Advanced Materials Inc.(a)		17,770		116,749
RPM International Inc.		33,479		2,726,530
Scotts Miracle-Gro Co. (The)		10,816		1,329,935
Sensient Technologies Corp.		11,512		966,432
Sherwin-Williams Co. (The)		63,875		15,944,478

S C H E D U L E   O F   I N V E S  T M E N T S 49

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Stepan Co.		6,156	$	608,274
Tredegar Corp.		9,710		116,423
Trinseo PLC		9,887		473,785
Tronox Holdings PLC, Class A		27,187		538,031
Valvoline Inc.		46,925		1,480,953
Westlake Chemical Corp.		8,326		1,027,428
Zymergen Inc.(a)(b)		21,137		61,086
				163,152,026
Commercial Services & Supplies — 0.5%
ABM Industries Inc.		17,675		813,757
ACCO Brands Corp.		28,013		224,104
Aris Water Solution Inc., A		6,879		125,198
Brady Corp., Class A, NVS		12,827		593,505
BrightView Holdings Inc.(a)		14,041		191,098
Brink’s Co. (The)		13,423		912,764
Casella Waste Systems Inc., Class A(a)		13,394		1,173,984
Cimpress PLC(a)		4,489		285,456
Cintas Corp.		23,201		9,869,473
Clean Harbors Inc.(a)		13,599		1,518,192
Copart Inc.(a)		56,045		7,031,966
CoreCivic Inc.(a)		30,818		344,237
Deluxe Corp.		10,982		332,096
Driven Brands Holdings Inc.(a)		12,922		339,590
Ennis Inc.		6,565		121,256
GEO Group Inc. (The)(a)		33,696		222,731
Harsco Corp.(a)		23,023		281,802
Healthcare Services Group Inc.		20,393		378,698
Heritage-Crystal Clean Inc.(a)		5,282		156,400
HNI Corp.		11,779		436,412
IAA Inc.(a)		36,539		1,397,617
Interface Inc.		14,549		197,430
KAR Auction Services Inc.(a)		28,735		518,667
Kimball International Inc., Class B		10,633		89,849
Matthews International Corp., Class A		7,987		258,459
MillerKnoll Inc.		21,208		732,948
Montrose Environmental Group Inc.(a)		5,805		307,259
MSA Safety Inc.		9,715		1,289,180
Pitney Bowes Inc.		31,758		165,142
Republic Services Inc.		55,753		7,387,272
Rollins Inc.		61,234		2,146,252
SP Plus Corp.(a)		6,007		188,380
Steelcase Inc., Class A		25,450		304,127
Stericycle Inc.(a)		24,241		1,428,280
Tetra Tech Inc.		14,350		2,366,889
U.S. Ecology Inc.(a)		9,166		438,868
UniFirst Corp./MA		4,151		764,946
Viad Corp.(a)		5,080		181,051
VSE Corp.		2,991		137,855
Waste Management Inc.		112,742		17,869,607
				63,522,797
Communications Equipment — 0.8%
ADTRAN Inc.		14,243		262,783
Arista Networks Inc.(a)		64,178		8,919,458
Aviat Networks Inc.(a)		1,761		54,186
CalAmp Corp.(a)		11,612		84,884
Calix Inc.(a)		14,491		621,809
Cambium Networks Corp.(a)		2,872		67,894
Ciena Corp.(a)		40,348		2,446,299
Cisco Systems Inc.		1,126,298		62,802,376

Security	Shares		Value
Communications Equipment (continued)
Clearfield Inc.(a)		3,435	$	224,031
CommScope Holding Co. Inc.(a)		50,503		397,964
Comtech Telecommunications Corp.		7,659		120,170
Digi International Inc.(a)(b)		6,503		139,944
DZS Inc.(a)		6,247		86,646
EMCORE Corp.(a)		13,225		48,932
Extreme Networks Inc.(a)		29,380		358,730
F5 Inc.(a)		15,858		3,313,529
Harmonic Inc.(a)		25,212		234,219
Infinera Corp.(a)(b)		53,457		463,472
Inseego Corp.(a)(b)		20,412		82,669
Juniper Networks Inc.		84,745		3,149,124
Lumentum Holdings Inc.(a)		19,174		1,871,382
Motorola Solutions Inc.		44,454		10,766,759
NETGEAR Inc.(a)		8,788		216,888
NetScout Systems Inc.(a)		20,075		644,006
Plantronics Inc.(a)		9,242		364,135
Ribbon Communications Inc.(a)		21,032		64,989
Ubiquiti Inc.		1,854		539,811
Viasat Inc.(a)		17,846		870,885
Viavi Solutions Inc.(a)		64,408		1,035,681
				100,253,655
Construction & Engineering — 0.2%
AECOM		36,199		2,780,445
Ameresco Inc., Class A(a)(b)		7,312		581,304
API Group Corp.(a)		52,257		1,098,965
Arcosa Inc.		12,899		738,468
Argan Inc.		3,873		157,205
Comfort Systems USA Inc.		9,148		814,263
Construction Partners Inc., Class A(a)(b)		8,950		234,311
Dycom Industries Inc.(a)		8,337		794,183
EMCOR Group Inc.		14,059		1,583,465
Fluor Corp.(a)(b)		39,333		1,128,464
Granite Construction Inc.		13,488		442,406
Great Lakes Dredge & Dock Corp.(a)		14,836		208,149
IES Holdings Inc.(a)		2,970		119,394
Infrastructure and Energy Alternatives Inc.(a)		8,851		104,884
MasTec Inc.(a)		15,112		1,316,255
MDU Resources Group Inc.		52,579		1,401,230
MYR Group Inc.(a)		4,940		464,558
Northwest Pipe Co.(a)		4,032		102,614
NV5 Global Inc.(a)		3,714		495,076
Primoris Services Corp.		15,740		374,927
Quanta Services Inc.		37,365		4,917,608
Sterling Construction Co. Inc.(a)(b)		6,836		183,205
Tutor Perini Corp.(a)		9,791		105,743
Valmont Industries Inc.		5,555		1,325,423
WillScot Mobile Mini Holdings Corp.(a)		55,155		2,158,215
				23,630,760
Construction Materials — 0.1%
Eagle Materials Inc.		10,679		1,370,757
Martin Marietta Materials Inc.		16,578		6,380,706
Summit Materials Inc., Class A(a)		32,183		999,604
Vulcan Materials Co.		35,216		6,469,179
				15,220,246
Consumer Finance — 0.6%
Ally Financial Inc.		89,270		3,881,460
American Express Co.		164,010		30,669,870
Atlanticus Holdings Corp.(a)		1,775		91,927

50 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Capital One Financial Corp.		109,789	$	14,414,198
Credit Acceptance Corp.(a)(b)		2,078		1,143,669
Curo Group Holdings Corp.		6,278		81,928
Discover Financial Services		76,635		8,444,411
Encore Capital Group Inc.(a)(b)		6,565		411,822
Enova International Inc.(a)		10,137		384,902
EZCORP Inc., Class A, NVS(a)		14,065		84,953
FirstCash Holdings Inc.		11,272		792,873
Green Dot Corp., Class A(a)		14,236		391,205
LendingClub Corp.(a)		25,933		409,223
LendingTree Inc.(a)		2,942		352,069
Navient Corp.		43,460		740,558
Nelnet Inc., Class A		4,453		378,461
OneMain Holdings Inc.		29,746		1,410,258
Oportun Financial Corp.(a)		6,265		89,965
PRA Group Inc.(a)(b)		12,364		557,369
PROG Holdings Inc.(a)		14,785		425,364
Regional Management Corp.		2,747		133,422
SLM Corp.		74,297		1,364,093
Synchrony Financial		138,872		4,834,134
Upstart Holdings Inc.(a)(b)		13,048		1,423,406
World Acceptance Corp.(a)		992		190,305
				73,101,845
Containers & Packaging — 0.4%
Amcor PLC		412,659		4,675,426
AptarGroup Inc.		17,195		2,020,413
Ardagh Group SA(a)		4,919		82,664
Ardagh Metal Packaging SA(a)(b)		24,950		202,844
Avery Dennison Corp.		21,818		3,795,677
Ball Corp.		84,843		7,635,870
Berry Global Group Inc.(a)		35,253		2,043,264
Crown Holdings Inc.		32,631		4,081,812
Graphic Packaging Holding Co.		73,049		1,463,902
Greif Inc., Class A, NVS		6,373		414,627
Greif Inc., Class B		2,011		128,221
International Paper Co.		104,057		4,802,231
Myers Industries Inc.		9,790		211,464
O-I Glass Inc.(a)		43,985		579,722
Packaging Corp. of America		24,529		3,829,222
Pactiv Evergreen Inc.		10,671		107,350
Ranpak Holdings Corp.(a)		10,548		215,496
Sealed Air Corp.		40,300		2,698,488
Silgan Holdings Inc.		22,222		1,027,323
Sonoco Products Co.		26,279		1,644,014
TriMas Corp.		9,939		318,943
Westrock Co.		70,576		3,319,189
				45,298,162
Distributors — 0.1%
Funko Inc., Class A(a)		6,461		111,452
Genuine Parts Co.		36,877		4,647,240
LKQ Corp.		71,993		3,269,202
Pool Corp.		10,320		4,363,812
				12,391,706
Diversified Consumer Services — 0.1%
2U Inc.(a)(b)		18,683		248,110
ADT Inc.		42,148		319,903
Adtalem Global Education Inc.(a)(b)		12,849		381,744
American Public Education Inc.(a)		5,628		119,539
Bright Horizons Family Solutions Inc.(a)(b)		16,432		2,180,362

Security	Shares		Value
Diversified Consumer Services (continued)
Carriage Services Inc.		3,938	$	210,013
Chegg Inc.(a)(b)		37,687		1,367,284
Coursera Inc.(a)(b)		20,151		464,279
European Wax Center Inc., Class A(a)		4,593		135,769
frontdoor Inc.(a)		23,020		687,147
Graham Holdings Co., Class B		1,038		634,706
Grand Canyon Education Inc.(a)		10,237		994,115
H&R Block Inc.		43,981		1,145,265
Houghton Mifflin Harcourt Co.(a)		35,168		738,880
Laureate Education Inc., Class A		25,135		297,850
Mister Car Wash Inc.(a)(b)		20,379		301,405
OneSpaWorld Holdings Ltd.(a)(b)		12,293		125,389
Perdoceo Education Corp.(a)		20,345		233,561
PowerSchool Holdings Inc., Class A(a)		11,358		187,521
Service Corp. International		44,028		2,897,923
Strategic Education Inc.		5,968		396,156
Stride Inc.(a)		11,247		408,603
Terminix Global Holdings Inc.(a)		33,122		1,511,357
Vivint Smart Home Inc.(a)		18,946		128,075
WW International Inc.(a)		11,759		120,295
				16,235,251
Diversified Financial Services — 1.5%
Alerus Financial Corp.		4,153		114,789
A-Mark Precious Metals Inc.		2,596		200,775
Apollo Global Management Inc.		98,882		6,129,695
Banco Latinoamericano de Comercio Exterior SA, Class E		10,998		171,349
Berkshire Hathaway Inc., Class B(a)		488,860		172,523,583
Cannae Holdings Inc.(a)		22,377		535,258
Equitable Holdings Inc.		93,531		2,891,043
Voya Financial Inc.		30,384		2,015,978
				184,582,470
Diversified Telecommunication Services — 0.9%
Anterix Inc.(a)		3,133		181,401
AT&T Inc.		1,902,882		44,965,102
ATN International Inc.		3,091		123,269
Bandwidth Inc., Class A(a)(b)		6,069		196,575
Cogent Communications Holdings Inc.		11,648		772,845
Consolidated Communications Holdings Inc.(a)		16,204		95,604
EchoStar Corp., Class A(a)(b)		9,777		237,972
Globalstar Inc.(a)(b)		164,901		242,404
IDT Corp., Class B(a)		5,299		180,643
Iridium Communications Inc.(a)		31,918		1,286,934
Liberty Latin America Ltd., Class A(a)		11,569		112,219
Liberty Latin America Ltd., Class C, NVS(a)		41,690		399,807
Lumen Technologies Inc.		270,717		3,050,981
Ooma Inc.(a)		8,059		120,804
Radius Global Infrastructure Inc., Class A(a)(b)		15,990		228,337
Telesat Corp.(a)		3,211		52,981
Verizon Communications Inc.		1,119,841		57,044,701
				109,292,579
Electric Utilities — 1.6%
ALLETE Inc.		14,215		952,121
Alliant Energy Corp.		66,223		4,137,613
American Electric Power Co. Inc.		132,826		13,252,050
Avangrid Inc.		15,019		701,988
Constellation Energy Corp.		85,794		4,825,913
Duke Energy Corp.		205,016		22,892,087
Edison International		99,084		6,945,788

S C H E D U L E   O F   I N V E S  T M E N T S 51

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Entergy Corp.		53,582	$	6,255,698
Evergy Inc.		61,716		4,217,671
Eversource Energy		91,888		8,103,603
Exelon Corp.		260,154		12,391,135
FirstEnergy Corp.		145,882		6,690,149
Hawaiian Electric Industries Inc.		29,461		1,246,495
IDACORP Inc.		14,035		1,619,078
MGE Energy Inc.		9,574		763,909
NextEra Energy Inc.		522,317		44,245,473
NRG Energy Inc.		66,300		2,543,268
OGE Energy Corp.		52,204		2,128,879
Otter Tail Corp.		10,663		666,438
PG&E Corp.(a)		530,311		6,331,913
Pinnacle West Capital Corp.		29,574		2,309,729
PNM Resources Inc.		22,075		1,052,315
Portland General Electric Co.		24,368		1,343,895
PPL Corp.		199,639		5,701,690
Southern Co. (The)		282,363		20,474,141
Xcel Energy Inc.		143,410		10,349,900
				192,142,939
Electrical Equipment — 0.7%
Acuity Brands Inc.		9,083		1,719,412
Allied Motion Technologies Inc.		3,727		111,214
American Superconductor Corp.(a)(b)		9,010		68,566
AMETEK Inc.		61,714		8,219,070
Array Technologies Inc.(a)(b)		33,406		376,486
Atkore Inc.(a)		12,011		1,182,363
AZZ Inc.		6,787		327,405
Babcock & Wilcox Enterprises Inc.(a)		17,423		142,172
Blink Charging Co.(a)(b)		10,011		264,891
Bloom Energy Corp., Class A(a)		36,505		881,596
ChargePoint Holdings Inc.(a)(b)		59,402		1,180,912
Eaton Corp. PLC		105,713		16,043,005
Emerson Electric Co.		158,246		15,516,020
Encore Wire Corp.		5,137		585,977
EnerSys		11,595		864,639
Eos Energy Enterprises Inc.(a)(b)		11,334		47,376
Fluence Energy Inc.(a)		9,009		118,108
FuelCell Energy Inc.(a)		101,505		584,669
Generac Holdings Inc.(a)(b)		16,220		4,821,557
GrafTech International Ltd.		57,580		553,920
Hubbell Inc.		14,161		2,602,367
nVent Electric PLC		44,570		1,550,144
Plug Power Inc.(a)(b)		135,928		3,888,900
Regal Rexnord Corp.		18,320		2,725,649
Rockwell Automation Inc.		30,790		8,622,124
Romeo Power Inc.(a)(b)		15,338		22,854
Sensata Technologies Holding PLC(a)(b)		40,733		2,071,273
Shoals Technologies Group Inc., Class A(a)(b)		27,560		469,622
Stem Inc.(a)(b)		30,060		330,961
Sunrun Inc.(a)(b)		52,880		1,605,965
Thermon Group Holdings Inc.(a)		8,830		143,046
TPI Composites Inc.(a)		7,848		110,343
Vertiv Holdings Co.		85,283		1,193,962
Vicor Corp.(a)		5,589		394,304
				79,340,872
Electronic Equipment, Instruments & Components — 0.7%
908 Devices Inc.(a)		3,397		64,577
Advanced Energy Industries Inc.		10,792		928,975

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Aeva Technologies Inc.(a)		24,305	$	105,241
Akoustis Technologies Inc.(a)(b)		13,353		86,795
Amphenol Corp., Class A		156,289		11,776,376
Arlo Technologies Inc.(a)		21,866		193,733
Arrow Electronics Inc.(a)		17,852		2,117,783
Avnet Inc.		26,988		1,095,443
Badger Meter Inc.		7,264		724,293
Belden Inc.		10,772		596,769
Benchmark Electronics Inc.		10,738		268,880
CDW Corp./DE		36,268		6,487,983
Cognex Corp.		45,595		3,517,654
Coherent Inc.(a)		6,468		1,768,092
Corning Inc.		204,115		7,533,885
CTS Corp.		8,354		295,230
ePlus Inc.(a)		7,660		429,420
Fabrinet(a)		9,519		1,000,732
FARO Technologies Inc.(a)		4,246		220,452
Identiv Inc.(a)(b)		6,383		103,213
II-VI Inc.(a)(b)		28,148		2,040,449
Insight Enterprises Inc.(a)		8,940		959,441
IPG Photonics Corp.(a)		9,480		1,040,525
Itron Inc.(a)		11,898		626,787
Jabil Inc.		37,320		2,303,764
Keysight Technologies Inc.(a)		48,490		7,659,965
Kimball Electronics Inc.(a)(b)		6,092		121,779
Knowles Corp.(a)		26,314		566,540
Littelfuse Inc.		6,347		1,583,005
Luna Innovations Inc.(a)		9,871		76,105
Methode Electronics Inc.		9,372		405,339
MicroVision Inc.(a)(b)		42,098		196,598
Napco Security Technologies Inc.(a)(b)		7,690		157,799
National Instruments Corp.		35,298		1,432,746
nLight Inc.(a)(b)		10,997		190,688
Novanta Inc.(a)(b)		9,046		1,287,155
OSI Systems Inc.(a)		4,971		423,132
Ouster Inc.(a)		41,291		185,810
PAR Technology Corp.(a)(b)		7,508		302,873
PC Connection Inc.		3,014		157,903
Plexus Corp.(a)		7,524		615,538
Rogers Corp.(a)		5,033		1,367,466
Sanmina Corp.(a)		18,182		734,916
ScanSource Inc.(a)		6,814		237,059
TD SYNNEX Corp.		11,039		1,139,335
Teledyne Technologies Inc.(a)		12,253		5,791,135
Trimble Inc.(a)		66,057		4,765,352
TTM Technologies Inc.(a)		24,302		360,156
Velodyne Lidar Inc.(a)		18,608		47,636
Vishay Intertechnology Inc.		38,233		749,367
Vishay Precision Group Inc.(a)		3,349		107,670
Vontier Corp.(b)		47,331		1,201,734
Zebra Technologies Corp., Class A(a)		14,086		5,827,378
				83,978,671
Energy Equipment & Services — 0.4%
Archrock Inc.		35,429		327,010
Baker Hughes Co.		197,211		7,180,453
Bristow Group Inc.(a)		6,237		231,268
Cactus Inc., Class A		15,062		854,618
ChampionX Corp.(a)		51,922		1,271,051
DMC Global Inc.(a)		3,617		110,318
Dril-Quip Inc.(a)		10,035		374,807

52 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Expro Group Holdings NV(a)(b)		8,292	$	147,432
Halliburton Co.		236,571		8,958,944
Helix Energy Solutions Group Inc.(a)		36,043		172,286
Helmerich & Payne Inc.		29,361		1,256,064
Liberty Oilfield Services Inc., Class A(a)		21,576		319,756
Nabors Industries Ltd.(a)		2,268		346,369
National Energy Services Reunited Corp.(a)(b)		11,008		92,467
Newpark Resources Inc.(a)		24,050		88,023
NexTier Oilfield Solutions Inc.(a)		41,176		380,466
NOV Inc.		106,056		2,079,758
Oceaneering International Inc.(a)		24,985		378,773
Oil States International Inc.(a)		23,312		162,018
Patterson-UTI Energy Inc.		45,134		698,674
ProPetro Holding Corp.(a)		20,197		281,344
RPC Inc.(a)		20,977		223,825
Schlumberger NV		373,139		15,414,372
Select Energy Services Inc., Class A(a)		22,785		195,267
Solaris Oilfield Infrastructure Inc., Class A		15,882		179,308
TETRA Technologies Inc.(a)		42,236		173,590
Tidewater Inc.(a)		14,275		310,338
U.S. Silica Holdings Inc.(a)		21,547		402,067
				42,610,666
Entertainment — 1.4%
Activision Blizzard Inc.		206,203		16,518,922
AMC Entertainment Holdings Inc., Class A(a)(b)		136,130		3,354,243
Chicken Soup For The Soul Entertainment Inc.(a)		4,161		33,246
Cinemark Holdings Inc.(a)		29,513		509,985
CuriosityStream Inc.(a)(b)		8,497		24,641
Electronic Arts Inc.		74,837		9,467,629
Eros STX Global Corp.(a)(b)		5,799		16,179
IMAX Corp.(a)		14,997		283,893
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		8,713		243,180
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		6,507		410,787
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		52,391		3,658,987
Lions Gate Entertainment Corp., Class A(a)		14,371		233,529
Lions Gate Entertainment Corp., Class B, NVS(a)		34,006		511,110
Live Nation Entertainment Inc.(a)		36,829		4,332,563
Madison Square Garden Entertainment Corp.(a)(b)		6,944		578,505
Madison Square Garden Sports Corp.(a)(b)		5,324		954,913
Marcus Corp. (The)(a)		7,338		129,883
Netflix Inc.(a)		115,102		43,116,058
Playtika Holding Corp.(a)		27,575		533,025
Roku Inc.(a)(b)		30,922		3,873,599
Skillz Inc.(a)(b)		78,511		235,533
Spotify Technology SA(a)		36,335		5,487,312
Take-Two Interactive Software Inc.(a)(b)		30,274		4,654,325
Walt Disney Co. (The)(a)		483,913		66,373,507
World Wrestling Entertainment Inc., Class A(b)		11,700		730,548
Zynga Inc., Class A(a)		278,636		2,574,597
				168,840,699
Equity Real Estate Investment Trusts (REITs) — 3.4%
Acadia Realty Trust		24,501		530,937
Agree Realty Corp.		18,650		1,237,614
Alexander & Baldwin Inc.		20,078		465,609
Alexander’s Inc.		563		144,257
Alexandria Real Estate Equities Inc.		44,435		8,942,544
American Assets Trust Inc.		12,517		474,269

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Campus Communities Inc.		37,525	$	2,100,274
American Homes 4 Rent, Class A		78,551		3,144,397
American Tower Corp.		120,034		30,154,941
Americold Realty Trust		71,439		1,991,719
Apartment Income REIT Corp.		40,634		2,172,294
Apartment Investment & Management Co., Class A(a)		40,634		297,441
Apple Hospitality REIT Inc.		54,563		980,497
Armada Hoffler Properties Inc.		14,938		218,095
Ashford Hospitality Trust Inc.(a)		5,096		51,979
AvalonBay Communities Inc.		37,148		9,226,449
Boston Properties Inc.		41,101		5,293,809
Brandywine Realty Trust		49,938		706,123
Brixmor Property Group Inc.		80,882		2,087,564
Broadstone Net Lease Inc.		40,851		889,735
Camden Property Trust		26,235		4,360,257
CareTrust REIT Inc.		26,505		511,546
CatchMark Timber Trust Inc., Class A		17,131		140,474
Centerspace		3,099		304,074
Chatham Lodging Trust(a)		13,004		179,325
City Office REIT Inc.		13,085		231,081
Community Healthcare Trust Inc.		5,822		245,747
Corporate Office Properties Trust		30,028		856,999
Cousins Properties Inc.		40,154		1,617,805
Crown Castle International Corp.		115,085		21,244,691
CTO Realty Growth Inc.		2,250		149,220
CubeSmart		56,787		2,954,628
DiamondRock Hospitality Co.(a)		56,020		565,802
Digital Realty Trust Inc.		74,895		10,620,111
DigitalBridge Group Inc.(a)		129,762		934,286
Diversified Healthcare Trust		66,484		212,749
Douglas Emmett Inc.		45,365		1,516,098
Duke Realty Corp.		101,097		5,869,692
Easterly Government Properties Inc.		20,470		432,736
EastGroup Properties Inc.		10,903		2,216,362
Empire State Realty Trust Inc., Class A		39,024		383,216
EPR Properties		20,839		1,140,102
Equinix Inc.		23,775		17,632,015
Equity Commonwealth(a)		28,176		794,845
Equity LifeStyle Properties Inc.		47,211		3,610,697
Equity Residential		98,301		8,839,226
Essential Properties Realty Trust Inc.		32,798		829,789
Essex Property Trust Inc.		17,356		5,996,151
Extra Space Storage Inc.		34,595		7,112,732
Farmland Partners Inc.		10,330		142,037
Federal Realty Investment Trust		20,624		2,517,572
First Industrial Realty Trust Inc.		34,716		2,149,268
Four Corners Property Trust Inc.		18,561		501,889
Franklin Street Properties Corp., Class C		28,276		166,828
Gaming and Leisure Properties Inc.		62,218		2,919,891
Getty Realty Corp.		8,824		252,543
Gladstone Commercial Corp.		9,870		217,337
Gladstone Land Corp.		9,334		339,944
Global Medical REIT Inc.		11,742		191,629
Global Net Lease Inc.		25,568		402,185
Healthcare Realty Trust Inc.		36,882		1,013,517
Healthcare Trust of America Inc., Class A		59,773		1,873,286
Healthpeak Properties Inc.		142,830		4,903,354
Hersha Hospitality Trust, Class A(a)		13,520		122,762
Highwoods Properties Inc.		27,328		1,249,983
Host Hotels & Resorts Inc.		188,702		3,666,480

S C H E D U L E   O F   I N V E S  T M E N T S 53

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hudson Pacific Properties Inc.		41,233	$	1,144,216
Independence Realty Trust Inc.		58,400		1,544,096
Indus Realty Trust Inc.		2,067		151,077
Industrial Logistics Properties Trust		16,603		376,390
Innovative Industrial Properties Inc.		6,362		1,306,755
Invitation Homes Inc.		158,439		6,366,079
Iron Mountain Inc.		75,287		4,171,653
iStar Inc.		15,901		372,242
JBG SMITH Properties		33,267		972,062
Kilroy Realty Corp.		31,314		2,393,016
Kimco Realty Corp.		156,708		3,870,688
Kite Realty Group Trust		55,831		1,271,272
Lamar Advertising Co., Class A		23,494		2,729,533
Life Storage Inc.		21,618		3,035,816
LTC Properties Inc.		9,952		382,853
LXP Industrial Trust		74,296		1,166,447
Macerich Co. (The)		58,665		917,521
Medical Properties Trust Inc.		158,926		3,359,696
Mid-America Apartment Communities Inc.		30,637		6,416,920
National Health Investors Inc.		11,476		677,199
National Retail Properties Inc.		46,795		2,102,967
National Storage Affiliates Trust		20,628		1,294,613
Necessity Retail REIT Inc.		28,877		228,417
NETSTREIT Corp.		8,485		190,403
NexPoint Residential Trust Inc.		6,257		565,070
Office Properties Income Trust		12,826		330,013
Omega Healthcare Investors Inc.		61,627		1,920,297
One Liberty Properties Inc.		4,652		143,235
Orion Office REIT Inc.		14,540		203,560
Outfront Media Inc.		39,400		1,120,142
Paramount Group Inc.		47,381		516,927
Park Hotels & Resorts Inc.		59,885		1,169,554
Pebblebrook Hotel Trust		34,744		850,533
Phillips Edison & Co. Inc.(b)		30,111		1,035,517
Physicians Realty Trust		55,695		976,890
Piedmont Office Realty Trust Inc., Class A		34,220		589,268
Plymouth Industrial REIT Inc.		7,006		189,863
Postal Realty Trust Inc., Class A		6,522		109,700
PotlatchDeltic Corp.		17,604		928,259
Preferred Apartment Communities Inc., Class A		15,185		378,714
Prologis Inc.		196,425		31,718,709
PS Business Parks Inc.		5,301		890,992
Public Storage		40,020		15,619,006
Rayonier Inc.		38,047		1,564,493
Realty Income Corp.		150,178		10,407,335
Regency Centers Corp.		45,040		3,213,154
Retail Opportunity Investments Corp.		29,280		567,739
Retail Value Inc.		5,224		15,985
Rexford Industrial Realty Inc.		42,866		3,197,375
RLJ Lodging Trust		46,311		652,059
RPT Realty		18,784		258,656
Ryman Hospitality Properties Inc.(a)		14,371		1,333,198
Sabra Health Care REIT Inc.		63,664		947,957
Safehold Inc.		5,272		292,332
Saul Centers Inc.		3,226		170,010
SBA Communications Corp.		28,887		9,940,017
Seritage Growth Properties, Class A(a)		8,645		109,446
Service Properties Trust		43,508		384,176
Simon Property Group Inc.		87,013		11,447,430
SITE Centers Corp.		48,560		811,438

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SL Green Realty Corp.		19,004	$	1,542,745
Spirit Realty Capital Inc.		32,624		1,501,356
STAG Industrial Inc.		47,137		1,949,115
STORE Capital Corp.		65,583		1,916,991
Summit Hotel Properties Inc.(a)		29,578		294,597
Sun Communities Inc.		30,415		5,331,445
Sunstone Hotel Investors Inc.(a)		54,414		640,997
Tanger Factory Outlet Centers Inc.		23,620		406,028
Terreno Realty Corp.		18,736		1,387,401
UDR Inc.		84,466		4,845,814
UMH Properties Inc.		9,793		240,810
Uniti Group Inc.		52,191		718,148
Universal Health Realty Income Trust		3,273		191,045
Urban Edge Properties		30,483		582,225
Urstadt Biddle Properties Inc., Class A		9,334		175,573
Ventas Inc.		106,805		6,596,277
Veris Residential Inc.(a)		24,369		423,777
VICI Properties Inc.		166,976		4,752,137
Vornado Realty Trust		47,750		2,164,030
Washington Real Estate Investment Trust		23,971		611,260
Welltower Inc.		115,625		11,116,187
Weyerhaeuser Co.		200,577		7,601,868
Whitestone REIT		15,881		210,423
WP Carey Inc.		50,435		4,077,165
Xenia Hotels & Resorts Inc.(a)		31,052		598,993
				406,130,895
Food & Staples Retailing — 1.4%
Albertsons Companies Inc., Class A		42,200		1,403,150
Andersons Inc. (The)		9,913		498,227
BJ’s Wholesale Club Holdings Inc.(a)		35,237		2,382,374
Casey’s General Stores Inc.		10,067		1,994,977
Chefs’ Warehouse Inc. (The)(a)		7,642		249,129
Costco Wholesale Corp.		117,825		67,849,526
Grocery Outlet Holding Corp.(a)		22,314		731,453
Ingles Markets Inc., Class A		4,267		379,976
Kroger Co. (The)		195,204		11,198,854
Performance Food Group Co.(a)		40,204		2,046,786
PriceSmart Inc.		6,028		475,428
Rite Aid Corp.(a)(b)		14,830		129,763
SpartanNash Co.		9,085		299,714
Sprouts Farmers Market Inc.(a)		31,036		992,531
Sysco Corp.		135,777		11,086,192
U.S. Foods Holding Corp.(a)(b)		58,846		2,214,375
United Natural Foods Inc.(a)		14,202		587,253
Walmart Inc.		376,940		56,133,905
Walgreens Boots Alliance Inc.		190,020		8,507,195
Weis Markets Inc.		4,776		341,102
				169,501,910
Food Products — 1.0%
AppHarvest Inc.(a)(b)		16,107		86,575
Archer-Daniels-Midland Co.		147,538		13,316,780
B&G Foods Inc.		17,049		459,982
Beyond Meat Inc.(a)(b)		15,211		734,843
Bunge Ltd.		37,106		4,111,716
Calavo Growers Inc.		4,174		152,142
Cal-Maine Foods Inc.		11,567		638,730
Campbell Soup Co.		53,046		2,364,260
Conagra Brands Inc.		123,567		4,148,144
Darling Ingredients Inc.(a)		42,761		3,437,129

54 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Flowers Foods Inc.		47,700	$	1,226,367
Fresh Del Monte Produce Inc.		9,030		233,967
Freshpet Inc.(a)(b)		10,732		1,101,533
General Mills Inc.		159,933		10,830,663
Hain Celestial Group Inc. (The)(a)		23,620		812,528
Hershey Co. (The)		38,742		8,392,679
Hormel Foods Corp.		74,584		3,844,059
Hostess Brands Inc.(a)		37,981		833,303
Ingredion Inc.		18,058		1,573,755
J&J Snack Foods Corp.		4,153		644,130
JM Smucker Co. (The)		27,904		3,778,481
John B Sanfilippo & Son Inc.		1,988		165,879
Kellogg Co.		66,226		4,270,915
Kraft Heinz Co. (The)		184,278		7,258,710
Lamb Weston Holdings Inc.		39,099		2,342,421
Lancaster Colony Corp.		5,101		760,814
Landec Corp.(a)		9,634		111,562
Limoneira Co.		7,405		108,705
McCormick & Co. Inc./MD, NVS		66,704		6,657,059
Mission Produce Inc.(a)		7,325		92,661
Mondelez International Inc., Class A		368,262		23,119,488
Pilgrim’s Pride Corp.(a)		10,664		267,666
Post Holdings Inc.(a)		16,086		1,114,116
Sanderson Farms Inc.		5,255		985,260
Seaboard Corp.		75		315,412
Seneca Foods Corp., Class A(a)		2,116		109,059
Simply Good Foods Co. (The)(a)		22,747		863,249
Sovos Brands Inc.(a)(b)		7,572		107,371
Tattooed Chef Inc.(a)(b)		12,467		156,835
Tootsie Roll Industries Inc.		4,103		143,447
TreeHouse Foods Inc.(a)		13,383		431,736
Tyson Foods Inc., Class A		76,955		6,897,477
Utz Brands Inc.		15,732		232,519
Vital Farms Inc.(a)		7,102		87,781
Whole Earth Brands Inc.(a)		11,533		82,576
				119,404,484
Gas Utilities — 0.1%
Atmos Energy Corp.		35,777		4,274,994
Brookfield Infrastructure Corp., Class A		16,280		1,228,163
Chesapeake Utilities Corp.		4,585		631,630
National Fuel Gas Co.		22,658		1,556,604
New Jersey Resources Corp.		26,610		1,220,335
Northwest Natural Holding Co.		8,758		452,964
ONE Gas Inc.		14,563		1,285,039
South Jersey Industries Inc.		25,786		890,906
Southwest Gas Holdings Inc.		15,298		1,197,680
Spire Inc.		13,633		978,304
UGI Corp.		56,844		2,058,890
				15,775,509
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		462,924		54,791,685
ABIOMED Inc.(a)		11,729		3,885,114
Accuray Inc.(a)(b)		31,772		105,165
Align Technology Inc.(a)		21,077		9,189,572
Alphatec Holdings Inc.(a)(b)		14,724		169,326
AngioDynamics Inc.(a)		10,303		221,927
Apyx Medical Corp.(a)		13,709		89,520
Artivion Inc.(a)		10,642		227,526
Asensus Surgical Inc.(a)(b)		67,922		42,574

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Aspira Women’s Health Inc.(a)(b)		27,699	$	28,807
AtriCure Inc.(a)		12,143		797,431
Atrion Corp.		382		272,366
Avanos Medical Inc.(a)		12,167		407,595
Axogen Inc.(a)		8,372		66,474
Axonics Inc.(a)(b)		12,909		808,103
Baxter International Inc.		134,198		10,405,713
Becton Dickinson and Co.		76,291		20,293,406
BioLife Solutions Inc.(a)		3,976		90,375
Bioventus Inc., Class A(a)		8,373		118,059
Boston Scientific Corp.(a)		378,194		16,750,212
Butterfly Network Inc.(a)(b)		48,154		229,213
Cardiovascular Systems Inc.(a)		10,045		227,017
Cerus Corp.(a)		39,141		214,884
ClearPoint Neuro Inc.(a)(b)		7,580		78,908
CONMED Corp.		7,905		1,174,288
Cooper Companies Inc. (The)		12,798		5,344,317
CryoPort Inc.(a)(b)		10,183		355,489
Cutera Inc.(a)		4,145		286,005
CytoSorbents Corp.(a)		15,826		50,485
DENTSPLY SIRONA Inc.		58,846		2,896,400
Dexcom Inc.(a)		25,561		13,077,008
Eargo Inc.(a)		6,758		35,750
Edwards Lifesciences Corp.(a)		164,603		19,377,065
Envista Holdings Corp.(a)		43,516		2,119,664
Figs Inc., Class A(a)(b)		20,095		432,444
Glaukos Corp.(a)(b)		11,951		691,007
Globus Medical Inc., Class A(a)		20,089		1,482,166
Haemonetics Corp.(a)(b)		13,811		873,131
Heska Corp.(a)		2,535		350,540
Hologic Inc.(a)		66,908		5,139,873
ICU Medical Inc.(a)(b)		5,152		1,147,041
IDEXX Laboratories Inc.(a)		22,585		12,355,350
Inari Medical Inc.(a)(b)		9,133		827,815
Inogen Inc.(a)		4,710		152,698
Insulet Corp.(a)		17,498		4,661,292
Integer Holdings Corp.(a)		9,174		739,149
Integra LifeSciences Holdings Corp.(a)		19,464		1,250,757
Intersect ENT Inc.(a)		7,963		223,044
Intuitive Surgical Inc.(a)		94,598		28,538,325
iRadimed Corp.		2,779		124,610
iRhythm Technologies Inc.(a)(b)		8,035		1,265,271
Lantheus Holdings Inc.(a)		19,155		1,059,463
LeMaitre Vascular Inc.		4,805		223,288
LivaNova PLC(a)		13,910		1,138,255
Masimo Corp.(a)		13,301		1,935,828
Medtronic PLC		357,825		39,700,684
Meridian Bioscience Inc.(a)		10,190		264,532
Merit Medical Systems Inc.(a)		14,276		949,640
Mesa Laboratories Inc.		1,397		356,067
Natus Medical Inc.(a)		8,879		233,340
Neogen Corp.(a)(b)		28,596		881,901
Neuronetics Inc.(a)		10,740		32,542
Nevro Corp.(a)(b)		9,166		662,977
Novocure Ltd.(a)(b)		27,126		2,247,389
NuVasive Inc.(a)(b)		14,492		821,696
OraSure Technologies Inc.(a)		16,385		111,090
Ortho Clinical Diagnostics Holdings PLC(a)		29,848		556,964
Orthofix Medical Inc.(a)		4,651		152,088
OrthoPediatrics Corp.(a)		2,884		155,707

S C H E D U L E   O F   I N V E S  T M E N T S 55

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Outset Medical Inc.(a)		12,702	$	576,671
PAVmed Inc.(a)(b)		24,070		31,772
Penumbra Inc.(a)		9,034		2,006,722
PROCEPT BioRobotics Corp.(a)(b)		3,572		124,984
Pulmonx Corp.(a)(b)		8,096		200,862
Quidel Corp.(a)(b)		10,197		1,146,755
ResMed Inc.		38,571		9,353,853
SeaSpine Holdings Corp.(a)		10,198		124,008
Senseonics Holdings Inc.(a)(b)		109,181		215,087
Shockwave Medical Inc.(a)		8,965		1,858,982
SI-BONE Inc.(a)		7,648		172,845
Sientra Inc.(a)(b)		19,190		42,602
Sight Sciences Inc.(a)		8,134		94,029
Silk Road Medical Inc.(a)(b)		9,396		387,961
STAAR Surgical Co.(a)		12,750		1,018,853
Stereotaxis Inc.(a)		18,421		68,710
STERIS PLC		22,655		5,477,299
Stryker Corp.		93,104		24,891,354
Surmodics Inc.(a)		3,875		175,654
Tactile Systems Technology Inc.(a)		4,760		95,962
Tandem Diabetes Care Inc.(a)		16,007		1,861,454
Teleflex Inc.		12,399		4,399,537
TransMedics Group Inc.(a)		6,806		183,354
Treace Medical Concepts Inc.(a)		10,822		204,644
UFP Technologies Inc.(a)		1,995		132,009
Utah Medical Products Inc.		1,154		103,698
Vapotherm Inc.(a)		6,777		94,200
Varex Imaging Corp.(a)		9,897		210,707
ViewRay Inc.(a)		40,700		159,544
Zimmer Biomet Holdings Inc.		56,109		7,176,341
Zimvie Inc.(a)		5,610		128,132
				338,683,992
Health Care Providers & Services — 2.8%
1Life Healthcare Inc.(a)(b)		31,119		344,799
Acadia Healthcare Co. Inc.(a)(b)		23,143		1,516,561
Accolade Inc.(a)(b)		13,298		233,513
AdaptHealth Corp.(a)(b)		20,311		325,585
Addus HomeCare Corp.(a)		3,512		327,634
Agiliti Inc.(a)		7,327		154,600
agilon health Inc.(a)(b)		44,300		1,123,005
Alignment Healthcare Inc.(a)(b)		20,913		234,853
Amedisys Inc.(a)		8,849		1,524,594
AmerisourceBergen Corp.		39,749		6,149,568
AMN Healthcare Services Inc.(a)(b)		12,304		1,283,676
Anthem Inc.		65,190		32,022,632
Apollo Medical Holdings Inc.(a)(b)		9,393		455,279
Aveanna Healthcare Holdings Inc.(a)		13,694		46,697
Brookdale Senior Living Inc.(a)		49,879		351,647
Cardinal Health Inc.		74,057		4,199,032
Castle Biosciences Inc.(a)		4,383		196,621
Centene Corp.(a)		154,713		13,025,287
Chemed Corp.		3,964		2,007,964
Cigna Corp.		86,481		20,721,712
Community Health Systems Inc.(a)		32,091		380,920
Contra Zogenix Inc., NVS(b)		15,050		10,234
CorVel Corp.(a)		2,103		354,229
Covetrus Inc.(a)(b)		31,395		527,122
Cross Country Healthcare Inc.(a)		12,102		262,250
CVS Health Corp.		350,784		35,502,849
DaVita Inc.(a)		16,969		1,919,364

Security	Shares		Value
Health Care Providers & Services (continued)
Encompass Health Corp.		25,777	$	1,833,002
Ensign Group Inc. (The)		13,819		1,243,848
Fulgent Genetics Inc.(a)		5,297		330,586
Guardant Health Inc.(a)(b)		24,327		1,611,420
Hanger Inc.(a)		9,715		178,076
HCA Healthcare Inc.		65,456		16,404,583
HealthEquity Inc.(a)		21,697		1,463,246
Henry Schein Inc.(a)		37,184		3,242,073
Humana Inc.		34,285		14,919,803
InfuSystem Holdings Inc.(a)		7,361		72,138
Innovage Holding Corp.(a)(b)		8,206		52,683
Invitae Corp.(a)		53,512		426,491
Joint Corp. (The)(a)		2,850		100,861
Laboratory Corp. of America Holdings(a)		24,866		6,556,170
LHC Group Inc.(a)		8,249		1,390,781
LifeStance Health Group Inc.(a)(b)		23,615		238,748
McKesson Corp.		40,065		12,265,098
MEDNAX Inc.(a)		20,867		489,957
ModivCare Inc.(a)		3,116		359,555
Molina Healthcare Inc.(a)		15,359		5,123,609
National HealthCare Corp.		3,535		248,263
National Research Corp.		3,795		150,472
Oak Street Health Inc.(a)(b)		27,825		747,936
Ontrak Inc.(a)		3,683		8,342
Option Care Health Inc.(a)		43,817		1,251,414
Owens & Minor Inc.		19,659		865,389
Patterson Companies Inc.		21,751		704,080
Pennant Group Inc. (The)(a)		6,934		129,180
PetIQ Inc.(a)		5,242		127,905
Premier Inc., Class A		33,042		1,175,965
Privia Health Group Inc.(a)(b)		11,083		296,249
Progyny Inc.(a)		17,070		877,398
Quest Diagnostics Inc.		32,376		4,430,979
R1 RCM Inc.(a)		31,058		831,112
RadNet Inc.(a)		9,715		217,325
Select Medical Holdings Corp.		30,707		736,661
Signify Health Inc., Class A(a)(b)		16,734		303,722
Surgery Partners Inc.(a)		9,618		529,471
Tenet Healthcare Corp.(a)		27,752		2,385,562
Tivity Health Inc.(a)		11,807		379,831
U.S. Physical Therapy Inc.		3,562		354,241
UnitedHealth Group Inc.		250,730		127,864,778
Universal Health Services Inc., Class B		18,865		2,734,482
				340,855,712
Health Care Technology — 0.2%
Allscripts Healthcare Solutions Inc.(a)		31,774		715,551
American Well Corp., Class A(a)		52,685		221,804
Cerner Corp.		78,040		7,301,422
Certara Inc.(a)(b)		28,790		618,409
Change Healthcare Inc.(a)		68,270		1,488,286
Computer Programs & Systems Inc.(a)		4,033		138,937
Definitive Healthcare Corp.(a)(b)		4,696		115,756
Evolent Health Inc., Class A(a)(b)		22,690		732,887
Health Catalyst Inc.(a)(b)		12,183		318,342
HealthStream Inc.(a)		6,955		138,544
Icad Inc.(a)		7,741		34,525
Inspire Medical Systems Inc.(a)		7,060		1,812,231
Multiplan Corp.(a)(b)		100,406		469,900
NextGen Healthcare Inc.(a)		13,391		280,006
Omnicell Inc.(a)		11,679		1,512,314

56 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
OptimizeRx Corp.(a)		5,199	$	196,054
Phreesia Inc.(a)		12,890		339,780
Schrodinger Inc.(a)		12,142		414,285
Simulations Plus Inc.(b)		4,201		214,167
Tabula Rasa HealthCare Inc.(a)		4,798		27,637
Teladoc Health Inc.(a)(b)		40,118		2,893,711
Veeva Systems Inc., Class A(a)		37,009		7,862,932
				27,847,480
Hotels, Restaurants & Leisure — 2.0%
Accel Entertainment Inc.(a)		11,469		139,692
Aramark		62,264		2,341,126
Bally’s Corp.(a)(b)		8,508		261,536
BJ’s Restaurants Inc.(a)(b)		6,070		171,781
Bloomin’ Brands Inc.		23,327		511,794
Bluegreen Vacations Holding Corp.(a)		3,780		111,775
Booking Holdings Inc.(a)		10,929		25,666,210
Boyd Gaming Corp.		21,323		1,402,627
Brinker International Inc.(a)		12,143		463,377
Caesars Entertainment Inc.(a)(b)		54,145		4,188,657
Carnival Corp.(a)(b)		231,249		4,675,855
Century Casinos Inc.(a)		8,062		96,341
Cheesecake Factory Inc. (The)(a)		11,724		466,498
Chipotle Mexican Grill Inc.(a)		7,500		11,865,225
Choice Hotels International Inc.		9,626		1,364,582
Churchill Downs Inc.		9,729		2,157,698
Chuy’s Holdings Inc.(a)		4,010		108,270
Cracker Barrel Old Country Store Inc.		6,549		777,563
Darden Restaurants Inc.		33,891		4,505,808
Dave & Buster’s Entertainment Inc.(a)		12,848		630,837
Denny’s Corp.(a)		17,671		252,872
Dine Brands Global Inc.		4,589		357,713
Domino’s Pizza Inc.		9,749		3,967,941
DraftKings Inc., Class A(a)(b)		80,389		1,565,174
El Pollo Loco Holdings Inc.(a)(b)		7,431		86,348
Everi Holdings Inc.(a)(b)		24,302		510,342
Expedia Group Inc.(a)		38,506		7,534,469
F45 Training Holdings Inc.(a)		7,636		81,705
Full House Resorts Inc.(a)		9,626		92,506
GAN Ltd.(a)		11,389		54,895
Golden Entertainment Inc.(a)		5,273		306,203
Golden Nugget Online Gaming Inc.(a)		9,879		70,240
Hilton Grand Vacations Inc.(a)		23,498		1,222,131
Hilton Worldwide Holdings Inc.(a)		73,194		11,106,458
Hyatt Hotels Corp., Class A(a)		12,527		1,195,702
International Game Technology PLC		25,347		625,564
Jack in the Box Inc.		5,483		512,167
Krispy Kreme Inc.(b)		22,487		333,932
Las Vegas Sands Corp.(a)		87,741		3,410,493
Life Time Group Holdings Inc.(a)(b)		10,259		149,166
Lindblad Expeditions Holdings Inc.(a)		10,568		159,365
Marriott International Inc./MD, Class A(a)		72,250		12,697,938
Marriott Vacations Worldwide Corp.		10,939		1,725,080
McDonald’s Corp.		198,869		49,176,326
MGM Resorts International		100,788		4,227,049
Monarch Casino & Resort Inc.(a)		3,669		320,047
NEOGAMES SA(a)		2,270		35,026
Noodles & Co.(a)		12,162		72,607
Norwegian Cruise Line Holdings Ltd.(a)(b)		98,575		2,156,821
Papa John’s International Inc.		8,809		927,412
Penn National Gaming Inc.(a)		43,616		1,850,191

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Planet Fitness Inc., Class A(a)		22,757	$	1,922,511
Portillo’s Inc., Class A(a)(b)		6,200		152,272
RCI Hospitality Holdings Inc.		2,964		182,167
Red Robin Gourmet Burgers Inc.(a)		5,192		87,537
Red Rock Resorts Inc., Class A		15,370		746,367
Royal Caribbean Cruises Ltd.(a)(b)		58,157		4,872,393
Rush Street Interactive Inc.(a)		14,461		105,131
Ruth’s Hospitality Group Inc.		8,547		195,555
Scientific Games Corp./DE, Class A(a)		25,371		1,490,546
SeaWorld Entertainment Inc.(a)		14,186		1,056,006
Shake Shack Inc., Class A(a)		9,543		647,970
Six Flags Entertainment Corp.(a)		21,607		939,905
Starbucks Corp.		307,427		27,966,634
Sweetgreen Inc.(a)(b)		3,250		103,968
Texas Roadhouse Inc.		18,578		1,555,536
Travel + Leisure Co.		22,167		1,284,356
Vail Resorts Inc.		10,733		2,793,478
Wendy’s Co. (The)		48,362		1,062,513
Wingstop Inc.		7,733		907,468
Wyndham Hotels & Resorts Inc.		24,718		2,093,367
Wynn Resorts Ltd.(a)		28,250		2,252,655
Xponential Fitness Inc., Class A(a)(b)		4,751		111,363
Yum China Holdings Inc.		113,939		4,733,026
Yum! Brands Inc.		77,274		9,159,287
				235,113,146
Household Durables — 0.4%
Beazer Homes USA Inc.(a)		9,919		150,967
Cavco Industries Inc.(a)		2,403		578,762
Century Communities Inc.		7,225		387,043
DR Horton Inc.		87,215		6,498,390
Ethan Allen Interiors Inc.		6,081		158,532
Garmin Ltd.		40,711		4,828,732
GoPro Inc., Class A(a)		31,963		272,644
Green Brick Partners Inc.(a)		8,340		164,798
Helen of Troy Ltd.(a)		6,450		1,263,168
Hooker Furnishings Corp.		4,071		77,105
Hovnanian Enterprises Inc., Class A(a)		1,360		80,376
Installed Building Products Inc.		6,072		513,023
iRobot Corp.(a)(b)		7,328		464,595
KB Home		20,300		657,314
La-Z-Boy Inc.		12,880		339,646
Leggett & Platt Inc.		36,598		1,273,610
Lennar Corp., Class A		68,692		5,575,730
Lennar Corp., Class B		3,731		255,014
LGI Homes Inc.(a)(b)		6,007		586,764
Lovesac Co. (The)(a)		2,797		151,206
M/I Homes Inc.(a)		7,351		326,017
MDC Holdings Inc.		15,006		567,827
Meritage Homes Corp.(a)		10,404		824,309
Mohawk Industries Inc.(a)(b)		14,918		1,852,816
Newell Brands Inc.		103,023		2,205,722
NVR Inc.(a)		833		3,721,236
PulteGroup Inc.		65,313		2,736,615
Purple Innovation Inc., Class A(a)(b)		13,245		77,483
Skyline Champion Corp.(a)		13,528		742,417
Snap One Holdings Corp.(a)		6,228		91,863
Sonos Inc.(a)		32,539		918,251
Taylor Morrison Home Corp.(a)		32,424		882,581
Tempur Sealy International Inc.		47,870		1,336,530
Toll Brothers Inc.		29,727		1,397,763

S C H E D U L E   O F   I N V E S  T M E N T S 57

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
TopBuild Corp.(a)		8,809	$	1,597,864
Traeger Inc.(a)(b)		5,950		44,268
Tri Pointe Homes Inc.(a)		30,248		607,380
Tupperware Brands Corp.(a)		13,537		263,295
Universal Electronics Inc.(a)		3,662		114,401
Vuzix Corp.(a)(b)		16,148		106,577
Whirlpool Corp.		15,309		2,645,089
				47,337,723
Household Products — 1.2%
Central Garden & Pet Co.(a)		2,607		114,604
Central Garden & Pet Co., Class A, NVS(a)		11,691		476,759
Church & Dwight Co. Inc.		65,009		6,460,594
Clorox Co. (The)		32,641		4,538,078
Colgate-Palmolive Co.		222,945		16,905,919
Energizer Holdings Inc.		19,466		598,774
Kimberly-Clark Corp.		89,900		11,072,084
Procter & Gamble Co. (The)		641,415		98,008,212
Reynolds Consumer Products Inc.		13,021		382,036
Spectrum Brands Holdings Inc.		11,569		1,026,402
WD-40 Co.		3,615		662,377
				140,245,839
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		176,476		4,540,727
Brookfield Renewable Corp., Class A		34,810		1,524,678
Clearway Energy Inc., Class A		8,378		279,155
Clearway Energy Inc., Class C		23,316		851,267
Ormat Technologies Inc.		11,123		910,195
Sunnova Energy International Inc.(a)(b)		22,555		520,118
Vistra Corp.		126,202		2,934,197
				11,560,337
Industrial Conglomerates — 0.8%
3M Co.		152,279		22,671,298
General Electric Co.		290,684		26,597,586
Honeywell International Inc.		182,759		35,561,246
Roper Technologies Inc.		27,966		13,206,384
				98,036,514
Insurance — 2.2%
Aflac Inc.		172,053		11,078,493
Alleghany Corp.(a)		3,470		2,939,090
Allstate Corp. (The)		74,750		10,353,622
Ambac Financial Group Inc.(a)		13,124		136,490
American Equity Investment Life Holding Co.		23,709		946,226
American Financial Group Inc./OH		17,703		2,577,911
American International Group Inc.		220,649		13,850,138
American National Group Inc.		1,794		339,227
AMERISAFE Inc.		4,941		245,419
Aon PLC, Class A		58,055		18,904,450
Arch Capital Group Ltd.(a)		98,713		4,779,683
Argo Group International Holdings Ltd.		8,327		343,739
Arthur J Gallagher & Co.		54,421		9,501,907
Assurant Inc.		15,502		2,818,729
Assured Guaranty Ltd.		18,316		1,165,997
Axis Capital Holdings Ltd.		19,271		1,165,317
Bright Health Group Inc.(a)(b)		68,542		132,286
Brighthouse Financial Inc.(a)		21,422		1,106,661
Brown & Brown Inc.		62,752		4,535,087
BRP Group Inc., Class A(a)		11,519		309,055
Chubb Ltd.		114,499		24,491,336
Cincinnati Financial Corp.		40,347		5,485,578

Security	Shares		Value
Insurance (continued)
CNA Financial Corp.		8,118	$	394,697
CNO Financial Group Inc.		32,466		814,572
eHealth Inc.(a)		6,286		78,009
Employers Holdings Inc.		7,311		299,897
Enstar Group Ltd.(a)		3,169		827,584
Erie Indemnity Co., Class A, NVS		6,987		1,230,620
Everest Re Group Ltd.		10,608		3,197,039
Fidelity National Financial Inc.		72,417		3,536,846
First American Financial Corp.		27,679		1,794,153
Genworth Financial Inc., Class A(a)		136,479		515,891
Globe Life Inc.		26,585		2,674,451
GoHealth Inc., Class A(a)(b)		15,490		18,278
Goosehead Insurance Inc., Class A		4,672		367,079
Hanover Insurance Group Inc. (The)		9,498		1,420,141
Hartford Financial Services Group Inc. (The)		89,301		6,412,705
HCI Group Inc.		2,033		138,610
Horace Mann Educators Corp.		10,907		456,240
James River Group Holdings Ltd.		8,472		209,597
Kemper Corp.		16,507		933,306
Kinsale Capital Group Inc.		5,831		1,329,585
Lemonade Inc.(a)(b)		10,187		268,631
Lincoln National Corp.		47,740		3,120,286
Loews Corp.		55,204		3,578,323
Markel Corp.(a)		3,559		5,250,379
Marsh & McLennan Companies Inc.		135,341		23,064,813
MBIA Inc.(a)		15,132		232,881
Mercury General Corp.		7,093		390,115
MetLife Inc.		186,645		13,117,411
National Western Life Group Inc., Class A		571		120,138
Old Republic International Corp.		75,711		1,958,644
Palomar Holdings Inc.(a)		5,710		365,383
Primerica Inc.		10,715		1,466,026
Principal Financial Group Inc.		68,889		5,057,141
ProAssurance Corp.		13,261		356,456
Progressive Corp. (The)		155,526		17,728,409
Prudential Financial Inc.		100,468		11,872,304
Reinsurance Group of America Inc.		17,674		1,934,596
RenaissanceRe Holdings Ltd.		11,345		1,798,296
RLI Corp.		10,684		1,181,971
Safety Insurance Group Inc.		3,821		347,138
Selective Insurance Group Inc.		15,578		1,392,050
Selectquote Inc.(a)		35,324		98,554
SiriusPoint Ltd.(a)		19,664		147,087
Stewart Information Services Corp.		6,984		423,300
Tiptree Inc.		8,755		112,502
Travelers Companies Inc. (The)		64,364		11,761,234
Trupanion Inc.(a)		9,709		865,266
United Fire Group Inc.		6,002		186,482
Universal Insurance Holdings Inc.		8,799		118,698
Unum Group		56,016		1,765,064
W R Berkley Corp.		54,498		3,629,022
White Mountains Insurance Group Ltd.		795		903,311
Willis Towers Watson PLC		32,946		7,782,504
				266,250,156
Interactive Media & Services — 4.9%
Alphabet Inc., Class A(a)		80,166		222,969,704
Alphabet Inc., Class C, NVS(a)		73,733		205,935,532
Cargurus Inc.(a)		25,970		1,102,686
Cars.com Inc.(a)		18,925		273,088
Eventbrite Inc., Class A(a)(b)		18,790		277,528

58 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
EverQuote Inc., Class A(a)		5,917	$	95,737
fuboTV Inc.(a)(b)		35,452		232,920
IAC/InterActiveCorp.(a)(b)		20,566		2,062,358
Match Group Inc.(a)(b)		75,030		8,158,762
MediaAlpha Inc., Class A(a)(b)		6,663		110,273
Meta Platforms Inc, Class A(a)		614,718		136,688,695
Pinterest Inc., Class A(a)		151,999		3,740,695
QuinStreet Inc.(a)		12,496		144,954
TripAdvisor Inc.(a)		27,876		755,997
TrueCar Inc.(a)		30,200		119,290
Twitter Inc.(a)		206,634		7,994,669
Vimeo Inc.(a)(b)		38,168		453,436
Yelp Inc.(a)		18,925		645,532
Ziff Davis Inc.(a)		11,500		1,112,970
				592,874,826
Internet & Direct Marketing Retail — 3.3%
1-800-Flowers.com Inc., Class A(a)		6,343		80,937
Amazon.com Inc.(a)		115,682		377,117,536
CarParts.com Inc.(a)(b)		12,811		85,834
DoorDash Inc., Class A(a)(b)		39,082		4,580,019
eBay Inc.		166,254		9,519,704
Etsy Inc.(a)		33,588		4,174,317
Groupon Inc.(a)(b)		6,082		116,957
Lands’ End Inc.(a)(b)		4,593		77,713
Liquidity Services Inc.(a)		5,822		99,673
Overstock.com Inc.(a)(b)		11,649		512,614
PetMed Express Inc.		4,925		127,065
Porch Group Inc.(a)(b)		20,335		141,227
Quotient Technology Inc.(a)		20,433		130,362
Qurate Retail Inc., Series A		98,540		469,050
RealReal Inc. (The)(a)		18,573		134,840
Revolve Group Inc.(a)(b)		9,372		503,183
Shutterstock Inc.		6,085		566,392
Stitch Fix Inc., Class A(a)		23,105		232,667
Wayfair Inc., Class A(a)(b)		19,954		2,210,504
Xometry Inc., Class A(a)(b)		6,517		239,500
				401,120,094
IT Services — 4.4%
Accenture PLC, Class A		169,425		57,135,193
Akamai Technologies Inc.(a)(b)		42,425		5,065,121
Alliance Data Systems Corp.		12,926		725,795
Amdocs Ltd.		32,393		2,663,029
Automatic Data Processing Inc.		112,190		25,527,713
BigCommerce Holdings Inc., Series 1(a)(b)		11,830		259,195
Block Inc.(a)		127,771		17,325,748
Brightcove Inc.(a)		12,518		97,640
Broadridge Financial Solutions Inc.		30,975		4,823,117
Cantaloupe Inc.(a)		17,216		116,552
Cass Information Systems Inc.		3,435		126,786
Cloudflare Inc., Class A(a)		69,925		8,370,022
Cognizant Technology Solutions Corp., Class A		140,739		12,620,066
Concentrix Corp.		11,039		1,838,656
Conduent Inc.(a)		38,275		197,499
CSG Systems International Inc.		8,418		535,132
DigitalOcean Holdings Inc.(a)(b)		13,064		755,752
DXC Technology Co.(a)		66,440		2,167,937
EPAM Systems Inc.(a)		14,320		4,247,455
Euronet Worldwide Inc.(a)		13,453		1,750,908
EVERTEC Inc.		16,225		664,089

Security	Shares		Value
IT Services (continued)
Evo Payments Inc., Class A(a)		13,901	$	320,974
ExlService Holdings Inc.(a)		8,803		1,261,206
Fastly Inc., Class A(a)(b)		28,143		489,125
Fidelity National Information Services Inc.		161,683		16,236,207
Fiserv Inc.(a)		159,598		16,183,237
FleetCor Technologies Inc.(a)		21,070		5,247,694
Flywire Corp.(a)		16,609		507,903
Gartner Inc.(a)		21,206		6,307,937
Genpact Ltd.		49,662		2,160,794
Global Payments Inc.		75,558		10,339,357
Globant SA(a)		10,979		2,877,267
GoDaddy Inc., Class A(a)		45,135		3,777,799
Grid Dynamics Holdings Inc.(a)		11,438		161,047
Hackett Group Inc. (The)		7,960		183,558
I3 Verticals Inc., Class A(a)		6,189		172,426
International Business Machines Corp.		237,857		30,926,167
International Money Express Inc.(a)		9,626		198,392
Jack Henry & Associates Inc.		19,348		3,812,523
Kyndryl Holdings Inc.(a)		59,515		780,837
Limelight Networks Inc.(a)		36,824		192,221
LiveRamp Holdings Inc.(a)		16,805		628,339
Mastercard Inc., Class A		230,080		82,225,990
Maximus Inc.		16,568		1,241,772
MoneyGram International Inc.(a)		20,387		215,287
MongoDB Inc.(a)		16,857		7,477,597
Okta Inc.(a)		33,622		5,075,577
Paya Holdings Inc., Class A(a)(b)		23,132		135,554
Paychex Inc.		85,620		11,684,561
PayPal Holdings Inc.(a)		313,177		36,218,920
Paysafe Ltd.(a)		96,202		326,125
Perficient Inc.(a)		8,557		942,040
Rackspace Technology Inc.(a)(b)		15,997		178,527
Repay Holdings Corp.(a)(b)		21,048		310,879
Sabre Corp.(a)		86,308		986,500
Shift4 Payments Inc., Class A(a)(b)		11,600		718,388
Snowflake Inc., Class A(a)		54,045		12,383,331
SolarWinds Corp.		8,977		119,484
StoneCo Ltd., Class A(a)(b)		58,685		686,614
Switch Inc., Class A		30,921		952,985
Thoughtworks Holding Inc.(a)(b)		11,276		234,654
TTEC Holdings Inc.		4,701		387,927
Tucows Inc., Class A(a)(b)		2,320		158,456
Twilio Inc., Class A(a)		44,229		7,289,381
Unisys Corp.(a)(b)		18,220		393,734
VeriSign Inc.(a)		26,191		5,826,450
Verra Mobility Corp.(a)(b)		37,525		610,907
Visa Inc., Class A		442,244		98,076,452
Western Union Co. (The)		104,873		1,965,320
WEX Inc.(a)		11,783		2,102,676
Wix.com Ltd.(a)		14,125		1,475,497
				530,180,000
Leisure Products — 0.1%
Acushnet Holdings Corp.		9,520		383,275
American Outdoor Brands Inc.(a)		4,870		63,943
AMMO Inc.(a)(b)		22,148		106,310
Brunswick Corp./DE		20,350		1,646,112
Callaway Golf Co.(a)		30,712		719,275
Clarus Corp.		6,540		148,981
Genius Brands International Inc.(a)(b)		82,925		84,584
Hasbro Inc.		33,524		2,746,286

S C H E D U L E   O F   I N V E S  T M E N T S 59

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
Johnson Outdoors Inc., Class A		1,462	$	113,641
Latham Group Inc.(a)(b)		8,891		117,717
Malibu Boats Inc., Class A(a)		5,144		298,403
MasterCraft Boat Holdings Inc.(a)(b)		5,280		129,941
Mattel Inc.(a)		91,642		2,035,369
Nautilus Inc.(a)(b)		8,703		35,856
Peloton Interactive Inc., Class A(a)		79,418		2,098,224
Polaris Inc.		15,665		1,649,838
Smith & Wesson Brands Inc.		15,147		229,174
Sturm Ruger & Co. Inc.		4,174		290,594
Vista Outdoor Inc.(a)		15,966		569,827
YETI Holdings Inc.(a)		21,741		1,304,025
				14,771,375
Life Sciences Tools & Services — 1.8%
10X Genomics Inc., Class A(a)(b)		22,300		1,696,361
Absci Corp.(a)(b)		14,657		123,559
Adaptive Biotechnologies Corp.(a)		29,680		411,958
Aduro Biotech Inc., NVS(c)		4,039		12,117
Agilent Technologies Inc.		80,090		10,598,310
Avantor Inc.(a)(b)		159,855		5,406,296
Azenta Inc.		19,192		1,590,633
Berkeley Lights Inc.(a)		12,541		89,167
BioNano Genomics Inc.(a)(b)		73,927		190,732
Bio-Rad Laboratories Inc., Class A(a)		5,595		3,151,272
Bio-Techne Corp.		10,548		4,567,706
Bruker Corp.		26,877		1,728,191
Charles River Laboratories International Inc.(a)		13,157		3,736,193
ChromaDex Corp.(a)		14,686		36,128
Codexis Inc.(a)		16,782		346,045
Cytek Biosciences Inc.(a)		25,753		277,617
Danaher Corp.		168,983		49,567,783
Fluidigm Corp.(a)(b)		22,192		79,669
Harvard Bioscience Inc.(a)		16,469		102,272
Illumina Inc.(a)		39,055		13,645,817
Inotiv Inc.(a)(b)		2,568		67,230
IQVIA Holdings Inc.(a)		50,768		11,738,069
Maravai LifeSciences Holdings Inc., Class A(a)		30,095		1,061,451
MaxCyte Inc.(a)		25,296		176,819
Medpace Holdings Inc.(a)		7,455		1,219,563
Mettler-Toledo International Inc.(a)		6,063		8,325,651
NanoString Technologies Inc.(a)(b)		11,973		416,062
NeoGenomics Inc.(a)(b)		28,416		345,254
Pacific Biosciences of California Inc.(a)(b)		52,416		476,986
PerkinElmer Inc.		33,477		5,840,397
Personalis Inc.(a)		10,556		86,454
QIAGEN NV(a)(b)		61,559		3,016,391
Quanterix Corp.(a)		6,935		202,433
Repligen Corp.(a)		14,761		2,776,396
Seer Inc., Class A(a)		10,973		167,229
Singular Genomics Systems Inc.(a)(b)		17,386		109,706
Sotera Health Co.(a)		26,381		571,412
Syneos Health Inc.(a)		27,330		2,212,363
Thermo Fisher Scientific Inc.		104,712		61,848,143
Waters Corp.(a)		16,360		5,077,980
West Pharmaceutical Services Inc.		19,463		7,993,649
				211,087,464
Machinery — 1.8%
AGCO Corp.		16,486		2,407,451
AgEagle Aerial Systems Inc.(a)(b)		27,979		33,295

Security	Shares		Value
Machinery (continued)
Alamo Group Inc.		2,415	$	347,253
Albany International Corp., Class A		8,044		678,270
Allison Transmission Holdings Inc.		27,343		1,073,486
Altra Industrial Motion Corp.		18,162		707,047
Astec Industries Inc.		6,029		259,247
Barnes Group Inc.		12,496		502,214
Blue Bird Corp.(a)(b)		5,511		103,717
Caterpillar Inc.		144,419		32,179,442
Chart Industries Inc.(a)(b)		10,144		1,742,435
CIRCOR International Inc.(a)		4,409		117,368
Colfax Corp.(a)		37,100		1,476,209
Columbus McKinnon Corp./NY		6,665		282,596
Crane Co.		12,763		1,381,978
Cummins Inc.		37,930		7,779,822
Deere & Co.		74,442		30,927,673
Desktop Metal Inc., Class A(a)		52,697		249,784
Donaldson Co. Inc.		32,916		1,709,328
Douglas Dynamics Inc.		5,514		190,729
Dover Corp.		38,367		6,019,782
Energy Recovery Inc.(a)		8,877		178,783
Enerpac Tool Group Corp.		15,979		349,780
EnPro Industries Inc.		5,183		506,535
ESCO Technologies Inc.		6,673		466,576
Evoqua Water Technologies Corp.(a)		29,817		1,400,803
Federal Signal Corp.		17,358		585,832
Flowserve Corp.		35,826		1,286,153
Fortive Corp.		87,251		5,316,203
Franklin Electric Co. Inc.		11,875		986,100
Gates Industrial Corp. PLC(a)(b)		25,257		380,370
Gorman-Rupp Co. (The)		4,783		171,614
Graco Inc.		44,630		3,111,604
Greenbrier Companies Inc. (The)		8,437		434,590
Helios Technologies Inc.		8,209		658,772
Hillenbrand Inc.		20,641		911,713
Hydrofarm Holdings Group Inc.(a)		10,266		155,530
Hyliion Holdings Corp.(a)(b)		31,062		137,605
Hyster-Yale Materials Handling Inc.		2,488		82,626
Ideanomics Inc.(a)(b)		112,041		125,486
IDEX Corp.		20,277		3,887,709
Illinois Tool Works Inc.		83,929		17,574,733
Ingersoll Rand Inc.		105,017		5,287,606
ITT Inc.		23,548		1,771,045
John Bean Technologies Corp.		8,691		1,029,623
Kadant Inc.		2,850		553,441
Kennametal Inc.		22,324		638,690
Lincoln Electric Holdings Inc.		15,040		2,072,662
Lindsay Corp.		3,126		490,813
Luxfer Holdings PLC		7,328		123,110
Manitowoc Co. Inc. (The)(a)		9,296		140,184
Meritor Inc.(a)		17,472		621,479
Middleby Corp. (The)(a)(b)		14,515		2,379,589
Miller Industries Inc./TN		3,981		112,105
Mueller Industries Inc.		15,583		844,131
Mueller Water Products Inc., Class A		45,889		592,886
Nikola Corp.(a)(b)		64,324		688,910
Nordson Corp.		15,577		3,537,225
Omega Flex Inc.		857		111,299
Oshkosh Corp.		18,032		1,814,921
Otis Worldwide Corp.		113,268		8,715,973
PACCAR Inc.		91,091		8,022,384

60 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Parker-Hannifin Corp.		34,032	$	9,656,920
Pentair PLC		44,476		2,411,044
Proto Labs Inc.(a)(b)		7,190		380,351
RBC Bearings Inc.(a)		7,351		1,425,212
REV Group Inc.		9,466		126,844
Shyft Group Inc. (The)		8,977		324,159
Snap-on Inc.		13,985		2,873,638
SPX Corp.(a)		12,374		611,399
SPX FLOW Inc.		11,639		1,003,515
Standex International Corp.		3,121		311,850
Stanley Black & Decker Inc.		43,168		6,034,455
Tennant Co.		4,661		367,287
Terex Corp.		18,107		645,696
Timken Co. (The)		16,809		1,020,306
Titan International Inc.(a)		16,810		247,611
Toro Co. (The)		28,173		2,408,510
Trinity Industries Inc.		20,314		697,989
Wabash National Corp.		16,977		251,939
Watts Water Technologies Inc., Class A		7,074		987,460
Welbilt Inc.(a)(b)		37,558		892,002
Westinghouse Air Brake Technologies Corp.		47,668		4,584,232
Xylem Inc./NY		47,300		4,032,798
				209,721,536
Marine — 0.0%
Costamare Inc.		18,153		309,509
Eagle Bulk Shipping Inc.		2,769		188,596
Genco Shipping & Trading Ltd.		9,122		215,462
Kirby Corp.(a)		15,782		1,139,302
Matson Inc.		11,029		1,330,318
				3,183,187
Media — 1.1%
Advantage Solutions Inc.(a)(b)		20,874		133,176
Altice USA Inc., Class A(a)		59,294		739,989
AMC Networks Inc., Class A(a)		7,689		312,404
Audacy Inc(a)		37,527		108,453
Boston Omaha Corp., Class A(a)(b)		4,981		126,368
Cable One Inc.		1,436		2,102,649
Cardlytics Inc.(a)(b)		7,961		437,696
Charter Communications Inc., Class A(a)		31,962		17,435,910
Clear Channel Outdoor Holdings Inc.(a)		99,438		344,056
Comcast Corp., Class A		1,199,316		56,151,975
Daily Journal Corp.(a)		382		119,180
Discovery Inc., Class A(a)(b)		41,798		1,041,606
Discovery Inc., Class C, NVS(a)		84,040		2,098,479
DISH Network Corp., Class A(a)		67,050		2,122,133
Entravision Communications Corp., Class A		21,628		138,635
EW Scripps Co. (The), Class A(a)		13,800		286,902
Fox Corp., Class A, NVS		83,379		3,289,302
Fox Corp., Class B		40,835		1,481,494
Gannett Co. Inc.(a)		33,472		150,959
Gray Television Inc.		21,677		478,411
iHeartMedia Inc., Class A(a)		28,549		540,433
Integral Ad Science Holding Corp.(a)		5,088		70,214
Interpublic Group of Companies Inc. (The)		105,181		3,728,666
John Wiley & Sons Inc., Class A		12,422		658,739
Liberty Broadband Corp., Class A(a)(b)		6,308		826,727
Liberty Broadband Corp., Class C, NVS(a)		37,436		5,065,840
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		24,664		1,127,391

Security	Shares		Value
Media (continued)
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		43,118	$	1,971,786
Loyalty Ventures Inc.(a)(b)		5,159		85,278
Magnite Inc.(a)		34,246		452,390
New York Times Co. (The), Class A		43,996		2,016,777
News Corp., Class A, NVS		104,651		2,318,020
News Corp., Class B		31,746		714,920
Nexstar Media Group Inc., Class A		10,648		2,006,935
Omnicom Group Inc.		55,431		4,704,983
Paramount Global, Class B, NVS		156,467		5,916,017
Scholastic Corp.		6,997		281,839
Sinclair Broadcast Group Inc., Class A		11,995		336,100
Sirius XM Holdings Inc.(b)		240,407		1,591,494
Stagwell Inc.(a)		18,835		136,365
TechTarget Inc.(a)		5,968		485,079
TEGNA Inc.		61,538		1,378,451
ViacomCBS Inc., Class A(b)		2,813		113,673
WideOpenWest Inc.(a)(b)		14,953		260,780
				125,888,674
Metals & Mining — 0.7%
Alcoa Corp.		49,007		4,412,100
Allegheny Technologies Inc.(a)		33,107		888,592
Arconic Corp.(a)		26,401		676,394
Carpenter Technology Corp.		13,486		566,142
Century Aluminum Co.(a)		12,889		339,110
Cleveland-Cliffs Inc.(a)		118,818		3,827,128
Coeur Mining Inc.(a)		61,404		273,248
Commercial Metals Co.		31,963		1,330,300
Compass Minerals International Inc.		9,078		570,008
Constellium SE(a)		30,721		552,978
Ferroglobe PLC		15,827		—
Freeport-McMoRan Inc.		390,620		19,429,439
Gatos Silver Inc.(a)		13,086		56,532
Haynes International Inc.		3,911		166,609
Hecla Mining Co.		145,934		958,786
Kaiser Aluminum Corp.		4,385		412,892
Materion Corp.		5,045		432,558
MP Materials Corp.(a)		19,581		1,122,775
Newmont Corp.		213,810		16,987,204
NovaGold Resources Inc.(a)		62,512		483,218
Nucor Corp.		72,737		10,812,355
Olympic Steel Inc.		3,525		135,571
Reliance Steel & Aluminum Co.		16,559		3,036,093
Royal Gold Inc.		18,058		2,551,234
Ryerson Holding Corp.		5,039		176,466
Schnitzer Steel Industries Inc., Class A		6,294		326,910
Southern Copper Corp.		21,787		1,653,633
Steel Dynamics Inc.		50,647		4,225,479
SunCoke Energy Inc.		26,530		236,382
TimkenSteel Corp.(a)		10,129		221,623
United States Steel Corp.		69,184		2,611,004
Warrior Met Coal Inc.		15,277		566,929
Worthington Industries Inc.		9,496		488,189
				80,527,881
Mortgage Real Estate Investment — 0.1%
AFC Gamma Inc.		5,886		112,540
AGNC Investment Corp.		138,606		1,815,739
Annaly Capital Management Inc.		369,839		2,603,667
Apollo Commercial Real Estate Finance Inc.		41,479		577,802

S C H E D U L E   O F   I N V E S  T M E N T S 61

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Arbor Realty Trust Inc.		34,331	$	585,687
Ares Commercial Real Estate Corp.		11,191		173,684
ARMOUR Residential REIT Inc.		15,328		128,755
Blackstone Mortgage Trust Inc., Class A		41,450		1,317,696
BrightSpire Capital Inc.		23,714		219,355
Broadmark Realty Capital Inc.		34,848		301,435
Chimera Investment Corp.		60,627		729,949
Dynex Capital Inc.		7,460		120,852
Ellington Financial Inc.		13,861		246,033
Franklin BSP Realty Trust Inc.		7,677		107,324
Granite Point Mortgage Trust Inc.		16,006		177,987
Hannon Armstrong Sustainable Infrastructure Capital Inc.		19,507		925,217
Invesco Mortgage Capital Inc.		49,535		112,940
KKR Real Estate Finance Trust Inc.		6,674		137,551
Ladder Capital Corp.		28,255		335,387
MFA Financial Inc.		119,399		481,178
New Residential Investment Corp.		113,832		1,249,875
New York Mortgage Trust Inc.		93,615		341,695
Orchid Island Capital Inc.		33,135		107,689
PennyMac Mortgage Investment Trust		23,957		404,634
Ready Capital Corp.		13,505		203,385
Redwood Trust Inc.		31,919		336,107
Starwood Property Trust Inc.		75,678		1,829,137
TPG RE Finance Trust Inc.		15,027		177,469
Two Harbors Investment Corp.		73,825		408,252
				16,269,021
Multi-Utilities — 0.7%
Ameren Corp.		67,668		6,344,552
Avista Corp.		18,196		821,549
Black Hills Corp.		16,225		1,249,649
CenterPoint Energy Inc.		158,202		4,847,309
CMS Energy Corp.		77,616		5,428,463
Consolidated Edison Inc.		94,026		8,902,382
Dominion Energy Inc.		214,906		18,260,563
DTE Energy Co.		51,621		6,824,812
NiSource Inc.		103,865		3,302,907
NorthWestern Corp.		13,890		840,206
Public Service Enterprise Group Inc.		134,502		9,415,140
Sempra Energy		84,946		14,281,122
Unitil Corp.		3,453		172,236
WEC Energy Group Inc.		84,377		8,421,668
				89,112,558
Multiline Retail — 0.5%
Big Lots Inc.		9,031		312,472
Dillard’s Inc., Class A(b)		1,443		387,287
Dollar General Corp.		61,982		13,799,053
Dollar Tree Inc.(a)		59,123		9,468,548
Franchise Group Inc.		7,704		319,177
Kohl’s Corp.		36,895		2,230,672
Macy’s Inc.		79,439		1,935,134
Nordstrom Inc.		29,288		793,998
Ollie’s Bargain Outlet Holdings Inc.(a)		17,134		736,077
Target Corp.		127,393		27,035,342
				57,017,760
Oil, Gas & Consumable Fuels — 3.5%
Aemetis Inc.(a)		7,115		90,147
Alto Ingredients Inc.(a)		23,805		162,350
Antero Midstream Corp.		89,781		975,919

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Antero Resources Corp.(a)		74,783	$	2,283,125
APA Corp.		96,080		3,970,986
Arch Resources Inc.		4,065		558,450
Berry Corp.		23,191		239,331
Brigham Minerals Inc., Class A		10,321		263,701
California Resources Corp.		22,203		993,140
Callon Petroleum Co.(a)		13,046		770,758
Centennial Resource Development Inc./DE, Class A(a)		47,668		384,681
Centrus Energy Corp., Class A(a)		2,553		86,036
Cheniere Energy Inc.		61,989		8,594,775
Chesapeake Energy Corp.		28,260		2,458,620
Chevron Corp.		515,607		83,956,288
Civitas Resources Inc.		11,460		684,277
Clean Energy Fuels Corp.(a)		35,151		279,099
CNX Resources Corp.(a)		53,360		1,105,619
Comstock Resources Inc.(a)(b)		22,614		295,113
ConocoPhillips		351,639		35,163,900
CONSOL Energy Inc.(a)		7,720		290,504
Continental Resources Inc./OK		17,239		1,057,268
Coterra Energy Inc.		213,507		5,758,284
Crescent Energy Inc.		9,352		162,164
CVR Energy Inc.		10,163		259,563
Delek U.S. Holdings Inc.(a)		15,826		335,828
Denbury Inc.(a)		13,997		1,099,744
Devon Energy Corp.		178,804		10,572,680
DHT Holdings Inc.		27,323		158,473
Diamondback Energy Inc.		47,964		6,574,905
Dorian LPG Ltd.		9,531		138,104
DTE Midstream LLC(a)		25,320		1,373,863
Earthstone Energy Inc., Class A(a)		8,990		113,544
Energy Fuels Inc./Canada(a)(b)		40,008		366,073
EOG Resources Inc.		155,494		18,539,550
EQT Corp.		80,568		2,772,345
Equitrans Midstream Corp.		112,739		951,517
Escrow PetroCorp.(a)(c)		1,248		—
Exxon Mobil Corp.		1,128,681		93,217,764
Frontline Ltd./Bermuda(a)		33,665		296,252
Gevo Inc.(a)(b)		53,673		251,190
Golar LNG Ltd.(a)		25,052		620,789
Green Plains Inc.(a)		9,493		294,378
Hess Corp.		74,192		7,941,512
HF Sinclair Corp.		41,593		1,657,481
International Seaways Inc.		7,779		140,333
Kinder Morgan Inc.		515,346		9,745,193
Kosmos Energy Ltd.(a)		125,294		900,864
Laredo Petroleum Inc.(a)		3,326		263,220
Magnolia Oil & Gas Corp., Class A		37,292		881,956
Marathon Oil Corp.		205,187		5,152,246
Marathon Petroleum Corp.		163,293		13,961,551
Matador Resources Co.		28,255		1,496,950
Murphy Oil Corp.		38,337		1,548,431
New Fortress Energy Inc.		7,444		317,189
Nordic American Tankers Ltd.		51,976		110,709
Northern Oil and Gas Inc.		17,701		498,991
Oasis Petroleum Inc.		5,374		786,216
Occidental Petroleum Corp.		224,331		12,728,541
ONEOK Inc.		118,125		8,343,169
Ovintiv Inc.		70,947		3,836,104
Par Pacific Holdings Inc.(a)		11,415		148,623

62 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
PBF Energy Inc., Class A(a)		23,695	$	577,447
PDC Energy Inc.		25,856		1,879,214
Peabody Energy Corp.(a)(b)		21,526		528,033
Phillips 66		124,401		10,747,002
Pioneer Natural Resources Co.		57,669		14,418,980
Range Resources Corp.(a)		63,056		1,915,641
Ranger Oil Corp.(a)		4,054		139,985
Renewable Energy Group Inc.(a)		11,083		672,184
REX American Resources Corp.(a)		1,554		154,778
Riley Exploration Permian Inc.		3,557		89,210
Scorpio Tankers Inc.		16,120		344,646
SFL Corp. Ltd.		36,684		373,443
SM Energy Co.		30,081		1,171,655
Southwestern Energy Co.(a)		267,955		1,921,237
Talos Energy Inc.(a)		12,514		197,596
Targa Resources Corp.		60,982		4,602,311
Tellurian Inc.(a)		87,722		464,927
Texas Pacific Land Corp.		1,552		2,098,475
Uranium Energy Corp.(a)(b)		63,712		292,438
Ur-Energy Inc.(a)(b)		93,027		148,843
Valero Energy Corp.		108,617		11,028,970
W&T Offshore Inc.(a)		33,437		127,729
Whiting Petroleum Corp.		10,257		836,048
Williams Companies Inc. (The)		324,756		10,850,098
World Fuel Services Corp.		17,907		484,205
				425,045,471
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,558		127,761
Glatfelter Corp.		10,531		130,374
Louisiana-Pacific Corp.		22,914		1,423,418
Neenah Inc.		4,663		184,934
Schweitzer-Mauduit International Inc.		7,710		212,025
Sylvamo Corp.(a)		9,459		314,795
				2,393,307
Personal Products — 0.2%
Beauty Health Co. (The)(a)(b)		22,999		388,223
BellRing Brands Inc.(a)		31,057		716,796
Coty Inc., Class A(a)		90,265		811,482
Edgewell Personal Care Co.		15,261		559,621
elf Beauty Inc.(a)(b)		12,298		317,657
Estee Lauder Companies Inc. (The), Class A		60,780		16,551,610
Herbalife Nutrition Ltd.(a)		28,584		867,810
Honest Co. Inc. (The)(a)(b)		22,430		116,860
Inter Parfums Inc.		5,080		447,294
Medifast Inc.		3,216		549,229
Nu Skin Enterprises Inc., Class A		11,967		572,980
Olaplex Holdings Inc.(a)(b)		21,426		334,888
USANA Health Sciences Inc.(a)		3,648		289,834
Veru Inc.(a)		16,670		80,516
				22,604,800
Pharmaceuticals — 3.5%
Aclaris Therapeutics Inc.(a)(b)		11,418		196,846
Aerie Pharmaceuticals Inc.(a)		12,189		110,920
Amneal Pharmaceuticals Inc.(a)		26,888		112,123
Amphastar Pharmaceuticals Inc.(a)		10,541		378,422
Ampio Pharmaceuticals Inc.(a)		74,942		35,223
Amylyx Pharmaceuticals Inc.(a)(b)		5,021		64,520
ANI Pharmaceuticals Inc.(a)		3,212		90,289
Antares Pharma Inc.(a)		37,710		154,611

Security	Shares		Value
Pharmaceuticals (continued)
Arvinas Inc.(a)		11,739	$	790,035
Atea Pharmaceuticals Inc.(a)		18,377		132,682
Athira Pharma Inc.(a)		14,232		192,132
Axsome Therapeutics Inc.(a)(b)		7,126		294,945
Bristol-Myers Squibb Co.		581,100		42,437,733
Cara Therapeutics Inc.(a)		9,256		112,460
Cassava Sciences Inc.(a)(b)		10,056		373,480
Catalent Inc.(a)(b)		45,165		5,008,798
CinCor Pharma Inc.(a)(b)		5,291		92,804
Citius Pharmaceuticals Inc.(a)(b)		53,172		95,178
Collegium Pharmaceutical Inc.(a)		9,516		193,746
Corcept Therapeutics Inc.(a)		23,201		522,487
Cymabay Therapeutics Inc.(a)		37,737		117,362
DICE Therapeutics Inc.(a)(b)		5,045		96,511
Durect Corp.(a)(b)		94,880		63,560
Edgewise Therapeutics Inc.(a)		11,896		115,391
Elanco Animal Health Inc.(a)		118,966		3,103,823
Eli Lilly & Co.		225,911		64,694,133
Endo International PLC(a)		62,446		144,250
Esperion Therapeutics Inc.(a)(b)		8,414		39,041
Evolus Inc.(a)		11,660		130,825
EyePoint Pharmaceuticals Inc.(a)		8,515		103,457
Fulcrum Therapeutics Inc.(a)		6,352		150,225
Harmony Biosciences Holdings Inc.(a)		7,449		362,394
Ikena Oncology Inc.(a)(b)		8,324		50,776
Innoviva Inc.(a)(b)		11,399		220,571
Intra-Cellular Therapies Inc.(a)		21,415		1,310,384
Jazz Pharmaceuticals PLC(a)		15,964		2,485,116
Johnson & Johnson		702,229		124,456,046
KemPharm Inc.(a)(b)		11,635		58,524
Marinus Pharmaceuticals Inc.(a)		11,712		109,507
Merck & Co. Inc.		675,201		55,400,242
Mind Medicine MindMed Inc.(a)(b)		97,802		108,560
Nektar Therapeutics(a)(b)		45,551		245,520
NGM Biopharmaceuticals Inc.(a)		6,644		101,321
Nuvation Bio Inc.(a)(b)		41,905		220,420
Ocular Therapeutix Inc.(a)		22,794		112,830
Omeros Corp.(a)(b)		13,754		82,662
Oramed Pharmaceuticals Inc.(a)		7,045		60,939
Organon & Co.		68,842		2,404,651
Pacira BioSciences Inc.(a)		11,916		909,429
Perrigo Co. PLC		37,269		1,432,248
Pfizer Inc.		1,487,862		77,026,616
Phathom Pharmaceuticals Inc.(a)(b)		5,970		81,252
Phibro Animal Health Corp., Class A		5,212		103,979
Pliant Therapeutics Inc.(a)		6,496		45,537
Prestige Consumer Healthcare Inc.(a)		13,749		727,872
Provention Bio Inc.(a)(b)		19,043		139,395
Reata Pharmaceuticals Inc., Class A(a)(b)		7,401		242,457
Relmada Therapeutics Inc.(a)		5,371		144,963
Revance Therapeutics Inc.(a)(b)		17,103		333,508
Royalty Pharma PLC, Class A		87,234		3,398,637
SIGA Technologies Inc.(a)(b)		21,451		152,088
Supernus Pharmaceuticals Inc.(a)		13,214		427,076
TherapeuticsMD Inc.(a)		136,519		51,877
Theravance Biopharma Inc.(a)		15,526		148,429
Viatris Inc.		322,576		3,509,627
Zoetis Inc.		126,701		23,894,542
				420,708,007

S C H E D U L E   O F   I N V E S  T M E N T S 63

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 0.6%
ASGN Inc.(a)		13,423	$	1,566,598
Barrett Business Services Inc.		1,757		136,115
Booz Allen Hamilton Holding Corp.		35,468		3,115,509
CACI International Inc., Class A(a)		6,117		1,842,807
CBIZ Inc.(a)		13,682		574,234
Clarivate PLC(a)(b)		124,148		2,080,721
CoStar Group Inc.(a)		104,379		6,952,685
CRA International Inc.		2,654		223,626
Dun & Bradstreet Holdings Inc.(a)		44,496		779,570
Equifax Inc.		32,117		7,614,941
Exponent Inc.		13,514		1,460,188
First Advantage Corp.(a)		15,185		306,585
Forrester Research Inc.(a)		3,663		206,666
Franklin Covey Co.(a)		4,413		199,556
FTI Consulting Inc.(a)(b)		8,634		1,357,438
Heidrick & Struggles International Inc.		4,495		177,912
HireRight Holdings Corp.(a)(b)		8,512		145,555
Huron Consulting Group Inc.(a)		5,832		267,164
ICF International Inc.		4,895		460,815
Insperity Inc.		9,486		952,584
Jacobs Engineering Group Inc.		34,719		4,784,625
KBR Inc.		36,732		2,010,342
Kelly Services Inc., Class A, NVS		10,171		220,609
Kforce Inc.		5,101		377,321
Korn Ferry		14,274		926,954
Legalzoomcom Inc.(a)(b)		25,359		358,576
Leidos Holdings Inc.		38,058		4,111,025
ManpowerGroup Inc.		14,840		1,393,773
ManTech International Corp./VA, Class A		7,146		615,914
Nielsen Holdings PLC		96,838		2,637,867
Resources Connection Inc.		10,799		185,095
Robert Half International Inc.		28,571		3,262,237
Science Applications International Corp.		14,717		1,356,466
Sterling Check Corp.(a)(b)		5,962		157,576
TransUnion		50,698		5,239,131
TriNet Group Inc.(a)(b)		10,434		1,026,288
TrueBlue Inc.(a)		10,075		291,067
Upwork Inc.(a)		30,680		713,003
Verisk Analytics Inc.		42,173		9,051,591
Willdan Group Inc.(a)		3,302		101,338
				69,242,067
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		88,096		8,062,546
Cushman & Wakefield PLC(a)(b)		38,084		781,103
Douglas Elliman Inc., NVS		20,752		151,490
eXp World Holdings Inc.		16,363		346,405
Forestar Group Inc.(a)		6,173		109,632
FRP Holdings Inc.(a)(b)		2,542		146,928
Howard Hughes Corp. (The)(a)(b)		11,005		1,140,228
Jones Lang LaSalle Inc.(a)		13,408		3,210,680
Kennedy-Wilson Holdings Inc.		31,963		779,577
Marcus & Millichap Inc.		5,643		297,273
Newmark Group Inc., Class A		42,003		668,688
Opendoor Technologies Inc.(a)(b)		119,336		1,032,256
Rafael Holdings Inc., Class B(a)		3,430		8,609
RE/MAX Holdings Inc., Class A		4,531		125,645
Realogy Holdings Corp.(a)		31,787		498,420
Redfin Corp.(a)(b)		27,271		491,969
RMR Group Inc. (The), Class A		4,174		129,811
St Joe Co. (The)(b)		8,485		502,651

Security	Shares		Value
Real Estate Management & Development (continued)
Tejon Ranch Co.(a)		8,510	$	155,393
Zillow Group Inc., Class A(a)		16,012		772,259
Zillow Group Inc., Class C, NVS(a)		44,955		2,215,832
				21,627,395
Road & Rail — 1.1%
AMERCO		2,335		1,393,855
ArcBest Corp.		6,223		500,951
Avis Budget Group Inc.(a)(b)		10,896		2,868,917
Covenant Logistics Group Inc., Class A		3,793		81,663
CSX Corp.		590,611		22,118,382
Daseke Inc.(a)		12,197		122,824
Heartland Express Inc.		12,000		168,840
JB Hunt Transport Services Inc.		22,166		4,450,711
Knight-Swift Transportation Holdings Inc.		42,403		2,139,655
Landstar System Inc.		10,163		1,532,885
Lyft Inc., Class A(a)		77,928		2,992,435
Marten Transport Ltd.		14,206		252,299
Norfolk Southern Corp.		63,928		18,233,544
Old Dominion Freight Line Inc.		27,035		8,074,814
PAM Transportation Services Inc.(a)		3,026		105,154
Ryder System Inc.		13,299		1,055,010
Saia Inc.(a)		7,149		1,743,069
Schneider National Inc., Class B		14,922		380,511
TuSimple Holdings Inc., Class A(a)(b)		35,183		429,233
Uber Technologies Inc.(a)		428,478		15,288,095
Union Pacific Corp.		171,335		46,810,435
Werner Enterprises Inc.		16,504		676,664
XPO Logistics Inc.(a)		25,644		1,866,883
Yellow Corp.(a)		13,275		93,058
				133,379,887
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices Inc.(a)		435,414		47,608,167
Allegro MicroSystems Inc.(a)		12,630		358,692
Alpha & Omega Semiconductor Ltd.(a)		6,431		351,454
Ambarella Inc.(a)		9,333		979,218
Amkor Technology Inc.		29,252		635,353
Analog Devices Inc.		140,133		23,147,169
Applied Materials Inc.		235,987		31,103,087
Atomera Inc.(a)(b)		5,856		76,479
Axcelis Technologies Inc.(a)		8,212		620,252
AXT Inc.(a)(b)		13,540		95,051
Broadcom Inc.		107,585		67,744,123
CEVA Inc.(a)		5,705		231,908
Cirrus Logic Inc.(a)		15,458		1,310,684
CMC Materials Inc.		7,415		1,374,741
Cohu Inc.(a)		11,186		331,106
Diodes Inc.(a)		11,081		963,936
Enphase Energy Inc.(a)(b)		34,965		7,055,238
Entegris Inc.		35,628		4,676,531
First Solar Inc.(a)		27,816		2,329,312
FormFactor Inc.(a)		20,571		864,599
GLOBALFOUNDRIES Inc.(a)(b)		13,904		867,888
Ichor Holdings Ltd.(a)		7,381		262,911
Impinj Inc.(a)(b)		4,749		301,751
Intel Corp.		1,077,269		53,389,452
KLA Corp.		40,299		14,751,852
Kopin Corp.(a)(b)		21,776		55,093
Kulicke & Soffa Industries Inc.		15,199		851,448
Lam Research Corp.		37,570		20,198,008

64 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.(a)		35,677	$	2,174,513
MACOM Technology Solutions Holdings Inc., Class H(a)		13,237		792,499
Marvell Technology Inc.		225,136		16,144,503
MaxLinear Inc.(a)		18,904		1,103,048
Meta Materials Inc.(a)(b)		57,922		96,730
Microchip Technology Inc.		144,649		10,868,926
Micron Technology Inc.		298,385		23,241,208
MKS Instruments Inc.		14,581		2,187,150
Monolithic Power Systems Inc.		12,199		5,924,810
NeoPhotonics Corp.(a)		15,729		239,238
NVE Corp.		1,559		84,919
NVIDIA Corp.		637,630		173,983,722
NXP Semiconductors NV		70,389		13,027,596
ON Semiconductor Corp.(a)		112,085		7,017,642
Onto Innovation Inc.(a)		12,355		1,073,526
PDF Solutions Inc.(a)		10,195		284,135
Photronics Inc.(a)		16,371		277,816
Power Integrations Inc.		15,759		1,460,544
Qorvo Inc.(a)		29,318		3,638,364
QUALCOMM Inc.		300,647		45,944,874
Rambus Inc.(a)		27,571		879,239
Semtech Corp.(a)		16,674		1,156,175
Silicon Laboratories Inc.(a)		10,520		1,580,104
SiTime Corp.(a)		4,337		1,074,795
Skyworks Solutions Inc.		44,421		5,920,431
SMART Global Holdings Inc.(a)		14,225		367,432
SunPower Corp.(a)(b)		19,912		427,710
Synaptics Inc.(a)		10,337		2,062,231
Teradyne Inc.		44,009		5,203,184
Texas Instruments Inc.		246,160		45,165,437
Ultra Clean Holdings Inc.(a)		11,593		491,427
Universal Display Corp.		11,899		1,986,538
Veeco Instruments Inc.(a)(b)		11,324		307,900
Wolfspeed Inc.(a)(b)		31,229		3,555,734
				662,279,603
Software — 9.4%
8x8 Inc.(a)		28,331		356,687
A10 Networks Inc.		15,036		209,752
ACI Worldwide Inc.(a)		31,963		1,006,515
Adobe Inc.(a)		125,572		57,213,115
Agilysys Inc.(a)(b)		6,754		269,350
Alarm.com Holdings Inc.(a)		12,304		817,724
Alkami Technology Inc.(a)		7,498		107,296
Altair Engineering Inc., Class A(a)(b)		12,103		779,433
Alteryx Inc., Class A(a)(b)		15,639		1,118,658
American Software Inc./GA, Class A		6,277		130,813
Anaplan Inc.(a)(b)		37,416		2,433,911
ANSYS Inc.(a)		23,046		7,320,562
Appfolio Inc., Class A(a)(b)		4,830		546,804
Appian Corp.(a)(b)		10,389		631,859
Asana Inc., Class A(a)(b)		19,850		793,405
Aspen Technology Inc.(a)		17,802		2,943,917
Atlassian Corp. PLC, Class A(a)		37,021		10,877,880
Autodesk Inc.(a)		58,924		12,630,359
Avalara Inc.(a)(b)		22,613		2,250,220
Avaya Holdings Corp.(a)(b)		21,851		276,852
AvidXchange Holdings Inc.(a)(b)		7,599		61,172
Benefitfocus Inc.(a)		10,265		129,544
Bentley Systems Inc., Class B(b)		35,861		1,584,339

Security	Shares		Value
Software (continued)
Bill.com Holdings Inc.(a)		24,956	$	5,659,771
Black Knight Inc.(a)		41,322		2,396,263
Blackbaud Inc.(a)		12,950		775,317
Blackline Inc.(a)		13,570		993,595
Bottomline Technologies DE Inc.(a)		11,245		637,367
Box Inc., Class A(a)		38,626		1,122,472
BTRS Holdings Inc.(a)		18,306		136,929
C3.ai Inc., Class A(a)(b)		15,746		357,434
Cadence Design Systems Inc.(a)		73,546		12,095,375
CDK Global Inc.		31,207		1,519,157
Cerence Inc.(a)		10,010		361,361
Ceridian HCM Holding Inc.(a)		34,296		2,344,475
ChannelAdvisor Corp.(a)		5,064		83,910
Citrix Systems Inc.		32,555		3,284,799
Cleanspark Inc.(a)(b)		10,167		125,766
CommVault Systems Inc.(a)		12,838		851,801
Consensus Cloud Solutions Inc.(a)		3,832		230,418
CoreCard Corp.(a)		3,133		85,844
Couchbase Inc.(a)		3,018		52,574
Coupa Software Inc.(a)		19,737		2,005,871
Crowdstrike Holdings Inc., Class A(a)		53,219		12,084,971
CS Disco Inc.(a)		3,410		115,838
Datadog Inc., Class A(a)(b)		67,534		10,229,375
Datto Holding Corp.(a)(b)		6,481		173,172
Digimarc Corp.(a)(b)		4,200		110,754
Digital Turbine Inc.(a)		22,799		998,824
DocuSign Inc.(a)		51,381		5,503,933
Dolby Laboratories Inc., Class A		17,509		1,369,554
Domo Inc., Class B(a)		6,955		351,714
DoubleVerify Holdings Inc.(a)		13,726		345,483
Dropbox Inc., Class A(a)		80,735		1,877,089
Duck Creek Technologies Inc.(a)		19,717		436,140
Dynatrace Inc.(a)		52,236		2,460,316
E2open Parent Holdings Inc.(a)(b)		54,299		478,374
Ebix Inc.		6,886		228,271
eGain Corp.(a)		9,308		107,787
Elastic NV(a)		19,625		1,745,644
Enfusion Inc., Class A(a)		6,279		79,869
EngageSmart Inc.(a)(b)		5,567		118,633
Envestnet Inc.(a)		14,799		1,101,638
Everbridge Inc.(a)		9,714		423,919
EverCommerce Inc.(a)(b)		9,164		120,965
Fair Isaac Corp.(a)		6,781		3,163,065
Five9 Inc.(a)		17,904		1,976,602
Fortinet Inc.(a)		35,834		12,245,911
Guidewire Software Inc.(a)		21,997		2,081,356
HubSpot Inc.(a)		12,004		5,701,180
Informatica Inc.(a)(b)		8,871		175,114
Instructure Holdings Inc.(a)		5,254		105,395
Intapp Inc.(a)(b)		4,672		112,175
InterDigital Inc.		8,970		572,286
Intuit Inc.		70,747		34,017,987
Jamf Holding Corp.(a)(b)		14,235		495,520
JFrog Ltd.(a)		14,109		380,238
LivePerson Inc.(a)(b)		16,664		406,935
Mandiant Inc.(a)		61,532		1,372,779
Manhattan Associates Inc.(a)		16,640		2,308,134
Marathon Digital Holdings Inc.(a)(b)		25,098		701,489
MeridianLink Inc.(a)(b)		6,098		110,374
Microsoft Corp.		2,008,632		619,281,332

S C H E D U L E   O F   I N V E S  T M E N T S 65

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
MicroStrategy Inc., Class A(a)(b)		2,566	$	1,247,897
Mimecast Ltd.(a)		16,743		1,332,073
Mitek Systems Inc.(a)(b)		8,127		119,223
Model N Inc.(a)		9,715		261,334
Momentive Global Inc.(a)		32,319		525,507
N-able Inc.(a)		8,977		81,691
nCino Inc.(a)(b)		14,896		610,438
NCR Corp.(a)(b)		33,817		1,359,105
New Relic Inc.(a)(b)		13,875		927,960
NortonLifeLock Inc.		144,995		3,845,267
Nutanix Inc., Class A(a)		55,899		1,499,211
ON24 Inc.(a)		4,110		54,047
OneSpan Inc.(a)		7,062		101,975
Oracle Corp.		429,384		35,522,938
PagerDuty Inc.(a)(b)		21,391		731,358
Palantir Technologies Inc., Class A(a)(b)		440,691		6,050,687
Palo Alto Networks Inc.(a)(b)		25,816		16,070,718
Paycom Software Inc.(a)		13,050		4,520,259
Paycor HCM Inc.(a)(b)		12,703		369,784
Paylocity Holding Corp.(a)		10,502		2,160,997
Pegasystems Inc.		11,063		892,231
Ping Identity Holding Corp.(a)		15,721		431,227
Procore Technologies Inc.(a)(b)		15,788		915,072
Progress Software Corp.		11,836		557,357
PROS Holdings Inc.(a)		11,881		395,756
PTC Inc.(a)		28,276		3,045,891
Q2 Holdings Inc.(a)(b)		14,910		919,201
Qualys Inc.(a)		8,892		1,266,310
Rapid7 Inc.(a)		15,301		1,702,083
Rekor Systems Inc.(a)(b)		13,325		60,762
Rimini Street Inc.(a)		14,869		86,240
RingCentral Inc., Class A(a)		21,460		2,515,327
Riot Blockchain Inc.(a)(b)		22,164		469,212
SailPoint Technologies Holdings Inc.(a)(b)		23,135		1,184,049
salesforce.com Inc.(a)		249,242		52,919,061
Sapiens International Corp. NV		6,934		176,054
ServiceNow Inc.(a)		53,339		29,703,956
ShotSpotter Inc.(a)		2,603		72,155
Smartsheet Inc., Class A(a)		32,203		1,764,080
Splunk Inc.(a)		42,370		6,296,606
Sprout Social Inc., Class A(a)		11,718		938,846
SPS Commerce Inc.(a)		9,202		1,207,302
SS&C Technologies Holdings Inc.		59,342		4,451,837
Sumo Logic Inc.(a)		22,878		266,986
Synopsys Inc.(a)		40,539		13,510,433
Telos Corp.(a)		10,530		104,984
Tenable Holdings Inc.(a)		24,106		1,393,086
Teradata Corp.(a)(b)		29,211		1,439,810
Trade Desk Inc. (The), Class A(a)		115,288		7,983,694
Tyler Technologies Inc.(a)		10,752		4,783,457
Unity Software Inc.(a)(b)		39,677		3,936,355
Upland Software Inc.(a)		6,007		105,783
Varonis Systems Inc.(a)(b)		27,681		1,315,955
Verint Systems Inc.(a)(b)		17,914		926,154
Veritone Inc.(a)(b)		6,194		113,226
Viant Technology Inc., Class A(a)		5,281		34,591
VMware Inc., Class A		59,148		6,735,183
Vonage Holdings Corp.(a)		69,242		1,404,920
Workday Inc., Class A(a)		51,212		12,263,226
Workiva Inc.(a)(b)		11,129		1,313,222

Security	Shares		Value
Software (continued)
Xperi Holding Corp.		28,253	$	489,342
Yext Inc.(a)		25,730		177,280
Zendesk Inc.(a)(b)		32,529		3,912,913
Zoom Video Communications Inc., Class A(a)		57,785		6,774,136
Zscaler Inc.(a)		20,993		5,065,191
Zuora Inc., Class A(a)		29,685		444,681
				1,129,138,493
Specialty Retail — 2.0%
Aaron’s Co. Inc. (The)		9,386		188,471
Abercrombie & Fitch Co., Class A(a)		14,328		458,353
Academy Sports & Outdoors Inc.		20,493		807,424
Advance Auto Parts Inc.		16,589		3,433,259
American Eagle Outfitters Inc.		39,173		658,106
America’s Car-Mart Inc./TX(a)		1,970		158,703
Arko Corp.		18,821		171,271
Asbury Automotive Group Inc.(a)		5,964		955,433
AutoNation Inc.(a)(b)		10,975		1,092,890
AutoZone Inc.(a)		5,503		11,251,324
Barnes & Noble Education Inc.(a)		10,498		37,583
Bath & Body Works Inc.		64,767		3,095,863
Bed Bath & Beyond Inc.(a)		28,742		647,557
Best Buy Co. Inc.		63,956		5,813,600
Big 5 Sporting Goods Corp.(b)		5,689		97,566
Boot Barn Holdings Inc.(a)		7,009		664,383
Buckle Inc. (The)		6,850		226,324
Burlington Stores Inc.(a)		17,664		3,217,851
Caleres Inc.		10,774		208,261
Camping World Holdings Inc., Class A		10,999		307,422
CarMax Inc.(a)(b)		43,021		4,150,666
Carvana Co.(a)(b)		20,423		2,436,260
Cato Corp. (The), Class A		7,385		108,264
Chico’s FAS Inc.(a)		32,351		155,285
Children’s Place Inc. (The)(a)(b)		3,273		161,359
Citi Trends Inc.(a)(b)		2,357		72,183
Conn’s Inc.(a)(b)		6,007		92,568
Container Store Group Inc. (The)(a)(b)		11,315		92,444
Designer Brands Inc. , Class A(a)		17,891		241,707
Dick’s Sporting Goods Inc.		16,633		1,663,633
Five Below Inc.(a)		14,745		2,335,166
Floor & Decor Holdings Inc., Class A(a)		26,959		2,183,679
Foot Locker Inc.		24,381		723,140
GameStop Corp., Class A(a)(b)		17,047		2,839,689
Gap Inc. (The)		53,683		755,857
Genesco Inc.(a)(b)		3,211		204,252
Group 1 Automotive Inc.		4,400		738,452
GrowGeneration Corp.(a)(b)		14,405		132,670
Guess? Inc.		9,630		210,415
Haverty Furniture Companies Inc.		4,602		126,187
Hibbett Inc.		4,231		187,603
Home Depot Inc. (The)		278,348		83,317,907
Leslie’s Inc.(a)(b)		42,174		816,489
Lithia Motors Inc.		7,860		2,358,943
LL Flooring Holdings Inc.(a)		6,804		95,392
Lowe’s Companies Inc.		179,661		36,325,658
MarineMax Inc.(a)		5,346		215,230
Monro Inc.		8,485		376,225
Murphy USA Inc.		6,059		1,211,558
National Vision Holdings Inc.(a)(b)		20,839		907,955
O’Reilly Automotive Inc.(a)		17,692		12,118,312
ODP Corp. (The)(a)		11,908		545,744

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
OneWater Marine Inc., Class A		3,406	$	117,337
Party City Holdco Inc.(a)		29,033		103,938
Penske Automotive Group Inc.		8,935		837,388
Petco Health & Wellness Co. Inc.(a)(b)		14,684		287,366
Rent-A-Center Inc./TX		17,184		432,865
RH(a)		4,551		1,484,036
Ross Stores Inc.		93,080		8,420,017
Sally Beauty Holdings Inc.(a)(b)		27,970		437,171
Shift Technologies Inc.(a)(b)		16,859		37,090
Shoe Carnival Inc.		3,628		105,792
Signet Jewelers Ltd.		13,351		970,618
Sleep Number Corp.(a)		5,830		295,639
Sonic Automotive Inc., Class A		7,333		311,726
Sportsman’s Warehouse Holdings Inc.(a)		13,444		143,716
Tilly’s Inc., Class A		8,425		78,858
TJX Companies Inc. (The)		318,727		19,308,482
Tractor Supply Co.		30,018		7,005,301
TravelCenters of America Inc.(a)		4,088		175,620
Ulta Salon Cosmetics & Fragrance Inc.(a)		13,922		5,544,019
Urban Outfitters Inc.(a)(b)		18,985		476,713
Victoria’s Secret & Co.(a)		20,550		1,055,448
Vroom Inc.(a)(b)		30,910		82,221
Williams-Sonoma Inc.		19,794		2,870,130
Winmark Corp.		782		172,040
Zumiez Inc.(a)		5,450		208,244
				242,354,311
Technology Hardware, Storage & Peripherals — 6.3%
3D Systems Corp.(a)		31,307		522,201
Apple Inc.		4,113,984		718,342,746
Avid Technology Inc.(a)		7,672		267,523
Corsair Gaming Inc.(a)(b)		6,177		130,705
Dell Technologies Inc., Class C(a)		71,506		3,588,886
Diebold Nixdorf Inc.(a)(b)		20,472		137,777
Eastman Kodak Co.(a)(b)		12,980		85,019
Hewlett Packard Enterprise Co.		348,586		5,824,872
HP Inc.		289,338		10,502,970
NetApp Inc.		59,148		4,909,284
Pure Storage Inc., Class A(a)		71,649		2,529,926
Quantum Corp.(a)		18,833		42,751
Super Micro Computer Inc.(a)		10,441		397,489
Turtle Beach Corp.(a)		4,808		102,362
Western Digital Corp.(a)		83,419		4,141,753
Xerox Holdings Corp.		33,861		682,976
				752,209,240
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)		39,981		2,054,624
Carter’s Inc.		11,311		1,040,499
Columbia Sportswear Co.		10,096		913,991
Crocs Inc.(a)		15,362		1,173,657
Deckers Outdoor Corp.(a)		7,202		1,971,692
Fossil Group Inc.(a)		10,771		103,832
G-III Apparel Group Ltd.(a)		11,336		306,639
Hanesbrands Inc.		95,948		1,428,666
Kontoor Brands Inc.		14,265		589,858
Lululemon Athletica Inc.(a)		30,549		11,157,411
Movado Group Inc.		4,390		171,429
Nike Inc., Class B		330,540		44,477,462
Oxford Industries Inc.		4,636		419,558
PLBY Group Inc.(a)		8,276		108,333

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
PVH Corp.		19,171	$	1,468,690
Ralph Lauren Corp.		12,469		1,414,483
Rocky Brands Inc.		2,576		107,136
Skechers U.S.A. Inc., Class A(a)		35,282		1,438,094
Steven Madden Ltd.		22,368		864,300
Tapestry Inc.		70,536		2,620,412
Under Armour Inc., Class A(a)		50,673		862,454
Under Armour Inc., Class C, NVS(a)		51,569		802,414
VF Corp.		85,286		4,849,362
Wolverine World Wide Inc.		22,777		513,849
				80,858,845
Thrifts & Mortgage Finance — 0.1%
Axos Financial Inc.(a)		15,124		701,602
Blue Foundry Bancorp(a)		8,545		115,785
Bridgewater Bancshares Inc.(a)		8,235		137,360
Capitol Federal Financial Inc.		39,520		429,978
Columbia Financial Inc.(a)		13,263		285,287
Essent Group Ltd.		29,493		1,215,407
Federal Agricultural Mortgage Corp., Class C, NVS		2,545		276,082
Finance of America Companies Inc., Class A(a)		20,038		60,916
Flagstar Bancorp. Inc.		14,392		610,221
Hingham Institution For Savings (The)		460		157,872
Home Bancorp. Inc.		2,922		119,188
Kearny Financial Corp./MD		15,784		203,298
Merchants Bancorp./IN		5,245		143,608
MGIC Investment Corp.		89,687		1,215,259
Mr Cooper Group Inc.(a)		16,311		744,923
New York Community Bancorp. Inc.		115,889		1,242,330
NMI Holdings Inc., Class A(a)		22,343		460,713
Northfield Bancorp. Inc.		13,664		196,215
PennyMac Financial Services Inc.		9,156		487,099
Provident Financial Services Inc.		21,816		510,494
Radian Group Inc.		50,443		1,120,339
Rocket Companies Inc., Class A(b)		31,277		347,800
Southern Missouri Bancorp. Inc.		2,580		128,871
TFS Financial Corp.		15,327		254,428
TrustCo Bank Corp. NY		5,288		168,846
UWM Holdings Corp.		14,038		63,592
Walker & Dunlop Inc.		7,934		1,026,818
Washington Federal Inc.		16,896		554,527
Waterstone Financial Inc.		8,342		161,334
WSFS Financial Corp.		17,133		798,740
				13,938,932
Tobacco — 0.6%
22nd Century Group Inc.(a)(b)		41,721		96,793
Altria Group Inc.		485,211		25,352,275
Philip Morris International Inc.		415,003		38,985,382
Turning Point Brands Inc.		3,903		132,741
Universal Corp./VA		6,706		389,417
Vector Group Ltd.		41,527		499,985
				65,456,593
Trading Companies & Distributors — 0.4%
Air Lease Corp.		28,605		1,277,213
Alta Equipment Group Inc.(a)		9,022		111,512
Applied Industrial Technologies Inc.		9,952		1,021,672
Beacon Roofing Supply Inc.(a)(b)		14,394		853,276
BlueLinx Holdings Inc.(a)(b)		2,307		165,827
Boise Cascade Co.		9,715		674,901
Core & Main Inc., Class A(a)(b)		14,945		361,520

S C H E D U L E   O F   I N V E S  T M E N T S 67

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Custom Truck One Source Inc.(a)		14,032	$	117,729
DXP Enterprises Inc./TX(a)		5,460		147,912
Fastenal Co.		153,590		9,123,246
GATX Corp.		9,103		1,122,673
Global Industrial Co.		3,385		109,099
GMS Inc.(a)		11,255		560,161
H&E Equipment Services Inc.		8,210		357,299
Herc Holdings Inc.		6,370		1,064,363
McGrath RentCorp		6,203		527,131
MRC Global Inc.(a)		23,534		280,290
MSC Industrial Direct Co. Inc., Class A		12,452		1,061,035
NOW Inc.(a)		27,897		307,704
Rush Enterprises Inc., Class A		12,418		632,200
Rush Enterprises Inc., Class B		2,084		100,761
SiteOne Landscape Supply Inc.(a)		11,595		1,874,796
Textainer Group Holdings Ltd.		11,989		456,421
Titan Machinery Inc.(a)		5,765		162,919
Transcat Inc.(a)		1,417		114,975
Triton International Ltd.		16,991		1,192,428
United Rentals Inc.(a)		19,152		6,802,982
Univar Solutions Inc.(a)		46,398		1,491,232
Veritiv Corp.(a)		3,549		474,111
Watsco Inc.		8,593		2,617,772
WESCO International Inc.(a)		11,743		1,528,234
WW Grainger Inc.		12,387		6,389,091
				43,082,485
Water Utilities — 0.1%
American States Water Co.		10,285		915,571
American Water Works Co. Inc.		48,009		7,946,930
Artesian Resources Corp., Class A, NVS		2,967		144,048
California Water Service Group		13,423		795,715
Essential Utilities Inc.		61,313		3,134,934
Middlesex Water Co.		5,085		534,789
Pure Cycle Corp.(a)		8,675		104,273
SJW Group		7,734		538,132
York Water Co. (The)		3,327		149,615
				14,264,007
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)(b)		13,758		262,228
Shenandoah Telecommunications Co.(b)		13,423		316,514
T-Mobile U.S. Inc.(a)		156,916		20,140,169
Telephone and Data Systems Inc.		27,813		525,109
U.S. Cellular Corp.(a)		3,557		107,528
				21,351,548
Total Common Stocks — 99.8% (Cost: $7,923,612,334)				11,990,450,005

Security	Shares		Value
Rights
Technology Hardware, Storage & Peripherals — 0.0%
Right Quantum Corp., NVS (Expires 04/18/22)		19,106	$	162
Total Rights — 0.0% (Cost: $0)				162
Warrants
Oil, Gas & Consumable Fuels — 0.0%
Whiting Petroleum Corp., (Expires 09/01/24)(a)		409		8,384
Whiting Petroleum Corp., (Expires 09/01/25)(a)		204		3,042
				11,426
Total Warrants — 0.0% (Cost: $68,578)				11,426
Short-Term Investments
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		231,171,253		231,125,019
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		19,635,000		19,635,000
				250,760,019
Total Short-Term Investments — 2.1% (Cost: $250,725,561)				250,760,019
Total Investments in Securities — 101.9% (Cost: $8,174,406,473)				12,241,221,612
Other Assets, Less Liabilities — (1.9)%				(223,739,054	)
Net Assets — 100.0%			$	12,017,482,558

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	126,273,904	$	105,017,220	(a)	$	—		$	(60,205	)	$	(105,900	)	$	231,125,019		231,171,253	$	748,840	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,515,000		5,120,000	(a)		—			—			—			19,635,000		19,635,000		4,489			—
BlackRock Inc.		30,134,273		4,119,687			(5,748,092	)		2,704,027			(2,141,632	)		29,068,263		38,039		665,399			—
									$	2,643,822		$	(2,247,532	)	$	279,828,282			$	1,418,728		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		35		06/17/22	$	3,616	$	72,342
S&P 500 E-Mini Index		98		06/17/22		22,201		1,027,460
							$	1,099,802

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,099,802

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,940,308
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,070,191

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	22,733,692

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

S C H E D U L E  O F   I N V E S T  M E N T S 69

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell 3000 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,990,344,289	$	92,898	$	12,818	$	11,990,450,005
Rights		—		162		—		162
Warrants		11,426		—		—		11,426
Money Market Funds		250,760,019		—		—		250,760,019
	$	12,241,115,734	$	93,060	$	12,818	$	12,241,221,612
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,099,802	$	—	$	—	$	1,099,802

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

See notes to financial statements.

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Schedule of Investments March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Axon Enterprise Inc.(a)		182,188	$	25,092,753
BWX Technologies Inc.		259,586		13,981,302
Curtiss-Wright Corp.		110,898		16,652,444
HEICO Corp.(b)		126,854		19,477,163
HEICO Corp., Class A		219,726		27,867,849
Hexcel Corp.		228,429		13,584,673
Howmet Aerospace Inc.		1,065,484		38,293,495
Huntington Ingalls Industries Inc.		111,012		22,140,233
Mercury Systems Inc.(a)(b)		153,976		9,923,753
Spirit AeroSystems Holdings Inc., Class A		297,915		14,565,064
Textron Inc.		616,638		45,865,535
TransDigm Group Inc.(a)		146,852		95,679,952
Virgin Galactic Holdings Inc.(a)(b)		494,649		4,887,132
Woodward Inc.		172,680		21,569,459
				369,580,807
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		362,225		39,015,255
Expeditors International of Washington Inc.		470,571		48,544,104
GXO Logistics Inc.(a)		272,699		19,454,347
				107,013,706
Airlines — 0.9%
Alaska Air Group Inc.(a)		344,097		19,961,067
American Airlines Group Inc.(a)(b)		1,781,302		32,508,762
Copa Holdings SA, Class A, NVS(a)		85,684		7,166,610
Delta Air Lines Inc.(a)		1,792,101		70,913,437
JetBlue Airways Corp.(a)		863,416		12,908,069
Southwest Airlines Co.(a)		1,655,139		75,805,366
United Airlines Holdings Inc.(a)(b)		897,679		41,616,398
				260,879,709
Auto Components — 0.6%
Aptiv PLC(a)		754,786		90,355,432
BorgWarner Inc.		668,074		25,988,079
Gentex Corp.		660,637		19,270,781
Lear Corp.		168,022		23,958,257
QuantumScape Corp.(a)(b)		674,493		13,483,115
				173,055,664
Automobiles — 0.1%
Harley-Davidson Inc.		432,901		17,056,299
Thor Industries Inc.		145,244		11,430,703
				28,487,002
Banks — 3.4%
Bank of Hawaii Corp.		108,407		9,097,515
Bank OZK		335,842		14,340,453
BOK Financial Corp.		83,613		7,855,441
Citizens Financial Group Inc.		1,186,763		53,795,967
Comerica Inc.		368,037		33,281,586
Commerce Bancshares Inc.		309,137		22,131,118
Cullen/Frost Bankers Inc.		160,228		22,177,158
East West Bancorp. Inc.		392,972		31,052,648
Fifth Third Bancorp.		1,907,161		82,084,210
First Citizens BancShares Inc./NC, Class A(b)		34,278		22,815,437
First Hawaiian Inc.		355,862		9,924,991
First Horizon Corp.		1,478,015		34,718,572
First Republic Bank/CA		499,323		80,940,258
FNB Corp.		944,622		11,760,544
Huntington Bancshares Inc./OH		4,000,910		58,493,304
KeyCorp		2,609,216		58,394,254

Security	Shares		Value
Banks (continued)
M&T Bank Corp.		358,395	$	60,747,953
PacWest Bancorp.		322,004		13,888,033
People’s United Financial Inc.		1,198,442		23,956,856
Pinnacle Financial Partners Inc.		209,028		19,247,298
Popular Inc.		224,414		18,343,600
Prosperity Bancshares Inc.		252,285		17,503,533
Regions Financial Corp.		2,684,801		59,763,670
Signature Bank/New York NY		171,847		50,435,376
SVB Financial Group(a)(b)		158,325		88,574,921
Synovus Financial Corp.		402,806		19,737,494
Umpqua Holdings Corp.		601,063		11,336,048
Webster Financial Corp.		497,742		27,933,281
Western Alliance Bancorp.		290,815		24,085,298
Wintrust Financial Corp.		160,065		14,874,841
Zions Bancorp. N.A.		418,282		27,422,568
				1,030,714,226
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		25,742		9,999,995
Brown-Forman Corp., Class A		123,546		7,751,276
Brown-Forman Corp., Class B, NVS		510,082		34,185,696
Molson Coors Beverage Co., Class B		499,790		26,678,790
				78,615,757
Biotechnology — 1.5%
Alnylam Pharmaceuticals Inc.(a)		335,932		54,854,336
BioMarin Pharmaceutical Inc.(a)		506,147		39,023,934
CureVac NV(a)(b)		145,321		2,849,745
Exact Sciences Corp.(a)(b)		479,359		33,516,781
Exelixis Inc.(a)		874,995		19,836,137
Horizon Therapeutics PLC(a)		611,865		64,374,317
Incyte Corp.(a)		512,886		40,733,406
Ionis Pharmaceuticals Inc.(a)(b)		399,752		14,806,814
Iovance Biotherapeutics Inc.(a)(b)		433,531		7,218,291
Mirati Therapeutics Inc.(a)(b)		115,526		9,498,548
Natera Inc.(a)		233,198		9,486,495
Neurocrine Biosciences Inc.(a)		261,847		24,548,156
Novavax Inc.(a)(b)		208,249		15,337,539
Sage Therapeutics Inc.(a)		139,266		4,609,704
Sarepta Therapeutics Inc.(a)		233,617		18,250,160
Seagen Inc.(a)		378,139		54,470,923
Ultragenyx Pharmaceutical Inc.(a)		183,858		13,351,768
United Therapeutics Corp.(a)		123,810		22,212,752
				448,979,806
Building Products — 1.7%
A O Smith Corp.		362,216		23,141,980
Advanced Drainage Systems Inc.		172,227		20,462,290
Allegion PLC		249,788		27,421,727
Armstrong World Industries Inc.		130,053		11,706,071
AZEK Co. Inc. (The)(a)(b)		308,619		7,666,096
Builders FirstSource Inc.(a)		531,003		34,270,934
Carlisle Companies Inc.		143,053		35,179,594
Carrier Global Corp.		2,398,740		110,030,204
Fortune Brands Home & Security Inc.		380,223		28,242,964
Hayward Holdings Inc.(a)(b)		137,005		2,277,023
Lennox International Inc.		91,799		23,671,290
Masco Corp.		669,872		34,163,472
Owens Corning		283,217		25,914,355
Trane Technologies PLC		653,002		99,713,405
Trex Co. Inc.(a)		321,209		20,984,584
				504,845,989

S C H E D U L E   O F   I N V E S  T M E N T S 71

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 3.6%
Affiliated Managers Group Inc.(b)		113,525	$	16,001,349
Ameriprise Financial Inc.		312,885		93,978,139
Ares Management Corp., Class A		399,535		32,454,228
Carlyle Group Inc. (The)		456,416		22,323,306
Cboe Global Markets Inc.		295,596		33,822,094
Evercore Inc., Class A		104,320		11,612,902
FactSet Research Systems Inc.		105,745		45,909,192
Franklin Resources Inc.		812,945		22,697,424
Interactive Brokers Group Inc., Class A		221,097		14,572,503
Invesco Ltd.		939,860		21,673,172
Janus Henderson Group PLC		471,495		16,511,755
Jefferies Financial Group Inc.		596,788		19,604,486
KKR & Co. Inc.		1,557,214		91,050,303
Lazard Ltd., Class A		278,486		9,607,767
LPL Financial Holdings Inc.		221,956		40,546,922
MarketAxess Holdings Inc.		103,900		35,346,780
Morningstar Inc.		64,396		17,591,055
MSCI Inc.		221,580		111,428,150
Nasdaq Inc.		325,006		57,916,069
Northern Trust Corp.		573,236		66,753,332
Raymond James Financial Inc.		517,523		56,880,953
SEI Investments Co.		298,845		17,993,457
State Street Corp.		1,022,572		89,086,473
Stifel Financial Corp.		288,651		19,599,403
T Rowe Price Group Inc.		637,688		96,412,049
Tradeweb Markets Inc., Class A		294,395		25,868,489
Virtu Financial Inc., Class A		249,377		9,281,812
				1,096,523,564
Chemicals — 2.9%
Albemarle Corp.		324,194		71,695,503
Ashland Global Holdings Inc.		144,234		14,194,068
Axalta Coating Systems Ltd.(a)(b)		570,719		14,028,273
Celanese Corp.		304,355		43,483,199
CF Industries Holdings Inc.		595,787		61,401,808
Chemours Co. (The)		449,966		14,164,930
Corteva Inc.		2,040,666		117,297,482
Diversey Holdings Ltd.(a)		212,104		1,605,627
Eastman Chemical Co.		374,491		41,965,462
Element Solutions Inc.		635,921		13,926,670
FMC Corp.		354,824		46,684,194
Huntsman Corp.		583,924		21,902,989
International Flavors & Fragrances Inc.		712,517		93,574,858
LyondellBasell Industries NV, Class A		727,756		74,827,872
Mosaic Co. (The)		1,036,807		68,947,666
NewMarket Corp.		18,198		5,903,067
Olin Corp.		392,462		20,517,913
PPG Industries Inc.		662,524		86,837,021
RPM International Inc.		355,894		28,984,007
Scotts Miracle-Gro Co. (The)		116,468		14,320,905
Valvoline Inc.		513,486		16,205,618
Westlake Chemical Corp.		90,731		11,196,205
				883,665,337
Commercial Services & Supplies — 1.1%
Cintas Corp.		244,595		104,048,267
Clean Harbors Inc.(a)		143,927		16,068,010
Copart Inc.(a)		586,029		73,529,059
Driven Brands Holdings Inc.(a)(b)		155,723		4,092,400
IAA Inc.(a)(b)		383,348		14,663,061
MSA Safety Inc.		100,146		13,289,374

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services Inc.		585,129	$	77,529,593
Rollins Inc.		638,489		22,379,039
Stericycle Inc.(a)		260,426		15,344,300
				340,943,103
Communications Equipment — 1.1%
Arista Networks Inc.(a)		674,971		93,807,470
Ciena Corp.(a)		432,187		26,203,498
CommScope Holding Co. Inc.(a)		556,688		4,386,701
F5 Inc.(a)		169,022		35,317,147
Juniper Networks Inc.		889,973		33,071,397
Lumentum Holdings Inc.(a)(b)		200,123		19,532,005
Motorola Solutions Inc.		465,362		112,710,676
Ubiquiti Inc.(b)		17,845		5,195,750
Viasat Inc.(a)(b)		192,340		9,386,192
				339,610,836
Construction & Engineering — 0.4%
AECOM		377,030		28,959,674
MasTec Inc.(a)		161,670		14,081,457
MDU Resources Group Inc.		565,644		15,074,413
Quanta Services Inc.		396,390		52,168,888
Valmont Industries Inc.		56,994		13,598,768
				123,883,200
Construction Materials — 0.5%
Eagle Materials Inc.		108,312		13,902,928
Martin Marietta Materials Inc.		174,735		67,253,754
Vulcan Materials Co.		371,510		68,246,387
				149,403,069
Consumer Finance — 0.8%
Ally Financial Inc.		945,924		41,128,776
Credit Acceptance Corp.(a)(b)		22,359		12,305,723
Discover Financial Services		806,291		88,845,205
OneMain Holdings Inc.		309,696		14,682,687
SLM Corp.		774,445		14,218,810
Synchrony Financial		1,456,923		50,715,490
Upstart Holdings Inc.(a)(b)		134,843		14,710,023
				236,606,714
Containers & Packaging — 1.5%
Amcor PLC		4,237,493		48,010,796
AptarGroup Inc.		183,956		21,614,830
Ardagh Group SA(a)		58,704		986,521
Ardagh Metal Packaging SA(a)		158,315		1,287,101
Avery Dennison Corp.		233,042		40,542,317
Ball Corp.		888,975		80,007,750
Berry Global Group Inc.(a)(b)		379,391		21,989,502
Crown Holdings Inc.		344,192		43,054,977
Graphic Packaging Holding Co.		781,595		15,663,164
International Paper Co.		1,079,534		49,820,494
Packaging Corp. of America		261,202		40,776,244
Sealed Air Corp.		413,639		27,697,267
Silgan Holdings Inc.		230,549		10,658,280
Sonoco Products Co.		274,261		17,157,768
Westrock Co.		724,752		34,085,087
				453,352,098
Distributors — 0.4%
Genuine Parts Co.		389,165		49,042,574
LKQ Corp.		764,469		34,714,537
Pool Corp.		109,106		46,135,472
				129,892,583

72 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.4%
ADT Inc.		451,440	$	3,426,429
Bright Horizons Family Solutions Inc.(a)		169,243		22,456,854
Chegg Inc.(a)(b)		378,684		13,738,655
frontdoor Inc.(a)		234,417		6,997,347
Grand Canyon Education Inc.(a)(b)		109,389		10,622,766
H&R Block Inc.		461,236		12,010,585
Mister Car Wash Inc.(a)(b)		212,002		3,135,510
Service Corp. International		447,677		29,466,100
Terminix Global Holdings Inc.(a)		334,506		15,263,509
				117,117,755
Diversified Financial Services — 0.4%
Apollo Global Management Inc.		1,034,223		64,111,484
Equitable Holdings Inc.		981,184		30,328,397
Voya Financial Inc.		305,886		20,295,536
				114,735,417
Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		2,872,221		32,369,931
Electric Utilities — 2.4%
Alliant Energy Corp.		703,834		43,975,548
Avangrid Inc.		154,394		7,216,376
Edison International		1,040,660		72,950,266
Entergy Corp.		560,136		65,395,878
Evergy Inc.		634,500		43,361,730
Eversource Energy		961,491		84,793,891
FirstEnergy Corp.		1,518,920		69,657,671
Hawaiian Electric Industries Inc.		287,627		12,169,498
IDACORP Inc.		137,893		15,907,337
NRG Energy Inc.		681,724		26,150,933
OGE Energy Corp.		562,345		22,932,429
PG&E Corp.(a)(b)		5,571,314		66,521,489
Pinnacle West Capital Corp.		315,280		24,623,368
PPL Corp.		2,096,782		59,884,094
Xcel Energy Inc.		1,508,410		108,861,950
				724,402,458
Electrical Equipment — 1.4%
Acuity Brands Inc.(b)		96,664		18,298,495
AMETEK Inc.		643,848		85,747,677
ChargePoint Holdings Inc.(a)(b)		652,523		12,972,157
Fluence Energy Inc.(a)(b)		93,854		1,230,426
Generac Holdings Inc.(a)(b)		171,427		50,958,390
Hubbell Inc.		151,280		27,800,726
nVent Electric PLC		472,728		16,441,480
Plug Power Inc.(a)(b)		1,439,296		41,178,258
Regal Rexnord Corp.		189,463		28,188,305
Rockwell Automation Inc.		325,243		91,077,797
Sensata Technologies Holding PLC(a)(b)		435,752		22,157,989
Shoals Technologies Group Inc., Class A(a)(b)		278,694		4,748,946
Sunrun Inc.(a)(b)		557,607		16,934,525
Vertiv Holdings Co.		886,838		12,415,732
				430,150,903
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		1,630,899		122,888,240
Arrow Electronics Inc.(a)		188,591		22,372,550
Avnet Inc.		271,173		11,006,912
CDW Corp./DE		380,722		68,107,359
Cognex Corp.		474,719		36,624,571
Coherent Inc.(a)		69,178		18,910,498
Corning Inc.		2,126,283		78,481,105

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
IPG Photonics Corp.(a)		103,276	$	11,335,574
Jabil Inc.		391,482		24,166,184
Keysight Technologies Inc.(a)		510,346		80,619,358
Littelfuse Inc.		67,529		16,842,408
National Instruments Corp.		373,762		15,171,000
TD SYNNEX Corp.		113,763		11,741,479
Teledyne Technologies Inc.(a)(b)		128,864		60,904,992
Trimble Inc.(a)		700,735		50,551,023
Vontier Corp.(b)		465,129		11,809,625
Zebra Technologies Corp., Class A(a)		149,549		61,868,421
				703,401,299
Energy Equipment & Services — 0.6%
Baker Hughes Co.		2,066,565		75,243,632
Halliburton Co.		2,470,212		93,546,929
NOV Inc.		1,102,104		21,612,259
				190,402,820
Entertainment — 1.0%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		70,512		4,451,423
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		552,598		38,593,444
Live Nation Entertainment Inc.(a)		385,831		45,389,159
Madison Square Garden Sports Corp.(a)		51,598		9,254,617
Playtika Holding Corp.(a)		287,384		5,555,133
Roku Inc.(a)(b)		330,499		41,401,610
Skillz Inc.(a)(b)		882,698		2,648,094
Spotify Technology SA(a)(b)		386,728		58,403,662
Take-Two Interactive Software Inc.(a)(b)		318,994		49,042,138
World Wrestling Entertainment Inc., Class A		121,719		7,600,134
Zynga Inc., Class A(a)		2,887,076		26,676,582
				289,015,996
Equity Real Estate Investment Trusts (REITs) — 7.9%
Alexandria Real Estate Equities Inc.		466,409		93,864,811
American Campus Communities Inc.		386,461		21,630,222
American Homes 4 Rent, Class A		824,439		33,002,293
Americold Realty Trust		742,613		20,704,050
Apartment Income REIT Corp.		440,621		23,555,599
AvalonBay Communities Inc.		389,018		96,620,401
Boston Properties Inc.		437,081		56,296,033
Brixmor Property Group Inc.		833,233		21,505,744
Camden Property Trust		276,560		45,964,272
Cousins Properties Inc.		420,415		16,938,520
CubeSmart		614,386		31,966,504
Douglas Emmett Inc.		473,080		15,810,334
Duke Realty Corp.		1,060,138		61,551,612
EPR Properties		202,277		11,066,575
Equity LifeStyle Properties Inc.		495,514		37,896,911
Equity Residential		1,031,341		92,738,183
Essex Property Trust Inc.		181,019		62,538,444
Extra Space Storage Inc.		365,447		75,135,903
Federal Realty Investment Trust		216,678		26,449,883
First Industrial Realty Trust Inc.		362,163		22,421,511
Gaming and Leisure Properties Inc.		652,520		30,622,764
Healthcare Trust of America Inc., Class A		614,343		19,253,510
Healthpeak Properties Inc.		1,509,793		51,831,194
Highwoods Properties Inc.		280,718		12,840,041
Host Hotels & Resorts Inc.		1,981,460		38,499,768
Hudson Pacific Properties Inc.		424,272		11,773,548
Invitation Homes Inc.		1,676,800		67,373,824

S C H E D U L E   O F   I N V E S  T M E N T S 73

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Iron Mountain Inc.		796,493	$	44,133,677
JBG SMITH Properties		338,679		9,896,200
Kilroy Realty Corp.		326,753		24,970,464
Kimco Realty Corp.		1,616,468		39,926,760
Lamar Advertising Co., Class A		241,295		28,033,653
Life Storage Inc.		229,464		32,223,629
Medical Properties Trust Inc.		1,643,762		34,749,129
Mid-America Apartment Communities Inc.		321,766		67,393,889
National Retail Properties Inc.		491,572		22,091,246
Omega Healthcare Investors Inc.		661,569		20,614,490
Orion Office REIT Inc.		152,457		2,134,398
Park Hotels & Resorts Inc.		640,628		12,511,465
Rayonier Inc.		398,867		16,401,411
Realty Income Corp.		1,581,155		109,574,041
Regency Centers Corp.		470,774		33,585,017
Rexford Industrial Realty Inc.		449,954		33,562,069
SBA Communications Corp.		303,657		104,488,374
Simon Property Group Inc.		910,817		119,827,084
SL Green Realty Corp.		189,369		15,372,975
Spirit Realty Capital Inc.		356,486		16,405,486
STORE Capital Corp.		687,579		20,097,934
Sun Communities Inc.		319,968		56,087,191
UDR Inc.		886,468		50,856,669
Ventas Inc.		1,111,840		68,667,238
VICI Properties Inc.		1,757,736		50,025,167
Vornado Realty Trust		494,318		22,402,492
Welltower Inc.		1,217,604		117,060,448
Weyerhaeuser Co.		2,097,863		79,509,008
WP Carey Inc.		529,312		42,789,582
				2,395,243,640
Food & Staples Retailing — 0.6%
Albertsons Companies Inc., Class A		455,264		15,137,528
Casey’s General Stores Inc.		103,878		20,585,503
Grocery Outlet Holding Corp.(a)(b)		238,917		7,831,699
Kroger Co. (The)		2,048,169		117,503,456
U.S. Foods Holding Corp.(a)(b)		622,960		23,441,985
				184,500,171
Food Products — 2.5%
Archer-Daniels-Midland Co.		1,557,983		140,623,545
Beyond Meat Inc.(a)(b)		156,639		7,567,230
Bunge Ltd.		382,865		42,425,271
Campbell Soup Co.		546,648		24,364,101
Conagra Brands Inc.		1,314,671		44,133,505
Darling Ingredients Inc.(a)		452,197		36,347,595
Flowers Foods Inc.		534,111		13,731,994
Freshpet Inc.(a)(b)		111,461		11,440,357
Hain Celestial Group Inc. (The)(a)(b)		244,478		8,410,043
Hershey Co. (The)		409,705		88,754,394
Hormel Foods Corp.		785,422		40,480,650
Ingredion Inc.		189,911		16,550,744
JM Smucker Co. (The)		293,838		39,788,604
Kellogg Co.		706,933		45,590,109
Lamb Weston Holdings Inc.		407,001		24,383,430
McCormick & Co. Inc./MD, NVS		695,291		69,390,042
Pilgrim’s Pride Corp.(a)(b)		130,029		3,263,728
Post Holdings Inc.(a)		158,177		10,955,339
Seaboard Corp.(b)		725		3,048,980
Tyson Foods Inc., Class A		799,816		71,687,508
				742,937,169

Security	Shares		Value
Gas Utilities — 0.3%
Atmos Energy Corp.		375,439	$	44,861,206
National Fuel Gas Co.		248,263		17,055,668
UGI Corp.		581,874		21,075,477
				82,992,351
Health Care Equipment & Supplies — 3.1%
ABIOMED Inc.(a)		123,181		40,802,475
Cooper Companies Inc. (The)(b)		135,378		56,532,499
DENTSPLY SIRONA Inc.		604,029		29,730,307
Dexcom Inc.(a)		269,520		137,886,432
Envista Holdings Corp.(a)(b)		452,279		22,030,510
Figs Inc., Class A(a)(b)		211,435		4,550,081
Globus Medical Inc., Class A(a)		216,890		16,002,144
Hologic Inc.(a)		693,046		53,239,794
ICU Medical Inc.(a)(b)		56,727		12,629,699
IDEXX Laboratories Inc.(a)		236,380		129,314,043
Insulet Corp.(a)		185,310		49,364,731
Integra LifeSciences Holdings Corp.(a)		206,727		13,284,277
Masimo Corp.(a)		139,100		20,244,614
Novocure Ltd.(a)(b)		283,569		23,493,692
Penumbra Inc.(a)(b)		95,389		21,188,759
Quidel Corp.(a)(b)		102,658		11,544,919
ResMed Inc.		401,579		97,386,923
STERIS PLC		238,307		57,615,483
Tandem Diabetes Care Inc.(a)		171,446		19,937,455
Teleflex Inc.		130,274		46,225,123
Zimmer Biomet Holdings Inc.		582,822		74,542,934
Zimvie Inc.(a)		58,327		1,332,189
				938,879,083
Health Care Providers & Services — 2.0%
Acadia Healthcare Co. Inc.(a)		251,387		16,473,390
agilon health Inc.(a)(b)		461,039		11,687,339
Amedisys Inc.(a)(b)		87,908		15,145,669
AmerisourceBergen Corp.		416,210		64,391,849
Cardinal Health Inc.		776,943		44,052,668
Chemed Corp.		42,357		21,455,938
DaVita Inc.(a)(b)		177,954		20,128,377
Encompass Health Corp.		276,238		19,643,284
Guardant Health Inc.(a)(b)		254,817		16,879,078
Henry Schein Inc.(a)		385,161		33,582,188
Laboratory Corp. of America Holdings(a)		260,906		68,790,476
McKesson Corp.		420,374		128,689,093
Molina Healthcare Inc.(a)		161,310		53,811,403
Oak Street Health Inc.(a)(b)		271,046		7,285,716
Premier Inc., Class A		332,626		11,838,159
Quest Diagnostics Inc.		341,380		46,721,267
Signify Health Inc., Class A(a)(b)		174,480		3,166,812
Universal Health Services Inc., Class B		200,169		29,014,497
				612,757,203
Health Care Technology — 0.7%
Cerner Corp.		818,167		76,547,704
Certara Inc.(a)(b)		319,185		6,856,094
Change Healthcare Inc.(a)		693,505		15,118,409
Definitive Healthcare Corp.(a)(b)		58,866		1,451,047
Teladoc Health Inc.(a)(b)		426,014		30,728,390
Veeva Systems Inc., Class A(a)		388,135		82,463,162
				213,164,806
Hotels, Restaurants & Leisure — 3.4%
Aramark		642,055		24,141,268
Boyd Gaming Corp.		232,834		15,315,821

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment Inc.(a)(b)		570,672	$	44,147,186
Carnival Corp.(a)(b)		2,417,361		48,879,039
Chipotle Mexican Grill Inc.(a)(b)		78,377		123,994,765
Choice Hotels International Inc.		99,301		14,076,910
Churchill Downs Inc.		103,715		23,001,913
Darden Restaurants Inc.		355,596		47,276,488
Domino’s Pizza Inc.		101,446		41,289,536
DraftKings Inc., Class A(a)(b)		853,828		16,624,031
Expedia Group Inc.(a)		403,975		79,045,788
Hilton Worldwide Holdings Inc.(a)(b)		766,430		116,298,088
Hyatt Hotels Corp., Class A(a)		138,080		13,179,736
Marriott Vacations Worldwide Corp.		117,482		18,526,911
MGM Resorts International		1,057,442		44,349,118
Norwegian Cruise Line Holdings Ltd.(a)(b)		1,033,833		22,620,266
Penn National Gaming Inc.(a)(b)		465,108		19,729,881
Planet Fitness Inc., Class A(a)		234,044		19,772,037
Royal Caribbean Cruises Ltd.(a)(b)		616,714		51,668,299
Six Flags Entertainment Corp.(a)		209,972		9,133,782
Travel + Leisure Co.		241,875		14,014,238
Vail Resorts Inc.		110,990		28,887,367
Wendy’s Co. (The)		487,236		10,704,575
Wyndham Hotels & Resorts Inc.		257,566		21,813,265
Wynn Resorts Ltd.(a)		294,581		23,489,889
Yum China Holdings Inc.		1,194,768		49,630,663
Yum! Brands Inc.		810,747		96,097,842
				1,037,708,702
Household Durables — 1.2%
DR Horton Inc.		921,151		68,634,961
Garmin Ltd.		423,529		50,234,775
Leggett & Platt Inc.		379,563		13,208,792
Lennar Corp., Class A		720,670		58,496,784
Lennar Corp., Class B		44,972		3,073,836
Mohawk Industries Inc.(a)(b)		155,886		19,361,041
Newell Brands Inc.		1,062,602		22,750,309
NVR Inc.(a)(b)		8,700		38,865,249
PulteGroup Inc.		693,729		29,067,245
Tempur Sealy International Inc.		500,139		13,963,881
Toll Brothers Inc.		306,010		14,388,590
TopBuild Corp.(a)		92,576		16,792,361
Whirlpool Corp.		160,654		27,757,798
				376,595,622
Household Products — 0.4%
Church & Dwight Co. Inc.		678,251		67,404,585
Clorox Co. (The)		343,803		47,798,931
Reynolds Consumer Products Inc.		158,592		4,653,089
Spectrum Brands Holdings Inc.		114,521		10,160,303
				130,016,908
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		1,857,197		47,785,679
Brookfield Renewable Corp., Class A		362,909		15,895,414
Vistra Corp.		1,338,076		31,110,267
				94,791,360
Insurance — 4.1%
Aflac Inc.		1,805,219		116,238,051
Alleghany Corp.(a)		36,862		31,222,114
American Financial Group Inc./OH		189,719		27,626,881
Arch Capital Group Ltd.(a)		1,038,975		50,307,169
Arthur J Gallagher & Co.		574,012		100,222,495
Assurant Inc.		156,773		28,506,035

Security	Shares		Value
Insurance (continued)
Assured Guaranty Ltd.		191,419	$	12,185,734
Axis Capital Holdings Ltd.		211,629		12,797,206
Brighthouse Financial Inc.(a)		219,102		11,318,809
Brown & Brown Inc.		651,366		47,074,221
Cincinnati Financial Corp.		419,620		57,051,535
CNA Financial Corp.		78,267		3,805,342
Erie Indemnity Co., Class A, NVS		68,645		12,090,444
Everest Re Group Ltd.		108,484		32,694,908
Fidelity National Financial Inc.		766,686		37,444,944
First American Financial Corp.		299,151		19,390,968
Globe Life Inc.		276,817		27,847,790
GoHealth Inc., Class A(a)(b)		88		104
Hanover Insurance Group Inc. (The)		97,675		14,604,366
Hartford Financial Services Group Inc. (The)		936,940		67,281,661
Kemper Corp.		166,518		9,414,928
Lemonade Inc.(a)(b)		104,327		2,751,103
Lincoln National Corp.		505,077		33,011,833
Loews Corp.		585,778		37,970,130
Markel Corp.(a)(b)		37,668		55,569,340
Mercury General Corp.		74,533		4,099,315
Old Republic International Corp.		786,683		20,351,489
Primerica Inc.		111,632		15,273,490
Principal Financial Group Inc.		722,044		53,005,250
Prudential Financial Inc.		1,057,258		124,936,178
Reinsurance Group of America Inc.		185,006		20,250,757
RenaissanceRe Holdings Ltd.		121,895		19,321,576
Unum Group		576,774		18,174,149
W R Berkley Corp.		577,194		38,435,348
White Mountains Insurance Group Ltd.(b)		8,234		9,355,800
Willis Towers Watson PLC		347,868		82,173,379
				1,253,804,842
Interactive Media & Services — 0.8%
IAC/InterActiveCorp.(a)(b)		213,771		21,436,956
Match Group Inc.(a)(b)		790,682		85,978,761
Pinterest Inc., Class A(a)		1,598,571		39,340,832
TripAdvisor Inc.(a)		269,110		7,298,263
Twitter Inc.(a)(b)		2,177,486		84,246,933
Vimeo Inc.(a)(b)		397,534		4,722,704
				243,024,449
Internet & Direct Marketing Retail — 0.4%
DoorDash Inc., Class A(a)(b)		410,217		48,073,330
Etsy Inc.(a)(b)		354,353		44,038,991
Qurate Retail Inc., Series A		1,016,186		4,837,045
Wayfair Inc., Class A(a)(b)		211,155		23,391,751
				120,341,117
IT Services — 3.3%
Akamai Technologies Inc.(a)(b)		450,347		53,766,928
Alliance Data Systems Corp.		136,672		7,674,133
Amdocs Ltd.		344,302		28,305,067
Broadridge Financial Solutions Inc.		323,747		50,410,645
Cloudflare Inc., Class A(a)(b)		733,773		87,832,628
Concentrix Corp.		118,221		19,690,890
DXC Technology Co.(a)		682,380		22,266,059
EPAM Systems Inc.(a)		149,675		44,395,102
Euronet Worldwide Inc.(a)(b)		142,545		18,552,232
Fastly Inc., Class A(a)(b)		288,970		5,022,299
FleetCor Technologies Inc.(a)(b)		221,720		55,221,583
Gartner Inc.(a)		222,929		66,312,460
Genpact Ltd.		513,163		22,327,722

S C H E D U L E   O F   I N V E S  T M E N T S 75

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Globant SA(a)(b)		113,862	$	29,839,814
GoDaddy Inc., Class A(a)		466,408		39,038,350
Jack Henry & Associates Inc.		202,118		39,827,352
MongoDB Inc.(a)(b)		178,146		79,023,784
Okta Inc.(a)(b)		350,710		52,943,182
Paychex Inc.		901,618		123,043,809
Paysafe Ltd.(a)		1,004,829		3,406,370
Sabre Corp.(a)		917,856		10,491,094
Shift4 Payments Inc., Class A(a)(b)		117,346		7,267,238
SolarWinds Corp.		95,724		1,274,087
StoneCo Ltd., Class A(a)(b)		615,222		7,198,097
Switch Inc., Class A		313,222		9,653,502
Thoughtworks Holding Inc.(a)(b)		117,410		2,443,302
VeriSign Inc.(a)(b)		271,341		60,362,519
Western Union Co. (The)		1,106,546		20,736,672
WEX Inc.(a)(b)		122,045		21,778,930
Wix.com Ltd.(a)		147,804		15,439,606
				1,005,545,456
Leisure Products — 0.4%
Brunswick Corp./DE		212,228		17,167,123
Hasbro Inc.		355,886		29,154,181
Mattel Inc.(a)		974,652		21,647,021
Peloton Interactive Inc., Class A(a)(b)		833,753		22,027,754
Polaris Inc.		157,386		16,575,893
YETI Holdings Inc.(a)(b)		243,267		14,591,155
				121,163,127
Life Sciences Tools & Services — 2.8%
10X Genomics Inc., Class A(a)		239,569		18,224,014
Adaptive Biotechnologies Corp.(a)(b)		297,413		4,128,092
Agilent Technologies Inc.		840,401		111,210,264
Avantor Inc.(a)		1,678,397		56,763,387
Azenta Inc.		207,770		17,219,978
Bio-Rad Laboratories Inc., Class A(a)		58,979		33,218,742
Bio-Techne Corp.		109,999		47,633,967
Bruker Corp.		287,851		18,508,819
Charles River Laboratories International Inc.(a)		140,117		39,789,025
IQVIA Holdings Inc.(a)(b)		532,808		123,190,538
Maravai LifeSciences Holdings Inc., Class A(a)		302,896		10,683,142
Mettler-Toledo International Inc.(a)(b)		63,410		87,073,978
PerkinElmer Inc.(b)		351,546		61,330,715
QIAGEN NV(a)		633,007		31,017,343
Repligen Corp.(a)(b)		153,480		28,868,053
Sotera Health Co.(a)(b)		274,733		5,950,717
Syneos Health Inc.(a)		284,921		23,064,355
Waters Corp.(a)		168,796		52,392,590
West Pharmaceutical Services Inc.		205,744		84,501,118
				854,768,837
Machinery — 3.5%
AGCO Corp.		175,031		25,559,777
Allison Transmission Holdings Inc.		294,859		11,576,164
Colfax Corp.(a)		389,483		15,497,529
Crane Co.		134,959		14,613,361
Cummins Inc.		402,377		82,531,546
Donaldson Co. Inc.		340,844		17,700,029
Dover Corp.		400,323		62,810,679
Flowserve Corp.		355,595		12,765,861
Fortive Corp.		911,611		55,544,458
Gates Industrial Corp. PLC(a)(b)		263,694		3,971,232
Graco Inc.		466,832		32,547,527

Security	Shares		Value
Machinery (continued)
IDEX Corp.		213,336	$	40,902,911
Ingersoll Rand Inc.(b)		1,101,881		55,479,708
ITT Inc.		242,429		18,233,085
Lincoln Electric Holdings Inc.		161,424		22,245,841
Middleby Corp. (The)(a)(b)		153,890		25,228,727
Nordson Corp.		161,304		36,628,912
Oshkosh Corp.		185,725		18,693,221
Otis Worldwide Corp.		1,190,214		91,586,967
PACCAR Inc.		951,405		83,790,238
Parker-Hannifin Corp.		359,899		102,124,940
Pentair PLC		462,663		25,080,961
Snap-on Inc.		148,801		30,575,630
Stanley Black & Decker Inc.		451,281		63,084,571
Timken Co. (The)		175,647		10,661,773
Toro Co. (The)		291,850		24,950,257
Westinghouse Air Brake Technologies Corp.		501,591		48,238,006
Xylem Inc./NY		501,433		42,752,178
				1,075,376,089
Marine — 0.0%
Kirby Corp.(a)(b)		162,881		11,758,379
Media — 1.6%
Altice USA Inc., Class A(a)		584,439		7,293,799
Cable One Inc.		14,898		21,814,248
Discovery Inc., Class A(a)(b)		466,102		11,615,262
Discovery Inc., Class C, NVS(a)		882,582		22,038,073
DISH Network Corp., Class A(a)(b)		698,905		22,120,343
Fox Corp., Class A, NVS		872,090		34,403,950
Fox Corp., Class B		415,895		15,088,671
Interpublic Group of Companies Inc. (The)		1,091,076		38,678,644
Liberty Broadband Corp., Class A(a)(b)		63,590		8,334,105
Liberty Broadband Corp., Class C, NVS(a)(b)		393,228		53,211,613
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		256,536		11,726,261
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		443,182		20,266,713
Loyalty Ventures Inc.(a)(b)		54,642		903,232
New York Times Co. (The), Class A		462,277		21,190,778
News Corp., Class A, NVS		1,089,945		24,142,282
News Corp., Class B		346,369		7,800,230
Nexstar Media Group Inc., Class A		111,454		21,006,850
Omnicom Group Inc.		579,929		49,224,373
Paramount Global, Class B, NVS		1,625,251		61,450,740
Sirius XM Holdings Inc.(b)		2,464,026		16,311,852
ViacomCBS Inc., Class A(b)		29,850		1,206,238
				469,828,257
Metals & Mining — 1.1%
Alcoa Corp.		514,017		46,276,950
Cleveland-Cliffs Inc.(a)		1,250,109		40,266,011
Nucor Corp.		763,049		113,427,234
Reliance Steel & Aluminum Co.		175,305		32,142,172
Royal Gold Inc.		181,018		25,574,223
Steel Dynamics Inc.		529,358		44,164,338
United States Steel Corp.(b)		724,454		27,340,894
				329,191,822
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		1,473,070		19,297,217
Annaly Capital Management Inc.		3,983,471		28,043,636
New Residential Investment Corp.		1,182,162		12,980,138

76 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Starwood Property Trust Inc.		799,364	$	19,320,628
				79,641,619
Multi-Utilities — 1.9%
Ameren Corp.		710,886		66,652,671
CenterPoint Energy Inc.		1,662,646		50,943,473
CMS Energy Corp.		809,868		56,642,168
Consolidated Edison Inc.		992,996		94,016,861
DTE Energy Co.		537,398		71,049,390
NiSource Inc.		1,092,371		34,737,398
Public Service Enterprise Group Inc.		1,411,357		98,794,990
WEC Energy Group Inc.		883,844		88,216,470
				561,053,421
Multiline Retail — 0.5%
Dollar Tree Inc.(a)		623,262		99,815,409
Kohl’s Corp.		386,865		23,389,858
Nordstrom Inc.		298,868		8,102,312
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		178,363		7,662,474
				138,970,053
Oil, Gas & Consumable Fuels — 5.0%
Antero Midstream Corp.		913,992		9,935,093
APA Corp.		1,018,298		42,086,256
Cheniere Energy Inc.		653,071		90,548,294
Continental Resources Inc./OK		177,799		10,904,413
Coterra Energy Inc.		2,230,834		60,165,593
Devon Energy Corp.		1,885,038		111,462,297
Diamondback Energy Inc.		506,529		69,434,995
DTE Midstream LLC(a)		266,155		14,441,570
EQT Corp.		861,027		29,627,939
Hess Corp.		777,972		83,274,123
HF Sinclair Corp.		425,780		16,967,333
Marathon Oil Corp.		2,172,891		54,561,293
Marathon Petroleum Corp.		1,717,551		146,850,611
New Fortress Energy Inc.		72,316		3,081,385
Occidental Petroleum Corp.(b)		2,364,160		134,142,438
ONEOK Inc.		1,243,339		87,817,034
Phillips 66		1,306,477		112,866,548
Pioneer Natural Resources Co.		602,805		150,719,334
Targa Resources Corp.		627,082		47,325,879
Texas Pacific Land Corp.		16,564		22,396,350
Valero Energy Corp.		1,138,339		115,586,942
Williams Companies Inc. (The)		3,393,674		113,382,648
				1,527,578,368
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		241,958		15,030,431
Sylvamo Corp.(a)		98,323		3,272,189
				18,302,620
Personal Products — 0.1%
Coty Inc., Class A(a)		1,006,609		9,049,415
Herbalife Nutrition Ltd.(a)(b)		277,254		8,417,432
Olaplex Holdings Inc.(a)(b)		223,221		3,488,944
				20,955,791
Pharmaceuticals — 0.7%
Catalent Inc.(a)(b)		475,551		52,738,606
Elanco Animal Health Inc.(a)		1,254,934		32,741,228
Jazz Pharmaceuticals PLC(a)		165,536		25,768,989
Nektar Therapeutics(a)(b)		507,099		2,733,264
Organon & Co.		711,394		24,848,992
Perrigo Co. PLC		380,859		14,636,411

Security	Shares		Value
Pharmaceuticals (continued)
Royalty Pharma PLC, Class A		903,973	$	35,218,788
Viatris Inc.		3,389,993		36,883,124
				225,569,402
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp.		367,714		32,299,998
CACI International Inc., Class A(a)		65,705		19,794,288
Clarivate PLC(a)(b)		1,303,167		21,841,079
CoStar Group Inc.(a)		1,095,769		72,989,173
Dun & Bradstreet Holdings Inc.(a)(b)		437,636		7,667,383
Equifax Inc.		339,426		80,477,904
FTI Consulting Inc.(a)(b)		91,645		14,408,427
Jacobs Engineering Group Inc.		362,842		50,003,256
Legalzoomcom Inc.(a)(b)		267,165		3,777,713
Leidos Holdings Inc.		395,289		42,699,118
ManpowerGroup Inc.		154,727		14,531,960
Nielsen Holdings PLC		1,007,600		27,447,024
Robert Half International Inc.		301,326		34,405,403
Science Applications International Corp.		158,160		14,577,607
TransUnion		535,577		55,346,527
Verisk Analytics Inc.		444,419		95,385,650
				587,652,510
Real Estate Management & Development — 0.6%
CBRE Group Inc., Class A(a)		934,273		85,504,665
Howard Hughes Corp. (The)(a)(b)		114,214		11,833,713
Jones Lang LaSalle Inc.(a)		142,004		34,004,278
Opendoor Technologies Inc.(a)(b)		1,287,634		11,138,034
Zillow Group Inc., Class A(a)(b)		162,428		7,833,902
Zillow Group Inc., Class C, NVS(a)(b)		468,037		23,069,544
				173,384,136
Road & Rail — 0.9%
AMERCO		25,271		15,085,271
JB Hunt Transport Services Inc.		236,312		47,449,086
Knight-Swift Transportation Holdings Inc.		451,039		22,759,428
Landstar System Inc.		108,100		16,304,723
Lyft Inc., Class A(a)		824,027		31,642,637
Old Dominion Freight Line Inc.(b)		286,122		85,458,919
Ryder System Inc.		142,093		11,272,238
Schneider National Inc., Class B		133,145		3,395,197
TuSimple Holdings Inc., Class A(a)(b)		366,260		4,468,372
XPO Logistics Inc.(a)		273,942		19,942,978
				257,778,849
Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems Inc.(a)(b)		110,680		3,143,312
Cirrus Logic Inc.(a)		157,290		13,336,619
Enphase Energy Inc.(a)		364,385		73,525,605
Entegris Inc.		377,343		49,530,042
First Solar Inc.(a)		299,356		25,068,071
GLOBALFOUNDRIES Inc.(a)(b)		144,889		9,043,971
Marvell Technology Inc.		2,362,462		169,412,150
Microchip Technology Inc.		1,522,773		114,421,163
MKS Instruments Inc.		155,307		23,296,050
Monolithic Power Systems Inc.		126,938		61,651,248
ON Semiconductor Corp.(a)		1,181,623		73,981,416
Qorvo Inc.(a)		302,985		37,600,439
Skyworks Solutions Inc.		462,798		61,681,718
Teradyne Inc.		454,955		53,789,330
Universal Display Corp.		121,304		20,251,703
Wolfspeed Inc.(a)(b)		324,144		36,907,036
				826,639,873

S C H E D U L E   O F   I N V E S  T M E N T S 77

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software — 7.3%
Alteryx Inc., Class A(a)(b)		161,173	$	11,528,705
Anaplan Inc.(a)		402,165		26,160,833
ANSYS Inc.(a)		242,562		77,049,819
Aspen Technology Inc.(a)		188,407		31,156,866
Avalara Inc.(a)(b)		236,776		23,561,580
Bentley Systems Inc., Class B		393,075		17,366,053
Bill.com Holdings Inc.(a)(b)		261,570		59,321,460
Black Knight Inc.(a)(b)		422,958		24,527,334
C3.ai Inc., Class A(a)(b)		163,824		3,718,805
Cadence Design Systems Inc.(a)		767,925		126,292,945
CDK Global Inc.		320,480		15,600,966
Ceridian HCM Holding Inc.(a)		369,914		25,287,321
Citrix Systems Inc.		343,600		34,669,240
Coupa Software Inc.(a)		206,803		21,017,389
Crowdstrike Holdings Inc., Class A(a)		558,416		126,805,105
Datadog Inc., Class A(a)		710,632		107,639,429
Datto Holding Corp.(a)(b)		69,472		1,856,292
DocuSign Inc.(a)		537,223		57,547,328
Dolby Laboratories Inc., Class A		183,298		14,337,570
DoubleVerify Holdings Inc.(a)(b)		166,321		4,186,300
Dropbox Inc., Class A(a)		832,704		19,360,368
Duck Creek Technologies Inc.(a)		224,986		4,976,690
Dynatrace Inc.(a)		557,750		26,270,025
Elastic NV(a)		210,079		18,686,527
Everbridge Inc.(a)		105,317		4,596,034
Fair Isaac Corp.(a)		71,337		33,275,857
Five9 Inc.(a)(b)		188,839		20,847,826
Fortinet Inc.(a)		374,316		127,918,750
Guidewire Software Inc.(a)(b)		235,717		22,303,542
HubSpot Inc.(a)(b)		125,552		59,629,667
Informatica Inc.(a)(b)		92,455		1,825,062
Jamf Holding Corp.(a)(b)		145,715		5,072,339
Mandiant Inc.(a)		650,823		14,519,861
Manhattan Associates Inc.(a)		177,444		24,613,257
N-able Inc.(a)(b)		95,722		871,070
nCino Inc.(a)(b)		155,188		6,359,604
NCR Corp.(a)(b)		362,646		14,574,743
New Relic Inc.(a)(b)		150,388		10,057,949
NortonLifeLock Inc.		1,545,612		40,989,630
Nutanix Inc., Class A(a)		605,896		16,250,131
Palantir Technologies Inc., Class A(a)(b)		4,627,162		63,530,934
Palo Alto Networks Inc.(a)(b)		270,866		168,616,794
Paycom Software Inc.(a)		136,917		47,425,310
Paycor HCM Inc.(a)(b)		131,867		3,838,648
Paylocity Holding Corp.(a)		111,361		22,914,753
Pegasystems Inc.		116,564		9,400,887
Procore Technologies Inc.(a)		164,360		9,526,306
PTC Inc.(a)		292,598		31,518,657
RingCentral Inc., Class A(a)		226,035		26,493,562
Smartsheet Inc., Class A(a)(b)		342,374		18,755,248
Splunk Inc.(a)		444,542		66,063,387
SS&C Technologies Holdings Inc.		628,871		47,177,902
Synopsys Inc.(a)		423,800		141,239,826
Teradata Corp.(a)(b)		304,537		15,010,629
Trade Desk Inc. (The), Class A(a)		1,213,965		84,067,076
Tyler Technologies Inc.(a)		112,556		50,075,039
Unity Software Inc.(a)(b)		422,085		41,875,053
Zendesk Inc.(a)(b)		337,575		40,606,897
Zscaler Inc.(a)(b)		219,850		53,045,408
				2,223,812,588

Security	Shares		Value
Specialty Retail — 2.7%
Advance Auto Parts Inc.		173,785	$	35,966,544
AutoNation Inc.(a)		114,130		11,365,065
AutoZone Inc.(a)		57,718		118,009,068
Bath & Body Works Inc.		665,106		31,792,067
Best Buy Co. Inc.		672,905		61,167,065
Burlington Stores Inc.(a)(b)		186,640		34,000,209
CarMax Inc.(a)(b)		456,193		44,013,501
Carvana Co.(a)(b)		219,890		26,230,678
Dick’s Sporting Goods Inc.		168,955		16,898,879
Five Below Inc.(a)		153,843		24,364,116
Floor & Decor Holdings Inc., Class A(a)(b)		286,403		23,198,643
Foot Locker Inc.		245,505		7,281,678
GameStop Corp., Class A(a)(b)		177,620		29,587,940
Gap Inc. (The)		553,127		7,788,028
Leslie’s Inc.(a)(b)		442,925		8,575,028
Lithia Motors Inc.		82,794		24,848,135
O’Reilly Automotive Inc.(a)		186,068		127,449,137
Penske Automotive Group Inc.		85,919		8,052,329
Petco Health & Wellness Co. Inc.(a)(b)		152,772		2,989,748
RH(a)(b)		48,265		15,738,734
Tractor Supply Co.		318,724		74,380,620
Ulta Salon Cosmetics & Fragrance Inc.(a)		147,093		58,575,374
Victoria’s Secret & Co.(a)(b)		204,739		10,515,395
Vroom Inc.(a)(b)		314,839		837,472
Williams-Sonoma Inc.		201,339		29,194,155
				832,819,608
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		3,633,355		60,713,362
HP Inc.		3,035,144		110,175,727
NetApp Inc.		623,691		51,766,353
Pure Storage Inc., Class A(a)		763,992		26,976,558
Western Digital Corp.(a)		872,717		43,330,399
Xerox Holdings Corp.		354,972		7,159,785
				300,122,184
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.(a)		402,120		20,664,947
Carter’s Inc.		118,070		10,861,259
Columbia Sportswear Co.		109,138		9,880,263
Deckers Outdoor Corp.(a)		75,781		20,746,564
Hanesbrands Inc.		986,175		14,684,146
Lululemon Athletica Inc.(a)		319,363		116,640,948
PVH Corp.		192,751		14,766,654
Ralph Lauren Corp.		127,115		14,419,926
Skechers U.S.A. Inc., Class A(a)(b)		372,626		15,188,236
Tapestry Inc.		739,944		27,488,920
Under Armour Inc., Class A(a)(b)		515,011		8,765,487
Under Armour Inc., Class C, NVS(a)		559,373		8,703,844
VF Corp.		901,517		51,260,257
				334,071,451
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		876,873		11,881,629
New York Community Bancorp. Inc.		1,284,854		13,773,635
Rocket Companies Inc., Class A		370,509		4,120,060
TFS Financial Corp.		148,876		2,471,342
UWM Holdings Corp.(b)		256,698		1,162,842
				33,409,508
Trading Companies & Distributors — 1.1%
Air Lease Corp.		292,679		13,068,117
Core & Main Inc., Class A(a)(b)		155,310		3,756,949

78 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022     iShares^® Russell Mid-Cap ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Fastenal Co.		1,602,039	$	95,161,117
MSC Industrial Direct Co. Inc., Class A		122,708		10,455,949
SiteOne Landscape Supply Inc.(a)(b)		124,066		20,060,231
United Rentals Inc.(a)		201,685		71,640,529
Univar Solutions Inc.(a)(b)		475,247		15,274,439
Watsco Inc.		90,250		27,493,760
WW Grainger Inc.		128,022		66,032,467
				322,943,558
Water Utilities — 0.4%
American Water Works Co. Inc.		508,572		84,183,923
Essential Utilities Inc.		649,417		33,204,691
				117,388,614
Total Common Stocks — 99.8% (Cost: $20,240,419,610)				30,234,133,292
Short-Term Investments
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		1,271,463,281		1,271,208,989

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		42,720,000	$	42,720,000
				1,313,928,989
Total Short-Term Investments — 4.3% (Cost: $1,313,911,947)				1,313,928,989
Total Investments in Securities — 104.1% (Cost: $21,554,331,557)				31,548,062,281
Other Assets, Less Liabilities — (4.1)%				(1,244,519,892	)
Net Assets — 100.0%			$	30,303,542,389

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	770,892,251	$	501,159,131	(a)	$	—	$	(309,770	)	$	(532,623	)	$	1,271,208,989		1,271,463,281	$	2,947,736	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		33,520,000		9,200,000	(a)		—		—			—			42,720,000		42,720,000		10,643			—
								$	(309,770	)	$	(532,623	)	$	1,313,928,989			$	2,958,379		$	—

^(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		72		06/17/22	$	16,311	$	1,017,172
S&P Mid 400 E-Mini Index		177		06/17/22		47,599		1,442,244
							$	2,459,416

S C H E D U L E   O F   I N V E S  T M E N T S 79

Schedule of Investments   (continued) March 31, 2022     iShares^® Russell Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,459,416

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,656,395
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,361,973

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	56,900,464

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
Investments
Assets
Common Stocks	$	30,233,146,771	$	986,521	$	—	$	30,234,133,292
Money Market Funds		1,313,928,989		—		—		1,313,928,989
	$	31,547,075,760	$	986,521	$	—	$	31,548,062,281
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,459,416	$	—	$	—	$	2,459,416

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

See notes to financial statements.

80 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Axon Enterprise Inc.(a)(b)		248,352	$	34,205,521
BWX Technologies Inc.		267,527		14,409,004
HEICO Corp.(b)		56,058		8,607,145
HEICO Corp., Class A		96,907		12,290,715
Howmet Aerospace Inc.		108,540		3,900,927
Spirit AeroSystems Holdings Inc., Class A		114,620		5,603,772
TransDigm Group Inc.(a)(b)		57,942		37,751,531
Virgin Galactic Holdings Inc.(a)(b)		622,128		6,146,625
				122,915,240
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		98,404		10,599,095
Expeditors International of Washington Inc.		469,805		48,465,084
GXO Logistics Inc.(a)(b)		317,616		22,658,725
				81,722,904
Airlines — 0.7%
Delta Air Lines Inc.(a)(b)		2,450,281		96,957,619
Auto Components — 0.3%
Aptiv PLC(a)		189,138		22,641,710
QuantumScape Corp.(a)(b)		673,718		13,467,623
				36,109,333
Automobiles — 0.0%
Thor Industries Inc.		83,820		6,596,634
Banks — 0.2%
Citizens Financial Group Inc.		287,986		13,054,405
Synovus Financial Corp.		40,803		1,999,347
Western Alliance Bancorp.		209,613		17,360,149
				32,413,901
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		35,754		13,889,356
Brown-Forman Corp., Class A		84,624		5,309,310
Brown-Forman Corp., Class B, NVS		348,355		23,346,752
				42,545,418
Biotechnology — 3.0%
Alnylam Pharmaceuticals Inc.(a)		460,271		75,157,652
CureVac NV(a)(b)		203,304		3,986,791
Exact Sciences Corp.(a)(b)		613,488		42,895,081
Exelixis Inc.(a)(b)		1,014,345		22,995,201
Horizon Therapeutics PLC(a)		156,306		16,444,954
Incyte Corp.(a)(b)		605,454		48,085,157
Ionis Pharmaceuticals Inc.(a)(b)		492,491		18,241,867
Iovance Biotherapeutics Inc.(a)(b)		166,111		2,765,748
Mirati Therapeutics Inc.(a)(b)		134,516		11,059,906
Natera Inc.(a)(b)		297,749		12,112,429
Neurocrine Biosciences Inc.(a)		358,075		33,569,531
Novavax Inc.(a)(b)		288,582		21,254,064
Sarepta Therapeutics Inc.(a)		318,871		24,910,203
Seagen Inc.(a)		462,621		66,640,555
Ultragenyx Pharmaceutical Inc.(a)(b)		184,066		13,366,873
				413,486,012
Building Products — 1.9%
Advanced Drainage Systems Inc.		235,426		27,970,963
Allegion PLC		261,579		28,716,143
Armstrong World Industries Inc.		88,672		7,981,367
AZEK Co. Inc. (The)(a)(b)		231,574		5,752,298
Carlisle Companies Inc.		75,321		18,522,940

Security	Shares		Value
Building Products (continued)
Carrier Global Corp.		1,537,804	$	70,539,069
Fortune Brands Home & Security Inc.		133,113		9,887,634
Trane Technologies PLC		435,694		66,530,474
Trex Co. Inc.(a)(b)		442,974		28,939,491
				264,840,379
Capital Markets — 3.2%
Ameriprise Financial Inc.		239,735		72,006,805
Ares Management Corp., Class A		477,958		38,824,528
FactSet Research Systems Inc.		125,127		54,323,887
LPL Financial Holdings Inc.		304,791		55,679,220
MarketAxess Holdings Inc.		143,047		48,664,589
Morningstar Inc.		81,113		22,157,638
MSCI Inc.		215,170		108,204,690
Raymond James Financial Inc.		35,211		3,870,041
T Rowe Price Group Inc.		289,179		43,720,973
				447,452,371
Chemicals — 1.2%
Axalta Coating Systems Ltd.(a)		138,358		3,400,840
Celanese Corp.		151,794		21,686,809
Chemours Co. (The)		313,142		9,857,710
Diversey Holdings Ltd.(a)		223,361		1,690,843
FMC Corp.		122,560		16,125,219
LyondellBasell Industries NV, Class A		123,827		12,731,892
Olin Corp.		40,894		2,137,938
PPG Industries Inc.		382,635		50,151,970
RPM International Inc.		285,451		23,247,129
Scotts Miracle-Gro Co. (The)		157,166		19,325,131
Westlake Chemical Corp.		24,818		3,062,541
				163,418,022
Commercial Services & Supplies — 2.1%
Cintas Corp.		313,847		133,507,375
Copart Inc.(a)		800,626		100,454,544
IAA Inc.(a)(b)		516,315		19,749,049
MSA Safety Inc.		41,398		5,493,515
Rollins Inc.		805,921		28,247,531
				287,452,014
Communications Equipment — 0.9%
Arista Networks Inc.(a)		825,526		114,731,603
CommScope Holding Co. Inc.(a)		766,354		6,038,870
Ubiquiti Inc.(b)		21,919		6,381,936
				127,152,409
Consumer Finance — 0.7%
Credit Acceptance Corp.(a)(b)		2,179		1,199,256
Discover Financial Services		607,554		66,946,375
Synchrony Financial		373,257		12,993,076
Upstart Holdings Inc.(a)(b)		184,381		20,114,124
				101,252,831
Containers & Packaging — 0.7%
Avery Dennison Corp.		168,282		29,276,020
Ball Corp.		359,522		32,356,980
Crown Holdings Inc.		58,371		7,301,628
Graphic Packaging Holding Co.		311,171		6,235,867
Sealed Air Corp.		307,140		20,566,094
				95,736,589
Distributors — 0.5%
Pool Corp.		149,048		63,024,947

S C H E D U L E   O F   I N V E S  T M E N T S 81

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions Inc.(a)(b)		183,603	$	24,362,282
Chegg Inc.(a)(b)		395,323		14,342,318
frontdoor Inc.(a)		219,809		6,561,299
H&R Block Inc.		508,698		13,246,496
Mister Car Wash Inc.(a)(b)		231,259		3,420,321
				61,932,716
Diversified Financial Services — 0.4%
Apollo Global Management Inc.		903,854		56,029,909
Electric Utilities — 0.1%
NRG Energy Inc.		422,913		16,222,943
Electrical Equipment — 1.7%
Fluence Energy Inc.(a)(b)		52,249		684,985
Generac Holdings Inc.(a)(b)		234,845		69,810,025
Plug Power Inc.(a)(b)		1,959,030		56,047,848
Regal Rexnord Corp.		55,127		8,201,795
Rockwell Automation Inc.		270,168		75,655,145
Vertiv Holdings Co.		1,230,132		17,221,848
				227,621,646
Electronic Equipment, Instruments & Components — 3.6%
Amphenol Corp., Class A		1,593,799		120,092,755
CDW Corp./DE		518,834		92,814,214
Cognex Corp.		654,637		50,505,245
Coherent Inc.(a)		83,978		22,956,226
Corning Inc.		985,059		36,358,528
IPG Photonics Corp.(a)		9,740		1,069,062
Jabil Inc.		424,810		26,223,521
Keysight Technologies Inc.(a)		306,940		48,487,312
Vontier Corp.(b)		352,801		8,957,617
Zebra Technologies Corp., Class A(a)(b)		203,892		84,350,121
				491,814,601
Energy Equipment & Services — 0.0%
Halliburton Co.		176,441		6,681,821
Entertainment — 1.6%
Live Nation Entertainment Inc.(a)(b)		202,250		23,792,690
Madison Square Garden Sports Corp.(a)(b)		27,050		4,851,688
Playtika Holding Corp.(a)(b)		392,920		7,595,143
Roku Inc.(a)(b)		450,912		56,485,746
Skillz Inc.(a)(b)		1,154,393		3,463,179
Spotify Technology SA(a)(b)		529,842		80,016,739
Take-Two Interactive Software Inc.(a)(b)		87,089		13,389,063
World Wrestling Entertainment Inc., Class A(b)		144,430		9,018,209
Zynga Inc., Class A(a)		1,887,803		17,443,300
				216,055,757
Equity Real Estate Investment Trusts (REITs) — 2.0%
Equity LifeStyle Properties Inc.		358,447		27,414,026
Extra Space Storage Inc.		45,183		9,289,625
Iron Mountain Inc.		772,218		42,788,599
Lamar Advertising Co., Class A		288,315		33,496,437
SBA Communications Corp.		69,346		23,861,959
Simon Property Group Inc.		1,086,721		142,969,015
				279,819,661
Food Products — 1.2%
Beyond Meat Inc.(a)(b)		194,389		9,390,933
Darling Ingredients Inc.(a)(b)		32,050		2,576,179
Freshpet Inc.(a)(b)		157,332		16,148,557
Hershey Co. (The)		480,764		104,147,905
Kellogg Co.		428,009		27,602,300

Security	Shares		Value
Food Products (continued)
Lamb Weston Holdings Inc.		167,787	$	10,052,119
Pilgrim’s Pride Corp.(a)		72,241		1,813,249
				171,731,242
Health Care Equipment & Supplies — 5.4%
ABIOMED Inc.(a)		169,878		56,270,389
Dexcom Inc.(a)(b)		369,604		189,089,406
Figs Inc., Class A(a)(b)		72,689		1,564,267
Globus Medical Inc., Class A(a)		14,759		1,088,919
IDEXX Laboratories Inc.(a)(b)		324,446		177,491,429
Insulet Corp.(a)(b)		253,150		67,436,628
Masimo Corp.(a)		138,869		20,210,994
Novocure Ltd.(a)(b)		391,887		32,467,838
Penumbra Inc.(a)(b)		132,400		29,410,012
ResMed Inc.		497,026		120,533,775
STERIS PLC		45,289		10,949,522
Tandem Diabetes Care Inc.(a)(b)		222,775		25,906,505
Teleflex Inc.		31,841		11,298,142
				743,717,826
Health Care Providers & Services — 1.3%
agilon health Inc.(a)(b)		602,288		15,268,001
Amedisys Inc.(a)(b)		109,226		18,818,548
Cardinal Health Inc.		629,085		35,669,119
Chemed Corp.		15,350		7,775,542
DaVita Inc.(a)(b)		171,158		19,359,681
Encompass Health Corp.		215,543		15,327,263
Guardant Health Inc.(a)(b)		343,808		22,773,842
McKesson Corp.		82,945		25,391,953
Molina Healthcare Inc.(a)		33,698		11,241,316
Oak Street Health Inc.(a)(b)		335,357		9,014,396
				180,639,661
Health Care Technology — 0.9%
Certara Inc.(a)(b)		248,633		5,340,637
Definitive Healthcare Corp.(a)(b)		31,268		770,756
Veeva Systems Inc., Class A(a)		531,777		112,981,341
				119,092,734
Hotels, Restaurants & Leisure — 5.4%
Boyd Gaming Corp.		65,277		4,293,921
Caesars Entertainment Inc.(a)(b)		484,887		37,510,858
Chipotle Mexican Grill Inc.(a)		107,591		170,212,190
Choice Hotels International Inc.		134,398		19,052,260
Churchill Downs Inc.		141,140		31,302,029
Darden Restaurants Inc.		330,783		43,977,600
Domino’s Pizza Inc.		94,406		38,424,186
DraftKings Inc., Class A(a)(b)		1,177,434		22,924,640
Expedia Group Inc.(a)(b)		555,922		108,777,258
Hilton Worldwide Holdings Inc.(a)		703,860		106,803,716
Penn National Gaming Inc.(a)(b)		42,419		1,799,414
Planet Fitness Inc., Class A(a)		219,400		18,534,912
Six Flags Entertainment Corp.(a)		116,687		5,075,885
Travel + Leisure Co.		215,722		12,498,933
Vail Resorts Inc.		152,814		39,772,900
Wendy’s Co. (The)		682,164		14,987,143
Wyndham Hotels & Resorts Inc.		223,259		18,907,805
Wynn Resorts Ltd.(a)		404,546		32,258,498
Yum China Holdings Inc.		129,311		5,371,579
Yum! Brands Inc.		94,114		11,155,332
				743,641,059
Household Durables — 1.0%
DR Horton Inc.		519,421		38,702,059

82 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
NVR Inc.(a)(b)		8,021	$	35,831,973
PulteGroup Inc.		276,584		11,588,869
Tempur Sealy International Inc.		681,008		19,013,743
Toll Brothers Inc.		169,312		7,961,050
TopBuild Corp.(a)(b)		104,584		18,970,492
				132,068,186
Household Products — 0.4%
Church & Dwight Co. Inc.		48,691		4,838,911
Clorox Co. (The)		381,155		52,991,980
				57,830,891
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		119,980		5,255,124
Insurance — 0.6%
Alleghany Corp.(a)		5,515		4,671,205
Arch Capital Group Ltd.(a)		340,690		16,496,210
Brown & Brown Inc.		50,888		3,677,676
Erie Indemnity Co., Class A, NVS		66,437		11,701,549
Everest Re Group Ltd.		34,213		10,311,114
GoHealth Inc., Class A(a)(b)		153,759		181,436
Lemonade Inc.(a)(b)		14,884		392,491
Lincoln National Corp.		106,188		6,940,448
Markel Corp.(a)		8,669		12,788,855
RenaissanceRe Holdings Ltd.		73,799		11,697,879
				78,858,863
Interactive Media & Services — 1.4%
Match Group Inc.(a)		1,084,764		117,957,237
Pinterest Inc., Class A(a)		2,183,254		53,729,881
TripAdvisor Inc.(a)		235,539		6,387,818
Twitter Inc.(a)		311,232		12,041,566
Vimeo Inc.(a)(b)		500,346		5,944,111
				196,060,613
Internet & Direct Marketing Retail — 1.0%
DoorDash Inc., Class A(a)(b)		493,452		57,827,640
Etsy Inc.(a)(b)		486,638		60,479,371
Wayfair Inc., Class A(a)(b)		161,848		17,929,521
				136,236,532
IT Services — 6.2%
Broadridge Financial Solutions Inc.		401,987		62,593,396
Cloudflare Inc., Class A(a)(b)		948,061		113,482,902
EPAM Systems Inc.(a)		206,262		61,179,372
Euronet Worldwide Inc.(a)		138,548		18,032,022
FleetCor Technologies Inc.(a)		69,664		17,350,516
Gartner Inc.(a)(b)		306,319		91,117,650
Genpact Ltd.		34,260		1,490,653
Globant SA(a)(b)		154,751		40,555,595
GoDaddy Inc., Class A(a)		64,022		5,358,641
Jack Henry & Associates Inc.		72,385		14,263,464
MongoDB Inc.(a)		243,384		107,962,708
Okta Inc.(a)		482,724		72,872,015
Paychex Inc.		1,076,769		146,946,665
Sabre Corp.(a)		1,221,965		13,967,060
Shift4 Payments Inc., Class A(a)(b)		165,396		10,242,974
StoneCo Ltd., Class A(a)(b)		783,942		9,172,121
Switch Inc., Class A		444,841		13,710,000
Thoughtworks Holding Inc.(a)(b)		54,486		1,133,854
Western Union Co. (The)		373,781		7,004,656
WEX Inc.(a)		114,864		20,497,481

Security	Shares		Value
IT Services (continued)
Wix.com Ltd.(a)		204,125	$	21,322,897
				850,256,642
Leisure Products — 0.7%
Brunswick Corp./DE		37,274		3,015,094
Mattel Inc.(a)(b)		1,334,890		29,647,907
Peloton Interactive Inc., Class A(a)(b)		1,142,387		30,181,864
Polaris Inc.		151,904		15,998,529
YETI Holdings Inc.(a)(b)		327,771		19,659,705
				98,503,099
Life Sciences Tools & Services — 6.2%
10X Genomics Inc., Class A(a)(b)		323,635		24,618,914
Adaptive Biotechnologies Corp.(a)(b)		368,478		5,114,475
Agilent Technologies Inc.		1,029,579		136,244,189
Avantor Inc.(a)(b)		2,313,225		78,233,270
Azenta Inc.		232,130		19,238,934
Bio-Techne Corp.		149,737		64,842,110
Bruker Corp.		391,694		25,185,924
Charles River Laboratories International Inc.(a)		178,778		50,767,589
IQVIA Holdings Inc.(a)		360,841		83,430,048
Maravai LifeSciences Holdings Inc., Class A(a)		423,031		14,920,303
Mettler-Toledo International Inc.(a)(b)		86,927		119,367,287
Repligen Corp.(a)(b)		197,362		37,121,819
Sotera Health Co.(a)(b)		376,205		8,148,600
Syneos Health Inc.(a)		50,522		4,089,756
Waters Corp.(a)		215,635		66,930,948
West Pharmaceutical Services Inc.		281,768		115,724,935
				853,979,101
Machinery — 1.4%
AGCO Corp.		22,897		3,343,649
Allison Transmission Holdings Inc.		301,276		11,828,096
Donaldson Co. Inc.		58,032		3,013,602
Graco Inc.		399,155		27,829,086
Lincoln Electric Holdings Inc.		219,791		30,289,398
Middleby Corp. (The)(a)(b)		63,477		10,406,419
Nordson Corp.		38,431		8,726,911
Parker-Hannifin Corp.		81,783		23,206,744
Toro Co. (The)		380,114		32,495,946
Xylem Inc./NY		451,641		38,506,912
				189,646,763
Media — 0.2%
Altice USA Inc., Class A(a)		567,588		7,083,498
Cable One Inc.		10,984		16,083,212
Nexstar Media Group Inc., Class A		10,468		1,973,009
				25,139,719
Metals & Mining — 0.1%
Steel Dynamics Inc.		136,490		11,387,361
Multiline Retail — 0.1%
Nordstrom Inc.		357,166		9,682,770
Oil, Gas & Consumable Fuels — 2.5%
Cheniere Energy Inc.		899,089		124,658,690
Continental Resources Inc./OK		25,072		1,537,666
Coterra Energy Inc.		488,494		13,174,683
Diamondback Energy Inc.		327,902		44,948,806
Hess Corp.		73,479		7,865,192
New Fortress Energy Inc.		99,149		4,224,739
Occidental Petroleum Corp.		411,076		23,324,452
Pioneer Natural Resources Co.		368,722		92,191,562

S C H E D U L E   O F   I N V E S  T M E N T S 83

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Texas Pacific Land Corp.		22,530	$	30,463,038
				342,388,828
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		23,747		1,475,164
Personal Products — 0.0%
Herbalife Nutrition Ltd.(a)(b)		66,322		2,013,536
Olaplex Holdings Inc.(a)(b)		58,636		916,481
				2,930,017
Pharmaceuticals — 0.3%
Catalent Inc.(a)		153,374		17,009,177
Royalty Pharma PLC, Class A		737,137		28,718,857
				45,728,034
Professional Services — 2.5%
Booz Allen Hamilton Holding Corp.		503,814		44,255,022
CoStar Group Inc.(a)		1,165,447		77,630,425
Equifax Inc.		177,199		42,013,883
Legalzoomcom Inc.(a)(b)		218,258		3,086,168
Robert Half International Inc.		364,000		41,561,520
TransUnion(b)		501,169		51,790,804
Verisk Analytics Inc.		387,669		83,205,397
				343,543,219
Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A(a)(b)		68,922		6,307,741
Opendoor Technologies Inc.(a)(b)		341,775		2,956,354
Zillow Group Inc., Class A(a)(b)		229,521		11,069,798
Zillow Group Inc., Class C, NVS(a)(b)		639,015		31,497,049
				51,830,942
Road & Rail — 1.8%
JB Hunt Transport Services Inc.		285,753		57,376,345
Landstar System Inc.		129,792		19,576,527
Lyft Inc., Class A(a)		1,128,994		43,353,370
Old Dominion Freight Line Inc.		360,953		107,809,442
TuSimple Holdings Inc., Class A(a)(b)		57,875		706,075
XPO Logistics Inc.(a)		317,916		23,144,285
				251,966,044
Semiconductors & Semiconductor Equipment — 4.5%
Allegro MicroSystems Inc.(a)(b)		151,886		4,313,562
Enphase Energy Inc.(a)(b)		499,525		100,794,155
Entegris Inc.		515,354		67,645,366
GLOBALFOUNDRIES Inc.(a)(b)		104,489		6,522,203
Microchip Technology Inc.		1,758,928		132,165,850
MKS Instruments Inc.		178,638		26,795,700
Monolithic Power Systems Inc.		173,955		84,486,464
ON Semiconductor Corp.(a)(b)		878,096		54,977,591
Skyworks Solutions Inc.		298,117		39,733,034
Teradyne Inc.		623,919		73,765,943
Universal Display Corp.		165,689		27,661,779
				618,861,647
Software — 18.6%
Alteryx Inc., Class A(a)(b)		224,135		16,032,377
Anaplan Inc.(a)		550,197		35,790,315
ANSYS Inc.(a)(b)		138,738		44,070,126
Aspen Technology Inc.(a)(b)		255,812		42,303,630
Avalara Inc.(a)(b)		327,860		32,625,349
Bentley Systems Inc., Class B(b)		528,875		23,365,698
Bill.com Holdings Inc.(a)(b)		358,342		81,268,382
C3.ai Inc., Class A(a)(b)		59,389		1,348,130

Security	Shares		Value
Software (continued)
Cadence Design Systems Inc.(a)		1,053,633	$	173,280,483
CDK Global Inc.		69,530		3,384,720
Citrix Systems Inc.		170,424		17,195,782
Coupa Software Inc.(a)(b)		285,669		29,032,540
Crowdstrike Holdings Inc., Class A(a)(b)		763,901		173,466,639
Datadog Inc., Class A(a)(b)		975,177		147,710,060
DocuSign Inc.(a)(b)		738,990		79,160,609
DoubleVerify Holdings Inc.(a)		223,991		5,637,853
Dropbox Inc., Class A(a)		1,137,114		26,437,900
Duck Creek Technologies Inc.(a)		59,846		1,323,794
Dynatrace Inc.(a)		718,310		33,832,401
Elastic NV(a)		287,437		25,567,521
Everbridge Inc.(a)		152,179		6,641,092
Fair Isaac Corp.(a)		97,739		45,591,334
Five9 Inc.(a)(b)		258,305		28,516,872
Fortinet Inc.(a)		513,396		175,447,949
HubSpot Inc.(a)(b)		173,067		82,196,441
Informatica Inc.(a)(b)		90,706		1,790,536
Jamf Holding Corp.(a)(b)		175,670		6,115,073
Mandiant Inc.(a)		258,565		5,768,585
Manhattan Associates Inc.(a)		129,137		17,912,593
nCino Inc.(a)(b)		217,537		8,914,666
NCR Corp.(a)		168,217		6,760,641
New Relic Inc.(a)(b)		203,011		13,577,376
NortonLifeLock Inc.		557,708		14,790,416
Nutanix Inc., Class A(a)		820,917		22,016,994
Palantir Technologies Inc., Class A(a)(b)		6,358,442		87,301,409
Palo Alto Networks Inc.(a)		370,702		230,765,702
Paycom Software Inc.(a)		187,565		64,968,765
Paycor HCM Inc.(a)(b)		130,270		3,792,160
Paylocity Holding Corp.(a)		152,481		31,376,015
Pegasystems Inc.		146,414		11,808,289
Procore Technologies Inc.(a)(b)		165,460		9,590,062
PTC Inc.(a)		403,450		43,459,634
RingCentral Inc., Class A(a)		312,876		36,672,196
Smartsheet Inc., Class A(a)		465,105		25,478,452
Splunk Inc.(a)		609,075		90,514,636
Synopsys Inc.(a)(b)		368,842		122,923,973
Teradata Corp.(a)(b)		352,316		17,365,656
Trade Desk Inc. (The), Class A(a)(b)		1,664,876		115,292,663
Tyler Technologies Inc.(a)(b)		133,486		59,386,587
Unity Software Inc.(a)(b)		576,920		57,236,233
Zendesk Inc.(a)(b)		462,536		55,638,455
Zscaler Inc.(a)(b)		302,410		72,965,485
				2,565,411,249
Specialty Retail — 4.2%
AutoZone Inc.(a)(b)		16,931		34,616,784
Bath & Body Works Inc.		525,761		25,131,376
Best Buy Co. Inc.		212,041		19,274,527
Burlington Stores Inc.(a)(b)		240,633		43,836,114
CarMax Inc.(a)(b)		52,621		5,076,874
Carvana Co.(a)(b)		299,078		35,677,015
Five Below Inc.(a)		210,924		33,404,034
Floor & Decor Holdings Inc., Class A(a)(b)		389,631		31,560,111
GameStop Corp., Class A(a)(b)		245,852		40,954,026
Leslie’s Inc.(a)(b)		537,712		10,410,104
Lithia Motors Inc.		9,890		2,968,187
O’Reilly Automotive Inc.(a)(b)		77,910		53,365,234
Petco Health & Wellness Co. Inc.(a)(b)		17,608		344,588
RH(a)(b)		66,988		21,844,117

84 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		434,751	$	101,457,841
Ulta Salon Cosmetics & Fragrance Inc.(a)(b)		201,730		80,332,920
Victoria’s Secret & Co.(a)(b)		165,675		8,509,068
Vroom Inc.(a)(b)		107,727		286,554
Williams-Sonoma Inc.		211,622		30,685,190
				579,734,664
Technology Hardware, Storage & Peripherals — 1.0%
HP Inc.		1,442,966		52,379,666
NetApp Inc.		564,902		46,886,866
Pure Storage Inc., Class A(a)		979,791		34,596,420
				133,862,952
Textiles, Apparel & Luxury Goods — 1.7%
Columbia Sportswear Co.		9,276		839,756
Deckers Outdoor Corp.(a)		14,201		3,887,808
Hanesbrands Inc.		794,611		11,831,758
Lululemon Athletica Inc.(a)		437,264		159,701,931
Skechers U.S.A. Inc., Class A(a)		55,228		2,251,093
Tapestry Inc.		104,484		3,881,581
VF Corp.		797,141		45,325,437
				227,719,364
Thrifts & Mortgage Finance — 0.0%
Rocket Companies Inc., Class A(b)		524,832		5,836,132
UWM Holdings Corp.		168,574		763,640
				6,599,772
Trading Companies & Distributors — 1.8%
Core & Main Inc., Class A(a)(b)		109,405		2,646,507
Fastenal Co.		1,951,210		115,901,874
SiteOne Landscape Supply Inc.(a)		87,914		14,214,815

Security	Shares		Value
Trading Companies & Distributors (continued)
United Rentals Inc.(a)		96,092	$	34,132,839
WW Grainger Inc.		146,008		75,309,466
				242,205,501
Total Common Stocks — 99.9% (Cost: $11,983,921,991)				13,757,241,260
Short-Term Investments
Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		785,119,193		784,962,169
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		17,950,000		17,950,000
				802,912,169
Total Short-Term Investments — 5.8% (Cost: $802,858,117)				802,912,169
Total Investments in Securities — 105.7% (Cost: $12,786,780,108)				14,560,153,429
Other Assets, Less Liabilities — (5.7)%				(783,014,713	)
Net Assets — 100.0%			$	13,777,138,716

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	866,890,581	$	—		$	(81,234,039	)(a)	$	(280,948	)	$	(413,425	)	$	784,962,169		785,119,193	$	2,717,127	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,190,000		1,760,000	(a)		—			—			—			17,950,000		17,950,000		4,241			—
									$	(280,948	)	$	(413,425	)	$	802,912,169			$	2,721,368		$	—

^(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.

S C H E D U L E   O F   I N V E S  T M E N T S 85

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Growth ETF

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	57	06/17/22	$12,913	$	805,261
S&P Mid 400 E-Mini Index	25	06/17/22	6,723		262,810
				$	1,068,071

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,068,071

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,528,652
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	910,512

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,174,536

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
Investments
Assets
Common Stocks	$	13,757,241,260	$	—	$	—	$	13,757,241,260
Money Market Funds		802,912,169		—		—		802,912,169
	$	14,560,153,429	$	—	$	—	$	14,560,153,429
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,068,071	$	—	$	—	$	1,068,071

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

See notes to financial statements.

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Schedule of Investments March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
BWX Technologies Inc.		47,242	$	2,544,454
Curtiss-Wright Corp.		79,573		11,948,682
HEICO Corp.(a)		63,241		9,710,023
HEICO Corp., Class A		109,612		13,902,090
Hexcel Corp.		173,378		10,310,790
Howmet Aerospace Inc.		726,595		26,113,824
Huntington Ingalls Industries Inc.		80,705		16,095,805
Mercury Systems Inc.(b)		117,068		7,545,033
Spirit AeroSystems Holdings Inc., Class A		155,004		7,578,145
Textron Inc.(a)		452,918		33,688,041
TransDigm Group Inc.(b)		76,992		50,163,368
Virgin Galactic Holdings Inc.(a)(b)		25,013		247,128
Woodward Inc.		127,180		15,886,054
				205,733,437
Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		214,037		23,053,925
Expeditors International of Washington Inc.		94,056		9,702,817
GXO Logistics Inc.(b)		28,552		2,036,900
				34,793,642
Airlines — 0.9%
Alaska Air Group Inc.(b)		251,372		14,582,090
American Airlines Group Inc.(a)(b)		1,316,782		24,031,271
Copa Holdings SA, Class A, NVS(a)(b)		66,396		5,553,361
JetBlue Airways Corp.(b)		656,409		9,813,315
Southwest Airlines Co.(b)		1,214,459		55,622,222
United Airlines Holdings Inc.(a)(b)		662,774		30,726,203
				140,328,462
Auto Components — 0.7%
Aptiv PLC(b)		453,108		54,241,559
BorgWarner Inc.		495,569		19,277,634
Gentex Corp.		486,191		14,182,191
Lear Corp.		123,999		17,681,017
QuantumScape Corp.(a)(b)		142,321		2,844,997
				108,227,398
Automobiles — 0.1%
Harley-Davidson Inc.		314,770		12,401,938
Thor Industries Inc.		66,859		5,261,803
				17,663,741
Banks — 5.0%
Bank of Hawaii Corp.		82,866		6,954,115
Bank OZK		245,024		10,462,525
BOK Financial Corp.		61,530		5,780,744
Citizens Financial Group Inc.		719,580		32,618,561
Comerica Inc.		270,094		24,424,600
Commerce Bancshares Inc.		227,032		16,253,221
Cullen/Frost Bankers Inc.		117,657		16,284,905
East West Bancorp. Inc.		291,262		23,015,523
Fifth Third Bancorp.		1,400,623		60,282,814
First Citizens BancShares Inc./NC, Class A		25,221		16,787,098
First Hawaiian Inc.		261,149		7,283,446
First Horizon Corp.		1,091,118		25,630,362
First Republic Bank/CA		367,746		59,611,627
FNB Corp.		697,222		8,680,414
Huntington Bancshares Inc./OH		2,950,829		43,141,120
KeyCorp.		1,906,745		42,672,953
M&T Bank Corp.		263,611		44,682,064
PacWest Bancorp.		237,211		10,230,910

Security	Shares		Value
Banks (continued)
People’s United Financial Inc.		878,650	$	17,564,214
Pinnacle Financial Partners Inc.		154,156		14,194,684
Popular Inc.		164,552		13,450,480
Prosperity Bancshares Inc.		183,787		12,751,142
Regions Financial Corp.		1,982,003		44,119,387
Signature Bank/New York NY		126,601		37,156,127
SVB Financial Group(a)(b)		116,335		65,083,616
Synovus Financial Corp.		274,657		13,458,193
Umpqua Holdings Corp.		443,255		8,359,789
Webster Financial Corp.		368,408		20,675,057
Western Alliance Bancorp.		102,724		8,507,602
Wintrust Financial Corp.		115,496		10,733,043
Zions Bancorp. N.A.		308,012		20,193,267
				741,043,603
Beverages — 0.2%
Brown-Forman Corp., Class A		46,220		2,899,843
Brown-Forman Corp., Class B, NVS		190,120		12,741,842
Molson Coors Beverage Co., Class B		366,869		19,583,467
				35,225,152
Biotechnology — 0.7%
BioMarin Pharmaceutical Inc.(b)		374,304		28,858,839
Exact Sciences Corp.(a)(b)		25,775		1,802,188
Exelixis Inc.(b)		89,740		2,034,406
Horizon Therapeutics PLC(b)		366,653		38,575,562
Incyte Corp.(b)		53,555		4,253,338
Ionis Pharmaceuticals Inc.(a)(b)		22,307		826,251
Iovance Biotherapeutics Inc.(a)(b)		214,916		3,578,351
Mirati Therapeutics Inc.(b)		15,270		1,255,499
Natera Inc.(b)		10,707		435,561
Sage Therapeutics Inc.(b)		103,429		3,423,500
Seagen Inc.(b)		30,842		4,442,790
Ultragenyx Pharmaceutical Inc.(b)		33,207		2,411,492
United Therapeutics Corp.(b)		90,572		16,249,523
				108,147,300
Building Products — 1.5%
A O Smith Corp.		266,337		17,016,271
Allegion PLC		43,194		4,741,837
Armstrong World Industries Inc.		49,491		4,454,685
AZEK Co. Inc. (The)(a)(b)		107,239		2,663,817
Builders FirstSource Inc.(a)(b)		389,971		25,168,728
Carlisle Companies Inc.		65,131		16,017,016
Carrier Global Corp.		939,619		43,100,324
Fortune Brands Home & Security Inc.		208,691		15,501,567
Hayward Holdings Inc.(a)(b)		101,014		1,678,853
Lennox International Inc.		68,316		17,615,964
Masco Corp.		493,314		25,159,014
Owens Corning		207,393		18,976,459
Trane Technologies PLC		246,694		37,670,174
				229,764,709
Capital Markets — 3.8%
Affiliated Managers Group Inc.		83,497		11,768,902
Ameriprise Financial Inc.		101,472		30,478,130
Ares Management Corp., Class A		33,890		2,752,885
Carlyle Group Inc. (The)		335,677		16,417,962
Cboe Global Markets Inc.		218,952		25,052,488
Evercore Inc., Class A		77,582		8,636,428
FactSet Research Systems Inc.		10,605		4,604,161
Franklin Resources Inc.		591,351		16,510,520
Interactive Brokers Group Inc., Class A		165,528		10,909,950

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Invesco Ltd.		683,971	$	15,772,371
Janus Henderson Group PLC		346,797		12,144,831
Jefferies Financial Group Inc.		440,189		14,460,209
KKR & Co. Inc.		1,148,208		67,135,722
Lazard Ltd., Class A		205,037		7,073,777
Morningstar Inc.		4,432		1,210,689
MSCI Inc.		47,469		23,871,211
Nasdaq Inc.		239,090		42,605,838
Northern Trust Corp.		421,864		49,126,063
Raymond James Financial Inc.		361,096		39,688,061
SEI Investments Co.		220,443		13,272,873
State Street Corp.		750,195		65,356,988
Stifel Financial Corp.		209,289		14,210,723
T Rowe Price Group Inc.		314,178		47,500,572
Tradeweb Markets Inc., Class A(a)		214,561		18,853,475
Virtu Financial Inc., Class A		177,012		6,588,387
				566,003,216
Chemicals — 3.8%
Albemarle Corp.		239,251		52,910,359
Ashland Global Holdings Inc.		106,188		10,449,961
Axalta Coating Systems Ltd.(b)		346,001		8,504,705
Celanese Corp.		143,184		20,456,698
CF Industries Holdings Inc.		441,764		45,528,198
Chemours Co. (The)		160,696		5,058,710
Corteva Inc.		1,500,626		86,255,982
Diversey Holdings Ltd.(b)		45,148		341,770
Eastman Chemical Co.		275,196		30,838,464
Element Solutions Inc.		477,799		10,463,798
FMC Corp.		195,308		25,696,673
Huntsman Corp.		429,425		16,107,732
International Flavors & Fragrances Inc.		523,616		68,766,489
LyondellBasell Industries NV, Class A		469,937		48,318,922
Mosaic Co. (The)		766,446		50,968,659
NewMarket Corp.		13,469		4,369,074
Olin Corp.		266,925		13,954,839
PPG Industries Inc.		281,212		36,858,457
RPM International Inc.		110,390		8,990,162
Valvoline Inc.		372,112		11,743,855
Westlake Chemical Corp.		53,480		6,599,432
				563,182,939
Commercial Services & Supplies — 0.6%
Cintas Corp.		11,320		4,815,415
Clean Harbors Inc.(b)		105,165		11,740,621
Driven Brands Holdings Inc.(b)		109,497		2,877,581
MSA Safety Inc.		54,737		7,263,600
Republic Services Inc.		431,852		57,220,390
Rollins Inc.		32,391		1,135,304
Stericycle Inc.(b)		188,212		11,089,451
				96,142,362
Communications Equipment — 1.2%
Arista Networks Inc.(b)		51,571		7,167,338
Ciena Corp.(b)		315,742		19,143,438
F5 Inc.(b)		124,198		25,951,172
Juniper Networks Inc.		658,820		24,481,751
Lumentum Holdings Inc.(a)(b)		150,550		14,693,680
Motorola Solutions Inc.		342,877		83,044,809
Ubiquiti Inc.(a)		1,475		429,461
Viasat Inc.(a)(b)		147,435		7,194,828
				182,106,477

Security	Shares		Value
Construction & Engineering — 0.6%
AECOM		275,773	$	21,182,124
MasTec Inc.(b)		119,205		10,382,755
MDU Resources Group Inc.		411,704		10,971,912
Quanta Services Inc.		290,806		38,272,978
Valmont Industries Inc.		42,354		10,105,664
				90,915,433
Construction Materials — 0.7%
Eagle Materials Inc.		78,898		10,127,347
Martin Marietta Materials Inc.		127,776		49,179,705
Vulcan Materials Co.		271,973		49,961,440
				109,268,492
Consumer Finance — 0.8%
Ally Financial Inc.		696,593		30,287,864
Credit Acceptance Corp.(a)(b)		15,263		8,400,297
Discover Financial Services		267,197		29,442,437
OneMain Holdings Inc.		225,479		10,689,959
SLM Corp.		573,868		10,536,217
Synchrony Financial		872,479		30,370,994
				119,727,768
Containers & Packaging — 1.9%
Amcor PLC		3,120,569		35,356,047
AptarGroup Inc.		134,244		15,773,670
Ardagh Group SA(b)		34,751		583,991
Ardagh Metal Packaging SA(b)		141,354		1,149,208
Avery Dennison Corp.		79,607		13,849,230
Ball Corp.		458,976		41,307,840
Berry Global Group Inc.(a)(b)		276,074		16,001,249
Crown Holdings Inc.		222,041		27,775,109
Graphic Packaging Holding Co.		422,517		8,467,241
International Paper Co.		795,089		36,693,357
Packaging Corp. of America		193,105		30,145,621
Sealed Air Corp.		140,020		9,375,739
Silgan Holdings Inc.		175,625		8,119,144
Sonoco Products Co.		199,741		12,495,797
Westrock Co.		536,316		25,222,941
				282,316,184
Distributors — 0.4%
Genuine Parts Co.		286,200		36,066,924
LKQ Corp.		560,282		25,442,406
				61,509,330
Diversified Consumer Services — 0.4%
ADT Inc.		331,399		2,515,318
Bright Horizons Family Solutions Inc.(b)		24,711		3,278,903
Chegg Inc.(a)(b)		70,275		2,549,577
frontdoor Inc.(b)		54,738		1,633,929
Grand Canyon Education Inc.(b)		80,772		7,843,769
H&R Block Inc.		71,315		1,857,043
Mister Car Wash Inc.(a)(b)		33,674		498,038
Service Corp. International		331,661		21,829,927
Terminix Global Holdings Inc.(b)		246,904		11,266,230
				53,272,734
Diversified Financial Services — 0.4%
Apollo Global Management Inc.		272,084		16,866,487
Equitable Holdings Inc.		722,566		22,334,515
Voya Financial Inc.		229,022		15,195,610
				54,396,612
Diversified Telecommunication Services — 0.2%
Lumen Technologies Inc.		2,106,668		23,742,148

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities — 3.5%
Alliant Energy Corp.		512,943	$	32,048,679
Avangrid Inc.		120,804		5,646,379
Edison International		766,286		53,716,649
Entergy Corp.		411,824		48,080,452
Evergy Inc.		469,966		32,117,476
Eversource Energy		708,897		62,517,626
FirstEnergy Corp.		1,117,833		51,263,821
Hawaiian Electric Industries Inc.		215,560		9,120,344
IDACORP Inc.		104,393		12,042,776
NRG Energy Inc.		274,919		10,545,893
OGE Energy Corp.		411,056		16,762,864
PG&E Corp.(a)(b)		4,102,884		48,988,435
Pinnacle West Capital Corp.		233,604		18,244,472
PPL Corp.		1,545,193		44,130,712
Xcel Energy Inc.		1,110,833		80,168,818
				525,395,396
Electrical Equipment — 1.3%
Acuity Brands Inc.(a)		71,957		13,621,460
AMETEK Inc.		473,834		63,105,212
ChargePoint Holdings Inc.(a)(b)		472,829		9,399,841
Fluence Energy Inc.(a)(b)		40,877		535,897
Hubbell Inc.		111,911		20,565,885
nVent Electric PLC		343,012		11,929,957
Regal Rexnord Corp.		109,891		16,349,583
Rockwell Automation Inc.		93,875		26,287,816
Sensata Technologies Holding PLC(a)(b)		320,261		16,285,272
Shoals Technologies Group Inc., Class A(b)		221,972		3,782,403
Sunrun Inc.(a)(b)		415,423		12,616,397
				194,479,723
Electronic Equipment, Instruments & Components — 1.7%
Amphenol Corp., Class A		347,824		26,208,538
Arrow Electronics Inc.(b)		138,887		16,476,165
Avnet Inc.		206,589		8,385,448
Coherent Inc.(b)		5,065		1,384,568
Corning Inc.		1,036,509		38,257,547
IPG Photonics Corp.(b)		68,180		7,483,437
Jabil Inc.		60,707		3,747,443
Keysight Technologies Inc.(b)		210,824		33,303,867
Littelfuse Inc.		49,697		12,394,929
National Instruments Corp.		273,677		11,108,549
TD SYNNEX Corp.		86,512		8,928,904
Teledyne Technologies Inc.(b)		94,739		44,776,494
Trimble Inc.(b)		517,838		37,356,833
Vontier Corp.(a)		156,262		3,967,492
				253,780,214
Energy Equipment & Services — 0.9%
Baker Hughes Co.		1,518,831		55,300,637
Halliburton Co.		1,725,157		65,331,696
NOV Inc.		798,712		15,662,742
				136,295,075
Entertainment — 0.7%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		50,380		3,180,490
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		409,168		28,576,293
Live Nation Entertainment Inc.(a)(b)		175,650		20,663,466
Madison Square Garden Sports Corp.(a)(b)		23,394		4,195,948
Take-Two Interactive Software Inc.(a)(b)		188,261		28,943,246
World Wrestling Entertainment Inc., Class A		12,182		760,644

Security	Shares		Value
Entertainment (continued)
Zynga Inc., Class A(b)		1,099,218	$	10,156,774
				96,476,861
Equity Real Estate Investment Trusts (REITs) — 10.8%
Alexandria Real Estate Equities Inc.		343,495		69,128,369
American Campus Communities Inc.		281,413		15,750,686
American Homes 4 Rent, Class A		607,168		24,304,935
Americold Realty Trust		553,420		15,429,350
Apartment Income REIT Corp.		320,085		17,111,744
AvalonBay Communities Inc.		286,471		71,150,802
Boston Properties Inc.		320,760		41,313,888
Brixmor Property Group Inc.		609,635		15,734,679
Camden Property Trust		203,114		33,757,547
Cousins Properties Inc.		305,808		12,321,004
CubeSmart		449,530		23,389,046
Douglas Emmett Inc.		344,242		11,504,568
Duke Realty Corp.		781,184		45,355,543
EPR Properties		149,618		8,185,601
Equity LifeStyle Properties Inc.		172,531		13,195,171
Equity Residential		757,367		68,102,441
Essex Property Trust Inc.		133,163		46,005,153
Extra Space Storage Inc.		245,494		50,473,566
Federal Realty Investment Trust		159,912		19,520,458
First Industrial Realty Trust Inc.		264,373		16,367,332
Gaming and Leisure Properties Inc.		480,537		22,551,601
Healthcare Trust of America Inc., Class A		447,022		14,009,669
Healthpeak Properties Inc.		1,110,451		38,121,783
Highwoods Properties Inc.		213,883		9,783,008
Host Hotels & Resorts Inc.		1,461,298		28,393,020
Hudson Pacific Properties Inc.		306,376		8,501,934
Invitation Homes Inc.		1,226,362		49,275,225
Iron Mountain Inc.		176,968		9,805,797
JBG SMITH Properties		254,004		7,421,997
Kilroy Realty Corp.		239,252		18,283,638
Kimco Realty Corp.		1,189,961		29,392,037
Lamar Advertising Co., Class A		21,863		2,540,043
Life Storage Inc.		168,186		23,618,360
Medical Properties Trust Inc.		1,217,976		25,748,013
Mid-America Apartment Communities Inc.		237,028		49,645,515
National Retail Properties Inc.		356,590		16,025,155
Omega Healthcare Investors Inc.		491,565		15,317,165
Orion Office REIT Inc.		111,828		1,565,592
Park Hotels & Resorts Inc.		487,951		9,529,683
Rayonier Inc.		293,416		12,065,266
Realty Income Corp.		1,166,913		80,867,071
Regency Centers Corp.		346,479		24,717,812
Rexford Industrial Realty Inc.		331,362		24,716,292
SBA Communications Corp.		186,332		64,116,841
Simon Property Group Inc.		88,147		11,596,619
SL Green Realty Corp.		139,868		11,354,484
Spirit Realty Capital Inc.		262,533		12,081,769
STORE Capital Corp.		501,422		14,656,565
Sun Communities Inc.		235,366		41,257,306
UDR Inc.		652,784		37,450,218
Ventas Inc.		818,927		50,576,932
VICI Properties Inc.		1,292,507		36,784,749
Vornado Realty Trust		359,223		16,279,986
Welltower Inc.		898,320		86,364,485
Weyerhaeuser Co.		1,547,304		58,642,822

S C H E D U L E   O F   I N V E S  T M E N T S 89

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
WP Carey Inc.		389,805	$	31,511,836
				1,612,672,171
Food & Staples Retailing — 0.9%
Albertsons Companies Inc., Class A		335,054		11,140,546
Casey’s General Stores Inc.		75,394		14,940,829
Grocery Outlet Holding Corp.(a)(b)		175,904		5,766,133
Kroger Co. (The)		1,508,293		86,530,769
U.S. Foods Holding Corp.(a)(b)		453,778		17,075,666
				135,453,943
Food Products — 3.1%
Archer-Daniels-Midland Co.		1,147,983		103,616,946
Beyond Meat Inc.(a)(b)		14,199		685,954
Bunge Ltd.		283,410		31,404,662
Campbell Soup Co.		398,793		17,774,204
Conagra Brands Inc.		968,961		32,528,021
Darling Ingredients Inc.(b)		316,617		25,449,674
Flowers Foods Inc.		387,231		9,955,709
Hain Celestial Group Inc. (The)(b)		184,859		6,359,150
Hershey Co. (The)		43,312		9,382,679
Hormel Foods Corp.		581,346		29,962,573
Ingredion Inc.		138,407		12,062,170
JM Smucker Co. (The)		215,591		29,193,177
Kellogg Co.		286,035		18,446,397
Lamb Weston Holdings Inc.		210,634		12,619,083
McCormick & Co. Inc./MD, NVS		512,674		51,164,865
Pilgrim’s Pride Corp.(b)		56,567		1,419,832
Post Holdings Inc.(b)		117,178		8,115,748
Seaboard Corp.		507		2,132,183
Tyson Foods Inc., Class A		593,340		53,181,064
				455,454,091
Gas Utilities — 0.4%
Atmos Energy Corp.		276,503		33,039,344
National Fuel Gas Co.		180,453		12,397,121
UGI Corp.		431,847		15,641,498
				61,077,963
Health Care Equipment & Supplies — 2.0%
Cooper Companies Inc. (The)(a)		99,616		41,598,645
DENTSPLY SIRONA Inc.		447,216		22,011,972
Envista Holdings Corp.(a)(b)		331,180		16,131,778
Figs Inc., Class A(a)(b)		116,611		2,509,469
Globus Medical Inc., Class A(b)		152,008		11,215,150
Hologic Inc.(b)		510,379		39,207,315
ICU Medical Inc.(a)(b)		41,378		9,212,398
Integra LifeSciences Holdings Corp.(a)(b)		147,778		9,496,214
Masimo Corp.(b)		27,700		4,031,458
Quidel Corp.(a)(b)		74,876		8,420,555
ResMed Inc.		30,197		7,323,074
STERIS PLC		151,342		36,589,955
Tandem Diabetes Care Inc.(b)		7,372		857,290
Teleflex Inc.		79,067		28,055,344
Zimmer Biomet Holdings Inc.		429,166		54,890,331
Zimvie Inc.(b)		42,931		980,544
				292,531,492
Health Care Providers & Services — 2.4%
Acadia Healthcare Co. Inc.(b)		181,469		11,891,664
agilon health Inc.(a)(b)		21,084		534,479
Amedisys Inc.(a)(b)		7,488		1,290,108
AmerisourceBergen Corp.		305,178		47,214,088
Cardinal Health Inc.		234,010		13,268,367

Security	Shares		Value
Health Care Providers & Services (continued)
Chemed Corp.		23,102	$	11,702,318
DaVita Inc.(b)		39,044		4,416,267
Encompass Health Corp.		84,057		5,977,293
Henry Schein Inc.(b)		286,136		24,948,198
Laboratory Corp. of America Holdings(b)		192,138		50,659,105
McKesson Corp.		265,006		81,126,287
Molina Healthcare Inc.(b)		100,639		33,572,164
Oak Street Health Inc.(a)(b)		20,036		538,568
Premier Inc., Class A		243,256		8,657,481
Quest Diagnostics Inc.		250,649		34,303,822
Signify Health Inc., Class A(a)(b)		128,492		2,332,130
Universal Health Services Inc., Class B		146,877		21,289,821
				353,722,160
Health Care Technology — 0.6%
Cerner Corp.		603,018		56,418,364
Certara Inc.(a)(b)		106,687		2,291,637
Change Healthcare Inc.(a)(b)		509,889		11,115,580
Definitive Healthcare Corp.(a)(b)		27,395		675,287
Teladoc Health Inc.(a)(b)		309,501		22,324,307
				92,825,175
Hotels, Restaurants & Leisure — 2.4%
Aramark		475,067		17,862,519
Boyd Gaming Corp.		134,175		8,826,031
Caesars Entertainment Inc.(a)(b)		158,023		12,224,659
Carnival Corp.(a)(b)		1,780,236		35,996,372
Darden Restaurants Inc.		83,907		11,155,436
Domino’s Pizza Inc.		23,909		9,731,202
Hilton Worldwide Holdings Inc.(b)		186,403		28,284,791
Hyatt Hotels Corp., Class A(a)(b)		100,737		9,615,347
Marriott Vacations Worldwide Corp.		85,755		13,523,563
MGM Resorts International		778,730		32,659,936
Norwegian Cruise Line Holdings Ltd.(a)(b)		759,085		16,608,780
Penn National Gaming Inc.(b)		318,995		13,531,768
Planet Fitness Inc., Class A(b)		52,323		4,420,247
Royal Caribbean Cruises Ltd.(a)(b)		451,924		37,862,193
Six Flags Entertainment Corp.(b)		95,803		4,167,431
Travel + Leisure Co.		57,153		3,311,445
Wyndham Hotels & Resorts Inc.		68,118		5,768,913
Yum China Holdings Inc.		811,751		33,720,137
Yum! Brands Inc.		546,290		64,751,754
				364,022,524
Household Durables — 1.4%
DR Horton Inc.		396,316		29,529,505
Garmin Ltd.		311,816		36,984,496
Leggett & Platt Inc.		270,125		9,400,350
Lennar Corp., Class A		530,866		43,090,393
Lennar Corp., Class B		31,632		2,162,047
Mohawk Industries Inc.(b)		113,970		14,155,074
Newell Brands Inc.		775,976		16,613,646
NVR Inc.(a)(b)		2,135		9,537,622
PulteGroup Inc.		362,227		15,177,311
Toll Brothers Inc.		134,585		6,328,187
TopBuild Corp.(b)		11,434		2,074,013
Whirlpool Corp.		118,305		20,440,738
				205,493,382
Household Products — 0.4%
Church & Dwight Co. Inc.		473,016		47,008,330
Clorox Co. (The)		47,614		6,619,774
Reynolds Consumer Products Inc.		109,390		3,209,503

90 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Spectrum Brands Holdings Inc.		82,141	$	7,287,550
				64,125,157
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The)		1,357,284		34,922,917
Brookfield Renewable Corp., Class A		193,866		8,491,331
Vistra Corp.		991,387		23,049,748
				66,463,996
Insurance — 5.9%
Aflac Inc.		1,329,395		85,599,744
Alleghany Corp.(b)		24,162		20,465,214
American Financial Group Inc./OH		138,733		20,202,299
Arch Capital Group Ltd.(b)		582,534		28,206,296
Arthur J Gallagher & Co.		420,990		73,504,854
Assurant Inc.		115,745		21,045,913
Assured Guaranty Ltd.		137,173		8,732,433
Axis Capital Holdings Ltd.		158,084		9,559,339
Brighthouse Financial Inc.(b)		160,977		8,316,072
Brown & Brown Inc.		454,238		32,827,780
Cincinnati Financial Corp.		308,649		41,963,918
CNA Financial Corp.		56,542		2,749,072
Erie Indemnity Co., Class A, NVS		15,552		2,739,174
Everest Re Group Ltd.		61,761		18,613,530
Fidelity National Financial Inc.		561,882		27,442,317
First American Financial Corp.		218,697		14,175,940
Globe Life Inc.		206,811		20,805,187
GoHealth Inc., Class A(b)		42,070		49,643
Hanover Insurance Group Inc. (The)		74,186		11,092,291
Hartford Financial Services Group Inc. (The)		689,954		49,545,597
Kemper Corp.		124,019		7,012,034
Lemonade Inc.(a)(b)		69,543		1,833,849
Lincoln National Corp.		314,969		20,586,374
Loews Corp.		431,396		27,963,089
Markel Corp.(a)(b)		23,139		34,135,578
Mercury General Corp.		55,009		3,025,495
Old Republic International Corp.		575,333		14,883,865
Primerica Inc.		80,869		11,064,497
Principal Financial Group Inc.		532,208		39,069,389
Prudential Financial Inc.		780,360		92,215,141
Reinsurance Group of America Inc.		138,999		15,214,831
RenaissanceRe Holdings Ltd.		50,083		7,938,656
Unum Group		420,701		13,256,289
W R Berkley Corp.		424,416		28,261,861
White Mountains Insurance Group Ltd.(a)		6,068		6,894,704
Willis Towers Watson PLC		255,426		60,336,730
				881,328,995
Interactive Media & Services — 0.5%
IAC/InterActiveCorp.(a)(b)		156,021		15,645,786
TripAdvisor Inc.(b)		76,671		2,079,317
Twitter Inc.(b)		1,435,352		55,533,769
Vimeo Inc.(b)		28,652		340,386
				73,599,258
Internet & Direct Marketing Retail — 0.1%
DoorDash Inc., Class A(b)		35,260		4,132,119
Qurate Retail Inc., Series A		748,187		3,561,370
Wayfair Inc., Class A(a)(b)		69,882		7,741,528
				15,435,017
IT Services — 1.9%
Akamai Technologies Inc.(a)(b)		331,368		39,562,026
Alliance Data Systems Corp.		104,362		5,859,926

Security	Shares		Value
IT Services (continued)
Amdocs Ltd.		253,553	$	20,844,592
Broadridge Financial Solutions Inc.		21,433		3,337,332
Cloudflare Inc., Class A(a)(b)		31,239		3,739,308
Concentrix Corp.		86,949		14,482,225
DXC Technology Co.(b)		502,519		16,397,195
Euronet Worldwide Inc.(b)		29,767		3,874,175
Fastly Inc., Class A(a)(b)		212,845		3,699,246
FleetCor Technologies Inc.(b)		125,949		31,368,858
Genpact Ltd.		356,128		15,495,129
GoDaddy Inc., Class A(b)		310,294		25,971,608
Jack Henry & Associates Inc.		110,021		21,679,638
Paychex Inc.		83,787		11,434,412
Paysafe Ltd.(a)(b)		739,640		2,507,380
SolarWinds Corp.		70,295		935,627
StoneCo Ltd., Class A(b)		30,716		359,377
Thoughtworks Holding Inc.(b)		57,007		1,186,316
VeriSign Inc.(b)		199,900		44,469,754
Western Union Co. (The)		613,870		11,503,924
WEX Inc.(b)		29,587		5,279,800
				283,987,848
Leisure Products — 0.2%
Brunswick Corp./DE		139,992		11,323,953
Hasbro Inc.		262,236		21,482,373
Polaris Inc.		35,526		3,741,598
				36,547,924
Life Sciences Tools & Services — 1.1%
Adaptive Biotechnologies Corp.(a)(b)		23,890		331,593
Agilent Technologies Inc.		63,772		8,438,949
Azenta Inc.		25,927		2,148,830
Bio-Rad Laboratories Inc., Class A(b)		43,834		24,688,624
Charles River Laboratories International Inc.(b)		6,331		1,797,814
IQVIA Holdings Inc.(b)		198,376		45,866,515
PerkinElmer Inc.(a)		259,200		45,220,032
QIAGEN NV(b)		470,724		23,065,476
Repligen Corp.(b)		6,401		1,203,964
Syneos Health Inc.(a)(b)		183,711		14,871,405
Waters Corp.(b)		8,608		2,671,837
				170,305,039
Machinery — 4.6%
AGCO Corp.		115,850		16,917,576
Allison Transmission Holdings Inc.		52,853		2,075,009
Colfax Corp.(b)		286,857		11,414,040
Crane Co.		100,865		10,921,662
Cummins Inc.		294,955		60,498,220
Donaldson Co. Inc.		220,627		11,457,160
Dover Corp.		294,916		46,272,320
Flowserve Corp.		271,666		9,752,809
Fortive Corp.		671,469		40,912,606
Gates Industrial Corp. PLC(a)(b)		193,459		2,913,493
Graco Inc.		132,107		9,210,500
IDEX Corp.		155,918		29,894,158
Ingersoll Rand Inc.		811,590		40,863,557
ITT Inc.		177,017		13,313,449
Middleby Corp. (The)(b)		79,069		12,962,572
Nordson Corp.		99,472		22,588,102
Oshkosh Corp.		136,763		13,765,196
Otis Worldwide Corp.		874,437		67,287,927
PACCAR Inc.		703,554		61,962,001
Parker-Hannifin Corp.		220,508		62,571,350

S C H E D U L E   O F   I N V E S  T M E N T S 91

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Pentair PLC		342,187	$	18,549,957
Snap-on Inc.		108,775		22,351,087
Stanley Black & Decker Inc.		331,654		46,361,913
Timken Co. (The)		131,172		7,962,140
Toro Co. (The)		11,688		999,207
Westinghouse Air Brake Technologies Corp.		368,340		35,423,258
Xylem Inc./NY		125,624		10,710,702
				689,911,971
Marine — 0.1%
Kirby Corp.(b)		124,465		8,985,128
Media — 2.2%
Altice USA Inc., Class A(b)		129,142		1,611,692
Cable One Inc.		5,296		7,754,615
Discovery Inc., Class A(a)(b)		342,486		8,534,751
Discovery Inc., Class C, NVS(b)		649,813		16,225,831
DISH Network Corp., Class A(a)(b)		511,741		16,196,603
Fox Corp., Class A, NVS		642,226		25,335,816
Fox Corp., Class B		306,183		11,108,319
Interpublic Group of Companies Inc. (The)		804,006		28,502,013
Liberty Broadband Corp., Class A(b)		47,823		6,267,682
Liberty Broadband Corp., Class C, NVS(b)		289,772		39,211,947
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		188,860		8,632,791
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		331,505		15,159,724
Loyalty Ventures Inc.(b)		40,064		662,258
New York Times Co. (The), Class A		340,830		15,623,647
News Corp., Class A, NVS		803,624		17,800,272
News Corp., Class B		244,368		5,503,167
Nexstar Media Group Inc., Class A		76,030		14,330,134
Omnicom Group Inc.		427,058		36,248,683
Paramount Global, Class B, NVS		1,198,247		45,305,719
Sirius XM Holdings Inc.(a)		1,794,755		11,881,278
ViacomCBS Inc., Class A(a)		16,481		665,997
				332,562,939
Metals & Mining — 1.6%
Alcoa Corp.		379,709		34,185,201
Cleveland-Cliffs Inc.(b)		920,605		29,652,687
Nucor Corp.		561,799		83,511,422
Reliance Steel & Aluminum Co.		128,519		23,563,959
Royal Gold Inc.		134,326		18,977,577
Steel Dynamics Inc.		316,468		26,402,925
United States Steel Corp.		533,508		20,134,592
				236,428,363
Mortgage Real Estate Investment — 0.4%
AGNC Investment Corp.		1,074,883		14,080,967
Annaly Capital Management Inc.		2,923,965		20,584,713
New Residential Investment Corp.		899,712		9,878,838
Starwood Property Trust Inc.		600,534		14,514,907
				59,059,425
Multi-Utilities — 2.8%
Ameren Corp.		523,054		49,041,543
CenterPoint Energy Inc.		1,219,880		37,377,123
CMS Energy Corp.		596,826		41,742,010
Consolidated Edison Inc.		727,881		68,915,773
DTE Energy Co.		397,423		52,543,295
NiSource Inc.		809,702		25,748,524
Public Service Enterprise Group Inc.		1,040,857		72,859,990

Security	Shares		Value
Multi-Utilities (continued)
WEC Energy Group Inc.		648,736	$	64,750,340
				412,978,598
Multiline Retail — 0.7%
Dollar Tree Inc.(b)		457,749		73,308,502
Kohl’s Corp.		284,883		17,224,026
Nordstrom Inc.		34,928		946,898
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		131,353		5,642,925
				97,122,351
Oil, Gas & Consumable Fuels — 6.3%
Antero Midstream Corp.		701,081		7,620,751
APA Corp.		747,185		30,881,156
Continental Resources Inc./OK		122,330		7,502,499
Coterra Energy Inc.		1,375,521		37,097,801
Devon Energy Corp.		1,385,986		81,953,352
Diamondback Energy Inc.		194,563		26,670,696
DTE Midstream LLC(b)		200,591		10,884,068
EQT Corp.		629,278		21,653,456
Hess Corp.		531,353		56,876,025
HF Sinclair Corp.		308,252		12,283,842
Marathon Oil Corp.		1,598,890		40,148,128
Marathon Petroleum Corp.		1,267,662		108,385,101
Occidental Petroleum Corp.		1,516,861		86,066,693
ONEOK Inc.		912,024		64,416,255
Phillips 66		960,649		82,990,467
Pioneer Natural Resources Co.		245,842		61,467,875
Targa Resources Corp.		464,580		35,061,853
Valero Energy Corp.		842,621		85,559,736
Williams Companies Inc. (The)		2,507,951		83,790,643
				941,310,397
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		165,592		10,286,575
Sylvamo Corp.(b)		72,068		2,398,423
				12,684,998
Personal Products — 0.1%
Coty Inc., Class A(b)		725,889		6,525,742
Herbalife Nutrition Ltd.(b)		172,641		5,241,381
Olaplex Holdings Inc.(a)(b)		132,678		2,073,757
				13,840,880
Pharmaceuticals — 1.0%
Catalent Inc.(b)		268,006		29,721,866
Elanco Animal Health Inc.(b)		915,292		23,879,968
Jazz Pharmaceuticals PLC(b)		123,451		19,217,617
Nektar Therapeutics(a)(b)		361,762		1,949,897
Organon & Co.		520,982		18,197,901
Perrigo Co. PLC		274,925		10,565,368
Royalty Pharma PLC, Class A		274,631		10,699,624
Viatris Inc.		2,483,626		27,021,851
				141,254,092
Professional Services — 1.7%
CACI International Inc., Class A(b)		47,813		14,404,144
Clarivate PLC(a)(b)		959,715		16,084,823
CoStar Group Inc.(b)		179,932		11,985,271
Dun & Bradstreet Holdings Inc.(b)		322,361		5,647,765
Equifax Inc.		154,219		36,565,325
FTI Consulting Inc.(a)(b)		69,505		10,927,576
Jacobs Engineering Group Inc.		266,778		36,764,676
Legalzoomcom Inc.(a)(b)		79,523		1,124,455
Leidos Holdings Inc.		290,132		31,340,059

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
ManpowerGroup Inc.		111,759	$	10,496,405
Nielsen Holdings PLC		729,049		19,859,295
Robert Half International Inc.		27,206		3,106,381
Science Applications International Corp.		116,687		10,755,041
TransUnion		124,841		12,901,069
Verisk Analytics Inc.		119,145		25,572,091
				247,534,376
Real Estate Management & Development — 0.7%
CBRE Group Inc., Class A(b)		653,092		59,770,980
Howard Hughes Corp. (The)(a)(b)		86,516		8,963,923
Jones Lang LaSalle Inc.(a)(b)		104,071		24,920,841
Opendoor Technologies Inc.(a)(b)		752,917		6,512,732
				100,168,476
Road & Rail — 0.4%
AMERCO		18,450		11,013,543
JB Hunt Transport Services Inc.		18,968		3,808,585
Knight-Swift Transportation Holdings Inc.		328,990		16,600,835
Landstar System Inc.		8,684		1,309,808
Old Dominion Freight Line Inc.		16,276		4,861,316
Ryder System Inc.		109,186		8,661,725
Schneider National Inc., Class B		104,239		2,658,094
TuSimple Holdings Inc., Class A(a)(b)		238,650		2,911,530
XPO Logistics Inc.(b)		28,552		2,078,586
				53,904,022
Semiconductors & Semiconductor Equipment — 1.9%
Cirrus Logic Inc.(b)		117,434		9,957,229
First Solar Inc.(b)		216,886		18,162,034
GLOBALFOUNDRIES Inc.(a)(b)		50,573		3,156,767
Marvell Technology Inc.		1,737,977		124,630,330
Microchip Technology Inc.		176,625		13,271,603
MKS Instruments Inc.		17,365		2,604,750
ON Semiconductor Corp.(b)		397,987		24,917,966
Qorvo Inc.(b)		223,133		27,690,805
Skyworks Solutions Inc.		179,173		23,880,177
Wolfspeed Inc.(a)(b)		238,264		27,128,739
				275,400,400
Software — 1.7%
ANSYS Inc.(b)		104,899		33,321,167
Black Knight Inc.(b)		314,620		18,244,814
C3.ai Inc., Class A(a)(b)		88,677		2,012,968
CDK Global Inc.		201,266		9,797,629
Ceridian HCM Holding Inc.(a)(b)		270,762		18,509,290
Citrix Systems Inc.		162,925		16,439,133
Datto Holding Corp.(a)(b)		47,977		1,281,945
Dolby Laboratories Inc., Class A		132,302		10,348,662
Duck Creek Technologies Inc.(b)		127,037		2,810,058
Dynatrace Inc.(b)		25,933		1,221,444
Guidewire Software Inc.(a)(b)		171,514		16,228,655
Informatica Inc.(a)(b)		18,990		374,863
Jamf Holding Corp.(a)(b)		16,304		567,542
Mandiant Inc.(b)		335,363		7,481,949
Manhattan Associates Inc.(a)(b)		61,615		8,546,617
N-able Inc.(b)		91,688		834,361
NCR Corp.(b)		176,301		7,085,537
NortonLifeLock Inc.		834,433		22,129,163
Paycor HCM Inc.(a)(b)		32,354		941,825
Pegasystems Inc.		4,602		371,151
Procore Technologies Inc.(a)(b)		33,790		1,958,468
SS&C Technologies Holdings Inc.		460,030		34,511,451

Security	Shares		Value
Software (continued)
Synopsys Inc.(b)		114,189	$	38,055,768
Teradata Corp.(a)(b)		32,002		1,577,379
Tyler Technologies Inc.(b)		10,854		4,828,836
				259,480,675
Specialty Retail — 2.0%
Advance Auto Parts Inc.		128,265		26,545,725
AutoNation Inc.(a)(b)		84,197		8,384,337
AutoZone Inc.(b)		33,426		68,342,131
Bath & Body Works Inc.		204,243		9,762,815
Best Buy Co. Inc.		381,558		34,683,622
Burlington Stores Inc.(b)		7,746		1,411,089
CarMax Inc.(a)(b)		307,130		29,631,903
Dick’s Sporting Goods Inc.		124,407		12,443,188
Foot Locker Inc.		178,459		5,293,094
Gap Inc. (The)		424,178		5,972,426
Leslie’s Inc.(a)(b)		39,284		760,538
Lithia Motors Inc.		54,867		16,466,684
O’Reilly Automotive Inc.(b)		95,578		65,467,107
Penske Automotive Group Inc.		64,151		6,012,232
Petco Health & Wellness Co. Inc.(a)(b)		105,524		2,065,105
Victoria’s Secret & Co.(a)(b)		67,295		3,456,271
Vroom Inc.(a)(b)		173,823		462,369
Williams-Sonoma Inc.		36,197		5,248,565
				302,409,201
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		2,674,810		44,696,075
HP Inc.		1,459,485		52,979,306
NetApp Inc.		154,200		12,798,600
Pure Storage Inc., Class A(b)		34,354		1,213,040
Western Digital Corp.(b)		641,371		31,844,070
Xerox Holdings Corp.		261,383		5,272,095
				148,803,186
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(b)		297,221		15,274,187
Carter’s Inc.		84,318		7,756,413
Columbia Sportswear Co.		75,395		6,825,509
Deckers Outdoor Corp.(b)		48,055		13,156,017
Hanesbrands Inc.		280,858		4,181,976
PVH Corp.		143,463		10,990,701
Ralph Lauren Corp.		93,615		10,619,686
Skechers U.S.A. Inc., Class A(a)(b)		242,165		9,870,645
Tapestry Inc.		490,416		18,218,954
Under Armour Inc., Class A(a)(b)		395,942		6,738,933
Under Armour Inc., Class C, NVS(a)(b)		419,922		6,533,986
VF Corp.		236,489		13,446,765
				123,613,772
Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp.		659,828		8,940,670
New York Community Bancorp. Inc.		933,913		10,011,547
TFS Financial Corp.		98,399		1,633,423
UWM Holdings Corp.		98,031		444,081
				21,029,721
Trading Companies & Distributors — 0.7%
Air Lease Corp.		221,360		9,883,724
Core & Main Inc., Class A(a)(b)		55,652		1,346,222
Fastenal Co.		131,028		7,783,063
MSC Industrial Direct Co. Inc., Class A		94,024		8,011,785
SiteOne Landscape Supply Inc.(a)(b)		44,184		7,144,111
United Rentals Inc.(b)		97,208		34,529,254

S C H E D U L E   O F   I N V E S  T M E N T S 93

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Univar Solutions Inc.(b)		347,035	$	11,153,705
Watsco Inc.		66,785		20,345,382
WW Grainger Inc.		15,898		8,200,029
				108,397,275
Water Utilities — 0.6%
American Water Works Co. Inc.		373,147		61,767,023
Essential Utilities Inc.		475,685		24,321,774
				86,088,797
Total Common Stocks — 99.7% (Cost: $11,656,398,542)				14,867,953,586
Short-Term Investments
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		397,615,553		397,536,030
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		21,620,000		21,620,000
				419,156,030
Total Short-Term Investments — 2.8% (Cost: $419,094,994)				419,156,030
Total Investments in Securities — 102.5% (Cost: $12,075,493,536)				15,287,109,616
Other Assets, Less Liabilities — (2.5)%				(379,364,351	)
Net Assets — 100.0%			$ 14,907,745,265

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	235,625,516	$	162,144,941	(a)	$	—	$	(105,898	)	$	(128,529	)	$	397,536,030		397,615,553	$	787,079	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,090,000		3,530,000	(a)		—		—			—			21,620,000		21,620,000		5,779			—
								$	(105,898	)	$	(128,529	)	$	419,156,030			$	792,858		$	—

^(a)  Represents net amount purchased (sold).

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

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Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF

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		42		06/17/22	$	9,515	$	476,844
S&P Mid 400 E-Mini Index		100		06/17/22		26,892		837,682
							$	1,314,526

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,314,526

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(989,951	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,329,904

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,307,595

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.

S C H E D U L E   O F   I N V E S  T M E N T S 95

Schedule of Investments   (continued) March 31, 2022 iShares^® Russell Mid-Cap Value ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	14,867,369,595	$	583,991	$	—	$	14,867,953,586
Money Market Funds		419,156,030		—		—		419,156,030
	$	15,286,525,625	$	583,991	$	—	$	15,287,109,616
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,314,526	$	—	$	—	$	1,314,526

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

See notes to financial statements.

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Statements of Assets and Liabilities

March 31, 2022

	iShares Micro-Cap ETF			iShares Russell 2500 ETF		iShares Russell 3000 ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,093,567,577		$	241,442,211	$	11,961,393,330
Affiliated(c)		174,014,783			292,368,254		279,828,282
Cash		128,559			13,344		179,807
Cash pledged:
Futures contracts		146,710			34,000		1,393,459
Receivables:
Investments sold		2,675,665			—		250,353
Securities lending income — Affiliated		254,450			36,252		91,164
Capital shares sold		—			9,335		826
Dividends		770,367			212,013		7,841,849
Total assets		1,271,558,111			534,115,409		12,250,979,070
LIABILITIES
Collateral on securities loaned, at value		172,831,037			110,935,120		231,164,775
Payables:
Investments purchased		1,493,183			—		826
Variation margin on futures contracts		27,065			6,980		349,074
Capital shares redeemed		1,292			—		—
Investment advisory fees		561,820			23,769		1,981,837
Total liabilities		174,914,397			110,965,869		233,496,512
NET ASSETS	$	1,096,643,714		$	423,149,540	$	12,017,482,558
NET ASSETS CONSIST OF:
Paid-in capital	$	1,290,071,487		$	399,790,109	$	8,162,849,885
Accumulated earnings (loss)		(193,427,773	)		23,359,431		3,854,632,673
NET ASSETS	$	1,096,643,714		$	423,149,540	$	12,017,482,558
Shares outstanding		8,500,000			6,800,000		45,850,000
Netasset value	$	129.02		$	62.23	$	262.10
Sharesauthorized		Unlimited			Unlimited		Unlimited
Parvalue		None			None		None
(a)  Securities loaned, at value	$	161,043,637		$	107,559,992	$	223,406,467
(b)  Investments, at cost — Unaffiliated	$	1,151,550,371		$	220,764,509	$	7,904,960,674
(c)  Investments, at cost — Affiliated	$	174,026,145		$	286,687,448	$	269,445,799

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 97

Statements of Assets and Liabilities   (continued)

March 31, 2022

	iShares Russell Mid-Cap ETF		iShares Russell Mid-Cap Growth ETF		iShares Russell Mid-Cap Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	30,234,133,292	$	13,757,241,260	$	14,867,953,586
Affiliated(c)		1,313,928,989		802,912,169		419,156,030
Cash		641,030		439,540		246,775
Cash pledged:
Futures contracts		3,615,420		1,134,990		2,060,590
Receivables:
Securities lending income — Affiliated		354,387		277,778		94,243
Capital shares sold		234,813		—		175,720
Dividends		28,084,234		3,439,023		19,059,273
Total assets		31,580,992,165		14,565,444,760		15,308,746,217
LIABILITIES
Collateral on securities loaned, at value		1,271,926,400		785,366,199		397,471,682
Payables:
Investments purchased		816		—		—
Variation margin on futures contracts		916,307		282,201		522,071
Capital shares redeemed		—		35,094		116,127
Investment advisory fees		4,606,253		2,622,550		2,891,072
Total liabilities		1,277,449,776		788,306,044		401,000,952
NET ASSETS	$	30,303,542,389	$	13,777,138,716	$	14,907,745,265
NET ASSETS CONSIST OF:
Paid-in capital	$	21,233,308,041	$	12,841,556,579	$	12,204,733,162
Accumulated earnings		9,070,234,348		935,582,137		2,703,012,103
NET ASSETS	$	30,303,542,389	$	13,777,138,716	$	14,907,745,265
Shares outstanding		388,400,000		137,050,000		124,700,000
Net asset value	$	78.02	$	100.53	$	119.55
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a)  Securities loaned, at value	$	1,226,083,859	$	752,181,377	$	383,214,540
(b)  Investments, at cost — Unaffiliated	$	20,240,419,610	$	11,983,921,991	$	11,656,398,542
(c)  Investments, at cost — Affiliated	$	1,313,911,947	$	802,858,117	$	419,094,994

See notes to financial statements.

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Statements of Operations

Year Ended March 31, 2022

	iShares Micro-Cap ETF			iShares Russell 2500 ETF			iShares Russell 3000 ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	11,342,170		$	2,544,710		$	155,041,625
Dividends — Affiliated		14,754			1,546,286			686,454
Securities lending income — Affiliated — net		3,020,241			422,351			732,274
Other income — Unaffiliated		10,203			—			—
Foreign taxes withheld		(19,884	)		(2,073	)		(42,333	)
Total investment income		14,367,484			4,511,274			156,418,020
EXPENSES
Investment advisory fees		7,587,317			523,462			24,003,897
Professional fees		217			217			217
Total expenses		7,587,534			523,679			24,004,114
Less:
Investment advisory fees waived		—			(286,466	)		—
Total expenses after fees waived		7,587,534			237,213			24,004,114
Net investment income		6,779,950			4,274,061			132,413,906
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		47,761,736			(2,173,203	)		(9,891,921	)
Investments — Affiliated		(52,090	)		(158,587	)		(63,719	)
In-kind redemptions — Unaffiliated		209,749,072			15,578,593			861,755,622
In-kind redemptions — Affiliated		—			7,521,154			2,707,541
Futures contracts		(240,796	)		25,169			1,940,308
Net realized gain		257,217,922			20,793,126			856,447,831
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(412,751,836	)		(8,821,884	)		291,956,948
Investments — Affiliated		(91,828	)		(20,495,784	)		(2,247,532	)
Futures contracts		13,729			6,519			1,070,191
Net change in unrealized appreciation (depreciation)		(412,829,935	)		(29,311,149	)		290,779,607
Net realized and unrealized gain (loss)		(155,612,013	)		(8,518,023	)		1,147,227,438
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(148,832,063	)	$	(4,243,962	)	$	1,279,641,344

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 99

Statements of Operations  (continued)

Year Ended March 31, 2022

	iShares Russell Mid-Cap ETF			iShares Russell Mid-Cap Growth ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	368,398,350		$	84,471,911		$	233,484,939
Dividends — Affiliated		99,673			70,454			26,250
Securities lending income — Affiliated — net		2,858,706			2,650,914			766,608
Foreign taxes withheld		(102,223	)		(16,883	)		(66,010	)
Total investment income		371,254,506			87,176,396			234,211,787
EXPENSES
Investment advisory fees		54,833,143			35,394,530			33,380,326
Professional fees		217			217			217
Total expenses		54,833,360			35,394,747			33,380,543
Net investment income		316,421,146			51,781,649			200,831,244
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		430,247,881			171,302,050			730,659,503
Investments — Affiliated		(309,770	)		(280,948	)		(105,898	)
In-kind redemptions — Unaffiliated		1,281,815,912			2,733,982,624			497,136,508
Futures contracts		1,656,395			1,528,652			(989,951	)
Net realized gain		1,713,410,418			2,906,532,378			1,226,700,162
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(185,064,513	)		(3,079,154,370	)		52,182,908
Investments — Affiliated		(532,623	)		(413,425	)		(128,529	)
Futures contracts		2,361,973			910,512			1,329,904
Net change in unrealized appreciation (depreciation)		(183,235,163	)		(3,078,657,283	)		53,384,283
Net realized and unrealized gain (loss)		1,530,175,255			(172,124,905	)		1,280,084,445
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,846,596,401		$	(120,343,256	)	$	1,480,915,689

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Micro-Cap ETF						iShares Russell 2500 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,779,950		$	7,953,178		$	4,274,061		$	1,875,578
Net realized gain		257,217,922			18,081,192			20,793,126			4,120,692
Net change in unrealized appreciation (depreciation)		(412,829,935	)		632,697,905			(29,311,149	)		66,690,370
Net increase (decrease) in net assets resulting from operations		(148,832,063	)		658,732,275			(4,243,962	)		72,686,640
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,212,592	)		(8,886,794	)		(4,296,696	)		(2,053,020	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(131,900,161	)		174,536,784			164,572,268			154,463,552
NET ASSETS
Total increase (decrease) in net assets		(289,944,816	)		824,382,265			156,031,610			225,097,172
Beginning of year		1,386,588,530			562,206,265			267,117,930			42,020,758
End of year	$	1,096,643,714		$	1,386,588,530		$	423,149,540		$	267,117,930

^(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 101

Statements of Changes in Net Assets  (continued)

	iShares Russell 3000 ETF						iShares Russell Mid-Cap ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	132,413,906		$	135,062,426		$	316,421,146		$	270,198,642
Net realized gain		856,447,831			1,061,621,917			1,713,410,418			700,515,561
Net change in unrealized appreciation (depreciation)		290,779,607			3,423,435,522			(183,235,163	)		10,488,765,188
Net increase in net assets resulting from operations		1,279,641,344			4,620,119,865			1,846,596,401			11,459,479,391
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(135,842,146	)		(140,402,335	)		(335,661,159	)		(291,549,968	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(84,663,380	)		(1,752,359,037	)		1,669,289,907			201,796,936
NET ASSETS
Total increase in net assets		1,059,135,818			2,727,358,493			3,180,225,149			11,369,726,359
Beginning of year		10,958,346,740			8,230,988,247			27,123,317,240			15,753,590,881
End of year	$	12,017,482,558		$	10,958,346,740		$	30,303,42,389		$	27,123,317,240

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares Russell Mid-Cap Growth ETF						iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	51,781,649		$	48,647,158		$	200,831,244		$	174,406,967
Net realized gain		2,906,532,378			1,634,159,985			1,226,700,162			31,845,912
Net change in unrealized appreciation (depreciation)		(3,078,657,283	)		4,645,472,122			53,384,283			5,513,829,072
Net increase (decrease) in net assets resulting from operations		(120,343,256	)		6,328,279,265			1,480,915,689			5,720,081,951
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(57,154,726	)		(50,299,403	)		(220,370,366	)		(194,749,263	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(867,632,402	)		(809,354,311	)		527,173,955			(607,251,620	)
NET ASSETS
Total increase (decrease) in net assets		(1,045,130,384	)		5,468,625,551			1,787,719,278			4,918,081,068
Beginning of year		14,822,269,100			9,353,643,549			13,120,025,987			8,201,944,919
End of year	$	13,777,138,716		$	14,822,269,100		$	14,907,745,265		$	13,120,025,987

^(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 103

Financial Highlights

(For a share outstanding throughout each period)

	iShares Micro-Cap ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year	$	146.73		$	67.33			$	92.88			$	96.11			$	85.68
Net investment income(a)		0.76			0.96				0.94				0.89				0.79
Net realized and unrealized gain (loss)(b)		(17.42	)		79.50				(25.28	)			(3.24	)			10.68
Net increase (decrease) from investment operations		(16.66	)		80.46				(24.34	)			(2.35	)			11.47
Distributions(c)
From net investment income		(1.05	)		(1.06	)			(1.21	)			(0.88	)			(1.04	)
Total distributions		(1.05	)		(1.06	)			(1.21	)			(0.88	)			(1.04	)
Net asset value, end of year	$	129.02		$	146.73			$	67.33			$	92.88			$	96.11
Total Return(d)
Based on net asset value		(11.41	)%		120.24	%			(26.47	)%			(2.48	)%			13.43	%
Ratios to Average Net Assets(e)
Total expenses		0.60	%		0.60	%			0.60	%			0.60	%			0.60	%
Net investment income		0.54	%		0.92	%			1.03	%			0.91	%			0.86	%
Supplemental Data
Net assets, end of year (000)	$	1,096,644		$	1,386,589			$	562,206			$	882,335			$	879,375
Portfolio turnover rate(f)		44	%		35	%			24	%			25	%			22	%

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 2500 ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Period From           07/06/17(a)   to 03/31/18
Net asset value, beginning of period		$	62.85			$	33.62			$	44.13			$	43.24			$	39.34
Net investment income(b)			0.79				0.75				0.72				0.65				0.42
Net realized and unrealized gain (loss)(c)			(0.66	)			29.21				(10.50	)			1.22				3.88
Net increase (decrease) from investment operations			0.13				29.96				(9.78	)			1.87				4.30
Distributions(d)
From net investment income			(0.75	)			(0.73	)			(0.73	)			(0.62	)			(0.40	)
From net realized gain			—				—				—				(0.36	)			—
Return of capital			—				—				—				—				(0.00	)(e)
Total distributions			(0.75	)			(0.73	)			(0.73	)			(0.98	)			(0.40	)
Net asset value, end of period		$	62.23			$	62.85			$	33.62			$	44.13			$	43.24
Total Return(f)
Based on net asset value			0.17	%			89.71	%			(22.47	)%			4.49	%			10.96	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%(i)
Total expenses after fees waived			0.07	%			0.07	%			0.07	%			0.06	%			0.07	%(i)
Net investment income			1.22	%			1.44	%			1.60	%			1.49	%			1.37	%(i)
Supplemental Data
Net assets, end of period (000)		$	423,150			$	267,118			$	42,021			$	35,302			$	6,486
Portfolio turnover rate(j)			12	%			16	%			14	%			12	%			5	%(g)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

^(e) Rounds to less than $0.01.

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

^(g) Not annualized.

^(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.

 F I N A N C I A L   H I G H L I G H T S 105

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	237.19		$	148.31		$	166.74		$	156.30		$	139.89
Net investment income(a)		2.87			2.73			2.91			2.78			2.53
Net realized and unrealized gain (loss)(b)		25.00			89.03			(18.04	)		10.52			16.45
Net increase (decrease) from investment operations		27.87			91.76			(15.13	)		13.30			18.98
Distributions(c)
From net investment income		(2.96	)		(2.88	)		(3.30	)		(2.86	)		(2.57	)
Total distributions		(2.96	)		(2.88	)		(3.30	)		(2.86	)		(2.57	)
Net asset value, end of year	$	262.10		$	237.19		$	148.31		$	166.74		$	156.30
Total Return(d)
Based on net asset value		11.75	%		62.21	%		(9.29	)%		8.59	%		13.64	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.10	%		1.37	%		1.69	%		1.72	%		1.68	%
Supplemental Data
Net assets, end of year (000)	$	12,017,483		$	10,958,347		$	8,230,988		$	9,379,045		$	8,182,126
Portfolio turnover rate(f)		5	%		4	%		5	%		5	%		4	%

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap ETF
		Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	73.93		$	43.20		$	53.93		$	51.61		$	46.82
Net investment income(b)		0.84			0.74			0.91			0.81			0.76
Net realized and unrealized gain (loss)(c)		4.14			30.79			(10.71	)		2.44			4.84
Net increase (decrease) from investment operations		4.98			31.53			(9.80	)		3.25			5.60
Distributions(d)
From net investment income		(0.89	)		(0.80	)		(0.93	)		(0.93	)		(0.81	)
Total distributions		(0.89	)		(0.80	)		(0.93	)		(0.93	)		(0.81	)
Net asset value, end of year	$	78.02		$	73.93		$	43.20		$	53.93		$	51.61
Total Return(e)
Based on net asset value		6.72	%		73.38	%		(18.44	)%		6.38	%		12.02	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.19	%		0.19	%		0.19	%		0.20	%
Net investment income		1.07	%		1.23	%		1.63	%		1.55	%		1.53	%
Supplemental Data
Net assets, end of year (000)	$	30,303,542		$	27,123,317		$	15,753,591		$	18,593,536		$	16,988,034
Portfolio turnover rate(g)		13	%		14	%		10	%		11	%		10	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 25, 2018.

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

^(g) 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 107

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Growth ETF
		Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	102.01		$	60.86		$	67.81		$	61.46		$	51.90
Net investment income(b)		0.37			0.32			0.47			0.56			0.48
Net realized and unrealized gain (loss)(c)		(1.44	)		41.16			(6.97	)		6.35			9.58
Net increase (decrease) from investment operations		(1.07	)		41.48			(6.50	)		6.91			10.06
Distributions(d)
From net investment income		(0.41	)		(0.33	)		(0.45	)		(0.56	)		(0.50	)
Total distributions		(0.41	)		(0.33	)		(0.45	)		(0.56	)		(0.50	)
Net asset value, end of year	$	100.53		$	102.01		$	60.86		$	67.81		$	61.46
Total Return(e)
Based on net asset value		(1.09	)%		68.27	%		(9.67	)%		11.28	%		19.46	%
Ratios to Average Net Assets(f)
Total expenses		0.23	%		0.23	%		0.24	%		0.24	%		0.24	%
Net investment income		0.34	%		0.36	%		0.65	%		0.88	%		0.84	%
Supplemental Data
Net assets, end of year (000)	$	13,777,139		$	14,822,269		$	9,353,644		$	10,217,865		$	8,561,654
Portfolio turnover rate(g)		35	%		23	%		23	%		20	%		24	%

^(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	109.15		$	64.10		$	86.86		$	86.44		$	83.02
Net investment income(a)		1.62			1.43			1.93			1.67			1.69
Net realized and unrealized gain (loss)(b)		10.55			45.22			(22.63	)		0.70			3.48
Net increase (decrease) from investment operations		12.17			46.65			(20.70	)		2.37			5.17
Distributions(c)
From net investment income		(1.77	)		(1.60	)		(2.06	)		(1.95	)		(1.75	)
Total distributions		(1.77	)		(1.60	)		(2.06	)		(1.95	)		(1.75	)
Net asset value, end of year	$	119.55		$	109.15		$	64.10		$	86.86		$	86.44
Total Return(d)
Based on net asset value		11.19	%		73.40	%		(24.28	)%		2.78	%		6.28	%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.23	%		0.24	%		0.24	%		0.24	%
Net investment income		1.39	%		1.65	%		2.18	%		1.93	%		1.98	%
Supplemental Data
Net assets, end of year (000)	$	14,907,745		$	13,120,026		$	8,201,945		$	11,218,007		$	10,533,292
Portfolio turnover rate(f)		21	%		25	%		20	%		25	%		20	%

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

^(f) 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 109

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
Micro-Cap	Diversified
Russell 2500	Diversified
Russell 3000	Diversified
Russell Mid-Cap	Diversified
Russell Mid-Cap Growth	Diversified
Russell Mid-Cap Value	Diversified

Currently the iShares Russell 2500 ETF seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying Fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

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. 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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

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

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Notes to Financial Statements   (continued)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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 111

Notes to Financial Statements   (continued)

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

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

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Micro-Cap
Barclays Bank PLC	$	9,183,974	$	9,183,974		$	—	$	—
Barclays Capital, Inc.		1,370,896		1,370,896			—		—
BMO Capital Markets Corp.		29,705		29,705			—		—
BNP Paribas SA		27,534,496		27,534,496			—		—
BofA Securities, Inc.		15,933,364		15,933,364			—		—
Citigroup Global Markets, Inc.		3,511,737		3,511,737			—		—
Credit Suisse Securities (USA) LLC		66,291		66,291			—		—
Goldman Sachs & Co. LLC		20,662,055		20,662,055			—		—
HSBC Bank PLC		217,303		217,303			—		—
ING Financial Markets LLC		50,832		50,832			—		—
J.P. Morgan Securities LLC		26,191,401		26,191,401			—		—
Jefferies LLC		863,142		863,142			—		—
Morgan Stanley		17,722,300		17,722,300			—		—
National Financial Services LLC		8,319,003		8,319,003			—		—
Nomura Securities International, Inc.		118,523		118,523			—		—
Pershing LLC		14,030		14,030			—		—
RBC Capital Markets LLC		2,057,617		2,057,617			—		—
Scotia Capital (USA), Inc.		55,069		55,069			—		—
SG Americas Securities LLC		897,276		897,276			—		—
State Street Bank & Trust Co.		6,509,522		6,509,522			—		—
Toronto-Dominion Bank		4,045,516		4,045,516			—		—
UBS AG		5,939,443		5,939,443			—		—
UBS Securities LLC		2,283,882		2,283,882			—		—
Wells Fargo Bank N.A.		3,707,341		3,707,341			—		—
Wells Fargo Securities LLC		3,758,919		3,758,919			—		—
	$	161,043,637	$	161,043,637		$	—	$	—

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell 2500
Barclays Bank PLC	$	91,362,563	$	91,362,563		$	—	$	—
BNP Paribas SA		440,650		440,650			—		—
BofA Securities, Inc.		817		817			—		—
Citigroup Global Markets, Inc.		1,439,608		1,439,608			—		—
J.P. Morgan Securities LLC		4,078,261		4,078,261			—		—
Jefferies LLC		152,738		152,738			—		—
Scotia Capital (USA), Inc.		1,815		1,815			—		—
SG Americas Securities LLC		8,995,452		8,995,452			—		—
State Street Bank & Trust Co.		13,490		13,490			—		—
Toronto-Dominion Bank		200,779		200,779			—		—
UBS AG		437		430			—		(7	)(b)
UBS Securities LLC		869,983		869,983			—		—
Wells Fargo Securities LLC		3,399		3,399			—		—
	$	107,559,992	$	107,559,985		$	—	$	(7	)
Russell 3000
Barclays Bank PLC	$	6,115,399	$	6,115,399		$	—	$	—
Barclays Capital, Inc.		12,460,332		12,460,332			—		—
BMO Capital Markets Corp.		34,345		34,345			—		—
BNP Paribas SA		47,522,398		47,522,398			—		—
BofA Securities, Inc.		18,812,120		18,812,120			—		—
Citadel Clearing LLC		31,328		31,328			—		—
Citigroup Global Markets, Inc.		11,257,498		11,257,498			—		—
Credit Suisse Securities (USA) LLC		691,114		691,114			—		—
Deutsche Bank Securities, Inc.		46,800		46,800			—		—
Goldman Sachs & Co. LLC		31,377,127		31,377,127			—		—
HSBC Bank PLC		26,405		22,838			—		(3,567	)(b)
ING Financial Markets LLC		10,196		10,196			—		—
J.P. Morgan Securities LLC		43,422,568		43,422,568			—		—
Jefferies LLC		1,828,192		1,828,192			—		—
Morgan Stanley		22,623,855		22,623,855			—		—
National Financial Services LLC		868,969		868,969			—		—
Natixis SA		401,641		401,641			—		—
Pershing LLC		138,881		138,881			—		—
RBC Capital Markets LLC		5,219,956		5,219,956			—		—
Scotia Capital (USA), Inc.		7,206,278		7,206,278			—		—
SG Americas Securities LLC		358,096		358,096			—		—
State Street Bank & Trust Co.		2,816,319		2,816,319			—		—
Toronto-Dominion Bank		3,525,388		3,525,388			—		—
UBS AG		3,044,349		3,044,349			—		—
UBS Securities LLC		1,962,854		1,962,854			—		—
Wells Fargo Bank N.A.		28,045		28,045			—		—
Wells Fargo Securities LLC		1,576,014		1,576,014			—		—
	$	223,406,467	$	223,402,900		$	—	$	(3,567	)

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell Mid-Cap
Barclays Bank PLC	$	65,606,433	$	65,606,433		$	—	$	—
Barclays Capital, Inc.		14,466,200		14,466,200			—		—
BMO Capital Markets Corp.		24,931		24,931			—		—
BNP Paribas SA		200,734,835		200,734,835			—		—
BofA Securities, Inc.		67,749,350		67,749,350			—		—
Citadel Clearing LLC		8,675,520		8,675,520			—		—
Citigroup Global Markets, Inc.		118,569,669		118,569,669			—		—
Credit Suisse Securities (USA) LLC		3,577,432		3,577,432			—		—
Goldman Sachs & Co. LLC		115,761,728		115,761,728			—		—
HSBC Bank PLC		17,487		17,487			—		—
ING Financial Markets LLC		2,192,535		2,192,535			—		—
J.P. Morgan Securities LLC		257,574,380		257,574,380			—		—
Jefferies LLC		2,924,721		2,924,721			—		—
Morgan Stanley		97,851,388		97,851,388			—		—
National Financial Services LLC		8,881,809		8,881,809			—		—
Natixis SA		16,222,364		16,222,364			—		—
Nomura Securities International, Inc.		75,526		75,526			—		—
RBC Capital Markets LLC		62,417,549		62,417,549			—		—
Scotia Capital (USA), Inc.		50,383,268		50,383,268			—		—
SG Americas Securities LLC		2,604,026		2,604,026			—		—
State Street Bank & Trust Co.		19,203,789		19,203,789			—		—
Toronto-Dominion Bank		5,049,147		5,049,147			—		—
UBS AG		55,416,694		55,093,496			—		(323,198	)(b)
UBS Securities LLC		29,043,816		29,043,816			—		—
Virtu Americas LLC		202,132		202,132			—		—
Wells Fargo Bank N.A.		13,323,822		13,323,822			—		—
Wells Fargo Securities LLC		7,533,308		7,533,308			—		—
	$	1,226,083,859	$	1,225,760,661		$	—	$	(323,198	)
Russell Mid-Cap Growth
Barclays Bank PLC	$	21,060,811	$	21,060,811		$	—	$	—
Barclays Capital, Inc.		15,115,126		15,115,126			—		—
BMO Capital Markets Corp.		64,542		64,542			—		—
BNP Paribas SA		121,512,135		121,512,135			—		—
BofA Securities, Inc.		20,120,039		20,120,039			—		—
Citadel Clearing LLC		1,692,558		1,692,558			—		—
Citigroup Global Markets, Inc.		48,553,616		48,553,616			—		—
Credit Suisse Securities (USA) LLC		1,058,446		1,058,446			—		—
Deutsche Bank Securities, Inc.		243,681		243,681			—		—
Goldman Sachs & Co. LLC		80,826,236		80,826,236			—		—
HSBC Bank PLC		5,597,400		5,597,400			—		—
ING Financial Markets LLC		893,735		893,735			—		—
J.P. Morgan Securities LLC		206,500,824		206,500,824			—		—
Jefferies LLC		2,747,006		2,747,006			—		—
Mizuho Securities USA LLC		1,982,001		1,982,001			—		—
Morgan Stanley		129,333,974		129,333,974			—		—
National Financial Services LLC		15,696,196		15,696,196			—		—
Natixis SA		12,200,969		12,200,969			—		—
RBC Capital Markets LLC		476,473		476,473			—		—
Scotia Capital (USA), Inc.		22,122,348		22,122,348			—		—
SG Americas Securities LLC		2,426,947		2,426,947			—		—
State Street Bank & Trust Co.		6,503,223		6,503,223			—		—
Toronto-Dominion Bank		481,559		481,559			—		—
UBS AG		17,284,603		17,284,603			—		—
UBS Securities LLC		1,482,819		1,482,819			—		—
Virtu Americas LLC		2,242,614		2,242,614			—		—
Wells Fargo Bank N.A.		4,848,730		4,848,730			—		—
Wells Fargo Securities LLC		9,112,766		9,112,766			—		—
	$	752,181,377	$	752,181,377		$	—	$	—

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of   Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Russell Mid-Cap Value
Barclays Bank PLC	$	33,366,773	$	33,366,773		$	—	$	—
Barclays Capital, Inc.		2,563,089		2,563,089			—		—
BMO Capital Markets Corp.		78,055		78,055			—		—
BNP Paribas SA		97,437,766		97,437,766			—		—
BofA Securities, Inc.		8,505,468		8,505,468			—		—
Citadel Clearing LLC		2,595,979		2,595,979			—		—
Citigroup Global Markets, Inc.		20,151,652		20,151,652			—		—
Credit Suisse Securities (USA) LLC		3,397,123		3,397,123			—		—
Deutsche Bank Securities, Inc.		7,213		7,213			—		—
Goldman Sachs & Co. LLC		77,441,008		77,441,008			—		—
J.P. Morgan Securities LLC		29,111,895		29,111,895			—		—
Jefferies LLC		3,680,207		3,680,207			—		—
Morgan Stanley		37,076,317		37,076,317			—		—
National Financial Services LLC		7,130,756		7,130,756			—		—
Natixis SA		406		405			—		(1	)(b)
SG Americas Securities LLC		2,102,799		2,102,799			—		—
State Street Bank & Trust Co.		25,251,709		25,251,709			—		—
Toronto-Dominion Bank		24,292,121		24,292,121			—		—
UBS AG		2,677,227		2,677,227			—		—
UBS Securities LLC		3,044,206		3,044,206			—		—
Virtu Americas LLC		1,472,310		1,472,310			—		—
Wells Fargo Bank N.A.		32,014		32,014			—		—
Wells Fargo Securities LLC		1,798,447		1,798,447			—		—
	$	383,214,540	$	383,214,539		$	—	$	(1	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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.

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Notes to Financial Statements   (continued)

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 Fee
Micro-Cap		0.60	%
Russell 2500		0.15
Russell 3000		0.20

For its investment advisory services to the iShares Russell Mid-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

For its investment advisory services to each of the iShares Russell Mid-Cap Growth and iShares Russell Mid-Cap Value ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Russell 2500 ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.15%.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Russell 2500	$	286,466

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

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Notes to Financial Statements   (continued)

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.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Micro-Cap	$	934,014
Russell 2500		161,215
Russell 3000		277,957
Russell Mid-Cap		1,127,294
Russell Mid-Cap Growth		1,029,287
Russell Mid-Cap Value		303,171

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 year ended March 31, 2022, 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)
Micro-Cap	$	77,126,040	$	185,196,395	$	33,693,778
Russell 2500		13,592,055		5,830,497		(1,069,162	)
Russell 3000		74,822,189		85,116,090		(7,081,238	)
Russell Mid-Cap		1,026,107,398		1,056,274,109		(82,281,882	)
Russell Mid-Cap Growth		2,545,288,610		2,281,130,692		2,929,592
Russell Mid-Cap Value		1,579,003,960		1,766,727,862		432,251,708

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.

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Notes to Financial Statements   (continued)

7. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Micro-Cap	$	560,242,207	$	564,932,556
Russell 2500		41,457,715		41,102,182
Russell 3000		546,395,101		547,056,983
Russell Mid-Cap		3,863,463,114		3,812,704,483
Russell Mid-Cap Growth		5,271,561,030		5,284,441,708
Russell Mid-Cap Value		2,982,534,914		2,967,989,506

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind  Purchases		In-kind      Sales
Micro-Cap	$	226,268,589	$	354,842,733
Russell 2500		221,949,527		57,740,163
Russell 3000		1,407,031,934		1,488,599,502
Russell Mid-Cap		3,636,432,447		1,994,204,373
Russell Mid-Cap Growth		4,734,271,249		5,589,938,491
Russell Mid-Cap Value		1,871,643,168		1,346,975,192

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, the following permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated       Earnings (Loss)
Micro-Cap	$	199,223,372	$	(199,223,372)
Russell 2500		23,001,114		(23,001,114)
Russell 3000		854,684,209		(854,684,209)
Russell Mid-Cap		1,252,493,573		(1,252,493,573)
Russell Mid-Cap Growth		2,720,171,319		(2,720,171,319)
Russell Mid-Cap Value		467,024,525		(467,024,525)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Micro-Cap
Ordinary income	$	9,212,592	$	8,886,794
Russell 2500
Ordinary income	$	4,296,696	$	2,053,020
Russell 3000
Ordinary income	$	135,842,146	$	140,402,335
Russell Mid-Cap
Ordinary income	$	335,661,159	$	291,549,968
Russell Mid-Cap Growth
Ordinary income	$	57,154,726	$	50,299,403

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Notes to Financial Statements   (continued)

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Russell Mid-Cap Value
Ordinary income	$	220,370,366	$	194,749,263

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Micro-Cap	$	(112,175,451	)	$	(81,187,738	)	$	(64,584	)	$	(193,427,773)
Russell 2500		(2,273,837	)		25,633,268			—			23,359,431
Russell 3000		(134,214,036	)		3,988,846,709			—			3,854,632,673
Russell Mid-Cap		(662,719,275	)		9,732,960,718			(7,095	)		9,070,234,348
Russell Mid-Cap Growth		(788,026,969	)		1,723,609,106			—			935,582,137
Russell Mid-Cap Value		(414,944,990	)		3,117,957,093			—			2,703,012,103

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Micro-Cap	$	54,879,995
Russell Mid-Cap		469,732,607
Russell Mid-Cap Growth		210,168,741
Russell Mid-Cap Value		741,020,234

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
Micro-Cap	$	1,348,770,099	$	243,425,484	$	(324,613,223	)	$	(81,187,739)
Russell 2500		508,177,197		40,009,318		(14,376,050	)		25,633,268
Russell 3000		8,252,374,903		4,550,505,647		(561,658,938	)		3,988,846,709
Russell Mid-Cap		21,815,101,563		11,219,987,078		(1,487,026,360	)		9,732,960,718
Russell Mid-Cap Growth		12,836,544,323		3,145,238,360		(1,421,629,254	)		1,723,609,106
Russell Mid-Cap Value		12,169,152,523		3,781,673,023		(663,715,930	)		3,117,957,093

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.

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Notes to Financial Statements   (continued)

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements   (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Micro-Cap
Shares sold		1,550,000		$	233,160,533			1,900,000		$	258,640,222
Shares redeemed		(2,500,000	)		(365,060,694	)		(800,000	)		(84,103,438	)
Net increase (decrease)		(950,000	)	$	(131,900,161	)		1,100,000		$	174,536,784
Russell 2500
Shares sold		3,450,000		$	222,742,394			3,250,000		$	166,498,017
Shares redeemed		(900,000	)		(58,170,126	)		(250,000	)		(12,034,465	)
Net increase		2,550,000		$	164,572,268			3,000,000		$	154,463,552
Russell 3000
Shares sold		5,400,000		$	1,415,391,570			2,250,000		$	455,681,225
Shares redeemed		(5,750,000	)		(1,500,054,950	)		(11,550,000	)		(2,208,040,262	)
Net decrease		(350,000	)	$	(84,663,380	)		(9,300,000	)	$	(1,752,359,037	)
Russell Mid-Cap
Shares sold		46,450,000		$	3,657,110,774			51,900,000		$	2,889,310,154
Shares redeemed		(24,950,000	)		(1,987,820,867	)		(49,700,000	)		(2,687,513,218	)
Net increase		21,500,000		$	1,669,289,907			2,200,000		$	201,796,936
Russell Mid-Cap Growth
Shares sold		42,850,000		$	4,740,611,315			53,000,000	(a)	$	4,406,706,279
Shares redeemed		(51,100,000	)		(5,608,243,717	)		(61,400,000	)(a)		(5,216,060,590	)
Net decrease		(8,250,000	)	$	(867,632,402	)		(8,400,000	)	$	(809,354,311	)
Russell Mid-Cap Value
Shares sold		16,200,000		$	1,882,610,327			15,200,000		$	1,399,838,175
Shares redeemed		(11,700,000	)		(1,355,436,372	)		(22,950,000	)		(2,007,089,795	)
Net increase (decrease)		4,500,000		$	527,173,955			(7,750,000	)	$	(607,251,620	)

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

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 State Street Bank and Trust Company, the Trust’s administrator, 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. LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation sought to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Russell 3000 ETF, iShares Russell MidCap ETF and iShares Russell MidCap Value ETF received proceeds of $518,568, $2,662,268 and $4,836,058, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but were subject to various appeals. On February 22, 2022, the United States Supreme Court refused to hear the last of these appeals and, accordingly, the Litigation is now closed.

12. 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 121

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell

Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend     Income
Micro-Cap	$	9,095,398
Russell 2500		3,043,501
Russell 3000		149,025,420
Russell Mid-Cap		313,165,738
Russell Mid-Cap Growth		72,829,914
Russell Mid-Cap Value		197,836,467

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business      Income
Micro-Cap	$	485,629
Russell 2500		370,312
Russell 3000		4,721,324
Russell Mid-Cap		25,228,876
Russell Mid-Cap Growth		4,764,848
Russell Mid-Cap Value		15,609,373

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Micro-Cap		97.50	%
Russell 2500		44.93	%
Russell 3000		100.00	%
Russell Mid-Cap		90.25	%
Russell Mid-Cap Growth		100.00	%
Russell Mid-Cap Value		86.73	%

I M P O R T A N T   T A X   I N F  O R M A T I O N 123

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Micro-Cap ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF and iShares Russell Mid-Cap Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Micro-Cap(a)	$	1.003459	$	—	$	0.042242	$	1.045701		96	%		—	%		4	%		100	%
Russell 2500(a)		0.685162		—		0.066528		0.751690		91			—			9			100
Russell 3000(a)		2.903532		—		0.051599		2.955131		98			—			2			100
Russell Mid-Cap(a)		0.845875		—		0.044337		0.890212		95			—			5			100
Russell Mid-Cap Growth(a)		0.401726		—		0.009850		0.411576		98			—			2			100
Russell Mid-Cap Value(a)		1.681494		—		0.092622		1.774116		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Russell 3000 ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

S U P P L E M E N T A L   I N F O R M A T I O N 125

Supplemental Information  (unaudited)(continued)

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker     Remuneration
Russell 3000		$1,159,647		$542,211		$617,436		661		$141,943		$14,670

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Trustee and Officer Information  

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates. (b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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 Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 131

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-306-0322

        

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Focused Value Factor ETF | FOVL | NYSE Arca

· iShares U.S. Aerospace & Defense ETF | ITA | Cboe BZX

· iShares U.S. Broker-Dealers & Securities Exchanges ETF | IAI | NYSE Arca

· iShares U.S. Healthcare Providers ETF | IHF | NYSE Arca

· iShares U.S. Home Construction ETF | ITB | Cboe BZX

· iShares U.S. Infrastructure ETF | IFRA | Cboe BZX

· iShares U.S. Insurance ETF | IAK | NYSE Arca

· iShares U.S. Medical Devices ETF | IHI | NYSE Arca

· iShares U.S. Oil & Gas Exploration & Production ETF | IEO | Cboe BZX

· iShares U.S. Oil Equipment & Services ETF | IEZ | NYSE Arca

· iShares U.S. Pharmaceuticals ETF | IHE | NYSE Arca

· iShares U.S. Real Estate ETF | IYR | NYSE Arca

· iShares U.S. Regional Banks ETF | IAT | NYSE Arca

· iShares U.S. Telecommunications ETF | IYZ | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		33
Shareholder Expenses		33
Schedules of Investments		34
Financial Statements
Statements of Assets and Liabilities		72
Statements of Operations		76
Statements of Changes in Net Assets		80
Financial Highlights		87
Notes to Financial Statements		101
Report of Independent Registered Public Accounting Firm		115
Important Tax Information (Unaudited)		116
Statement Regarding Liquidity Risk Management Program		117
Supplemental Information		118
Trustee and Officer Information		120
General Information		123
Glossary of Terms Used in this Report		124

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022 iShares^® Focused Value Factor ETF

Investment Objective

The iShares Focused Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with prominent value characteristics, as represented by the Focused Value Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		13.20	%		9.08	%		13.20	%		30.20	%
Fund Market		13.26			9.13			13.26			30.37
Index		13.53			9.41			13.53			31.34

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,082.30	$       1.30			$     1,000.00	$      1,023.70	$       1.26		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022  (continued) iShares^® Focused Value Factor ETF

Portfolio Management Commentary

Large and mid-capitalization stocks with prominent value characteristics advanced sharply for the reporting period as coronavirus pandemic-related insurance claims declined. Investor optimism that the Fed would increase interest rates in response to rising inflation grew, benefiting insurance companies and regional banks.

The financials sector contributed the most to the Index’s return, led by the insurance industry. Revenues and margins in the property and casualty insurance industry reached record highs amid investor optimism that low unemployment and restricted housing supply would lead to housing price increases, supporting higher title insurance premiums. The life and health insurance industry also showed strength amid lower benefits payouts and investor optimism that interest rates would rise. Also contributing to the Index’s return were regional banks, which investors also expected to benefit from rising interest rates due to the increasing spread between the rate they pay on deposits and the rate they charge for loans.

The communication services sector contributed modestly to the Index’s return. In the movies and entertainment industry, streaming subscriptions increased, offsetting the pandemic-led decline in theater attendance. The industry also benefited from the announcement of new licensing arrangements and investor optimism about industry consolidation. The consumer staples sector was also a modest contributor. People prepared more food at home, leading to increased use of grocery delivery services, supporting the food and staples retail industry.

In contrast, the consumer discretionary sector detracted. The global shortage of semiconductors, needed for manufacturing cars, weighed on production and sales in the automobiles industry.

In terms of relative performance, the Index slightly outperformed the broader market, as represented by the Russell 1000^® Index. The Index’s research-based selection process is designed to maximize exposure to the value factor. The Index had above-market exposure to value, earnings yield, and low size during the measurement period. Similarly, seeking the maximum exposure to the value factor resulted in incidental exposure to more volatile and less profitable stocks. With the exception of value, these factors detracted from the Index’s relative performance. However, higher relative exposure to the value factor contributed significantly to the Index’s relative performance, almost entirely offsetting the detractors.

The Index is unconstrained at the sector level to maximize exposure to the value factor. Underweight positions in the energy and information technology sectors detracted from relative performance in terms of both stock selection and sector allocation. An underweight in communication services and a very large overweight in the financials sector resulted in strong stock selection and sector allocation.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Insurance	36.2%
Banks	20.9
Diversified Financials	16.6
Technology Hardware & Equipment	9.0
Retailing	6.4
Food & Staples Retailing	3.5
Utilities	2.9
Health Care Equipment & Services	2.8
Automobiles & Components	1.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Kroger Co. (The)	3.5%
First Horizon Corp.	3.2
Virtu Financial Inc., Class A	3.1
Raymond James Financial Inc.	2.9
Vistra Corp.	2.9
Arch Capital Group Ltd.	2.9
Penske Automotive Group Inc.	2.9
Zions Bancorp. N.A.	2.9
CVS Health Corp.	2.8
Aflac Inc.	2.8

^(a) Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Aerospace & Defense ETF

Investment Objective

The iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the aerospace and defense sector, as represented by the Dow Jones U.S. Select Aerospace & Defense Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		7.00	%		9.49	%	14.09%		7.00	%		57.34	%		273.66	%
Fund Market		7.10			9.51		14.10		7.10			57.50			273.92
Index		7.38			9.96		14.56		7.38			60.73			289.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,065.30	$       2.01			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Aerospace & Defense ETF

Portfolio Management Commentary

U.S. aerospace and defense stocks gained for the reporting period amid a gradual recovery in leisure and business air travel as COVID-19 vaccines became widespread and the economy reopened following closures related to the coronavirus pandemic. Manufacturers took steps to minimize the impacts of supply chain constraints, including automating production, contracting with alternative suppliers, and signing long-term contracts with customers. Additionally, the passage of the Department of Defense Appropriations Act, which authorizes national military spending, reaffirmed the U.S.’ continued commitment to defense spending. Other major developed nations, including China and Japan, also reconfirmed or increased their military budgets during the reporting period. Defense spending by many western nations increased late in the reporting period as a consequence of Russia’s invasion of Ukraine.

Aerospace manufacturers contributed to the Index’s return despite a decline in commercial aviation business units during the height of the pandemic. Both original equipment manufacturing and aftermarket purchases of airplanes were volatile as flights were less predictable amid the summer 2021 reopening and COVID-19 variant-driven closures in the fall and winter of 2021. However, strong defense spending supported aerospace and defense companies, further bolstered by the war in Ukraine. Stock buybacks and dividend payments also signaled companies’ strength to investors.

Both missile defense contracts and space exploration collaborations with NASA contributed to revenue growth. Manufacturers of ships and helicopters were also strong, delivering more fighter jets than anticipated for 2021. Despite supply constraints and labor shortages that plagued manufacturers, deliveries of business jets were also higher, as demand for business travel increased amid higher COVID-19 vaccination rates and fewer travel restrictions.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Aerospace & Defense	97.7%
Industrial Machinery	1.7
Leisure Products	0.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Raytheon Technologies Corp.	21.3%
Lockheed Martin Corp.	15.4
Boeing Co. (The)	7.7
Textron Inc.	4.7
TransDigm Group Inc.	4.5
General Dynamics Corp.	4.5
Northrop Grumman Corp.	4.4
L3Harris Technologies Inc.	4.3
Howmet Aerospace Inc.	4.2
Axon Enterprise Inc.	2.9

^(a) Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Investment Objective

The iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the investment services sector, as represented by the Dow Jones U.S. Select Investment Services Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		10.38	%		16.16	%	16.68%		10.38	%		111.48	%		367.56	%
Fund Market		10.39			16.19		16.67		10.39			111.73			367.29
Index		10.81			16.56		17.06		10.81			115.18			383.11

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      968.20	$       1.91			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Broker-Dealers & Securities Exchanges ETF

Portfolio Management Commentary

Stocks of U.S. broker-dealers and securities exchanges rose during the reporting period. Assets under management grew significantly, driving profits and revenues. Broker-dealers’ fees supported gains as stock markets reached record highs amid economic recovery. Also positive were high interest rate spreads, with the potential for even higher profitability as the Fed increased the federal funds rate. Low interest rates and high levels of cash built up during the COVID-19 pandemic fueled a rise in mergers and acquisitions, despite high valuations and the prospect of more deal regulation.

Investment banking and brokerage firms contributed the most to the Index’s return. Higher advisory fees drove higher profits as dealmaking increased to record levels. Global economic growth, continuing fiscal stimulus, and low interest rates combined to fuel the deal frenzy. Wealth management was also constructive, as strong client activity and acquisitions drove higher asset levels and net interest income. Strong advisor recruitment and retention rates also helped bolster assets under management, which drove gains. While low interest rates weighed on consumer banking activity, banks without large consumer lending units and those with diverse revenue streams weathered the economic downturn more successfully than those with more exposure. Independent broker-dealers, not tied to one specific firm, were also constructive, growing their businesses amid major acquisitions and strong equity markets. Advisors made use of new technology, which helped them to win both new clients and more business from existing clients.

Financial exchanges and data stocks also contributed to the Index’s return. Derivatives exchanges benefited from higher trading in interest rate futures. Stock exchanges invested in their faster-growing technological platforms and data services, which generated significant returns.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Investment Banking & Brokerage	77.4%
Financial Exchanges & Data	22.3
Asset Management & Custody Banks	0.3

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Charles Schwab Corp. (The)	19.4%
Morgan Stanley	19.0
Goldman Sachs Group Inc. (The)	6.3
Raymond James Financial Inc.	4.8
LPL Financial Holdings Inc.	4.8
Nasdaq Inc.	4.6
CME Group Inc.	4.5
Intercontinental Exchange Inc.	4.5
Cboe Global Markets Inc.	4.4
MarketAxess Holdings Inc.	4.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Healthcare Providers ETF

Investment Objective

The iShares U.S. Healthcare Providers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare providers sector, as represented by the Dow Jones U.S. Select Health Care Providers Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		13.15	%		17.54	%	16.43%		13.15	%		124.32	%		357.70	%
Fund Market		13.04			17.57		16.43		13.04			124.60			357.92
Index		13.57			18.01		16.86		13.57			128.84			374.99

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,109.40	$       2.05			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Healthcare Providers ETF

Portfolio Management Commentary

Stocks of healthcare providers advanced strongly during the reporting period. Healthcare providers benefited from technological trends, including an expansion of virtual care during the pandemic and electronic recordkeeping. The prevalence of chronic health conditions (approximately a quarter of U.S. adults have two or more chronic conditions) also motivated digital innovation in remote patient monitoring to help minimize doctor visits and costs. Also positive for healthcare providers was the production and distribution of COVID-19 vaccines, boosters, and treatments across the U.S.

The managed healthcare industry contributed the most to the Index’s return. Strong net earnings drove gains, even as medical costs increased amid government requirements to provide free COVID-19 testing. Also supportive for healthcare companies were value-based models of care that helped providers manage risk while optimizing care delivery. These business units, drawing on data and expertise from insurance operations to provide business advisory services, were also positive. Lower-cost plan providers rebranded, focusing on “whole-person total healthcare powered by digital technologies,” which helped them lower costs, supporting their contribution to the Index’s return. Innovative platforms that allow employers to customize a “digital-first healthcare experience” were also positive for managed care companies, as were increased Medicaid and Medicare Advantage memberships.

Healthcare services companies also benefited the Index’s performance, with managed care plan business units driving the advance. Pharmacy services and retail services increased revenues amid higher foot traffic from COVID-19 vaccinations.

Healthcare facilities operators also contributed meaningfully to the Index’s return. Large hospital chains performed well as their scale helped them expand market share during pandemic-driven slowdowns.

Healthcare technology companies detracted slightly from the index’s gains. Despite higher revenues amid a pandemic increase in membership, net losses at these firms detracted from performance.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Managed Health Care	44.7%
Health Care Services	36.4
Health Care Facilities	12.2
Health Care Technology	6.5
Life Sciences Tools & Services	0.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
UnitedHealth Group Inc.	23.0%
CVS Health Corp.	14.0
Anthem Inc.	8.0
Cigna Corp.	4.5
Centene Corp.	4.5
Humana Inc.	4.4
HCA Healthcare Inc.	4.2
Laboratory Corp. of America Holdings	3.9
Molina Healthcare Inc.	3.1
Quest Diagnostics Inc.	2.6

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Fund Summary as of March 31, 2022 iShares^® U.S. Home Construction ETF

Investment Objective

The iShares U.S. Home Construction ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the home construction sector, as represented by the Dow Jones U.S. Select Home Construction Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.21	)%		13.72	%		15.47	%		(12.21	)%		90.20	%		321.51	%
Fund Market		(12.20	)		13.73			15.47			(12.20	)		90.24			321.46
Index		(11.88	)		14.19			15.97			(11.88	)		94.19			340.06

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        898.10	$       1.85			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Home Construction ETF

Portfolio Management Commentary

Home construction stocks declined for the reporting period as labor shortages, supply-chain challenges, and higher costs inhibited companies’ ability to keep up with overwhelming consumer demand. Home prices climbed steadily as the mismatch between supply and demand exacerbated the broader rising inflationary environment. Additionally, the impacts of higher interest rates on homeownership affordability and construction financing led to an investor selloff late in the reporting period.

The consumer durables industry in the consumer discretionary sector was the largest detractor from the Index’s performance. As a result of ongoing supply-chain disruptions, homebuilding companies lowered guidance on the number of new homes to be delivered. Supply shortages were reported in a wide variety of building materials and supplies, from windows and doors to kitchen appliances. Delays in the delivery of such goods, coupled with an extreme labor shortage, constrained homebuilding companies’ ability to finish jobs on time and on budget. Construction costs, as measured by the U.S. Census Bureau, rose 17.5% from 2020 to 2021. The price of softwood lumber rose sharply following an increase in Canadian lumber tariffs and lumber production delays from wildfires. Record-high natural gas prices increased production costs of flooring materials and a jump in the price of diesel fuel also translated into higher costs for the transportation of other goods used in homebuilding.

Stocks in the industrials sector also detracted from the Index’s return as supply-chain headwinds similarly impacted producers of building products. The delay in new construction projects lowered sales projections, while an increase in raw material costs raised overall expenses. New commercial projects were also delayed as businesses paused pre-pandemic commitments.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Homebuilding	63.7%
Building Products	14.1
Home Improvement Retail	10.7
Specialty Chemicals	5.1
Trading Companies & Distributors	2.4
Home Furnishings	2.1
Forest Products	1.0
Construction Materials	0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
DR Horton Inc.	14.1%
Lennar Corp., Class A	12.2
NVR Inc.	8.7
PulteGroup Inc.	6.1
Sherwin-Williams Co. (The)	5.1
Home Depot Inc. (The)	4.7
Lowe’s Companies Inc.	4.4
TopBuild Corp.	3.3
Toll Brothers Inc.	3.0
Masco Corp.	2.2

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Fund Summary as of March 31, 2022 iShares^® U.S. Infrastructure ETF

Investment Objective

The iShares U.S. Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities, as represented by the NYSE^® FactSet U.S. Infrastructure Index^SM (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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.78	%		13.87	%		14.78	%		68.01	%
Fund Market		14.59			13.89			14.59			68.12
Index		15.21			14.32			15.21			70.59

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,154.00	$       1.66			$     1,000.00	$      1,023.40	$       1.56		0.31	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Infrastructure ETF

Portfolio Management Commentary

U.S. infrastructure stocks advanced strongly during the reporting period amid solid economic growth and a rebound in industrial production. In November 2021, a bipartisan infrastructure bill was signed into law, benefiting companies that provide products and services related to infrastructure. The $1.2 trillion bill funds investments in bridges and roads, broadband internet, water and energy systems, and other projects.

Utilities stocks contributed the most to the Index’s performance, led by the electric utilities industry. As the economy improved and business activity accelerated, demand for power increased, benefiting the electric utilities industry. While the cost of energy commodities rose substantially, most utilities companies were able to pass along these higher costs to their customers. Utilities providers also increased their investments in renewable energy, and in 2021 the share of energy produced from solar and wind sources grew at the fastest rate on record. The industry also made investments in grid modernization and resilience to manage increased demand as more devices and vehicles use electric power.

Multi-utilities company stocks also gained as one company in the industry completed divestment of some natural gas distribution facilities and announced plans to achieve net-zero carbon emissions by 2035. Increased investment in infrastructure modernization and strong liquidity also benefited the industry.

The materials sector was another source of strength, supported by high demand and the passage of the infrastructure bill. Steelmakers in the metals and mining industry posted strong gains as industrial customers increased their purchases and steel manufacturers were able to raise their prices and use surcharges to offset the impact of costlier inputs. Makers of aluminum also benefited from supply tightening following sanctions on aluminum exporters in Russia, one of the largest producers of aluminum in the world.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Electric Utilities	19.4%
Construction & Engineering	12.4
Multi-Utilities	10.7
Steel	7.9
Oil & Gas Storage & Transportation	7.0
Building Products	6.6
Water Utilities	5.4
Gas Utilities	5.3
Commodity Chemicals	3.6
Specialty Chemicals	3.0
Construction Machinery & Heavy Trucks	2.3
Trading Companies & Distributors	2.2
Railroads	2.1
Construction Materials	1.8
Aluminum	1.6
Industrial Machinery	1.6
Research & Consulting Services	1.2
Forest Products	1.0
Other (each representing less than 1%)	4.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Equitrans Midstream Corp.	0.8%
Danimer Scientific Inc.	0.8
Sempra Energy	0.8
Constellation Energy Corp.	0.8
Evergy Inc.	0.8
U.S. Silica Holdings Inc.	0.7
PPL Corp.	0.7
Southern Co. (The)	0.7
FirstEnergy Corp.	0.7
Exelon Corp.	0.7

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Fund Summary as of March 31, 2022 iShares^® U.S. Insurance ETF

Investment Objective

The iShares U.S. Insurance ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the insurance sector, as represented by the Dow Jones U.S. Select Insurance Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.36	%		10.91	%		13.17	%		25.36	%		67.82	%		244.53	%
Fund Market		25.31			10.93			13.17			25.31			67.97			244.67
Index		25.85			11.34			13.64			25.85			71.07			259.23

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,176.60	$       2.12			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Insurance ETF

Portfolio Management Commentary

U.S. insurance stocks advanced strongly for the reporting period, continuing their recovery from the adverse effects of the coronavirus pandemic. Premiums and income grew as many insurers were able to increase insurance rates in response to an environment of higher inflation. Insurance stocks also rose as the Fed raised interest rates for the first time since 2018. Because insurance companies typically hold capital generated from premiums in relatively conservative, interest-bearing investments such as high-quality bonds, higher interest rates raise the prospect of greater investment income, a key component of the industry’s earnings.

The property and casualty insurance industry contributed the most to the Index’s return as companies expanded profit margins and exceeded earnings estimates. Insurers boosted premiums across global product lines to compensate for higher costs, particularly car insurance underwriting, as traffic approached pre-pandemic levels and accidents rose. As U.S. inflation grew, so too did the costs of car repairs, rentals, and replacements as supply chain issues affected the availability of auto parts and cars. An increase in catastrophic claims due to extreme weather events, including Hurricane Ida, deadly tornadoes in Kentucky, and wildfires in Colorado, likewise highlighted the rising costs of construction. After temporarily reducing premiums during the pandemic, many property and casualty insurance companies imposed policy rate increases to account for the inflationary environment.

The life and health insurance industry also strongly contributed to the Index’s return. Strong investment gains offset still-high payouts for COVID-19 deaths as life insurers’ income portfolios benefited from diversification in private-equity funds. Annuity lines also showed strong growth, and sales volume for pension risk-transfer transactions reached all-time highs, increasing profits for domestic life insurance companies.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of     Total Investments(a)
Property & Casualty Insurance	53.6%
Life & Health Insurance	25.0
Multi-line Insurance	12.0
Insurance Brokers	7.0
Reinsurance	1.6
Other Diversified Financial Services	0.8

TEN LARGEST HOLDINGS
Security	Percent of     Total Investments(a)
Chubb Ltd.	12.0%
Progressive Corp. (The)	8.7
American International Group Inc.	6.8
MetLife Inc.	6.4
Travelers Companies Inc. (The)	5.7
Prudential Financial Inc.	5.1
Allstate Corp. (The)	4.7
Arthur J Gallagher & Co.	4.7
Aflac Inc.	4.4
Hartford Financial Services Group Inc. (The)	3.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Medical Devices ETF

Investment Objective

The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the medical devices sector, as represented by the Dow Jones U.S. Select Medical Equipment Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns										Cumulative Total Returns
		1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV			10.99	%		19.63	%		18.94	%		10.99	%		144.99	%		466.47	%
Fund Market			11.01			19.64			18.94			11.01			145.17			466.58
Index			11.41			20.13			19.43			11.41			150.18			490.48

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         971.40	$        1.92			$      1,000.00	$      1,023.00	$        1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 19

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Medical Devices ETF

Portfolio Management Commentary

Stocks of U.S. medical device makers advanced strongly for the reporting period amid distribution of COVID-19 vaccines and the resumption of elective medical procedures. The healthcare equipment industry contributed the most to the Index’s performance. Equipment manufacturers posted sharp gains as healthcare research spending increased and companies with larger, more diverse product lines gained market share. Diverse revenue drivers related to COVID-19, such as molecular, antibody, and antigen tests, vaccine production, and bioprocessing, boosted the industry, while higher sales of testing platforms also generated new customers for other tests. Makers of stents and valves for more serious conditions also gained, as these procedures were less affected by the pandemic due to their acute nature. Robotic tools makers for the surgical market experienced a similar boost in earnings amid economic recovery and increased capital spending. Hospitals and other healthcare facilities had more resources to mobilize as vaccination rates increased, which was also supportive for surgical device companies. Stocks of diabetes monitoring systems manufacturers also advanced, as easing restrictions allowed more sales force travel. The growing market for diabetes treatments also benefited the industry.

Life sciences tools and services companies also contributed to the Index’s performance amid a surge of COVID-19 Omicron variant cases. Government offices and other workplaces implemented weekly testing of their employees, which drove demand for testing supplies. As COVID-19 and its variants moved toward becoming endemic, testing became part of many employers’ regular routines. Beyond the COVID-19 related boost, the industry’s broad business base, including instruments, diagnostics, laboratory products, and biopharmaceutical solutions, fed strong organic revenue growth that supported gains.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of     Total Investments(a)
Health Care Equipment	80.4%
Life Sciences Tools & Services	19.3
Health Care Supplies	0.3

TEN LARGEST HOLDINGS
Security	Percent of     Total Investments(a)
Thermo Fisher Scientific Inc.	16.1%
Abbott Laboratories	14.5
Medtronic PLC	10.3
Edwards Lifesciences Corp.	4.7
Intuitive Surgical Inc.	4.6
Stryker Corp.	4.6
Boston Scientific Corp.	4.5
Becton Dickinson and Co.	4.3
Dexcom Inc.	4.1
IDEXX Laboratories Inc.	3.8

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Oil & Gas Exploration & Production ETF

Investment Objective

The iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil and gas exploration and production sector, as represented by the Dow Jones U.S. Select Oil Exploration & Production Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns										Cumulative Total Returns
		1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV			78.44	%		9.12	%		4.30	%		78.44	%		54.73	%		52.33	%
Fund Market			78.46			9.15			4.31			78.46			54.95			52.49
Index			79.20			9.56			4.71			79.20			57.87			58.52

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        1,473.20	$        2.40			$      1,000.00	$      1,023.00	$        1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 21

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Oil & Gas Exploration & Production ETF

Portfolio Management Commentary

U.S. oil and gas exploration and production stocks advanced sharply during the reporting period as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices began the reporting period at levels similar to those last seen prior to the beginning of the coronavirus pandemic, having recovered from a sharp decrease as the virus first began to spread. Oil prices rallied as vaccinations against COVID-19 rolled out and the global economy recovered. Prices continued to climb throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. Members of OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply, sending prices higher. U.S. oil producers, which curtailed output in 2020 when prices slid, were slow to renew production in 2021 when economic activity and demand rebounded. Oil prices briefly faltered when the emergence of new coronavirus variants raised fears of renewed shutdowns and weakened global economic demand.

However, oil prices resumed their upward climb in the beginning of 2022 and by early March hit their highest levels in 14 years after the U.S. and its European allies began to consider banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

U.S. oil and gas exploration and production companies benefited significantly from the higher oil prices. Greater-than-expected earnings and stronger cash flow led to increased dividend payments to shareholders and plans to buy back stock. Despite the higher oil prices, producers generally kept their output at flat levels in a departure from previous boom periods.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of     Total Investments(a)
Oil & Gas Exploration & Production	74.8%
Oil & Gas Refining & Marketing	18.4
Oil & Gas Storage & Transportation	6.8

TEN LARGEST HOLDINGS
Security	Percent of     Total Investments(a)
ConocoPhillips	17.7%
EOG Resources Inc.	9.5
Pioneer Natural Resources Co.	7.7
Marathon Petroleum Corp.	6.7
Valero Energy Corp.	4.9
Phillips 66	4.5
Cheniere Energy Inc.	4.3
Hess Corp.	4.3
Devon Energy Corp.	4.2
Diamondback Energy Inc.	3.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Oil Equipment & Services ETF

Investment Objective

The iShares U.S. Oil Equipment & Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil equipment and services sector, as represented by the Dow Jones U.S. Select Oil Equipment & Services Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		44.88	%		(12.52	)%		(8.15	)%		44.88	%		(48.75	)%		(57.25	)%
Fund Market		44.75			(12.53	)		(8.15	)		44.75			(48.79	)		(57.27	)
Index		45.38			(12.23	)		(7.87	)		45.38			(47.92	)		(55.95	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$     1,415.20	$        2.35			$      1,000.00	$      1,023.00	$         1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 23

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Oil Equipment & Services ETF

Portfolio Management Commentary

U.S. oil equipment and services stocks advanced sharply during the reporting period as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices began the reporting period at levels similar to those last seen prior to the beginning of the coronavirus pandemic. Oil prices rallied as vaccinations against COVID-19 rolled out and the global economy recovered. Prices continued to climb throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. Members of OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply, sending prices higher. U.S. oil producers, which curtailed output in 2020 when prices slid, were slow to renew production in 2021 when economic activity and demand rebounded. Oil prices briefly faltered when the emergence of new coronavirus variants raised fears of renewed shutdowns and weakened global economic demand.

However, oil prices resumed their upward climb in the beginning of 2022 and by early March hit their highest levels in 14 years after the U.S. and its European allies began to consider banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

Stocks of companies in the oil and gas equipment and services industry, whose revenues depend on spending by oil producers and refiners, contributed the most to the Index’s return. Oilfield services providers posted higher-than-expected sales and earnings as oil prices soared. Looking ahead, spending on drilling services and equipment, such as oil rigs, is expected to rise amid increased investment in new production. However, the Russian invasion of Ukraine negatively impacted earnings, as the sale of some oil equipment to Russia was affected by sanctions.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Oil & Gas Equipment & Services	82.9%
Oil & Gas Drilling	17.1

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Halliburton Co.	23.3%
Schlumberger NV	21.4
Baker Hughes Co.	4.8
Helmerich & Payne Inc.	4.6
ChampionX Corp.	4.4
NOV Inc.	4.1
Valaris Ltd.	4.0
Cactus Inc., Class A	3.9
Patterson-UTI Energy Inc.	3.9
TechnipFMC PLC	3.9

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Pharmaceuticals ETF

Investment Objective

The iShares U.S. Pharmaceuticals ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the pharmaceuticals sector, as represented by the Dow Jones U.S. Select Pharmaceuticals Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.29	%		6.69	%		10.43	%		11.29	%		38.24	%		169.73	%
Fund Market		11.17			6.71			10.44			11.17			38.33			169.94
Index		11.59			6.98			10.76			11.59			40.12			177.81

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$     1,069.90	$         2.01			$     1,000.00	$      1,023.00	$        1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 25

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Pharmaceuticals ETF

Portfolio Management Commentary

Pharmaceuticals stocks advanced significantly during the reporting period, rebounding after a pause in both research and development and mergers and acquisitions during the most intense part of the coronavirus pandemic. Some pharmaceuticals companies focused their operations, divesting themselves of business units in order to emphasize new product development. For example, a large healthcare and pharmaceuticals company announced plans to spin off its legacy consumer products unit to focus on its core pharmaceuticals business. Other significant trends in the pharmaceuticals industry included the use of artificial intelligence to aid drug development and the move toward personalized medicine, allowing for more targeted and efficient research and development.

Vaccines developed by pharmaceuticals companies to protect against the COVID-19 virus were a crucial driver of revenues for the reporting period, generating billions of dollars in sales and boosting the Index’s return. Also beneficial for the industry was the development of antiviral medications. Once determined to be effective against COVID-19, these were purchased and distributed in large quantities by the U.S. government, then authorized for use in its new “test to treat” program. In addition, pharmaceuticals firms developed antibody therapies to fight COVID-19 that the U.S. government contracted to purchase, further bolstering revenues.

Outside of treatments and vaccines for COVID-19, the pharmaceuticals industry was helped by continued strong sales of previously approved drugs as global spending on medicine grew. Sales of treatments for conditions including plaque psoriasis, immune deficiencies, cancer, and schizophrenia bolstered revenues, generating significant revenue growth. Companies developing pharmaceuticals for animal and veterinary health also contributed to the Index’s return, as many new households adopted pets during the pandemic and spending on pets and pet care continued to rise.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Pharmaceuticals	97.3%
Biotechnology	2.7

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Johnson & Johnson	22.5%
Pfizer Inc.	20.8
Catalent Inc.	4.8
Eli Lilly & Co.	4.7
Bristol-Myers Squibb Co.	4.6
Merck & Co. Inc.	4.5
Royalty Pharma PLC, Class A	4.4
Viatris Inc.	4.3
Zoetis Inc.	4.3
Elanco Animal Health Inc.	4.1

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Real Estate ETF

Investment Objective

The iShares U.S. Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the real estate sector, as represented by the Dow Jones U.S. Real Estate Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.27	%		9.83	%		9.39	%		20.27	%		59.79	%		145.24	%
Fund Market		20.33			9.88			9.41			20.33			60.15			145.81
Index		20.72			10.18			9.85			20.72			62.34			155.90

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 24, 2021 reflects the performance of the Dow Jones U.S. Real Estate Index^TM. Index performance beginning on January 25, 2021 reflects the performance of the Dow Jones U.S. Real Estate Capped Index^TM.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$     1,069.80	$         2.01			$     1,000.00	$     1,023.00	$           1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 27

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Real Estate ETF

Portfolio Management Commentary

Real estate investment trusts (“REITs”) advanced significantly during the reporting period as their dividend payouts and growth potential attracted investors concerned about inflation and in search of an alternative to the low yields offered by bonds. As REITs own and operate properties that generate income from rents from tenants or businesses, the ability to raise rents can prove beneficial in an inflationary environment. In addition, they are required to pay out 90% of their earnings in dividends to shareholders each year in order to retain their tax-free status.

Specialized REITs, particularly those involved in self-storage, contributed the most to the Index. The COVID-19 pandemic encouraged Americans to declutter as they increasingly worked, studied, and exercised at home. To make room for home offices and gyms, people turned to self-storage rental units to stash excess items. Growing demand for storage space helped reduce the excess supply of rental units that existed prior to the pandemic, which led to significant price increases and record occupancy rates.

Residential REITs invested in apartment buildings also propelled the Index’s return. Apartment REITs revenues and lease rates grew sharply in 2021 as renters returned to urban areas as the impact of the pandemic eased. With housing prices climbing, many potential home buyers continued to rent instead of buy. Limited growth in new apartment buildings kept supply tight.

Industrial REITs that own and operate warehouses contributed significantly to the Index’s return. Demand for warehouse space grew throughout 2021 as supply chain disruptions due to the pandemic created a need for space to store a backlog of goods, supporting sharp rental price increases.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Specialized REITs	36.6%
Residential REITs	15.5
Industrial REITs	12.6
Retail REITs	9.3
Health Care REITs	8.4
Office REITs	6.7
Real Estate Services	3.9
Mortgage REITs	2.3
Research & Consulting Services	1.8
Diversified REITs	1.7
Other (each representing less than 1%)	1.2

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Prologis Inc.	8.0%
American Tower Corp.	7.7
Crown Castle International Corp.	5.3
Equinix Inc.	4.5
Public Storage	4.0
Simon Property Group Inc.	2.9
Welltower Inc.	2.8
Digital Realty Trust Inc.	2.7
Realty Income Corp.	2.6
SBA Communications Corp.	2.5

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Regional Banks ETF

Investment Objective

The iShares U.S. Regional Banks ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the regional banks sector, as represented by the Dow Jones U.S. Select Regional Banks Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		6.11	%		8.27	%	11.40%		6.11	%		48.74	%		194.24	%
Fund Market		6.11			8.29		11.41		6.11			48.91			194.61
Index		6.48			8.71		11.87		6.48			51.80			207.08

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      982.80	$       1.93			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 29

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Regional Banks ETF

Portfolio Management Commentary

U.S. regional banks, which operate locally but may offer national services, advanced during the reporting period amid strong economic growth and robust consumer spending. Expectations of higher interest rates helped keep stocks in positive territory despite inflationary pressures, staffing shortages, and the persistence of COVID-19 variants. Regional bank stocks gained strongly as the Fed followed through on its plans to raise interest rates for the first time since 2018, then gave up some ground as investors became more cautious about the acceleration of interest rate hikes and the impact on commercial lending.

A rise in intermediate-term government bond yields in anticipation of tighter fiscal policy benefited the net interest margins of regional banks, which depend more on interest income from loans than larger banks. Because banks borrow at short-term interest rates and lend to customers at longer-term rates, the larger spread between shorter- and longer-term interest rates helped the industry.

Regional bank stocks advanced as average consumer loans increased, driven by high demand for residential mortgage loans despite rising mortgage rates. The recovering economy also increased demand for business loans and lowered the probability of loan defaults. Deferrals on small business loans made through the federal Paycheck Protection Program declined substantially, a positive indicator of the health of small businesses, which were disproportionately impacted by the pandemic.

Increased merger and acquisition activity also benefited regional banks. Consolidation in the industry and the resulting reduction in overhead costs elevated earnings. The industry also gained from acquisitions that helped expand banks’ digital capabilities and product offerings. Expansion into digital assets drove deposit growth, as user adoption of blockchain-based payment platforms increased.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Regional Banks	87.5%
Diversified Banks	11.6
Thrifts & Mortgage Finance	0.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
PNC Financial Services Group Inc. (The)	12.5%
Truist Financial Corp.	12.2
U.S. Bancorp.	11.6
SVB Financial Group	5.3
First Republic Bank/CA	4.5
Fifth Third Bancorp.	4.4
M&T Bank Corp.	3.6
Huntington Bancshares Inc./OH	3.4
Regions Financial Corp.	3.4
KeyCorp	3.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® U.S. Telecommunications ETF

Investment Objective

The iShares U.S. Telecommunications ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the telecommunications sector, as represented by the Russell 1000 Telecommunications RIC 22.5/45 Capped 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
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(5.63	)%		0.98	%	5.66%		(5.63	)%		4.99	%		73.48	%
Fund Market		(5.42	)		1.01		5.68		(5.42	)		5.16			73.69
Index(a)		(5.26	)		1.18		5.87		(5.26	)		6.06			76.97
Dow Jones U.S. Select Telecommunications Index		4.18			3.13		6.88		4.18			16.63			94.61
Russell 1000 Telecommunications RIC 22.5/45 Capped Index(b)		N/A			N/A		N/A		N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Select Telecommunications Index. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Telecommunications RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Select Telecommunications Index as the underlying index of the fund.

^(b)  The inception date of the Russell 1000 Telecommunications RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through March 31, 2022 was -12.41%.

Past performance is no guarantee 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” on page 33 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      928.80	$       1.88			$     1,000.00	$      1,023.00	$       1.97		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 31

Fund Summary as of March 31, 2022  (continued) iShares^® U.S. Telecommunications ETF

Portfolio Management Commentary

Telecommunications stocks declined during the reporting period amid investor concern surrounding the sustainability of growth in subscriptions to high-speed internet services. While use of these services grew sharply early in the pandemic due to increased distance learning and telecommuting, growth slowed as pandemic-related restrictions were lifted and many people returned to schools and offices. However, this impact was partially offset by continued migration to cloud computing, especially by large corporations, which benefited companies that provide networking infrastructure.

The communication services sector detracted the most from the Index’s return. In the cable and satellite industry, subscriptions to cable service were below analysts’ expectations as more people returned to pre-pandemic routines. Large expenditures on streaming video services and increased competition, especially from growing fiber optic networks and 5G wireless internet services, constrained returns. The entertainment industry was another detractor amid increasing competition in the market for both the software and the hardware supporting streaming video. Global supply chain disruptions also negatively affected the industry, leading to increased costs. Stocks in the telecommunications industry declined amid strong competition in the market for mobile data plans, leading to lower prices despite broad inflationary trends, and reducing revenues from users.

On the upside, the information technology sector contributed substantially to the Index’s return. In the communications equipment industry, migration to the cloud increased demand for the hardware used to construct data centers, bolstering returns. Revenues rose despite supply chain issues as constrained supply led to higher prices for hardware and equipment. Growth in applications for artificial intelligence, which require significant numbers of routers and switches to connect processors, drove rising sales. Increased development of virtual reality products and applications also drove substantial orders for communications equipment, bolstering revenues.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Communications Equipment	41.3%
Media	29.8
Diversified Telecommunication Services	21.8
Wireless Telecommunication Services	3.8
Entertainment	3.3

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Cisco Systems Inc.	15.5%
Verizon Communications Inc.	14.2
Comcast Corp., Class A	14.0
AT&T Inc.	4.5
T-Mobile U.S. Inc.	3.8
Arista Networks Inc.	3.7
Motorola Solutions Inc.	3.6
Charter Communications Inc., Class A	3.4
Juniper Networks Inc.	3.3
Ubiquiti Inc.	3.3

^(a)  Excludes money market funds.

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 33

Schedule of Investments March 31, 2022 iShares^® Focused Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Apparel Retail — 1.1%
Foot Locker Inc.		13,192	$	391,275
Asset Management & Custody Banks — 4.1%
Invesco Ltd.		30,417		701,416
Janus Henderson Group PLC		20,949		733,634
				1,435,050
Automobile Manufacturers — 1.7%
General Motors Co.(a)		13,741		601,031
Automotive Retail — 2.9%
Penske Automotive Group Inc.		10,770		1,009,364
Consumer Finance — 4.0%
Ally Financial Inc.		16,313		709,290
Capital One Financial Corp.		5,256		690,060
				1,399,350
Food Retail — 3.5%
Kroger Co. (The)		21,223		1,217,564
Health Care Services — 2.8%
CVS Health Corp.		9,744		986,190
Independent Power Producers & Energy Traders — 2.9%
Vistra Corp.		43,830		1,019,048
Investment Banking & Brokerage — 8.5%
Raymond James Financial Inc.		9,388		1,031,835
Stifel Financial Corp.		12,535		851,126
Virtu Financial Inc., Class A		29,426		1,095,236
				2,978,197
Life & Health Insurance — 10.9%
Aflac Inc.		15,152		975,637
MetLife Inc.		13,585		954,754
Principal Financial Group Inc.		12,867		944,566
Prudential Financial Inc.		7,934		937,561
				3,812,518
Multi-line Insurance — 2.7%
Hartford Financial Services Group Inc. (The)		13,120		942,147
Property & Casualty Insurance — 19.7%
Allstate Corp. (The)		6,233		863,333
Arch Capital Group Ltd.(a)		20,879		1,010,961
CNA Financial Corp.		17,873		868,985
Fidelity National Financial Inc.		18,708		913,699
First American Financial Corp.		13,040		845,253
Hanover Insurance Group Inc. (The)		5,994		896,223
Mercury General Corp.		12,518		688,490
Old Republic International Corp.		32,639		844,371
				6,931,315

Security	Shares		Value
Regional Banks — 16.3%
BOK Financial Corp.		9,388	$	882,003
First Horizon Corp.		47,051		1,105,228
KeyCorp		39,372		881,145
People’s United Financial Inc.		47,435		948,226
Popular Inc.		10,833		885,489
Zions Bancorp. N.A.		15,381		1,008,378
				5,710,469
Reinsurance — 2.8%
Everest Re Group Ltd.		3,226		972,252
Specialty Stores — 2.3%
Dick’s Sporting Goods Inc.		8,115		811,662
Technology Distributors — 4.3%
Avnet Inc.		20,285		823,368
TD SYNNEX Corp.		6,677		689,133
				1,512,501
Technology Hardware, Storage & Peripherals — 4.6%
Hewlett Packard Enterprise Co.		55,764		931,817
Xerox Holdings Corp.		34,612		698,124
				1,629,941
Thrifts & Mortgage Finance — 4.5%
MGIC Investment Corp.		59,782		810,046
New York Community Bancorp. Inc.		73,779		790,911
				1,600,957
Total Common Stocks — 99.6% (Cost: $35,076,012)				34,960,831
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		90,000		90,000
Total Short -Term Investments — 0.3% (Cost: $90,000)				90,000
Total Investments in Securities — 99.9% (Cost: $35,166,012)				35,050,831
Other Assets, Less Liabilities — 0.1%				45,050
Net Assets — 100.0%			$	35,095,881

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Focused Value Factor ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	167,200	$	—		$	(167,318	)(b)	$	118	$	—	$	—		—	$	230	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		40,000	(b)		—			—		—		90,000		90,000		18			—
									$	118	$	—	$	90,000			$	248		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financials Select Sector Index		1		06/17/22	$	118	$	5,598

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	5,598

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,278	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,598

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	69,245

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

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments  (continued) March 31, 2022 iShares^® Focused Value Factor ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	34,960,831	$	—	$	—	$	34,960,831
Money Market Funds		90,000		—		—		90,000
	$	35,050,831	$	—	$	—	$	35,050,831
Derivative financial instruments(a)
Assets
Futures Contracts	$	5,598	$	—	$	—	$	5,598

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Aerospace & Defense ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 97.6%
AAR Corp.(a)		373,028	$	18,065,746
Aerojet Rocketdyne Holdings Inc.(a)		838,511		32,995,408
Aerovironment Inc.(a)(b)		258,554		24,340,274
Astra Space Inc., Class A(a)(b)		1,401,680		5,410,485
Axon Enterprise Inc.(a)(b)		766,841		105,617,011
Boeing Co. (The)(a)		1,466,709		280,874,774
BWX Technologies Inc.		1,032,661		55,619,121
Curtiss-Wright Corp.		439,484		65,992,917
General Dynamics Corp.		682,480		164,600,526
HEICO Corp.(b)		448,490		68,861,155
HEICO Corp., Class A		790,361		100,241,486
Hexcel Corp.		939,588		55,877,298
Howmet Aerospace Inc.		4,250,566		152,765,342
Huntington Ingalls Industries Inc.		448,685		89,485,736
Kaman Corp.		311,582		13,547,585
Kratos Defense & Security Solutions Inc.(a)		1,388,931		28,445,307
L3Harris Technologies Inc.		632,498		157,156,778
Lockheed Martin Corp.		1,283,333		566,463,186
Maxar Technologies Inc.(b)		813,943		32,118,191
Mercury Systems Inc.(a)(b)		635,644		40,967,256
Moog Inc., Class A		325,457		28,575,125
National Presto Industries Inc.		56,730		4,365,374
Northrop Grumman Corp.		359,231		160,655,288
Parsons Corp.(a)(b)		297,467		11,511,973
Raytheon Technologies Corp.		7,901,672		782,818,645
Rocket Lab USA Inc.(a)		1,609,896		12,959,663
Spirit AeroSystems Holdings Inc., Class A		1,182,052		57,790,522
Textron Inc.		2,307,895		171,661,230
TransDigm Group Inc.(a)		254,971		166,123,805
Triumph Group Inc.(a)		724,287		18,309,975
Virgin Galactic Holdings Inc.(a)(b)		1,995,548		19,716,014
Woodward Inc.		706,368		88,232,427
				3,582,165,623

Security	Shares		Value
Industrial Machinery — 1.7%
RBC Bearings Inc.(a)		323,412	$	62,703,119
Leisure Products — 0.6%
Smith & Wesson Brands Inc.		540,311		8,174,905
Sturm Ruger & Co. Inc.		196,874		13,706,368
				21,881,273
Total Common Stocks — 99.9% (Cost: $3,255,459,788)				3,666,750,015
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		30,265,268		30,259,215
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		4,110,000		4,110,000
				34,369,215
Total Short -Term Investments — 0.9% (Cost: $34,359,530)				34,369,215
Total Investments in Securities — 100.8% (Cost: $3,289,819,318)				3,701,119,230
Other Assets, Less Liabilities — (0.8)%				(31,104,157	)
Net Assets — 100.0%			$	3,670,015,073

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	51,365,314	$	—		$	(21,055,561	)(a)	$	(5,306	)	$	(45,232	)	$	30,259,215		30,265,268	$	180,849	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,820,000		290,000	(a)		—			—			—			4,110,000		4,110,000		1,061			—
									$	(5,306	)	$	(45,232	)	$	34,369,215			$	181,910		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Aerospace & Defense ETF     

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
XAI Industrial Index		29		06/17/22	$	3,006	$	22,216

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	22,216

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	359,812
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(80,429	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,885,904

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
Investments
Assets
Common Stocks	$	3,666,750,015	$	—	$	—	$	3,666,750,015
Money Market Funds		34,369,215		—		—		34,369,215
	$	3,701,119,230	$	—	$	—	$	3,701,119,230
Derivative financial instruments(a)
Assets
Futures Contracts	$	22,216	$	—	$	—	$	22,216

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Broker-Dealers & Securities Exchanges ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Asset Management & Custody Banks — 0.3%
Diamond Hill Investment Group Inc.		9,683	$	1,813,626
Financial Exchanges & Data — 22.3%
Cboe Global Markets Inc.		218,581		25,010,038
CME Group Inc.		109,270		25,990,962
Intercontinental Exchange Inc.		195,248		25,796,166
MarketAxess Holdings Inc.		71,981		24,487,936
Nasdaq Inc.		149,034		26,557,859
				127,842,961
Investment Banking & Brokerage — 77.3%
B. Riley Financial Inc.		47,382		3,314,845
BGC Partners Inc., Class A		928,859		4,086,980
Charles Schwab Corp. (The)		1,319,269		111,227,569
Cowen Inc., Class A		78,590		2,129,789
Evercore Inc., Class A		112,257		12,496,449
Goldman Sachs Group Inc. (The)		108,698		35,881,210
Houlihan Lokey Inc.		148,113		13,004,321
Interactive Brokers Group Inc., Class A		254,347		16,764,011
Jefferies Financial Group Inc.		557,308		18,307,568
Lazard Ltd., Class A		324,430		11,192,835
LPL Financial Holdings Inc.		149,431		27,298,055
Moelis & Co., Class A		179,899		8,446,258
Morgan Stanley		1,244,092		108,733,641
Piper Sandler Cos		41,621		5,462,756
PJT Partners Inc., Class A		71,172		4,492,377

Security	Shares		Value
Investment Banking & Brokerage (continued)
Raymond James Financial Inc.		250,975	$	27,584,662
Stifel Financial Corp.		303,984		20,640,513
StoneX Group Inc.(a)		50,523		3,750,322
Virtu Financial Inc., Class A		239,645		8,919,587
				443,733,748
Total Common Stocks — 99.9% (Cost: $598,290,677)				573,390,335
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		720,000		720,000
Total Short -Term Investments — 0.1% (Cost: $720,000)				720,000
Total Investments in Securities — 100.0% (Cost: $599,010,677)				574,110,335
Other Assets, Less Liabilities — (0.0)%				(136,718	)
Net Assets — 100.0%			$	573,973,617

^(a) Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	760,000	$	—	$	(40,000	)(a)	$	—	$	—	$	720,000		720,000	$	303	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financials Select Sector Index		3		06/17/22	$	354	$	9,693
Russell 2000 E-Mini Index		1		06/17/22		103		(315	)
							$	9,378

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Broker-Dealers & Securities Exchanges ETF     

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	9,693
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	315

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	133,377
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	19,823

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,055,007

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
Investments
Assets
Common Stocks	$	573,390,335		$	—	$	—	$	573,390,335
Money Market Funds		720,000			—		—		720,000
	$	574,110,335		$	—	$	—	$	574,110,335
Derivative financial instruments(a)
Assets
Futures Contracts	$	9,693		$	—	$	—	$	9,693
Liabilities
Futures Contracts		(315	)		—		—		(315	)
	$	9,378		$	—	$	—	$	9,378

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Healthcare Providers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care Facilities — 12.1%
Acadia Healthcare Co. Inc.(a)		191,542	$	12,551,747
Brookdale Senior Living Inc.(a)		395,638		2,789,248
Cano Health Inc.(a)(b)		385,069		2,445,188
Community Health Systems Inc.(a)(b)		263,874		3,132,184
Encompass Health Corp.		211,906		15,068,636
Ensign Group Inc. (The)		111,387		10,025,944
Hanger Inc.(a)(b)		78,490		1,438,722
HCA Healthcare Inc.		220,255		55,200,308
Joint Corp. (The)(a)		30,763		1,088,703
National HealthCare Corp.		28,968		2,034,423
Pennant Group Inc. (The)(a)		57,742		1,075,734
Select Medical Holdings Corp.		225,663		5,413,655
Surgery Partners Inc.(a)(b)		75,288		4,144,604
Tenet Healthcare Corp.(a)		228,165		19,613,063
U.S. Physical Therapy Inc.		27,549		2,739,748
Universal Health Services Inc., Class B		155,738		22,574,223
				161,336,130
Health Care Services — 36.4%
1Life Healthcare Inc.(a)(b)		361,338		4,003,625
Accolade Inc.(a)(b)		124,337		2,183,358
Addus HomeCare Corp.(a)		33,995		3,171,394
Agiliti Inc.(a)		58,562		1,235,658
agilon health Inc.(a)(b)		100,827		2,555,964
Amedisys Inc.(a)(b)		69,424		11,961,061
Apollo Medical Holdings Inc.(a)(b)		80,352		3,894,661
Castle Biosciences Inc.(a)(b)		50,377		2,259,912
Chemed Corp.		32,790		16,609,775
Cigna Corp.		251,783		60,329,725
CorVel Corp.(a)		19,965		3,362,905
CVS Health Corp.		1,840,273		186,254,030
DaVita Inc.(a)		131,268		14,847,723
DocGo Inc.(a)		162,327		1,501,525
Fulgent Genetics Inc.(a)		41,386		2,582,900
Guardant Health Inc.(a)(b)		216,514		14,341,887
Hims & Hers Health Inc.(a)		264,408		1,409,295
Invitae Corp.(a)		442,938		3,530,216
Laboratory Corp. of America Holdings(a)		198,291		52,281,405
LHC Group Inc.(a)(b)		67,421		11,367,181
MEDNAX Inc.(a)		181,381		4,258,826
ModivCare Inc.(a)		26,175		3,020,333
Oak Street Health Inc.(a)(b)		297,711		8,002,472
Option Care Health Inc.(a)(b)		295,120		8,428,627
Premier Inc., Class A		253,426		9,019,431
Privia Health Group Inc.(a)		56,829		1,519,039
Quest Diagnostics Inc.		253,456		34,687,988
R1 RCM Inc.(a)		284,520		7,613,755
RadNet Inc.(a)		99,506		2,225,949
Sema4 Holdings Corp.(a)		269,236		826,555
Signify Health Inc., Class A(a)(b)		51,132		928,046
Tivity Health Inc.(a)		94,507		3,040,290
				483,255,511
Health Care Technology — 6.5%
American Well Corp., Class A(a)(b)		417,577		1,757,999

Security	Shares		Value
Health Care Technology (continued)
Certara Inc.(a)(b)		220,898	$	4,744,889
Change Healthcare Inc.(a)		537,301		11,713,162
Definitive Healthcare Corp.(a)		57,205		1,410,103
Doximity Inc., Class A(a)(b)		197,256		10,275,065
GoodRx Holdings Inc., Class A(a)(b)		146,407		2,830,047
Health Catalyst Inc.(a)(b)		110,576		2,889,351
HealthStream Inc.(a)		53,892		1,073,529
Inspire Medical Systems Inc.(a)(b)		58,269		14,957,070
Multiplan Corp.(a)(b)		517,688		2,422,780
Phreesia Inc.(a)(b)		108,903		2,870,683
Schrodinger Inc.(a)		99,751		3,403,504
Sharecare Inc.(a)(b)		615,092		1,519,277
Teladoc Health Inc.(a)(b)		340,967		24,593,950
				86,461,409
Life Sciences Tools & Services — 0.2%
NeoGenomics Inc.(a)(b)		262,045		3,183,847
Managed Health Care — 44.7%
Anthem Inc.		215,920		106,064,222
Centene Corp.(a)		702,800		59,168,732
Clover Health Investments Corp.(a)(b)		578,415		2,053,373
HealthEquity Inc.(a)		177,977		12,002,769
Humana Inc.		135,672		59,040,384
Molina Healthcare Inc.(a)		124,384		41,493,259
Progyny Inc.(a)(b)		148,347		7,625,036
UnitedHealth Group Inc.		599,572		305,763,733
				593,211,508
Total Common Stocks — 99.9% (Cost: $1,144,421,766)				1,327,448,405
Short-Term Investments
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		49,222,629		49,212,785
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,470,000		1,470,000
				50,682,785
Total Short -Term Investments — 3.8% (Cost: $50,673,112)				50,682,785
Total Investments in Securities — 103.7% (Cost: $1,195,094,878)				1,378,131,190
Other Assets, Less Liabilities — (3.7)%				(49,389,272	)
Net Assets — 100.0%			$	1,328,741,918

^(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   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Healthcare Providers ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	59,045,877	$	—		$	(9,796,350	)(a)	$	(27,859	)	$	(8,883	)	$	49,212,785		49,222,629	$	130,484	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,150,000		320,000	(a)		—			—			—			1,470,000		1,470,000		307			—
									$	(27,859	)	$	(8,883	)	$	50,682,785			$	130,791		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		8		06/17/22	$	1,105	$	57,343

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	57,343

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	239,245
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	59,065

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	952,406

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

42 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Healthcare Providers ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,327,448,405	$	—	$	—	$	1,327,448,405
Money Market Funds		50,682,785		—		—		50,682,785
	$	1,378,131,190	$	—	$	—	$	1,378,131,190
Derivative financial instruments(a)
Assets
Futures Contracts	$	57,343	$	—	$	—	$	57,343

^(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   O F   I N V E S T M E N T S 43

Schedule of Investments March 31, 2022 iShares^® U.S. Home Construction ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 14.0%
American Woodmark Corp.(a)(b)		53,917	$	2,639,237
AZEK Co. Inc. (The)(a)(b)		338,516		8,408,737
Builders FirstSource Inc.(a)		580,396		37,458,758
Fortune Brands Home & Security Inc.		426,443		31,676,186
Hayward Holdings Inc.(a)		127,206		2,114,164
JELD-WEN Holding Inc.(a)(b)		274,069		5,558,119
Lennox International Inc.		110,017		28,368,984
Masco Corp.		758,802		38,698,902
Masonite International Corp.(a)(b)		74,404		6,617,492
Owens Corning		301,480		27,585,420
PGT Innovations Inc.(a)		195,424		3,513,723
Quanex Building Products Corp.		109,145		2,290,954
Simpson Manufacturing Co. Inc.		138,524		15,104,657
Trex Co. Inc.(a)(b)		344,781		22,524,543
UFP Industries Inc.		198,127		15,287,479
				247,847,355
Construction Materials — 0.9%
Eagle Materials Inc.		121,919		15,649,523
Forest Products — 1.0%
Louisiana-Pacific Corp.		286,259		17,782,409
Home Furnishings — 2.1%
Ethan Allen Interiors Inc.		70,102		1,827,559
Leggett & Platt Inc.		425,496		14,807,261
Mohawk Industries Inc.(a)		163,496		20,306,203
				36,941,023
Home Improvement Retail — 10.7%
Floor & Decor Holdings Inc., Class A(a)(b)		331,328		26,837,568
Home Depot Inc. (The)		274,463		82,155,010
LL Flooring Holdings Inc.(a)(b)		92,803		1,301,098
Lowe’s Companies Inc.		385,407		77,925,441
				188,219,117
Homebuilding — 63.6%
Beazer Homes USA Inc.(a)(b)		297,963		4,534,997
Cavco Industries Inc.(a)		86,339		20,794,748
Century Communities Inc.		306,908		16,441,062
DR Horton Inc.		3,335,618		248,536,897
Green Brick Partners Inc.(a)		497,747		9,835,481
Installed Building Products Inc.		239,701		20,252,337
KB Home		889,924		28,815,739
Lennar Corp., Class A		2,654,890		215,497,421
Lennar Corp., Class B		156,459		10,693,973
LGI Homes Inc.(a)(b)		222,462		21,730,088

Security	Shares		Value
Homebuilding (continued)
M/I Homes Inc.(a)		300,397	$	13,322,607
MDC Holdings Inc.		587,003		22,212,194
Meritage Homes Corp.(a)		382,477		30,303,653
NVR Inc.(a)(b)		34,172		152,655,550
PulteGroup Inc.		2,576,326		107,948,059
Skyline Champion Corp.(a)(b)		525,803		28,856,069
Taylor Morrison Home Corp.(a)(b)		1,283,753		34,943,757
Toll Brothers Inc.		1,140,250		53,614,555
TopBuild Corp.(a)(b)		322,973		58,584,072
Tri Pointe Homes Inc.(a)(b)		1,171,758		23,528,901
				1,123,102,160
Specialty Chemicals — 5.1%
Sherwin-Williams Co. (The)		360,181		89,908,381
Trading Companies & Distributors — 2.5%
Beacon Roofing Supply Inc.(a)(b)		173,435		10,281,227
Watsco Inc.		108,017		32,906,299
				43,187,526
Total Common Stocks — 99.9% (Cost: $2,294,376,871)				1,762,637,494
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		30,174,717		30,168,682
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		2,040,000		2,040,000
				32,208,682
Total Short -Term Investments — 1.8% (Cost: $32,202,087)				32,208,682
Total Investments in Securities — 101.7% (Cost: $2,326,578,958)				1,794,846,176
Other Assets, Less Liabilities — (1.7)%				(29,870,634	)
Net Assets — 100.0%			$	1,764,975,542

^(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.

44 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Home Construction ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	31,310,054	$	—		$	(1,100,641	)(a)	$	(40,527	)	$	(204	)	$	30,168,682		30,174,717	$	83,563(b	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,583,000		457,000(a	)		—			—			—			2,040,000		2,040,000		619			—
									$	(40,527	)	$	(204	)	$	32,208,682			$	84,182		$	—

^(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 Mid 400 E-Mini Index		8		06/17/22	$	2,151	$	92,708

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	92,708

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(142,894	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	92,708

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,585,296

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

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Home Construction ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,762,637,494	$	—	$	—	$	1,762,637,494
Money Market Funds		32,208,682		—		—		32,208,682
	$	1,794,846,176	$	—	$	—	$	1,794,846,176
Derivative financial instruments(a)
Assets
Futures Contracts	$	92,708	$	—	$	—	$	92,708

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

See notes to financial statements.

46 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aluminum — 1.6%
Arconic Corp.(a)		185,822	$	4,760,760
Century Aluminum Co.(a)		170,918		4,496,852
Kaiser Aluminum Corp.		52,949		4,985,678
				14,243,290
Auto Parts & Equipment — 0.5%
XPEL Inc.(a)		88,221		4,641,307
Building Products — 6.6%
Advanced Drainage Systems Inc.		41,655		4,949,031
Apogee Enterprises Inc.		111,869		5,309,303
Armstrong World Industries Inc.		56,425		5,078,814
AZEK Co. Inc. (The)(a)		187,655		4,661,350
Builders FirstSource Inc.(a)		67,874		4,380,588
Carlisle Companies Inc.		21,778		5,355,646
Cornerstone Building Brands Inc.(a)		235,975		5,738,912
Gibraltar Industries Inc.(a)		104,918		4,506,228
Insteel Industries Inc.		133,130		4,924,479
Owens Corning		57,381		5,250,361
Simpson Manufacturing Co. Inc.		43,029		4,691,882
Trex Co. Inc.(a)		67,528		4,411,604
				59,258,198
Commodity Chemicals — 3.6%
AdvanSix Inc.		117,658		6,011,147
Hawkins Inc.		108,911		4,999,015
LyondellBasell Industries NV, Class A		51,270		5,271,581
Olin Corp.		105,379		5,509,214
Tredegar Corp.		424,606		5,091,026
Westlake Chemical Corp.		44,616		5,505,615
				32,387,598
Construction & Engineering — 12.3%
AECOM		71,300		5,476,553
API Group Corp.(a)		255,971		5,383,070
Argan Inc.		124,879		5,068,839
Comfort Systems USA Inc.		59,319		5,279,984
Construction Partners Inc., Class A(a)(b)		195,340		5,114,001
EMCOR Group Inc.		43,321		4,879,244
Fluor Corp.(a)		214,169		6,144,509
Granite Construction Inc.		170,268		5,584,790
Great Lakes Dredge & Dock Corp.(a)		344,298		4,830,501
IES Holdings Inc.(a)(b)		123,239		4,954,208
Infrastructure and Energy Alternatives Inc.(a)		476,536		5,646,952
MasTec Inc.(a)		66,989		5,834,742
MDU Resources Group Inc.		189,833		5,059,049
MYR Group Inc.(a)		55,171		5,188,281
Northwest Pipe Co.(a)		173,839		4,424,202
NV5 Global Inc.(a)(b)		40,448		5,391,718
Primoris Services Corp.		203,209		4,840,438
Quanta Services Inc.		46,033		6,058,403
Sterling Construction Co. Inc.(a)		178,032		4,771,258
Tutor Perini Corp.(a)		514,837		5,560,240
Valmont Industries Inc.		23,256		5,548,882
				111,039,864
Construction Machinery & Heavy Trucks — 2.3%
Astec Industries Inc.		106,378		4,574,254
Greenbrier Companies Inc. (The)		103,987		5,356,370
Terex Corp.		130,898		4,667,823

Security	Shares		Value
Construction Machinery & Heavy Trucks (continued)
Trinity Industries Inc.		164,779	$	5,661,806
				20,260,253
Construction Materials — 1.8%
Martin Marietta Materials Inc.		13,485		5,190,242
Summit Materials Inc., Class A(a)(b)		172,775		5,366,391
Vulcan Materials Co.		28,518		5,238,757
				15,795,390
Copper — 0.6%
Taseko Mines Ltd.(a)		2,378,428		5,446,600
Distributors — 0.5%
Pool Corp.		10,867		4,595,111
Diversified Metals & Mining — 0.6%
Compass Minerals International Inc.		82,949		5,208,368
Electric Utilities — 19.4%
ALLETE Inc.		94,991		6,362,497
Alliant Energy Corp.		102,279		6,390,392
American Electric Power Co. Inc.		64,547		6,439,854
Avangrid Inc.		136,572		6,383,375
Constellation Energy Corp.		120,036		6,752,025
Duke Energy Corp.		58,474		6,529,207
Edison International		93,531		6,556,523
Entergy Corp.		54,768		6,394,164
Evergy Inc.		97,295		6,649,140
Eversource Energy		72,357		6,381,164
Exelon Corp.		138,893		6,615,474
FirstEnergy Corp.		144,281		6,616,727
Fortis Inc./Canada		130,009		6,435,445
Hawaiian Electric Industries Inc.		147,379		6,235,605
IDACORP Inc.		55,957		6,455,200
MGE Energy Inc.		81,700		6,518,843
NextEra Energy Inc		77,260		6,544,695
NRG Energy Inc.		163,787		6,282,869
OGE Energy Corp.		156,192		6,369,510
Otter Tail Corp.		98,147		6,134,188
PG&E Corp.(a)		549,216		6,557,639
Pinnacle West Capital Corp.		82,501		6,443,328
PNM Resources Inc.		134,779		6,424,915
Portland General Electric Co.		115,143		6,350,136
PPL Corp.		232,482		6,639,686
Southern Co. (The)		91,545		6,637,928
Xcel Energy Inc.		86,965		6,276,264
				174,376,793
Environmental & Facilities Services — 0.6%
Tetra Tech Inc.		31,588		5,210,125
Forest Products — 1.0%
Louisiana-Pacific Corp.		72,372		4,495,748
West Fraser Timber Co. Ltd.		51,730		4,264,104
				8,759,852
Gas Utilities — 5.3%
Atmos Energy Corp.		53,348		6,374,553
Chesapeake Utilities Corp.		39,604		5,455,847
New Jersey Resources Corp.		136,711		6,269,566
Northwest Natural Holding Co.		110,715		5,726,180
ONE Gas Inc.		71,032		6,267,864
South Jersey Industries Inc.		178,122		6,154,115
Southwest Gas Holdings Inc.		68,258		5,343,919

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
Spire Inc.		87,123	$	6,251,946
				47,843,990
Independent Power Producers & Energy Traders — 0.7%
Vistra Corp.		274,547		6,383,218
Industrial Machinery — 1.6%
Luxfer Holdings PLC		292,696		4,917,293
Mueller Industries Inc.		90,537		4,904,389
Omega Flex Inc.		33,835		4,394,151
				14,215,833
Multi-Utilities — 10.6%
Algonquin Power & Utilities Corp.		421,457		6,541,013
Ameren Corp.		69,232		6,491,192
Avista Corp.		128,246		5,790,307
Black Hills Corp.		85,289		6,568,959
CenterPoint Energy Inc.		213,744		6,549,116
CMS Energy Corp.		92,493		6,468,960
Consolidated Edison Inc.		69,093		6,541,725
Dominion Energy Inc.		75,184		6,388,385
DTE Energy Co.		48,521		6,414,961
NiSource Inc.		203,326		6,465,767
NorthWestern Corp.		100,340		6,069,567
Public Service Enterprise Group Inc.		91,670		6,416,900
Sempra Energy		40,680		6,839,122
Unitil Corp.		113,042		5,638,535
WEC Energy Group Inc.		65,509		6,538,453
				95,722,962
Oil & Gas Equipment & Services — 0.7%
U.S. Silica Holdings Inc.(a)(b)		355,936		6,641,766
Oil & Gas Storage & Transportation — 6.9%
Antero Midstream Corp.		604,539		6,571,339
DTE Midstream LLC(a)		110,770		6,010,380
Enbridge Inc.		136,884		6,308,984
EnLink Midstream LLC		616,157		5,945,915
Equitrans Midstream Corp.		877,035		7,402,175
Kinder Morgan Inc.		324,148		6,129,639
Kinetik Holdings Inc.		82,824		5,384,388
ONEOK Inc.		90,179		6,369,343
TC Energy Corp.		108,986		6,148,990
Williams Companies Inc. (The)		184,756		6,172,698
				62,443,851
Railroads — 2.1%
CSX Corp.		164,806		6,171,985
Norfolk Southern Corp.		21,714		6,193,267
Union Pacific Corp.		23,322		6,371,803
				18,737,055
Research & Consulting Services — 1.2%
Jacobs Engineering Group Inc.		38,964		5,369,629
Stantec Inc.		103,745		5,201,774
				10,571,403
Semiconductors — 0.7%
SunPower Corp.(a)		299,104		6,424,754
Specialty Chemicals — 3.0%
Avient Corp.		99,805		4,790,640
Danimer Scientific Inc.(a)(b)		1,209,295		7,086,469
Eastman Chemical Co.		43,632		4,889,402
Ecovyst Inc.		471,996		5,456,274

Security	Shares		Value
Specialty Chemicals (continued)
Ingevity Corp.(a)		79,822	$	5,114,195
				27,336,980
Steel — 7.9%
Allegheny Technologies Inc.(a)		193,458		5,192,413
Carpenter Technology Corp.		137,714		5,781,234
Cleveland-Cliffs Inc.(a)		193,452		6,231,089
Commercial Metals Co.		126,510		5,265,346
Haynes International Inc.		126,750		5,399,550
Nucor Corp.		36,323		5,399,414
Olympic Steel Inc.		149,466		5,748,462
Reliance Steel & Aluminum Co.		26,519		4,862,259
Ryerson Holding Corp.		158,169		5,539,078
Steel Dynamics Inc.		64,359		5,369,471
TimkenSteel Corp.(a)		258,807		5,662,697
United States Steel Corp.		159,478		6,018,700
Worthington Industries Inc.		83,561		4,295,871
				70,765,584
Trading Companies & Distributors — 2.2%
BlueLinx Holdings Inc.(a)		56,622		4,069,990
Boise Cascade Co.		64,658		4,491,791
H&E Equipment Services Inc.		127,085		5,530,739
United Rentals Inc.(a)		15,896		5,646,418
				19,738,938
Water Utilities — 5.4%
American States Water Co.		70,327		6,260,509
American Water Works Co. Inc.		38,478		6,369,263
Artesian Resources Corp., Class A, NVS		125,663		6,100,939
California Water Service Group		106,056		6,287,000
Essential Utilities Inc.		126,999		6,493,459
Middlesex Water Co.		45,999		4,837,715
SJW Group		91,070		6,336,651
York Water Co. (The)		132,759		5,970,172
				48,655,708
Total Common Stocks — 99.7% (Cost: $829,748,159)				896,704,791
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		6,923,529		6,922,144
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,310,000		1,310,000
				8,232,144
Total Short -Term Investments — 0.9% (Cost: $8,231,188)				8,232,144
Total Investments in Securities — 100.6% (Cost: $837,979,347)				904,936,935
Other Assets, Less Liabilities — (0.6)%				(5,822,454	)
Net Assets — 100.0%			$	899,114,481

^(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.

48 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Infrastructure ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,775,064	$	5,149,016	(a)	$	—	$	(2,889	)	$	953	$	6,922,144		6,923,529	$	21,066	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		510,000		800,000	(a)		—		—			—		1,310,000		1,310,000		318			—
								$	(2,889	)	$	953	$	8,232,144			$	21,384		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		2		06/17/22	$	159	$	1,856
E-Mini Utilities Select Sector Index		9		06/17/22		676		25,463
S&P Mid 400 E-Mini Index		5		06/17/22		1,345		(7,951	)
							$	19,368

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	27,319
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,951

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	96,015
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	19,368

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Infrastructure ETF     

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,137,364

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
Investments
Assets
Common Stocks	$	896,704,791		$	—	$	—	$	896,704,791
Money Market Funds		8,232,144			—		—		8,232,144
	$	904,936,935		$	—	$	—	$	904,936,935
Derivative financial instruments(a)
Assets
Futures Contracts	$	27,319		$	—	$	—	$	27,319
Liabilities
Futures Contracts		(7,951	)		—		—		(7,951	)
	$	19,368		$	—	$	—	$	19,368

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

See notes to financial statements.

50 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Insurance ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Insurance Brokers — 7.0%
Arthur J Gallagher & Co.		49,758	$	8,687,747
Brown & Brown Inc.		59,947		4,332,369
eHealth Inc.(a)(b)		8,763		108,749
				13,128,865
Life & Health Insurance — 24.9%
Aflac Inc.		128,417		8,268,771
American Equity Investment Life Holding Co.		21,846		871,874
Brighthouse Financial Inc.(a)		20,459		1,056,912
CNO Financial Group Inc.		32,007		803,056
Genworth Financial Inc., Class A(a)		63,891		241,508
Globe Life Inc.		23,906		2,404,943
Lincoln National Corp.		42,781		2,796,166
MetLife Inc.		170,527		11,984,637
National Western Life Group Inc., Class A		736		154,854
Oscar Health Inc., Class A(a)(b)		13,112		130,727
Primerica Inc.		10,251		1,402,542
Principal Financial Group Inc.		62,081		4,557,366
Prudential Financial Inc.		79,814		9,431,620
Trupanion Inc.(a)		8,730		778,018
Unum Group		52,935		1,667,982
				46,550,976
Multi-line Insurance — 12.0%
American International Group Inc.		201,952		12,676,527
American National Group Inc.		3,471		656,331
Assurant Inc.		14,648		2,663,446
Hartford Financial Services Group Inc. (The)		85,395		6,132,215
Horace Mann Educators Corp.		5,224		218,520
				22,347,039
Other Diversified Financial Services — 0.8%
Voya Financial Inc.		21,447		1,423,009
Property & Casualty Insurance — 53.5%
Allstate Corp. (The)		63,374		8,777,933
Ambac Financial Group Inc.(a)		15,327		159,401
American Financial Group Inc./OH		17,040		2,481,365
AMERISAFE Inc.		5,592		277,755
Arch Capital Group Ltd.(a)		98,647		4,776,488
Argo Group International Holdings Ltd.		9,676		399,425
Assured Guaranty Ltd.		18,259		1,162,368
Axis Capital Holdings Ltd.		20,124		1,216,898
Chubb Ltd.		104,595		22,372,870
Cincinnati Financial Corp.		38,256		5,201,286
CNA Financial Corp.		7,584		368,734
Employers Holdings Inc.		3,521		144,431
Erie Indemnity Co., Class A, NVS		6,525		1,149,248
First American Financial Corp.		28,324		1,835,962
Hanover Insurance Group Inc. (The)		9,267		1,385,602

Security	Shares		Value
Property & Casualty Insurance (continued)
James River Group Holdings Ltd.		4,696	$	116,179
Kemper Corp.		15,812		894,010
Kinsale Capital Group Inc.		5,584		1,273,264
Lemonade Inc.(a)(b)		10,918		287,908
Loews Corp.		50,273		3,258,696
Markel Corp.(a)		3,480		5,133,835
MBIA Inc.(a)		14,212		218,723
Mercury General Corp.		7,363		404,965
Old Republic International Corp.		73,704		1,906,722
Palomar Holdings Inc.(a)		6,678		427,325
ProAssurance Corp.		6,798		182,730
Progressive Corp. (The)		141,956		16,181,564
RLI Corp.		10,420		1,152,765
Safety Insurance Group Inc.		1,792		162,803
Selective Insurance Group Inc.		15,629		1,396,607
Travelers Companies Inc. (The)		58,672		10,721,135
United Fire Group Inc.		5,495		170,730
W R Berkley Corp.		53,658		3,573,086
White Mountains Insurance Group Ltd.(b)		790		897,630
			100,070,443
Reinsurance — 1.6%
Alleghany Corp.(a)		3,517		2,978,899
Total Common Stocks — 99.8% (Cost: $171,924,694)				186,499,231
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		1,050,196		1,049,986
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		510,000		510,000
			1,559,986
Total Short -Term Investments — 0.8% (Cost: $1,559,794)				1,559,986
Total Investments in Securities — 100.6% (Cost: $173,484,488)				188,059,217
Other Assets, Less Liabilities — (0.6)%				(1,199,087	)
Net Assets — 100.0%			$	186,860,130

^(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   O F   I N V E S T M E N T S 51

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Insurance ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	207,497	$	842,601	(a)	$	—	$	(298	)	$	186	$	1,049,986		1,050,196	$	3,845	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		330,000	(a)		—		—			—		510,000		510,000		61			—
								$	(298	)	$	186	$	1,559,986			$	3,906		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financials Select Sector Index		3		06/17/22	$	354	$	1,012

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,012

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(16,788	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,367

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	251,060

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.

52 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Insurance ETF     

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	186,499,231	$	—	$	—	$	186,499,231
Money Market Funds		1,559,986		—		—		1,559,986
	$	188,059,217	$	—	$	—	$	188,059,217
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,012	$	—	$	—	$	1,012

^(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   O F   I N V E S T M E N T S 53

Schedule of Investments March 31, 2022 iShares^® U.S. Medical Devices ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care Equipment — 80.3%
Abbott Laboratories		9,873,232	$	1,168,595,740
ABIOMED Inc.(a)(b)		300,893		99,667,797
AngioDynamics Inc.(a)(b)		255,943		5,513,012
Artivion Inc.(a)(b)		259,999		5,558,779
AtriCure Inc.(a)(b)		303,639		19,939,973
Axogen Inc.(a)(b)		274,758		2,181,579
Axonics Inc.(a)(b)		306,059		19,159,293
Baxter International Inc.		3,309,929		256,651,895
Becton Dickinson and Co.		1,297,569		345,153,354
Boston Scientific Corp.(a)		8,168,163		361,767,939
Butterfly Network Inc.(a)(b)		880,855		4,192,870
Cardiovascular Systems Inc.(a)(b)		268,257		6,062,608
CONMED Corp.		193,343		28,721,103
CryoPort Inc.(a)(b)		326,350		11,392,879
Dexcom Inc.(a)(b)		640,720		327,792,352
Edwards Lifesciences Corp.(a)(b)		3,244,452		381,936,889
Envista Holdings Corp.(a)(b)		1,066,758		51,961,782
Glaukos Corp.(a)(b)		309,976		17,922,812
Globus Medical Inc., Class A(a)(b)		522,444		38,545,918
Heska Corp.(a)(b)		70,805		9,790,915
Hologic Inc.(a)		1,652,581		126,951,272
IDEXX Laboratories Inc.(a)		560,551		306,655,030
Inari Medical Inc.(a)(b)		212,411		19,252,933
Inogen Inc.(a)		135,199		4,383,152
Insulet Corp.(a)(b)		455,920		121,452,529
Integer Holdings Corp.(a)(b)		218,281		17,586,900
Integra LifeSciences Holdings Corp.(a)		481,533		30,943,311
Intersect ENT Inc.(a)		221,210		6,196,092
Intuitive Surgical Inc.(a)(b)		1,232,372		371,781,985
iRhythm Technologies Inc.(a)(b)		194,530		30,632,639
LeMaitre Vascular Inc.		127,040		5,903,549
LivaNova PLC(a)(b)		351,852		28,792,049
Masimo Corp.(a)(b)		335,850		48,879,609
Medtronic PLC		7,507,341		832,939,484
Mesa Laboratories Inc.(b)		34,681		8,839,493
Natus Medical Inc.(a)		225,769		5,933,209
Nevro Corp.(a)(b)		230,740		16,689,424
Novocure Ltd.(a)(b)		590,229		48,900,473
NuVasive Inc.(a)(b)		342,011		19,392,024
Ortho Clinical Diagnostics Holdings PLC(a)(b)		752,585		14,043,236
Orthofix Medical Inc.(a)		130,530		4,268,331
Outset Medical Inc.(a)(b)		270,853		12,296,726
Penumbra Inc.(a)(b)		232,148		51,567,035
ResMed Inc.		966,706		234,435,872
SeaSpine Holdings Corp.(a)(b)		216,815		2,636,470
Senseonics Holdings Inc.(a)(b)		2,712,401		5,343,430
Shockwave Medical Inc.(a)(b)		233,385		48,394,714
SI-BONE Inc.(a)(b)		181,545		4,102,917

Security	Shares		Value
Health Care Equipment (continued)
STERIS PLC		661,907	$	160,029,255
Stryker Corp.		1,376,228		367,934,556
Surmodics Inc.(a)		92,390		4,188,039
Tactile Systems Technology Inc.(a)(b)		131,047		2,641,908
Tandem Diabetes Care Inc.(a)		420,000		48,841,800
Teleflex Inc.		309,677		109,882,690
TransMedics Group Inc.(a)(b)		183,568		4,945,322
Vapotherm Inc.(a)(b)		151,679		2,108,338
Varex Imaging Corp.(a)(b)		261,782		5,573,339
ViewRay Inc.(a)		1,016,244		3,983,677
Zimmer Biomet Holdings Inc.		1,381,029		176,633,609
Zimvie Inc.(a)		138,032		3,152,651
				6,481,618,561
Health Care Supplies — 0.3%
STAAR Surgical Co.(a)(b)		314,667		25,145,040
Life Sciences Tools & Services — 19.3%
Bio-Rad Laboratories Inc., Class A(a)		142,839		80,451,210
Bruker Corp.(b)		671,709		43,190,888
NanoString Technologies Inc.(a)(b)		301,784		10,486,994
Thermo Fisher Scientific Inc.		2,200,166		1,299,528,048
Waters Corp.(a)		403,492		125,239,882
				1,558,897,022
Total Common Stocks — 99.9% (Cost: $6,989,482,210)				8,065,660,623
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		149,943,051		149,913,062
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		5,130,000		5,130,000
				155,043,062
Total Short -Term Investments — 1.9% (Cost: $154,994,881)				155,043,062
Total Investments in Securities — 101.8% (Cost: $7,144,477,091)				8,220,703,685
Other Assets, Less Liabilities — (1.8)%				(144,446,404	)
Net Assets — 100.0%			$	8,076,257,281

^(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.

54 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Medical Devices ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	217,217,031	$	—	$	(67,203,364	)(a)	$	(10,989	)	$	(89,616	)	$	149,913,062		149,943,051	$	368,925	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,910,000		—		(3,780,000	)(a)		—			—			5,130,000		5,130,000		2,409			—
								$	(10,989	)	$	(89,616	)	$	155,043,062			$	371,334		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		46		06/17/22	$	6,354	$	235,723
E-Mini Technology Select Sector Index		17		06/17/22		2,725		153,440
							$	389,163

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	389,163

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,774,807
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	88,335

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$11,369,164

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

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Medical Devices ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	8,065,660,623	$	—	$	—	$	8,065,660,623
Money Market Funds		155,043,062		—		—		155,043,062
	$	8,220,703,685	$	—	$	—	$	8,220,703,685
Derivative financial instruments(a)
Assets
Futures Contracts	$	389,163	$	—	$	—	$	389,163

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

See notes to financial statements.

56 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Oil & Gas Exploration & Production ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Oil & Gas Exploration & Production — 74.7%
Antero Resources Corp.(a)		332,900	$	10,163,437
APA Corp.		423,327		17,496,105
Brigham Minerals Inc., Class A		55,416		1,415,879
California Resources Corp.		93,761		4,193,930
Callon Petroleum Co.(a)(b)		55,008		3,249,873
Centennial Resource Development Inc./DE, Class A(a)		214,979		1,734,881
Chesapeake Energy Corp.		121,454		10,566,498
Civitas Resources Inc.		84,033		5,017,610
CNX Resources Corp.(a)		236,118		4,892,365
Comstock Resources Inc.(a)(b)		105,765		1,380,233
ConocoPhillips		1,413,157		141,315,700
Continental Resources Inc./OK		68,222		4,184,055
Coterra Energy Inc.		948,070		25,569,448
Denbury Inc.(a)		58,448		4,592,259
Devon Energy Corp.		565,054		33,411,643
Diamondback Energy Inc.		198,459		27,204,760
EOG Resources Inc.		634,924		75,701,988
EQT Corp.		350,546		12,062,288
Gulfport Energy Corp.(a)		13,422		1,205,564
Hess Corp.		321,226		34,384,031
Kosmos Energy Ltd.(a)		526,090		3,782,587
Laredo Petroleum Inc.(a)(b)		16,692		1,321,005
Magnolia Oil & Gas Corp., Class A		171,756		4,062,029
Marathon Oil Corp.		907,235		22,780,671
Matador Resources Co.		128,551		6,810,632
Murphy Oil Corp.		169,223		6,834,917
Northern Oil and Gas Inc.		76,392		2,153,490
Oasis Petroleum Inc.		21,611		3,161,689
Ovintiv Inc.		304,244		16,450,473
PDC Energy Inc.		113,480		8,247,726
Pioneer Natural Resources Co.		246,384		61,603,392
Range Resources Corp.(a)		291,086		8,843,193
SM Energy Co.		141,609		5,515,671
Southwestern Energy Co.(a)		1,298,530		9,310,460
Talos Energy Inc.(a)		47,487		749,820
Tellurian Inc.(a)		457,277		2,423,568
Texas Pacific Land Corp.		7,221		9,763,586
Whiting Petroleum Corp.		45,558		3,713,433
				597,270,889
Oil & Gas Refining & Marketing — 18.3%
Archaea Energy Inc.(a)		47,509		1,041,872

Security	Shares		Value
Oil & Gas Refining & Marketing (continued)
Clean Energy Fuels Corp.(a)		197,390	$	1,567,277
CVR Energy Inc.		34,029		869,101
Delek U.S. Holdings Inc.(a)		86,294		1,831,159
HF Sinclair Corp.		174,250		6,943,862
Marathon Petroleum Corp.		628,314		53,720,847
Par Pacific Holdings Inc.(a)		53,263		693,484
PBF Energy Inc., Class A(a)		110,593		2,695,151
Phillips 66		419,713		36,259,006
Valero Energy Corp.		382,081		38,796,505
World Fuel Services Corp.		73,545		1,988,657
				146,406,921
Oil & Gas Storage & Transportation — 6.8%
Cheniere Energy Inc.		248,503		34,454,941
Targa Resources Corp.		266,823		20,137,132
				54,592,073
Total Common Stocks — 99.8% (Cost: $648,704,826)				798,269,883
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		2,984,981		2,984,384
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,490,000		1,490,000
				4,474,384
Total Short -Term Investments — 0.5% (Cost: $4,473,787)				4,474,384
Total Investments in Securities — 100.3% (Cost: $653,178,613)				802,744,267
Other Assets, Less Liabilities — (0.3)%				(2,604,246	)
Net Assets — 100.0%			$	800,140,021

^(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   O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Oil & Gas Exploration & Production ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,451,170	$	535,546	(a)	$	—	$	(2,080	)	$	(252	)	$	2,984,384		2,984,981	$	7,687	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		470,000		1,020,000	(a)		—		—			—			1,490,000		1,490,000		311			—
								$	(2,080	)	$	(252	)	$	4,474,384			$	7,998		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		22		06/17/22	$	1,754	$	22,444

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	22,444

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	489,950
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	46,536

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	745,426

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.

58 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Oil & Gas Exploration & Production ETF     

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	798,269,883	$	—	$	—	$	798,269,883
Money Market Funds		4,474,384		—		—		4,474,384
	$	802,744,267	$	—	$	—	$	802,744,267
Derivative financial instruments(a)
Assets
Futures Contracts	$	22,444	$	—	$	—	$	22,444

^(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   O F   I N V E S T M E N T S 59

Schedule of Investments March 31, 2022 iShares^® U.S. Oil Equipment & Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Oil & Gas Drilling — 17.1%
Helmerich & Payne Inc.		301,501	$	12,898,213
Nabors Industries Ltd.(a)		25,849		3,947,659
Patterson-UTI Energy Inc.		717,763		11,110,971
Transocean Ltd.(a)(b)		2,012,249		9,195,978
Valaris Ltd.(a)		217,724		11,315,117
				48,467,938
Oil & Gas Equipment & Services — 82.8%
Archrock Inc.		447,197		4,127,629
Baker Hughes Co.		370,160		13,477,526
Bristow Group Inc.(a)		77,335		2,867,582
Cactus Inc., Class A		196,696		11,160,531
ChampionX Corp.(a)		508,123		12,438,851
Core Laboratories NV(b)		154,412		4,884,052
DMC Global Inc.(a)		64,321		1,961,790
Dril-Quip Inc.(a)(b)		118,076		4,410,139
Expro Group Holdings NV(a)(b)		98,293		1,747,649
Halliburton Co.		1,745,603		66,105,986
Helix Energy Solutions Group Inc.(a)(b)		473,267		2,262,216
Liberty Oilfield Services Inc., Class A(a)(b)		351,033		5,202,309
NexTier Oilfield Solutions Inc.(a)		532,868		4,923,700
NOV Inc.		592,015		11,609,414
Oceaneering International Inc.(a)		333,004		5,048,341
ProPetro Holding Corp.(a)		282,834		3,939,878
RPC Inc.(a)		235,040		2,507,877
Schlumberger NV		1,470,294		60,737,845
TechnipFMC PLC(a)		1,413,623		10,955,578
U.S. Silica Holdings Inc.(a)		248,819		4,642,962
				235,011,855
Total Common Stocks — 99.9% (Cost: $245,760,335)				283,479,793

Security	Shares		Value
Short-Term Investments
Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		10,307,601	$	10,305,539
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		160,000		160,000
				10,465,539
Total Short -Term Investments — 3.7% (Cost: $10,462,887)				10,465,539
Total Investments in Securities — 103.6% (Cost: $256,223,222)				293,945,332
Other Assets, Less Liabilities — (3.6)%				(10,267,899	)
Net Assets — 100.0%			$	283,677,433

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,721,767	$	1,589,818	(a)	$	—		$	(6,310	)	$	264	$	10,305,539		10,307,601	$	15,631	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		630,000		—			(470,000	)(a)		—			—		160,000		160,000		68			—
									$	(6,310	)	$	264	$	10,465,539			$	15,699		$	—

^(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.

60 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Oil Equipment & Services ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		2		06/17/22	$	159	$	212

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	212

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	85,920
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	7,591

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	315,340

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
Investments
Assets
Common Stocks	$	283,479,793	$	—	$	—	$	283,479,793
Money Market Funds		10,465,539		—		—		10,465,539
	$	293,945,332	$	—	$	—	$	293,945,332
Derivative financial instruments(a)
Assets
Futures Contracts	$	212	$	—	$	—	$	212

^(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   O F   I N V E S T M E N T S 61

Schedule of Investments March 31, 2022 iShares^® U.S. Pharmaceuticals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 2.7%
Amicus Therapeutics Inc.(a)(b)		336,086	$	3,182,734
Catalyst Pharmaceuticals Inc.(a)		128,524		1,065,464
ChemoCentryx Inc.(a)		65,698		1,647,049
Ironwood Pharmaceuticals Inc.(a)		219,322		2,759,071
Madrigal Pharmaceuticals Inc.(a)(b)		16,498		1,618,784
Vanda Pharmaceuticals Inc.(a)		74,652		844,314
				11,117,416
Pharmaceuticals — 97.1%
Aerie Pharmaceuticals Inc.(a)		63,296		575,994
Amneal Pharmaceuticals Inc.(a)		132,718		553,434
Amphastar Pharmaceuticals Inc.(a)(b)		49,378		1,772,670
Antares Pharma Inc.(a)		227,878		934,300
Arvinas Inc.(a)		58,104		3,910,399
Atea Pharmaceuticals Inc.(a)		71,601		516,959
Axsome Therapeutics Inc.(a)		39,906		1,651,709
Bristol-Myers Squibb Co.		257,452		18,801,720
Cara Therapeutics Inc.(a)(b)		56,037		680,850
Cassava Sciences Inc.(a)(b)		50,413		1,872,339
Catalent Inc.(a)(b)		177,730		19,710,257
Collegium Pharmaceutical Inc.(a)(b)		46,326		943,197
Corcept Therapeutics Inc.(a)(b)		127,774		2,877,470
Elanco Animal Health Inc.(a)(b)		634,042		16,542,156
Eli Lilly & Co.		66,746		19,114,052
Endo International PLC(a)		312,887		722,769
Harmony Biosciences Holdings Inc.(a)		30,562		1,486,841
Innoviva Inc.(a)(b)		83,819		1,621,898
Intra-Cellular Therapies Inc.(a)		113,946		6,972,356
Jazz Pharmaceuticals PLC(a)		82,381		12,824,250
Johnson & Johnson		517,837		91,776,252
Merck & Co. Inc.		225,481		18,500,716
NGM Biopharmaceuticals Inc.(a)		49,963		761,936
Nuvation Bio Inc.(a)(b)		154,637		813,391
Omeros Corp.(a)(b)		84,196		506,018
Organon & Co.		339,805		11,869,389
Pacira BioSciences Inc.(a)(b)		59,697		4,556,075
Perrigo Co. PLC		179,282		6,889,807
Pfizer Inc.		1,637,180		84,756,809

Security	Shares		Value
Pharmaceuticals (continued)
Phathom Pharmaceuticals Inc.(a)		20,854	$	283,823
Phibro Animal Health Corp., Class A		27,380		546,231
Prestige Consumer Healthcare Inc.(a)		67,276		3,561,591
Reata Pharmaceuticals Inc., Class A(a)(b)		36,696		1,202,161
Revance Therapeutics Inc.(a)(b)		88,521		1,726,160
Roivant Sciences Ltd.(a)(b)		129,677		640,604
Royalty Pharma PLC, Class A		457,014		17,805,265
Theravance Biopharma Inc.(a)		70,027		669,458
Viatris Inc.		1,620,815		17,634,467
Zoetis Inc.		92,521		17,448,535
				396,034,308
Total Common Stocks — 99.8% (Cost: $360,993,918)				407,151,724
Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		11,798,410		11,796,050
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		400,000		400,000
				12,196,050
Total Short -Term Investments — 3.0% (Cost: $12,191,576)				12,196,050
Total Investments in Securities — 102.8% (Cost: $373,185,494)				419,347,774
Other Assets, Less Liabilities — (2.8)%				(11,574,609	)
Net Assets — 100.0%			$	407,773,165

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,774,536	$	—	$	(3,970,369	)(a)	$	(4,733	)	$	(3,384	)	$	11,796,050		11,798,410	$	128,173	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		440,000		—		(40,000	)(a)		—			—			400,000		400,000		119			—
								$	(4,733	)	$	(3,384	)	$	12,196,050			$	128,292		$	—

^(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.

62 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Pharmaceuticals ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		4		06/17/22	$	553	$	13,771

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	13,771

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	114,595
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,012

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	603,258

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
Investments
Assets
Common Stocks	$	407,151,724	$	—	$	—	$	407,151,724
Money Market Funds		12,196,050		—		—		12,196,050
	$	419,347,774	$	—	$	—	$	419,347,774
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,771	$	—	$	—	$	13,771

^(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   O F   I N V E S T M E N T S 63

Schedule of Investments March 31, 2022 iShares^® U.S. Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 1.7%
PS Business Parks Inc.		72,322	$	12,155,882
STORE Capital Corp.		879,731		25,714,537
WP Carey Inc.		683,266		55,235,223
				93,105,642
Health Care REITs — 8.4%
Healthcare Realty Trust Inc.		529,318		14,545,659
Healthcare Trust of America Inc., Class A		791,647		24,810,217
Healthpeak Properties Inc.		1,933,250		66,368,473
Medical Properties Trust Inc.		2,139,408		45,227,085
National Health Investors Inc.		163,409		9,642,765
Omega Healthcare Investors Inc.		856,671		26,693,868
Physicians Realty Trust		791,047		13,874,964
Sabra Health Care REIT Inc.		822,300		12,244,047
Ventas Inc.		1,430,934		88,374,484
Welltower Inc.		1,560,334		150,010,511
				451,792,073
Hotel & Resort REITs — 0.9%
Host Hotels & Resorts Inc.		2,559,626		49,733,533
Industrial REITs — 12.6%
Americold Realty Trust		956,311		26,661,951
Duke Realty Corp.		1,365,236		79,265,602
EastGroup Properties Inc.		145,844		29,647,168
First Industrial Realty Trust Inc.		467,061		28,915,747
LXP Industrial Trust		1,015,013		15,935,704
Prologis Inc.		2,652,700		428,357,996
Rexford Industrial Realty Inc.		574,495		42,851,582
STAG Industrial Inc.		631,709		26,121,167
				677,756,917
Mortgage REITs — 2.3%
AGNC Investment Corp.		1,871,956		24,522,625
Annaly Capital Management Inc.		5,232,780		36,838,771
Blackstone Mortgage Trust Inc., Class A		604,413		19,214,289
New Residential Investment Corp.		1,673,220		18,371,956
Starwood Property Trust Inc.		1,091,973		26,392,987
				125,340,628
Office REITs — 6.6%
Alexandria Real Estate Equities Inc.		521,747		105,001,584
Boston Properties Inc.		509,556		65,630,813
Corporate Office Properties Trust		400,264		11,423,535
Cousins Properties Inc.		533,024		21,475,537
Douglas Emmett Inc.		629,076		21,023,720
Equity Commonwealth(a)		403,650		11,386,966
Highwoods Properties Inc.		376,024		17,199,338
Hudson Pacific Properties Inc.		547,455		15,191,876
JBG SMITH Properties		406,869		11,888,712
Kilroy Realty Corp.		376,563		28,776,944
Orion Office REIT Inc.		201,625		2,822,750
SL Green Realty Corp.		229,987		18,670,345
Vornado Realty Trust		569,954		25,830,315
				356,322,435
Real Estate Development — 0.3%
Howard Hughes Corp. (The)(a)(b)		148,438		15,379,661
Real Estate Services — 3.9%
CBRE Group Inc., Class A(a)(b)		1,199,680		109,794,713
Compass Inc., Class A(a)(b)		101,488		797,696
Jones Lang LaSalle Inc.(a)(b)		180,910		43,320,709

Security	Shares		Value
Real Estate Services (continued)
Opendoor Technologies Inc.(a)(b)		1,398,345	$	12,095,684
Redfin Corp.(a)(b)		375,985		6,782,769
Zillow Group Inc., Class A(a)(b)		132,443		6,387,726
Zillow Group Inc., Class C, NVS(a)(b)		596,754		29,414,005
				208,593,302
Research & Consulting Services — 1.8%
CoStar Group Inc.(a)		1,415,739		94,302,375
Residential REITs — 15.5%
American Campus Communities Inc.		498,840		27,920,075
American Homes 4 Rent, Class A		1,058,508		42,372,075
Apartment Income REIT Corp.		562,742		30,084,187
AvalonBay Communities Inc.		501,001		124,433,618
Camden Property Trust		366,352		60,887,702
Equity LifeStyle Properties Inc.		618,896		47,333,166
Equity Residential		1,225,010		110,152,899
Essex Property Trust Inc.		233,889		80,803,972
Invitation Homes Inc.		2,139,259		85,955,427
Mid-America Apartment Communities Inc.		413,455		86,598,150
Sun Communities Inc.		415,719		72,871,384
UDR Inc.		1,072,056		61,503,853
				830,916,508
Retail REITs — 9.3%
Brixmor Property Group Inc.		1,067,685		27,556,950
Federal Realty Investment Trust		253,640		30,961,835
Kimco Realty Corp.		2,210,561		54,600,857
National Retail Properties Inc.		629,606		28,294,493
Realty Income Corp.		2,028,087		140,546,429
Regency Centers Corp.		552,379		39,406,718
Simon Property Group Inc.		1,177,989		154,976,233
Spirit Realty Capital Inc.		457,783		21,067,174
				497,410,689
Specialized REITs — 36.4%
American Tower Corp.		1,632,527		410,123,433
Crown Castle International Corp.		1,549,322		286,004,841
CubeSmart		784,375		40,811,031
Digital Realty Trust Inc.		1,017,296		144,252,573
Equinix Inc.		322,773		239,374,912
Extra Space Storage Inc.		479,970		98,681,832
Gaming and Leisure Properties Inc.		841,862		39,508,584
Iron Mountain Inc.		1,037,962		57,513,475
Lamar Advertising Co., Class A		311,218		36,157,307
Life Storage Inc.		294,031		41,290,773
National Storage Affiliates Trust		293,804		18,439,139
PotlatchDeltic Corp.		248,042		13,079,255
Public Storage		546,880		213,436,327
Rayonier Inc.		521,144		21,429,441
SBA Communications Corp.		389,943		134,179,386
VICI Properties Inc.		2,254,598		64,165,859
Weyerhaeuser Co.		2,678,867		101,529,059
				1,959,977,227
Total Common Stocks — 99.7% (Cost: $5,873,866,346)				5,360,630,990
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		60,312,538		60,300,476

64 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		5,660,000	$	5,660,000
				65,960,476
Total Short -Term Investments — 1.2% (Cost: $65,965,695)				65,960,476
Total Investments in Securities — 100.9% (Cost: $5,939,832,041)				5,426,591,466
Other Assets, Less Liabilities — (0.9)%				(47,724,883	)
Net Assets — 100.0%			$	5,378,866,583

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,932,786	$	58,415,065	(a)	$	—	$	(39,065	)	$	(8,310	)	$	60,300,476		60,312,538	$	64,287	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,890,000		770,000	(a)		—		—			—			5,660,000		5,660,000		2,682			—
								$	(39,065	)	$	(8,310	)	$	65,960,476			$	66,969		$	—

^(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
Dow Jones U.S. Real Estate Index		423		06/17/22	$	17,749	$	419,767

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	419,767

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

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Real Estate ETF     

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,185,756
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	203,898

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	25,523,268

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
Investments
Assets
Common Stocks	$	5,360,630,990	$	—	$	—	$	5,360,630,990
Money Market Funds		65,960,476		—		—		65,960,476
	$	5,426,591,466	$	—	$	—	$	5,426,591,466
Derivative financial instruments(a)
Assets
Futures Contracts	$	419,767	$	—	$	—	$	419,767

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

See notes to financial statements.

66 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® U.S. Regional Banks ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified Banks — 11.5%
U.S. Bancorp.		3,013,681	$	160,177,145
Regional Banks — 87.3%
Bank OZK		272,987		11,656,545
BOK Financial Corp.		67,890		6,378,266
Citizens Financial Group Inc.		961,522		43,585,792
Comerica Inc.		294,837		26,662,110
Commerce Bancshares Inc.		249,308		17,847,960
Cullen/Frost Bankers Inc.		128,551		17,792,744
East West Bancorp. Inc.		320,147		25,298,016
Fifth Third Bancorp.		1,415,540		60,924,842
First Citizens BancShares Inc./NC, Class A		30,037		19,992,627
First Financial Bankshares Inc.		289,402		12,768,416
First Horizon Corp.		1,204,721		28,298,896
First Republic Bank/CA		384,292		62,293,733
FNB Corp.		766,827		9,546,996
Glacier Bancorp. Inc.		244,726		12,304,823
Home BancShares Inc./AR		339,391		7,670,237
Huntington Bancshares Inc./OH		3,243,593		47,421,330
KeyCorp.		2,095,516		46,897,648
M&T Bank Corp.		290,362		49,216,359
People’s United Financial Inc.		965,403		19,298,406
Pinnacle Financial Partners Inc.		171,766		15,816,213
PNC Financial Services Group Inc. (The)		937,283		172,881,849
Popular Inc.		180,147		14,725,216
Prosperity Bancshares Inc.		207,938		14,426,738
Regions Financial Corp.		2,125,183		47,306,574
Signature Bank/New York NY		141,526		41,536,466
SVB Financial Group(a)(b)		131,104		73,346,133
Synovus Financial Corp.		327,147		16,030,203
Truist Financial Corp.		2,978,982		168,908,279
UMB Financial Corp.		97,281		9,451,822
Umpqua Holdings Corp.		488,178		9,207,037
United Bankshares Inc./WV		307,774		10,735,157
Valley National Bancorp.		950,805		12,379,481

Security	Shares		Value
Regional Banks (continued)
Webster Financial Corp.		405,658	$	22,765,527
Western Alliance Bancorp		240,493		19,917,630
Wintrust Financial Corp.		128,621		11,952,750
Zions Bancorp. N.A.		342,072		22,426,240
				1,209,669,061
Thrifts & Mortgage Finance — 0.9%
New York Community Bancorp. Inc.		1,049,257		11,248,035
TFS Financial Corp.		108,036		1,793,398
				13,041,433
Total Common Stocks — 99.7% (Cost: $1,389,422,281)				1,382,887,639
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		5,958,843		5,957,651
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,697,000		1,697,000
				7,654,651
Total Short -Term Investments — 0.6% (Cost: $7,654,651)				7,654,651
Total Investments in Securities — 100.3% (Cost: $1,397,076,932)				1,390,542,290
Other Assets, Less Liabilities — (0.3)%				(4,198,033	)
Net Assets — 100.0%			$	1,386,344,257

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,598	$	5,956,759	(a)	$	—	$	(5,706	)	$	—	$	5,957,651		5,958,843	$	12,720	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,127,000		570,000	(a)		—		—			—		1,697,000		1,697,000		475			—
								$	(5,706	)	$	—	$	7,654,651			$	13,195		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Regional Banks ETF     

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financials Select Sector Index		26		06/17/22	$	3,067	$	113,437

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	113,437

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	152,258
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	123,416

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,540,125

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
Investments
Assets
Common Stocks	$	1,382,887,639	$	—	$	—	$	1,382,887,639
Money Market Funds		7,654,651		—		—		7,654,651
	$	1,390,542,290	$	—	$	—	$	1,390,542,290
Derivative financial instruments(a)
Assets
Futures Contracts	$	113,437	$	—	$	—	$	113,437

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

See notes to financial statements.

68 2 0 2 2   I S H A R E S   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   March 31, 2022 iShares^® U.S. Telecommunications ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Alternative Carriers — 3.2%
Lumen Technologies Inc.		1,431,079	$	16,128,260
Cable & Satellite — 29.8%
Altice USA Inc., Class A(a)		1,303,268		16,264,785
Cable One Inc.		10,299		15,080,208
Charter Communications Inc., Class A(a)(b)		31,791		17,342,626
Comcast Corp., Class A		1,507,091		70,562,000
DISH Network Corp., Class A(a)		486,635		15,401,998
Liberty Broadband Corp., Class A(a)		16,385		2,147,418
Liberty Broadband Corp., Class C, NVS(a)		98,425		13,318,871
				150,117,906
Communications Equipment — 41.3%
Arista Networks Inc.(a)(b)		132,805		18,457,239
Ciena Corp.(a)(b)		254,716		15,443,431
Cisco Systems Inc.		1,398,676		77,990,174
CommScope Holding Co. Inc.(a)		1,883,038		14,838,339
Juniper Networks Inc.		451,023		16,760,015
Lumentum Holdings Inc.(a)(b)		158,673		15,486,485
Motorola Solutions Inc.		73,832		17,882,110
Ubiquiti Inc.		57,263		16,672,695
Viasat Inc.(a)		292,525		14,275,220
				207,805,708
Integrated Telecommunication Services — 18.6%
AT&T Inc.		954,063		22,544,509
Verizon Communications Inc.		1,397,774		71,202,607
				93,747,116
Movies & Entertainment — 3.2%
Roku Inc.(a)		130,443		16,340,595

Security	Shares		Value
Wireless Telecommunication Services — 3.8%
T-Mobile U.S. Inc.(a)		147,144	$	18,885,933
Total Common Stocks — 99.9% (Cost: $559,386,404)				503,025,518
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		5,514,747		5,513,644
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		490,000		490,000
				6,003,644
Total Short -Term Investments — 1.2% (Cost: $6,003,082)				6,003,644
Total Investments in Securities — 101.1% (Cost: $565,389,486)				509,029,162
Other Assets, Less Liabilities — (1.1)%				(5,589,199	)
Net Assets — 100.0%			$	503,439,963

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,810,207	$	—	$	(8,292,240	)(a)	$	76	$	(4,399	)	$	5,513,644		5,514,747	$	14,564	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		550,000		—		(60,000	)(a)		—		—			490,000		490,000		157			—
								$	76	$	(4,399	)	$	6,003,644			$	14,721		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments  (continued) March 31, 2022 iShares^® U.S. Telecommunications ETF     

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Communication Services Select Sector Index		1		06/17/22	$	90	$	1,448
S&P Mid 400 E-Mini Index		1		06/17/22		269		(1,523	)
							$	(75	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,448
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,523

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(28,476	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,520

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	436,486

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

70 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® U.S. Telecommunications ETF     

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	503,025,518		$	—	$	—	$	503,025,518
Money Market Funds		6,003,644			—		—		6,003,644
	$	509,029,162		$	—	$	—	$	509,029,162
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,448		$	—	$	—	$	1,448
Liabilities
Futures Contracts		(1,523	)		—		—		(1,523	)
	$	(75	)	$	—	$	—	$	(75	)

^(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   O F   I N V E S T M E N T S 71

Statements of Assets and Liabilities  

March 31, 2022

	iShares Focused Value Factor ETF				iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers & Securities Exchanges ETF				iShares U.S. Healthcare Providers ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)		$	34,960,831		$	3,666,750,015			$	573,390,335			$	1,327,448,405
Affiliated(c)			90,000			34,369,215				720,000				50,682,785
Cash			8,080			7,329				558				11,474
Cash pledged:
Futures contracts			8,000			147,000				27,000				58,000
Receivables:
Investments sold			—			—				3,094,790				—
Securities lending income — Affiliated			—			20,204				—				10,123
Capital shares sold			—			4,395				—				28,025
Dividends			39,153			187,901				204				195,440
Total assets			35,106,064			3,701,486,059				577,232,887				1,378,434,252
LIABILITIES
Collateral on securities loaned, at value			—			30,328,850				—				49,252,657
Payables:
Investments purchased			—			—				3,039,736				—
Variation margin on futures contracts			2,709			45,249				9,312				12,449
Investment advisory fees			7,474			1,096,887				210,222				427,228
Total liabilities			10,183			31,470,986				3,259,270				49,692,334
NET ASSETS		$	35,095,881		$	3,670,015,073			$	573,973,617			$	1,328,741,918
NET ASSETS CONSIST OF:
Paid-in capital		$	35,856,114		$	4,176,001,160			$	652,586,096			$	1,263,400,891
Accumulated earnings (loss)			(760,233	)		(505,986,087	)			(78,612,479	)			65,341,027
NET ASSETS		$	35,095,881		$	3,670,015,073			$	573,973,617			$	1,328,741,918
Shares outstanding			600,000			33,150,000				5,750,000				4,700,000
Net asset value		$	58.49		$	110.71			$	99.82			$	282.71
Shares authorized			Unlimited			Unlimited				Unlimited				Unlimited
Par value			None			None				None				None
(a)   Securities loaned, at value		$	—		$	27,759,656			$	—			$	47,405,618
(b)   Investments, at cost — Unaffiliated		$	35,076,012		$	3,255,459,788			$	598,290,677			$	1,144,421,766
(c)   Investments, at cost — Affiliated		$	90,000		$	34,359,530			$	720,000			$	50,673,112

See notes to financial statements.

72 2 0 2 2   I S H A R E S   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   (continued)

March 31, 2022

	iShares U.S. Home Construction ETF			iShares U.S. Infrastructure ETF			iShares U.S. Insurance ETF		iShares U.S. Medical Devices ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,762,637,494			$	896,704,791	$	186,499,231	$	8,065,660,623
Affiliated(c)		32,208,682				8,232,144		1,559,986		155,043,062
Cash		233,930				9,607		3,018		4,079
Cash pledged:
Futures contracts		135,000				116,000		21,000		474,000
Receivables:
Securities lending income — Affiliated		6,835				10,540		1,434		70,648
Capital shares sold		31,069				40,309		248,273		—
Dividends		849,329				1,164,866		166,234		7,601,729
Total assets		1,796,102,339				906,278,257		188,499,176		8,228,854,141
LIABILITIES
Collateral on securities loaned, at value		30,252,528				6,924,196		1,050,031		149,873,086
Payables:
Investments purchased		—				—		533,319		—
Variation margin on futures contracts		31,663				21,881		8,200		107,861
Capital shares redeemed		180,005				—		—		3,811
Investment advisory fees		662,601				217,699		47,496		2,612,102
Total liabilities		31,126,797				7,163,776		1,639,046		152,596,860
NET ASSETS	$	1,764,975,542			$	899,114,481	$	186,860,130	$	8,076,257,281
NET ASSETS CONSIST OF:
Paid-in capital	$	2,458,724,190			$	853,771,812	$	176,135,309	$	7,093,497,710
Accumulated earnings (loss)		(693,748,648	)			45,342,669		10,724,821		982,759,571
NET ASSETS	$	1,764,975,542			$	899,114,481	$	186,860,130	$	8,076,257,281
Shares outstanding		29,800,000				23,100,000		2,050,000		132,550,000	(d)
Net asset value	$	59.23			$	38.92	$	91.15	$	60.93	(d)
Shares authorized		Unlimited				Unlimited		Unlimited		Unlimited
Par value		None				None		None		None
(a)   Securities loaned, at value	$	28,594,627			$	6,584,668	$	1,029,718	$	146,507,708
(b)   Investments, at cost — Unaffiliated	$	2,294,376,871			$	829,748,159	$	171,924,694	$	6,989,482,210
(c)   Investments, at cost — Affiliated	$	32,202,087			$	8,231,188	$	1,559,794	$	154,994,881
(d)   Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 73

Statements of Assets and Liabilities  (continued)

March 31, 2022

	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF				iShares U.S. Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	798,269,883		$	283,479,793			$	407,151,724		$	5,360,630,990
Affiliated(c)		4,474,384			10,465,539				12,196,050			65,960,476
Cash		78,066			11,560				6,685			—
Cash pledged:
Futures contracts		135,000			13,000				22,000			911,000
Receivables:
Securities lending income — Affiliated		457			1,599				32,208			9,561
Capital shares sold		211,830			—				—			247,259
Dividends		441,224			103,658				303,108			13,898,916
Total assets		803,610,844			294,075,149				419,711,775			5,441,658,202
LIABILITIES
Bank overdraft		—			—				—			11,424
Collateral on securities loaned, at value		2,983,382			10,305,360				11,801,041			60,347,839
Payables:
Investments purchased		223,535			—				—			—
Variation margin on futures contracts		23,551			2,137				6,541			232,698
Capital shares redeemed		—			667				—			361,098
Investment advisory fees		240,355			89,552				131,028			1,838,560
Total liabilities		3,470,823			10,397,716				11,938,610			62,791,619
NET ASSETS	$	800,140,021		$	283,677,433			$	407,773,165		$	5,378,866,583
NET ASSETS CONSIST OF:
Paid-in capital	$	869,530,852		$	537,586,179			$	552,830,178		$	6,230,273,923
Accumulated loss		(69,390,831	)		(253,908,746	)			(145,057,013	)		(851,407,340	)
NET ASSETS	$	800,140,021		$	283,677,433			$	407,773,165		$	5,378,866,583
Shares outstanding		9,500,000			14,700,000				2,100,000			49,800,000
Net asset value	$	84.23		$	19.30			$	194.18		$	108.01
Shares authorized		Unlimited			Unlimited				Unlimited			Unlimited
Par value		None			None				None			None
(a) Securities loaned, at value	$	2,831,162		$	10,108,804			$	11,364,829		$	56,124,661
(b) Investments, at cost — Unaffiliated	$	648,704,826		$	245,760,335			$	360,993,918		$	5,873,866,346
(c)  Investments, at cost — Affiliated	$	4,473,787		$	10,462,887			$	12,191,576		$	65,965,695

See notes to financial statements.

74 2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

	iShares U.S. Regional Banks ETF			iShares U.S. Telecommunications ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,382,887,639			$	503,025,518
Affiliated(c)		7,654,651				6,003,644
Cash		348				3,469
Cash pledged:
Futures contracts		176,000				22,000
Receivables:
Securities lending income — Affiliated		160				1,348
Capital shares sold		—				5,555
Dividends		3,712,453				50,394
Total assets		1,394,431,251				509,111,928
LIABILITIES
Collateral on securities loaned, at value		5,957,651				5,516,577
Payables:
Investments purchased		1,549,093				—
Variation margin on futures contracts		70,858				5,519
Capital shares redeemed		32,017				—
Investment advisory fees		477,375				149,869
Total liabilities		8,086,994				5,671,965
NET ASSETS	$	1,386,344,257			$	503,439,963
NET ASSETS CONSIST OF:
Paid-in capital	$	1,424,235,461			$	806,312,196
Accumulated loss		(37,891,204	)			(302,872,233	)
NET ASSETS	$	1,386,344,257			$	503,439,963
Shares outstanding		23,550,000				16,850,000
Net asset value	$	58.87			$	29.88
Shares authorized		Unlimited				Unlimited
Par value		None				None
(a) Securities loaned, at value	$	5,762,335			$	5,187,173
(b) Investments, at cost — Unaffiliated	$	1,389,422,281			$	559,386,404
(c)  Investments, at cost — Affiliated	$	7,654,651			$	6,003,082

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 75

Statements of Operations

Year Ended March 31, 2022

	iShares Focused Value Factor ETF			iShares U.S. Aerospace & Defense ETF			iShares U.S. Broker-Dealers & Securities Exchanges ETF				iShares U.S. Healthcare Providers ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,248,918		$	29,673,588			$	17,487,299			$	12,214,875
Dividends — Affiliated		18			4,485				303				3,203
Securities lending income — Affiliated — net		230			177,425				—				127,588
Foreign taxes withheld		(2,296	)		—				—				—
Total investment income		1,246,870			29,855,498				17,487,602				12,345,666
EXPENSES
Investment advisory fees		95,718			10,931,883				3,261,343				4,802,016
Professional fees		—			217				217				217
Total expenses		95,718			10,932,100				3,261,560				4,802,233
Net investment income		1,151,152			18,923,398				14,226,042				7,543,433
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		8,997,380			(154,720,016	)			(17,270,373	)			11,339,401
Investments — Affiliated		118			(5,306	)			—				(27,859	)
In-kind redemptions — Unaffiliated		5,312,294			145,557,548				115,257,912				157,925,414
Futures contracts		(3,278	)		359,812				133,377				239,245
Net realized gain (loss)		14,306,514			(8,807,962	)			98,120,916				169,476,201
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(10,810,763	)		181,407,819				(62,495,618	)			(28,184,986	)
Investments — Affiliated		—			(45,232	)			—				(8,883	)
Futures contracts		5,598			(80,429	)			19,823				59,065
Net change in unrealized appreciation (depreciation)		(10,805,165	)		181,282,158				(62,475,795	)			(28,134,804	)
Net realized and unrealized gain		3,501,349			172,474,196				35,645,121				141,341,397
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,652,501		$	191,397,594			$	49,871,163			$	148,884,830

See notes to financial statements.

76 2 0 2 2   I S H A R E S   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 Operations  (continued)

Year Ended March 31, 2022

	iShares U.S. Home Construction ETF			iShares U.S. Infrastructure ETF				iShares U.S. Insurance ETF			iShares U.S. Medical Devices ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	22,677,480			$	15,123,096		$	2,583,207		$	53,890,274
Dividends — Affiliated		5,713				856			83			9,439
Securities lending income — Affiliated — net		78,469				20,528			3,823			361,895
Foreign taxes withheld		—				(24,799	)		—			—
Total investment income		22,761,662				15,119,681			2,587,113			54,261,608
EXPENSES
Investment advisory fees		10,020,736				2,397,182			415,047			32,526,290
Professional fees		217				217			217			217
Total expenses		10,020,953				2,397,399			415,264			32,526,507
Net investment income		12,740,709				12,722,282			2,171,849			21,735,101
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(17,606,722	)			(18,642,870	)		(261,431	)		34,460,720
Investments — Affiliated		(40,527	)			(2,889	)		(298	)		(10,989	)
In-kind redemptions — Unaffiliated		539,746,529				52,295,953			16,346,678			1,188,506,572
Futures contracts		(142,894	)			96,015			(16,788	)		1,774,807
Net realized gain		521,956,386				33,746,209			16,068,161			1,224,731,110
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(841,156,042	)			44,232,142			6,016,820			(480,418,173	)
Investments — Affiliated		(204	)			953			186			(89,616	)
Futures contracts		92,708				19,368			2,367			88,335
Foreign currency translations		—				(331	)		—			—
Net change in unrealized appreciation (depreciation)		(841,063,538	)			44,252,132			6,019,373			(480,419,454	)
Net realized and unrealized gain (loss)		(319,107,152	)			77,998,341			22,087,534			744,311,656
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(306,366,443	)		$	90,720,623		$	24,259,383		$	766,046,757

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 77

Statements of Operations  (continued)

Year Ended March 31, 2022

	iShares U.S. Oil & Gas Exploration & Production ETF			iShares U.S. Oil Equipment & Services ETF			iShares U.S. Pharmaceuticals ETF				iShares U.S. Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	14,247,401		$	1,294,678			$	7,574,209		$	124,742,811
Dividends — Affiliated		655			636				849			8,070
Securities lending income — Affiliated — net		7,343			15,063				127,443			58,899
Foreign taxes withheld		—			(612	)			—			—
Total investment income		14,255,399			1,309,765				7,702,501			124,809,780
EXPENSES
Investment advisory fees		1,523,527			584,682				1,491,817			25,003,003
Professional fees		217			217				217			217
Total expenses		1,523,744			584,899				1,492,034			25,003,220
Net investment income		12,731,655			724,866				6,210,467			99,806,560
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(31,549,738	)		(2,251,436	)			2,135,033			(20,886,911	)
Investments — Affiliated		(2,080	)		(6,310	)			(4,733	)		(39,065	)
In-kind redemptions — Unaffiliated		61,874,846			11,412,878				13,167,620			873,562,235
Futures contracts		489,950			85,920				114,595			1,185,756
Net realized gain		30,812,978			9,241,052				15,412,515			853,822,015
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		191,239,162			47,961,930				18,112,025			(111,678,396	)
Investments — Affiliated		(252	)		264				(3,384	)		(8,310	)
Futures contracts		46,536			7,591				4,012			203,898
Net change in unrealized appreciation (depreciation)		191,285,446			47,969,785				18,112,653			(111,482,808	)
Net realized and unrealized gain		222,098,424			57,210,837				33,525,168			742,339,207
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	234,830,079		$	57,935,703			$	39,735,635		$	842,145,767

See notes to financial statements.

78 2 0 2 2   I S H A R E S   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 Operations   (continued)

Year Ended March 31, 2022

	iShares U.S. Regional Banks ETF			iShares U.S. Telecommunications ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	30,273,332			$	12,535,377
Dividends — Affiliated		1,046				989
Securities lending income — Affiliated — net		12,149				13,732
Foreign taxes withheld		(29,728	)			—
Total investment income		30,256,799				12,550,098
EXPENSES
Investment advisory fees		4,575,432				1,773,147
Professional fees		217				217
Total expenses		4,575,649				1,773,364
Net investment income		25,681,150				10,776,734
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,916,632	)			(14,242,242	)
Investments — Affiliated		(5,706	)			76
In-kind redemptions — Unaffiliated		65,176,957				47,507,367
Futures contracts		152,258				(28,476	)
Net realized gain		52,406,877				33,236,725
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(37,256,576	)			(61,914,753	)
Investments — Affiliated		—				(4,399	)
Futures contracts		123,416				4,520
Net change in unrealized appreciation (depreciation)		(37,133,160	)			(61,914,632	)
Net realized and unrealized gain (loss)		15,273,717				(28,677,907	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	40,954,867			$	(17,901,173	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 79

Statements of Changes in Net Assets

	iShares       Focused Value Factor ETF								iShares         U.S. Aerospace & Defense  ETF
		Year Ended 03/31/22					Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	1,151,152		$	771,653		$	18,923,398		$	29,845,339
Net realized gain (loss)				14,306,514			(7,763,351	)		(8,807,962	)		(289,293,750	)
Net change in unrealized appreciation (depreciation)				(10,805,165	)		21,884,168			181,282,158			1,323,199,745
Net increase in net assets resulting from operations				4,652,501			14,892,470			191,397,594			1,063,751,334
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders				(1,163,130	)		(787,521	)		(18,744,404	)		(30,040,535	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(8,396,139	)		7,756,785			534,748,916			(905,501,184	)
NET ASSETS
Total increase (decrease) in net assets				(4,906,768	)		21,861,734			707,402,106			128,209,615
Beginning of year				40,002,649			18,140,915			2,962,612,967			2,834,403,352
End of year			$	35,095,881		$	40,002,649		$	3,670,015,073		$	2,962,612,967

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

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

See notes to financial statements.

80 2 0 2 2   I S H A R E S   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 (continued)

	iShares U.S. Broker-Dealers & Securities Exchanges ETF							iShares U.S. Healthcare Providers ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,226,042			$	2,321,910		$	7,543,433			$	6,096,993
Net realized gain		98,120,916				3,038,924			169,476,201				61,949,559
Net change in unrealized appreciation (depreciation)		(62,475,795	)			80,308,220			(28,134,804	)			326,549,848
Net increase in net assets resulting from operations		49,871,163				85,669,054			148,884,830				394,596,400
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(14,480,571	)			(2,538,244	)		(7,445,339	)			(6,386,427	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		128,635,346				185,731,316			43,579,447				(28,687,694	)
NET ASSETS
Total increase in net assets		164,025,938				268,862,126			185,018,938				359,522,279
Beginning of year		409,947,679				141,085,553			1,143,722,980				784,200,701
End of year	$	573,973,617			$	409,947,679		$	1,328,741,918			$	1,143,722,980

^(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 81

Statements of Changes in Net Assets (continued)

	iShares U.S. Home Construction ETF							iShares U.S. Infrastructure ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,740,709			$	9,435,630		$	12,722,282			$	1,859,166
Net realized gain		521,956,386				409,554,555			33,746,209				14,962,382
Net change in unrealized appreciation (depreciation)		(841,063,538	)			784,776,170			44,252,132				23,853,728
Net increase (decrease) in net assets resulting from operations		(306,366,443	)			1,203,766,355			90,720,623				40,675,276
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,816,171	)			(9,561,991	)		(13,909,010	)			(1,833,932	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(561,414,419	)			743,728,526			452,497,643				325,895,791
NET ASSETS
Total increase (decrease) in net assets		(880,597,033	)			1,937,932,890			529,309,256				364,737,135
Beginning of year		2,645,572,575				707,639,685			369,805,225				5,068,090
End of year	$	1,764,975,542			$	2,645,572,575		$	899,114,481			$	369,805,225

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

See notes to financial statements.

82 2 0 2 2   I S H A R E S   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 (continued)

	iShares U.S. Insurance ETF							iShares U.S. Medical Devices ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,171,849			$	1,636,658		$	21,735,101			$	23,384,672
Net realized gain		16,068,161				2,807,695			1,224,731,110				772,771,841
Net change in unrealized appreciation (depreciation)		6,019,373				22,558,140			(480,419,454	)			1,810,213,646
Net increase in net assets resulting from operations		24,259,383				27,002,493			766,046,757				2,606,370,159
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,177,905	)			(1,644,120	)		(21,981,981	)			(21,882,239	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		79,477,725				(2,263,174	)		(874,728,044	)			1,477,573,504
NET ASSETS
Total increase (decrease) in net assets		101,559,203				23,095,199			(130,663,268	)			4,062,061,424
Beginning of year		85,300,927				62,205,728			8,206,920,549				4,144,859,125
End of year	$	186,860,130			$	85,300,927		$	8,076,257,281			$	8,206,920,549

^(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 83

Statements of Changes in Net Assets (continued)

	iShares U.S. Oil & Gas Exploration & Production ETF							iShares U.S. Oil Equipment & Services ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,731,655			$	5,266,848		$	724,866			$	1,665,364
Net realized gain (loss)		30,812,978				(64,686,478	)		9,241,052				(44,753,323	)
Net change in unrealized appreciation (depreciation)		191,285,446				166,816,570			47,969,785				78,366,002
Net increase in net assets resulting from operations		234,830,079				107,396,940			57,935,703				35,278,043
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,422,061	)			(5,431,832	)		(935,137	)			(3,559,832	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		334,558,987				51,039,147			(144,838,846	)			314,128,775
NET ASSETS
Total increase (decrease) in net assets		556,967,005				153,004,255			(87,838,280	)			345,846,986
Beginning of year		243,173,016				90,168,761			371,515,713				25,668,727
End of year	$	800,140,021			$	243,173,016		$	283,677,433			$	371,515,713

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

See notes to financial statements.

84 2 0 2 2   I S H A R E S   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 (continued)

	iShares U.S. Pharmaceuticals ETF							iShares U.S. Real Estate ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,210,467			$	4,693,351		$	99,806,560			$	79,978,949
Net realized gain (loss)		15,412,515				8,153,078			853,822,015				(66,849,504	)
Net change in unrealized appreciation (depreciation)		18,112,653				83,541,789			(111,482,808	)			1,034,179,845
Net increase in net assets resulting from operations		39,735,635				96,388,218			842,145,767				1,047,309,290
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,432,724	)			(4,525,848	)		(140,375,492	)			(102,538,797	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		19,708,210				(13,503,900	)		(9,950,229	)			675,178,259
NET ASSETS
Total increase in net assets		53,011,121				78,358,470			691,820,046				1,619,948,752
Beginning of year		354,762,044				276,403,574			4,687,046,537				3,067,097,785
End of year	$	407,773,165			$	354,762,044		$	5,378,866,583			$	4,687,046,537

^(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 85

Statements of Changes in Net Assets (continued)

	iShares U.S. Regional Banks ETF						iShares U.S. Telecommunications ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	25,681,150		$	9,303,626		$	10,776,734		$	10,604,477
Net realized gain		52,406,877			6,986,488			33,236,725			9,326,372
Net change in unrealized appreciation (depreciation)		(37,133,160	)		174,236,220			(61,914,632	)		82,965,567
Net increase (decrease) in net assets resulting from operations		40,954,867			190,526,334			(17,901,173	)		102,896,416
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(24,749,500	)		(9,060,857	)		(10,823,757	)		(10,690,881	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		696,331,202			295,159,904			106,283,084			41,297,341
NET ASSETS
Total increase in net assets		712,536,569			476,625,381			77,558,154			133,502,876
Beginning of year		673,807,688			197,182,307			425,881,809			292,378,933
End of year	$	1,386,344,257		$	673,807,688		$	503,439,963		$	425,881,809

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

See notes to financial statements.

86 2 0 2 2   I S H A R E S   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 Focused Value Factor ETF
													Period From
	Year Ended				Year Ended				Year Ended							03/19/19	(a)
	03/31/22				03/31/21				03/31/20					to 03/31/19
Net asset value, beginning of period		$	53.34			$	30.23			$	48.63				$	49.43
Net investment income(b)			1.71				1.23				1.33					0.04
Net realized and unrealized gain (loss)(c)			5.25				23.04				(18.31	)				(0.84	)
Net increase (decrease) from investment operations			6.96				24.27				(16.98	)				(0.80	)
Distributions(d)
From net investment income			(1.81	)			(1.16	)			(1.42	)				—
Total distributions			(1.81	)			(1.16	)			(1.42	)				—
Net asset value, end of period		$	58.49			$	53.34			$	30.23				$	48.63
Total Return(e)
Based on net asset value			13.20	%			81.85	%			(35.71	)%				(1.62	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.25	%			0.25	%			0.25	%				0.25	%(h)
Net investment income			3.01	%			3.20	%			2.76	%				2.36	%(h)
Supplemental Data
Net assets, end of period (000)		$	35,096			$	40,003			$	18,141				$	31,607
Portfolio turnover rate(i)			138	%			70	%			149	%				0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Aerospace & Defense ETF
	Year Ended			Year Ended				Year Ended				Year Ended				Year Ended
		03/31/22				03/31/21	(a)			03/31/20	(a)			03/31/19	(a)			03/31/18	(a)
Net asset value, beginning of year	$	104.13			$	71.94			$	99.80			$	98.97			$	74.40
Net investment income(b)		0.72				0.89				1.69				0.89				0.78
Net realized and unrealized gain (loss)(c)		6.55				32.23				(27.74	)			1.01				24.70
Net increase (decrease) from investment operations		7.27				33.12				(26.05	)			1.90				25.48
Distributions(d)
From net investment income		(0.69	)			(0.93	)			(1.81	)			(0.92	)			(0.91	)
From net realized gain		—				—				—				(0.15	)			—
Total distributions		(0.69	)			(0.93	)			(1.81	)			(1.07	)			(0.91	)
Net asset value, end of year	$	110.71			$	104.13			$	71.94			$	99.80			$	98.97
Total Return(e)
Based on net asset value		7.00	%			46.23	%			(26.58	)%			1.91	%			34.40	%
Ratios to Average Net Assets(f)
Total expenses		0.39	%			0.42	%			0.42	%			0.42	%			0.43	%
Net investment income		0.68	%			1.04	%			1.57	%			0.90	%			0.87	%
Supplemental Data
Net assets, end of year (000)	$	3,670,015			$	2,962,613			$	2,834,403			$	5,019,632			$	5,749,730
Portfolio turnover rate(g)		27	%			49	%			20	%			38	%			14	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

88 2 0 2 2   I S H A R E S   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 U.S. Broker-Dealers & Securities Exchanges ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	92.12			$	51.30			$	58.82			$	65.50			$	51.31
Net investment income(a)			1.80				1.07				1.03				0.88				0.83
Net realized and unrealized gain (loss)(b)			7.84				40.82				(7.46	)			(6.51	)			14.15
Net increase (decrease) from investment operations			9.64				41.89				(6.43	)			(5.63	)			14.98
Distributions(c)
From net investment income			(1.94	)			(1.07	)			(1.09	)			(1.05	)			(0.79	)
Total distributions			(1.94	)			(1.07	)			(1.09	)			(1.05	)			(0.79	)
Net asset value, end of year		$	99.82			$	92.12			$	51.30			$	58.82			$	65.50
Total Return(d)
Based on net asset value			10.38	%			82.40	%			(11.15	)%			(8.63	)%			29.39	%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.41	%			0.42	%			0.42	%			0.43	%
Net investment income			1.70	%			1.48	%			1.60	%			1.38	%			1.44	%
Supplemental Data
Net assets, end of year (000)		$	573,974			$	409,948			$	141,086			$	217,641			$	347,155
Portfolio turnover rate(f)			24	%			37	%			15	%			27	%			13	%

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

^(f)  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 89

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Healthcare Providers ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	251.37			$	166.85			$	167.98			$	157.08			$	134.12
Net investment income(a)			1.65				1.30				1.25				0.54				0.35
Net realized and unrealized gain (loss)(b)			31.33				84.59				(1.04	)			16.99				22.97
Net increase from investment operations			32.98				85.89				0.21				17.53				23.32
Distributions(c)
From net investment income			(1.64	)			(1.37	)			(1.34	)			(6.63	)			(0.36	)
Total distributions			(1.64	)			(1.37	)			(1.34	)			(6.63	)			(0.36	)
Net asset value, end of year		$	282.71			$	251.37			$	166.85			$	167.98			$	157.08
Total Return(d)
Based on net asset value			13.15	%			51.63	%			0.10	%			11.25	%			17.40	%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.42	%			0.42	%			0.43	%			0.43	%
Net investment income			0.61	%			0.61	%			0.70	%			0.29	%			0.24	%
Supplemental Data
Net assets, end of year (000)		$	1,328,742			$	1,143,723			$	784,201			$	797,909			$	471,251
Portfolio turnover rate(f)			24	%			27	%			30	%			48	%			20	%

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

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

See notes to financial statements.

90 2 0 2 2   I S H A R E S   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 U.S. Home Construction ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20				Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	67.84		$	28.94			$	35.26		$	39.24		$	31.97
Net investment income(a)		0.36			0.27				0.23			0.19			0.13
Net realized and unrealized gain (loss)(b)		(8.59	)		38.89				(6.31	)		(3.97	)		7.28
Net increase (decrease) from investment operations		(8.23	)		39.16				(6.08	)		(3.78	)		7.41
Distributions(c)
From net investment income		(0.38	)		(0.26	)			(0.24	)		(0.20	)		(0.14	)
Total distributions		(0.38	)		(0.26	)			(0.24	)		(0.20	)		(0.14	)
Net asset value, end of year	$	59.23		$	67.84			$	28.94		$	35.26		$	39.24
Total Return(d)
Based on net asset value		(12.21	)%		135.53	%			(17.40	)%		(9.60	)%		23.19	%
Ratios to Average Net Assets(e)
Total expenses		0.39	%		0.41	%			0.42	%		0.42	%		0.43	%
Net investment income		0.50	%		0.50	%			0.55	%		0.53	%		0.34	%
Supplemental Data
Net assets, end of year (000)	$	1,764,976		$	2,645,573			$	707,640		$	1,147,657		$	1,618,817
Portfolio turnover rate(f)		5	%		14	%			15	%		17	%		18	%

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

^(f)  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 91

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Infrastructure ETF
													Period From
	Year Ended				Year Ended				Year Ended						04/03/18	(a)
	03/31/22				03/31/21				03/31/20				to 03/31/19
Net asset value, beginning of period		$	34.56			$	20.27			$	26.31			$	25.31
Net investment income(b)			0.67				0.77				0.49				0.43
Net realized and unrealized gain (loss)(c)			4.38				14.10				(6.00	)			1.24
Net increase (decrease) from investment operations			5.05				14.87				(5.51	)			1.67
Distributions(d)
From net investment income			(0.69	)			(0.58	)			(0.47	)			(0.34	)
From net realized gain			—				—				—				(0.33	)
Return of capital			—				—				(0.06	)			(0.00	)(e)
Total distributions			(0.69	)			(0.58	)			(0.53	)			(0.67	)
Net asset value, end of period		$	38.92			$	34.56			$	20.27			$	26.31
Total Return(f)
Based on net asset value			14.78	%			74.11	%			(21.26	)%			6.78	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.35	%			0.40	%			0.40	%			0.40	%(i)
Net investment income			1.85	%			2.54	%			1.84	%			1.67	%(i)
Supplemental Data
Net assets, end of period (000)		$	899,114			$	369,805			$	5,068			$	5,262
Portfolio turnover rate(j)			33	%			65	%			23	%			43	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Rounds to less than $0.01.

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

^(g)  Not annualized.

^(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.

92 2 0 2 2   I S H A R E S   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 U.S. Insurance ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year	$	74.17			$	49.76			$	63.64			$	64.54			$	60.46
Net investment income(a)		1.67				1.51				1.35				1.23				1.18
Net realized and unrealized gain (loss)(b)		16.94				24.37				(13.77	)			(0.89	)			4.20
Net increase (decrease) from investment operations		18.61				25.88				(12.42	)			0.34				5.38
Distributions(c)
From net investment income		(1.63	)			(1.47	)			(1.46	)			(1.24	)			(1.30	)
Total distributions		(1.63	)			(1.47	)			(1.46	)			(1.24	)			(1.30	)
Net asset value, end of year	$	91.15			$	74.17			$	49.76			$	63.64			$	64.54
Total Return(d)
Based on net asset value		25.36	%			52.54	%			(19.92	)%			0.60	%			8.93	%
Ratios to Average Net Assets(e)
Total expenses		0.39	%			0.42	%			0.42	%			0.43	%			0.43	%
Net investment income		2.04	%			2.50	%			1.95	%			1.94	%			1.85	%
Supplemental Data
Net assets, end of year (000)	$	186,860			$	85,301			$	62,206			$	98,637			$	132,302
Portfolio turnover rate(f)		11	%			10	%			8	%			17	%			12	%

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

^(f)  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 93

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Medical Devices ETF
		Year Ended 03/31/22	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)		Year Ended 03/31/18	(a)
Net asset value, beginning of year	$	55.04		$	37.54		$	38.57		$	30.81		$	25.24
Net investment income(b)		0.16			0.15			0.16			0.12			0.11
Net realized and unrealized gain (loss)(c)		5.89			17.49			(1.04	)		7.73			5.55
Net increase (decrease) from investment operations		6.05			17.64			(0.88	)		7.85			5.66
Distributions(d)
From net investment income		(0.16	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)
Total distributions		(0.16	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)
Net asset value, end of year	$	60.93		$	55.04		$	37.54		$	38.57		$	30.81
Total Return(e)
Based on net asset value		10.99	%		47.02	%		(2.32	)%		25.50	%		22.48	%
Ratios to Average Net Assets(f)
Total expenses		0.39	%		0.41	%		0.42	%		0.43	%		0.43	%
Net investment income		0.26	%		0.30	%		0.39	%		0.33	%		0.38	%
Supplemental Data
Net assets, end of year (000)	$	8,076,257		$	8,206,921		$	4,144,859		$	3,656,734		$	1,719,373
Portfolio turnover rate(g)		11	%		9	%		9	%		36	%		15	%

^(a)  Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

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

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

See notes to financial statements.

94 2 0 2 2   I S H A R E S   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 U.S. Oil & Gas Exploration & Production ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	48.63			$	22.83			$	58.20			$	63.55			$	61.16
Net investment income(a)			2.00				0.98				0.95				0.67				0.56
Net realized and unrealized gain (loss)(b)			35.51				25.92				(35.22	)			(5.11	)			2.49
Net increase (decrease) from investment operations			37.51				26.90				(34.27	)			(4.44	)			3.05
Distributions(c)
From net investment income			(1.91	)			(1.10	)			(1.10	)			(0.91	)			(0.66	)
Total distributions			(1.91	)			(1.10	)			(1.10	)			(0.91	)			(0.66	)
Net asset value, end of year		$	84.23			$	48.63			$	22.83			$	58.20			$	63.55
Total Return(d)
Based on net asset value			78.44	%			120.05	%			(59.65	)%			(7.06	)%			5.09	%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.42	%			0.42	%			0.42	%			0.43	%
Net investment income			3.27	%			2.81	%			1.87	%			1.00	%			0.96	%
Supplemental Data
Net assets, end of year (000)		$	800,140			$	243,173			$	90,169			$	276,450			$	365,406
Portfolio turnover rate(f)			17	%			21	%			25	%			12	%			17	%

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

^(f)  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 95

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Oil Equipment & Services ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	13.41			$	5.97			$	25.24			$	32.41			$	42.09
Net investment income(a)			0.07				0.14				0.47				0.34				1.18	(b)
Net realized and unrealized gain (loss)(c)			5.92				7.50				(19.27	)			(7.14	)			(9.61	)
Net increase (decrease) from investment operations			5.99				7.64				(18.80	)			(6.80	)			(8.43	)
Distributions(d)
From net investment income			(0.10	)			(0.20	)			(0.47	)			(0.37	)			(1.25	)
Total distributions			(0.10	)			(0.20	)			(0.47	)			(0.37	)			(1.25	)
Net asset value, end of year		$	19.30			$	13.41			$	5.97			$	25.24			$	32.41
Total Return(e)
Based on net asset value			44.88	%			129.06	%			(75.48	)%			(21.10	)%			(20.19	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.39	%			0.41	%			0.42	%			0.42	%			0.43	%
Net investment income			0.49	%			1.37	%			2.44	%			1.09	%			3.37	%(b)
Supplemental Data
Net assets, end of year (000)		$	283,677			$	371,516			$	25,669			$	155,238			$	204,188
Portfolio turnover rate(h)			55	%			71	%			23	%			35	%			25	%

^(a)  Based on average shares outstanding.

^(b)  Includes a one-time special distribution from Baker Hughes Inc. Excluding such special distribution, the net investment income would have been $0.37 per share and 1.05% of average net assets.

^(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)  Includes proceeds received from a class action litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been (20.37)% for the year ended March 31, 2018.

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

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

See notes to financial statements.

96 2 0 2 2   I S H A R E S   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 U.S. Pharmaceuticals ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	177.38			$	134.83			$	154.05			$	147.20			$	150.97
Net investment income(a)			3.06				2.20				2.14				1.73				2.25
Net realized and unrealized gain (loss)(b)			16.88				42.53				(19.09	)			6.91				(3.75	)
Net increase (decrease) from investment operations			19.94				44.73				(16.95	)			8.64				(1.50	)
Distributions(c)
From net investment income			(3.14	)			(2.18	)			(2.27	)			(1.79	)			(2.27	)
Total distributions			(3.14	)			(2.18	)			(2.27	)			(1.79	)			(2.27	)
Net asset value, end of year		$	194.18			$	177.38			$	134.83			$	154.05			$	147.20
Total Return(d)
Based on net asset value			11.29	%			33.30	%			(11.06	)%			5.88	%			(1.05	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.42	%			0.42	%			0.42	%			0.43	%
Net investment income			1.63	%			1.33	%			1.45	%			1.12	%			1.47	%
Supplemental Data
Net assets, end of year (000)		$	407,773			$	354,762			$	276,404			$	385,114			$	390,088
Portfolio turnover rate(f)			20	%			52	%			40	%			51	%			23	%

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

^(f)  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 97

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Real Estate ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	91.81			$	69.71			$	86.99			$	75.48			$	78.51
Net investment income(a)			1.64				1.67				2.16				2.28				2.22
Net realized and unrealized gain (loss)(b)			16.94				22.49				(16.61	)			11.86				(2.36	)
Net increase (decrease) from investment operations			18.58				24.16				(14.45	)			14.14				(0.14	)
Distributions(c)
From net investment income			(2.38	)			(2.06	)			(2.83	)			(2.63	)			(2.89	)
Total distributions			(2.38	)			(2.06	)			(2.83	)			(2.63	)			(2.89	)
Net asset value, end of year		$	108.01			$	91.81			$	69.71			$	86.99			$	75.48
Total Return(d)
Based on net asset value			20.27	%			35.02	%			(17.14	)%			19.09	%			(0.29	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.41	%			0.42	%			0.42	%			0.43	%
Net investment income			1.56	%			2.03	%			2.39	%			2.85	%			2.80	%
Supplemental Data
Net assets, end of year (000)		$	5,378,867			$	4,687,047			$	3,067,098			$	4,597,605			$	3,596,742
Portfolio turnover rate(f)			9	%			14	%			8	%			11	%			13	%

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

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

See notes to financial statements.

98 2 0 2 2   I S H A R E S   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 U.S. Regional Banks ETF
	Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year	$	56.62			$	29.00			$	43.44			$	50.39			$	44.79
Net investment income(a)		1.34				1.32				1.20				1.01				0.80
Net realized and unrealized gain (loss)(b)		2.14				27.52				(14.32	)			(6.91	)			5.60
Net increase (decrease) from investment operations		3.48				28.84				(13.12	)			(5.90	)			6.40
Distributions(c)
From net investment income		(1.23	)			(1.22	)			(1.32	)			(1.05	)			(0.80	)
Total distributions		(1.23	)			(1.22	)			(1.32	)			(1.05	)			(0.80	)
Net asset value, end of year	$	58.87			$	56.62			$	29.00			$	43.44			$	50.39
Total Return(d)
Based on net asset value		6.11	%			101.55	%			(31.09	)%			(11.79	)%			14.42	%
Ratios to Average Net Assets(e)
Total expenses		0.39	%			0.41	%			0.42	%			0.42	%			0.43	%
Net investment income		2.19	%			3.26	%			2.60	%			2.08	%			1.68	%
Supplemental Data
Net assets, end of year (000)	$	1,386,344			$	673,808			$	197,182			$	519,088			$	902,061
Portfolio turnover rate(f)		14	%			6	%			5	%			10	%			4	%

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

^(f)  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 99

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Telecommunications ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	32.39			$	24.88			$	29.73			$	27.06			$	32.38
Net investment income(a)			0.77				0.82				0.71				0.49				0.74
Net realized and unrealized gain (loss)(b)			(2.54	)			7.50				(4.80	)			2.71				(5.08	)
Net increase (decrease) from investment operations			(1.77	)			8.32				(4.09	)			3.20				(4.34	)
Distributions(c)
From net investment income			(0.74	)			(0.81	)			(0.76	)			(0.53	)			(0.98	)
Total distributions			(0.74	)			(0.81	)			(0.76	)			(0.53	)			(0.98	)
Net asset value, end of year		$	29.88			$	32.39			$	24.88			$	29.73			$	27.06
Total Return(d)
Based on net asset value			(5.63	)%			33.82	%			(13.99	)%			11.91	%			(13.63	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.42	%			0.42	%			0.42	%			0.43	%
Net investment income			2.37	%			2.82	%			2.40	%			1.73	%			2.41	%
Supplemental Data
Net assets, end of year (000)		$	503,440			$	425,882			$	292,379			$	463,756			$	316,596
Portfolio turnover rate(f)			75	%			40	%			41	%			35	%			86	%

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

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

See notes to financial statements.

100 2 0 2 2   I S H A R E S   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

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
Focused Value Factor(a)		Diversified
U.S. Aerospace & Defense		Non-diversified
U.S. Broker-Dealers & Securities Exchanges		Non-diversified
U.S. Healthcare Providers		Non-diversified
U.S. Home Construction		Non-diversified
U.S. Infrastructure(a)		Diversified
U.S. Insurance		Non-diversified
U.S. Medical Devices		Non-diversified
U.S. Oil & Gas Exploration & Production		Non-diversified
U.S. Oil Equipment & Services		Non-diversified
U.S. Pharmaceuticals		Non-diversified
U.S. Real Estate		Diversified
U.S. Regional Banks		Non-diversified
U.S. Telecommunications		Non-diversified

^(a) The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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 101

Notes to Financial Statements  (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

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Notes to Financial Statements  (continued)

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Aerospace & Defense
Barclays Bank PLC	$	1,301,783	$	1,301,783		$	—	$	—
BNP Paribas SA		5,152,264		5,152,264			—		—
BofA Securities, Inc.		4,299,332		4,299,332			—		—
Citigroup Global Markets, Inc.		5,527		5,527			—		—
Goldman Sachs & Co. LLC		6,107,135		6,107,135			—		—
J.P. Morgan Securities LLC		4,771,536		4,771,536			—		—
Morgan Stanley		1,020,893		1,020,893			—		—
National Financial Services LLC		2,442,655		2,442,655			—		—
State Street Bank & Trust Co.		1,772,898		1,772,898			—		—
Toronto-Dominion Bank		286,550		286,550			—		—
UBS AG		231,689		231,689			—		—
UBS Securities LLC		150,123		150,123			—		—
Wells Fargo Securities LLC		217,271		217,271			—		—
	$	27,759,656	$	27,759,656		$	—	$	—

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 103

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Healthcare Providers
Barclays Bank PLC	$	1,001,113	$	1,001,113		$	—	$	—
BNP Paribas SA		12,222,110		12,222,110			—		—
Citigroup Global Markets, Inc.		28,340		28,340			—		—
Deutsche Bank Securities, Inc.		102,060		102,060			—		—
Goldman Sachs & Co. LLC		2,286,920		2,286,920			—		—
ING Financial Markets LLC		842,000		842,000			—		—
J.P. Morgan Securities LLC		22,827,325		22,827,325			—		—
Jefferies LLC		7,810		7,810			—		—
Morgan Stanley		2,798,037		2,798,037			—		—
National Financial Services LLC		116,233		116,233			—		—
Scotia Capital (USA), Inc.		1,231,638		1,231,638			—		—
SG Americas Securities LLC		437,310		437,310			—		—
State Street Bank & Trust Co.		199,595		199,595			—		—
Toronto-Dominion Bank		795,739		795,739			—		—
UBS Securities LLC		1,486,076		1,486,076			—		—
Virtu Americas LLC		58,163		58,163			—		—
Wells Fargo Bank N.A		135,252		135,252			—		—
Wells Fargo Securities LLC		829,897		829,897			—		—
	$	47,405,618	$	47,405,618		$	—	$	—
U.S. Home Construction
Barclays Bank PLC	$	261,375	$	261,375		$	—	$	—
BNP Paribas SA		6,227,271		6,227,271			—		—
Citigroup Global Markets, Inc.		178,788		178,788			—		—
Goldman Sachs & Co. LLC		264,978		264,978			—		—
J.P. Morgan Securities LLC		264,859		264,859			—		—
Morgan Stanley		6,233,614		6,233,614			—		—
Scotia Capital (USA), Inc.		770,640		770,640			—		—
SG Americas Securities LLC		446,727		446,727			—		—
Toronto-Dominion Bank		9,340,155		9,340,155			—		—
UBS AG		3,854,182		3,854,182			—		—
UBS Securities LLC		734,250		734,250			—		—
Wells Fargo Securities LLC		17,788		17,788			—		—
	$	28,594,627	$	28,594,627		$	—	$	—
U.S. Infrastructure
Barclays Capital, Inc.	$	16,080	$	16,080		$	—	$	—
BMO Capital Markets Corp.		74,422		74,422			—		—
BofA Securities, Inc.		1,974,636		1,974,636			—		—
Jefferies LLC		11,196		11,196			—		—
Morgan Stanley		4,489,236		4,489,236			—		—
UBS Securities LLC		19,098		19,098			—		—
	$	6,584,668	$	6,584,668		$	—	$	—
U.S. Insurance
Barclays Bank PLC	$	73,778	$	73,778		$	—	$	—
BofA Securities, Inc.		770,014		770,014			—		—
J.P. Morgan Securities LLC		47,492		47,492			—		—
Morgan Stanley		124,783		124,783			—		—
Wells Fargo Securities LLC		13,651		13,651			—		—
	$	1,029,718	$	1,029,718		$	—	$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Medical Devices
Barclays Bank PLC	$	1,562,625	$	1,562,625		$	—	$	—
Barclays Capital, Inc.		1,303,364		1,303,364			—		—
BMO Capital Markets Corp.		36,555		36,555			—		—
BNP Paribas SA		36,568,164		36,568,164			—		—
BofA Securities, Inc.		7,332,330		7,332,330			—		—
Citigroup Global Markets, Inc.		3,347,102		3,347,102			—		—
Credit Suisse Securities (USA) LLC		303,658		303,658			—		—
Goldman Sachs & Co. LLC		9,918,713		9,918,713			—		—
HSBC Bank PLC		2,470,759		2,470,759			—		—
J.P. Morgan Securities LLC		18,411,883		18,411,883			—		—
Jefferies LLC		2,971,197		2,971,197			—		—
Morgan Stanley		25,519,024		25,519,024			—		—
National Financial Services LLC		1,094,341		1,094,341			—		—
Pershing LLC		246,250		246,250			—		—
RBC Capital Markets LLC		306,072		306,072			—		—
Scotia Capital (USA), Inc.		1,753,958		1,753,958			—		—
SG Americas Securities LLC		3,651,550		3,651,550			—		—
Toronto-Dominion Bank		19,156,580		19,156,580			—		—
UBS AG		6,977,869		6,977,869			—		—
UBS Securities LLC		1,986,551		1,986,551			—		—
Wells Fargo Securities LLC		1,589,163		1,589,163			—		—
	$	146,507,708	$	146,507,708		$	—	$	—
U.S. Oil & Gas Exploration & Production
Goldman Sachs & Co. LLC	$	997,451	$	997,451		$	—	$	—
J.P. Morgan Securities LLC		638,064		638,064			—		—
Wells Fargo Bank N.A		1,195,647		1,195,647			—		—
	$	2,831,162	$	2,831,162		$	—	$	—
U.S. Oil Equipment & Services
BNP Paribas SA	$	1,038,672	$	1,038,672		$	—	$	—
Citigroup Global Markets, Inc.		3,662,754		3,662,754			—		—
Goldman Sachs & Co. LLC		201,388		201,388			—		—
J.P. Morgan Securities LLC		1,199,736		1,199,736			—		—
Morgan Stanley		3,843,256		3,812,342			—		(30,914	)(b)
UBS Securities LLC		162,998		162,998			—		—
	$	10,108,804	$	10,077,890		$	—	$	(30,914	)
U.S. Pharmaceuticals
Barclays Bank PLC	$	844,654	$	844,654		$	—	$	—
Barclays Capital, Inc		1,329,478		1,329,478			—		—
BNP Paribas SA		1,462,586		1,462,586			—		—
BofA Securities, Inc		2,129,017		2,129,017			—		—
Citadel Clearing LLC		38,284		38,284			—		—
Citigroup Global Markets, Inc.		1,212,858		1,212,858			—		—
J.P. Morgan Securities LLC		427,630		427,630			—		—
Jefferies LLC		539,660		539,660			—		—
Morgan Stanley		917,952		917,952			—		—
National Financial Services LLC		1,842,390		1,842,390			—		—
SG Americas Securities LLC		111,150		111,150			—		—
Toronto-Dominion Bank		120,852		116,154			—		(4,698	)(b)
UBS AG		156,104		154,774			—		(1,330	)(b)
Wells Fargo Securities LLC		232,214		232,214			—		—
	$	11,364,829	$	11,358,801		$	—	$	(6,028	)

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 105

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Real Estate
Barclays Bank PLC	$	2,994,329	$	2,994,329		$	—	$	—
BNP Paribas SA		15,685,785		15,685,785			—		—
BofA Securities, Inc.		138,187		138,187			—		—
Credit Suisse Securities (USA) LLC		12,628		12,628			—		—
Deutsche Bank Securities, Inc.		290,444		290,444			—		—
J.P. Morgan Securities LLC		8,888,061		8,888,061			—		—
Jefferies LLC		10,919,376		10,919,376			—		—
National Financial Services LLC		94,320		94,320			—		—
SG Americas Securities LLC		6,132		6,132			—		—
State Street Bank & Trust Co.		8,099,974		8,099,974			—		—
Wells Fargo Bank N.A		1,178,031		1,178,031			—		—
Wells Fargo Securities LLC		7,817,394		7,817,394			—		—
	$	56,124,661	$	56,124,661		$	—	$	—
U.S. Regional Banks
Goldman Sachs & Co. LLC	$	5,594,500	$	5,594,500		$	—	$	—
Wells Fargo Securities LLC		167,835		167,835			—		—
	$	5,762,335	$	5,762,335		$	—	$	—
U.S. Telecommunications
BNP Paribas SA	$	10,150	$	10,150		$	—	$	—
J.P. Morgan Securities LLC		2,618,496		2,618,496			—		—
UBS Securities LLC		2,558,527		2,558,527			—		—
	$	5,187,173	$	5,187,173		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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.

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Notes to Financial Statements  (continued)

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 Fee
Focused Value Factor		0.25	%
U.S. Infrastructure		0.30

Prior to October 20, 2021, for its investment advisory services to the iShares U.S. Infrastructure ETF, BFA was entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each Fund, except for the iShares Focused Value Factor ETF and iShares U.S. Infrastructure ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3400
Over $40 billion, up to and including $50 billion		0.3300
Over $50 billion, up to and including $60 billion		0.3100
Over $60 billion		0.2945

Prior to July 14, 2021, for its investment advisory services to each Fund, except for the iShares Focused Valued Factor ETF and iShares U.S. Infrastructure ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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 107

Notes to Financial Statements  (continued)

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.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Focused Value Factor	$	99
U.S. Aerospace & Defense		64,727
U.S. Healthcare Providers		50,039
U.S. Home Construction		33,641
U.S. Infrastructure		6,914
U.S. Insurance		1,179
U.S. Medical Devices		135,088
U.S. Oil & Gas Exploration & Production		3,142
U.S. Oil Equipment & Services		6,400
U.S. Pharmaceuticals		35,043
U.S. Real Estate		24,993
U.S. Regional Banks		5,220
U.S. Telecommunications		5,881

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 year ended March 31, 2022, 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)
U.S. Aerospace & Defense	$	274,327,623	$	97,597,503	$	(7,677,532	)
U.S. Broker-Dealers & Securities Exchanges		50,124,331		59,827,409		(4,558,574	)
U.S. Healthcare Providers		90,197,682		63,567,557		7,492,669
U.S. Home Construction		71,523,919		33,726,178		(5,503,667	)
U.S. Infrastructure		14,705,734		22,630,486		(896,794	)
U.S. Insurance		4,635,355		2,117,044		(96,898	)
U.S. Medical Devices		249,201,910		157,350,885		(4,836,730	)
U.S. Oil & Gas Exploration & Production		24,143,705		24,001,554		(15,935,653	)
U.S. Oil Equipment & Services		7,995,580		57,859,493		3,923,790
U.S. Pharmaceuticals		26,786,627		22,552,661		(3,221,512	)
U.S. Real Estate		59,087,797		104,330,992		(10,622,677	)
U.S. Regional Banks		57,742,995		38,927,838		(2,575,479	)
U.S. Telecommunications		141,706,571		105,496,455		840,650

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.

108 2 0 2 2   I S H A R E S   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  (continued)

7. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Focused Value Factor	$	51,313,555	$	51,491,032
U.S. Aerospace & Defense		780,957,253		778,227,853
U.S. Broker-Dealers & Securities Exchanges		193,156,974		193,254,277
U.S. Healthcare Providers		295,967,606		296,348,798
U.S. Home Construction		129,725,599		131,300,565
U.S. Infrastructure		230,170,587		226,183,341
U.S. Insurance		13,496,661		12,014,633
U.S. Medical Devices		894,672,909		904,632,907
U.S. Oil & Gas Exploration & Production		69,242,301		66,895,214
U.S. Oil Equipment & Services		85,207,029		84,345,380
U.S. Pharmaceuticals		76,304,717		75,966,143
U.S. Real Estate		597,492,203		562,691,102
U.S. Regional Banks		159,187,628		156,927,213
U.S. Telecommunications		337,907,244		338,064,916

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Focused Value Factor	$	29,312,560	$	37,587,710
U.S. Aerospace & Defense		1,292,408,961		759,245,422
U.S. Broker-Dealers & Securities Exchanges		844,740,596		715,230,990
U.S. Healthcare Providers		571,350,645		527,159,589
U.S. Home Construction		5,257,438,347		5,818,097,340
U.S. Infrastructure		689,513,446		241,746,140
U.S. Insurance		139,136,090		61,258,869
U.S. Medical Devices		2,707,289,927		3,566,041,136
U.S. Oil & Gas Exploration & Production		603,955,495		272,185,312
U.S. Oil Equipment & Services		174,099,167		318,955,659
U.S. Pharmaceuticals		76,420,661		56,851,745
U.S. Real Estate		23,166,005,861		23,176,273,223
U.S. Regional Banks		995,285,317		301,561,561
U.S. Telecommunications		991,140,124		884,680,048

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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 109

Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Focused Value Factor	$	5,264,657		$	(5,264,657	)
U.S. Aerospace & Defense		137,834,633			(137,834,633	)
U.S. Broker-Dealers & Securities Exchanges		114,146,807			(114,146,807	)
U.S. Healthcare Providers		152,289,745			(152,289,745	)
U.S. Home Construction		537,581,360			(537,581,360	)
U.S. Infrastructure		51,070,062			(51,070,062	)
U.S. Insurance		16,061,905			(16,061,905	)
U.S. Medical Devices		1,187,520,810			(1,187,520,810	)
U.S. Oil & Gas Exploration & Production		53,158,290			(53,158,290	)
U.S. Oil Equipment & Services		(109,377	)		109,377
U.S. Pharmaceuticals		12,614,936			(12,614,936	)
U.S. Real Estate		806,326,664			(806,326,664	)
U.S. Regional Banks		63,816,514			(63,816,514	)
U.S. Telecommunications		43,545,496			(43,545,496	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Focused Value Factor
Ordinary income	$	1,163,130	$	787,521
U.S. Aerospace & Defense
Ordinary income	$	18,744,404	$	30,040,535
U.S. Broker-Dealers & Securities Exchanges
Ordinary income	$	14,480,571	$	2,538,244
U.S. Healthcare Providers
Ordinary income	$	7,445,339	$	6,386,427
U.S. Home Construction
Ordinary income	$	12,816,171	$	9,561,991
U.S. Infrastructure
Ordinary income	$	13,909,010	$	1,833,932
U.S. Insurance
Ordinary income	$	2,177,905	$	1,644,120
U.S. Medical Devices
Ordinary income	$	21,981,981	$	21,882,239
U.S. Oil & Gas Exploration & Production
Ordinary income	$	12,422,061	$	5,431,832
U.S. Oil Equipment & Services
Ordinary income	$	935,137	$	3,559,832
U.S. Pharmaceuticals
Ordinary income	$	6,432,724	$	4,525,848
U.S. Real Estate
Ordinary income	$	140,375,492	$	102,538,797
U.S. Regional Banks
Ordinary income	$	24,749,500	$	9,060,857
U.S. Telecommunications
Ordinary income	$	10,823,757	$	10,690,881

110 2 0 2 2   I S H A R E S   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  (continued)

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Focused Value Factor	$	—	$	(548,219	)	$	(212,014	)	$	(760,233	)
U.S. Aerospace & Defense		178,994		(881,214,186	)		375,049,105			(505,986,087	)
U.S. Broker-Dealers & Securities Exchanges		—		(52,873,436	)		(25,739,043	)		(78,612,479	)
U.S. Healthcare Providers		153,767		(109,949,047	)		175,136,307			65,341,027
U.S. Home Construction		—		(161,538,130	)		(532,210,518	)		(693,748,648	)
U.S. Infrastructure		—		(14,434,506	)		59,777,175			45,342,669
U.S. Insurance		—		(3,273,055	)		13,997,876			10,724,821
U.S. Medical Devices		6,385,455		(95,981,976	)		1,072,356,092			982,759,571
U.S. Oil & Gas Exploration & Production		309,594		(213,062,102	)		143,361,677			(69,390,831	)
U.S. Oil Equipment & Services		—		(290,293,620	)		36,384,874			(253,908,746	)
U.S. Pharmaceuticals		101,174		(186,461,269	)		41,303,082			(145,057,013	)
U.S. Real Estate		—		(328,765,783	)		(522,641,557	)		(851,407,340	)
U.S. Regional Banks		1,680,321		(29,318,265	)		(10,253,260	)		(37,891,204	)
U.S. Telecommunications		—		(242,235,368	)		(60,636,865	)		(302,872,233	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Focused Value Factor	$	9,086,209
U.S. Healthcare Providers		12,294,134
U.S. Insurance		94,626
U.S. Medical Devices		37,244,980
U.S. Pharmaceuticals		3,200,175

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Focused Value Factor	$	35,262,845	$	1,847,695	$	(2,059,709	)	$	(212,014	)
U.S. Aerospace & Defense		3,326,070,125		487,097,089		(112,047,984	)		375,049,105
U.S. Broker-Dealers & Securities Exchanges		599,849,378		18,310,929		(44,049,972	)		(25,739,043	)
U.S. Healthcare Providers		1,202,994,883		263,273,316		(88,137,009	)		175,136,307
U.S. Home Construction		2,327,056,694		843,510		(533,054,028	)		(532,210,518	)
U.S. Infrastructure		845,159,429		94,207,771		(34,430,265	)		59,777,506
U.S. Insurance		174,061,341		16,111,365		(2,113,489	)		13,997,876
U.S. Medical Devices		7,148,347,593		1,203,503,745		(131,147,653	)		1,072,356,092
U.S. Oil & Gas Exploration & Production		659,382,590		144,761,279		(1,399,602	)		143,361,677
U.S. Oil Equipment & Services		257,560,458		38,926,748		(2,541,874	)		36,384,874
U.S. Pharmaceuticals		378,044,692		73,632,615		(32,329,533	)		41,303,082
U.S. Real Estate		5,949,233,023		77,023,152		(599,664,709	)		(522,641,557	)
U.S. Regional Banks		1,400,795,550		44,740,764		(54,994,024	)		(10,253,260	)
U.S. Telecommunications		569,666,027		4,548,679		(65,185,544	)		(60,636,865	)

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.

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 111

Notes to Financial Statements  (continued)

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

112 2 0 2 2   I S H A R E S   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  (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Focused Value Factor
Shares sold		500,000		$	29,481,775			300,000		$	14,086,524
Shares redeemed		(650,000	)		(37,877,914	)		(150,000	)		(6,329,739	)
Net increase (decrease)		(150,000	)	$	(8,396,139	)		150,000		$	7,756,785
U.S. Aerospace & Defense
Shares sold		11,950,000		$	1,295,868,298			5,500,000	(a)	$	482,427,995
Shares redeemed		(7,250,000	)		(761,119,382	)		(16,450,000	)(a)		(1,387,929,179	)
Net increase (decrease)		4,700,000		$	534,748,916			(10,950,000	)	$	(905,501,184	)
U.S. Broker-Dealers & Securities Exchanges
Shares sold		8,250,000		$	850,130,332			3,800,000		$	318,826,662
Shares redeemed		(6,950,000	)		(721,494,986	)		(2,100,000	)		(133,095,346	)
Net increase		1,300,000		$	128,635,346			1,700,000		$	185,731,316
U.S. Healthcare Providers
Shares sold		2,150,000		$	574,705,197			1,650,000		$	341,185,827
Shares redeemed		(2,000,000	)		(531,125,750	)		(1,800,000	)		(369,873,521	)
Net increase (decrease)		150,000		$	43,579,447			(150,000	)	$	(28,687,694	)
U.S. Home Construction
Shares sold		74,150,000		$	5,270,161,088			68,550,000		$	3,615,477,819
Shares redeemed		(83,350,000	)		(5,831,575,507	)		(54,000,000	)		(2,871,749,293	)
Net increase (decrease)		(9,200,000	)	$	(561,414,419	)		14,550,000		$	743,728,526
U.S. Infrastructure
Shares sold		19,100,000		$	699,201,177			12,450,000		$	390,893,717
Shares redeemed		(6,700,000	)		(246,703,534	)		(2,000,000	)		(64,997,926	)
Net increase		12,400,000		$	452,497,643			10,450,000		$	325,895,791
U.S. Insurance
Shares sold		1,650,000		$	141,976,398			650,000		$	40,706,846
Shares redeemed		(750,000	)		(62,498,673	)		(750,000	)		(42,970,020	)
Net increase (decrease)		900,000		$	79,477,725			(100,000	)	$	(2,263,174	)
U.S. Medical Devices
Shares sold		43,050,000	(b)	$	2,720,563,100			97,800,000	(b)	$	4,424,569,395
Shares redeemed		(59,600,000	)(b)		(3,595,291,144	)		(59,100,000	)(b)		(2,946,995,891	)
Net increase (decrease)		(16,550,000	)	$	(874,728,044	)		38,700,000		$	1,477,573,504
U.S. Oil & Gas Exploration & Production
Shares sold		9,350,000		$	609,032,867			8,800,000		$	296,903,280
Shares redeemed		(4,850,000	)		(274,473,880	)		(7,750,000	)		(245,864,133	)
Net increase		4,500,000		$	334,558,987			1,050,000		$	51,039,147
U.S. Oil Equipment & Services
Shares sold		10,850,000		$	174,454,955			45,650,000		$	517,881,759
Shares redeemed		(23,850,000	)		(319,293,801	)		(22,250,000	)		(203,752,984	)
Net increase (decrease)		(13,000,000	)	$	(144,838,846	)		23,400,000		$	314,128,775
U.S. Pharmaceuticals
Shares sold		400,000		$	76,808,781			500,000		$	76,959,841
Shares redeemed		(300,000	)		(57,100,571	)		(550,000	)		(90,463,741	)
Net increase (decrease)		100,000		$	19,708,210			(50,000	)	$	(13,503,900	)
U.S. Real Estate
Shares sold		223,400,000		$	23,245,619,566			191,850,000		$	15,911,291,202
Shares redeemed		(224,650,000	)		(23,255,569,795	)		(184,800,000	)		(15,236,112,943	)
Net increase (decrease)		(1,250,000	)	$	(9,950,229	)		7,050,000		$	675,178,259

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 113

Notes to Financial Statements  (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
U.S. Regional Banks
Shares sold		16,600,000		$	999,516,077			9,800,000		$	486,698,861
Shares redeemed		(4,950,000	)		(303,184,875	)		(4,700,000	)		(191,538,957	)
Net increase		11,650,000		$	696,331,202			5,100,000		$	295,159,904
U.S. Telecommunications
Shares sold		32,050,000		$	993,515,548			14,000,000		$	404,835,931
Shares redeemed		(28,350,000	)		(887,232,464	)		(12,600,000	)		(363,538,590	)
Net increase		3,700,000		$	106,283,084			1,400,000		$	41,297,341

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)  Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

The Board authorized a six-for-one stock split for the iShares U.S. Medical Devices ETF, effective after the close of trading on July 16, 2021, for the shareholders of record on July 14, 2021. The impact of the stock split was an increase in the number of shares outstanding by a factor of six, while decreasing the NAV per share by a factor of six, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF (fourteen of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 115

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend     Income
Focused Value Factor	$	1,149,434
U.S. Aerospace & Defense		29,487,831
U.S. Broker-Dealers & Securities Exchanges		16,504,253
U.S. Healthcare Providers		12,051,640
U.S. Home Construction		22,115,621
U.S. Infrastructure		15,358,244
U.S. Insurance		2,516,762
U.S. Medical Devices		54,933,479
U.S. Oil & Gas Exploration & Production		14,085,446
U.S. Oil Equipment & Services		1,343,097
U.S. Pharmaceuticals		7,360,204
U.S. Real Estate		1,446,647
U.S. Regional Banks		30,100,456
U.S. Telecommunications		11,961,435

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business     Income
U.S. Real Estate	$	82,755,446

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Focused Value Factor		100.00	%
U.S. Aerospace & Defense		100.00	%
U.S. Broker-Dealers & Securities Exchanges		100.00	%
U.S. Healthcare Providers		100.00	%
U.S. Home Construction		100.00	%
U.S. Infrastructure		100.00	%
U.S. Insurance		100.00	%
U.S. Medical Devices		100.00	%
U.S. Oil & Gas Exploration & Production		100.00	%
U.S. Oil Equipment & Services		99.30	%
U.S. Pharmaceuticals		100.00	%
U.S. Regional Banks		100.00	%
U.S. Telecommunications		100.00	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Focused Value Factor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF and iShares U.S. Telecommunications ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 117

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Focused Value Factor	$	1.810679	$	—	$	—	$	1.810679		100	%		—	%		—	%		100	%
U.S. Infrastructure(a)		0.690169		—		0.000689		0.690858		100			—			0	(b)		100
U.S. Insurance		1.632105		—		—		1.632105		100			—			—			100
U.S. Medical Devices		0.164675		—		—		0.164675		100			—			—			100
U.S. Oil & Gas Exploration & Production		1.912618		—		—		1.912618		100			—			—			100
U.S. Pharmaceuticals		3.136135		—		—		3.136135		100			—			—			100
U.S. Real Estate(a)		1.838946		—		0.544972		2.383918		77			—			23			100
U.S. Regional Banks		1.227215		—		—		1.227215		100			—			—			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.

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares U.S. Real Estate ETF and iShares U.S. Regional Banks ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

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Supplemental Information (unaudited) (continued)

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker     Remuneration
U.S. Real Estate		$644,544		$301,366		$343,177		661		$78,893		$8,154
U.S. Regional Banks		122,033		57,059		64,975		661		14,937		1,544

S U P P L E M E N T A L   I N F O R M A T I O N 119

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
		Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 121

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L   I N F O R M A T I O N 123

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-311-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Mortgage Real Estate ETF | REM | Cboe BZX

· iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		19
Report of Independent Registered Public Accounting Firm		26
Important Tax Information (Unaudited)		27
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
Trustee and Officer Information		30
General Information		33
Glossary of Terms Used in this Report		34

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.65	)%		2.08	%		5.48	%		(1.65	)%		10.87	%		70.50	%
Fund Market		(1.81	)		2.10			5.46			(1.81	)		10.93			70.23
Index		(1.25	)		2.74			6.11			(1.25	)		14.49			81.02

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	937.50	$	2.32		$	1,000.00	$	1,022.50	$	2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022(continued) iShares^® Mortgage Real Estate ETF

Portfolio Management Commentary

Mortgage real estate investment trusts (“REITs”) declined slightly during the reporting period amid rising interest rates. Mortgage rates jumped by the largest amount in nine years as inflation reached a 40-year high, and investors anticipated Fed interest rate increases. Late in the reporting period, the Fed raised interest rates for the first time in more than three years to try to curb inflation. In addition, the number of mortgages originated in the U.S. dropped in 2021 by the largest amount since late 2018 as homeowners refinanced fewer mortgages, and the tight supply of homes constrained purchases.

Higher interest rates weighed on mortgage REITs, which derive their income from the difference between the short-term interest rates at which they borrow funds to purchase securities and the long-term rates they earn on their mortgage investments. As interest rates rise, profit margins for mortgage REITs can narrow or turn negative leading to a reduction in value for their existing mortgage portfolios. In addition, the value of the mortgage-backed securities that the REITs hold can decline, and mortgage holders with variable rate loans may struggle to meet payment obligations. Mortgage REITs often cut dividend payouts to shareholders when profits fall, reducing their appeal to investors seeking consistent income.

Equity REITs, which represented approximately 3% of the Index on average for the reporting period, contributed marginally. Unlike mortgage REITs, equity REITs own and sometimes operate commercial and residential properties and generate income from rents. Equity REITs, particularly those invested in industrial properties and self-storage units, advanced strongly in 2021 as e-commerce drove warehouse demand and homeowners decluttered their households. However, the lingering impact of the coronavirus pandemic, including the shift to remote work that weighed on office properties, continued to affect some equity REITs.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Mortgage REITs	97.1	%
Diversified REITs	2.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Annaly Capital Management Inc.	13.3	%
Starwood Property Trust Inc.	9.4
AGNC Investment Corp.	9.2
Blackstone Mortgage Trust Inc., Class A	6.7
New Residential Investment Corp.	6.4
Chimera Investment Corp.	4.4
Hannon Armstrong Sustainable Infrastructure Capital Inc.	4.3
Arbor Realty Trust Inc.	4.3
Apollo Commercial Real Estate Finance Inc.	3.6
Two Harbors Investment Corp.	3.5

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		31.85	%		12.06	%		11.27	%		31.85	%		76.70	%		190.94	%
Fund Market		31.94			12.10			11.29			31.94			76.98			191.43
Index		32.45			12.53			11.70			32.45			80.46			202.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,131.30	$	2.55		$	1,000.00	$	1,022.50	$	2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022(continued) iShares^® Residential and Multisector Real Estate ETF

Portfolio Management Commentary

Residential and multisector real estate investment trusts (“REITs”) advanced significantly during the reporting period as their dividend payouts and growth potential attracted investors concerned about inflation and in search of an alternative to the low yields offered by bonds. As REITs typically own and operate properties that generate income from tenant rents, their ability to raise rents can prove beneficial in an inflationary environment. In addition, REITs are required to pay out 90% of their earnings in dividends to shareholders each year in order to maintain their tax-free status.

Residential REITs, most notably those invested in apartment buildings, contributed the most to the Index’s return. Revenues and lease rates grew sharply in 2021 as renters returned to urban areas as the impact from the coronavirus pandemic eased. In addition, as housing prices climbed higher, many potential homebuyers continued to rent rather than buy. Limited growth in new apartment buildings kept supply tight, which further supported rental price increases.

Specialized REITs, particularly those invested in self-storage units and warehouses, also benefited the Index’s performance. The pandemic encouraged Americans to declutter their houses and store items in self-storage units as they increasingly worked, studied, and exercised at home. Growing demand for storage space helped reduce the excess supply of rental units, which led to significant price increases and record occupancy rates. Profits and revenues from self-storage companies exceeded investor expectations.

Healthcare REITs also contributed meaningfully to the Index’s performance, advancing amid ongoing improvement in demand for senior housing as occupancy rates and revenues rose. Staffing levels recovered as cases of COVID-19 infections among residents and employees decreased sharply from a peak in January 2022, when the Omicron variant spread.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Residential REITs	50.2	%
Health Care REITs	27.1
Specialized REITs	22.2
Diversified REITs	0.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Public Storage	11.0	%
Welltower Inc.	7.8
AvalonBay Communities Inc.	6.5
Equity Residential	6.2
Extra Space Storage Inc.	5.0
Ventas Inc.	4.9
Mid-America Apartment Communities Inc.	4.5
Essex Property Trust Inc.	4.5
Invitation Homes Inc.	4.5
Sun Communities Inc.	4.2

^(a)  Excludes money market funds.

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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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R  M A N C E / S H A R E H O L D E R   E X P E N S E S 9

Schedule of Investments   March 31, 2022 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.8%
iStar Inc.(a)		1,172,413	$	27,446,188
Mortgage REITs — 95.6%
AG Mortgage Investment Trust Inc.		398,799		3,708,831
AGNC Investment Corp.		6,742,988		88,333,143
Angel Oak Mortgage Inc.		167,406		2,747,132
Annaly Capital Management Inc.		18,170,679		127,921,581
Apollo Commercial Real Estate Finance Inc.		2,450,088		34,129,726
Arbor Realty Trust Inc.		2,397,328		40,898,416
Ares Commercial Real Estate Corp.		764,076		11,858,460
ARMOUR Residential REIT Inc.		1,554,311		13,056,212
Blackstone Mortgage Trust Inc., Class A		2,010,273		63,906,579
BrightSpire Capital Inc.		1,474,016		13,634,648
Broadmark Realty Capital Inc.		2,242,833		19,400,505
Cherry Hill Mortgage Investment Corp.		312,677		2,413,866
Chimera Investment Corp.		3,484,696		41,955,740
Dynex Capital Inc.		630,273		10,210,423
Ellington Financial Inc.		940,078		16,686,384
Franklin BSP Realty Trust Inc.		628,506		8,786,514
Granite Point Mortgage Trust Inc.		933,039		10,375,394
Great Ajax Corp.		378,722		4,442,409
Hannon Armstrong Sustainable Infrastructure Capital Inc.		863,897		40,974,635
Invesco Mortgage Capital Inc.		5,482,492		12,500,082
KKR Real Estate Finance Trust Inc.		617,105		12,718,534
Ladder Capital Corp.		1,984,183		23,552,252
MFA Financial Inc.		7,729,707		31,150,719
New Residential Investment Corp.		5,565,821		61,112,715
New York Mortgage Trust Inc.		6,629,006		24,195,872
Orchid Island Capital Inc.		2,372,906		7,711,944
PennyMac Mortgage Investment Trust		1,711,092		28,900,344

Security	Shares		Value
Mortgage REITs (continued)
Ready Capital Corp.		1,174,722	$	17,691,313
Redwood Trust Inc.		2,002,704		21,088,473
Starwood Property Trust Inc.		3,724,597		90,023,509
TPG RE Finance Trust Inc.		1,048,363		12,381,167
Two Harbors Investment Corp.		6,008,118		33,224,893
				931,692,415
Total Common Stocks — 98.4% (Cost: $1,023,870,870)				959,138,603
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(b)(c)(d)		23,898		23,893
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		1,230,000		1,230,000
				1,253,893
Total Short-Term Investments — 0.1% (Cost: $1,253,889)				1,253,893
Total Investments in Securities — 98.5% (Cost: $1,025,124,759)				960,392,496
Other Assets, Less Liabilities — 1.5%				14,716,060
Net Assets — 100.0%			$	975,108,556

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

^(b)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	18,563	$	6,014	(a)	$	—	$	(661	)	$	(23	)	$	23,893		23,898	$	1,704	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		870,000	(a)		—		—			—			1,230,000		1,230,000		351			—
								$	(661	)	$	(23	)	$	1,253,893			$	2,055		$	—

^(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.

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Schedule of Investments  (continued) March 31, 2022 iShares^® Mortgage Real Estate ETF

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
Dow Jones U.S. Real Estate Index		379		06/17/22	$	15,903	$	(29,925	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	29,925

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,483,297
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,866	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,426,442

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
Investments
Assets
Common Stocks	$	959,138,603		$	—	$	—	$	959,138,603
Money Market Funds		1,253,893			—		—		1,253,893
	$	960,392,496		$	—	$	—	$	960,392,496
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(29,925	)	$	—	$	—	$	(29,925	)

^(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   O F   I N V E S T M  E N T S 11

Schedule of Investments   March 31, 2022 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 0.5%
Washington Real Estate Investment Trust		244,029	$	6,222,739
Health Care REITs — 27.0%
CareTrust REIT Inc.		260,212		5,022,092
Community Healthcare Trust Inc.		67,346		2,842,675
Diversified Healthcare Trust		591,031		1,891,299
Global Medical REIT Inc.		176,879		2,886,665
Healthcare Realty Trust Inc.		408,155		11,216,099
Healthcare Trust of America Inc., Class A		622,149		19,498,150
Healthpeak Properties Inc.		1,532,087		52,596,547
LTC Properties Inc.		103,666		3,988,031
Medical Properties Trust Inc.		1,685,253		35,626,248
National Health Investors Inc.		119,525		7,053,170
Omega Healthcare Investors Inc.		670,230		20,884,367
Physicians Realty Trust		629,525		11,041,868
Sabra Health Care REIT Inc.		628,531		9,358,827
Universal Health Realty Income Trust		32,207		1,879,923
Ventas Inc.		1,007,394		62,216,653
Welltower Inc.		1,036,729		99,671,126
			347,673,740
Residential REITs — 50.0%
American Campus Communities Inc.		391,238		21,897,591
American Homes 4 Rent, Class A		839,751		33,615,232
Apartment Income REIT Corp.		444,640		23,770,454
Apartment Investment & Management Co., Class A(a)		395,147		2,892,476
AvalonBay Communities Inc.		332,908		82,684,360
Bluerock Residential Growth REIT Inc., Class A		75,921		2,017,221
BRT Apartments Corp.		37,382		896,047
Camden Property Trust		280,894		46,684,583
Centerspace		41,640		4,085,717
Clipper Realty Inc.		38,866		352,515
Equity LifeStyle Properties Inc.		502,769		38,451,773
Equity Residential		878,843		79,025,563
Essex Property Trust Inc.		166,096		57,382,846
Independence Realty Trust Inc.		623,403		16,482,775

Security	Shares		Value
Residential REITs (continued)
Invitation Homes Inc.		1,426,033	$	57,298,006
Mid-America Apartment Communities Inc.		275,076		57,614,668
NexPoint Residential Trust Inc.		62,791		5,670,655
Preferred Apartment Communities Inc., Class A		148,564		3,705,186
Sun Communities Inc.		310,326		54,397,045
UDR Inc.		901,644		51,727,316
UMH Properties Inc.		129,122		3,175,110
			643,827,139
Specialized REITs — 22.0%
CubeSmart		621,806		32,352,566
Extra Space Storage Inc.		312,676		64,286,186
Life Storage Inc.		231,477		32,506,315
National Storage Affiliates Trust		231,371		14,520,844
Public Storage		359,568		140,332,199
			283,998,110
Total Common Stocks — 99.5% (Cost: $1,152,040,935)				1,281,721,728
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(c)		2,910,000		2,910,000
Total Short-Term Investments — 0.2% (Cost: $2,910,000)				2,910,000
Total Investments in Securities — 99.7% (Cost: $1,154,950,935)				1,284,631,728
Other Assets, Less Liabilities — 0.3%				3,642,191
Net Assets — 100.0%			$	1,288,273,919

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,180,000	$	1,730,000	(a)	$	—	$	—	$	—	$	2,910,000		2,910,000	$	399	$	—

^(a)  Represents net amount purchased (sold).

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Schedule of Investments  (continued) March 31, 2022 iShares^® Residential and Multisector Real Estate ETF

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
Dow Jones U.S. Real Estate Index		153		06/17/22	$	6,420	$	141,705

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	141,705

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(20,153	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	119,560

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,303,212

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
Investments
Assets
Common Stocks	$	1,281,721,728	$	—	$	—	$	1,281,721,728
Money Market Funds		2,910,000		—		—		2,910,000
	$	1,284,631,728	$	—	$	—	$	1,284,631,728
Derivative financial instruments(a)
Assets
Futures Contracts	$	141,705	$	—	$	—	$	141,705

^(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   O F   I N V E S T M  E N T S 13

Statements of Assets and Liabilities

March 31, 2022

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	959,138,603		$	1,281,721,728
Affiliated(c)		1,253,893			2,910,000
Cash		3,506			3,608
Cash pledged:
Futures contracts		858,000			312,000
Receivables:
Investments sold		45,336			—
Securities lending income — Affiliated		147			—
Capital shares sold		26,594			—
Dividends		14,403,402			3,937,841
Total assets		975,729,481			1,288,885,177
LIABILITIES
Collateral on securities loaned, at value		24,251			—
Payables:
Variation margin on futures contracts		206,016			85,234
Investment advisory fees		390,658			526,024
Total liabilities		620,925			611,258
NET ASSETS	$	975,108,556		$	1,288,273,919
NET ASSETS CONSIST OF:
Paid-in capital	$	1,304,302,763		$	1,170,025,122
Accumulated earnings (loss)		(329,194,207	)		118,248,797
NET ASSETS	$	975,108,556		$	1,288,273,919
Shares outstanding		29,850,000			13,450,000
Net asset value	$	32.67		$	95.78
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	23,410		$	—
(b) Investments, at cost — Unaffiliated	$	1,023,870,870		$	1,152,040,935
(c) Investments, at cost — Affiliated	$	1,253,889		$	2,910,000

See notes to financial statements.

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Statements of Operations

Year Ended March 31, 2022

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	38,809,059		$	20,326,186
Dividends — Affiliated		548			399
Securities lending income — Affiliated — net		1,507			—
Total investment income		38,811,114			20,326,585
EXPENSES
Investment advisory fees		6,704,784			4,603,175
Professional fees		217			217
Total expenses		6,705,001			4,603,392
Net investment income		32,106,113			15,723,193
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(38,664,497	)		408,609
Investments — Affiliated		(661	)		—
In-kind redemptions — Unaffiliated		168,305,918			106,718,627
Futures contracts		1,483,297			(20,153	)
Net realized gain		131,124,057			107,107,083
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(173,734,098	)		99,232,870
Investments — Affiliated		(23	)		—
Futures contracts		(32,866	)		119,560
Net change in unrealized appreciation (depreciation)		(173,766,987	)		99,352,430
Net realized and unrealized gain (loss)		(42,642,930	)		206,459,513
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,536,817	)	$	222,182,706

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 15

Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	32,106,113		$	53,874,107		$	15,723,193		$	8,979,710
Net realized gain (loss)		131,124,057			(83,128,416	)		107,107,083			(283,867	)
Net change in unrealized appreciation (depreciation)		(173,766,987	)		731,705,169			99,352,430			115,281,192
Net increase (decrease) in net assets resulting from operations		(10,536,817	)		702,450,860			222,182,706			123,977,035
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(81,209,640	)		(53,874,107	)		(18,832,367	)		(12,701,974	)
Return of capital		—			(35,452,585	)		—			—
Decrease in net assets resulting from distributions to shareholders		(81,209,640	)		(89,326,692	)		(18,832,367	)		(12,701,974	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(446,732,193	)		306,612,849			589,464,681			52,624,765
NET ASSETS
Total increase (decrease) in net assets		(538,478,650	)		919,737,017			792,815,020			163,899,826
Beginning of year		1,513,587,206			593,850,189			495,458,899			331,559,073
End of year	$	975,108,556		$	1,513,587,206		$	1,288,273,919		$	495,458,899

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	35.20		$	18.67		$	43.32		$	42.48		$	45.34
Net investment income(a)		0.82			1.38			2.61			3.13			2.66
Net realized and unrealized gain (loss)(b)		(1.27	)		17.37			(23.51	)		1.52			(1.18	)
Net increase (decrease) from investment operations		(0.45	)		18.75			(20.90	)		4.65			1.48
Distributions(c)
From net investment income		(2.08	)		(1.34	)		(2.60	)		(3.08	)		(3.53	)
Return of capital		—			(0.88	)		(1.15	)		(0.73	)		(0.81	)
Total distributions		(2.08	)		(2.22	)		(3.75	)		(3.81	)		(4.34	)
Net asset value, end of year	$	32.67		$	35.20		$	18.67		$	43.32		$	42.48
Total Return(d)
Based on net asset value		(1.65	)%		103.62	%		(51.80	)%		11.46	%		3.10	%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.30	%		4.94	%		6.16	%		7.22	%		5.82	%
Supplemental Data
Net assets, end of year (000)	$	975,109		$	1,513,587		$	593,850		$	1,252,029		$	1,004,534
Portfolio turnover rate(f)		20	%		30	%		29	%		25	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 17

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18
Net asset value, beginning of year	$	73.95		$	55.26		$	70.64		$	57.61		$	63.14
Net investment income(a)		1.46			1.51			1.55			1.80			1.64
Net realized and unrealized gain (loss)(b)		21.98			19.29			(14.77	)		13.45			(4.94	)
Net increase (decrease) from investment operations		23.44			20.80			(13.22	)		15.25			(3.30	)
Distributions(c)
From net investment income		(1.50	)		(2.11	)		(2.16	)		(2.00	)		(2.23	)
From net realized gain		(0.11	)		—			—			(0.22	)		—
Total distributions		(1.61	)		(2.11	)		(2.16	)		(2.22	)		(2.23	)
Net asset value, end of year	$	95.78		$	73.95		$	55.26		$	70.64		$	57.61
Total Return(d)
Based on net asset value		31.85	%		38.23	%		(19.25	)%		26.94	%		(5.41	)%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.64	%		2.36	%		2.07	%		2.81	%		2.61	%
Supplemental Data
Net assets, end of year (000)	$	1,288,274		$	495,459		$	331,559		$	430,875		$	285,163
Portfolio turnover rate(f)		8	%		7	%		12	%		10	%		19	%

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

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

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Mortgage Real Estate	Non-diversified
Residential and Multisector Real Estate	Non-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. 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

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Notes to Financial Statements  (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Mortgage Real Estate
BNP Paribas SA	$	23,410	$	23,410		$	—	$	—

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Notes to Financial Statements  (continued)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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.

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 Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

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Notes to Financial Statements  (continued)

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Mortgage Real Estate	$	610

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 year ended March 31, 2022, 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)
Mortgage Real Estate	$	30,310,348	$	29,395,280	$	(7,006,066	)
Residential and Multisector Real Estate		25,674,853		25,853,122		(363,721	)

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	283,776,450	$	273,691,427
Residential and Multisector Real Estate		81,059,260		74,944,268

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Mortgage Real Estate	$	285,063,468	$	707,223,350
Residential and Multisector Real Estate		920,600,017		335,209,229

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Mortgage Real Estate	$	65,123,227	$	(65,123,227	)
Residential and Multisector Real Estate		102,379,577		(102,379,577	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Mortgage Real Estate
Ordinary income	$	81,209,640	$	53,874,107
Return of capital		—		35,452,585
	$	81,209,640	$	89,326,692
Residential and Multisector Real Estate
Ordinary income	$	17,568,653	$	12,701,974
Long-term capital gains		1,263,714		—
	$	18,832,367	$	12,701,974

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Mortgage Real Estate	$	(191,583,889	)	$	(137,610,318)		$	(329,194,207)
Residential and Multisector Real Estate		—			118,248,797			118,248,797

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and characterization of corporate actions.

For the year ended March 31, 2022, the iShares Residential and Multisector Real Estate ETF utilized $3,314,269 of its capital loss carryforwards.

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mortgage Real Estate	$	1,098,002,814	$	86,276,763	$	(223,887,081	)	$	(137,610,318)
Residential and Multisector Real Estate		1,166,382,931		144,103,568		(25,854,771	)		118,248,797

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.

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Notes to Financial Statements  (continued)

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		8,400,000		$	299,578,675			25,950,000		$	702,381,915
Shares redeemed		(21,550,000	)		(746,310,868	)		(14,750,000	)		(395,769,066	)
Net increase (decrease)		(13,150,000	)	$	(446,732,193)			11,200,000		$	306,612,849
Residential and Multisector Real Estate
Shares sold		10,400,000		$	926,228,317			1,200,000		$	81,704,425
Shares redeemed		(3,650,000	)		(336,763,636	)		(500,000	)		(29,079,660	)
Net increase		6,750,000		$	589,464,681			700,000		$	52,624,765

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 State Street Bank and Trust Company, the Trust’s administrator, 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 25

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Mortgage Real Estate ETF and iShares Residential and Multisector Real Estate ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Mortgage Real Estate ETF and iShares Residential and Multisector Real Estate ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Mortgage Real Estate	$	1,589,342
Residential and Multisector Real Estate		56,182

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
Mortgage Real Estate	$	33,832,025
Residential and Multisector Real Estate		14,042,106

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2022:

iShares ETF	20% Rate Long-Term Capital Gain Dividends
Residential and Multisector Real Estate	$	1,263,714

I M P O R T A N T   T A X   I N F  O R M A T I O N 27

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Mortgage Real Estate ETF and iShares Residential and Multisector Real Estate ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”).The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Mortgage Real Estate(a)	$	1.594940	$	—	$	0.485358	$	2.080298		77	%		—	%		23	%		100	%
Residential and Multisector Real Estate(a)		1.277608		—		0.333183		1.610791		79			—			21			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L   I N F O R M A  T I O N 29

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E   A N D   O F F I C E R    I N F O R M A T I O N 31

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

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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.

G E N E R A L   I N F O R M A T I O  N 33

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-312-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

·  iShares Biotechnology ETF | IBB | NASDAQ

·  iShares Expanded Tech Sector ETF | IGM | NYSE Arca

·  iShares Expanded Tech-Software Sector ETF | IGV | Cboe BZX

·  iShares North American Natural Resources ETF | IGE | Cboe BZX

·  iShares North American Tech-Multimedia Networking ETF | IGN | NYSE Arca

·  iShares Semiconductor ETF | SOXX | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview	4
Fund Summary	5
About Fund Performance	17
Shareholder Expenses	17
Schedules of Investments	18
Financial Statements
Statements of Assets and Liabilities	41
Statements of Operations	43
Statements of Changes in Net Assets	45
Financial Highlights	48
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	66
Important Tax Information (Unaudited)	67
Statement Regarding Liquidity Risk Management Program	68
Supplemental Information	69
Trustee and Officer Information	71
General Information	74
Glossary of Terms Used in this Report	75

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summaryas of March 31, 2022 iShares^® Biotechnology ETF

Investment Objective

The iShares Biotechnology ETF (the “Fund”) (formerly the iShares Nasdaq Biotechnology ETF) seeks to track the investment results of an index composed of U.S.-listed equities in the biotechnology sector, as represented by the ICE Biotechnology 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
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(13.22	)%		6.14	%	12.45%		(13.22	)%		34.68	%		223.41	%
Fund Market		(13.28	)		6.15		12.46		(13.28	)		34.80			223.58
Index(a)		(12.88	)		6.51		12.80		(12.88	)		37.06			233.37
Nasdaq Biotechnology Index		(11.16	)		6.93		13.02		(11.16	)		39.76			239.94
ICE Biotechnology Index(b)		N/A			N/A		N/A		N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  Index performance through June 20, 2021 reflects the performance of the NASDAQ Biotechnology Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Biotechnology Index, which, effective as of June 21, 2021, replaced the NASDAQ Biotechnology Index as the underlying index of the fund.

^(b)  The inception date of the ICE Biotechnology Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through March 31, 2022 was -10.97%.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         806.50	$        1.98			$      1,000.00	$      1,022.70	$        2.22		0.44	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summaryas of March 31, 2022   (continued) iShares^® Biotechnology ETF

Portfolio Management Commentary

Biotechnology stocks declined significantly during the reporting period as investor appetite for stocks with high valuations and little to no earnings also worked against the industry. Despite ongoing innovation, new drug development, and the rapid development and deployment of a COVID-19 vaccine, costs associated with obtaining drug approvals remained high, constraining profits. In response to higher drug prices, some governments proposed price controls even as the policies that govern healthcare in the U.S. continued to change. Pricing and payment structures were under pressure from payers, including healthcare providers and insurers. Furthermore, the dollar volume of industry mergers and acquisitions decreased significantly year over year.

Biotechnology companies grappled with drug efficacy trials and public perception regarding the efficacy of a new Alzheimer’s drug, along with regulatory uncertainty and auditing requirements. The Delta and Omicron variants of COVID-19 drove closures that limited companies’ ability to test new drugs, which in turn constrained product development. Concern over delisting weighed on Chinese biotechnology firms that withheld their financial disclosures from U.S. regulators. A company in the biotechnology industry failed to get its COVID-19 vaccine approved in the U.S. and struggled with distribution in markets where it was approved amid production problems.

Life sciences tools and services stocks also detracted as a surge in Omicron COVID-19 cases limited both customers’ capacity for using medical devices and companies’ capacity for producing them. Stocks of genomic analysis companies lost ground as investor sentiment weakened, despite promising market penetration.

Healthcare equipment and supplies stocks also detracted from the Index’s return. Higher research, development, and administrative expenses weighed on profits in the industry despite higher revenues, as trials enrolled their final patients to move new cancer treatment products to market.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Biotechnology	75.9%
Life Sciences Tools & Services	20.8
Pharmaceuticals	2.1
Other (each representing less than 1%)	1.2

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Amgen Inc.	8.3%
Gilead Sciences Inc.	6.9
Regeneron Pharmaceuticals Inc.	6.7
Vertex Pharmaceuticals Inc.	6.2
Moderna Inc.	5.6
Illumina Inc.	4.2
IQVIA Holdings Inc.	3.9
BioNTech SE	3.1
Biogen Inc.	2.9
Mettler-Toledo International Inc.	2.9

^(a)  Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® Expanded Tech Sector ETF

Investment Objective

The iShares Expanded Tech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors, as represented by the S&P North American Expanded Technology Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		7.76	%		23.44	%	19.34%		7.76	%		186.65	%		486.10	%
Fund Market		7.88			23.48		19.36		7.88			187.10			486.86
Index		8.20			23.98		19.88		8.20			192.93			512.88

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Sector Index^TM. Index Performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Sector Index^TM.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        962.10	$        1.96			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of March 31, 2022   (continued) iShares^® Expanded Tech Sector ETF

Portfolio Management Commentary

North American technology stocks advanced sharply during the reporting period, driven primarily by large companies benefiting from increased uptake of technology. U.S. companies drove the Index’s return, representing approximately 99% of the Index on average for the reporting period. Increased time at home drove strong demand for computing products for both work and leisure. Strong global demand for microchips for an increasing array of products and ongoing migration to the cloud due to the pandemic bolstered profits from cloud computing services.

The U.S. technology hardware and equipment industry was the largest contributor to the Index’s return. Retail sales of computing devices rose, leading to record earnings despite ongoing supply chain challenges. Increased demand for subscription services, including music and streaming video, drove rising revenues. New product releases, especially improved cell phones, and strong sales of wearable technologies such as earbuds boosted revenue growth.

The semiconductors and semiconductor equipment industry also contributed to the Index’s return. Sharply higher spending on cloud computing and artificial intelligence drove brisk sales of microchips. Continued strength in demand for home-based video games drove strong sales for chips used in graphics cards. Investors were optimistic that demand would increase for chips used for technologies related to virtual worlds, the “metaverse,” which was expected to experience rapid growth. Stocks in the industry were also bolstered by investor optimism regarding federal subsidies to support domestic manufacturing of microchips to reduce dependence on imports.

The systems software industry was also a contributor. Growth in video game console sales and investor optimism about new products and services, along with industry consolidation, bolstered returns. Strength in sales of hardware, including personal computers and tablets, contributed to rising revenues.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Semiconductors	16.9%
Interactive Media & Services	13.5
Systems Software	12.5
Application Software	10.9
Data Processing & Outsourced Services	10.2
Technology Hardware, Storage & Peripherals	9.8
Internet & Direct Marketing Retail	9.4
IT Consulting & Other Services	3.5
Communications Equipment	2.9
Semiconductor Equipment	2.8
Internet Services & Infrastructure	2.4
Movies & Entertainment	1.3
Electronic Equipment & Instruments	1.1
Interactive Home Entertainment	1.0
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Amazon.com Inc.	8.7%
Apple Inc.	8.6
Microsoft Corp.	8.5
NVIDIA Corp.	5.3
Alphabet Inc., Class A	4.3
Meta Platforms Inc, Class A	4.0
Alphabet Inc., Class C	4.0
Visa Inc., Class A	2.9
Mastercard Inc., Class A	2.4
Broadcom Inc.	2.0

^(a)  Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® Expanded Tech-Software Sector ETF

Investment Objective

The iShares Expanded Tech-Software Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries, as represented by the S&P North American Expanded Technology Software Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		0.86	%		22.38	%	18.33%		0.86	%		174.50	%		438.17	%
Fund Market		1.03			22.44		18.35		1.03			175.14			439.22
Index		1.28			22.78		18.76		1.28			179.07			458.26

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Software Index^TM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software Index^TM.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         862.60	$        1.86			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of March 31, 2022   (continued) iShares^® Expanded Tech-Software Sector ETF

Portfolio Management Commentary

North American technology and software stocks gained modestly for the reporting period. The COVID-19 pandemic accelerated ongoing trends of firms migrating to the cloud, bolstering demand for cloud and computing services and lifting sales of personal and commercial productivity software. These gains were somewhat offset by investor concern that changes to corporate policies designed to increase user privacy would make targeted advertising more difficult, ultimately reducing revenues.

U.S. stocks, which represented approximately 99% of the Index on average for the reporting period, were the main drivers of performance. The information technology sector was the top contributor to the Index’s performance, led by software and services companies. Revenues and earnings reached record levels as the ongoing impact of the pandemic accelerated online migration. Demand for cloud services grew robustly, along with sales of personal and commercial productivity software. Growth in online video gaming and investor optimism about new products and services, as well as industry consolidation, bolstered returns. Strength in sales of hardware, including personal computers and tablets, contributed to rising revenues. Volatility in the labor market increased traffic on web-based career platforms, leading to sharply higher advertising revenues. Strong demand for cybersecurity software due to increased telecommuting and cloud computing also bolstered revenues. Rapid growth of small business creation drove strong demand for financial services software.

On the downside, the communication services sector detracted from the Index’s return. In the media and entertainment industry, ongoing challenges with global supply chains and tightness in the labor market led to reductions in online advertising spending, weighing heavily on profits. In the entertainment industry, an industry scandal led to delays of game launches, and sales of some video game titles and consoles slowed, weighing on revenues.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Software	92.6%
Entertainment	5.6
Interactive Media & Services	1.8

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Microsoft Corp.	8.6%
salesforce.com Inc.	8.4
Adobe Inc.	8.2
Intuit Inc.	6.1
Oracle Corp.	5.9
ServiceNow Inc.	5.0
Activision Blizzard Inc.	2.8
Palo Alto Networks Inc.	2.8
Synopsys Inc.	2.3
Crowdstrike Holdings Inc., Class A	2.1

^(a)  Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® North American Natural Resources ETF

Investment Objective

The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the natural resources sector, as represented by the S&P North American Natural Resources Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		50.84	%		7.00	%	2.96%		50.84	%		40.23	%		33.91	%
Fund Market		50.89			7.01		2.97		50.89			40.32			34.06
Index		51.58			7.56		3.48		51.58			43.93			40.76

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,395.70	$        2.39			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summaryas of March 31, 2022   (continued) iShares^® North American Natural Resources ETF

Portfolio Management Commentary

North American natural resources stocks advanced sharply during the reporting period as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices rallied as vaccinations against COVID-19 rolled out and global economies recovered. Prices continued to climb throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply. U.S. oil producers were slow to renew production in 2021 when economic activity and demand rebounded.

Oil prices hit their highest level in 14 years by March 2022 after the U.S. and its European allies began considering banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

Oil, gas, and consumable fuels stocks in the U.S. contributed the most to the Index’s return, as stocks in the energy sector hit their highest level in years following the rally in oil prices. In a marked turnaround from 2020, leading energy companies posted stronger earnings and, flush with excess cash, rewarded shareholders by buying back their own stock and raising dividends. The higher oil prices and free cash flow led some companies to expand plans to invest in new oil production over future years although most continued to maintain current output plans.

Canadian companies in the oil, gas, and consumable fuels industry also contributed to the Index. Their stocks also soared following stronger earnings. Some companies also set new environmental targets, including fewer greenhouse gas emissions and a reduction in freshwater usage in oil extraction operations.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Oil, Gas & Consumable Fuels	68.7%
Metals & Mining	15.2
Containers & Packaging	7.0
Energy Equipment & Services	6.1
Construction Materials	2.4
Paper & Forest Products	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Exxon Mobil Corp.	9.5%
Chevron Corp.	9.4
ConocoPhillips	4.4
Enbridge Inc.	3.9
Freeport-McMoRan Inc.	3.1
Canadian Natural Resources Ltd.	3.0
EOG Resources Inc.	2.9
Newmont Corp.	2.7
Schlumberger NV	2.4
Pioneer Natural Resources Co.	2.4

^(a)  Excludes money market funds.

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Fund Summaryas of March 31, 2022 iShares^® North American Tech-Multimedia Networking ETF

Investment Objective

The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		10.53	%		10.78	%	9.86%		10.53	%		66.87	%		156.06	%
Fund Market		10.35			10.79		9.86		10.35			66.94			155.99
Index		11.00			11.14		10.25		11.00			69.56			165.27

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,074.20	$        2.07			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summaryas of March 31, 2022   (continued) iShares^® North American Tech-Multimedia Networking ETF

Portfolio Management Commentary

North American technology and multimedia networking stocks rose sharply as businesses continued to move their operations online, a trend accelerated by the pandemic. Increased demand for cloud computing capacity, especially by large technology corporations, benefited companies that provide networking infrastructure. Improving supply chain conditions and the global growth of 5G networks fueled investor optimism for continued investment in communications infrastructure by telecommunications carriers and cable operators. The passage of a large infrastructure bill that included funding to increase access to broadband services in underserved markets in the U.S. also boosted networking stocks.

The Index is composed almost entirely of U.S. communications equipment companies, whose robust advance drove the Index’s return. The move to the cloud increased demand for hardware to equip newly constructed data centers, propelling industry gains. Revenues rose despite supply chain issues as constrained supply supported higher prices for hardware and equipment. In addition, growth in applications for artificial intelligence, which require significant numbers of routers and switches to connect processors, increased sales. Development of the metaverse, computer-generated virtual spaces, added to investor optimism for increased capital spending on and sales of equipment to support virtual reality applications.

Robust sales of networking equipment to support expansion and upgrades of broadband service, including new 5G and fiberoptic networks in emerging markets, also contributed to strong performance. Communications equipment stocks further benefited from industry merger and acquisition activity, which raised expectations for revenue growth.

Strong sales of modestly priced smartphones, especially in the U.S., Brazil, and India markets, bolstered revenue. Amid rising concerns about personal safety and security, demand also increased for video security and radio devices for both professional and commercial use, driving communications equipment company profits higher.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Communications Equipment	100.0%

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Arista Networks Inc.	9.2%
Juniper Networks Inc.	8.9
Motorola Solutions Inc.	8.7
F5 Inc.	8.5
Cisco Systems Inc.	8.1
Ubiquiti Inc.	4.5
Infinera Corp.	4.5
Ciena Corp.	4.4
Lumentum Holdings Inc.	4.4
NetScout Systems Inc.	4.4

^(a)  Excludes money market funds.

14 2 0 2 2   I S H A R E S   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 Summaryas of March 31, 2022 iShares^® Semiconductor ETF

Investment Objective

The iShares Semiconductor ETF (the “Fund”) (formerly the iShares PHLX Semiconductor ETF) seeks to track the investment results of an index composed of U.S.-listed equities in the semiconductor sector, as represented by the ICE Semiconductor 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
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		12.23	%		29.54	%	24.55%		12.23	%		264.82	%		798.45	%
Fund Market		12.45			29.59		24.57		12.45			265.47			800.04
Index(a)		12.74			30.18		25.18		12.74			273.88			844.65
PHLX Semiconductor Sector Index		11.05			29.79		24.99		11.05			268.27			830.48
ICE Semiconductor Index(b)		N/A			N/A		N/A		N/A			N/A			N/A

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  Index performance through June 20, 2021 reflects the performance of the PHLX Semiconductor Sector Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Semiconductor Index, which, effective as of June 21, 2021, replaced the PHLX Semiconductor Sector Index as the underlying index of the fund.

^(b)  The inception date of the ICE Semiconductor Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through March 31, 2022 was 8.77%.

Past performance is no guarantee 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” on page 17 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/21)	Ending       Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending   Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,063.60	$        2.06			$      1,000.00	$      1,022.90	$        2.02		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summaryas of March 31, 2022   (continued) iShares^® Semiconductor ETF

Portfolio Management Commentary

Semiconductor stocks advanced sharply for the reporting period as manufacturers ramped up production to all-time highs despite global supply chain challenges. Business demand for microchips grew amid increased spending on data centers as companies continued the migration to cloud computing. Even as pandemic restrictions eased, consumer demand for home entertainment devices remained high, which led to record sales by semiconductor companies. The rising number of digital services and consumer goods that rely on microchips, such as personal computers, video cards, and automobiles, exacerbated a global chip shortage and supported higher prices.

A sharp increase in corporate spending on technology infrastructure for cloud computing and artificial intelligence applications led to robust sales of chips used in data centers. The largest technology companies, in particular, drove demand for chips used for networking and connectivity. Continued strength in consumer demand for video games, especially multiplayer online games that require specialized graphics processing units, propelled higher chip sales and revenues.

The ongoing rollout of 5G technology and the increasing availability of 5G-enabled phones raised demand for the chips used in telecommunications devices and handsets. Robust growth in the manufacturing of electric cars, especially in China, bolstered demand for chips used in vehicle navigation systems. Investor optimism rose that demand would increase for chips used for technologies for both entertainment and commercial applications of computer-generated virtual worlds, the “metaverse,” which require powerful graphics chips.

Semiconductor stocks were also bolstered by the announcement of proposed legislation that included provisions for U.S. government subsidies to support domestic manufacturing of microchips and reduce dependence on imports, especially from China. In addition, consolidation in the semiconductors industry boosted revenue as increasing product breadth allowed companies to attract new customers.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Semiconductors	79.5%
Semiconductor Equipment	20.5

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
NVIDIA Corp.	8.9%
Broadcom Inc.	8.5
Advanced Micro Devices Inc.	7.1
Intel Corp.	6.2
QUALCOMM Inc.	5.3
Texas Instruments Inc.	4.3
Microchip Technology Inc.	4.3
KLA Corp.	4.2
Marvell Technology Inc.	4.2
Analog Devices Inc.	4.1

^(a) Excludes money market funds.

16 2 0 2 2   I S H A R E S   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

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.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 17

Schedule of Investments March 31, 2022 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 75.9%
4D Molecular Therapeutics Inc.(a)(b)		232,410	$	3,514,039
89bio Inc.(a)(b)		106,544		401,671
Abcam PLC, SP ADR(a)(b)		1,459,736		26,698,571
AC Immune SA(a)(b)		249,684		998,736
ACADIA Pharmaceuticals Inc.(a)(b)		1,279,760		30,995,787
Achilles Therapeutics PLC, ADR(a)(b)		248,830		731,560
Acumen Pharmaceuticals Inc.(a)(b)		194,168		759,197
Adaptimmune Therapeutics PLC, ADR(a)(b)		876,318		1,805,215
ADC Therapeutics SA(a)(b)		304,229		4,469,124
Adicet Bio Inc.(a)		183,982		3,674,121
ADMA Biologics Inc.(a)(b)		1,513,942		2,770,514
Adverum Biotechnologies Inc.(a)(b)		727,269		952,722
Aeglea BioTherapeutics Inc.(a)		315,056		724,629
Aerovate Therapeutics Inc.(a)(b)		128,537		2,356,083
Affimed NV(a)		876,966		3,832,341
Agios Pharmaceuticals Inc.(a)(b)		432,479		12,589,464
Akebia Therapeutics Inc.(a)(b)		1,354,895		972,679
Akero Therapeutics Inc.(a)(b)		167,385		2,375,193
Akouos Inc.(a)(b)		171,905		816,549
Alaunos Therapeutics Inc.(a)(b)		1,534,462		1,001,083
Alector Inc.(a)(b)		476,628		6,791,949
Alexion Pharmaceuticals Inc.(b)(c)		4,112		1,892
Aligos Therapeutics Inc.(a)(b)		205,801		442,472
Alkermes PLC(a)(b)		1,282,351		33,738,655
Allakos Inc.(a)		271,137		1,545,481
Allogene Therapeutics Inc.(a)(b)		587,354		5,350,795
Allovir Inc.(a)(b)		235,820		1,591,785
Alnylam Pharmaceuticals Inc.(a)(b)		952,627		155,554,463
Alpine Immune Sciences Inc.(a)(b)		106,937		959,225
Altimmune Inc.(a)(b)		294,822		1,795,466
ALX Oncology Holdings Inc.(a)(b)		163,417		2,761,747
Amgen Inc.		2,956,072		714,837,331
Amicus Therapeutics Inc.(a)(b)		2,171,703		20,566,027
AnaptysBio Inc.(a)(b)		192,301		4,757,527
Anavex Life Sciences Corp.(a)(b)		588,390		7,243,081
Annexon Inc.(a)(b)		244,140		666,502
Annovis Bio Inc.(a)(b)		43,513		580,899
Apellis Pharmaceuticals Inc.(a)(b)		633,597		32,193,064
Applied Molecular Transport Inc.(a)(b)		196,120		1,474,822
Applied Therapeutics Inc.(a)(b)		116,965		246,796
Arbutus Biopharma Corp.(a)		932,891		2,780,015
Arcturus Therapeutics Holdings Inc.(a)(b)		179,975		4,852,126
Arcus Biosciences Inc.(a)(b)		352,644		11,129,445
Arcutis Biotherapeutics Inc.(a)(b)		224,852		4,330,650
Argenx SE, ADR(a)(b)		324,552		102,334,491
Arrowhead Pharmaceuticals Inc.(a)(b)		775,472		35,663,957
Ascendis Pharma A/S, ADR(a)(b)		352,764		41,400,383
Atara Biotherapeutics Inc.(a)(b)		680,252		6,319,541
Athenex Inc.(a)(b)		714,833		592,954
Aurinia Pharmaceuticals Inc.(a)(b)		897,814		11,114,937
Autolus Therapeutics PLC , ADR(a)(b)		321,583		1,341,001
Avidity Biosciences Inc.(a)(b)		335,076		6,188,854
Avrobio Inc.(a)		307,760		406,243
Beam Therapeutics Inc.(a)(b)		413,238		23,678,537
BeiGene Ltd., ADR(a)(b)		591,865		111,625,739
BELLUS Health Inc.(a)(b)		746,361		5,134,964
Bicycle Therapeutics PLC, ADR(a)(b)		178,088		7,814,501
BioAtla Inc.(a)		227,225		1,136,125

Security	Shares		Value
Biotechnology (continued)
BioCryst Pharmaceuticals Inc.(a)(b)		1,441,320	$	23,435,863
Biogen Inc.(a)		1,172,028		246,829,097
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		486,291		57,659,524
BioMarin Pharmaceutical Inc.(a)(b)		1,452,839		112,013,887
Biomea Fusion Inc.(a)(b)		150,393		670,753
BioNTech SE, ADR(a)(b)		1,535,009		261,811,135
Black Diamond Therapeutics Inc.(a)(b)		188,879		523,195
Bluebird Bio Inc.(a)(b)		535,999		2,599,595
Blueprint Medicines Corp.(a)(b)		459,598		29,359,120
Bolt Biotherapeutics Inc.(a)		162,266		444,609
Bridgebio Pharma Inc.(a)(b)		819,166		8,314,535
Brooklyn ImmunoTherapeutics Inc.(a)(b)		185,144		379,545
Burning Rock Biotech Ltd., ADR(a)(b)		545,624		5,068,847
C4 Therapeutics Inc.(a)		306,868		7,444,618
Cabaletta Bio Inc.(a)(b)		177,909		361,155
Candel Therapeutics Inc.(a)(b)		78,259		398,338
CareDx Inc.(a)(b)		416,183		15,394,609
Caribou Biosciences Inc.(a)(b)		373,686		3,430,437
Cellectis SA, ADR(a)(b)		287,289		1,304,292
CEL-SCI Corp.(a)(b)		326,074		1,281,471
Centessa Pharmaceuticals PLC, ADR(a)(b)		267,842		2,402,543
Century Therapeutics Inc.(a)(b)		161,558		2,034,015
ChemoCentryx Inc.(a)(b)		454,331		11,390,078
Chimerix Inc.(a)(b)		614,901		2,816,247
Chinook Therapeutics Inc.(a)		295,511		4,834,560
Clovis Oncology Inc.(a)(b)		1,115,996		2,254,312
Codiak Biosciences Inc.(a)(b)		106,652		668,708
Cogent Biosciences Inc.(a)(b)		256,910		1,924,256
Coherus Biosciences Inc.(a)(b)		573,188		7,399,857
Compass Pathways PLC, ADR(a)(b)		265,306		3,419,794
Connect Biopharma Holdings Ltd.(a)		366,584		1,107,084
Cortexyme Inc.(a)(b)		140,392		869,026
Crinetics Pharmaceuticals Inc.(a)		298,043		6,542,044
CRISPR Therapeutics AG(a)(b)		565,552		35,499,699
Cullinan Oncology Inc.(a)(b)		181,104		1,896,159
CureVac NV(a)(b)		435,930		8,548,587
Curis Inc.(a)(b)		680,486		1,619,557
Cybin Inc.(a)(b)		861,796		704,087
Cyteir Therapeutics Inc.(a)(b)		109,006		410,953
Cytokinetics Inc.(a)(b)		633,663		23,325,135
CytomX Therapeutics Inc.(a)		493,614		1,317,949
Day One Biopharmaceuticals Inc.(a)(b)		174,218		1,728,243
DBV Technologies SA, ADR(a)(b)		686,795		1,092,004
Decibel Therapeutics Inc.(a)		75,167		228,508
Deciphera Pharmaceuticals Inc.(a)(b)		321,505		2,980,351
Denali Therapeutics Inc.(a)(b)		774,997		24,931,653
Design Therapeutics Inc.(a)		227,213		3,669,490
Dyne Therapeutics Inc.(a)(b)		210,260		2,026,906
Editas Medicine Inc.(a)(b)		546,395		10,392,433
Eiger BioPharmaceuticals Inc.(a)(b)		255,967		2,124,526
Emergent BioSolutions Inc.(a)(b)		338,756		13,909,321
Enanta Pharmaceuticals Inc.(a)		154,193		10,975,458
Epizyme Inc.(a)		1,150,443		1,323,009
Erasca Inc.(a)(b)		511,891		4,402,263
Evelo Biosciences Inc.(a)(b)		209,587		710,500
Exelixis Inc.(a)(b)		2,504,724		56,782,093
Fate Therapeutics Inc.(a)(b)		712,797		27,635,140
FibroGen Inc.(a)(b)		675,245		8,116,445
Forma Therapeutics Holdings Inc.(a)(b)		330,904		3,077,407
Frequency Therapeutics Inc.(a)(b)		260,971		553,259

18 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
G1 Therapeutics Inc.(a)(b)		269,308	$	2,046,741
Galapagos NV, ADR(a)(b)		413,486		25,644,402
Gamida Cell Ltd.(a)(b)		320,342		1,329,419
Generation Bio Co.(a)(b)		374,507		2,748,881
Genetron Holdings Ltd., ADR(a)(b)		526,331		1,152,665
Genmab A/S, ADR(a)(b)		4,189,403		151,572,601
Geron Corp.(a)(b)		2,393,260		3,254,834
Gilead Sciences Inc.		10,027,605		596,141,117
Global Blood Therapeutics Inc.(a)(b)		505,907		17,524,618
Gossamer Bio Inc.(a)(b)		424,987		3,688,887
Gracell Biotechnologies Inc.(a)(b)		363,505		846,967
Graphite Bio Inc.(a)(b)		199,030		1,015,053
Grifols SA, ADR		1,666,923		19,469,661
Gritstone bio Inc.(a)		462,427		1,905,199
Halozyme Therapeutics Inc.(a)(b)		1,089,127		43,434,385
Harpoon Therapeutics Inc.(a)(b)		149,325		742,145
Homology Medicines Inc.(a)(b)		309,717		941,540
Humacyte Inc.(a)(b)		404,583		2,856,356
Icosavax Inc.(a)(b)		161,845		1,139,389
Ideaya Biosciences Inc.(a)		235,725		2,637,763
IGM Biosciences Inc.(a)(b)		116,287		3,108,351
I-Mab, ADR(a)		507,558		8,242,742
Imago Biosciences Inc.(a)(b)		151,878		2,926,689
Immuneering Corp., Class A(a)(b)		150,450		973,411
Immunic Inc.(a)(b)		151,000		1,706,300
ImmunityBio Inc.(a)(b)		644,136		3,613,603
ImmunoGen Inc.(a)(b)		1,711,376		8,146,150
Immunovant Inc.(a)		318,730		1,756,202
Immutep Ltd., SP ADR(a)(b)		544,700		1,492,478
Impel Neuropharma Inc.(a)(b)		50,123		319,284
Incyte Corp.(a)(b)		1,754,658		139,354,938
Infinity Pharmaceuticals Inc.(a)(b)		686,299		782,381
Inhibrx Inc.(a)(b)		209,493		4,667,504
Innate Pharma SA, SP ADR(a)(b)		504,408		1,694,811
Inovio Pharmaceuticals Inc.(a)(b)		1,656,074		5,945,306
Insmed Inc.(a)(b)		931,304		21,885,644
Instil Bio Inc.(a)(b)		484,768		5,211,256
Intellia Therapeutics Inc.(a)		537,315		39,046,681
Intercept Pharmaceuticals Inc.(a)(b)		186,243		3,030,174
Ionis Pharmaceuticals Inc.(a)(b)		1,115,422		41,315,231
Iovance Biotherapeutics Inc.(a)(b)		1,092,338		18,187,428
Ironwood Pharmaceuticals Inc.(a)(b)		1,245,017		15,662,314
iTeos Therapeutics Inc.(a)		202,704		6,523,015
IVERIC bio Inc.(a)(b)		830,046		13,969,674
Janux Therapeutics Inc.(a)(b)		175,521		2,516,971
Jounce Therapeutics Inc.(a)		252,821		1,716,655
KalVista Pharmaceuticals Inc.(a)(b)		168,215		2,479,489
Kamada Ltd.(a)(b)		181,799		1,003,530
Karuna Therapeutics Inc.(a)		172,102		21,820,813
Karyopharm Therapeutics Inc.(a)(b)		530,991		3,913,404
Keros Therapeutics Inc.(a)(b)		112,388		6,111,659
Kezar Life Sciences Inc.(a)(b)		379,790		6,312,110
Kiniksa Pharmaceuticals Ltd., Class A(a)		261,549		2,599,797
Kinnate Biopharma Inc.(a)		133,041		1,498,042
Kodiak Sciences Inc.(a)		365,823		2,824,154
Kronos Bio Inc.(a)(b)		286,692		2,072,783
Krystal Biotech Inc.(a)		152,484		10,146,285
Kura Oncology Inc.(a)		500,437		8,047,027
Kymera Therapeutics Inc.(a)		320,101		13,546,674
Larimar Therapeutics Inc.(a)(b)		135,310		548,005

Security	Shares		Value
Biotechnology (continued)
Leap Therapeutics Inc.(a)(b)		559,746	$	979,555
Legend Biotech Corp., ADR(a)(b)		958,893		34,846,172
Ligand Pharmaceuticals Inc.(a)(b)		127,279		14,317,615
Lineage Cell Therapeutics Inc.(a)(b)		1,323,742		2,038,563
Lyell Immunopharma Inc.(a)(b)		479,311		2,420,521
MacroGenics Inc.(a)		451,775		3,980,138
Madrigal Pharmaceuticals Inc.(a)(b)		99,442		9,757,249
Magenta Therapeutics Inc.(a)(b)		317,886		921,869
MannKind Corp.(a)(b)		1,887,606		6,946,390
Matinas BioPharma Holdings Inc.(a)(b)		1,636,650		1,316,521
MeiraGTx Holdings PLC(a)		275,972		3,822,212
Mereo Biopharma Group PLC, ADR(a)(b)		698,767		782,619
Mersana Therapeutics Inc.(a)(b)		480,354		1,916,612
Merus NV(a)(b)		251,511		6,649,951
Mesoblast Ltd., SP ADR(a)(b)		829,622		3,501,005
Mirati Therapeutics Inc.(a)(b)		382,590		31,456,550
Mirum Pharmaceuticals Inc.(a)		132,107		2,908,996
Moderna Inc.(a)(b)		2,783,543		479,493,117
Molecular Templates Inc.(a)		327,974		1,131,510
Monte Rosa Therapeutics Inc.(a)(b)		238,540		3,344,331
Morphic Holding Inc.(a)(b)		191,805		7,700,971
Mustang Bio Inc.(a)(b)		590,224		596,126
Myovant Sciences Ltd.(a)(b)		328,313		4,373,129
Myriad Genetics Inc.(a)(b)		611,139		15,400,703
Natera Inc.(a)(b)		684,584		27,848,877
Neoleukin Therapeutics Inc.(a)		270,573		508,677
Neurocrine Biosciences Inc.(a)		744,948		69,838,875
NextCure Inc.(a)		129,270		628,252
Nkarta Inc.(a)(b)		152,375		1,734,027
Novavax Inc.(a)(b)		602,093		44,344,149
Nurix Therapeutics Inc.(a)		291,321		4,081,407
Nuvalent Inc., Class A(a)(b)		280,229		3,892,381
ObsEva SA(a)(b)		390,316		589,377
Olema Pharmaceuticals Inc.(a)(b)		269,126		1,146,477
Omega Therapeutics Inc.(a)(b)		136,755		853,351
Oncocyte Corp.(a)(b)		670,162		998,541
Oncorus Inc.(a)(b)		125,936		224,166
OPKO Health Inc.(a)(b)		3,312,428		11,394,752
Orchard Therapeutics PLC, ADR(a)(b)		749,990		533,993
ORIC Pharmaceuticals Inc.(a)(b)		247,582		1,322,088
Ovid therapeutics Inc.(a)(b)		390,225		1,225,306
Oyster Point Pharma Inc.(a)(b)		95,295		1,109,234
Passage Bio Inc.(a)(b)		231,638		718,078
PMV Pharmaceuticals Inc.(a)(b)		214,069		4,456,917
Poseida Therapeutics Inc.(a)(b)		217,803		975,757
Praxis Precision Medicines Inc.(a)(b)		294,532		3,007,172
Precigen Inc.(a)(b)		782,330		1,650,716
Precision BioSciences Inc.(a)(b)		392,971		1,210,351
Prelude Therapeutics Inc.(a)(b)		270,392		1,865,705
Prometheus Biosciences Inc.(a)(b)		205,150		7,746,464
ProQR Therapeutics NV(a)(b)		476,810		431,608
Protagonist Therapeutics Inc.(a)		353,337		8,367,020
Prothena Corp. PLC(a)(b)		371,769		13,595,592
PTC Therapeutics Inc.(a)(b)		554,544		20,690,037
Puma Biotechnology Inc.(a)		281,935		811,973
Radius Health Inc.(a)(b)		369,495		3,262,641
Rallybio Corp.(a)(b)		109,338		763,179
RAPT Therapeutics Inc.(a)(b)		194,645		4,280,244
Recursion Pharmaceuticals Inc., Class A(a)(b)		690,354		4,942,935
Regeneron Pharmaceuticals Inc.(a)(b)		830,394		579,963,777

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
REGENXBIO Inc.(a)(b)		288,647	$	9,580,194
Relay Therapeutics Inc.(a)(b)		587,606		17,587,048
Repare Therapeutics Inc.(a)(b)		229,338		3,265,773
Replimune Group Inc.(a)(b)		236,205		4,010,761
REVOLUTION Medicines Inc.(a)(b)		404,071		10,307,851
Rhythm Pharmaceuticals Inc.(a)(b)		345,939		3,985,217
Rigel Pharmaceuticals Inc.(a)		1,370,634		4,098,196
Rocket Pharmaceuticals Inc.(a)(b)		474,677		7,528,377
Rubius Therapeutics Inc.(a)(b)		357,357		1,969,037
Sage Therapeutics Inc.(a)(b)		406,026		13,439,461
Sana Biotechnology Inc.(a)(b)		615,118		5,080,875
Sangamo Therapeutics Inc.(a)(b)		965,518		5,609,660
Sarepta Therapeutics Inc.(a)		663,535		51,835,354
Scholar Rock Holding Corp.(a)(b)		223,102		2,875,785
Seagen Inc.(a)(b)		1,444,130		208,026,926
Selecta Biosciences Inc.(a)		588,981		724,447
Sensei Biotherapeutics Inc.(a)(b)		132,072		305,086
Seres Therapeutics Inc.(a)(b)		559,035		3,980,329
Sesen Bio Inc.(a)(b)		1,571,660		947,239
Shattuck Labs Inc.(a)(b)		253,472		1,079,791
Silverback Therapeutics Inc.(a)(b)		145,367		510,238
Solid Biosciences Inc.(a)(b)		659,931		791,917
Spectrum Pharmaceuticals Inc.(a)(b)		1,273,178		1,642,400
Spero Therapeutics Inc.(a)(b)		197,423		1,717,580
SpringWorks Therapeutics Inc.(a)(b)		253,292		14,295,800
SQZ Biotechnologies Co.(a)(b)		149,604		719,595
Stoke Therapeutics Inc.(a)		137,371		2,891,660
Summit Therapeutics Inc.(a)(b)		197,576		484,061
Surface Oncology Inc.(a)(b)		295,520		868,829
Sutro Biopharma Inc.(a)(b)		285,272		2,344,936
Syndax Pharmaceuticals Inc.(a)		340,001		5,909,217
Syros Pharmaceuticals Inc.(a)(b)		298,263		354,933
Talaris Therapeutics Inc.(a)		163,300		1,606,872
Taysha Gene Therapies Inc.(a)(b)		165,734		1,080,586
TCR2 Therapeutics Inc.(a)		227,152		626,940
Tenaya Therapeutics Inc.(a)(b)		226,210		2,664,754
Travere Therapeutics Inc.(a)(b)		472,078		12,165,450
Turning Point Therapeutics Inc.(a)(b)		344,467		9,248,939
Twist Bioscience Corp.(a)(b)		401,463		19,824,243
Ultragenyx Pharmaceutical Inc.(a)(b)		514,868		37,389,714
uniQure NV(a)(b)		332,467		6,007,679
United Therapeutics Corp.(a)		353,978		63,507,193
UroGen Pharma Ltd.(a)(b)		147,170		1,281,851
Vanda Pharmaceuticals Inc.(a)		430,090		4,864,318
Vaxcyte Inc.(a)(b)		279,746		6,755,866
Veracyte Inc.(a)(b)		528,759		14,577,886
Verastem Inc.(a)(b)		1,393,404		1,964,700
Vertex Pharmaceuticals Inc.(a)		2,025,844		528,684,509
Verve Therapeutics Inc.(a)(b)		199,174		4,545,151
Vir Biotechnology Inc.(a)(b)		569,823		14,655,848
Viracta Therapeutics Inc.(a)(b)		223,484		1,063,784
Vor BioPharma Inc.(a)(b)		196,730		1,188,249
Werewolf Therapeutics Inc.(a)(b)		103,063		453,477
Xencor Inc.(a)(b)		461,003		12,299,560
Xenon Pharmaceuticals Inc.(a)		394,495		12,059,712
Y-mAbs Therapeutics Inc.(a)(b)		281,366		3,342,628
Zai Lab Ltd., ADR(a)		608,105		26,744,458
Zentalis Pharmaceuticals Inc.(a)(b)		325,536		15,020,231
Zymeworks Inc.(a)		451,806		2,959,329
				6,533,532,613

Security	Shares		Value
Health Care Equipment & Supplies — 0.8%
Meridian Bioscience Inc.(a)(b)		343,331	$	8,912,873
Novocure Ltd.(a)(b)		715,264		59,259,622
				68,172,495
Health Care Providers & Services — 0.4%
Castle Biosciences Inc.(a)(b)		182,941		8,206,733
Fulgent Genetics Inc.(a)(b)		165,834		10,349,700
Invitae Corp.(a)(b)		1,783,764		14,216,599
				32,773,032
Life Sciences Tools & Services — 20.8%
10X Genomics Inc., Class A(a)(b)		672,199		51,134,178
AbCellera Biologics Inc.(a)(b)		1,492,767		14,554,478
Absci Corp.(a)(b)		467,737		3,943,023
Adaptive Biotechnologies Corp.(a)(b)		1,118,009		15,517,965
Akoya Biosciences Inc.(a)(b)		127,094		1,396,763
Alpha Teknova Inc.(a)(b)		54,603		754,067
Berkeley Lights Inc.(a)(b)		413,279		2,938,414
Bio-Techne Corp.		310,454		134,439,000
Bruker Corp.(b)		825,961		53,109,292
Charles River Laboratories International Inc.(a)		399,547		113,459,362
Codex DNA Inc.(a)(b)		68,334		366,954
Codexis Inc.(a)(b)		503,692		10,386,129
Compugen Ltd.(a)(b)		624,048		2,009,435
Cytek Biosciences Inc.(a)(b)		603,947		6,510,549
Fluidigm Corp.(a)(b)		577,520		2,073,297
Harvard Bioscience Inc.(a)(b)		287,075		1,782,736
Illumina Inc.(a)		1,024,828		358,074,903
IQVIA Holdings Inc.(a)		1,454,497		336,294,251
Maravai LifeSciences Holdings Inc., Class A(a)(b)		875,328		30,872,818
MaxCyte Inc.(a)(b)		621,378		4,343,432
Medpace Holdings Inc.(a)(b)		233,044		38,123,668
Mettler-Toledo International Inc.(a)		179,743		246,821,290
NanoString Technologies Inc.(a)(b)		330,213		11,474,902
Nautilus Biotechnology Inc.(a)(b)		448,725		1,947,466
Olink Holding AB, ADR(a)(b)		758,966		13,403,340
Pacific Biosciences of California Inc.(a)(b)		1,689,784		15,377,034
Personalis Inc.(a)(b)		292,215		2,393,241
Quanterix Corp.(a)		265,794		7,758,527
Repligen Corp.(a)		411,137		77,330,758
Seer Inc., Class A(a)		264,519		4,031,270
Singular Genomics Systems Inc.(a)(b)		245,478		1,548,966
Stevanato Group SpA(a)(b)		263,364		5,298,884
Syneos Health Inc.(a)		831,260		67,290,497
Waters Corp.(a)		481,743		149,528,210
				1,786,289,099
Pharmaceuticals — 2.1%
Aclaris Therapeutics Inc.(a)(b)		373,128		6,432,727
Ampio Pharmaceuticals Inc.(a)(b)		1,668,488		784,189
Arvinas Inc.(a)(b)		353,961		23,821,575
ATAI Life Sciences NV(a)(b)		949,884		4,834,910
Atea Pharmaceuticals Inc.(a)		580,325		4,189,946
Athira Pharma Inc.(a)(b)		278,981		3,766,243
Axsome Therapeutics Inc.(a)(b)		235,295		9,738,860
Cara Therapeutics Inc.(a)(b)		353,310		4,292,716
Clearside Biomedical Inc.(a)(b)		374,413		857,406
Cymabay Therapeutics Inc.(a)(b)		649,911		2,021,223
Edgewise Therapeutics Inc.(a)(b)		191,857		1,861,013
Fulcrum Therapeutics Inc.(a)		238,321		5,636,292
Ikena Oncology Inc.(a)(b)		184,979		1,128,372
Intra-Cellular Therapies Inc.(a)(b)		672,816		41,169,611

20 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Biotechnology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
KemPharm Inc.(a)(b)		242,987	$	1,222,225
Landos Biopharma Inc.(a)(b)		269,343		397,281
Marinus Pharmaceuticals Inc.(a)(b)		256,061		2,394,170
Nektar Therapeutics(a)(b)		1,446,079		7,794,366
NGM Biopharmaceuticals Inc.(a)(b)		194,105		2,960,101
NRX Pharmaceuticals Inc.(a)(b)		205,872		504,386
Nuvation Bio Inc.(a)(b)		1,033,876		5,438,188
Phathom Pharmaceuticals Inc.(a)(b)		101,436		1,380,544
Pliant Therapeutics Inc.(a)		214,766		1,505,510
Provention Bio Inc.(a)(b)		432,049		3,162,599
Rain Therapeutics Inc.(a)		101,330		513,743
Rani Therapeutics Holdings Inc.(a)(b)		82,867		1,118,704
Reata Pharmaceuticals Inc., Class A(a)(b)		238,481		7,812,638
Redhill Biopharma Ltd., ADR (a)(b)		332,530		837,976
Relmada Therapeutics Inc.(a)(b)		192,511		5,195,872
Revance Therapeutics Inc.(a)(b)		536,309		10,458,025
Roivant Sciences Ltd.(a)(b)		2,647,908		13,080,666
Terns Pharmaceuticals Inc.(a)(b)		104,930		311,642
Theravance Biopharma Inc.(a)(b)		422,727		4,041,270
Tricida Inc.(a)(b)		189,965		1,561,512
Verrica Pharmaceuticals Inc.(a)(b)		122,626		994,497
WaVe Life Sciences Ltd.(a)(b)		401,748		803,496
				184,024,494
Total Common Stocks — 100.0% (Cost: $11,536,688,808)				8,604,791,733

Security	Shares		Value
Short-Term Investments
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		790,545,082	$	790,386,973
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		15,470,000		15,470,000
				805,856,973
Total Short-Term Investments — 9.3% (Cost: $805,768,700)				805,856,973
Total Investments in Securities — 109.3% (Cost: $12,342,457,508)				9,410,648,706
Other Assets, Less Liabilities — (9.3)%				(803,770,750	)
Net Assets — 100.0%			$	8,606,877,956

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,133,003,134	$	—	$	(342,025,883	)(a)	$	2,018	$	(592,296	)	$	790,386,973		790,545,082	$	3,405,195	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,820,000		—		(9,350,000	)(a)		—		—			15,470,000		15,470,000		2,492			—
								$	2,018	$	(592,296	)	$	805,856,973			$	3,407,687		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		5		06/17/22	$	691	$	6,335

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Biotechnology ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index		4		06/17/22	$	413	$	(190	)
							$	6,145

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,335
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	190

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	491,035
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	56,215

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,181,306

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.

22 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Biotechnology ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	8,604,789,841		$	—	$	1,892	$	8,604,791,733
Money Market Funds		805,856,973			—		—		805,856,973
	$	9,410,646,814		$	—	$	1,892	$	9,410,648,706
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,335		$	—	$	—	$	6,335
Liabilities
Futures Contracts		(190	)		—		—		(190	)
	$	6,145		$	—	$	—	$	6,145

^(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   O F   I N V E S T M E N T S 23

Schedule of Investments March 31, 2022 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 2.9%
ADTRAN Inc.		16,340	$	301,473
Arista Networks Inc.(a)		78,392		10,894,920
Calix Inc.(a)		19,161		822,199
Cambium Networks Corp.(a)		3,747		88,579
Ciena Corp.(a)		54,127		3,281,720
Cisco Systems Inc.		1,473,949		82,187,396
Clearfield Inc.(a)		3,845		250,771
CommScope Holding Co. Inc.(a)		70,394		554,705
Extreme Networks Inc.(a)		46,463		567,313
F5 Inc.(a)		21,227		4,435,382
Harmonic Inc.(a)		36,023		334,654
Infinera Corp.(a)		72,547		628,982
Juniper Networks Inc.		113,643		4,222,974
Lumentum Holdings Inc.(a)(b)		25,232		2,462,643
Motorola Solutions Inc.		59,026		14,296,097
NETGEAR Inc.(a)		8,949		220,861
NetScout Systems Inc.(a)		25,859		829,557
Plantronics Inc.(a)		14,552		573,349
Ribbon Communications Inc.(a)		42,437		131,130
Ubiquiti Inc.		2,112		614,930
Viasat Inc.(a)(b)		25,999		1,268,751
Viavi Solutions Inc.(a)		80,925		1,301,274
				130,269,660
Electronic Equipment, Instruments & Components — 2.8%
Advanced Energy Industries Inc.		13,164		1,133,157
Aeva Technologies Inc.(a)		30,567		132,355
Amphenol Corp., Class A		209,312		15,771,659
Arrow Electronics Inc.(a)		23,790		2,822,208
Avnet Inc.		34,676		1,407,499
Badger Meter Inc.		10,392		1,036,186
Belden Inc.		15,759		873,049
Benchmark Electronics Inc.		12,553		314,327
CDW Corp./DE		47,431		8,484,932
Celestica Inc.(a)(b)		37,368		445,053
Cognex Corp.		61,786		4,766,790
Coherent Inc.(a)		8,656		2,366,204
Corning Inc.		261,088		9,636,758
ePlus Inc.(a)		9,395		526,684
Fabrinet(a)		12,929		1,359,226
II-VI Inc.(a)(b)		37,161		2,693,801
Insight Enterprises Inc.(a)(b)		12,330		1,323,256
IPG Photonics Corp.(a)		12,482		1,370,024
Itron Inc.(a)		16,283		857,788
Jabil Inc.		50,143		3,095,327
Keysight Technologies Inc.(a)		63,970		10,105,341
Knowles Corp.(a)		31,852		685,774
Littelfuse Inc.		8,608		2,146,921
Methode Electronics Inc.		13,548		585,951
MicroVision Inc.(a)(b)		53,599		250,307
National Instruments Corp.		46,093		1,870,915
Novanta Inc.(a)(b)		12,442		1,770,372
OSI Systems Inc.(a)		5,722		487,057
PAR Technology Corp.(a)(b)		9,240		372,742
Plexus Corp.(a)		9,820		803,374
Rogers Corp.(a)		6,545		1,778,276
Sanmina Corp.(a)		22,165		895,909
TD SYNNEX Corp.		14,487		1,495,203
TE Connectivity Ltd.		113,783		14,903,297

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies Inc.(a)		16,306	$	7,706,705
Trimble Inc.(a)		87,721		6,328,193
TTM Technologies Inc.(a)		37,083		549,570
Velodyne Lidar Inc.(a)		33,037		84,575
Vishay Intertechnology Inc.		46,920		919,632
Vontier Corp.(b)		59,142		1,501,615
Zebra Technologies Corp., Class A(a)		18,550		7,674,135
				123,332,147
Entertainment — 2.3%
Activision Blizzard Inc.		272,264		21,811,069
Electronic Arts Inc.		98,281		12,433,529
Netflix Inc.(a)		155,153		58,118,762
Playtika Holding Corp.(a)		36,701		709,430
Skillz Inc.(a)(b)		85,432		256,296
Take-Two Interactive Software Inc.(a)		40,336		6,201,257
Zynga Inc., Class A(a)		371,370		3,431,459
				102,961,802
Interactive Media & Services — 13.5%
Alphabet Inc., Class A(a)		68,737		191,181,655
Alphabet Inc., Class C, NVS(a)		63,483		177,307,384
Bumble Inc., Class A(a)		25,597		741,801
Cargurus Inc.(a)		30,559		1,297,535
Eventbrite Inc., Class A(a)		25,411		375,321
fuboTV Inc.(a)(b)		53,754		353,164
IAC/InterActiveCorp.(a)(b)		29,278		2,935,998
Match Group Inc.(a)		98,930		10,757,648
Meta Platforms Inc, Class A(a)		807,051		179,455,860
Pinterest Inc., Class A(a)		199,026		4,898,030
Snap Inc., Class A, NVS(a)		378,196		13,611,274
TripAdvisor Inc.(a)		34,614		938,732
Twitter Inc.(a)		279,444		10,811,688
Vimeo Inc.(a)		56,073		666,147
Yelp Inc.(a)		23,760		810,454
Ziff Davis Inc.(a)		16,852		1,630,937
ZoomInfo Technologies Inc.(a)		105,687		6,313,741
				604,087,369
Internet & Direct Marketing Retail — 9.4%
Amazon.com Inc.(a)		119,337		389,032,653
Chewy Inc., Class A(a)(b)		31,200		1,272,336
ContextLogic Inc., Class A(a)(b)		112,220		252,495
DoorDash Inc., Class A(a)		56,625		6,635,884
eBay Inc.		218,772		12,526,885
Etsy Inc.(a)		44,307		5,506,474
Overstock.com Inc.(a)(b)		15,416		678,381
Porch Group Inc.(a)		25,447		176,729
Qurate Retail Inc., Series A		125,463		597,204
RealReal Inc. (The)(a)		27,233		197,712
Revolve Group Inc.(a)(b)		13,805		741,190
Shutterstock Inc.		8,228		765,862
Stitch Fix Inc., Class A(a)		27,871		280,661
Wayfair Inc., Class A(a)(b)		27,252		3,018,977
				421,683,443
IT Services — 16.2%
Accenture PLC, Class A		220,867		74,482,978
Affirm Holdings Inc.(a)(b)		56,691		2,623,660
Akamai Technologies Inc.(a)(b)		56,783		6,779,322
Alliance Data Systems Corp.		17,547		985,264
Automatic Data Processing Inc.		146,796		33,401,962
BigCommerce Holdings Inc., Series 1(a)		22,013		482,305

24 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Block Inc.(a)		175,119	$	23,746,136
Broadridge Financial Solutions Inc.		40,810		6,354,525
CGI Inc.(a)(b)		75,808		6,051,753
Cloudflare Inc., Class A(a)(b)		97,046		11,616,406
Cognizant Technology Solutions Corp., Class A		183,563		16,460,094
Concentrix Corp.		14,994		2,497,401
Conduent Inc.(a)		59,812		308,630
CSG Systems International Inc.		11,277		716,879
Cyxtera Technologies Inc.(a)		11,121		135,899
DXC Technology Co.(a)		85,087		2,776,389
EPAM Systems Inc.(a)		19,822		5,879,403
Euronet Worldwide Inc.(a)		18,471		2,404,001
EVERTEC Inc.		20,910		855,846
ExlService Holdings Inc.(a)		11,637		1,667,233
Fastly Inc., Class A(a)		38,577		670,468
Fidelity National Information Services Inc.		212,807		21,370,079
Fiserv Inc.(a)		207,660		21,056,724
FleetCor Technologies Inc.(a)		28,378		7,067,825
Gartner Inc.(a)		28,739		8,548,703
Genpact Ltd.		59,592		2,592,848
Global Payments Inc.		99,521		13,618,454
GoDaddy Inc., Class A(a)		58,325		4,881,803
Grid Dynamics Holdings Inc.(a)		15,299		215,410
International Business Machines Corp.		313,410		40,749,568
Jack Henry & Associates Inc.		25,451		5,015,120
Kyndryl Holdings Inc.(a)		63,917		838,591
LiveRamp Holdings Inc.(a)		23,796		889,732
Marqeta Inc., Class A(a)		82,047		905,799
Mastercard Inc., Class A		301,625		107,794,743
Maximus Inc.		21,641		1,621,993
MongoDB Inc.(a)		23,328		10,348,068
Okta Inc.(a)		51,907		7,835,881
Paychex Inc.		112,208		15,313,026
Payoneer Global Inc.(a)		64,764		288,847
PayPal Holdings Inc.(a)		407,156		47,087,591
Perficient Inc.(a)		11,646		1,282,108
Rackspace Technology Inc.(a)		21,033		234,728
Repay Holdings Corp.(a)(b)		25,399		375,143
Sabre Corp.(a)		113,210		1,293,990
Shift4 Payments Inc., Class A(a)(b)		18,000		1,114,740
Shopify Inc., Class A(a)(b)		39,836		26,927,543
Snowflake Inc., Class A(a)		82,418		18,884,436
SolarWinds Corp.		15,311		203,789
Squarespace Inc., Class A(a)		9,420		241,340
Switch Inc., Class A		46,195		1,423,730
TELUS International CDA Inc.(a)(b)		23,362		577,275
TTEC Holdings Inc.		6,235		514,512
Twilio Inc., Class A(a)		58,869		9,702,200
Unisys Corp.(a)		22,722		491,022
VeriSign Inc.(a)		33,772		7,512,919
Verra Mobility Corp.(a)		45,095		734,147
Visa Inc., Class A		579,605		128,539,001
Western Union Co. (The)		137,631		2,579,205
WEX Inc.(a)		15,663		2,795,062
				724,364,249
Life Sciences Tools & Services — 0.0%
Azenta Inc.		26,178		2,169,633
Semiconductors & Semiconductor Equipment — 19.7%
ACM Research Inc., Class A(a)		12,387		256,287

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Advanced Micro Devices Inc.(a)		571,323	$	62,468,457
Allegro MicroSystems Inc.(a)		20,094		570,670
Ambarella Inc.(a)		12,931		1,356,721
Amkor Technology Inc.		35,035		760,960
Analog Devices Inc.		183,608		30,328,369
Applied Materials Inc.		310,354		40,904,657
Axcelis Technologies Inc.(a)		11,741		886,798
Broadcom Inc.		144,289		90,855,898
Cirrus Logic Inc.(a)		20,020		1,697,496
CMC Materials Inc.		9,986		1,851,404
Cohu Inc.(a)		17,802		526,939
Diodes Inc.(a)		15,733		1,368,614
Enphase Energy Inc.(a)		46,810		9,445,322
Entegris Inc.		47,360		6,216,474
First Solar Inc.(a)		34,560		2,894,054
FormFactor Inc.(a)		27,513		1,156,371
Ichor Holdings Ltd.(a)		9,516		338,960
Impinj Inc.(a)		6,975		443,192
Intel Corp.		1,423,055		70,526,606
KLA Corp.		52,672		19,281,112
Kulicke & Soffa Industries Inc.		21,772		1,219,667
Lam Research Corp.		48,753		26,210,100
Lattice Semiconductor Corp.(a)		47,856		2,916,823
MACOM Technology Solutions Holdings Inc., Class H(a)		17,046		1,020,544
Marvell Technology Inc.		294,855		21,144,052
MaxLinear Inc.(a)		24,734		1,443,229
Microchip Technology Inc.		194,302		14,599,852
Micron Technology Inc.		391,333		30,480,927
MKS Instruments Inc.		19,381		2,907,150
Monolithic Power Systems Inc.		15,143		7,354,652
NVIDIA Corp.		873,687		238,394,235
NXP Semiconductors NV		92,936		17,200,595
ON Semiconductor Corp.(a)		150,568		9,427,063
Onto Innovation Inc.(a)(b)		17,223		1,496,506
Power Integrations Inc.		20,955		1,942,109
Qorvo Inc.(a)		37,897		4,703,018
QUALCOMM Inc.		393,849		60,188,004
Rambus Inc.(a)		38,238		1,219,410
Semtech Corp.(a)		22,518		1,561,398
Silicon Laboratories Inc.(a)(b)		13,457		2,021,241
SiTime Corp.(a)		5,239		1,298,329
Skyworks Solutions Inc.		57,317		7,639,210
SolarEdge Technologies Inc.(a)		18,353		5,916,457
SunPower Corp.(a)		29,432		632,199
Synaptics Inc.(a)		13,813		2,755,694
Teradyne Inc.		56,967		6,735,208
Texas Instruments Inc.		322,756		59,219,271
Ultra Clean Holdings Inc.(a)		15,836		671,288
Universal Display Corp.		15,153		2,529,793
Wolfspeed Inc.(a)		43,175		4,915,906
				883,899,291
Software — 23.4%
8x8 Inc.(a)		41,344		520,521
ACI Worldwide Inc.(a)		41,228		1,298,270
Adobe Inc.(a)		164,854		75,110,780
Alarm.com Holdings Inc.(a)		16,341		1,086,023
Altair Engineering Inc., Class A(a)		17,751		1,143,164
Alteryx Inc., Class A(a)		20,859		1,492,044
Anaplan Inc.(a)		51,601		3,356,645
ANSYS Inc.(a)		30,493		9,686,101

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Appfolio Inc., Class A(a)		6,784	$	768,017
Appian Corp.(a)		14,170		861,819
Asana Inc., Class A(a)		29,017		1,159,810
Aspen Technology Inc.(a)		23,297		3,852,625
Autodesk Inc.(a)		76,875		16,478,156
Avalara Inc.(a)		30,374		3,022,517
Avaya Holdings Corp.(a)		28,444		360,385
Bentley Systems Inc., Class B(b)		64,341		2,842,585
Bill.com Holdings Inc.(a)(b)		32,216		7,306,267
Black Knight Inc.(a)		54,277		3,147,523
Blackbaud Inc.(a)		15,622		935,289
BlackBerry Ltd.(a)		180,768		1,348,529
Blackline Inc.(a)(b)		18,655		1,365,919
Bottomline Technologies DE Inc.(a)		13,316		754,751
Box Inc., Class A(a)		51,910		1,508,505
BTRS Holdings Inc.(a)		28,356		212,103
C3.ai Inc., Class A(a)		25,790		585,433
Cadence Design Systems Inc.(a)		96,853		15,928,444
CDK Global Inc.		40,815		1,986,874
Cerence Inc.(a)		13,970		504,317
Ceridian HCM Holding Inc.(a)		47,805		3,267,950
Citrix Systems Inc.		43,587		4,397,928
CommVault Systems Inc.(a)		15,947		1,058,083
Confluent Inc., Class A(a)		21,825		894,825
Consensus Cloud Solutions Inc.(a)		5,398		324,582
Coupa Software Inc.(a)		26,098		2,652,340
Crowdstrike Holdings Inc., Class A(a)		72,760		16,522,341
CS Disco Inc.(a)(b)		4,219		143,319
Datadog Inc., Class A(a)		89,883		13,614,578
Descartes Systems Group Inc. (The)(a)(b)		29,581		2,167,104
Digital Turbine Inc.(a)		30,834		1,350,838
Docebo Inc.(a)(b)		4,474		231,843
DocuSign Inc.(a)		69,150		7,407,348
Dolby Laboratories Inc., Class A		22,970		1,796,713
Domo Inc., Class B(a)		10,587		535,385
Dropbox Inc., Class A(a)		98,641		2,293,403
Duck Creek Technologies Inc.(a)		27,537		609,118
Dynatrace Inc.(a)		68,905		3,245,426
E2open Parent Holdings Inc.(a)		63,270		557,409
Elastic NV(a)		25,463		2,264,934
Envestnet Inc.(a)		13,228		984,692
Everbridge Inc.(a)		13,917		607,338
Fair Isaac Corp.(a)		9,188		4,285,835
Five9 Inc.(a)		23,782		2,625,533
Fortinet Inc.(a)		47,425		16,207,020
Guidewire Software Inc.(a)		29,115		2,754,861
HubSpot Inc.(a)		15,687		7,450,384
InterDigital Inc.		10,873		693,697
Intuit Inc.		98,959		47,583,446
Jamf Holding Corp.(a)(b)		19,591		681,963
Lightspeed Commerce Inc.(a)(b)		46,673		1,422,126
LivePerson Inc.(a)		23,790		580,952
Mandiant Inc.(a)		83,869		1,871,117
Manhattan Associates Inc.(a)		22,074		3,061,885
Marathon Digital Holdings Inc.(a)		35,862		1,002,343
Matterport Inc, Class A(a)(b)		67,571		548,677
Microsoft Corp.		1,227,061		378,315,177
MicroStrategy Inc., Class A(a)(b)		3,256		1,583,458
Mimecast Ltd.(a)		21,757		1,730,987
Momentive Global Inc.(a)		46,157		750,513

Security	Shares		Value
Software (continued)
N-able Inc.(a)(b)		22,932	$	208,681
nCino Inc.(a)(b)		20,034		820,993
NCR Corp.(a)		46,130		1,853,965
New Relic Inc.(a)		20,812		1,391,907
NortonLifeLock Inc.		203,347		5,392,762
Nutanix Inc., Class A(a)		75,033		2,012,385
Open Text Corp.		94,713		4,015,831
Oracle Corp.		550,675		45,557,343
PagerDuty Inc.(a)(b)		26,741		914,275
Palantir Technologies Inc., Class A(a)(b)		559,696		7,684,626
Palo Alto Networks Inc.(a)		34,479		21,463,522
Paycom Software Inc.(a)		16,828		5,828,883
Paylocity Holding Corp.(a)		13,866		2,853,207
Pegasystems Inc.		14,272		1,151,037
Ping Identity Holding Corp.(a)		21,928		601,485
Progress Software Corp.		15,438		726,975
PROS Holdings Inc.(a)		14,709		489,957
PTC Inc.(a)		36,784		3,962,373
Q2 Holdings Inc.(a)		19,857		1,224,184
Qualtrics International Inc., Class A(a)		33,459		955,254
Qualys Inc.(a)		11,669		1,661,782
Rapid7 Inc.(a)		19,977		2,222,241
RingCentral Inc., Class A(a)		28,696		3,363,458
Riot Blockchain Inc.(a)		35,018		741,331
SailPoint Technologies Holdings Inc.(a)(b)		32,593		1,668,110
salesforce.com Inc.(a)		344,224		73,085,640
SentinelOne Inc., Class A(a)		46,876		1,815,976
ServiceNow Inc.(a)		69,895		38,923,827
Smartsheet Inc., Class A(a)		44,296		2,426,535
Splunk Inc.(a)		55,495		8,247,112
Sprout Social Inc., Class A(a)		15,926		1,275,991
SPS Commerce Inc.(a)		12,567		1,648,790
SS&C Technologies Holdings Inc.		77,310		5,799,796
Sumo Logic Inc.(a)		33,862		395,170
Synopsys Inc.(a)		53,621		17,870,271
Telos Corp.(a)		17,808		177,546
Tenable Holdings Inc.(a)		32,355		1,869,795
Teradata Corp.(a)		37,918		1,868,978
Trade Desk Inc. (The), Class A(a)		152,399		10,553,631
Tyler Technologies Inc.(a)		14,320		6,370,825
UiPath Inc., Class A(a)		92,833		2,004,264
Unity Software Inc.(a)		57,256		5,680,368
Varonis Systems Inc.(a)(b)		37,574		1,786,268
Verint Systems Inc.(a)		23,177		1,198,251
VMware Inc., Class A		70,514		8,029,429
Vonage Holdings Corp.(a)		88,235		1,790,288
Workday Inc., Class A(a)		67,445		16,150,380
Workiva Inc.(a)		15,779		1,861,922
Xperi Holding Corp.		37,832		655,250
Yext Inc.(a)		38,378		264,424
Zendesk Inc.(a)		42,494		5,111,603
Zoom Video Communications Inc., Class A(a)		76,189		8,931,636
Zscaler Inc.(a)(b)		27,904		6,732,677
Zuora Inc., Class A(a)(b)		41,329		619,108
				1,050,613,205
Technology Hardware, Storage & Peripherals — 9.8%
3D Systems Corp.(a)		44,721		745,946
Apple Inc.		2,211,281		386,111,775
Avid Technology Inc.(a)		11,945		416,522
Corsair Gaming Inc.(a)(b)		11,091		234,686

26 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Expanded Tech Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Dell Technologies Inc., Class C(a)		101,343	$	5,086,405
Hewlett Packard Enterprise Co.		452,049		7,553,739
HP Inc.		378,485		13,739,005
NetApp Inc.		77,682		6,447,606
Pure Storage Inc., Class A(a)		95,242		3,362,995
Seagate Technology Holdings PLC		70,385		6,327,612
Super Micro Computer Inc.(a)		15,495		589,895
Western Digital Corp.(a)		109,353		5,429,376
Xerox Holdings Corp.		42,916		865,616
				436,911,178
Total Common Stocks — 100.0% (Cost: $3,159,644,495)				4,480,291,977
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		66,317,831		66,304,568

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,479,000	$	1,479,000
				67,783,568
Total Short-Term Investments — 1.5% (Cost: $67,760,591)				67,783,568
Total Investments in Securities — 101.5% (Cost: $3,227,405,086)				4,548,075,545
Other Assets, Less Liabilities — (1.5)%				(67,096,447	)
Net Assets — 100.0%			$	4,480,979,098

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,347,251	$	23,041,966	(a)	$	—		$	(71,288	)	$	(13,361	)	$	66,304,568		66,317,831	$	166,170	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,339,000		—			(860,000	)(a)		—			—			1,479,000		1,479,000		943			—
									$	(71,288	)	$	(13,361	)	$	67,783,568			$	167,113		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini S&P Communication Services Select Sector Index		2		06/17/22	$	180	$	9,069
E-Mini Technology Select Sector Index		3		06/17/22		481		38,783
							$	47,852

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Expanded Tech Sector ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	47,852

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(397,686	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	49,681

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,525,216

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
Investments
Assets
Common Stocks	$	4,480,291,977	$	—	$	—	$	4,480,291,977
Money Market Funds		67,783,568		—		—		67,783,568
	$	4,548,075,545	$	—	$	—	$	4,548,075,545
Derivative financial instruments(a)
Assets
Futures Contracts	$	47,852	$	—	$	—	$	47,852

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

See notes to financial statements.

28 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Expanded Tech-Software Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Application Software — 60.4%
8x8 Inc.(a)		288,110	$	3,627,305
ACI Worldwide Inc.(a)		286,013		9,006,549
Adobe Inc.(a)		974,759		444,119,696
Alarm.com Holdings Inc.(a)		112,102		7,450,299
Altair Engineering Inc., Class A(a)(b)		123,606		7,960,226
Alteryx Inc., Class A(a)(b)		145,236		10,388,731
Anaplan Inc.(a)		358,461		23,317,888
ANSYS Inc.(a)(b)		211,889		67,306,541
Appfolio Inc., Class A(a)(b)		46,813		5,299,700
Asana Inc., Class A(a)(b)		201,890		8,069,543
Aspen Technology Inc.(a)(b)		162,030		26,794,901
Autodesk Inc.(a)		534,171		114,499,554
Avalara Inc.(a)(b)		211,270		21,023,478
Avaya Holdings Corp.(a)(b)		206,306		2,613,897
Bentley Systems Inc., Class B		447,517		19,771,301
Bill.com Holdings Inc.(a)(b)		223,784		50,751,973
Black Knight Inc.(a)		377,440		21,887,746
Blackbaud Inc.(a)(b)		108,516		6,496,853
Blackline Inc.(a)(b)		129,862		9,508,496
Bottomline Technologies DE Inc.(a)(b)		94,221		5,340,446
Box Inc., Class A(a)(b)		361,093		10,493,363
BTRS Holdings Inc.(a)(b)		186,544		1,395,349
C3.ai Inc., Class A(a)(b)		174,619		3,963,851
Cadence Design Systems Inc.(a)		673,009		110,683,060
CDK Global Inc.		283,758		13,813,339
Cerence Inc.(a)		95,958		3,464,084
Ceridian HCM Holding Inc.(a)(b)		332,147		22,705,569
Citrix Systems Inc.		303,032		30,575,929
Confluent Inc., Class A(a)(b)		149,122		6,114,002
Consensus Cloud Solutions Inc.(a)(b)		38,680		2,325,828
Coupa Software Inc.(a)		181,299		18,425,417
CS Disco Inc.(a)(b)		32,436		1,101,851
Datadog Inc., Class A(a)(b)		624,570		94,603,618
Descartes Systems Group Inc. (The)(a)(b)		205,557		15,059,106
Digital Turbine Inc.(a)		214,666		9,404,518
Docebo Inc.(a)(b)		32,742		1,696,690
DocuSign Inc.(a)		480,418		51,462,376
Domo Inc., Class B(a)		71,797		3,630,774
Dropbox Inc., Class A(a)(b)		686,176		15,953,592
Duck Creek Technologies Inc.(a)		183,726		4,064,019
Dynatrace Inc.(a)		479,125		22,566,788
E2open Parent Holdings Inc.(a)(b)		431,849		3,804,590
Elastic NV(a)(b)		177,297		15,770,568
Envestnet Inc.(a)		109,005		8,114,332
Everbridge Inc.(a)		96,667		4,218,548
Fair Isaac Corp.(a)(b)		63,920		29,816,123
Five9 Inc.(a)(b)		165,422		18,262,589
Guidewire Software Inc.(a)(b)		202,493		19,159,888
HubSpot Inc.(a)(b)		109,007		51,771,785
InterDigital Inc.		74,759		4,769,624
Intuit Inc.		687,645		330,647,222
Jamf Holding Corp.(a)(b)		132,975		4,628,860
Lightspeed Commerce Inc.(a)(b)		324,305		9,881,573
LivePerson Inc.(a)		165,167		4,033,378
Manhattan Associates Inc.(a)		153,499		21,291,846
Marathon Digital Holdings Inc.(a)(b)		248,873		6,956,000
Matterport Inc, Class A(a)(b)		449,961		3,653,683
MicroStrategy Inc., Class A(a)(b)		22,589		10,985,483

Security	Shares		Value
Application Software (continued)
Mimecast Ltd.(a)		151,365	$	12,042,599
Momentive Global Inc.(a)		317,733		5,166,339
nCino Inc.(a)(b)		138,531		5,677,000
NCR Corp.(a)		320,569		12,883,668
New Relic Inc.(a)(b)		145,133		9,706,495
Nutanix Inc., Class A(a)		522,777		14,020,879
Open Text Corp.		658,271		27,910,690
PagerDuty Inc.(a)(b)		185,808		6,352,776
Palantir Technologies Inc., Class A(a)(b)		3,889,164		53,398,222
Paycom Software Inc.(a)		116,921		40,499,096
Paylocity Holding Corp.(a)		96,438		19,844,047
Pegasystems Inc.		99,183		7,999,109
PROS Holdings Inc.(a)		97,865		3,259,883
PTC Inc.(a)		255,794		27,554,130
Q2 Holdings Inc.(a)		138,247		8,522,928
Qualtrics International Inc., Class A(a)		232,817		6,646,925
RingCentral Inc., Class A(a)		199,563		23,390,779
Riot Blockchain Inc.(a)(b)		241,753		5,117,911
salesforce.com Inc.(a)		2,138,150		453,972,008
Smartsheet Inc., Class A(a)		308,101		16,877,773
Splunk Inc.(a)		385,864		57,343,249
Sprout Social Inc., Class A(a)(b)		110,908		8,885,949
SPS Commerce Inc.(a)		87,467		11,475,670
SS&C Technologies Holdings Inc.		537,203		40,300,969
Sumo Logic Inc.(a)		220,295		2,570,843
Synopsys Inc.(a)		372,516		124,148,407
Trade Desk Inc. (The), Class A(a)(b)		1,058,961		73,333,049
Tyler Technologies Inc.(a)		99,505		44,268,780
Unity Software Inc.(a)		397,542		39,440,142
Verint Systems Inc.(a)		159,865		8,265,021
Vonage Holdings Corp.(a)		613,920		12,456,437
Workday Inc., Class A(a)		468,492		112,185,094
Workiva Inc.(a)(b)		109,646		12,938,228
Yext Inc.(a)(b)		285,035		1,963,891
Zendesk Inc.(a)(b)		295,223		35,512,375
Zoom Video Communications Inc., Class A(a)		529,304		62,050,308
				3,264,486,007
Interactive Home Entertainment — 5.6%
Activision Blizzard Inc.		1,891,849		151,556,023
Electronic Arts Inc.		683,066		86,414,680
Take-Two Interactive Software Inc.(a)(b)		280,273		43,089,171
Zynga Inc., Class A(a)		2,579,705		23,836,474
				304,896,348
Interactive Media & Services — 1.8%
Snap Inc., Class A, NVS(a)		2,627,001		94,545,766
Systems Software — 32.2%
Appian Corp.(a)(b)		96,705		5,881,598
BlackBerry Ltd.(a)(b)		1,255,823		9,368,440
CommVault Systems Inc.(a)		108,586		7,204,681
Crowdstrike Holdings Inc., Class A(a)		505,379		114,761,463
Dolby Laboratories Inc., Class A		159,808		12,500,182
Fortinet Inc.(a)		329,537		112,615,974
Mandiant Inc.(a)		583,517		13,018,264
Microsoft Corp.		1,498,826		462,103,044
N-able Inc.(a)(b)		165,311		1,504,330
NortonLifeLock Inc.		1,412,982		37,472,283
Oracle Corp.		3,829,669		316,828,516
Palo Alto Networks Inc.(a)(b)		239,538		149,114,800
Ping Identity Holding Corp.(a)(b)		146,979		4,031,634

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

Schedule of Investments   (continued) March 31, 2022 iShares^® Expanded Tech-Software Sector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Systems Software (continued)
Progress Software Corp.		107,288	$	5,052,192
Qualys Inc.(a)(b)		81,084		11,547,172
Rapid7 Inc.(a)(b)		139,104		15,473,929
SailPoint Technologies Holdings Inc.(a)(b)		226,861		11,610,746
SentinelOne Inc., Class A(a)		318,271		12,329,819
ServiceNow Inc.(a)		485,576		270,412,419
Telos Corp.(a)(b)		128,273		1,278,882
Tenable Holdings Inc.(a)(b)		224,816		12,992,117
Teradata Corp.(a)		263,490		12,987,422
UiPath Inc., Class A(a)(b)		645,075		13,927,169
Varonis Systems Inc.(a)(b)		261,066		12,411,078
VMware Inc., Class A		489,962		55,791,973
Xperi Holding Corp.		253,836		4,396,439
Zscaler Inc.(a)(b)		193,828		46,766,820
Zuora Inc., Class A(a)(b)		286,055		4,285,104
				1,737,668,490
Total Common Stocks — 100.0% (Cost: $6,906,620,583)				5,401,596,611
Short-Term Investments
Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		224,884,139		224,839,162

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		3,730,000	$	3,730,000
				228,569,162
Total Short -Term Investments — 4.2% (Cost: $228,529,237)				228,569,162
Total Investments in Securities — 104.2% (Cost: $7,135,149,820)				5,630,165,773
Other Assets, Less Liabilities — (4.2)%				(226,775,289	)
Net Assets — 100.0%			$	5,403,390,484

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	224,544,053		$507,647	(a)	$	—		$	(105,340	)	$	(107,198	)	$	224,839,162		224,884,139	$	738,504	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,920,000		—			(1,190,000	)(a)		—			—			3,730,000		3,730,000		1,407			—
									$	(105,340	)	$	(107,198	)	$	228,569,162			$	739,911		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		9		06/17/22	$	1,442	$	116,349
Russell 2000 E-Mini Index		3		06/17/22		310		8,901
							$	125,250

30 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Expanded Tech-Software Sector ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	125,250

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,199,308
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	139,170

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,745,837

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
Investments
Assets
Common Stocks	$	5,401,596,611	$	—	$	—	$	5,401,596,611
Money Market Funds		228,569,162		—		—		228,569,162
	$	5,630,165,773	$	—	$	—	$	5,630,165,773
Derivative financial instruments(a)
Assets
Futures Contracts	$	125,250	$	—	$	—	$	125,250

^(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   O F   I N V E S T M E N T S 31

Schedule of Investments   March 31, 2022 iShares^® North American Natural Resources ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Construction Materials — 2.4%
Eagle Materials Inc.		15,513	$	1,991,249
Martin Marietta Materials Inc.		24,531		9,441,737
Summit Materials Inc., Class A(a)		46,504		1,444,414
Vulcan Materials Co.		52,179		9,585,282
				22,462,682
Containers & Packaging — 7.0%
Amcor PLC		595,354		6,745,361
AptarGroup Inc.		25,849		3,037,258
Avery Dennison Corp.		32,575		5,667,073
Ball Corp.		127,352		11,461,680
Berry Global Group Inc.(a)		53,140		3,079,994
Crown Holdings Inc.		49,610		6,205,715
Graphic Packaging Holding Co.		110,966		2,223,759
Greif Inc., Class A, NVS		10,473		681,373
International Paper Co.		152,300		7,028,645
O-I Glass Inc.(a)		61,420		809,516
Packaging Corp. of America		37,368		5,833,518
Pactiv Evergreen Inc.		16,330		164,280
Ranpak Holdings Corp.(a)		15,796		322,712
Sealed Air Corp.		58,326		3,905,509
Silgan Holdings Inc.		32,914		1,521,614
Sonoco Products Co.		38,620		2,416,067
Westrock Co.		103,578		4,871,273
				65,975,347
Energy Equipment & Services — 6.1%
Baker Hughes Co.		356,099		12,965,565
ChampionX Corp.(a)		79,359		1,942,708
Halliburton Co.		353,306		13,379,698
Helmerich & Payne Inc.		41,421		1,771,990
Liberty Oilfield Services Inc., Class A(a)		41,511		615,193
NOV Inc.		154,224		3,024,333
Schlumberger NV		551,796		22,794,693
TechnipFMC PLC(a)		167,195		1,295,761
				57,789,941
Metals & Mining — 15.2%
Agnico Eagle Mines Ltd.		178,810		10,950,324
Alamos Gold Inc., Class A		153,518		1,292,622
Alcoa Corp.		72,407		6,518,802
Arconic Corp.(a)		42,016		1,076,450
B2Gold Corp.		414,854		1,904,180
Barrick Gold Corp.		699,615		17,161,556
Coeur Mining Inc.(a)		101,407		451,261
Compass Minerals International Inc.		13,444		844,149
Equinox Gold Corp.(a)(b)		109,689		907,128
First Majestic Silver Corp.(b)		89,296		1,175,135
Franco-Nevada Corp.		75,229		12,000,530
Freeport-McMoRan Inc.		577,224		28,711,122
Hecla Mining Co.		210,986		1,386,178
Kinross Gold Corp.(b)		514,320		3,024,202
Lithium Americas Corp.(a)(b)		41,490		1,596,950
MP Materials Corp.(a)		29,467		1,689,638
Newmont Corp.		313,542		24,910,912
NovaGold Resources Inc.(a)		95,902		741,322
Pan American Silver Corp.		82,656		2,256,509
Royal Gold Inc.		25,776		3,641,633
SSR Mining Inc.(b)		83,174		1,809,035
Teck Resources Ltd., Class B		184,259		7,442,221
Turquoise Hill Resources Ltd.(a)(b)		38,905		1,168,706

Security	Shares		Value
Metals & Mining (continued)
Wheaton Precious Metals Corp.(b)		177,280	$	8,434,982
Yamana Gold Inc.		376,974		2,103,515
				143,199,062
Oil, Gas & Consumable Fuels — 68.5%
Antero Midstream Corp.		128,089		1,392,327
Antero Resources Corp.(a)		112,205		3,425,619
APA Corp.		142,912		5,906,553
California Resources Corp.		31,531		1,410,382
Cameco Corp.(b)		156,767		4,561,920
Canadian Natural Resources Ltd.		458,988		28,448,076
Cenovus Energy Inc.		495,728		8,268,743
Cheniere Energy Inc.		92,730		12,857,014
Chesapeake Energy Corp.		40,937		3,561,519
Chevron Corp.		542,117		88,272,911
Civitas Resources Inc.		28,276		1,688,360
CNX Resources Corp.(a)(b)		79,467		1,646,556
ConocoPhillips		417,892		41,789,200
Continental Resources Inc./OK		22,930		1,406,297
Coterra Energy Inc.		319,892		8,627,487
Crescent Point Energy Corp.		215,078		1,559,315
CVR Energy Inc.		11,624		296,877
Denbury Inc.(a)		19,654		1,544,215
Devon Energy Corp.		247,558		14,638,105
Diamondback Energy Inc.		66,965		9,179,562
DTE Midstream LLC(a)		37,997		2,061,717
Enbridge Inc.		796,671		36,718,566
Enerplus Corp.		96,547		1,226,147
EOG Resources Inc.		230,050		27,428,861
EQT Corp.		118,421		4,074,867
Equitrans Midstream Corp.		160,421		1,353,953
Exxon Mobil Corp.		1,084,874		89,599,744
Hess Corp.		108,383		11,601,316
HF Sinclair Corp.		58,773		2,342,104
Kinder Morgan Inc.		766,736		14,498,978
Magnolia Oil & Gas Corp., Class A		57,725		1,365,196
Marathon Oil Corp.		306,145		7,687,301
Marathon Petroleum Corp.		227,656		19,464,588
Matador Resources Co.		43,320		2,295,094
Murphy Oil Corp.		57,023		2,303,159
New Fortress Energy Inc.		16,326		695,651
Occidental Petroleum Corp.		348,871		19,794,941
ONEOK Inc.		175,339		12,384,194
Ovintiv Inc.		102,716		5,553,854
PDC Energy Inc.		38,247		2,779,792
Pembina Pipeline Corp.		216,283		8,132,241
Phillips 66		183,953		15,891,700
Pioneer Natural Resources Co.		89,269		22,319,928
Range Resources Corp.(a)		98,113		2,980,673
Renewable Energy Group Inc.(a)		19,787		1,200,082
SM Energy Co.		47,693		1,857,642
Southwestern Energy Co.(a)		438,766		3,145,952
Suncor Energy Inc.		566,931		18,476,281
Targa Resources Corp.		90,056		6,796,526
TC Energy Corp.		385,648		21,758,260
Texas Pacific Land Corp.		2,432		3,288,332
Valero Energy Corp.		160,708		16,318,290
Whiting Petroleum Corp.		15,440		1,258,514
Williams Companies Inc. (The)		477,736		15,961,160

32 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® North American Natural Resources ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
World Fuel Services Corp.		24,923	$	673,918
				645,770,560
Paper & Forest Products — 0.6%
Louisiana-Pacific Corp.		34,557		2,146,681
West Fraser Timber Co. Ltd.		37,856		3,120,470
				5,267,151
Total Common Stocks — 99.8% (Cost: $833,145,632)				940,464,743
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		7,686,746		7,685,209
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		1,640,000		1,640,000
				9,325,209
Total Short-Term Investments — 1.0% (Cost: $9,323,985)				9,325,209
Total Investments in Securities — 100.8% (Cost: $842,469,617)				949,789,952
Other Assets, Less Liabilities — (0.8)%				(7,648,234	)
Net Assets — 100.0%			$	942,141,718

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,673,173	$	4,027,438	(a)	$	—	$	(15,219	)	$	(183	)	$	7,685,209		7,686,746	$	23,307	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		648,000		992,000	(a)		—		—			—			1,640,000		1,640,000		393			—
								$	(15,219	)	$	(183	)	$	9,325,209			$	23,700		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		15		06/17/22	$	1,196	$	19,998

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments   (continued) March 31, 2022 iShares^® North American Natural Resources ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
E-mini Materials Select Sector Index		3		06/17/22	$	279	$	(2,827	)
							$	17,171

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	19,998
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,827

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	548,844
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	57,336

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	955,730

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.

34 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® North American Natural Resources ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	940,464,743		$	—	$	—	$	940,464,743
Money Market Funds		9,325,209			—		—		9,325,209
	$	949,789,952		$	—	$	—	$	949,789,952
Derivative financial instruments(a)
Assets
Futures Contracts	$	19,998		$	—	$	—	$	19,998
Liabilities
Futures Contracts		(2,827	)		—		—		(2,827	)
	$	17,171		$	—	$	—	$	17,171

^(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   O F   I N V E S T M E N T S 35

Schedule of Investments March 31, 2022 iShares^® North American Tech-Multimedia Networking ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 99.9%
ADTRAN Inc.		201,819	$	3,723,561
Arista Networks Inc.(a)		107,317		14,914,917
Calix Inc.(a)		146,689		6,294,425
Cambium Networks Corp.(a)(b)		46,052		1,088,669
Ciena Corp.(a)(b)		119,719		7,258,563
Cisco Systems Inc.		237,174		13,224,822
Clearfield Inc.(a)		46,925		3,060,449
CommScope Holding Co. Inc.(a)		840,588		6,623,833
Extreme Networks Inc.(a)		531,126		6,485,048
F5 Inc.(a)		66,012		13,793,207
Harmonic Inc.(a)(b)		423,212		3,931,639
Infinera Corp.(a)(b)		838,766		7,272,101
Juniper Networks Inc.		390,249		14,501,653
Lumentum Holdings Inc.(a)(b)		73,499		7,173,502
Motorola Solutions Inc.		58,368		14,136,730
NETGEAR Inc.(a)(b)		120,293		2,968,831
NetScout Systems Inc.(a)		222,819		7,148,034
Plantronics Inc.(a)		175,844		6,928,254
Ribbon Communications Inc.(a)		494,846		1,529,074
Ubiquiti Inc.(b)		25,293		7,364,310
Viasat Inc.(a)(b)		134,041		6,541,201
Viavi Solutions Inc.(a)(b)		429,881		6,912,487
				162,875,310
Total Common Stocks — 99.9% (Cost: $161,143,727)				162,875,310

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		4,451,918	$	4,451,027
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		110,000		110,000
				4,561,027
Total Short -Term Investments — 2.8% (Cost: $4,560,371)				4,561,027
Total Investments in Securities — 102.7% (Cost: $165,704,098)				167,436,337
Other Assets, Less Liabilities — (2.7)%				(4,463,955	)
Net Assets — 100.0%			$	162,972,382

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,333,755	$	—		$	(7,878,389	)(a)	$	(3,589	)	$	(750	)	$	4,451,027		4,451,918	$	12,516	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		10,000	(a)		—			—			—			110,000		110,000		33			—
									$	(3,589	)	$	(750	)	$	4,561,027			$	12,549		$	—

^(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.

36 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® North American Tech-Multimedia Networking ETF

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		1		06/17/22	$	103	$	2,967

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,967

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(15,819	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,967

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	65,100

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
Investments
Assets
Common Stocks	$	162,875,310	$	—	$	—	$	162,875,310
Money Market Funds		4,561,027		—		—		4,561,027
	$	167,436,337	$	—	$	—	$	167,436,337
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,967	$	—	$	—	$	2,967

^(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   O F   I N V E S T M E N T S 37

Schedule of Investments March 31, 2022 iShares^® Semiconductor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Semiconductor Equipment — 20.5%
Applied Materials Inc.		2,654,533	$	349,867,450
ASML Holding NV(a)		493,456		329,594,066
Entegris Inc.(b)		1,305,843		171,404,952
KLA Corp.		1,022,205		374,188,362
Lam Research Corp.		634,612		341,173,758
MKS Instruments Inc.		535,255		80,288,250
Teradyne Inc.		1,569,497		185,561,630
				1,832,078,468
Semiconductors — 79.3%
Advanced Micro Devices Inc.(c)		5,776,527		631,605,462
Analog Devices Inc.		2,222,461		367,106,108
ASE Technology Holding Co. Ltd., ADR		6,610,643		46,869,459
Broadcom Inc.		1,212,851		763,708,018
Intel Corp.		11,155,041		552,843,832
Lattice Semiconductor Corp.(c)		1,320,996		80,514,706
Marvell Technology Inc.		5,213,498		373,859,942
Microchip Technology Inc.		5,065,238		380,601,983
Micron Technology Inc.		4,008,984		312,259,764
Monolithic Power Systems Inc.		420,573		204,263,895
NVIDIA Corp.		2,921,783		797,237,709
NXP Semiconductors NV		1,873,755		346,794,575
ON Semiconductor Corp.(c)		4,134,299		258,848,460
Qorvo Inc.(c)		1,046,015		129,810,461
QUALCOMM Inc.		3,093,758		472,788,097
Skyworks Solutions Inc.		1,585,102		211,262,395
STMicroelectronics NV., ADR(b)		2,730,427		118,009,055
Synaptics Inc.(b)(c)		376,822		75,175,989
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,073,485		320,441,546
Texas Instruments Inc.		2,095,645		384,508,945
United Microelectronics Corp., ADR(b)		7,486,499		68,276,871

Security	Shares		Value
Semiconductors (continued)
Universal Display Corp.		429,982	$	71,785,495
Wolfspeed Inc.(b)(c)		1,189,958		135,488,618
				7,104,061,385
Total Common Stocks — 99.8% (Cost: $9,091,545,714)				8,936,139,853
Short-Term Investments
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(e)(f)		186,661,038		186,623,706
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(d)(e)		15,210,000		15,210,000
				201,833,706
Total Short -Term Investments — 2.3% (Cost: $201,812,434)				201,833,706
Total Investments in Securities — 102.1% (Cost: $9,293,358,148)				9,137,973,559
Other Assets, Less Liabilities — (2.1)%				(185,124,802	)
Net Assets — 100.0%			$	8,952,848,757

^(a)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)  All or a portion of this security is on loan.

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,454,684	$	153,312,942	(a)	$	—	$	(136,626	)	$	(7,294	)	$	186,623,706		186,661,038	$	583,403	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,855,000		5,355,000	(a)		—		—			—			15,210,000		15,210,000		2,900			—
								$	(136,626	)	$	(7,294	)	$	201,833,706			$	586,303		$	—

^(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.

38 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Semiconductor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		76		06/17/22	$	12,181	$	751,245
Russell 2000 E-Mini Index		38		06/17/22		3,926		72,649
							$	823,894

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	823,894

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	871,200
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	898,798

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,280,625

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.

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments   (continued) March 31, 2022 iShares^® Semiconductor ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	8,936,139,853	$	—	$	—	$	8,936,139,853
Money Market Funds		201,833,706		—		—		201,833,706
	$	9,137,973,559	$	—	$	—	$	9,137,973,559
Derivative financial instruments(a)
Assets
Futures Contracts	$	823,894	$	—	$	—	$	823,894

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

40 2 0 2 2   I S H A R E S   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  

March 31, 2022

	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF		iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	8,604,791,733		$	4,480,291,977	$	5,401,596,611		$	940,464,743
Affiliated(c)		805,856,973			67,783,568		228,569,162			9,325,209
Cash		55,351			1,605		9,669			—
Cash pledged:
Futures contracts		718,000			43,000		110,000			118,000
Receivables:
Investments sold		1,847,256			—		—			—
Securities lending income — Affiliated		415,938			14,534		50,813			2,994
Capital shares sold		—			8,155		74,945			38,966
Dividends		1,517			581,620		3,915			839,088
Total assets		9,413,686,768			4,548,724,459		5,630,415,115			950,789,000
LIABILITIES
Bank overdraft		—			—		—			382,921
Collateral on securities loaned, at value		790,612,472			66,405,433		225,082,253			7,668,979
Payables:
Investments purchased		12,833,990			—		42,646			237,816
Variation margin on futures contracts		131,456			9,690		22,635			19,020
Capital shares redeemed		111,199			—		161,049			38,678
Investment advisory fees		3,119,695			1,330,238		1,716,048			299,868
Total liabilities		806,808,812			67,745,361		227,024,631			8,647,282
NET ASSETS	$	8,606,877,956		$	4,480,979,098	$	5,403,390,484		$	942,141,718
NET ASSETS CONSIST OF:
Paid-in capital	$	13,758,550,203		$	3,182,207,234	$	7,097,978,300		$	1,337,510,644
Accumulated earnings (loss)		(5,151,672,247	)		1,298,771,864		(1,694,587,816	)		(395,368,926	)
NET ASSETS	$	8,606,877,956		$	4,480,979,098	$	5,403,390,484		$	942,141,718
Shares outstanding		66,100,000			11,550,000		15,700,000			23,300,000
Net asset value	$	130.21		$	387.96	$	344.16		$	40.44
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Securities loaned, at value	$	754,141,339		$	63,325,121	$	217,811,484		$	7,591,621
(b) Investments, at cost — Unaffiliated	$	11,536,688,808		$	3,159,644,495	$	6,906,620,583		$	833,145,632
(c)  Investments, at cost — Affiliated	$	805,768,700		$	67,760,591	$	228,529,237		$	9,323,985

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 41

Statements of Assets and Liabilities   (continued)

March 31, 2022

	iShares North American Tech-Multimedia Networking ETF			iShares Semiconductor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	162,875,310		$	8,936,139,853
Affiliated(c)		4,561,027			201,833,706
Cash		9,165			9,492
Cash pledged:
Futures contracts		7,000			998,000
Receivables:
Securities lending income — Affiliated		759			177,736
Capital shares sold		—			134,626
Dividends		51,837			3,648,014
Total assets		167,505,098			9,142,941,427
LIABILITIES
Collateral on securities loaned, at value		4,454,251			186,684,097
Payables:
Variation margin on futures contracts		1,109			205,360
Capital shares redeemed		18,599			227,089
Investment advisory fees		58,757			2,976,124
Total liabilities		4,532,716			190,092,670
NET ASSETS	$	162,972,382		$	8,952,848,757
NET ASSETS CONSIST OF:
Paid-in capital	$	232,636,771		$	9,375,284,910
Accumulated loss		(69,664,389	)		(422,436,153	)
NET ASSETS	$	162,972,382		$	8,952,848,757
Shares outstanding		2,200,000			18,950,000
Net asset value	$	74.08		$	472.45
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	4,304,334		$	177,824,746
(b) Investments, at cost — Unaffiliated	$	161,143,727		$	9,091,545,714
(c)  Investments, at cost — Affiliated	$	4,560,371		$	201,812,434

See notes to financial statements.

42 2 0 2 2   I S H A R E S   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 Operations   

Year Ended March 31, 2022

	iShares Biotechnology ETF			iShares Expanded Tech Sector ETF			iShares Expanded Tech-Software Sector ETF			iShares North American Natural Resources ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	61,933,703		$	20,317,081		$	13,212,817		$	17,318,982
Dividends — Affiliated		59,123			9,902			23,639			1,509
Securities lending income — Affiliated — net		3,348,564			157,211			716,272			22,191
Foreign taxes withheld		(610,163	)		(37,392	)		(80,205	)		(646,762	)
Total investment income		64,731,227			20,446,802			13,872,523			16,695,920
EXPENSES
Investment advisory fees		44,204,613			14,682,392			21,906,998			2,023,331
Professional fees		217			217			217			217
Total expenses		44,204,830			14,682,609			21,907,215			2,023,548
Net investment income (loss)		20,526,397			5,764,193			(8,034,692	)		14,672,372
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(792,662,943	)		3,939,330			(79,058,164	)		(19,042,590	)
Investments — Affiliated		2,018			(71,288	)		(105,340	)		(15,219	)
In-kind redemptions — Unaffiliated		1,414,179,983			348,521,599			1,323,410,904			13,464,642
Futures contracts		491,035			(397,686	)		1,199,308			548,844
Foreign currency transactions		—			—			—			3,138
Net realized gain (loss)		622,010,093			351,991,955			1,245,446,708			(5,041,185	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,958,210,197	)		(25,170,930	)		(1,376,865,169	)		222,115,917
Investments — Affiliated		(592,296	)		(13,361	)		(107,198	)		(183	)
Futures contracts		56,215			49,681			139,170			57,336
Foreign currency translations		—			—			—			1,910
Short sales — Unaffiliated		102			—			—			—
Net change in unrealized appreciation (depreciation)		(1,958,746,176	)		(25,134,610	)		(1,376,833,197	)		222,174,980
Net realized and unrealized gain (loss)		(1,336,736,083	)		326,857,345			(131,386,489	)		217,133,795
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,316,209,686	)	$	332,621,538		$	(139,421,181	)	$	231,806,167

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of Operations   (continued)

Year Ended March 31, 2022

	iShares North American Tech-Multimedia Networking ETF				iShares Semiconductor ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	743,758		$	92,914,581
Dividends — Affiliated			279			11,015
Securities lending income — Affiliated — net			12,270			575,288
Foreign taxes withheld			—			(2,543,337	)
Total investment income			756,307			90,957,547
EXPENSES
Investment advisory fees			490,208			31,481,764
Commitment fees			—			20,455
Professional fees			217			217
Total expenses			490,425			31,502,436
Net investment income			265,882			59,455,111
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(462,382	)		(184,675,826	)
Investments — Affiliated			(3,589	)		(136,626	)
In-kind redemptions — Unaffiliated			12,700,689			1,741,103,798
Futures contracts			(15,819	)		871,200
Net realized gain			12,218,899			1,557,162,546
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(2,029,391	)		(983,179,909	)
Investments — Affiliated			(750	)		(7,294	)
Futures contracts			2,967			898,798
Net change in unrealized appreciation (depreciation)			(2,027,174	)		(982,288,405	)
Net realized and unrealized gain			10,191,725			574,874,141
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	10,457,607		$	634,329,252

See notes to financial statements.

44 2 0 2 2   I S H A R E S   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 Biotechnology ETF						iShares Expanded Tech Sector ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,526,397		$	22,963,639		$	5,764,193		$	7,522,231
Net realized gain		622,010,093			1,573,276,301			351,991,955			155,422,525
Net change in unrealized appreciation (depreciation)		(1,958,746,176	)		1,144,045,717			(25,134,610	)		1,121,446,883
Net increase (decrease) in net assets resulting from operations		(1,316,209,686	)		2,740,285,657			332,621,538			1,284,391,639
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(20,365,764	)		(26,026,125	)		(6,535,033	)		(8,184,628	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		94,871,036			790,357,567			945,279,952			225,617,802
NET ASSETS
Total increase (decrease) in net assets		(1,241,704,414	)		3,504,617,099			1,271,366,457			1,501,824,813
Beginning of year		9,848,582,370			6,343,965,271			3,209,612,641			1,707,787,828
End of year	$	8,606,877,956		$	9,848,582,370		$	4,480,979,098		$	3,209,612,641

^(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 45

Statements of Changes in Net Assets (continued)

	iShares Expanded Tech-Software Sector ETF						iShares North American Natural Resources ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(8,034,692	)	$	(4,994,506	)	$	14,672,372		$	11,307,892
Net realized gain (loss)		1,245,446,708			1,924,332,673			(5,041,185	)		(57,251,765	)
Net change in unrealized appreciation (depreciation)		(1,376,833,197	)		248,277,573			222,174,980			227,665,109
Net increase (decrease) in net assets resulting from operations		(139,421,181	)		2,167,615,740			231,806,167			181,721,236
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,076,738	)		(15,154,197	)		(12,822,042	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		492,759,205			(147,637,588	)		328,467,837			(66,573,691	)
NET ASSETS
Total increase in net assets		353,338,024			2,018,901,414			545,119,807			102,325,503
Beginning of year		5,050,052,460			3,031,151,046			397,021,911			294,696,408
End of year	$	5,403,390,484		$	5,050,052,460		$	942,141,718		$	397,021,911

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

46 2 0 2 2   I S H A R E S   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 (continued)

	iShares North American Tech-Multimedia Networking ETF						iShares Semiconductor ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	265,882		$	295,055		$	59,455,111		$	40,983,638
Net realized gain (loss)		12,218,899			(288,243	)		1,557,162,546			1,417,069,739
Net change in unrealized appreciation (depreciation)		(2,027,174	)		23,978,068			(982,288,405	)		1,183,337,044
Net increase in net assets resulting from operations		10,457,607			23,984,880			634,329,252			2,641,390,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(284,071	)		(307,049	)		(61,257,081	)		(40,572,378	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		52,044,106			33,741,764			2,060,808,454			1,576,185,144
NET ASSETS
Total increase in net assets		62,217,642			57,419,595			2,633,880,625			4,177,003,187
Beginning of year		100,754,740			43,335,145			6,318,968,132			2,141,964,945
End of year	$	162,972,382		$	100,754,740		$	8,952,848,757		$	6,318,968,132

^(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 47

Financial Highlights

(For a share outstanding throughout each period)

	iShares Biotechnology ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18	(a)
Net asset value, beginning of year	$	150.36		$	107.98		$	111.78		$	106.73		$	97.75
Net investment income(b)		0.31			0.34			0.26			0.16			0.15
Net realized and unrealized gain (loss)(c)		(20.15	)		42.43			(3.80	)		5.08			9.05
Net increase (decrease) from investment operations		(19.84	)		42.77			(3.54	)		5.24			9.20
Distributions(d)
From net investment income		(0.31	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)
Total distributions		(0.31	)		(0.39	)		(0.26	)		(0.19	)		(0.22	)
Net asset value, end of year	$	130.21		$	150.36		$	107.98		$	111.78		$	106.73
Total Return(e)
Based on net asset value		(13.22	)%		39.63	%		(3.17	)%		4.92	%		9.41	%
Ratios to Average Net Assets(f)
Total expenses		0.44	%		0.45	%		0.46	%		0.47	%		0.47	%
Net investment income		0.21	%		0.24	%		0.24	%		0.15	%		0.14	%
Supplemental Data
Net assets, end of year (000)	$	8,606,878		$	9,848,582		$	6,343,965		$	8,026,142		$	9,040,121
Portfolio turnover rate(g)		46	%		34	%		29	%		18	%		26	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on November 30, 2017.

^(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

48 2 0 2 2   I S H A R E S   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 Expanded Tech Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18
Net asset value, beginning of year	$	360.63		$	212.15		$	206.22		$	179.48		$	138.39
Net investment income(a)		0.64			0.86			1.26			1.09			0.88
Net realized and unrealized gain(b)		27.37			148.55			6.00			26.69			41.18
Net increase from investment operations		28.01			149.41			7.26			27.78			42.06
Distributions(c)
From net investment income		(0.68	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)
Total distributions		(0.68	)		(0.93	)		(1.33	)		(1.04	)		(0.97	)
Net asset value, end of year	$	387.96		$	360.63		$	212.15		$	206.22		$	179.48
Total Return(d)
Based on net asset value		7.76	%		70.51	%		3.51	%		15.52	%		30.48	%
Ratios to Average Net Assets(e)
Total expenses		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%
Net investment income		0.16	%		0.28	%		0.56	%		0.56	%		0.55	%
Supplemental Data
Net assets, end of year (000)	$	4,480,979		$	3,209,613		$	1,707,788		$	1,587,932		$	1,462,726
Portfolio turnover rate(f)		8	%		9	%		10	%		8	%		6	%

^(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 49

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Expanded Tech-Software Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		03/31/22			03/31/21			03/31/20			03/31/19			03/31/18
Net asset value, beginning of year	$	341.22		$	209.77		$	210.77		$	169.69		$	126.45
Net investment income (loss)(a)		(0.56	)		(0.31	)		1.28	(b)		0.24			0.12
Net realized and unrealized gain (loss)(c)		3.50			131.83			(1.06	)		41.10			43.23
Net increase from investment operations		2.94			131.52			0.22			41.34			43.35
Distributions(d)
From net investment income		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)
Total distributions		—			(0.07	)		(1.22	)		(0.26	)		(0.11	)
Net asset value, end of year	$	344.16		$	341.22		$	209.77		$	210.77		$	169.69
Total Return(e)
Based on net asset value		0.86	%		62.70	%		0.13	%		24.39	%		34.30	%
Ratios to Average Net Assets(f)
Total expenses		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%
Net investment income (loss)		(0.15	)%		(0.10	)%		0.57	%(b)		0.13	%		0.08	%
Supplemental Data
Net assets, end of year (000)	$	5,403,390		$	5,050,052		$	3,031,151		$	2,729,463		$	1,357,537
Portfolio turnover rate(g)		15	%		22	%		18	%		18	%		12	%

^(a)  Based on average shares outstanding.

^(b)  Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.03)% of average net assets.

^(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

50 2 0 2 2   I S H A R E S   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 North American Natural Resources ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	27.57			$	16.65			$	31.40			$	33.08			$	34.26
Net investment income(a)			0.93				0.70				0.78				0.65				0.75
Net realized and unrealized gain (loss)(b)			12.85				11.04				(13.82	)			(1.59	)			(1.16	)
Net increase (decrease) from investment operations			13.78				11.74				(13.04	)			(0.94	)			(0.41	)
Distributions(c)
From net investment income			(0.91	)			(0.82	)			(1.71	)			(0.74	)			(0.77	)
Total distributions			(0.91	)			(0.82	)			(1.71	)			(0.74	)			(0.77	)
Net asset value, end of year		$	40.44			$	27.57			$	16.65			$	31.40			$	33.08
Total Return(d)
Based on net asset value			50.84	%			71.57	%			(43.54	)%			(2.87	)%			(1.19	)%
Ratios to Average Net Assets(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			2.92	%			3.14	%			2.72	%			1.94	%			2.25	%
Supplemental Data
Net assets, end of year (000)		$	942,142			$	397,022			$	294,696			$	761,370			$	929,571
Portfolio turnover rate(f)			15	%			14	%			16	%			12	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 51

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares North American Tech-Multimedia Networking ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	67.17			$	43.34			$	56.49			$	51.48			$	45.54
Net investment income(a)			0.16				0.29				0.26				0.23				0.30
Net realized and unrealized gain (loss)(b)			6.91				23.83				(13.10	)			5.04				5.95
Net increase (decrease) from investment operations			7.07				24.12				(12.84	)			5.27				6.25
Distributions(c)
From net investment income			(0.16	)			(0.29	)			(0.31	)			(0.26	)			(0.31	)
Total distributions			(0.16	)			(0.29	)			(0.31	)			(0.26	)			(0.31	)
Net asset value, end of year		$	74.08			$	67.17			$	43.34			$	56.49			$	51.48
Total Return(d)
Based on net asset value			10.53	%			55.89	%			(22.80	)%			10.27	%			13.77	%
Ratios to Average Net Assets(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			0.22	%			0.52	%			0.47	%			0.44	%			0.63	%
Supplemental Data
Net assets, end of year (000)		$	162,972			$	100,755			$	43,335			$	132,758			$	64,349
Portfolio turnover rate(f)			37	%			38	%			33	%			29	%			23	%

^(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

52 2 0 2 2   I S H A R E S   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 Semiconductor ETF
	Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18
Net asset value, beginning of year		$	424.09			$	204.97			$	189.61			$	180.13			$	136.85
Net investment income(a)			3.56				3.35				3.13				2.66				1.51
Net realized and unrealized gain(b)			48.37				218.90				15.50				9.12				43.32
Net increase from investment operations			51.93				222.25				18.63				11.78				44.83
Distributions(c)
From net investment income			(3.57	)			(3.13	)			(3.27	)			(2.30	)			(1.55	)
Total distributions			(3.57	)			(3.13	)			(3.27	)			(2.30	)			(1.55	)
Net asset value, end of year		$	472.45			$	424.09			$	204.97			$	189.61			$	180.13
Total Return(d)
Based on net asset value			12.23	%			108.93	%			9.80	%			6.61	%			32.91	%
Ratios to Average Net Assets(e)
Total expenses			0.40	%			0.43	%			0.46	%			0.46	%			0.47	%
Net investment income			0.76	%			1.02	%			1.42	%			1.50	%			0.93	%
Supplemental Data
Net assets, end of year (000)		$	8,952,849			$	6,318,968			$	2,141,965			$	1,061,836			$	1,630,190
Portfolio turnover rate(f)			32	%			23	%			14	%			26	%			20	%

^(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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 53

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Biotechnology(a)		Non-diversified
Expanded Tech Sector		Non-diversified
Expanded Tech-Software Sector		Non-diversified
North American Natural Resources		Diversified
North American Tech-Multimedia Networking		Non-diversified
Semiconductor(b)		Non-diversified

^(a)  Formerly the iShares Nasdaq Biotechnology ETF.

^(b)  Formerly the iShares PHLX Semiconductor ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

54 2 0 2 2   I S H A R E S   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   (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporate actions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfolio securities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuation and Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the Statements of Assets and Liabilities and is equal to the current fair value

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Notes to Financial Statements   (continued)

of the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealized appreciation (depreciation) in the Statements of Operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the short position, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the Statements of Operations. Details of the short positions, if any, are included in the schedules of 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 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.

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Notes to Financial Statements   (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Biotechnology
Barclays Bank PLC	$	27,234,514	$	27,234,514		$	—	$	—
Barclays Capital, Inc.		9,151,508		9,151,508			—		—
BMO Capital Markets Corp.		23,923		23,923			—		—
BNP Paribas SA		117,362,359		117,362,359			—		—
BofA Securities, Inc.		56,139,572		56,139,572			—		—
Citadel Clearing LLC		3,460,735		3,460,735			—		—
Citigroup Global Markets, Inc.		82,805,923		82,805,923			—		—
Credit Suisse Securities (USA) LLC		2,358,995		2,358,995			—		—
Deutsche Bank Securities, Inc.		78,469		78,469			—		—
Goldman Sachs & Co. LLC		36,327,361		36,327,361			—		—
HSBC Bank PLC		4,477,988		4,477,988			—		—
J.P. Morgan Securities LLC		191,958,652		191,958,652			—		—
Jefferies LLC		23,940,400		23,940,400			—		—
Mizuho Securities USA LLC		125,451		125,451			—		—
Morgan Stanley		116,021,971		116,021,971			—		—
National Financial Services LLC		10,554,969		10,554,969			—		—
Natixis SA		781,688		781,688			—		—
Nomura Securities International, Inc.		35,374		35,374			—		—
Pershing LLC		814,783		814,783			—		—
RBC Capital Markets LLC		23,130		23,130			—		—
Scotia Capital (USA), Inc.		1,542,460		1,542,460			—		—
SG Americas Securities LLC		548,847		548,847			—		—
State Street Bank & Trust Co.		5,895,826		5,895,826			—		—
Toronto-Dominion Bank		16,133,155		16,133,155			—		—
UBS AG		29,423,615		29,423,615			—		—
UBS Securities LLC		8,880,126		8,880,126			—		—
Virtu Americas LLC		258,401		258,401			—		—
Wells Fargo Bank N.A.		2,476,417		2,476,417			—		—
Wells Fargo Securities LLC		5,304,727		5,304,727			—		—
	$	754,141,339	$	754,141,339		$	—	$	—
Expanded Tech Sector
Barclays Bank PLC	$	6,841,957	$	6,841,957		$	—	$	—
BNP Paribas SA		11,654,983		11,654,983			—		—
BofA Securities, Inc.		329,670		329,670			—		—
Citigroup Global Markets, Inc.		2,205,224		2,205,224			—		—
Credit Suisse Securities (USA) LLC		15,483		15,483			—		—
Goldman Sachs & Co. LLC		603,283		603,283			—		—
J.P. Morgan Securities LLC		22,229,583		22,229,583			—		—
Morgan Stanley		3,475,237		3,475,237			—		—
National Financial Services LLC		403,504		403,504			—		—
Scotia Capital (USA), Inc.		463,995		463,995			—		—
SG Americas Securities LLC		164,223		164,223			—		—
Toronto-Dominion Bank		1,123,159		1,123,159			—		—
UBS AG		194,636		194,636			—		—
UBS Securities LLC		13,281,472		13,281,472			—		—
Wells Fargo Securities LLC		338,712		338,712			—		—
	$	63,325,121	$	63,325,121		$	—	$	—

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Expanded Tech-Software Sector
Barclays Bank PLC	$	10,150,335	$	10,150,335		$	—	$	—
Barclays Capital, Inc.		4,080,320		4,080,320			—		—
BNP Paribas SA		73,222,596		73,222,596			—		—
BofA Securities, Inc.		16,678,996		16,678,996			—		—
Citadel Clearing LLC		336,982		336,982			—		—
Citigroup Global Markets, Inc.		14,268,656		14,268,656			—		—
Credit Suisse Securities (USA) LLC		595,200		595,200			—		—
Goldman Sachs & Co. LLC		30,681,148		30,681,148			—		—
ING Financial Markets LLC		179,865		179,865			—		—
J.P. Morgan Securities LLC		48,021,071		48,021,071			—		—
Jefferies LLC		921,082		921,082			—		—
Morgan Stanley		8,058,688		8,058,688			—		—
Nomura Securities International, Inc.		32,385		32,385			—		—
Scotia Capital (USA), Inc.		513		513			—		—
SG Americas Securities LLC		197,690		197,690			—		—
State Street Bank & Trust Co.		1,656,199		1,656,199			—		—
Toronto-Dominion Bank		118,857		118,857			—		—
UBS AG		1,584,242		1,584,242			—		—
UBS Securities LLC		708,480		708,480			—		—
Virtu Americas LLC		222,375		222,375			—		—
Wells Fargo Bank N.A.		6,039,240		6,039,240			—		—
Wells Fargo Securities LLC		56,564		56,564			—		—
	$	217,811,484	$	217,811,484		$	—	$	—
North American Natural Resources
Barclays Capital, Inc.	$	12,405	$	12,405		$	—	$	—
BNP Paribas SA		1,015,079		1,015,079			—		—
Citigroup Global Markets, Inc.		2,054,460		2,026,263			—		(28,197	)(b)
Credit Suisse Securities (USA) LLC		723,502		710,757			—		(12,745	)(b)
Morgan Stanley		360,584		360,584			—		—
SG Americas Securities LLC		81,839		81,839			—		—
Toronto-Dominion Bank		1,595,005		1,595,005			—		—
UBS AG		68,432		68,432			—		—
UBS Securities LLC		1,476,987		1,476,987			—		—
Wells Fargo Securities LLC		203,328		203,328			—		—
	$	7,591,621	$	7,550,679		$	—	$	(40,942	)
North American Tech-Multimedia Networking
Barclays Bank PLC	$	220,218	$	220,218		$	—	$	—
Barclays Capital, Inc.		1,602,988		1,602,988			—		—
BNP Paribas SA		222,125		222,125			—		—
Credit Suisse Securities (USA) LLC		139,449		139,449			—		—
Goldman Sachs & Co. LLC		212,760		209,548			—		(3,212	)(b)
J.P. Morgan Securities LLC		1,310,613		1,310,613			—		—
National Financial Services LLC		212,741		212,741			—		—
Scotia Capital (USA), Inc.		246,800		246,800			—		—
UBS Securities LLC		136,640		136,640			—		—
	$	4,304,334	$	4,301,122		$	—	$	(3,212	)
Semiconductor
BofA Securities, Inc.	$	4,424,030	$	4,424,030		$	—	$	—
Goldman Sachs & Co. LLC		7,720,080		7,720,080			—		—
J.P. Morgan Securities LLC		107,843,488		107,843,488			—		—
Morgan Stanley		54,771,709		54,771,709			—		—
National Financial Services LLC		1,835,400		1,835,400			—		—
RBC Capital Markets LLC		985,416		985,416			—		—
Wells Fargo Securities LLC		244,623		244,623			—		—
	$	177,824,746	$	177,824,746		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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Notes to Financial Statements   (continued)

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Biotechnology ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion	0.4800%
Over $121 billion, up to and including $181 billion	0.4560
Over $181 billion, up to and including $231 billion	0.4332
Over $231 billion, up to and including $281 billion	0.4116
Over $281 billion	0.3910

For its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares Semiconductor ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion	0.4800%
Over $10 billion, up to and including $20 billion	0.4300
Over $20 billion, up to and including $30 billion	0.3800
Over $30 billion, up to and including $40 billion	0.3420
Over $40 billion	0.3078

Prior to July 14, 2021, for its investment advisory services to each of the iShares Expanded Tech Sector, iShares Expanded Tech-Software Sector, iShares North American Natural Resources, iShares North American Tech-Multimedia Networking and iShares PHLX Semiconductor ETFs, BFA was entitled to an annual investment advisory fee,

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Notes to Financial Statements   (continued)

accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion	0.480%
Over $10 billion, up to and including $20 billion	0.430
Over $20 billion, up to and including $30 billion	0.380
Over $30 billion	0.342

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Biotechnology	$	1,213,164
Expanded Tech Sector		66,198
Expanded Tech-Software Sector		287,873
North American Natural Resources		9,251
North American Tech-Multimedia Networking		5,253
Semiconductor		191,761

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

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Notes to Financial Statements   (continued)

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 year ended March 31, 2022, 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)
Biotechnology	$	319,705,381	$	712,555,558	$	(122,522,215	)
Expanded Tech Sector		69,816,953		58,738,134		(541,727	)
Expanded Tech-Software Sector		149,312,964		268,494,239		(32,410,816	)
North American Natural Resources		20,886,837		15,919,429		(7,234,256	)
North American Tech-Multimedia Networking		24,487,108		19,257,144		1,952,191
Semiconductor		317,408,738		614,759,646		(52,636,105	)

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Biotechnology	$	4,560,989,947	$	4,551,730,423
Expanded Tech Sector		276,897,695		276,536,062
Expanded Tech-Software Sector		828,277,558		826,003,354
North American Natural Resources		79,565,278		77,094,103
North American Tech-Multimedia Networking		44,136,004		44,099,434
Semiconductor		2,477,316,054		2,494,150,020

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Biotechnology	$	10,651,520,820	$	10,574,068,598
Expanded Tech Sector		1,484,663,450		539,052,545
Expanded Tech-Software Sector		15,738,069,434		15,246,341,191
North American Natural Resources		400,219,429		73,564,663
North American Tech-Multimedia Networking		106,040,245		54,065,172
Semiconductor		10,442,744,315		8,370,987,465

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements   (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to net operating loss, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Biotechnology	$	1,338,157,110	$	(1,338,157,110	)
Expanded Tech Sector		347,760,650		(347,760,650	)
Expanded Tech-Software Sector		1,313,274,464		(1,313,274,464	)
North American Natural Resources		9,264,337		(9,264,337	)
North American Tech-Multimedia Networking		12,631,744		(12,631,744	)
Semiconductor		1,736,308,515		(1,736,308,515	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22	Year Ended 03/31/21
Biotechnology
Ordinary income	$20,365,764	$26,026,125
Expanded Tech Sector
Ordinary income	$  6,535,033	$  8,184,628
Expanded Tech-Software Sector
Ordinary income	$               —	$  1,076,738
North American Natural Resources
Ordinary income	$15,154,197	$12,822,042
North American Tech-Multimedia Networking
Ordinary income	$     284,071	$     307,049
Semiconductor
Ordinary income	$61,257,081	$40,572,378

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Biotechnology	$	(2,130,904,723	)	$	(3,020,767,524	)	$	—		$	(5,151,672,247	)
Expanded Tech Sector		(16,755,133	)		1,315,526,997			—			1,298,771,864
Expanded Tech-Software Sector		(164,666,778	)		(1,525,937,290	)		(3,983,748	)		(1,694,587,816	)
North American Natural Resources		(490,461,147	)		95,092,221			—			(395,368,926	)
North American Tech-Multimedia Networking		(69,077,425	)		(586,964	)		—			(69,664,389	)
Semiconductor		(252,258,852	)		(170,177,301	)		—			(422,436,153	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Expanded Tech Sector	$	5,370,370
North American Tech-Multimedia Networking		1,297,680

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Notes to Financial Statements   (continued)

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Biotechnology	$	12,431,416,230	$	134,152,345	$	(3,154,919,869	)	$	(3,020,767,524	)
Expanded Tech Sector		3,232,548,548		1,396,415,856		(80,888,859	)		1,315,526,997
Expanded Tech-Software Sector		7,156,103,063		28,365,795		(1,554,303,085	)		(1,525,937,290	)
North American Natural Resources		854,699,362		156,095,463		(61,004,873	)		95,090,590
North American Tech-Multimedia Networking		168,023,301		10,699,495		(11,286,459	)		(586,964	)
Semiconductor		9,308,150,860		356,391,283		(526,568,584	)		(170,177,301	)

9. LINE OF CREDIT

The iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Semiconductor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2022, the Fund did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling

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Notes to Financial Statements   (continued)

illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. 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:

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Biotechnology
Shares sold		69,600,000		$	10,694,874,817			92,850,000		$	12,973,745,658
Shares redeemed		(69,000,000	)		(10,600,003,781	)		(86,100,000	)		(12,183,388,091	)
Net increase		600,000		$	94,871,036			6,750,000		$	790,357,567

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Notes to Financial Statements   (continued)

	Year Ended 03/31/22						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Expanded Tech Sector
Shares sold		4,000,000		$	1,487,473,141			1,700,000		$	492,883,102
Shares redeemed		(1,350,000	)		(542,193,189	)		(850,000	)		(267,265,300	)
Net increase		2,650,000		$	945,279,952			850,000		$	225,617,802
Expanded Tech-Software Sector
Shares sold		41,050,000		$	15,779,096,632			35,650,000		$	10,854,261,767
Shares redeemed		(40,150,000	)		(15,286,337,427	)		(35,300,000	)		(11,001,899,355	)
Net increase (decrease)		900,000		$	492,759,205			350,000		$	(147,637,588	)
North American Natural Resources
Shares sold		11,400,000		$	402,445,296			4,800,000		$	110,829,085
Shares redeemed		(2,500,000	)		(73,977,459	)		(8,100,000	)		(177,402,776	)
Net increase (decrease)		8,900,000		$	328,467,837			(3,300,000	)	$	(66,573,691	)
North American Tech-Multimedia Networking
Shares sold		1,450,000		$	106,155,183			900,000		$	55,817,552
Shares redeemed		(750,000	)		(54,111,077	)		(400,000	)		(22,075,788	)
Net increase		700,000		$	52,044,106			500,000		$	33,741,764
Semiconductor
Shares sold		22,350,000		$	10,465,399,629			21,350,000		$	7,051,302,523
Shares redeemed		(18,300,000	)		(8,404,591,175	)		(16,900,000	)		(5,475,117,379	)
Net increase		4,050,000		$	2,060,808,454			4,450,000		$	1,576,185,144

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

12. 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 65

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022, the statements of changes in net assets for each of the two years in the period ended March 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2022 and each of the financial highlights for each of the five years in the period ended March 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Biotechnology	$	59,105,329
Expanded Tech Sector		20,818,306
Expanded Tech-Software Sector		17,161,068
North American Natural Resources		17,216,304
North American Tech-Multimedia Networking		732,351
Semiconductor		91,385,484

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Biotechnology		100.00	%
Expanded Tech Sector		100.00	%
North American Natural Resources		82.82	%
North American Tech-Multimedia Networking		100.00	%
Semiconductor		100.00	%

I M P O R T A N T   T A X   I N F O R M A T I O N 67

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Biotechnology ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF and iShares Semiconductor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information(unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

iShares ETF	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
	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
Biotechnology	$	0.306489	$	—	$	—	$	0.306489		100	%		—	%		—	%		100	%
Semiconductor		3.571783		—		—		3.571783		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Biotechnology ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 69

Supplemental Information(unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Biotechnology		$888,011		$415,203		$472,808		661		$108,694		$11,233

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

72 2 0 2 2   I S H A R E S   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

Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 73

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 Abbreviations - Equity
ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 75

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-313-0322

        

MARCH 31, 2022

2022 Annual Report

iShares Trust

·  iShares Factors US Growth Style ETF | STLG | Cboe BZX

·  iShares Factors US Value Style ETF | STLV | Cboe BZX

·  iShares US Small Cap Value Factor ETF | SVAL | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.92%	15.65%
U.S. small cap equities (Russell 2000® Index)	(5.55)	(5.79)
International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16
Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)
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
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		34
Report of Independent Registered Public Accounting Firm		43
Important Tax Information (Unaudited)		44
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
Trustee and Officer Information		47
General Information		50
Glossary of Terms Used in this Report		51

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022    iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style 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
	1 Year			Since    Inception		1 Year			Since Inception
Fund NAV		13.28	%		19.59%		13.28	%		48.58	%
Fund Market		13.42			19.68		13.42			48.85
Index		13.57			19.81		13.57			49.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21	)		Ending Account Value (03/31/22	)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,014.60		$      1.26			$      1,000.00		$	1,023.70		$	1.26		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022   (continued) iShares^® Factors US Growth Style ETF

Portfolio Management Commentary

U.S. stocks with favorable exposure to target style factors subject to constraints advanced robustly for the reporting period. The information technology sector was the leading contributor to the Index’s return, driven primarily by the strong performance of large corporations. Ongoing effects of the pandemic accelerated online migration, leading to record levels of revenues for companies in the software and services industry. Demand for cloud and computing services grew strongly, along with sales of personal and commercial productivity software. Growth in video games and investor optimism about new products and services, as well as industry consolidation, boosted returns. In addition, strong sales of hardware, including personal computers and tablets, despite ongoing supply chain challenges, contributed to record revenues. Volatility in the labor market increased traffic on web-based career platforms, leading to sharply higher advertising revenues.

Technology, hardware, and equipment stocks, as well as software & services, were contributors. Increased sales of smartphones with 5G capability drove profits in the industry as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased time at home drove strong demand for computing products for remote work and online learning. Similarly, increased demand for entertainment services, especially music and streaming video, drove rising subscription revenues. Wearable technologies such as earbuds also showed strength, adding to revenue growth.

In the healthcare sector, biotechnology companies benefited from blockbuster drugs, those that generate $1 million or more annually, as global spending on medicine grew. The development of antibody therapies to fight COVID-19, which the U.S. government contracted to purchase, drove rising revenues.

The Index’s research-based selection process is designed to maximize exposure to the weighted combination of five target investment style factors: momentum, quality, value, size, and low volatility. Reflecting those factor contributions, the Index marginally underperformed the broader market, as represented by the Russell 1000 Growth Index. Of the five target style factors, size detracted the most from relative performance during the reporting period. In contrast, the value and quality factors contributed to relative performance. Growth-oriented stocks underperformed relative to the broader market in the first quarter of 2022. From a sector perspective, stock selection in the consumer discretionary and financials sectors, which were both overweighted, detracted from the Index’s relative return. Conversely, stock selection in the information technology sector, which was also overweighted, contributed to relative performance.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	47.9	%
Consumer Discretionary	20.2
Health Care	10.4
Industrials	5.1
Financials	4.9
Communication Services	4.1
Consumer Staples	4.0
Materials	3.0
Other (each representing less than 1%)	0.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	13.3	%
Microsoft Corp.	11.7
Amazon.com Inc.	5.4
NVIDIA Corp.	2.9
AbbVie Inc.	2.3
Tesla Inc.	2.3
QUALCOMM Inc.	2.0
Home Depot Inc. (The)	1.9
Goldman Sachs Group Inc. (The)	1.9
Costco Wholesale Corp.	1.8

^(a)  Excludes money market funds.

6 2 0 2 2   I S H A R E S   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 March 31, 2022    iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors US Value Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.28	%		9.58	%		8.28	%		22.45	%
Fund Market		8.22			9.66			8.22			22.65
Index		8.35			9.72			8.35			22.78

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,031.70	$	1.27		$	1,000.00	$	1,023.70	$	1.26		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022   (continued) iShares^® Factors US Value Style ETF

Portfolio Management Commentary

U.S. stocks with favorable exposure to target style factors subject to constraints advanced for the reporting period. The consumer staples sector contributed the most to the Index’s performance, led by the food and staples retailing industry. Sales and profits rose for supermarkets in the industry as consumers continued spending on everyday food items. A major supermarket’s announcement that it would examine strategic alternatives to maximize growth improved investors’ outlook and benefited the industry.

Stocks in the financials sector also advanced, driven by the insurance industry. In the face of rising inflation and an increase in auto accidents as more drivers returned to the road, property and casualty insurers were able to raise premiums to bolster profitability. Rising interest rates helped life and health insurance companies, which invest premiums in short-term, high-quality bonds, as rising bond yields increased the interest income from insurers’ substantial bond portfolios.

Energy stocks contributed to the Index’s return as higher oil prices boosted revenues in the oil, gas, and consumable fuels industry. The Index’s return has also benefitted from the health care sector— specifically biotechnology companies benefited from blockbuster drugs, those that generate $1 million or more annually, as global spending on medicine grew. The development of antibody therapies to fight COVID-19, which the U.S. government contracted to purchase, drove rising revenues. The materials sector also gained, driven by low-cost producers in the paper products industry amid a rise in the price of paper.

On the downside, the communication services sector detracted from the Index’s return due to declining revenues for companies managing online loyalty programs. In the consumer discretionary sector, retailers also declined amid inflationary pressure, which weighed on earnings.

The Index’s research-based selection process is designed to maximize exposure to the weighted combination of five target investment style factors: momentum, quality, value, low size, and low volatility. Reflecting those factor contributions, the Index significantly underperformed the broader market, as represented by the Russell 1000 Value Index. Of the five target style factors, exposure to the low size factor was the largest detractor from the Index’s relative performance for the reporting period. Smaller stocks were disproportionately pressured by the increasing interest rate environment in the second half of the reporting period. Higher exposure to the low volatility factor also worked against relative performance, while exposure to the quality factor was additive.

From a sector perspective, stock selection in the healthcare and financials sectors detracted substantially from the Index’s relative return. An underweight position in the energy sector also drove underperformance, as the energy sector gained amid higher prices for oil and gas. Conversely, stock selection in the information technology and consumer staples sectors benefited relative performance.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	23.3	%
Health Care	16.8
Information Technology	11.1
Consumer Staples	10.2
Industrials	9.3
Consumer Discretionary	7.8
Energy	5.0
Materials	4.9
Communication Services	4.6
Utilities	4.0
Real Estate	3.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Johnson & Johnson	3.0	%
Merck & Co. Inc.	2.2
Jefferies Financial Group Inc.	1.9
Procter & Gamble Co. (The)	1.8
Walmart Inc.	1.8
Evercore Inc., Class A	1.8
Verizon Communications Inc.	1.7
Pfizer Inc.	1.5
Otis Worldwide Corp.	1.5
Lazard Ltd., Class A	1.4

8 2 0 2 2   I S H A R E S   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 March 31, 2022    iShares^® US Small Cap Value Factor ETF

Investment Objective

The iShares US Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small-capitalization stocks with prominent value characteristics, as represented by the Russell 2000 Focused Value Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.79	%		39.87	%		2.79	%		61.43	%
Fund Market		2.64			39.95			2.64			61.57
Index		3.01			40.44			3.01			62.39

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/27/20. The first day of secondary market trading was 10/29/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual								Hypothetical 5% Return
	Beginning Account Value (10/01/21	)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21	)		Ending Account Value (03/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$	1,035.00	$	1.01		$	1,000.00		$	1,023.90	$	1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2022   (continued) iShares^® US Small Cap Value Factor ETF

Portfolio Management Commentary

Small cap U.S. stocks with favorable exposure to the target value factor advanced modestly for the reporting period. The financials sector contributed the most to the Index’s return as the strengthening economy and higher interest rates drove earnings growth. Regional banks led the advance, benefiting from higher interest rates due to the larger spread between the rate they pay on deposits and the rate they charge for loans. Investors were optimistic about expanding business loans amid the economic recovery as well as growth in digital finance platforms to expedite business loan processing and trade cryptocurrency.

The materials sector was another source of strength, led by the metals and mining industry. As vaccinations spread and economies reopened, demand for power increased, boosting prices of coal. Steel prices rallied late in the reporting period as the Russian war in Ukraine disrupted supply from both countries, and investors were optimistic that demand for coal used in steel production would continue to increase.

On the downside, the consumer discretionary sector detracted from the Index’s return. In the retail industry, consumers’ purchases of durable goods were constrained by sharply rising inflation, weighing on returns. Reductions in government expenditures to contend with the pandemic reduced low-income consumers’ retail purchases, leading to lower-than-expected revenues.

The Index’s research-based selection process is designed to maximize exposure to small cap stocks which are trading at a discount to their fundamentals. The Index significantly outperformed the broader market, as represented by the Russell 2000 Index. From a factor perspective, exposure to the value factor was the biggest positive contributor to relative returns. Positioning within quality and volatility was also beneficial. Exposure to stocks with higher earnings yield detracted. However, from a sector perspective, an underweight allocation to the healthcare sector contributed to relative performance, as did an overweight to and stock selection within the financials sector. Stock selection within the materials sector also contributed positively to relative results. Conversely, an underweight to and stock selection within the energy sector, as well as an underweight to the real estate sector, detracted from relative returns.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	43.0	%
Industrials	20.7
Consumer Discretionary	9.5
Materials	8.0
Information Technology	5.8
Energy	4.5
Real Estate	3.5
Utilities	2.0
Consumer Staples	1.5
Health Care	1.0
Communication Services	0.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Customers Bancorp. Inc.	1.2	%
Alpha & Omega Semiconductor Ltd.	1.1
RPC Inc.	1.0
AdvanSix Inc.	1.0
Dime Community Bancshares Inc.	1.0
Movado Group Inc.	1.0
Independent Bank Corp.	0.9
Clean Energy Fuels Corp.	0.8
Allegheny Technologies Inc.	0.8
Triumph Bancorp. Inc.	0.8

10 2 0 2 2   I S H A R E S   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

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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E  / S H A R E H O L D E R   E X P E N S E S 11

Schedule of Investments March 31, 2022 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.1%
Expeditors International of Washington Inc.		373	$	38,479
FedEx Corp.		97		22,445
United Parcel Service Inc., Class B		263		56,403
				117,327
Automobiles — 2.3%
Tesla Inc.(a)		116		125,002
Beverages — 0.5%
PepsiCo Inc.		170		28,455
Biotechnology — 3.6%
AbbVie Inc.		788		127,743
Amgen Inc.		45		10,882
Moderna Inc.(a)		228		39,275
Vertex Pharmaceuticals Inc.(a)		66		17,224
				195,124
Building Products — 0.3%
Trex Co. Inc.(a)		245		16,006
Capital Markets — 4.1%
Goldman Sachs Group Inc. (The)		312		102,991
MSCI Inc.		184		92,530
Raymond James Financial Inc.		41		4,507
S&P Global Inc.		62		25,431
				225,459
Chemicals — 1.1%
Chemours Co. (The)		966		30,410
Scotts Miracle-Gro Co. (The)		222		27,297
				57,707
Communications Equipment — 0.7%
Arista Networks Inc.(a)		82		11,396
Ubiquiti Inc.		98		28,534
				39,930
Consumer Finance — 0.7%
American Express Co.		12		2,244
Synchrony Financial		1,072		37,316
				39,560
Containers & Packaging — 0.3%
Sealed Air Corp.		239		16,003
Distributors — 0.6%
Pool Corp.		77		32,559
Electric Utilities — 0.1%
NRG Energy Inc.		102		3,913
Electronic Equipment, Instruments & Components — 0.8%
Keysight Technologies Inc.(a)		36		5,687
Vontier Corp.		774		19,652
Zebra Technologies Corp., Class A(a)		42		17,375
				42,714
Entertainment — 0.1%
Playtika Holding Corp.(a)		131		2,532
Take-Two Interactive Software Inc.(a)		22		3,383
				5,915
Equity Real Estate Investment Trusts (REITs) — 0.3%
Public Storage		29		11,318

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SBA Communications Corp.		11	$	3,785
				15,103
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		168		96,743
Food Products — 0.9%
Hershey Co. (The)		234		50,691
Health Care Equipment & Supplies — 1.9%
Abbott Laboratories		6		710
Figs Inc., Class A(a)		3,528		75,922
IDEXX Laboratories Inc.(a)		45		24,618
				101,250
Health Care Providers & Services — 1.7%
Chemed Corp.		52		26,340
DaVita Inc.(a)		125		14,139
HCA Healthcare Inc.		151		37,843
McKesson Corp.		5		1,531
Molina Healthcare Inc.(a)		47		15,679
				95,532
Health Care Technology — 0.2%
Veeva Systems Inc., Class A(a)		56		11,898
Hotels, Restaurants & Leisure — 1.4%
Domino’s Pizza Inc.		140		56,981
Yum! Brands Inc.		168		19,913
				76,894
Household Durables — 0.3%
Tempur Sealy International Inc.		385		10,749
TopBuild Corp.(a)		39		7,074
				17,823
Household Products — 0.2%
Clorox Co. (The)		88		12,235
Interactive Media & Services — 4.0%
Alphabet Inc., Class A(a)		30		83,440
Alphabet Inc., Class C, NVS(a)		24		67,032
Meta Platforms Inc, Class A(a)		297		66,041
				216,513
Internet & Direct Marketing Retail — 6.4%
Amazon.com Inc.(a)		90		293,395
eBay Inc.		623		35,673
Wayfair Inc., Class A(a)(b)		175		19,387
				348,455
IT Services — 0.6%
Mastercard Inc., Class A		50		17,869
Paychex Inc.		60		8,188
Visa Inc., Class A		21		4,657
				30,714
Leisure Products — 0.1%
YETI Holdings Inc.(a)		92		5,518
Life Sciences Tools & Services — 1.2%
Danaher Corp.		20		5,867
Maravai LifeSciences Holdings Inc., Class A(a)		316		11,145
Mettler-Toledo International Inc.(a)		34		46,688
Thermo Fisher Scientific Inc.		1		591
				64,291

12 2 0 2 2   I S H A R E S   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   (continued) March 31, 2022 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 0.2%
Allison Transmission Holdings Inc.		252	$	9,894
Multiline Retail — 1.5%
Dollar General Corp.		32		7,124
Target Corp.		353		74,914
				82,038
Paper & Forest Products — 1.7%
Louisiana-Pacific Corp.		1,491		92,621
Personal Products — 0.5%
Estee Lauder Companies Inc. (The), Class A		10		2,723
Herbalife Nutrition Ltd.(a)		854		25,928
				28,651
Pharmaceuticals — 1.8%
Eli Lilly & Co.		233		66,724
Royalty Pharma PLC, Class A		765		29,805
Zoetis Inc.		10		1,886
				98,415
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp.		1,027		90,212
Robert Half International Inc.		136		15,528
				105,740
Road & Rail — 0.3%
Old Dominion Freight Line Inc.		62		18,518
Semiconductors & Semiconductor Equipment — 8.7%
Advanced Micro Devices Inc.(a)		351		38,378
Allegro MicroSystems Inc.(a)		785		22,294
Applied Materials Inc.		111		14,630
Broadcom Inc.		49		30,854
KLA Corp.		50		18,303
Lam Research Corp.		26		13,978
NVIDIA Corp.		577		157,440
QUALCOMM Inc.		701		107,127
Teradyne Inc.		207		24,474
Texas Instruments Inc.		257		47,154
				474,632
Software — 22.2%
Adobe Inc.(a)		114		51,941
Aspen Technology Inc.(a)		230		38,035
Atlassian Corp. PLC, Class A(a)		238		69,932
Cadence Design Systems Inc.(a)		277		45,555
Citrix Systems Inc.		141		14,227
Crowdstrike Holdings Inc., Class A(a)		296		67,216
Dropbox Inc., Class A(a)		611		14,206
Fair Isaac Corp.(a)		69		32,186
Fortinet Inc.(a)		162		55,362
HubSpot Inc.(a)		60		28,496
Intuit Inc.		89		42,795
Manhattan Associates Inc.(a)		355		49,242
Microsoft Corp.		2,068		637,585
NortonLifeLock Inc.		252		6,683
Nutanix Inc., Class A(a)		214		5,739

Security	Shares		Value
Software (continued)
Oracle Corp.		332	$	27,466
Smartsheet Inc., Class A(a)		221		12,106
Synopsys Inc.(a)		34		11,331
Zscaler Inc.(a)(b)		18		4,343
				1,214,446
Specialty Retail — 5.4%
AutoZone Inc.(a)		10		20,446
Bath & Body Works Inc.		355		16,969
Best Buy Co. Inc.		328		29,815
Home Depot Inc. (The)		351		105,065
Leslie’s Inc.(a)		910		17,618
Lowe’s Companies Inc.		226		45,695
Tractor Supply Co.		23		5,367
Williams-Sonoma Inc.		372		53,940
				294,915
Technology Hardware, Storage & Peripherals — 14.9%
Apple Inc.		4,146		723,933
HP Inc.		1,640		59,532
NetApp Inc.		333		27,639
				811,104
Textiles, Apparel & Luxury Goods — 2.2%
Columbia Sportswear Co.		245		22,180
Deckers Outdoor Corp.(a)		211		57,766
Lululemon Athletica Inc.(a)		32		11,687
Nike Inc., Class B		199		26,777
				118,410
Trading Companies & Distributors — 0.2%
WW Grainger Inc.		20		10,316
Total Common Stocks — 99.8% (Cost: $5,653,910)				5,449,034
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		4,275		4,274
Total Short-Term Investments — 0.1% (Cost: $4,273)				4,274
Total Investments in Securities — 99.9% (Cost: $5,658,183)				5,453,308
Other Assets, Less Liabilities — 0.1%				5,660
Net Assets — 100.0%			$	5,458,968

^(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   O F   I N V E S T M E N T S 13

Schedule of Investments   (continued) March 31, 2022 iShares^® Factors US Growth Style ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income				Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	127,035	$	—	$	(122,719	)(a)		$	(43	)	$	1	$	4,274		4,275		$	832	(b)	$	—

^(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.

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
Investments
Assets
Common Stocks	$	5,449,034	$	—	$	—	$	5,449,034
Money Market Funds		4,274		—		—		4,274
	$	5,453,308	$	—	$	—	$	5,453,308

See notes to financial statements.

14 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		19	$	8,387
Northrop Grumman Corp.		70		31,305
				39,692
Air Freight & Logistics — 1.2%
CH Robinson Worldwide Inc.		198		21,326
Expeditors International of Washington Inc.		367		37,860
FedEx Corp.		105		24,296
				83,482
Banks — 2.0%
Citigroup Inc.		375		20,025
Citizens Financial Group Inc.		195		8,839
Comerica Inc.		60		5,426
JPMorgan Chase & Co.		152		20,721
Popular Inc.		895		73,157
Regions Financial Corp.		880		19,589
				147,757
Biotechnology — 1.4%
Amgen Inc.		149		36,031
Biogen Inc.(a)		60		12,636
Gilead Sciences Inc.		700		41,615
Vertex Pharmaceuticals Inc.(a)		56		14,614
				104,896
Building Products — 1.3%
Hayward Holdings Inc.(a)		61		1,014
Lennox International Inc.		223		57,503
Masco Corp.		744		37,944
				96,461
Capital Markets — 9.4%
Ameriprise Financial Inc.		64		19,223
Evercore Inc., Class A		1,154		128,463
Franklin Resources Inc.		968		27,027
Goldman Sachs Group Inc. (The)		216		71,302
Jefferies Financial Group Inc.		4,150		136,328
Lazard Ltd., Class A		2,956		101,982
Morgan Stanley		376		32,862
MSCI Inc.		32		16,092
Northern Trust Corp.		18		2,096
Raymond James Financial Inc.		462		50,779
S&P Global Inc.		1		410
State Street Corp.		369		32,147
Stifel Financial Corp.		409		27,771
Virtu Financial Inc., Class A		927		34,503
				680,985
Chemicals — 0.1%
CF Industries Holdings Inc.		48		4,947
Chemours Co. (The)		112		3,526
				8,473
Commercial Services & Supplies — 0.7%
Republic Services Inc.		198		26,235
Waste Management Inc.		173		27,421
				53,656
Communications Equipment — 2.1%
Cisco Systems Inc.		911		50,797
Juniper Networks Inc.		26		966
Motorola Solutions Inc.		237		57,402

Security	Shares		Value
Communications Equipment (continued)
Ubiquiti Inc.(b)		160	$	46,586
				155,751
Consumer Finance — 2.7%
Ally Financial Inc.		1,765		76,742
American Express Co.		47		8,789
Capital One Financial Corp.		290		38,074
OneMain Holdings Inc.		823		39,019
SLM Corp.		625		11,475
Synchrony Financial		678		23,601
				197,700
Containers & Packaging — 1.4%
Amcor PLC		2,816		31,905
Avery Dennison Corp.		52		9,047
Ball Corp.		87		7,830
Sealed Air Corp.		498		33,346
Silgan Holdings Inc.		452		20,896
				103,024
Diversified Consumer Services — 0.3%
H&R Block Inc.		805		20,962
Diversified Financial Services — 0.7%
Equitable Holdings Inc.		466		14,404
Voya Financial Inc.		567		37,621
				52,025
Diversified Telecommunication Services — 3.1%
AT&T Inc.		2,075		49,032
Lumen Technologies Inc.		4,494		50,648
Verizon Communications Inc.		2,430		123,784
				223,464
Electric Utilities — 2.2%
Duke Energy Corp.		197		21,997
Entergy Corp.		317		37,010
Exelon Corp.		12		572
FirstEnergy Corp.		226		10,364
Hawaiian Electric Industries Inc.		1,227		51,914
IDACORP Inc.		56		6,460
NRG Energy Inc.		506		19,410
Pinnacle West Capital Corp.		8		625
Xcel Energy Inc.		157		11,331
				159,683
Electrical Equipment — 0.5%
nVent Electric PLC		1,121		38,988
Electronic Equipment, Instruments & Components — 0.5%
Avnet Inc.		358		14,531
Corning Inc.		26		960
Jabil Inc.		52		3,210
Vontier Corp.(b)		642		16,300
				35,001
Entertainment — 0.7%
Activision Blizzard Inc.		295		23,632
Electronic Arts Inc.		50		6,326
Take-Two Interactive Software Inc.(a)(b)		87		13,375
Zynga Inc., Class A(a)		383		3,539
				46,872
Equity Real Estate Investment Trusts (REITs) — 3.0%
Brixmor Property Group Inc.		917		23,668
Equity Residential		384		34,529
Healthpeak Properties Inc.		536		18,401

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments  (continued) March 31, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Orion Office REIT Inc.		292	$	4,088
Public Storage		84		32,784
SBA Communications Corp.		99		34,066
SL Green Realty Corp.		825		66,973
				214,509
Food & Staples Retailing — 4.1%
Albertsons Companies Inc., Class A		2,399		79,767
Kroger Co. (The)		1,328		76,187
Walgreens Boots Alliance Inc.		170		7,611
Walmart Inc.		879		130,901
				294,466
Food Products — 1.6%
Campbell Soup Co.		299		13,326
Flowers Foods Inc.		2,297		59,056
General Mills Inc.		53		3,589
Hershey Co. (The)		106		22,963
JM Smucker Co. (The)		139		18,822
Mondelez International Inc., Class A		9		565
				118,321
Gas Utilities — 0.1%
National Fuel Gas Co.		107		7,351
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		135		15,979
Baxter International Inc.		14		1,086
DENTSPLY SIRONA Inc.		117		5,759
Figs Inc., Class A(a)		3,154		67,874
Medtronic PLC		110		12,204
Zimvie Inc.(a)		3,817		87,180
				190,082
Health Care Providers & Services — 2.8%
Cardinal Health Inc.		19		1,077
Chemed Corp.		20		10,131
CVS Health Corp.		840		85,016
DaVita Inc.(a)		182		20,586
McKesson Corp.		30		9,184
Molina Healthcare Inc.(a)		55		18,348
Signify Health Inc., Class A(a)		481		8,730
UnitedHealth Group Inc.		99		50,487
				203,559
Health Care Technology — 0.1%
Cerner Corp.		103		9,637
Hotels, Restaurants & Leisure — 1.9%
Domino’s Pizza Inc.		93		37,852
McDonald’s Corp.		178		44,016
Yum! Brands Inc.		475		56,302
				138,170
Household Durables — 0.3%
Newell Brands Inc.		1,091		23,358
Household Products — 2.5%
Clorox Co. (The)		13		1,807
Colgate-Palmolive Co.		270		20,474
Kimberly-Clark Corp.		217		26,726
Procter & Gamble Co. (The)		864		132,019
				181,026
Independent Power and Renewable Electricity Producers — 0.4%
Vistra Corp.		1,290		29,993

Security	Shares		Value
Insurance — 8.4%
Aflac Inc.		791	$	50,932
Alleghany Corp.(a)		3		2,541
Allstate Corp. (The)		380		52,634
American Financial Group Inc./OH		262		38,152
Aon PLC, Class A		60		19,538
Assurant Inc.		124		22,547
Assured Guaranty Ltd.		364		23,172
Axis Capital Holdings Ltd.		200		12,094
Brighthouse Financial Inc.(a)		775		40,036
Cincinnati Financial Corp.		13		1,767
CNA Financial Corp.		544		26,449
Everest Re Group Ltd.		25		7,535
Globe Life Inc.		41		4,125
Hanover Insurance Group Inc. (The)		212		31,698
Hartford Financial Services Group Inc. (The)		396		28,437
Loews Corp.		703		45,568
Mercury General Corp.		619		34,045
MetLife Inc.		724		50,883
Old Republic International Corp.		621		16,065
Primerica Inc.		191		26,133
Principal Financial Group Inc.		104		7,635
Travelers Companies Inc. (The)		114		20,831
Unum Group		135		4,254
White Mountains Insurance Group Ltd.		36		40,905
				607,976
Internet & Direct Marketing Retail — 0.6%
Qurate Retail Inc., Series A		4,853		23,100
Wayfair Inc., Class A(a)(b)		173		19,165
				42,265
IT Services — 2.2%
Akamai Technologies Inc.(a)(b)		61		7,283
Concentrix Corp.		75		12,492
International Business Machines Corp.		84		10,922
Kyndryl Holdings Inc.(a)		2,507		32,892
Paychex Inc.		84		11,463
VeriSign Inc.(a)		240		53,390
Western Union Co. (The)		1,754		32,870
				161,312
Leisure Products — 0.1%
Hasbro Inc.		60		4,915
Life Sciences Tools & Services — 0.9%
Danaher Corp.		83		24,346
Thermo Fisher Scientific Inc.		72		42,527
				66,873
Machinery — 2.4%
AGCO Corp.		76		11,098
Allison Transmission Holdings Inc.		665		26,108
Dover Corp.		48		7,531
Illinois Tool Works Inc.		53		11,098
Otis Worldwide Corp.		1,384		106,499
Pentair PLC		167		9,053
				171,387
Media — 0.9%
Altice USA Inc., Class A(a)		322		4,019
Comcast Corp., Class A		550		25,751
Loyalty Ventures Inc.(a)		1,432		23,671
News Corp., Class A, NVS		16		354
News Corp., Class B		157		3,536

16 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Omnicom Group Inc.		4	$	339
Sirius XM Holdings Inc.(b)		1,282		8,487
				66,157
Metals & Mining — 0.7%
Alcoa Corp.		174		15,665
Nucor Corp.		4		595
Reliance Steel & Aluminum Co.		184		33,736
Steel Dynamics Inc.		22		1,836
				51,832
Multi-Utilities — 1.3%
Ameren Corp.		359		33,660
CMS Energy Corp.		48		3,357
Consolidated Edison Inc.		274		25,942
NiSource Inc.		257		8,173
WEC Energy Group Inc.		204		20,361
				91,493
Multiline Retail — 1.3%
Kohl’s Corp.		363		21,947
Target Corp.		349		74,065
				96,012
Oil, Gas & Consumable Fuels — 5.0%
Antero Midstream Corp.		7,956		86,482
APA Corp.		82		3,389
Chevron Corp.		194		31,589
ConocoPhillips		524		52,400
Coterra Energy Inc.		1,061		28,615
Devon Energy Corp.		1,220		72,139
DTE Midstream LLC(a)		867		47,043
Exxon Mobil Corp.		228		18,831
Marathon Oil Corp.		892		22,398
				362,886
Paper & Forest Products — 2.6%
Louisiana-Pacific Corp.		1,494		92,807
Sylvamo Corp.(a)		2,940		97,843
				190,650
Personal Products — 0.4%
Herbalife Nutrition Ltd.(a)		1,000		30,360
Pharmaceuticals — 8.8%
Bristol-Myers Squibb Co.		1,360		99,321
Eli Lilly & Co.		109		31,214
Johnson & Johnson		1,223		216,752
Merck & Co. Inc.		1,975		162,049
Organon & Co.		345		12,051
Pfizer Inc.		2,130		110,270
Royalty Pharma PLC, Class A		166		6,467
				638,124
Professional Services — 1.7%
Dun & Bradstreet Holdings Inc.(a)		1,264		22,145
FTI Consulting Inc.(a)		321		50,468
Legalzoomcom Inc.(a)(b)		1,018		14,394
ManpowerGroup Inc.		55		5,166
Robert Half International Inc.		240		27,403
				119,576
Road & Rail — 0.3%
Landstar System Inc.		47		7,089
Schneider National Inc., Class B		612		15,606
				22,695

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 1.9%
Cirrus Logic Inc.(a)		129	$	10,938
Intel Corp.		821		40,689
NXP Semiconductors NV		19		3,516
Qorvo Inc.(a)		113		14,023
Texas Instruments Inc.		381		69,906
				139,072
Software — 1.5%
CDK Global Inc.		89		4,332
Citrix Systems Inc.		344		34,710
Manhattan Associates Inc.(a)		272		37,729
NortonLifeLock Inc.		275		7,293
Oracle Corp.		48		3,971
Teradata Corp.(a)		459		22,624
				110,659
Specialty Retail — 2.3%
AutoNation Inc.(a)		131		13,045
AutoZone Inc.(a)		10		20,446
Bath & Body Works Inc.		186		8,891
Best Buy Co. Inc.		332		30,179
Dick’s Sporting Goods Inc.		310		31,006
Foot Locker Inc.		325		9,639
Leslie’s Inc.(a)		546		10,571
Williams-Sonoma Inc.		297		43,065
				166,842
Technology Hardware, Storage & Peripherals — 2.8%
Hewlett Packard Enterprise Co.		5,263		87,945
HP Inc.		1,539		55,865
NetApp Inc.		336		27,888
Xerox Holdings Corp.		1,665		33,583
				205,281
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co.		256		23,176
Deckers Outdoor Corp.(a)		143		39,149
Ralph Lauren Corp.		95		10,777
				73,102
Tobacco — 1.6%
Altria Group Inc.		565		29,521
Philip Morris International Inc.		887		83,325
				112,846
Trading Companies & Distributors — 0.7%
MSC Industrial Direct Co. Inc., Class A		33		2,812
Watsco Inc.		42		12,795
WW Grainger Inc.		69		35,589
				51,196
Total Common Stocks — 99.7% (Cost: $7,484,824)			7,242,855
Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		105,581		105,560

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments  (continued) March 31, 2022 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		10,000	$	10,000
				115,560
Total Short-Term Investments — 1.6% (Cost: $115,543)				115,560
Total Investments in Securities — 101.3% (Cost: $7,600,367)				7,358,415
Other Assets, Less Liabilities — (1.3)%				(95,420	)
Net Assets — 100.0%			$	7,262,995

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	178,136	$	—		$	(72,551	)(a)	$	(42	)	$	17	$	105,560		105,581	$	910	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—			—			—		10,000		10,000		1			—
									$	(42	)	$	17	$	115,560			$	911		$	—

^(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.

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
Investments
Assets
Common Stocks	$	7,242,855	$	—	$	—	$	7,242,855
Money Market Funds		115,560		—		—		115,560
	$	7,358,415	$	—	$	—	$	7,358,415

See notes to financial statements.

18 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® US Small Cap Value Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Ducommun Inc.(a)		13,637	$	714,442
Air Freight & Logistics — 0.4%
Atlas Air Worldwide Holdings Inc.(a)		7,369		636,461
Auto Components — 0.7%
Dana Inc.		36,346		638,599
Modine Manufacturing Co.(a)		71,767		646,621
				1,285,220
Banks — 31.5%
1st Source Corp.		14,535		672,244
Allegiance Bancshares Inc.		19,129		854,684
Atlantic Union Bankshares Corp.		20,969		769,353
Banc of California Inc.		44,269		857,048
BancFirst Corp.		10,970		912,814
Bank of NT Butterfield & Son Ltd. (The)		20,100		721,188
BankUnited Inc.		12,864		565,501
Brookline Bancorp. Inc.		42,054		665,294
Cadence Bank		18,159		531,332
Cathay General Bancorp		20,678		925,340
Central Pacific Financial Corp.		26,791		747,469
City Holding Co.		4,962		390,509
Columbia Banking System Inc.		15,290		493,408
Community Trust Bancorp. Inc.		15,879		654,215
ConnectOne Bancorp. Inc.		31,851		1,019,551
CrossFirst Bankshares Inc.(a)		51,610		813,374
Customers Bancorp. Inc.(a)		40,027		2,087,008
CVB Financial Corp.		25,842		599,793
Dime Community Bancshares Inc.		51,406		1,777,105
Enterprise Financial Services Corp.		16,449		778,202
First BanCorp./Puerto Rico		67,647		887,529
First Bancshares Inc. (The)		21,367		719,213
First Busey Corp.		28,247		715,779
First Financial Bancorp		34,589		797,276
First Financial Corp./IN		14,288		618,385
First Foundation Inc.		34,276		832,564
First Merchants Corp.		19,347		804,835
Flushing Financial Corp.		42,595		951,998
Fulton Financial Corp.		48,050		798,591
German American Bancorp. Inc.		16,508		627,139
Great Southern Bancorp. Inc.		12,369		729,895
Hancock Whitney Corp.		23,833		1,242,891
Hanmi Financial Corp.		44,282		1,089,780
Heritage Commerce Corp.		67,364		757,845
Heritage Financial Corp./WA		16,494		413,340
Home BancShares Inc./AR		29,607		669,118
HomeStreet Inc.		13,513		640,246
Hope Bancorp Inc.		54,340		873,787
Horizon Bancorp Inc./IN		44,414		829,209
Independent Bank Corp.		19,902		1,625,794
Independent Bank Corp./MI		35,687		785,114
Independent Bank Group Inc.		10,142		721,705
Investors Bancorp. Inc.		61,724		921,539
Lakeland Bancorp. Inc.		45,014		751,734
Meta Financial Group Inc.		18,811		1,033,100
Midland States Bancorp. Inc.		34,874		1,006,464
NBT Bancorp. Inc.		13,605		491,549
Nicolet Bankshares Inc.(a)(b)		8,207		767,929
OFG Bancorp		28,678		763,982

Security	Shares		Value
Banks (continued)
Old National Bancorp./IN		35,674	$	584,340
Pacific Premier Bancorp. Inc.		18,051		638,103
Peoples Bancorp. Inc./OH		23,470		734,846
Preferred Bank/Los Angeles CA		2,254		166,999
Premier Financial Corp.		28,810		873,807
S&T Bancorp. Inc.		19,252		569,474
Sandy Spring Bancorp. Inc.		19,416		872,167
Seacoast Banking Corp. of Florida		24,847		870,142
Simmons First National Corp., Class A		22,768		596,977
South State Corp.		9,320		760,419
Texas Capital Bancshares Inc.(a)		14,400		825,264
Tompkins Financial Corp.		7,890		617,550
Towne Bank/Portsmouth VA		27,350		818,859
TriCo Bancshares		18,298		732,469
TriState Capital Holdings Inc.(a)		33,854		1,124,968
Triumph Bancorp. Inc.(a)		14,396		1,353,512
Trustmark Corp.		15,645		475,452
United Bankshares Inc./WV		20,871		727,980
United Community Banks Inc./GA		25,247		878,596
Valley National Bancorp.		65,402		851,534
Washington Trust Bancorp. Inc.		14,615		767,287
				56,544,507
Biotechnology — 0.3%
Vanda Pharmaceuticals Inc.(a)		46,420		525,010
Building Products — 1.5%
American Woodmark Corp.(a)		5,704		279,211
Apogee Enterprises Inc.		20,978		995,616
Insteel Industries Inc.		23,974		886,798
Quanex Building Products Corp.		24,347		511,044
				2,672,669
Capital Markets — 1.7%
BGC Partners Inc., Class A		186,913		822,417
Cowen Inc., Class A		27,578		747,364
Federated Hermes Inc.		20,819		709,095
Piper Sandler Cos		6,135		805,219
				3,084,095
Chemicals — 2.4%
AdvanSix Inc.		34,806		1,778,238
Avient Corp.		16,943		813,264
Ecovyst Inc.		43,776		506,051
HB Fuller Co.		9,787		646,627
Minerals Technologies Inc.		8,768		580,003
				4,324,183
Commercial Services & Supplies — 3.7%
ABM Industries Inc.		12,246		563,806
ACCO Brands Corp.		77,202		617,616
BrightView Holdings Inc.(a)		39,359		535,676
HNI Corp.		14,271		528,741
Interface Inc.		73,223		993,636
KAR Auction Services Inc.(a)		31,090		561,174
Matthews International Corp., Class A		20,055		648,980
MillerKnoll Inc.		26,767		925,067
SP Plus Corp.(a)		24,999		783,969
Steelcase Inc., Class A		44,410		530,699
				6,689,364
Communications Equipment — 0.6%
Comtech Telecommunications Corp.		32,043		502,755

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments  (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
NetScout Systems Inc.(a)		20,562	$	659,629
				1,162,384
Construction & Engineering — 2.5%
Arcosa Inc.		10,182		582,920
EMCOR Group Inc.		6,621		745,723
Great Lakes Dredge & Dock Corp.(a)		47,102		660,841
MYR Group Inc.(a)		12,058		1,133,934
Primoris Services Corp.		24,875		592,522
Sterling Construction Co. Inc.(a)		31,671		848,783
				4,564,723
Construction Materials — 0.5%
Summit Materials Inc., Class A(a)		27,118		842,285
Consumer Finance — 0.8%
EZCORP Inc., Class A, NVS(a)		89,001		537,566
World Acceptance Corp.(a)		4,244		814,169
				1,351,735
Distributors — 0.7%
Funko Inc., Class A(a)(b)		77,427		1,335,616
Diversified Consumer Services — 0.2%
Laureate Education Inc., Class A		33,703		399,381
Electrical Equipment — 1.2%
Encore Wire Corp.		9,665		1,102,486
Powell Industries Inc.		18,598		361,173
Thermon Group Holdings Inc.(a)		39,963		647,401
				2,111,060
Electronic Equipment, Instruments & Components — 2.5%
Benchmark Electronics Inc.		22,273		557,716
Insight Enterprises Inc.(a)		7,920		849,974
Knowles Corp.(a)		30,046		646,890
Methode Electronics Inc.		15,725		680,106
Sanmina Corp.(a)		16,552		669,032
TTM Technologies Inc.(a)		39,239		581,522
Vishay Intertechnology Inc.		28,756		563,618
				4,548,858
Energy Equipment & Services — 1.8%
National Energy Services Reunited Corp.(a)		70,177		589,487
RPC Inc.(a)		169,813		1,811,904
Solaris Oilfield Infrastructure Inc., Class A		70,782		799,129
				3,200,520
Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		42,670		924,659
Kite Realty Group Trust		38,740		882,110
Piedmont Office Realty Trust Inc., Class A		32,986		568,019
Sabra Health Care REIT Inc.		32,579		485,101
SITE Centers Corp.		62,265		1,040,448
Summit Hotel Properties Inc.(a)		86,540		861,938
Xenia Hotels & Resorts Inc.(a)		51,113		985,970
				5,748,245
Food & Staples Retailing — 1.2%
Andersons Inc. (The)		23,380		1,175,079
SpartanNash Co.		27,419		904,553
				2,079,632
Food Products — 0.3%
Fresh Del Monte Produce Inc.		19,582		507,370

Security	Shares		Value
Gas Utilities — 0.6%
Southwest Gas Holdings Inc.		7,114	$	556,955
Spire Inc.		8,415		603,861
				1,160,816
Health Care Providers & Services — 0.3%
Select Medical Holdings Corp.		21,504		515,881
Household Durables — 2.4%
Century Communities Inc.		10,602		567,949
Ethan Allen Interiors Inc.		33,110		863,178
Hooker Furnishings Corp.		17,395		329,461
KB Home		11,672		377,939
La-Z-Boy Inc.		14,186		374,085
M/I Homes Inc.(a)		9,721		431,126
Meritage Homes Corp.(a)		4,060		321,674
Taylor Morrison Home Corp.(a)		18,211		495,704
Tri Pointe Homes Inc.(a)		24,724		496,458
				4,257,574
Insurance — 4.2%
American Equity Investment Life Holding Co.		20,369		812,927
CNO Financial Group Inc.		27,944		701,115
Employers Holdings Inc.		9,271		380,296
Enstar Group Ltd.(a)		2,775		724,691
HCI Group Inc.		9,095		620,097
Heritage Insurance Holdings Inc.		44,131		315,095
Horace Mann Educators Corp.		10,999		460,088
ProAssurance Corp.		23,245		624,826
Selective Insurance Group Inc.		8,706		777,968
SiriusPoint Ltd.(a)		64,577		483,036
Stewart Information Services Corp.		8,383		508,094
United Fire Group Inc.		22,093		686,430
Universal Insurance Holdings Inc.		32,379		436,793
				7,531,456
Machinery — 3.4%
Altra Industrial Motion Corp.		12,139		472,571
Barnes Group Inc.		12,528		503,500
Columbus McKinnon Corp./NY		13,554		574,690
EnPro Industries Inc.		7,945		776,465
Greenbrier Companies Inc. (The)		15,234		784,703
Meritor Inc.(a)		21,387		760,736
Mueller Industries Inc.		16,576		897,922
REV Group Inc.		56,860		761,924
Wabash National Corp.		37,543		557,138
				6,089,649
Marine — 0.7%
Matson Inc.		11,182		1,348,773
Media — 0.5%
Scholastic Corp.		21,372		860,864
Metals & Mining — 4.5%
Allegheny Technologies Inc.(a)(b)		51,411		1,379,871
Carpenter Technology Corp.		24,676		1,035,898
Commercial Metals Co.		22,438		933,870
Haynes International Inc.		26,227		1,117,270
Kaiser Aluminum Corp.		8,372		788,308
Schnitzer Steel Industries Inc., Class A		23,313		1,210,877
Warrior Met Coal Inc.		26,241		973,804
Worthington Industries Inc.		10,979		564,430
				8,004,328

20 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment — 0.2%
Broadmark Realty Capital Inc.		45,362	$	392,381
Multi-Utilities — 1.3%
Avista Corp.		13,157		594,039
Black Hills Corp.		8,376		645,120
NorthWestern Corp.		9,213		557,294
Unitil Corp.		11,596		578,408
				2,374,861
Oil, Gas & Consumable Fuels — 2.5%
Clean Energy Fuels Corp.(a)		180,768		1,435,298
CNX Resources Corp.(a)		47,517		984,552
DHT Holdings Inc.		86,828		503,603
Dorian LPG Ltd.		56,015		811,657
Nordic American Tankers Ltd.		128,468		273,637
World Fuel Services Corp.		21,173		572,518
				4,581,265
Paper & Forest Products — 0.4%
Clearwater Paper Corp.(a)		11,815		331,174
Glatfelter Corp.		32,568		403,192
				734,366
Pharmaceuticals — 0.4%
Prestige Consumer Healthcare Inc.(a)		12,293		650,791
Professional Services — 1.7%
Heidrick & Struggles International Inc.		22,801		902,464
Kelly Services Inc., Class A, NVS		26,267		569,731
Resources Connection Inc.		38,865		666,146
TrueBlue Inc.(a)		28,968		836,885
				2,975,226
Real Estate Management & Development — 0.2%
RE/MAX Holdings Inc., Class A		13,716		380,345
Road & Rail — 1.1%
ArcBest Corp.		14,434		1,161,937
Covenant Logistics Group Inc., Class A		25,592		550,996
U.S. Xpress Enterprises Inc., Class A(a)(b)		54,204		210,311
				1,923,244
Semiconductors & Semiconductor Equipment — 2.0%
Alpha & Omega Semiconductor Ltd.(a)		34,969		1,911,056
Amkor Technology Inc.		40,056		870,016
SMART Global Holdings Inc.(a)		32,826		847,896
				3,628,968
Software — 0.4%
Xperi Holding Corp.		39,043		676,225
Specialty Retail — 3.3%
Abercrombie & Fitch Co., Class A(a)		32,170		1,029,118
Hibbett Inc.		11,444		507,427
MarineMax Inc.(a)(b)		17,448		702,456
ODP Corp. (The)(a)		23,049		1,056,336
Rent-A-Center Inc./TX		15,005		377,976
Sportsman’s Warehouse Holdings Inc.(a)		31,275		334,330
Tilly’s Inc., Class A		74,307		695,513
Urban Outfitters Inc.(a)(b)		21,515		540,242

Security	Shares		Value
Specialty Retail (continued)
Zumiez Inc.(a)(b)		16,129	$	616,289
				5,859,687
Textiles, Apparel & Luxury Goods — 1.8%
Movado Group Inc.		45,101		1,761,194
Superior Group of Companies Inc.		19,292		344,362
Unifi Inc.(a)		34,947		632,541
Vera Bradley Inc.(a)		73,284		562,088
				3,300,185
Thrifts & Mortgage Finance — 3.2%
Kearny Financial Corp./MD		62,220		801,394
NMI Holdings Inc., Class A(a)		25,139		518,366
Northfield Bancorp. Inc.		49,101		705,091
Provident Financial Services Inc.		29,800		697,320
Radian Group Inc.		30,685		681,514
TrustCo Bank Corp. NY		13,110		418,602
Washington Federal Inc.		21,506		705,827
WSFS Financial Corp.		26,036		1,213,798
				5,741,912
Trading Companies & Distributors — 3.5%
Beacon Roofing Supply Inc.(a)(b)		14,449		856,537
Boise Cascade Co.		11,222		779,592
DXP Enterprises Inc./TX(a)		27,810		753,373
GMS Inc.(a)(b)		18,594		925,423
Rush Enterprises Inc., Class A		13,296		676,899
Titan Machinery Inc.(a)		33,879		957,421
WESCO International Inc.(a)		10,184		1,325,346
				6,274,591
Total Common Stocks — 96.7% (Cost: $169,627,158)				173,591,148
Short-Term Investments
Money Market Funds — 5.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		3,780,117		3,779,361
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		6,160,000		6,160,000
				9,939,361
Total Short-Term Investments — 5.5% (Cost: $9,939,118)				9,939,361
Total Investments in Securities — 102.2% (Cost: $179,566,276)				183,530,509
Other Assets, Less Liabilities — (2.2)%				(4,032,018	)
Net Assets — 100.0%			$	179,498,491

^(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   O F   I N V E S T M E N T S 21

Schedule of Investments  (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22	Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	376,585	$	3,405,257	(a)	$	—		$	(2,724	)	$	243	$	3,779,361	3,780,117	$	2,895	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,350,000		—			(5,190,000	)(a)		—			—		6,160,000	6,160,000		1,375			—
									$	(2,724	)	$	243	$	9,939,361		$	4,270		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts Russell 2000 E-Mini Index		3		06/17/22	$	310	$	8,112

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	1,234,554	$	(40,573	)(c)	$	1,193,744		0.7	%
	Monthly	HSBC Bank PLC(d)		02/10/23		2,183,891		59,014	(e)		2,217,745		1.2
	Monthly	JPMorgan Chase Bank NA(f)		02/08/23		2,141,519		(10,725	)(g)		2,125,039		1.2
							$	7,716		$	5,536,528

^(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 $237 of net dividends and financing fees.

^(e)  Amount includes $25,160 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $5,755 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

22 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® US Small Cap Value Factor ETF

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
BankUnited Inc.		705	$	30,992		2.6%
Central Pacific Financial Corp.		3,402		94,916		7.9
CVB Financial Corp.		1,154		26,784		2.2
First Financial Bancorp.		1,209		27,867		2.3
Heritage Financial Corp./WA		631		15,813		1.3
Independent Bank Corp.		67		5,473		0.5
NBT Bancorp. Inc.		580		20,955		1.7
OFG Bancorp.		3,079		82,025		6.9
Pacific Premier Bancorp. Inc.		576		20,362		1.7
Preferred Bank/Los Angeles CA		5,359		397,048		33.3
Simmons First National Corp.		2,910		76,300		6.4
Trustmark Corp.		1,254		38,109		3.2
United Community Banks Inc./GA		89		3,097		0.3
				839,741
Insurance
Employers Holdings Inc.		1,518		62,268		5.2
Horace Mann Educators Corp.		345		14,431		1.2
ProAssurance Corp.		996		26,772		2.3
				103,471
Thrifts & Mortgage Finance
Provident Financial Services Inc.		326		7,628		0.6
TrustCo Bank Corp. NY		564		18,009		1.5
WSFS Financial Corp.		4,824		224,895		18.9
				250,532
Total Reference Entity — Long				1,193,744
Net Value of Reference Entity — Goldman Sachs Bank USA			$	1,193,744

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		40	$	1,787		0.1%
BankUnited Inc.		5,346		235,010		10.6
Brookline Bancorp. Inc.		4,989		78,926		3.6
Cadence Bank		2,826		82,689		3.7
City Holding Co.		1,059		83,343		3.7
Columbia Banking System Inc.		2,243		72,382		3.3
First BanCorp./Puerto Rico		8,261		108,384		4.9
First Financial Bancorp.		1,521		35,059		1.6
Hanmi Financial Corp.		5,253		129,276		5.8
Heritage Financial Corp./WA		7,287		182,612		8.2
HomeStreet Inc.		2,274		107,742		4.9
Meta Financial Group Inc.		2,243		123,186		5.5
NBT Bancorp. Inc.		2,554		92,276		4.2
OFG Bancorp.		382		10,176		0.5
Pacific Premier Bancorp. Inc.		2,142		75,720		3.4

	Shares		Value		% of Basket Value
Preferred Bank/Los Angeles CA		2,535	$	187,818		8.5
S&T Bancorp. Inc.		2,438		72,116		3.2
Simmons First National Corp.		1,428		37,442		1.7
Trustmark Corp.		2,632		79,986		3.6
				1,795,930
Insurance
Employers Holdings Inc.		1,373		56,320		2.5
Horace Mann Educators Corp.		932		38,986		1.8
ProAssurance Corp.		2,503		67,281		3.0
Stewart Information Services Corp.		1,180		71,520		3.2
				234,107
Thrifts & Mortgage Finance
Provident Financial Services Inc.		3,209		75,091		3.4
TrustCo Bank Corp. NY		3,527		112,617		5.1
				187,708
Total Reference Entity — Long				2,217,745
Net Value of Reference Entity — HSBC Bank PLC			$	2,217,745

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
BankUnited Inc.		1,532	$	67,347		3.2%
Brookline Bancorp. Inc.		4,887		77,312		3.6
Cadence Bank		2,180		63,787		3.0
Central Pacific Financial Corp.		2,824		78,790		3.7
City Holding Co.		1,772		139,456		6.6
Columbia Banking System Inc.		1,290		41,628		2.0
First BanCorp./Puerto Rico		9,957		130,636		6.1
Hanmi Financial Corp.		5,070		124,773		5.9
HomeStreet Inc.		1,604		75,998		3.6
Hope Bancorp Inc.		4,735		76,139		3.6
Independent Bank Corp.		501		40,927		1.9
Meta Financial Group Inc.		2,270		124,668		5.9
OFG Bancorp.		3,824		101,871		4.8
Pacific Premier Bancorp. Inc.		1,472		52,035		2.4
Preferred Bank/Los Angeles CA		3,804		281,838		13.3
S&T Bancorp. Inc.		3,688		109,091		5.1
Simmons First National Corp.		1,209		31,700		1.5
Trustmark Corp.		1,438		43,701		2.0
United Community Banks Inc./GA		1,130		39,324		1.8
				1,701,021
Insurance
Employers Holdings Inc.		2,679		109,893		5.2
Horace Mann Educators Corp.		1,165		48,732		2.3
ProAssurance Corp.		1,960		52,685		2.5
Stewart Information Services Corp.		675		40,912		1.9
				252,222

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments  (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF

	Shares		Value		% of Basket Value
Thrifts & Mortgage Finance
Provident Financial Services Inc.		3,385	$	79,209		3.7
WSFS Financial Corp.		1,986		92,587		4.4
				171,796
Total Reference Entity — Long				2,125,039
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	2,125,039

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$59,014		$(51,298	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	8,112
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	59,014
	$	67,126
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	51,298

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(28,738	)
Swaps		40,784
	$	12,046
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	8,112
Swaps		325,019
	$	333,131

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	221,192
Total return swaps:
Average notional value	$	4,674,584

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

24 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF

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	$	8,112		$	—
Swaps - OTC(a)		59,014			51,298
Total derivative assets and liabilities in the Statement of Assets and Liabilities		67,126			51,298
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(8,112	)		—
Total derivative assets and liabilities subject to an MNA		59,014			51,298

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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:

	Derivative Assets Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Received			Received					Assets	(b)
HSBC Bank PLC		$	59,014		$	—			$	—		$	—		$	59,014
	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Pledged			Pledged					Liabilities	(c)
Goldman Sachs Bank USA		$	40,573		$	—			$	—		$	—		$	40,573
JPMorgan Chase Bank NA			10,725			—				—			—			10,725
		$	51,298		$	—			$	—		$	—		$	51,298

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments   (continued) March 31, 2022 iShares^® US Small Cap Value Factor  ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	173,591,148	$	—		$	—	$	173,591,148
Money Market Funds		9,939,361		—			—		9,939,361
	$	183,530,509	$	—		$	—	$	183,530,509
Derivative financial instruments(a)
Assets
Futures Contracts	$	8,112	$	—		$	—	$	8,112
Swaps		—		59,014			—		59,014
Liabilities
Swaps		—		(51,298	)		—		(51,298	)
	$	8,112	$	7,716		$	—	$	15,828

^(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.

26 2 0 2 2   I S H A R E S   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

March 31, 2022

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF			iShares US Small Cap Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,449,034		$	7,242,855		$	173,591,148
Affiliated(c)		4,274			115,560			9,939,361
Cash		9,793			1,020			9,504
Cash pledged:
Futures contracts		—			—			20,000
Receivables:
Investments sold		506			—			27,967
Securities lending income — Affiliated		7			25			637
Dividends		829			10,760			152,333
Unrealized appreciation on:
OTC swaps		—			—			59,014
Total assets		5,464,443			7,370,220			183,799,964
LIABILITIES
Collateral on securities loaned, at value		4,306			105,656			3,781,842
Payables:
Investments purchased		—			—			434,968
Variation margin on futures contracts		—			—			3,320
Investment advisory fees		1,169			1,569			30,045
Unrealized depreciation on:
OTC swaps		—			—			51,298
Total liabilities		5,475			107,225			4,301,473
NET ASSETS	$	5,458,968		$	7,262,995		$	179,498,491
NET ASSETS CONSIST OF:
Paid-in capital	$	6,351,386		$	7,878,603		$	176,735,090
Accumulated earnings (loss)		(892,418	)		(615,608	)		2,763,401
NET ASSETS	$	5,458,968		$	7,262,995		$	179,498,491
Shares outstanding		150,000			250,000			5,850,000
Net asset value	$	36.39		$	29.05		$	30.68
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	4,094		$	100,704		$	3,587,491
(b) Investments, at cost — Unaffiliated	$	5,653,910		$	7,484,824		$	169,627,158
(c)  Investments, at cost — Affiliated	$	4,273		$	115,543		$	9,939,118

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 27

Statements of Operations

Year Ended March 31, 2022

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF			iShares US Small Cap Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	50,245		$	193,405		$	2,878,762
Dividends — Affiliated		3			8			1,397
Securities lending income — Affiliated — net		829			903			2,873
Foreign taxes withheld		—			(208	)		(2,843	)
Total investment income		51,077			194,108			2,880,189
EXPENSES
Investment advisory fees		14,080			18,519			423,098
Total expenses		14,080			18,519			423,098
Less:
Investment advisory fees waived		—			—			(144,074	)
Total expenses after fees waived		14,080			18,519			279,024
Net investment income		36,997			175,589			2,601,165
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(637,356	)		(81,287	)		(1,387,298	)
Investments — Affiliated		(43	)		(42	)		(2,724	)
In-kind redemptions — Unaffiliated		2,289,969			2,160,379			7,177,677
Futures contracts		—			—			(28,738	)
Swaps		—			—			40,784
Net realized gain		1,652,570			2,079,050			5,799,701
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,206,726	)		(1,743,625	)		(7,137,680	)
Investments — Affiliated		1			17			243
Futures contracts		—			—			8,112
Swaps		—			—			325,019
Net change in unrealized appreciation (depreciation)		(1,206,725	)		(1,743,608	)		(6,804,306	)
Net realized and unrealized gain (loss)		445,845			335,442			(1,004,605	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	482,842		$	511,031		$	1,596,560

See notes to financial statements.

28 2 0 2 2   I S H A R E S   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   Factors US Growth Style ETF						iShares Factors US Value Style ETF
	Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/22			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	36,997		$	42,898		$	175,589		$	139,344
Net realized gain (loss)		1,652,570			338,458			2,079,050			(168,124	)
Net change in unrealized appreciation (depreciation)		(1,206,725	)		1,876,990			(1,743,608	)		2,943,489
Net increase in net assets resulting from operations		482,842			2,258,346			511,031			2,914,709
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(43,421	)		(43,655	)		(173,963	)		(158,652	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		167,748			(1,416,764	)		62,505			614,979
NET ASSETS
Total increase in net assets		607,169			797,927			399,573			3,371,036
Beginning of year		4,851,799			4,053,872			6,863,422			3,492,386
End of year	$	5,458,968		$	4,851,799		$	7,262,995		$	6,863,422

^(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 29

Statements of Changes in Net Assets (continued)

	iShares   US Small Cap Value Factor ETF
		Year Ended 03/31/22			Period From 10/27/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,601,165		$	374,760
Net realized gain		5,799,701			5,494,147
Net change in unrealized appreciation (depreciation)		(6,804,306	)		10,784,367
Net increase in net assets resulting from operations		1,596,560			16,653,274
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(3,383,522	)		(394,188	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		68,225,121			96,801,246
NET ASSETS
Total increase in net assets		66,438,159			113,060,332
Beginning of period		113,060,332			—
End of period	$	179,498,491		$	113,060,332

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30 2 0 2 2   I S H A R E S   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 Factors US Growth Style ETF
									Period From
	Year Ended				Year Ended						01/14/20	(a)
	03/31/22				03/31/21				to 03/31/20
Net asset value, beginning of period		$	32.35			$	20.27			$	24.96
Net investment income(b)			0.24				0.25				0.06
Net realized and unrealized gain (loss)(c)			4.06				12.08				(4.69	)
Net increase (decrease) from investment operations			4.30				12.33				(4.63	)
Distributions(d)
From net investment income			(0.26	)			(0.25	)			(0.06	)
Return of capital			—				—				(0.00	)(e)
Total distributions			(0.26	)			(0.25	)			(0.06	)
Net asset value, end of period		$	36.39			$	32.35			$	20.27
Total Return(f)
Based on net asset value			13.28	%			61.00	%			(18.54	)%(g)
Ratios to Average Net Assets(h)
Total expenses			0.25	%			0.25	%			0.25	%(i)
Net investment income			0.66	%			0.88	%			1.20	%(i)
Supplemental Data
Net assets, end of period (000)		$	5,459			$	4,852			$	4,054
Portfolio turnover rate(j)			111	%			103	%			13	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Rounds to less than $0.01.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(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.

F I N A N C I A L   H I G H L I G H T S 31

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Factors US Value Style ETF
									Period From
	Year Ended				Year Ended						01/14/20	(a)
	03/31/22				03/31/21				to 03/31/20
Net asset value, beginning of period		$	27.45			$	17.46			$	25.09
Net investment income(b)			0.69				0.51				0.15
Net realized and unrealized gain (loss)(c)			1.58				10.06				(7.65	)
Net increase (decrease) from investment operations			2.27				10.57				(7.50	)
Distributions(d)
From net investment income			(0.67	)			(0.58	)			(0.13	)
Total distributions			(0.67	)			(0.58	)			(0.13	)
Net asset value, end of period		$	29.05			$	27.45			$	17.46
Total Return(e)
Based on net asset value			8.28	%			61.25	%			(29.87	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.25	%			0.25	%			0.25	%(h)
Net investment income			2.37	%			2.29	%			3.09	%(h)
Supplemental Data
Net assets, end of period (000)		$	7,263			$	6,863			$	3,492
Portfolio turnover rate(i)			104	%			148	%			16	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

32 2 0 2 2   I S H A R E S   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 US Small Cap Value Factor ETF
						Period From
		Year Ended						10/27/20	(a)
		03/31/22				to 03/31/21
Net asset value, beginning of period			$	30.56			$	19.56
Net investment income(b)				0.57				0.20
Net realized and unrealized gain(c)				0.28				10.94
Net increase from investment operations				0.85				11.14
Distributions(d)
From net investment income				(0.73	)			(0.14	)
Total distributions				(0.73	)			(0.14	)
Net asset value, end of period			$	30.68			$	30.56
Total Return(e)
Based on net asset value				2.79	%			57.05	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.30	%			0.30	%(h)
Total expenses after fees waived				0.20	%			0.20	%(h)
Net investment income				1.84	%			1.74	%(h)
Supplemental Data
Net assets, end of period (000)			$	179,498			$	113,060
Portfolio turnover rate(i)				13	%			14	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 33

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Factors US Growth Style		Non-diversified
Factors US Value Style		Non-diversified
US Small Cap Value Factor		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. 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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments

34 2 0 2 2   I S H A R E S   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  (continued)

using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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

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Notes to Financial Statements  (continued)

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 or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Factors US Growth Style
J.P. Morgan Securities LLC	$	2,654	$	2,654		$	—	$	—
UBS Securities LLC		1,440		1,440			—		—
	$	4,094	$	4,094		$	—	$	—
Factors US Value Style
Barclays Bank PLC	$	46,003	$	46,003		$	—	$	—
Citigroup Global Markets, Inc.		11,865		11,865			—		—
J.P. Morgan Securities LLC		19,784		19,784			—		—
Jefferies LLC		7,163		7,163			—		—
Morgan Stanley		14,239		14,239			—		—
Toronto-Dominion Bank		1,650		1,650			—		—
	$	100,704	$	100,704		$	—	$	—
US Small Cap Value Factor
Credit Suisse Securities (USA) LLC	$	2,511	$	2,511		$	—	$	—
Goldman Sachs & Co. LLC		1,756,514		1,756,514			—		—
Mizuho Securities USA Inc.		161,040		161,040			—		—
Morgan Stanley		2,888		2,888			—		—
National Financial Services LLC		484,623		484,623			—		—
Toronto-Dominion Bank		847,941		847,941			—		—
UBS AG		136,275		136,275			—		—
UBS Securities LLC		195,699		195,699			—		—
	$	3,587,491	$	3,587,491		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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.

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Notes to Financial Statements  (continued)

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares US Small Cap Value Factor ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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Notes to Financial Statements   (continued)

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 Fee
Factors US Growth Style		0.25	%
Factors US Value Style		0.25
US Small Cap Value Factor		0.30

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares US Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.20% through March 31, 2023.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
US Small Cap Value Factor	$	144,074

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements   (continued)

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 year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Factors US Growth Style	$	276
Factors US Value Style		305
US Small Cap Value Factor		1,232

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 year ended March 31, 2022, 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)
Factors US Value Style	$	712,183	$	1,226,284	$	63,138
US Small Cap Value Factor		83,191		1,062,600		149,923

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 year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	6,076,940	$	6,123,171
Factors US Value Style		7,637,734		7,564,593
US Small Cap Value Factor		34,238,255		18,201,986

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Factors US Growth Style	$	16,707,200	$	16,505,242
Factors US Value Style		13,106,822		13,110,752
US Small Cap Value Factor		85,718,100		29,529,953

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 March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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 39

Notes to Financial Statements   (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Factors US Growth Style	$	2,316,252	$	(2,316,252	)
Factors US Value Style		2,085,948		(2,085,948	)
US Small Cap Value Factor		7,158,994		(7,158,994	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Year Ended 03/31/21
Factors US Growth Style Ordinary income	$	43,421	$	43,655
Factors US Value Style Ordinary income	$	173,963	$	158,652

iShares ETF	Year Ended 03/31/22		Period Ended 03/31/21
US Small Cap Value Factor Ordinary income	$	3,383,522	$	394,188

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Factors US Growth Style	$	—	$	—		$	(751,181	)	$	(141,237	)	$	(892,418	)
Factors US Value Style		810		—			(475,315	)		(141,103	)		(615,608	)
US Small Cap Value Factor		298,277		(539,143	)		3,004,267			—			2,763,401

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements, timing and recognition of partnership income, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Factors US Growth Style	$	11,990
Factors US Value Style		219,929

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	6,204,489	$	110,182	$	(861,363	)	$	(751,181	)
Factors US Value Style		7,833,730		208,116		(683,431	)		(475,315	)
US Small Cap Value Factor		180,526,242		13,357,661		(10,353,394	)		3,004,267

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

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Notes to Financial Statements   (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 41

Notes to Financial Statements   (continued)

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:

	Year Ended                            03/31/22						Year Ended                       03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		450,000		$	16,814,770			—		$	—
Shares redeemed		(450,000	)		(16,647,022	)		(50,000	)		(1,416,764	)
Net increase (decrease)		—		$	167,748			(50,000	)	$	(1,416,764	)
Factors US Value Style
Shares sold		450,000		$	13,270,839			100,000		$	1,668,542
Shares redeemed		(450,000	)		(13,208,334	)		(50,000	)		(1,053,563	)
Net increase		—		$	62,505			50,000		$	614,979

	Year Ended 03/31/22						Period Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
US Small Cap Value Factor
Shares sold		3,300,000		$	103,708,907			5,400,000		$	138,471,143
Shares redeemed		(1,150,000	)		(35,483,786	)		(1,700,000	)		(41,669,897	)
Net increase		2,150,000		$	68,225,121			3,700,000		$	96,801,246

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Factors US Growth Style ETF, iShares Factors US Value Style ETF and iShares US

Small Cap Value Factor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Factors US Growth Style ETF, iShares Factors US Value Style ETF and iShares US Small Cap Value Factor ETF (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Factors US Growth Style ETF and iShares Factors US Value Style ETF: statements of operations for the year ended March 31, 2022 and statements of changes in net assets for each of the two years in the period ended March 31, 2022.

iShares US Small Cap Value Factor ETF: statement of operations for the year ended March 31, 2022 and statements of changes in net assets for the year ended March 31, 2022 and the period October 27, 2020 (commencement of operations) to March 31, 2021.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F    I N D E P E N D E N T    R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 43

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
Factors US Growth Style	$	45,508
Factors US Value Style		173,131
US Small Cap Value Factor		2,621,645

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
Factors US Value Style	$	1,908
US Small Cap Value Factor		52,373

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2022:

iShares ETF	20% Rate Long-Term   Capital Gain Dividends
Factors US Growth Style	$	39,769
Factors US Value Style		21,652

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Factors US Growth Style		100.00	%
Factors US Value Style		98.82	%
US Small Cap Value Factor		88.50	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Factors US Growth Style ETF, iShares Factors US Value Style ETF and iShares US Small Cap Value Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T    R E G A R D I N G    L I Q U I D I T Y    R I S K    M A N A G E M E N T    P R O G R A M 45

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Factors US Growth Style(a)	$	0.258513	$	—	$	0.000842	$	0.259355		100	%		—	%		0	%(b)		100	%
Factors US Value Style(a)		0.652466		—		0.014196		0.666662		98			—			2			100
US Small Cap Value Factor(a)		0.716641		—		0.009371		0.726012		99			—			1			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.

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 49

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 Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 51

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-314-0322

MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		5.92	%		15.65	%
U.S. small cap equities (Russell 2000® Index)		(5.55	)		(5.79	)
International equities (MSCI Europe, Australasia, Far East Index)		(3.38	)		1.16
Emerging market equities (MSCI Emerging Markets Index)		(8.20	)		(11.37	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.05			0.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.04	)		(3.31	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(5.92	)		(4.15	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.55	)		(4.47	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.16	)		(0.66	)
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
Market Overview	4
Fund Summary	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	36
Statements of Operations	37
Statements of Changes in Net Assets	38
Financial Highlights	40
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	51
Important Tax Information (Unaudited)	52
Statement Regarding Liquidity Risk Management Program	53
Supplemental Information	54
Trustee and Officer Information	55
General Information	58
Glossary of Terms Used in this Report	59

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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Fund Summary as of March 31, 2022 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Sustainability Screened 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.74	%		23.54	%		14.74	%		38.00	%
Fund Market		14.47			23.59			14.47			38.08
Index		14.81			23.69			14.81			38.21

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,046.80	$        0.41			$        1,000.00	$        1,024.50	$        0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2022    (continued) iShares^® ESG Screened S&P 500 ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period as ESG investments reached a record level in 2021. The impact of the COVID-19 pandemic on public health was a motivating factor for many businesses to reexamine their ESG policies. In August 2021, the Securities and Exchange Commission approved a stock exchange’s rule change requiring disclosures designed to encourage diversity on the boards of public companies. A rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

In this environment, the stocks of large-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a strong advance for the reporting period. The information technology sector contributed the most to the Index’s relative return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers.

Stocks in the healthcare sector advanced, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. The financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the S&P 500 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 7.8 and an MSCI ESG fund rating of AA. The Index held relatively overweight positions in the information technology and consumer discretionary sectors and underweight positions in the energy and industrials sectors. The underweight in energy was the largest detractor from relative performance, while the overweight to information technology contributed slightly.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	30.9	%
Health Care	13.7
Consumer Discretionary	13.3
Financials	11.7
Communication Services	10.3
Industrials	6.3
Consumer Staples	5.4
Real Estate	3.0
Materials	2.8
Utilities	1.5
Energy	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	7.8	%
Microsoft Corp.	6.7
Amazon.com Inc.	4.1
Tesla Inc.	2.6
Alphabet Inc., Class A	2.4
Alphabet Inc., Class C	2.2
NVIDIA Corp.	2.0
Berkshire Hathaway Inc., Class B	1.9
Meta Platforms Inc, Class A	1.5
UnitedHealth Group Inc.	1.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.88	%		29.02	%		2.88	%		47.42	%
Fund Market		2.77			29.16			2.77			47.67
Index		3.01			29.29			3.01			47.86

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,018.00	$        0.60			$        1,000.00	$        1,024.30	$        0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2022    (continued) iShares^® ESG Screened S&P Mid-Cap ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period as ESG investments reached a record level in 2021. The impact of the COVID-19 pandemic on public health was a motivating factor for many businesses to reexamine their ESG policies. In August 2021, the Securities and Exchange Commission approved a stock exchange’s rule change requiring disclosures designed to encourage diversity on the boards of public companies. A rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

In this environment, the stocks of mid-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, advanced for the reporting period. The real estate sector was the top contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

The financials sector was another source of strength, as premiums and income grew in the insurance industry, and many insurers were able to increase insurance rates in an environment of higher inflation. On the downside, stocks in the consumer discretionary sector declined amid slowing revenue growth and supply chain constraints.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P MidCap 400 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 6.3 and an MSCI ESG fund rating of A. The Index held relatively overweight positions in the industrials and financials sectors and underweight positions in the utilities and energy sectors. The underweight position in energy and stock selection in consumer discretionary were the largest detractors from relative performance, while stock selection in information technology contributed.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	19.2	%
Information Technology	15.0
Financials	14.7
Consumer Discretionary	14.2
Real Estate	10.7
Health Care	9.8
Materials	7.6
Consumer Staples	3.0
Energy	2.1
Utilities	1.9
Communication Services	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Targa Resources Corp.	0.8	%
Camden Property Trust	0.8
Alcoa Corp.	0.8
Steel Dynamics Inc.	0.7
Cleveland-Cliffs Inc.	0.7
Wolfspeed Inc.	0.6
Cognex Corp.	0.6
Darling Ingredients Inc.	0.6
Carlisle Companies Inc.	0.6
Medical Properties Trust Inc.	0.6

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2022  iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&P Small Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.47	)%		33.10	%		(0.47	)%		54.59	%
Fund Market		(0.52	)		33.10			(0.52	)		54.58
Index		(0.23	)		33.89			(0.23	)		55.94

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is no guarantee 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” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        990.80	$        0.60			$        1,000.00	$        1,024.30	$        0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of March 31, 2022    (continued) iShares^® ESG Screened S&P Small-Cap ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period as ESG investments reached a record level in 2021. The impact of the COVID-19 pandemic on public health was a motivating factor for many businesses to reexamine their ESG policies. In August 2021, the Securities and Exchange Commission approved a stock exchange’s rule change requiring disclosures designed to encourage diversity on the boards of public companies. A rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

In this environment, the stocks of small-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a slightly negative return for the reporting period. The consumer discretionary sector was the largest detractor from the Index’s return, as the Omicron COVID-19 variant led to reduced operating hours and temporary closures at restaurants. The healthcare sector also declined, as the stocks of many smaller companies in the sector weakened. Rising interest rates worked against companies early in the product development process, with investors seeking more predictable cash flows as the cost of borrowing increased. On the upside, the real estate sector benefited from a nationwide rise in both residential and commercial property prices, and increased production helped equipment manufacturers in the energy sector.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P SmallCap 600 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 5.3 and an MSCI ESG fund rating of BBB. The Index held a relatively overweight position in the information technology sector and underweight positions in the energy and financials sectors. The underweight position and stock selection in energy detracted the most from relative performance, while stock selection in healthcare and financials contributed.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	17.5	%
Industrials	16.4
Information Technology	14.6
Health Care	12.7
Consumer Discretionary	11.7
Real Estate	9.6
Materials	5.7
Consumer Staples	4.8
Energy	3.2
Communication Services	1.9
Utilities	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Independence Realty Trust Inc.	0.6	%
Omnicell Inc.	0.6
Exponent Inc.	0.6
Innovative Industrial Properties Inc.	0.6
Vonage Holdings Corp.	0.6
Rogers Corp.	0.6
Matson Inc.	0.6
AMN Healthcare Services Inc.	0.5
UFP Industries Inc.	0.5
ExlService Holdings Inc.	0.5

^(a)  Excludes money market funds.

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder 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 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 a 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.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 11

Schedule of Investments March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Howmet Aerospace Inc.		2,507	$	90,101
TransDigm Group Inc.(a)		348		226,736
				316,837
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		857		92,307
Expeditors International of Washington Inc.		1,118		115,333
FedEx Corp.		1,615		373,695
United Parcel Service Inc., Class B		4,800		1,029,408
				1,610,743
Airlines — 0.2%
Alaska Air Group Inc.(a)		820		47,568
American Airlines Group Inc.(a)		4,303		78,530
Delta Air Lines Inc.(a)		4,194		165,957
Southwest Airlines Co.(a)		3,935		180,223
United Airlines Holdings Inc.(a)		2,148		99,581
				571,859
Auto Components — 0.1%
Aptiv PLC(a)		1,785		213,682
BorgWarner Inc.		1,542		59,984
				273,666
Automobiles — 3.0%
Ford Motor Co.		25,874		437,529
General Motors Co.(a)		9,578		418,942
Tesla Inc.(a)		5,511		5,938,654
				6,795,125
Banks — 3.7%
Bank of America Corp.		46,760		1,927,447
Citigroup Inc.		13,079		698,419
Citizens Financial Group Inc.		2,838		128,646
Comerica Inc.		862		77,951
Fifth Third Bancorp.		4,493		193,379
First Republic Bank/CA		1,173		190,143
Huntington Bancshares Inc./OH		9,491		138,758
JPMorgan Chase & Co.		19,380		2,641,882
KeyCorp		6,190		138,532
M&T Bank Corp.		849		143,905
People’s United Financial Inc.		2,711		54,193
PNC Financial Services Group Inc. (The)		2,778		512,402
Regions Financial Corp.		6,223		138,524
Signature Bank/New York NY		414		121,505
SVB Financial Group(a)		388		217,067
Truist Financial Corp.		8,819		500,037
U.S. Bancorp.		8,920		474,098
Zions Bancorp. N.A.		1,014		66,478
				8,363,366
Beverages — 1.6%
Brown-Forman Corp., Class B, NVS		1,214		81,362
Coca-Cola Co. (The)		25,594		1,586,828
Constellation Brands Inc., Class A		1,085		249,897
Molson Coors Beverage Co., Class B		1,238		66,084
Monster Beverage Corp.(a)		2,483		198,392
PepsiCo Inc.		9,099		1,522,991
				3,705,554
Biotechnology — 2.1%
AbbVie Inc.		11,629		1,885,177
Amgen Inc.		3,706		896,185
Biogen Inc.(a)		969		204,071

Security	Shares		Value
Biotechnology (continued)
Gilead Sciences Inc.		8,265	$	491,354
Incyte Corp.(a)		1,229		97,607
Moderna Inc.(a)		2,221		382,590
Regeneron Pharmaceuticals Inc.(a)		704		491,688
Vertex Pharmaceuticals Inc.(a)		1,677		437,647
				4,886,319
Building Products — 0.5%
A O Smith Corp.		844		53,923
Allegion PLC		591		64,880
Carrier Global Corp.		5,602		256,964
Fortune Brands Home & Security Inc.		883		65,589
Johnson Controls International PLC		4,613		302,474
Masco Corp.		1,545		78,795
Trane Technologies PLC		1,541		235,311
				1,057,936
Capital Markets — 3.3%
Ameriprise Financial Inc.		741		222,567
Bank of New York Mellon Corp. (The)		4,887		242,542
BlackRock Inc.(b)		942		719,848
Cboe Global Markets Inc.		719		82,268
Charles Schwab Corp. (The)		9,902		834,838
CME Group Inc.		2,372		564,204
FactSet Research Systems Inc.		250		108,537
Franklin Resources Inc.		1,886		52,657
Goldman Sachs Group Inc. (The)		2,240		739,424
Intercontinental Exchange Inc.		3,712		490,429
Invesco Ltd.		2,288		52,761
MarketAxess Holdings Inc.		252		85,730
Moody’s Corp.		1,070		361,029
Morgan Stanley		9,330		815,442
MSCI Inc.		537		270,047
Nasdaq Inc.		764		136,145
Northern Trust Corp.		1,367		159,187
Raymond James Financial Inc.		1,215		133,541
S&P Global Inc.		2,341		960,231
State Street Corp.		2,432		211,876
T Rowe Price Group Inc.		1,513		228,750
				7,472,053
Chemicals — 1.8%
Air Products and Chemicals Inc.		1,459		364,619
Albemarle Corp.		775		171,391
Celanese Corp.		712		101,723
CF Industries Holdings Inc.		1,419		146,242
Corteva Inc.		4,805		276,191
Dow Inc.		4,838		308,277
Eastman Chemical Co.		847		94,915
Ecolab Inc.		1,646		290,618
FMC Corp.		825		108,545
International Flavors & Fragrances Inc.		1,679		220,503
Linde PLC		3,373		1,077,437
LyondellBasell Industries NV, Class A		1,740		178,907
Mosaic Co. (The)		2,431		161,662
PPG Industries Inc.		1,569		205,649
Sherwin-Williams Co. (The)		1,585		395,648
				4,102,327
Commercial Services & Supplies — 0.5%
Cintas Corp.		577		245,450
Copart Inc.(a)		1,411		177,038
Republic Services Inc.		1,378		182,585

12 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Rollins Inc.		1,494	$	52,365
Waste Management Inc.		2,537		402,114
				1,059,552
Communications Equipment — 1.0%
Arista Networks Inc.(a)		1,490		207,080
Cisco Systems Inc.		27,737		1,546,615
F5 Inc.(a)		401		83,789
Juniper Networks Inc.		2,066		76,773
Motorola Solutions Inc.		1,114		269,811
				2,184,068
Construction & Engineering — 0.1%
Quanta Services Inc.		940		123,713
Construction Materials — 0.1%
Martin Marietta Materials Inc.		410		157,805
Vulcan Materials Co.		878		161,288
				319,093
Consumer Finance — 0.6%
American Express Co.		4,049		757,163
Capital One Financial Corp.		2,735		359,078
Discover Financial Services		1,901		209,471
Synchrony Financial		3,443		119,851
				1,445,563
Containers & Packaging — 0.3%
Amcor PLC		9,799		111,023
Avery Dennison Corp.		546		94,988
Ball Corp.		2,108		189,720
International Paper Co.		2,547		117,544
Packaging Corp. of America		611		95,383
Sealed Air Corp.		970		64,951
Westrock Co.		1,769		83,196
				756,805
Distributors — 0.1%
Genuine Parts Co.		929		117,073
LKQ Corp.		1,777		80,693
Pool Corp.		262		110,787
				308,553
Diversified Financial Services — 1.9%
Berkshire Hathaway Inc., Class B(a)		12,053		4,253,624
Diversified Telecommunication Services — 1.1%
AT&T Inc.		47,168		1,114,580
Lumen Technologies Inc.		6,036		68,026
Verizon Communications Inc.		27,727		1,412,413
				2,595,019
Electric Utilities — 1.0%
Constellation Energy Corp.		2,156		121,275
Edison International		2,489		174,479
Entergy Corp.		1,334		155,745
Eversource Energy		2,255		198,868
Exelon Corp.		6,396		304,642
FirstEnergy Corp.		3,714		170,324
NextEra Energy Inc.		12,958		1,097,672
			2,223,005
Electrical Equipment — 0.6%
AMETEK Inc.		1,526		203,232
Eaton Corp. PLC		2,612		396,397
Emerson Electric Co.		3,915		383,866
Generac Holdings Inc.(a)		423		125,741

Security	Shares		Value
Electrical Equipment (continued)
Rockwell Automation Inc.		767	$	214,783
				1,324,019
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,950		297,633
CDW Corp./DE		897		160,464
Corning Inc.		4,934		182,114
IPG Photonics Corp.(a)		221		24,257
Keysight Technologies Inc.(a)		1,220		192,723
TE Connectivity Ltd.		2,150		281,607
Trimble Inc.(a)		1,639		118,237
Zebra Technologies Corp., Class A(a)		355		146,864
				1,403,899
Energy Equipment & Services — 0.4%
Baker Hughes Co.		5,921		215,584
Halliburton Co.		5,950		225,326
Schlumberger NV		9,263		382,655
				823,565
Entertainment — 1.6%
Activision Blizzard Inc.		5,159		413,288
Electronic Arts Inc.		1,862		235,562
Live Nation Entertainment Inc.(a)		877		103,170
Netflix Inc.(a)		2,880		1,078,819
Take-Two Interactive Software Inc.(a)		763		117,304
Walt Disney Co. (The)(a)		11,878		1,629,186
				3,577,329
Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities Inc.		961		193,401
American Tower Corp.		3,013		756,926
AvalonBay Communities Inc.		912		226,513
Boston Properties Inc.		945		121,716
Crown Castle International Corp.		2,853		526,664
Digital Realty Trust Inc.		1,866		264,599
Duke Realty Corp.		2,488		144,453
Equinix Inc.		594		440,522
Equity Residential		2,236		201,061
Essex Property Trust Inc.		430		148,556
Extra Space Storage Inc.		870		178,872
Federal Realty Investment Trust		469		57,251
Healthpeak Properties Inc.		3,519		120,807
Host Hotels & Resorts Inc.		4,683		90,991
Iron Mountain Inc.		1,906		105,611
Kimco Realty Corp.		4,038		99,739
Mid-America Apartment Communities Inc.		744		155,831
Prologis Inc.		4,889		789,476
Public Storage		999		389,890
Realty Income Corp.		3,726		258,212
Regency Centers Corp.		1,027		73,266
SBA Communications Corp.		717		246,720
Simon Property Group Inc.		2,172		285,748
UDR Inc.		1,984		113,822
Ventas Inc.		2,613		161,379
Vornado Realty Trust		1,065		48,266
Welltower Inc.		2,876		276,499
Weyerhaeuser Co.		4,909		186,051
				6,662,842
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		2,922		1,682,634
Kroger Co. (The)		4,379		251,223
Sysco Corp.		3,351		273,609

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		4,756	$	212,926
				2,420,392
Food Products — 1.1%
Archer-Daniels-Midland Co.		3,667		330,984
Campbell Soup Co.		1,347		60,036
Conagra Brands Inc.		3,113		104,503
General Mills Inc.		3,951		267,562
Hershey Co. (The)		956		207,098
Hormel Foods Corp.		1,885		97,153
JM Smucker Co. (The)		678		91,808
Kellogg Co.		1,637		105,570
Kraft Heinz Co. (The)		4,678		184,266
Lamb Weston Holdings Inc.		956		57,274
McCormick & Co. Inc./MD, NVS		1,638		163,472
Mondelez International Inc., Class A		9,188		576,823
Tyson Foods Inc., Class A		1,908		171,014
				2,417,563
Gas Utilities — 0.0%
Atmos Energy Corp.		876		104,673
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		11,640		1,377,710
ABIOMED Inc.(a)		300		99,372
Align Technology Inc.(a)		486		211,896
Baxter International Inc.		3,308		256,502
Becton Dickinson and Co.		1,865		496,090
Boston Scientific Corp.(a)		9,403		416,459
Cooper Companies Inc. (The)		324		135,299
DENTSPLY SIRONA Inc.		1,410		69,400
Dexcom Inc.(a)		641		327,936
Edwards Lifesciences Corp.(a)		4,125		485,595
Hologic Inc.(a)		1,646		126,446
IDEXX Laboratories Inc.(a)		559		305,806
Intuitive Surgical Inc.(a)		2,364		713,171
Medtronic PLC		8,866		983,683
ResMed Inc.		964		233,780
STERIS PLC		661		159,810
Stryker Corp.		2,219		593,250
Teleflex Inc.		308		109,288
Zimmer Biomet Holdings Inc.		1,379		176,374
				7,277,867
Health Care Providers & Services — 3.3%
AmerisourceBergen Corp.		969		149,914
Anthem Inc.		1,592		782,022
Cardinal Health Inc.		1,840		104,328
Centene Corp.(a)		3,835		322,869
Cigna Corp.		2,134		511,328
CVS Health Corp.		8,623		872,734
DaVita Inc.(a)		393		44,452
HCA Healthcare Inc.		1,582		396,481
Henry Schein Inc.(a)		894		77,948
Humana Inc.		845		367,719
Laboratory Corp. of America Holdings(a)		614		161,887
McKesson Corp.		981		300,313
Quest Diagnostics Inc.		786		107,572
UnitedHealth Group Inc.		6,199		3,161,304
Universal Health Services Inc., Class B		484		70,156
				7,431,027

Security	Shares		Value
Health Care Technology — 0.1%
Cerner Corp.		1,936	$	181,132
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings Inc.(a)		271		636,430
Caesars Entertainment Inc.(a)		1,413		109,310
Carnival Corp.(a)		5,377		108,723
Chipotle Mexican Grill Inc.(a)		185		292,675
Darden Restaurants Inc.		843		112,077
Domino’s Pizza Inc.		241		98,089
Expedia Group Inc.(a)		991		193,909
Hilton Worldwide Holdings Inc.(a)		1,836		278,595
Las Vegas Sands Corp.(a)		2,295		89,207
Marriott International Inc./MD, Class A(a)		1,808		317,756
McDonald’s Corp.		4,910		1,214,145
MGM Resorts International		2,489		104,389
Norwegian Cruise Line Holdings Ltd.(a)(c)		2,755		60,279
Penn National Gaming Inc.(a)(c)		1,065		45,177
Royal Caribbean Cruises Ltd.(a)		1,490		124,832
Starbucks Corp.		7,598		691,190
Wynn Resorts Ltd.(a)		689		54,941
Yum! Brands Inc.		1,887		223,666
				4,755,390
Household Durables — 0.3%
DR Horton Inc.		2,130		158,706
Garmin Ltd.		1,005		119,203
Lennar Corp., Class A		1,726		140,099
Mohawk Industries Inc.(a)		363		45,085
Newell Brands Inc.		2,553		54,660
NVR Inc.(a)		21		93,813
PulteGroup Inc.		1,643		68,842
Whirlpool Corp.		390		67,384
				747,792
Household Products — 1.5%
Church & Dwight Co. Inc.		1,598		158,809
Clorox Co. (The)		813		113,031
Colgate-Palmolive Co.		5,494		416,610
Kimberly-Clark Corp.		2,225		274,031
Procter & Gamble Co. (The)		15,778		2,410,879
				3,373,360
Industrial Conglomerates — 0.4%
General Electric Co.		7,261		664,382
Roper Technologies Inc.		693		327,255
				991,637
Insurance — 2.3%
Aflac Inc.		3,963		255,178
Allstate Corp. (The)		1,834		254,027
American International Group Inc.		5,474		343,603
Aon PLC, Class A		1,413		460,115
Arthur J Gallagher & Co.		1,378		240,599
Assurant Inc.		365		66,368
Brown & Brown Inc.		1,550		112,018
Chubb Ltd.		2,844		608,332
Cincinnati Financial Corp.		989		134,464
Everest Re Group Ltd.		254		76,550
Globe Life Inc.		615		61,869
Hartford Financial Services Group Inc. (The)		2,201		158,054
Lincoln National Corp.		1,099		71,831
Loews Corp.		1,159		75,126
Marsh & McLennan Companies Inc.		3,338		568,862

14 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
MetLife Inc.		4,566	$	320,898
Principal Financial Group Inc.		1,604		117,750
Progressive Corp. (The)		3,845		438,292
Prudential Financial Inc.		2,492		294,480
Travelers Companies Inc. (The)		1,581		288,896
W R Berkley Corp.		1,356		90,296
Willis Towers Watson PLC		806		190,393
				5,228,001
Interactive Media & Services — 6.3%
Alphabet Inc., Class A(a)		1,984		5,518,198
Alphabet Inc., Class C, NVS(a)		1,830		5,111,172
Match Group Inc.(a)		1,865		202,800
Meta Platforms Inc, Class A(a)		15,158		3,370,533
Twitter Inc.(a)		5,282		204,361
				14,407,064
Internet & Direct Marketing Retail — 4.3%
Amazon.com Inc.(a)		2,885		9,404,956
eBay Inc.		4,121		235,968
Etsy Inc.(a)		852		105,887
				9,746,811
IT Services — 4.7%
Accenture PLC, Class A		4,173		1,407,261
Akamai Technologies Inc.(a)		1,083		129,299
Automatic Data Processing Inc.		2,777		631,879
Broadridge Financial Solutions Inc.		759		118,184
Cognizant Technology Solutions Corp., Class A		3,458		310,079
DXC Technology Co.(a)		1,614		52,665
EPAM Systems Inc.(a)		375		111,229
Fidelity National Information Services Inc.		4,018		403,487
Fiserv Inc.(a)		3,946		400,124
FleetCor Technologies Inc.(a)		544		135,489
Gartner Inc.(a)		548		163,008
Global Payments Inc.		1,880		257,259
International Business Machines Corp.		5,937		771,929
Jack Henry & Associates Inc.		482		94,978
Mastercard Inc., Class A		5,694		2,034,922
Paychex Inc.		2,106		287,406
PayPal Holdings Inc.(a)		7,522		869,919
VeriSign Inc.(a)		639		142,152
Visa Inc., Class A		10,941		2,426,385
				10,747,654
Leisure Products — 0.0%
Hasbro Inc.		855		70,042
Life Sciences Tools & Services — 2.0%
Agilent Technologies Inc.		1,992		263,601
Bio-Rad Laboratories Inc., Class A(a)		143		80,542
Bio-Techne Corp.		261		113,023
Charles River Laboratories International Inc.(a)		337		95,698
Danaher Corp.		4,196		1,230,813
Illumina Inc.(a)		1,033		360,930
IQVIA Holdings Inc.(a)		1,260		291,325
Mettler-Toledo International Inc.(a)		152		208,725
PerkinElmer Inc.		833		145,325
Thermo Fisher Scientific Inc.		2,599		1,535,099
Waters Corp.(a)		399		123,846
West Pharmaceutical Services Inc.		491		201,659
				4,650,586

Security	Shares		Value
Machinery — 1.7%
Caterpillar Inc.		3,562	$	793,685
Cummins Inc.		951		195,060
Deere & Co.		1,845		766,524
Dover Corp.		954		149,682
Fortive Corp.		2,363		143,977
IDEX Corp.		503		96,440
Illinois Tool Works Inc.		1,857		388,856
Ingersoll Rand Inc.		2,702		136,046
Nordson Corp.		358		81,295
Otis Worldwide Corp.		2,799		215,383
PACCAR Inc.		2,275		200,359
Parker-Hannifin Corp.		847		240,345
Pentair PLC		1,095		59,360
Snap-on Inc.		354		72,740
Stanley Black & Decker Inc.		1,080		150,973
Westinghouse Air Brake Technologies Corp.		1,236		118,866
Xylem Inc./NY		1,181		100,692
				3,910,283
Media — 1.1%
Charter Communications Inc., Class A(a)		788		429,870
Comcast Corp., Class A		29,445		1,378,615
Discovery Inc., Class A(a)		1,088		27,113
Discovery Inc., Class C, NVS(a)		2,033		50,764
DISH Network Corp., Class A(a)		1,639		51,874
Fox Corp., Class A, NVS		2,087		82,332
Fox Corp., Class B		968		35,119
Interpublic Group of Companies Inc. (The)		2,587		91,709
News Corp., Class A, NVS		2,585		57,258
News Corp., Class B		822		18,511
Omnicom Group Inc.		1,362		115,607
Paramount Global, Class B, NVS		4,049		153,093
				2,491,865
Metals & Mining — 0.5%
Freeport-McMoRan Inc.		9,673		481,135
Newmont Corp.		5,215		414,332
Nucor Corp.		1,798		267,272
				1,162,739
Multi-Utilities — 0.4%
CenterPoint Energy Inc.		4,149		127,126
Consolidated Edison Inc.		2,249		212,935
Public Service Enterprise Group Inc.		3,321		232,470
Sempra Energy		2,110		354,733
				927,264
Multiline Retail — 0.5%
Dollar General Corp.		1,517		337,730
Dollar Tree Inc.(a)		1,481		237,182
Target Corp.		3,155		669,554
				1,244,466
Oil, Gas & Consumable Fuels — 0.7%
Kinder Morgan Inc.		12,698		240,119
Marathon Petroleum Corp.		3,825		327,037
ONEOK Inc.		2,946		208,076
Phillips 66		3,085		266,513
Valero Energy Corp.		2,651		269,183
Williams Companies Inc. (The)		7,970		266,278
				1,577,206
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,537		418,556

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		14,351	$	1,048,054
Catalent Inc.(a)		1,186		131,528
Eli Lilly & Co.		5,223		1,495,711
Merck & Co. Inc.		16,626		1,364,163
Organon & Co.		1,640		57,285
Pfizer Inc.		36,942		1,912,487
Viatris Inc.		8,022		87,279
Zoetis Inc.		3,127		589,721
				6,686,228
Professional Services — 0.2%
Equifax Inc.		811		192,288
Nielsen Holdings PLC		2,332		63,524
Robert Half International Inc.		722		82,438
Verisk Analytics Inc.		1,060		227,508
				565,758
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		2,212		202,442
Road & Rail — 1.1%
CSX Corp.		14,592		546,470
JB Hunt Transport Services Inc.		546		109,631
Norfolk Southern Corp.		1,584		451,789
Old Dominion Freight Line Inc.		617		184,286
Union Pacific Corp.		4,186		1,143,657
				2,435,833
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices Inc.(a)		10,782		1,178,904
Analog Devices Inc.		3,470		573,175
Applied Materials Inc.		5,845		770,371
Broadcom Inc.		2,714		1,708,952
Enphase Energy Inc.(a)		886		178,777
Intel Corp.		26,820		1,329,199
KLA Corp.		991		362,765
Lam Research Corp.		920		494,601
Microchip Technology Inc.		3,690		277,267
Micron Technology Inc.		7,397		576,152
Monolithic Power Systems Inc.		281		136,476
NVIDIA Corp.		16,436		4,484,727
NXP Semiconductors NV		1,750		323,890
Qorvo Inc.(a)		715		88,732
QUALCOMM Inc.		7,417		1,133,466
Skyworks Solutions Inc.		1,091		145,408
SolarEdge Technologies Inc.(a)		348		112,185
Teradyne Inc.		1,071		126,624
Texas Instruments Inc.		6,068		1,113,357
				15,115,028
Software — 9.8%
Adobe Inc.(a)		3,071		1,399,209
ANSYS Inc.(a)		575		182,649
Autodesk Inc.(a)		1,446		309,950
Cadence Design Systems Inc.(a)		1,831		301,126
Ceridian HCM Holding Inc.(a)		881		60,225
Citrix Systems Inc.		817		82,435
Fortinet Inc.(a)		896		306,199
Intuit Inc.		1,824		877,052
Microsoft Corp.		49,370		15,221,265
NortonLifeLock Inc.		3,901		103,455
Oracle Corp.		10,406		860,888
Paycom Software Inc.(a)		314		108,763

Security	Shares		Value
Software (continued)
PTC Inc.(a)		683	$	73,573
salesforce.com Inc.(a)		6,411		1,361,184
ServiceNow Inc.(a)		1,321		735,652
Synopsys Inc.(a)		1,009		336,269
Tyler Technologies Inc.(a)		270		120,120
				22,440,014
Specialty Retail — 2.2%
Advance Auto Parts Inc.		421		87,130
AutoZone Inc.(a)		136		278,063
Bath & Body Works Inc.		1,703		81,403
Best Buy Co. Inc.		1,429		129,896
CarMax Inc.(a)		1,082		104,391
Home Depot Inc. (The)		6,834		2,045,621
Lowe’s Companies Inc.		4,437		897,117
O’Reilly Automotive Inc.(a)		440		301,383
Ross Stores Inc.		2,335		211,224
TJX Companies Inc. (The)		7,881		477,431
Tractor Supply Co.		753		175,728
Ulta Salon Cosmetics & Fragrance Inc.(a)		358		142,563
				4,931,950
Technology Hardware, Storage & Peripherals — 8.1%
Apple Inc.		102,057		17,820,173
Hewlett Packard Enterprise Co.		8,594		143,606
HP Inc.		7,152		259,617
NetApp Inc.		1,486		123,338
Seagate Technology Holdings PLC		1,330		119,567
Western Digital Corp.(a)		2,032		100,889
				18,567,190
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		8,429		1,134,206
PVH Corp.		461		35,317
Ralph Lauren Corp.		305		34,599
Tapestry Inc.		1,780		66,127
Under Armour Inc., Class A(a)		1,222		20,799
Under Armour Inc., Class C, NVS(a)		1,355		21,084
VF Corp.		2,156		122,590
				1,434,722
Trading Companies & Distributors — 0.2%
Fastenal Co.		3,767		223,760
United Rentals Inc.(a)		478		169,790
				393,550
Water Utilities — 0.1%
American Water Works Co. Inc.		1,194		197,643
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		3,869		496,586
Total Common Stocks — 99.8% (Cost: $239,951,218)				227,966,748
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(b)(d)(e)		12,356		12,354

16 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(b)(d)		320,000	$	320,000
				332,354
Total Short-Term Investments — 0.1% (Cost: $332,356)				332,354
Total Investments in Securities — 99.9% (Cost: $240,283,574)				228,299,102
Other Assets, Less Liabilities — 0.1%				114,902
Net Assets — 100.0%			$	228,414,004

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	12,532	(a)	$	—		$	(176	)	$	(2	)	$	12,354		12,356	$	428	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		260,000	(a)		—			—			—			320,000		320,000		80			—
BlackRock Inc.		106,308		1,891,184			(1,166,362	)		15,977			(127,259	)		719,848		942		13,110			—
									$	15,801		$	(127,261	)	$	1,052,202			$	13,618		$	—

^(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
Micro E-mini S&P 500 Index		18		06/17/22	$	408	$	22,998

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	22,998

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P 500 ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(8,950	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,244

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	283,110

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
Investments
Assets
Common Stocks	$	227,966,748	$	—	$	—	$	227,966,748
Money Market Funds		332,354		—		—		332,354
	$	228,299,102	$	—	$	—	$	228,299,102
Derivative financial instruments(a)
Assets
Futures Contracts	$	22,998	$	—	$	—	$	22,998

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Axon Enterprise Inc.(a)		2,401	$	330,690
Curtiss-Wright Corp.		1,377		206,770
Hexcel Corp.		2,943		175,020
Mercury Systems Inc.(a)		1,989		128,191
Woodward Inc.		2,213		276,426
				1,117,097
Air Freight & Logistics — 0.3%
GXO Logistics Inc.(a)		3,458		246,694
Airlines — 0.2%
JetBlue Airways Corp.(a)		11,157		166,797
Auto Components — 1.5%
Adient PLC(a)		3,325		135,560
Dana Inc.		5,058		88,869
Fox Factory Holding Corp.(a)		1,477		144,672
Gentex Corp.		8,298		242,053
Goodyear Tire & Rubber Co. (The)(a)		9,857		140,856
Lear Corp.		2,095		298,726
Visteon Corp.(a)		982		107,166
				1,157,902
Automobiles — 0.5%
Harley-Davidson Inc.		5,399		212,720
Thor Industries Inc.		1,951		153,544
				366,264
Banks — 7.1%
Associated Banc-Corp.		5,248		119,444
Bank of Hawaii Corp.		1,464		122,859
Bank OZK		4,303		183,738
Cadence Bank		4,744		138,809
Cathay General Bancorp.		2,725		121,944
Commerce Bancshares Inc.		3,876		277,483
Cullen/Frost Bankers Inc.		2,004		277,374
East West Bancorp. Inc.		4,993		394,547
First Financial Bankshares Inc.		4,567		201,496
First Horizon Corp.		18,732		440,015
FNB Corp.		11,919		148,391
Fulton Financial Corp.		5,791		96,246
Glacier Bancorp. Inc.		3,806		191,366
Hancock Whitney Corp.		3,074		160,309
Home BancShares Inc./AR		5,301		119,803
International Bancshares Corp.		1,962		82,816
Old National Bancorp./IN		10,518		172,285
PacWest Bancorp.		4,226		182,267
Pinnacle Financial Partners Inc.		2,677		246,498
Prosperity Bancshares Inc.		3,269		226,803
Synovus Financial Corp.		5,189		254,261
Texas Capital Bancshares Inc.(a)		1,786		102,356
UMB Financial Corp.		1,512		146,906
Umpqua Holdings Corp.		7,599		143,317
United Bankshares Inc./WV		4,817		168,017
Valley National Bancorp.		14,783		192,475
Webster Financial Corp.		6,340		355,801
Wintrust Financial Corp.		2,028		188,462
				5,456,088
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		331		128,584

Security	Shares		Value
Biotechnology — 1.6%
Arrowhead Pharmaceuticals Inc.(a)		3,718	$	170,991
Exelixis Inc.(a)		11,098		251,592
Halozyme Therapeutics Inc.(a)		4,939		196,967
Neurocrine Biosciences Inc.(a)		3,327		311,906
United Therapeutics Corp.(a)		1,581		283,647
				1,215,103
Building Products — 2.5%
Builders FirstSource Inc.(a)		6,718		433,580
Carlisle Companies Inc.		1,835		451,263
Lennox International Inc.		1,181		304,533
Owens Corning		3,525		322,537
Simpson Manufacturing Co. Inc.		1,523		166,068
Trex Co. Inc.(a)		4,038		263,803
				1,941,784
Capital Markets — 2.1%
Affiliated Managers Group Inc.		1,435		202,263
Evercore Inc., Class A		1,363		151,729
Federated Hermes Inc.		3,489		118,835
Interactive Brokers Group Inc., Class A		3,107		204,783
Janus Henderson Group PLC		6,007		210,365
Jefferies Financial Group Inc.		6,865		225,515
SEI Investments Co.		3,736		224,945
Stifel Financial Corp.		3,702		251,366
				1,589,801
Chemicals — 2.3%
Ashland Global Holdings Inc.		1,857		182,747
Avient Corp.		3,208		153,984
Cabot Corp.		1,984		135,725
Chemours Co. (The)		5,614		176,729
Ingevity Corp.(a)		1,381		88,481
Minerals Technologies Inc.		1,178		77,925
NewMarket Corp.		244		79,149
RPM International Inc.		4,548		370,389
Scotts Miracle-Gro Co. (The)		1,424		175,095
Sensient Technologies Corp.		1,484		124,582
Valvoline Inc.		6,292		198,575
				1,763,381
Commercial Services & Supplies — 1.6%
Brink’s Co. (The)		1,724		117,232
Clean Harbors Inc.(a)		1,756		196,040
IAA Inc.(a)		4,731		180,961
MillerKnoll Inc.		2,656		91,791
MSA Safety Inc.		1,279		169,723
Stericycle Inc.(a)		3,226		190,076
Tetra Tech Inc.		1,894		312,397
				1,258,220
Communications Equipment — 1.0%
Calix Inc.(a)		1,924		82,559
Ciena Corp.(a)		5,442		329,949
Lumentum Holdings Inc.(a)		2,554		249,270
Viasat Inc.(a)		2,609		127,319
				789,097
Construction & Engineering — 1.6%
AECOM		4,958		380,824
Dycom Industries Inc.(a)		1,058		100,785
EMCOR Group Inc.		1,873		210,956
MasTec Inc.(a)		2,064		179,774
MDU Resources Group Inc.		7,133		190,094

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Valmont Industries Inc.		746	$	177,996
				1,240,429
Construction Materials — 0.2%
Eagle Materials Inc.		1,395		179,062
Consumer Finance — 0.4%
Navient Corp.		5,609		95,577
PROG Holdings Inc.(a)		1,989		57,224
SLM Corp.		9,941		182,517
				335,318
Containers & Packaging — 0.9%
AptarGroup Inc.		2,309		271,308
Greif Inc., Class A, NVS		932		60,636
Silgan Holdings Inc.		2,990		138,228
Sonoco Products Co.		3,449		215,769
				685,941
Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		142		86,829
Grand Canyon Education Inc.(a)		1,390		134,983
H&R Block Inc.		5,771		150,277
Service Corp. International		5,785		380,768
				752,857
Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.(a)		4,637		186,964
Electric Utilities — 0.2%
Hawaiian Electric Industries Inc.		3,846		162,724
Electrical Equipment — 2.0%
Acuity Brands Inc.		1,228		232,460
EnerSys		1,446		107,828
Hubbell Inc.		1,908		350,633
nVent Electric PLC		5,902		205,271
Regal Rexnord Corp.		2,378		353,799
Sunrun Inc.(a)		7,261		220,517
Vicor Corp.(a)		752		53,054
				1,523,562
Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.(a)		2,388		283,288
Avnet Inc.		3,497		141,943
Belden Inc.		1,576		87,310
Cognex Corp.		6,202		478,484
Coherent Inc.(a)		870		237,823
II-VI Inc.(a)		3,730		270,388
Jabil Inc.		5,035		310,811
Littelfuse Inc.		865		215,740
National Instruments Corp.		4,679		189,921
TD SYNNEX Corp.		1,458		150,480
Vishay Intertechnology Inc.		4,656		91,258
Vontier Corp.(b)		5,950		151,070
				2,608,516
Energy Equipment & Services — 0.6%
ChampionX Corp.(a)		7,089		173,539
NOV Inc.		13,774		270,108
				443,647
Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		1,537		95,970
Equity Real Estate Investment Trusts (REITs) — 10.2%
American Campus Communities Inc.		4,881		273,190

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		5,506	$	294,351
Brixmor Property Group Inc.		10,448		269,663
Camden Property Trust		3,584		595,661
Corporate Office Properties Trust		3,940		112,448
Cousins Properties Inc.		5,215		210,112
Douglas Emmett Inc.		6,157		205,767
EastGroup Properties Inc.		1,427		290,080
EPR Properties		2,623		143,504
First Industrial Realty Trust Inc.		4,571		282,991
Healthcare Realty Trust Inc.		5,175		142,209
Highwoods Properties Inc.		3,702		169,329
Hudson Pacific Properties Inc.		5,348		148,407
JBG SMITH Properties		4,004		116,997
Kilroy Realty Corp.		3,692		282,143
Kite Realty Group Trust		7,683		174,942
Lamar Advertising Co., Class A		3,047		354,000
Life Storage Inc.		2,878		404,157
Macerich Co. (The)		7,473		116,878
Medical Properties Trust Inc.		20,934		442,545
National Retail Properties Inc.		6,161		276,875
National Storage Affiliates Trust		2,874		180,372
Omega Healthcare Investors Inc.		8,383		261,214
Park Hotels & Resorts Inc.		8,296		162,021
Pebblebrook Hotel Trust		4,609		112,828
Physicians Realty Trust		7,727		135,532
PotlatchDeltic Corp.		2,423		127,765
PS Business Parks Inc.		706		118,664
Rayonier Inc.		5,099		209,671
Rexford Industrial Realty Inc.		5,622		419,345
Sabra Health Care REIT Inc.		8,022		119,448
SL Green Realty Corp.		2,257		183,223
Spirit Realty Capital Inc.		4,480		206,170
STORE Capital Corp.		8,608		251,612
				7,794,114
Food & Staples Retailing — 0.7%
BJ’s Wholesale Club Holdings Inc.(a)		4,770		322,500
Grocery Outlet Holding Corp.(a)		3,065		100,471
Sprouts Farmers Market Inc.(a)		3,938		125,937
				548,908
Food Products — 1.8%
Darling Ingredients Inc.(a)		5,676		456,237
Flowers Foods Inc.		7,006		180,124
Hain Celestial Group Inc. (The)(a)		3,209		110,389
Ingredion Inc.		2,345		204,367
Lancaster Colony Corp.		712		106,195
Pilgrim’s Pride Corp.(a)		1,710		42,921
Post Holdings Inc.(a)		2,018		139,767
Sanderson Farms Inc.		745		139,680
				1,379,680
Gas Utilities — 1.2%
New Jersey Resources Corp.		3,369		154,502
ONE Gas Inc.		1,880		165,891
Southwest Gas Holdings Inc.		2,295		179,676
Spire Inc.		1,815		130,244
UGI Corp.		7,359		266,543
				896,856
Health Care Equipment & Supplies — 3.1%
Envista Holdings Corp.(a)		5,661		275,747
Globus Medical Inc., Class A(a)		2,777		204,887

20 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Haemonetics Corp.(a)		1,794	$	113,417
ICU Medical Inc.(a)		701		156,071
Integra LifeSciences Holdings Corp.(a)		2,555		164,184
LivaNova PLC(a)		1,866		152,695
Masimo Corp.(a)		1,781		259,207
Neogen Corp.(a)(b)		3,799		117,161
NuVasive Inc.(a)		1,814		102,854
Penumbra Inc.(a)		1,231		273,442
Quidel Corp.(a)		1,331		149,684
STAAR Surgical Co.(a)		1,670		133,450
Tandem Diabetes Care Inc.(a)		2,228		259,094
				2,361,893
Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.(a)		3,155		206,748
Amedisys Inc.(a)		1,143		196,927
Chemed Corp.		540		273,537
Encompass Health Corp.		3,490		248,174
HealthEquity Inc.(a)		2,935		197,936
LHC Group Inc.(a)		1,110		187,146
Option Care Health Inc.(a)		4,859		138,773
Patterson Companies Inc.		3,043		98,502
Progyny Inc.(a)		2,442		125,519
R1 RCM Inc.(a)		4,685		125,371
Tenet Healthcare Corp.(a)		3,757		322,952
				2,121,585
Hotels, Restaurants & Leisure — 3.0%
Boyd Gaming Corp.		2,878		189,315
Choice Hotels International Inc.		1,150		163,024
Churchill Downs Inc.		1,208		267,910
Cracker Barrel Old Country Store Inc.		841		99,852
Marriott Vacations Worldwide Corp.		1,495		235,761
Papa John’s International Inc.		1,135		119,493
Scientific Games Corp./DE, Class A(a)		3,386		198,928
Six Flags Entertainment Corp.(a)		2,715		118,103
Texas Roadhouse Inc.		2,443		204,552
Travel + Leisure Co.		3,027		175,384
Wendy’s Co. (The)		6,191		136,016
Wingstop Inc.		1,046		122,748
Wyndham Hotels & Resorts Inc.		3,269		276,852
				2,307,938
Household Durables — 1.6%
Helen of Troy Ltd.(a)		846		165,680
KB Home		3,007		97,367
Leggett & Platt Inc.		4,689		163,177
Taylor Morrison Home Corp.(a)		4,311		117,345
Tempur Sealy International Inc.		6,753		188,544
Toll Brothers Inc.		3,942		185,353
TopBuild Corp.(a)		1,156		209,687
Tri Pointe Homes Inc.(a)		3,921		78,734
				1,205,887
Household Products — 0.1%
Energizer Holdings Inc.		2,300		70,748
Insurance — 4.3%
Alleghany Corp.(a)		480		406,560
American Financial Group Inc./OH		2,334		339,877
Brighthouse Financial Inc.(a)		2,731		141,084
CNO Financial Group Inc.		4,356		109,292
First American Financial Corp.		3,855		249,881

Security	Shares		Value
Insurance (continued)
Hanover Insurance Group Inc. (The)		1,270	$	189,891
Kemper Corp.		2,108		119,186
Kinsale Capital Group Inc.		753		171,699
Mercury General Corp.		938		51,590
Old Republic International Corp.		10,202		263,926
Primerica Inc.		1,405		192,232
Reinsurance Group of America Inc.		2,356		257,888
RenaissanceRe Holdings Ltd.		1,543		244,581
RLI Corp.		1,413		156,320
Selective Insurance Group Inc.		2,115		188,996
Unum Group		7,330		230,968
				3,313,971
Interactive Media & Services — 0.4%
TripAdvisor Inc.(a)		3,475		94,242
Yelp Inc.(a)		2,407		82,103
Ziff Davis Inc.(a)		1,691		163,655
				340,000
IT Services — 2.4%
Alliance Data Systems Corp.		1,767		99,217
Concentrix Corp.		1,505		250,673
Euronet Worldwide Inc.(a)		1,856		241,559
Genpact Ltd.		5,980		260,190
Kyndryl Holdings Inc.(a)		6,290		82,525
LiveRamp Holdings Inc.(a)		2,421		90,521
Maximus Inc.		2,173		162,866
Sabre Corp.(a)		11,377		130,039
Western Union Co. (The)		13,814		258,874
WEX Inc.(a)		1,566		279,453
				1,855,917
Leisure Products — 0.9%
Brunswick Corp./DE		2,711		219,293
Callaway Golf Co.(a)		4,111		96,280
Polaris Inc.		2,002		210,851
YETI Holdings Inc.(a)		3,074		184,378
				710,802
Life Sciences Tools & Services — 1.6%
Azenta Inc.		2,629		217,892
Bruker Corp.		3,573		229,744
Medpace Holdings Inc.(a)		1,011		165,389
Repligen Corp.(a)		1,804		339,314
Syneos Health Inc.(a)		3,638		294,496
				1,246,835
Machinery — 4.5%
AGCO Corp.		2,152		314,257
Colfax Corp.(a)		4,769		189,758
Crane Co.		1,753		189,815
Donaldson Co. Inc.		4,357		226,259
Flowserve Corp.		4,570		164,063
Graco Inc.		5,962		415,671
ITT Inc.		3,025		227,510
Kennametal Inc.		2,914		83,370
Lincoln Electric Holdings Inc.		2,071		285,404
Middleby Corp. (The)(a)		1,950		319,683
Oshkosh Corp.		2,342		235,722
Terex Corp.		2,448		87,296
Timken Co. (The)		2,435		147,804
Toro Co. (The)		3,681		314,689
Trinity Industries Inc.		2,868		98,544

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Watts Water Technologies Inc., Class A		967	$	134,984
				3,434,829
Marine — 0.2%
Kirby Corp.(a)		2,108		152,176
Media — 1.0%
Cable One Inc.		174		254,778
John Wiley & Sons Inc., Class A		1,535		81,401
New York Times Co. (The), Class A		5,863		268,760
TEGNA Inc.		7,762		173,869
				778,808
Metals & Mining — 3.9%
Alcoa Corp.		6,458		581,414
Cleveland-Cliffs Inc.(a)		16,771		540,194
Commercial Metals Co.		4,260		177,301
Reliance Steel & Aluminum Co.		2,197		402,820
Royal Gold Inc.		2,303		325,368
Steel Dynamics Inc.		6,612		551,639
United States Steel Corp.		9,153		345,434
Worthington Industries Inc.		1,143		58,762
				2,982,932
Multiline Retail — 1.0%
Kohl’s Corp.		4,881		295,105
Macy’s Inc.		10,498		255,731
Nordstrom Inc.		3,912		106,054
Ollie’s Bargain Outlet Holdings Inc.(a)		2,059		88,455
				745,345
Oil, Gas & Consumable Fuels — 1.5%
DTE Midstream LLC(a)		3,394		184,159
Equitrans Midstream Corp.		14,262		120,371
HF Sinclair Corp.		5,244		208,973
Targa Resources Corp.		8,031		606,100
				1,119,603
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		3,085		191,640
Personal Products — 0.3%
Coty Inc., Class A(a)		12,063		108,447
Nu Skin Enterprises Inc., Class A		1,748		83,694
				192,141
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC(a)		2,156		335,624
Perrigo Co. PLC		4,693		180,352
				515,976
Professional Services — 1.5%
ASGN Inc.(a)		1,829		213,463
FTI Consulting Inc.(a)		1,203		189,136
Insperity Inc.		1,251		125,625
KBR Inc.		4,924		269,490
ManpowerGroup Inc.		1,902		178,636
Science Applications International Corp.		1,998		184,156
				1,160,506
Real Estate Management & Development — 0.6%
Jones Lang LaSalle Inc.(a)		1,770		423,844
Road & Rail — 2.1%
Avis Budget Group Inc.(a)		1,405		369,937
Knight-Swift Transportation Holdings Inc.		5,822		293,778
Landstar System Inc.		1,321		199,246

Security	Shares		Value
Road & Rail (continued)
Ryder System Inc.		1,889	$	149,854
Saia Inc.(a)		924		225,290
Werner Enterprises Inc.		2,100		86,100
XPO Logistics Inc.(a)		3,460		251,888
				1,576,093
Semiconductors & Semiconductor Equipment — 4.0%
Amkor Technology Inc.		3,517		76,389
Cirrus Logic Inc.(a)		2,010		170,428
CMC Materials Inc.		1,003		185,956
First Solar Inc.(a)		3,469		290,494
Lattice Semiconductor Corp.(a)		4,803		292,743
MKS Instruments Inc.		1,945		291,750
Power Integrations Inc.		2,074		192,218
Semtech Corp.(a)		2,261		156,778
Silicon Laboratories Inc.(a)		1,343		201,719
SiTime Corp.(a)		527		130,601
SunPower Corp.(a)		2,910		62,507
Synaptics Inc.(a)		1,386		276,507
Universal Display Corp.		1,520		253,764
Wolfspeed Inc.(a)		4,334		493,469
				3,075,323
Software — 4.0%
ACI Worldwide Inc.(a)		4,124		129,865
Aspen Technology Inc.(a)		2,339		386,800
Blackbaud Inc.(a)		1,568		93,876
CDK Global Inc.		4,084		198,809
CommVault Systems Inc.(a)		1,563		103,705
Digital Turbine Inc.(a)		3,096		135,636
Envestnet Inc.(a)		1,258		93,646
Fair Isaac Corp.(a)		922		430,076
Manhattan Associates Inc.(a)		2,216		307,381
Mimecast Ltd.(a)		2,184		173,759
NCR Corp.(a)(b)		4,630		186,080
Paylocity Holding Corp.(a)		1,392		286,432
Qualys Inc.(a)		1,185		168,756
SailPoint Technologies Holdings Inc.(a)		3,272		167,461
Teradata Corp.(a)		3,807		187,647
				3,049,929
Specialty Retail — 3.0%
American Eagle Outfitters Inc.		5,382		90,418
AutoNation Inc.(a)		1,402		139,611
Five Below Inc.(a)		1,966		311,355
Foot Locker Inc.		3,064		90,878
GameStop Corp., Class A(a)(b)		2,170		361,479
Gap Inc. (The)		7,466		105,121
Lithia Motors Inc.		1,062		318,727
Murphy USA Inc.		804		160,768
RH(a)(b)		611		199,241
Urban Outfitters Inc.(a)		2,301		57,778
Victoria’s Secret & Co.(a)		2,549		130,917
Williams-Sonoma Inc.		2,559		371,055
				2,337,348
Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		4,306		86,852
Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.(a)		5,177		266,046
Carter’s Inc.		1,497		137,709
Columbia Sportswear Co.		1,228		111,171

22 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Crocs Inc.(a)		2,064	$	157,690
Deckers Outdoor Corp.(a)		956		261,724
Hanesbrands Inc.		12,250		182,402
Skechers U.S.A. Inc., Class A(a)		4,733		192,917
				1,309,659
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		3,881		159,936
MGIC Investment Corp.		11,242		152,329
New York Community Bancorp. Inc.		16,311		174,854
Washington Federal Inc.		2,287		75,059
				562,178
Trading Companies & Distributors — 1.1%
GATX Corp.		1,246		153,669
MSC Industrial Direct Co. Inc., Class A		1,656		141,108
Univar Solutions Inc.(a)		5,997		192,743
Watsco Inc.		1,159		353,078
				840,598
Water Utilities — 0.5%
Essential Utilities Inc.		8,068		412,517
Total Common Stocks — 99.8% (Cost: $77,255,015)				76,515,233

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		815,435	$	815,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		90,000		90,000
				905,271
Total Short-Term Investments — 1.2% (Cost: $905,160)				905,271
Total Investments in Securities — 101.0% (Cost: $78,160,175)				77,420,504
Other Assets, Less Liabilities — (1.0)%				(754,324	)
Net Assets — 100.0%			$	76,666,180

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d) Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	265,494	$	550,386	(a)	$	—	$	(720	)	$	111	$	815,271		815,435	$	1,384	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		70,000	(a)		—		—			—		90,000		90,000		25			—
								$	(720	)	$	111	$	905,271			$	1,409		$	—

^(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 Categorized by Risk Exposure

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,450

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.

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	76,515,233	$	—	$	—	$	76,515,233
Money Market Funds		905,271		—		—		905,271
	$	77,420,504	$	—	$	—	$	77,420,504

See notes to financial statements.

24 2 0 2 2   I S H A R E S   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 March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
AAR Corp.(a)		872	$	42,231
Aerovironment Inc.(a)		603		56,766
Kaman Corp.		728		31,654
National Presto Industries Inc.		132		10,157
Park Aerospace Corp.		516		6,734
Triumph Group Inc.(a)		1,689		42,698
				190,240
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.(a)		706		60,977
Forward Air Corp.		705		68,935
Hub Group Inc., Class A(a)		886		68,408
				198,320
Airlines — 0.5%
Allegiant Travel Co.(a)		397		64,469
Hawaiian Holdings Inc.(a)(b)		1,339		26,378
SkyWest Inc.(a)		1,317		37,996
				128,843
Auto Components — 1.3%
American Axle & Manufacturing Holdings Inc.(a)		2,965		23,008
Dorman Products Inc.(a)		744		70,702
Gentherm Inc.(a)		869		63,472
LCI Industries		661		68,619
Motorcar Parts of America Inc.(a)		509		9,076
Patrick Industries Inc.		588		35,456
Standard Motor Products Inc.		500		21,570
XPEL Inc.(a)		431		22,675
				314,578
Automobiles — 0.2%
Winnebago Industries Inc.		872		47,114
Banks — 9.1%
Allegiance Bancshares Inc.		485		21,670
Ameris Bancorp.		1,720		75,474
Banc of California Inc.		1,414		27,375
BancFirst Corp.		494		41,106
Bancorp. Inc. (The)(a)		1,446		40,965
BankUnited Inc.		1,347		59,214
Banner Corp.		643		37,635
Berkshire Hills Bancorp. Inc.		581		16,832
Brookline Bancorp. Inc.		1,463		23,145
Central Pacific Financial Corp.		464		12,946
City Holding Co.		125		9,837
Columbia Banking System Inc.		1,508		48,663
Community Bank System Inc.		1,032		72,395
Customers Bancorp. Inc.(a)		790		41,191
CVB Financial Corp.		3,420		79,378
Dime Community Bancshares Inc.		854		29,523
Eagle Bancorp. Inc.		630		35,916
FB Financial Corp.		932		41,399
First BanCorp./Puerto Rico		3,825		50,184
First Bancorp./Southern Pines NC		899		37,551
First Commonwealth Financial Corp.		1,770		26,833
First Financial Bancorp.		2,281		52,577
First Hawaiian Inc.		3,333		92,957
Hanmi Financial Corp.		572		14,077
Heritage Financial Corp./WA		556		13,933
Hilltop Holdings Inc.		1,590		46,746
HomeStreet Inc.		398		18,857

Security	Shares		Value
Banks (continued)
Hope Bancorp Inc.		2,807	$	45,136
Independent Bank Corp.		1,153		94,189
Independent Bank Group Inc.		961		68,385
Investors Bancorp. Inc.		5,899		88,072
Lakeland Financial Corp.		658		48,034
Meta Financial Group Inc.		600		32,952
National Bank Holdings Corp., Class A		486		19,576
NBT Bancorp. Inc.		823		29,735
Northwest Bancshares Inc.		1,978		26,723
OFG Bancorp.		952		25,361
Pacific Premier Bancorp. Inc.		1,854		65,539
Park National Corp.		377		49,530
Preferred Bank/Los Angeles CA		107		7,928
Renasant Corp.		885		29,603
S&T Bancorp. Inc.		729		21,564
Seacoast Banking Corp. of Florida		1,529		53,546
ServisFirst Bancshares Inc.		1,276		121,590
Simmons First National Corp., Class A		2,209		57,920
Southside Bancshares Inc.		626		25,560
Tompkins Financial Corp.		310		24,264
Triumph Bancorp. Inc.(a)		618		58,104
United Community Banks Inc./GA		2,724		94,795
Veritex Holdings Inc.		1,290		49,239
Westamerica Bancorp.		473		28,616
				2,234,340
Beverages — 0.7%
Celsius Holdings Inc.(a)		999		55,125
Coca-Cola Consolidated Inc.		121		60,119
MGP Ingredients Inc.		327		27,988
National Beverage Corp.		610		26,535
				169,767
Biotechnology — 2.1%
Anika Therapeutics Inc.(a)		382		9,592
Avid Bioservices Inc.(a)		1,610		32,796
Coherus Biosciences Inc.(a)		1,666		21,508
Cytokinetics Inc.(a)		2,193		80,724
Eagle Pharmaceuticals Inc./DE(a)		297		14,698
Emergent BioSolutions Inc.(a)		1,252		51,407
Enanta Pharmaceuticals Inc.(a)		478		34,024
Ligand Pharmaceuticals Inc.(a)		437		49,158
Myriad Genetics Inc.(a)		2,088		52,618
Organogenesis Holdings Inc., Class A(a)		1,637		12,474
REGENXBIO Inc.(a)		984		32,659
uniQure NV(a)		937		16,932
Vanda Pharmaceuticals Inc.(a)		1,448		16,377
Vericel Corp.(a)		1,224		46,781
Xencor Inc.(a)		1,529		40,794
				512,542
Building Products — 1.8%
AAON Inc.		1,083		60,356
American Woodmark Corp.(a)(b)		433		21,196
Apogee Enterprises Inc.		650		30,849
Gibraltar Industries Inc.(a)		854		36,679
Griffon Corp.		1,236		24,757
Insteel Industries Inc.		505		18,680
PGT Innovations Inc.(a)		1,559		28,031
Quanex Building Products Corp.		873		18,324
Resideo Technologies Inc.(a)		3,775		89,958

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
UFP Industries Inc.		1,618	$	124,845
				453,675
Capital Markets — 1.0%
B. Riley Financial Inc.		421		29,453
Blucora Inc.(a)		1,274		24,907
BrightSphere Investment Group Inc.		916		22,213
Donnelley Financial Solutions Inc.(a)		763		25,378
Greenhill & Co. Inc.		349		5,399
Piper Sandler Cos		369		48,431
StoneX Group Inc.(a)		447		33,181
Virtus Investment Partners Inc.		186		44,638
WisdomTree Investments Inc.		2,829		16,606
				250,206
Chemicals — 3.0%
AdvanSix Inc.		735		37,551
American Vanguard Corp.		713		14,488
Balchem Corp.		847		115,785
Ferro Corp.(a)		2,163		47,024
FutureFuel Corp.		680		6,616
GCP Applied Technologies Inc.(a)		1,411		44,334
Hawkins Inc.		491		22,537
HB Fuller Co.		1,381		91,243
Innospec Inc.		644		59,602
Koppers Holdings Inc.		554		15,246
Livent Corp.(a)(b)		4,224		110,120
Quaker Chemical Corp.		351		60,656
Stepan Co.		557		55,037
Tredegar Corp.		680		8,153
Trinseo PLC		1,015		48,639
				737,031
Commercial Services & Supplies — 2.4%
ABM Industries Inc.		1,760		81,030
Brady Corp., Class A, NVS		1,263		58,439
CoreCivic Inc.(a)		3,145		35,130
Deluxe Corp.		1,114		33,687
GEO Group Inc. (The)(a)		3,026		20,002
Harsco Corp.(a)		2,071		25,349
Healthcare Services Group Inc.		1,949		36,193
HNI Corp.		1,139		42,200
Interface Inc.		1,544		20,952
KAR Auction Services Inc.(a)		3,167		57,164
Matthews International Corp., Class A		825		26,697
Pitney Bowes Inc.		1,838		9,558
U.S. Ecology Inc.(a)(b)		817		39,118
UniFirst Corp./MA		398		73,343
Viad Corp.(a)		534		19,032
				577,894
Communications Equipment — 1.4%
ADTRAN Inc.		1,293		23,856
CalAmp Corp.(a)		950		6,945
Comtech Telecommunications Corp.		698		10,952
Digi International Inc.(a)		915		19,691
Extreme Networks Inc.(a)		3,378		41,245
Harmonic Inc.(a)		2,676		24,860
NETGEAR Inc.(a)		761		18,781
NetScout Systems Inc.(a)		1,930		61,914
Plantronics Inc.(a)		1,118		44,049
Viavi Solutions Inc.(a)		6,013		96,689
				348,982

Security	Shares		Value
Construction & Engineering — 1.1%
Arcosa Inc.		1,263	$	72,307
Comfort Systems USA Inc.		942		83,847
Granite Construction Inc.		1,198		39,294
MYR Group Inc.(a)		441		41,472
NV5 Global Inc.(a)		310		41,323
				278,243
Consumer Finance — 0.8%
Encore Capital Group Inc.(a)		648		40,649
Enova International Inc.(a)		893		33,907
Green Dot Corp., Class A(a)		875		24,045
LendingTree Inc.(a)		300		35,901
PRA Group Inc.(a)		1,140		51,391
World Acceptance Corp.(a)(b)		108		20,719
				206,612
Containers & Packaging — 0.3%
Myers Industries Inc.		947		20,455
O-I Glass Inc.(a)		4,068		53,616
				74,071
Diversified Consumer Services — 0.5%
Adtalem Global Education Inc.(a)		1,302		38,682
American Public Education Inc.(a)		495		10,514
Perdoceo Education Corp.(a)		1,833		21,043
Strategic Education Inc.		592		39,297
WW International Inc.(a)		1,383		14,148
				123,684
Diversified Telecommunication Services — 0.4%
ATN International Inc.		289		11,525
Cogent Communications Holdings Inc.		1,109		73,582
Consolidated Communications Holdings Inc.(a)		1,865		11,004
				96,111
Electrical Equipment — 0.4%
AZZ Inc.		646		31,163
Encore Wire Corp.		530		60,457
Powell Industries Inc.		237		4,603
				96,223
Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries Inc.		985		84,789
Arlo Technologies Inc.(a)		2,204		19,527
Badger Meter Inc.		765		76,278
Benchmark Electronics Inc.		916		22,937
CTS Corp.		842		29,756
ePlus Inc.(a)		702		39,354
Fabrinet(a)		967		101,661
FARO Technologies Inc.(a)		476		24,714
Insight Enterprises Inc.(a)		912		97,876
Itron Inc.(a)		1,184		62,373
Knowles Corp.(a)		2,400		51,672
Methode Electronics Inc.		974		42,126
OSI Systems Inc.(a)		429		36,517
PC Connection Inc.		288		15,088
Plexus Corp.(a)		735		60,130
Rogers Corp.(a)		490		133,133
Sanmina Corp.(a)		1,662		67,178
ScanSource Inc.(a)		666		23,170
TTM Technologies Inc.(a)		2,728		40,429
				1,028,708
Energy Equipment & Services — 2.0%
Archrock Inc.		3,504		32,342

26 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Bristow Group Inc.(a)		606	$	22,471
Core Laboratories NV		1,210		38,272
DMC Global Inc.(a)		504		15,372
Dril-Quip Inc.(a)		925		34,549
Helix Energy Solutions Group Inc.(a)		3,687		17,624
Helmerich & Payne Inc.		2,758		117,987
Nabors Industries Ltd.(a)		203		31,002
Oil States International Inc.(a)		1,625		11,294
Patterson-UTI Energy Inc.		5,624		87,060
ProPetro Holding Corp.(a)		2,216		30,869
RPC Inc.(a)		1,838		19,611
U.S. Silica Holdings Inc.(a)		1,949		36,368
				494,821
Entertainment — 0.2%
Cinemark Holdings Inc.(a)		2,783		48,090
Marcus Corp. (The)(a)		579		10,249
				58,339
Equity Real Estate Investment Trusts (REITs) — 8.7%
Acadia Realty Trust		2,312		50,101
Agree Realty Corp.		1,863		123,629
Alexander & Baldwin Inc.		1,896		43,968
American Assets Trust Inc.		1,377		52,174
Armada Hoffler Properties Inc.		1,760		25,696
Brandywine Realty Trust		4,473		63,248
CareTrust REIT Inc.		2,537		48,964
Centerspace		392		38,463
Chatham Lodging Trust(a)		1,268		17,486
Community Healthcare Trust Inc.		613		25,875
DiamondRock Hospitality Co.(a)		5,506		55,611
Diversified Healthcare Trust		6,248		19,994
Easterly Government Properties Inc.		2,252		47,607
Essential Properties Realty Trust Inc.		3,178		80,403
Four Corners Property Trust Inc.		2,022		54,675
Franklin Street Properties Corp., Class C		2,471		14,579
Getty Realty Corp.		1,031		29,507
Global Net Lease Inc.		2,709		42,613
Hersha Hospitality Trust, Class A(a)		875		7,945
Independence Realty Trust Inc.		5,769		152,532
Industrial Logistics Properties Trust		1,710		38,766
Innovative Industrial Properties Inc.		670		137,618
iStar Inc.		1,816		42,512
LTC Properties Inc.		1,029		39,586
LXP Industrial Trust		7,394		116,086
NexPoint Residential Trust Inc.		594		53,644
Office Properties Income Trust		1,266		32,574
Orion Office REIT Inc.		1,480		20,720
Retail Opportunity Investments Corp.		3,174		61,544
RPT Realty		2,204		30,349
Safehold Inc.		368		20,406
Saul Centers Inc.		339		17,865
Service Properties Trust		4,291		37,889
SITE Centers Corp.		4,694		78,437
Summit Hotel Properties Inc.(a)		2,783		27,719
Tanger Factory Outlet Centers Inc.		2,718		46,722
Uniti Group Inc.		6,172		84,927
Universal Health Realty Income Trust		335		19,554
Urban Edge Properties		2,879		54,989
Urstadt Biddle Properties Inc., Class A		791		14,879
Veris Residential Inc.(a)		2,092		36,380
Washington Real Estate Investment Trust		2,213		56,431

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Whitestone REIT		1,200	$	15,900
Xenia Hotels & Resorts Inc.(a)		2,985		57,581
				2,138,148
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		795		39,957
Chefs’ Warehouse Inc. (The)(a)		852		27,775
PriceSmart Inc.		629		49,609
SpartanNash Co.		940		31,010
United Natural Foods Inc.(a)		1,519		62,811
				211,162
Food Products — 1.8%
B&G Foods Inc.		1,697		45,785
Calavo Growers Inc.		460		16,767
Cal-Maine Foods Inc.		979		54,060
Fresh Del Monte Produce Inc.		870		22,542
Hostess Brands Inc.(a)		3,618		79,379
J&J Snack Foods Corp.		390		60,489
John B Sanfilippo & Son Inc.		233		19,442
Seneca Foods Corp., Class A(a)		158		8,143
Simply Good Foods Co. (The)(a)		2,212		83,946
Tootsie Roll Industries Inc.		466		16,291
TreeHouse Foods Inc.(a)		1,458		47,035
				453,879
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		280		38,573
Northwest Natural Holding Co.		803		41,531
South Jersey Industries Inc.		2,940		101,577
				181,681
Health Care Equipment & Supplies — 3.4%
AngioDynamics Inc.(a)		1,012		21,798
Artivion Inc.(a)		1,028		21,979
Avanos Medical Inc.(a)		1,260		42,210
BioLife Solutions Inc.(a)		784		17,820
Cardiovascular Systems Inc.(a)		1,061		23,979
CONMED Corp.		765		113,641
Cutera Inc.(a)		425		29,325
Glaukos Corp.(a)		1,226		70,887
Heska Corp.(a)		280		38,718
Inogen Inc.(a)		532		17,247
Integer Holdings Corp.(a)		863		69,532
Lantheus Holdings Inc.(a)		1,770		97,899
LeMaitre Vascular Inc.		502		23,328
Meridian Bioscience Inc.(a)		1,138		29,543
Merit Medical Systems Inc.(a)		1,328		88,339
Mesa Laboratories Inc.(b)		137		34,919
Natus Medical Inc.(a)		892		23,442
OraSure Technologies Inc.(a)		1,907		12,929
Orthofix Medical Inc.(a)		516		16,873
Surmodics Inc.(a)		367		16,636
Tactile Systems Technology Inc.(a)		525		10,584
Varex Imaging Corp.(a)		1,035		22,035
Zynex Inc.		592		3,688
				847,351
Health Care Providers & Services — 3.7%
Addus HomeCare Corp.(a)		416		38,809
AMN Healthcare Services Inc.(a)		1,236		128,952
Apollo Medical Holdings Inc.(a)		988		47,888
Community Health Systems Inc.(a)		3,246		38,530
CorVel Corp.(a)		246		41,436

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Covetrus Inc.(a)		2,702	$	45,367
Cross Country Healthcare Inc.(a)		919		19,915
Ensign Group Inc. (The)		1,368		123,134
Fulgent Genetics Inc.(a)		507		31,642
Hanger Inc.(a)		956		17,523
Joint Corp. (The)(a)		375		13,271
MEDNAX Inc.(a)(b)		2,228		52,313
ModivCare Inc.(a)		322		37,156
Owens & Minor Inc.(b)		1,973		86,851
Pennant Group Inc. (The)(a)		716		13,339
RadNet Inc.(a)		1,219		27,269
Select Medical Holdings Corp.		2,770		66,452
Tivity Health Inc.(a)		1,158		37,253
U.S. Physical Therapy Inc.		337		33,515
				900,615
Health Care Technology — 1.3%
Allscripts Healthcare Solutions Inc.(a)		3,186		71,749
Computer Programs & Systems Inc.(a)		381		13,125
HealthStream Inc.(a)		656		13,068
NextGen Healthcare Inc.(a)		1,468		30,696
Omnicell Inc.(a)		1,149		148,784
OptimizeRx Corp.(a)		465		17,535
Simulations Plus Inc.		411		20,953
				315,910
Hotels, Restaurants & Leisure — 1.8%
BJ’s Restaurants Inc.(a)		606		17,150
Bloomin’ Brands Inc.		2,123		46,579
Brinker International Inc.(a)		1,166		44,494
Cheesecake Factory Inc. (The)(a)		1,268		50,454
Chuy’s Holdings Inc.(a)		515		13,905
Dave & Buster’s Entertainment Inc.(a)		1,013		49,738
Dine Brands Global Inc.		448		34,921
El Pollo Loco Holdings Inc.(a)		514		5,973
Fiesta Restaurant Group Inc.(a)		454		3,394
Jack in the Box Inc.		552		51,562
Monarch Casino & Resort Inc.(a)(b)		343		29,920
Red Robin Gourmet Burgers Inc.(a)		417		7,031
Ruth’s Hospitality Group Inc.		830		18,990
Shake Shack Inc., Class A(a)		1,023		69,462
				443,573
Household Durables — 2.0%
Cavco Industries Inc.(a)		223		53,710
Century Communities Inc.		777		41,624
Ethan Allen Interiors Inc.		572		14,912
Installed Building Products Inc.		614		51,877
iRobot Corp.(a)(b)		705		44,697
La-Z-Boy Inc.		1,148		30,273
LGI Homes Inc.(a)		558		54,505
M/I Homes Inc.(a)		761		33,750
MDC Holdings Inc.		1,478		55,928
Meritage Homes Corp.(a)		975		77,249
Tupperware Brands Corp.(a)		1,278		24,857
Universal Electronics Inc.(a)		347		10,840
				494,222
Household Products — 0.5%
Central Garden & Pet Co.(a)		259		11,386
Central Garden & Pet Co., Class A, NVS(a)		1,036		42,248
WD-40 Co.		358		65,596
				119,230

Security	Shares		Value
Insurance — 2.4%
Ambac Financial Group Inc.(a)		1,204	$	12,522
American Equity Investment Life Holding Co.		2,154		85,966
AMERISAFE Inc.		506		25,133
Assured Guaranty Ltd.		1,824		116,116
eHealth Inc.(a)		629		7,806
Employers Holdings Inc.		224		9,188
Genworth Financial Inc., Class A(a)		8,775		33,169
HCI Group Inc.		208		14,181
Horace Mann Educators Corp.		715		29,908
James River Group Holdings Ltd.		666		16,477
Palomar Holdings Inc.(a)(b)		631		40,378
ProAssurance Corp.		1,040		27,955
Safety Insurance Group Inc.		276		25,075
SiriusPoint Ltd.(a)		2,235		16,718
Stewart Information Services Corp.		516		31,275
Trupanion Inc.(a)		897		79,941
United Fire Group Inc.		564		17,523
Universal Insurance Holdings Inc.		742		10,010
				599,341
Interactive Media & Services — 0.2%
Cars.com Inc.(a)		1,698		24,502
QuinStreet Inc.(a)		1,322		15,335
				39,837
Internet & Direct Marketing Retail — 0.3%
Liquidity Services Inc.(a)		704		12,052
PetMed Express Inc.		545		14,061
Shutterstock Inc.		608		56,593
				82,706
IT Services — 1.7%
CSG Systems International Inc.		850		54,035
EVERTEC Inc.		1,562		63,933
ExlService Holdings Inc.(a)		871		124,788
Perficient Inc.(a)		861		94,787
TTEC Holdings Inc.		479		39,527
Unisys Corp.(a)		1,756		37,947
				415,017
Life Sciences Tools & Services — 0.2%
NeoGenomics Inc.(a)		3,219		39,111
Machinery — 4.5%
Alamo Group Inc.		259		37,242
Albany International Corp., Class A		847		71,419
Astec Industries Inc.		595		25,585
Barnes Group Inc.		1,218		48,951
CIRCOR International Inc.(a)		527		14,029
Enerpac Tool Group Corp.		1,577		34,520
EnPro Industries Inc.		539		52,676
ESCO Technologies Inc.		680		47,546
Federal Signal Corp.		1,597		53,899
Franklin Electric Co. Inc.		1,020		84,701
Greenbrier Companies Inc. (The)		851		43,835
Hillenbrand Inc.		1,904		84,100
John Bean Technologies Corp.		831		98,449
Lindsay Corp.		287		45,062
Meritor Inc.(a)		1,850		65,804
Proto Labs Inc.(a)		721		38,141
SPX Corp.(a)		1,187		58,650
SPX FLOW Inc.		1,097		94,583
Standex International Corp.		320		31,974

28 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Tennant Co.		485	$	38,218
Titan International Inc.(a)		1,337		19,694
Wabash National Corp.		1,273		18,891
				1,107,969
Marine — 0.5%
Matson Inc.		1,099		132,561
Media — 0.8%
AMC Networks Inc., Class A(a)		764		31,041
EW Scripps Co. (The), Class A(a)		1,495		31,081
Gannett Co. Inc.(a)		3,700		16,687
Loyalty Ventures Inc.(a)		528		8,728
Scholastic Corp.		793		31,942
TechTarget Inc.(a)		697		56,652
Thryv Holdings Inc.(a)		441		12,401
				188,532
Metals & Mining — 1.9%
Allegheny Technologies Inc.(a)		3,327		89,297
Arconic Corp.(a)		2,783		71,300
Carpenter Technology Corp.		1,262		52,979
Century Aluminum Co.(a)		1,319		34,703
Compass Minerals International Inc.		891		55,946
Haynes International Inc.		324		13,802
Kaiser Aluminum Corp.		415		39,076
Materion Corp.		534		45,785
Olympic Steel Inc.		247		9,500
SunCoke Energy Inc.		2,172		19,353
TimkenSteel Corp.(a)		1,075		23,521
				455,262
Mortgage Real Estate Investment — 1.4%
Apollo Commercial Real Estate Finance Inc.		3,454		48,114
ARMOUR Residential REIT Inc.		2,345		19,698
Ellington Financial Inc.		1,426		25,312
Franklin BSP Realty Trust Inc.		1,142		15,965
Granite Point Mortgage Trust Inc.		1,398		15,546
Invesco Mortgage Capital Inc.		8,150		18,582
KKR Real Estate Finance Trust Inc.		1,179		24,299
New York Mortgage Trust Inc.		9,915		36,190
PennyMac Mortgage Investment Trust		2,480		41,887
Ready Capital Corp.		1,757		26,460
Redwood Trust Inc.		2,998		31,569
Two Harbors Investment Corp.		8,990		49,715
				353,337
Multi-Utilities — 0.4%
Avista Corp.		1,840		83,076
Unitil Corp.		418		20,850
				103,926
Multiline Retail — 0.1%
Big Lots Inc.		798		27,611
Oil, Gas & Consumable Fuels — 1.0%
Dorian LPG Ltd.		733		10,621
Green Plains Inc.(a)		1,009		31,289
Par Pacific Holdings Inc.(a)		1,189		15,481
PBF Energy Inc., Class A(a)		2,483		60,511
Renewable Energy Group Inc.(a)		1,314		79,694
REX American Resources Corp.(a)		136		13,545
World Fuel Services Corp.		1,651		44,643
				255,784

Security	Shares		Value
Paper & Forest Products — 0.4%
Clearwater Paper Corp.(a)		442	$	12,389
Glatfelter Corp.		1,157		14,324
Mercer International Inc.		1,047		14,605
Neenah Inc.		436		17,292
Sylvamo Corp.(a)		922		30,684
				89,294
Personal Products — 0.8%
Edgewell Personal Care Co.		1,414		51,851
elf Beauty Inc.(a)		1,254		32,391
Inter Parfums Inc.		465		40,943
Medifast Inc.		304		51,917
USANA Health Sciences Inc.(a)		304		24,153
				201,255
Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals Inc.(a)		963		34,572
ANI Pharmaceuticals Inc.(a)		333		9,360
Cara Therapeutics Inc.(a)(b)		1,088		13,219
Collegium Pharmaceutical Inc.(a)		899		18,304
Corcept Therapeutics Inc.(a)		2,492		56,120
Endo International PLC(a)		6,188		14,294
Innoviva Inc.(a)		1,635		31,637
Nektar Therapeutics(a)		4,825		26,007
Pacira BioSciences Inc.(a)		1,165		88,913
Phibro Animal Health Corp., Class A		539		10,753
Prestige Consumer Healthcare Inc.(a)		1,312		69,457
Supernus Pharmaceuticals Inc.(a)		1,390		44,925
				417,561
Professional Services — 1.4%
Exponent Inc.		1,362		147,164
Forrester Research Inc.(a)		291		16,418
Heidrick & Struggles International Inc.		512		20,265
Kelly Services Inc., Class A, NVS		942		20,432
Korn Ferry		1,423		92,410
Resources Connection Inc.		795		13,626
TrueBlue Inc.(a)		928		26,810
				337,125
Real Estate Management & Development — 0.7%
Douglas Elliman Inc., NVS		1,717		12,534
Marcus & Millichap Inc.		653		34,400
RE/MAX Holdings Inc., Class A		491		13,615
Realogy Holdings Corp.(a)		3,048		47,793
St Joe Co. (The)		862		51,065
				159,407
Road & Rail — 0.4%
ArcBest Corp.		650		52,325
Heartland Express Inc.		1,217		17,123
Marten Transport Ltd.		1,563		27,759
				97,207
Semiconductors & Semiconductor Equipment — 3.7%
Axcelis Technologies Inc.(a)		871		65,787
CEVA Inc.(a)		601		24,431
Cohu Inc.(a)		1,273		37,681
Diodes Inc.(a)		1,177		102,387
FormFactor Inc.(a)		2,045		85,951
Ichor Holdings Ltd.(a)		743		26,466
Kulicke & Soffa Industries Inc.		1,629		91,257
MaxLinear Inc.(a)		1,847		107,772
Onto Innovation Inc.(a)		1,288		111,914
PDF Solutions Inc.(a)		777		21,655

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Photronics Inc.(a)		1,622	$	27,525
Rambus Inc.(a)		2,859		91,173
SMART Global Holdings Inc.(a)		1,230		31,771
Ultra Clean Holdings Inc.(a)		1,174		49,766
Veeco Instruments Inc.(a)		1,320		35,891
				911,427
Software — 2.9%
8x8 Inc.(a)		3,094		38,953
Agilysys Inc.(a)		508		20,259
Alarm.com Holdings Inc.(a)		1,204		80,018
Bottomline Technologies DE Inc.(a)		1,011		57,304
Consensus Cloud Solutions Inc.(a)		416		25,014
Ebix Inc.		623		20,652
InterDigital Inc.		802		51,168
LivePerson Inc.(a)		1,764		43,077
OneSpan Inc.(a)		910		13,140
Progress Software Corp.		1,155		54,389
SPS Commerce Inc.(a)		940		123,328
Vonage Holdings Corp.(a)		6,600		133,914
Xperi Holding Corp.		2,733		47,336
				708,552
Specialty Retail — 3.9%
Aaron’s Co. Inc. (The)		818		16,425
Abercrombie & Fitch Co., Class A(a)		1,477		47,249
America’s Car-Mart Inc./TX(a)		157		12,648
Asbury Automotive Group Inc.(a)		605		96,921
Barnes & Noble Education Inc.(a)		951		3,405
Bed Bath & Beyond Inc.(a)		2,519		56,753
Boot Barn Holdings Inc.(a)		776		73,557
Buckle Inc. (The)		768		25,375
Caleres Inc.		996		19,253
Cato Corp. (The), Class A		495		7,257
Chico’s FAS Inc.(a)		3,199		15,355
Children’s Place Inc. (The)(a)		355		17,502
Conn’s Inc.(a)		508		7,828
Designer Brands Inc. , Class A(a)		1,613		21,792
Genesco Inc.(a)		359		22,836
Group 1 Automotive Inc.		450		75,524
Guess? Inc.		1,019		22,265
Haverty Furniture Companies Inc.		394		10,803
Hibbett Inc.		334		14,810
LL Flooring Holdings Inc.(a)		770		10,795
MarineMax Inc.(a)(b)		576		23,190
Monro Inc.		877		38,886
ODP Corp. (The)(a)		1,200		54,996
Rent-A-Center Inc./TX		1,581		39,825
Sally Beauty Holdings Inc.(a)		2,878		44,983
Shoe Carnival Inc.		454		13,239
Signet Jewelers Ltd.		1,376		100,035
Sleep Number Corp.(a)		592		30,020
Sonic Automotive Inc., Class A		542		23,040
Zumiez Inc.(a)		511		19,525
				966,092
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)		3,339		55,695
Diebold Nixdorf Inc.(a)		1,894		12,747
				68,442
Textiles, Apparel & Luxury Goods — 1.2%
Fossil Group Inc.(a)		1,257		12,118

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
G-III Apparel Group Ltd.(a)		1,143	$	30,918
Kontoor Brands Inc.		1,244		51,439
Movado Group Inc.		426		16,635
Oxford Industries Inc.		415		37,558
Steven Madden Ltd.		2,000		77,280
Unifi Inc.(a)		369		6,679
Vera Bradley Inc.(a)		672		5,154
Wolverine World Wide Inc.		2,153		48,572
				286,353
Thrifts & Mortgage Finance — 2.1%
Axos Financial Inc.(a)		1,392		64,575
Capitol Federal Financial Inc.		3,357		36,524
Flagstar Bancorp. Inc.		1,309		55,501
Mr Cooper Group Inc.(a)		1,964		89,696
NMI Holdings Inc., Class A(a)		2,242		46,230
Northfield Bancorp. Inc.		1,127		16,184
Provident Financial Services Inc.		1,475		34,515
TrustCo Bank Corp. NY		223		7,120
Walker & Dunlop Inc.		771		99,783
WSFS Financial Corp.		1,587		73,986
				524,114
Trading Companies & Distributors — 1.3%
Applied Industrial Technologies Inc.		1,005		103,173
Boise Cascade Co.		1,028		71,415
DXP Enterprises Inc./TX(a)		454		12,299
GMS Inc.(a)		1,126		56,041
NOW Inc.(a)		2,890		31,877
Veritiv Corp.(a)		362		48,360
				323,165
Water Utilities — 0.7%
American States Water Co.		966		85,993
California Water Service Group		1,375		81,510
				167,503
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		1,306		30,796
Telephone and Data Systems Inc.		2,583		48,767
				79,563
Total Common Stocks — 97.0% (Cost: $25,033,001)				23,864,169
Short-Term Investments
Money Market Funds — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)		405,675		405,593
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%(c)(d)		760,000		760,000
				1,165,593
Total Short-Term Investments — 4.7% (Cost: $1,165,527)				1,165,593
Total Investments in Securities — 101.7% (Cost: $26,198,528)				25,029,762
Other Assets, Less Liabilities — (1.7)%				(413,828	)
Net Assets — 100.0%			$	24,615,934

^(a)  Non-income producing security.

^(b) All or a portion of this security is on loan.

30 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF

^(c)  Affiliate of the Fund.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	250,662	$	155,301	(a)	$	—	$	(436	)	$	66	$	405,593		405,675	$	746	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		240,000	(a)		—		—			—		760,000		760,000		177			—
								$	(436	)	$	66	$	1,165,593			$	923		$	—

^(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

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		Goldman Sachs Bank USA(b)		02/27/23	$	203,095	$	(1,365	)(c)	$	201,657		0.8	%
	Monthly		HSBC Bank PLC(d)		02/10/23		295,908		11,185	(e)		300,265		1.2
	Monthly		JPMorgan Chase Bank NA(f)		02/08/23		190,321		5,165	(g)		193,910		0.8
								$	14,985		$	695,832

^(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 $73 of net dividends and financing fees.

^(e)  Amount includes $6,828 of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $1,576 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:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF     

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 March 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		7	$	313		0.2%
Bancorp. Inc. (The)(a)		31		878		0.4
BankUnited Inc.		56		2,462		1.2
Banner Corp.		37		2,166		1.1
Berkshire Hills Bancorp. Inc.		395		11,443		5.7
Brookline Bancorp. Inc.		304		4,809		2.4
Central Pacific Financial Corp.		60		1,674		0.8
City Holding Co.		129		10,152		5.0
Columbia Banking System Inc.		8		258		0.1
Community Bank System Inc.		377		26,447		13.1
Eagle Bancorp. Inc.		76		4,333		2.1
First BanCorp./Puerto Rico		56		735		0.4
First Commonwealth Financial Corp.		25		379		0.2
First Financial Bancorp.		180		4,149		2.1
Hanmi Financial Corp.		67		1,649		0.8
Heritage Financial Corp./WA		166		4,160		2.1
HomeStreet Inc.		7		332		0.2
Hope Bancorp Inc.		18		289		0.1
Independent Bank Corp.		11		899		0.4
NBT Bancorp. Inc.		310		11,200		5.6
Northwest Bancshares Inc.		84		1,135		0.6
Pacific Premier Bancorp. Inc.		236		8,343		4.1
Preferred Bank/Los Angeles CA		118		8,743		4.3
Renasant Corp.		10		335		0.2
S&T Bancorp. Inc.		7		207		0.1
Simmons First National Corp.		41		1,075		0.5
Southside Bancshares Inc.		171		6,982		3.5
Trustmark Corp.		19		577		0.3
Westamerica Bancorp.		114		6,897		3.4
				123,021
Commercial Services & Supplies
Pitney Bowes Inc.		364		1,893		0.9
Gas Utilities
Chesapeake Utilities Corp.		10		1,378		0.7
Insurance
Employers Holdings Inc.		68		2,789		1.4
Genworth Financial Inc., Class A(a)		40		151		0.1
James River Group Holdings Ltd.		6		148		0.1
ProAssurance Corp.		50		1,344		0.6
Safety Insurance Group Inc.		33		2,998		1.5
				7,430
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		384		11,908		5.9
Thrifts & Mortgage Finance
Provident Financial Services Inc.		510		11,934		5.9
TrustCo Bank Corp. NY		39		1,245		0.6
WSFS Financial Corp.		125		5,828		2.9
				19,007

	Shares		Value		% of Basket Value
Water Utilities
Middlesex Water Co.		352	$	37,020		18.4
Total Reference Entity — Long				201,657
Net Value of Reference Entity — Goldman Sachs Bank USA			$	201,657

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 March 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		23	$	652		0.2%
BankUnited Inc.		729		32,047		10.7
Banner Corp.		120		7,024		2.3
Berkshire Hills Bancorp. Inc.		296		8,575		2.8
Brookline Bancorp. Inc.		118		1,867		0.6
City Holding Co.		141		11,097		3.7
Columbia Banking System Inc.		499		16,103		5.3
Eagle Bancorp. Inc.		46		2,622		0.9
First Bancorp./Southern Pines NC		6		251		0.1
First Commonwealth Financial Corp.		551		8,353		2.8
Hanmi Financial Corp.		156		3,839		1.3
Heritage Financial Corp./WA		196		4,912		1.6
Hope Bancorp Inc.		312		5,017		1.7
Independent Bank Corp.		55		4,493		1.5
Lakeland Financial Corp.		3		219		0.1
National Bank Holdings Corp.		36		1,450		0.5
Northwest Bancshares Inc.		1,248		16,860		5.6
OFG Bancorp.		346		9,217		3.1
Pacific Premier Bancorp. Inc.		338		11,948		4.0
Preferred Bank/Los Angeles CA		15		1,111		0.4
Renasant Corp.		563		18,832		6.3
S&T Bancorp. Inc.		293		8,667		2.9
Simmons First National Corp.		697		18,275		6.1
Southside Bancshares Inc.		49		2,001		0.6
Trustmark Corp.		71		2,158		0.7
Westamerica Bancorp.		115		6,958		2.3
				204,548
Commercial Services & Supplies
GEO Group Inc. (The)(a)		177		1,170		0.4
Pitney Bowes Inc.		2,125		11,050		3.7
				12,220
Consumer Finance
Green Dot Corp., Class A(a)		81		2,226		0.7
Gas Utilities
Chesapeake Utilities Corp.		170		23,419		7.8
Insurance
Employers Holdings Inc.		188		7,712		2.6
Genworth Financial Inc., Class A(a)		1,120		4,234		1.4
Horace Mann Educators Corp.		58		2,426		0.8
James River Group Holdings Ltd.		303		7,496		2.5
ProAssurance Corp.		321		8,628		2.9

32 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF     

	Shares		Value		% of Basket Value
Safety Insurance Group Inc.		63	$	5,724		1.9
Stewart Information Services Corp.		41		2,485		0.8
				38,705
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		8		248		0.1
Thrifts & Mortgage Finance
Provident Financial Services Inc.		11		257		0.1
TrustCo Bank Corp. NY		238		7,599		2.5
				7,856
Water Utilities
Middlesex Water Co.		105		11,043		3.7
Total Reference Entity — Long				300,265
Net Value of Reference Entity — HSBC Bank PLC			$	300,265

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 March 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Allegiance Bancshares Inc.		2	$	89		0.0%
Ameris Bancorp.		9		395		0.2
BankUnited Inc.		107		4,704		2.4
Banner Corp.		95		5,560		2.9
Brookline Bancorp. Inc.		144		2,278		1.2
Central Pacific Financial Corp.		201		5,608		2.9
Columbia Banking System Inc.		17		549		0.3
Customers Bancorp. Inc.		2		104		0.1
CVB Financial Corp.		122		2,832		1.5
Eagle Bancorp. Inc.		83		4,732		2.4
First BanCorp./Puerto Rico		1,395		18,302		9.4
First Commonwealth Financial Corp.		118		1,789		0.9

	Shares		Value		% of Basket Value
HomeStreet Inc.		120	$	5,686		2.9
Independent Bank Corp.		18		1,470		0.8
Meta Financial Group Inc.		180		9,886		5.1
National Bank Holdings Corp.		261		10,513		5.4
Pacific Premier Bancorp. Inc.		40		1,414		0.7
Preferred Bank/Los Angeles CA		113		8,372		4.3
Trustmark Corp.		1,522		46,254		23.9
United Community Banks Inc./GA		16		557		0.3
				131,094
Consumer Finance
Green Dot Corp., Class A(a)		474		13,026		6.7
Equity Real Estate Investment Trusts (REITs)
Service Properties Trust		25		221		0.1
Health Care Technology
Allscripts Healthcare Solutions Inc.(a)		18		405		0.2
Insurance
Employers Holdings Inc.		251		10,296		5.3
Genworth Financial Inc., Class A(a)		3,330		12,587		6.5
Horace Mann Educators Corp.		309		12,925		6.7
Stewart Information Services Corp.		146		8,849		4.5
				44,657
Multi-Utilities
Avista Corp.		10		452		0.3
Thrifts & Mortgage Finance
Axos Financial Inc.(a)		8		371		0.2
Capitol Federal Financial Inc.		19		207		0.1
Flagstar Bancorp. Inc.		82		3,477		1.8
				4,055
Total Reference Entity — Long				193,910
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	193,910

^(a)  Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$16,350		$(1,365	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	16,350
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	1,365

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	748
Swaps		(55,251	)
	$	(54,503	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	31,904

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	22,008
Total return swaps:
Average notional value	$	599,444

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:
Swaps - OTC(a)	$	16,350	$	1,365
Total derivative assets and liabilities in the Statement of Assets and Liabilities		16,350		1,365
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		16,350		1,365

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
HSBC Bank PLC	$	11,185	$	—		$	—	$	—	$	11,185
JPMorgan Chase Bank NA		5,165		—			—		—		5,165
	$	16,350	$	—		$	—	$	—	$	16,350

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)
Goldman Sachs Bank USA	$	1,365	$	—		$	—	$	—	$	1,365

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

34 2 0 2 2   I S H A R E S   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  (continued) March 31, 2022 iShares^® ESG Screened S&P Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	23,864,169	$	—		$	—	$	23,864,169
Money Market Funds		1,165,593		—			—		1,165,593
	$	25,029,762	$	—		$	—	$	25,029,762
Derivative financial instruments(a)
Assets
Swaps	$	—	$	16,350		$	—	$	16,350
Liabilities
Swaps		—		(1,365	)		—		(1,365	)
	$	—	$	14,985		$	—	$	14,985

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 35

Statements of Assets and Liabilities

March 31, 2022

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	227,246,900		$	76,515,233		$	23,864,169
Affiliated(c)		1,052,202			905,271			1,165,593
Cash		6,295			2,864			7,970
Cash pledged:
Futures contracts		22,000			—			—
Receivables:
Securities lending income — Affiliated		8			598			86
Capital shares sold		—			23,223			—
Dividends		119,509			73,062			26,125
Unrealized appreciation on:
OTC swaps		—			—			16,350
Total assets		228,446,914			77,520,251			25,080,293
LIABILITIES
Collateral on securities loaned, at value		12,532			815,885			405,970
Payables:
Investments purchased		—			30,846			54,526
Variation margin on futures contracts		5,753			1			—
Investment advisory fees		14,625			7,339			2,498
Unrealized depreciation on:
OTC swaps		—			—			1,365
Total liabilities		32,910			854,071			464,359
NET ASSETS	$	228,414,004		$	76,666,180		$	24,615,934
NET ASSETS CONSIST OF:
Paid-in capital	$	241,149,327		$	78,568,380		$	26,512,462
Accumulated loss		(12,735,323	)		(1,902,200	)		(1,896,528	)
NET ASSETS	$	228,414,004		$	76,666,180		$	24,615,934
Shares outstanding		6,650,000			2,100,000			650,000
Net asset value	$	34.35		$	36.51		$	37.87
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	12,228		$	793,500		$	396,076
(b) Investments, at cost — Unaffiliated	$	239,114,388		$	77,255,015		$	25,033,001
(c)  Investments, at cost — Affiliated	$	1,169,186		$	905,160		$	1,165,527

See notes to financial statements.

36 2 0 2 2   I S H A R E S   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 Operations

Year Ended March 31, 2022

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,296,286		$	642,312		$	186,653
Dividends — Affiliated		13,194			59			201
Securities lending income — Affiliated — net		424			1,350			722
Foreign taxes withheld		(504	)		—			(158	)
Total investment income		2,309,400			643,721			187,418
EXPENSES
Investment advisory fees		153,634			57,273			20,075
Total expenses		153,634			57,273			20,075
Net investment income		2,155,766			586,448			167,343
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(700,345	)		(1,103,061	)		(647,472	)
Investments — Affiliated		(984	)		(720	)		(436	)
In-kind redemptions — Unaffiliated		28,584,124			2,236,565			2,053,993
In-kind redemptions — Affiliated		16,785			—			—
Futures contracts		(8,950	)		1,450			748
Swaps		—			—			(55,251	)
Net realized gain		27,890,630			1,134,234			1,351,582
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(13,173,014	)		(2,007,719	)		(2,365,775	)
Investments — Affiliated		(127,261	)		111			66
Futures contracts		22,244			—			—
Swaps		—			—			31,904
Net change in unrealized appreciation (depreciation)		(13,278,031	)		(2,007,608	)		(2,333,805	)
Net realized and unrealized gain (loss)		14,612,599			(873,374	)		(982,223	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,768,365		$	(286,926	)	$	(814,880	)

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

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,155,766		$	74,190		$	586,448		$	75,611
Net realized gain		27,890,630			222,607			1,134,234			1,982,039
Net change in unrealized appreciation (depreciation)		(13,278,031	)		1,316,557			(2,007,608	)		1,267,937
Net increase (decrease) in net assets resulting from operations		16,768,365			1,613,354			(286,926	)		3,325,587
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(2,164,851	)		(69,238	)		(598,577	)		(72,947	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		183,536,895			28,729,479			57,811,412			16,487,631
NET ASSETS
Total increase in net assets		198,140,409			30,273,595			56,925,909			19,740,271
Beginning of period		30,273,595			—			19,740,271			—
End of period	$	228,414,004		$	30,273,595		$	76,666,180		$	19,740,271

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

38 2 0 2 2   I S H A R E S   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 (continued)

	iShares ESG Screened S&P Small-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	167,343		$	43,432
Net realized gain		1,351,582			1,750,921
Net change in unrealized appreciation (depreciation)		(2,333,805	)		1,180,024
Net increase (decrease) in net assets resulting from operations		(814,880	)		2,974,377
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(297,928	)		(54,674	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		16,027,431			6,781,608
NET ASSETS
Total increase in net assets		14,914,623			9,701,311
Beginning of period		9,701,311			—
End of period	$	24,615,934		$	9,701,311

^(a) Commencement of operations.

^(b) 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 39

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P 500 ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	30.27		$	25.29
Net investment income(b)		0.39			0.21
Net realized and unrealized gain(c)		4.07			4.91
Net increase from investment operations		4.46			5.12
Distributions(d)
From net investment income		(0.38	)		(0.14	)
Total distributions		(0.38	)		(0.14	)
Net asset value, end of period	$	34.35		$	30.27
Total Return(e)
Based on net asset value		14.74	%		20.27	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.08	%		0.08	%(h)
Net investment income		1.12	%		1.37	%(h)
Supplemental Data
Net assets, end of period (000)	$	228,414		$	30,274
Portfolio turnover rate(i)		3	%		6	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

40 2 0 2 2   I S H A R E S   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 ESG Screened S&P Mid-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	35.89		$	25.19
Net investment income(b)		0.46			0.22
Net realized and unrealized gain(c)		0.58			10.66
Net increase from investment operations		1.04			10.88
Distributions(d)
From net investment income		(0.42	)		(0.18	)
Total distributions		(0.42	)		(0.18	)
Net asset value, end of period	$	36.51		$	35.89
Total Return(e)
Based on net asset value		2.88	%		43.29	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%		0.12	%(h)
Net investment income		1.23	%		1.29	%(h)
Supplemental Data
Net assets, end of period (000)	$	76,666		$	19,740
Portfolio turnover rate(i)		26	%		11	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

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 ESG Screened S&P Small-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	38.81		$	25.18
Net investment income(b)		0.39			0.20
Net realized and unrealized gain (loss)(c)		(0.55	)		13.69
Net increase (decrease) from investment operations		(0.16	)		13.89
Distributions(d)
From net investment income		(0.78	)		(0.26	)
Total distributions		(0.78	)		(0.26	)
Net asset value, end of period	$	37.87		$	38.81
Total Return(e)
Based on net asset value		(0.47	)%		55.32	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%		0.12	%(h)
Net investment income		1.00	%		1.13	%(h)
Supplemental Data
Net assets, end of period (000)	$	24,616		$	9,701
Portfolio turnover rate(i)		34	%		18	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

42 2 0 2 2   I S H A R E S   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

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
ESG Screened S&P 500		Non-diversified
ESG Screened S&P Mid-Cap		Non-diversified
ESG Screened S&P Small-Cap		Non-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. 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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments

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  (continued)

using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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

44 2 0 2 2   I S H A R E S   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  (continued)

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 or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Screened S&P 500
BNP Paribas SA	$	6,586	$	6,454		$	—	$	(132	)(b)
State Street Bank and Trust Co.		5,642		5,642			—		—
	$	12,228	$	12,096		$	—	$	(132	)
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	339,323	$	339,323		$	—	$	—
BofA Securities, Inc.		16,076		16,076			—		—
Citigroup Global Markets, Inc.		295,688		295,688			—		—
Toronto-Dominion Bank		142,413		142,413			—		—
	$	793,500	$	793,500		$	—	$	—
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	20,853	$	20,853		$	—	$	—
BofA Securities, Inc.		164,563		164,563			—		—
Citigroup Global Markets, Inc.		87,881		87,881			—		—
Goldman Sachs & Co. LLC		83,564		83,564			—		—
Jefferies LLC		39,215		39,215			—		—
	$	396,076	$	396,076		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2022. 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 a 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 Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees

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  (continued)

received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements  (continued)

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 Fee
ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

Distributor: BlackRock Investments, LLC, 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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended March 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Screened S&P 500	$	170
ESG Screened S&P Mid-Cap		456
ESG Screened S&P Small-Cap		287

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 year ended March 31, 2022, 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)
ESG Screened S&P 500	$	704,465	$	1,318,361	$	(146,598	)
ESG Screened S&P Mid-Cap		2,290,950		2,109,309		(327,671	)
ESG Screened S&P Small-Cap		384,976		332,474		(32,222	)

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.

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Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the year ended March 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Screened S&P 500	$	7,029,671	$	6,151,860
ESG Screened S&P Mid-Cap		12,920,036		12,435,625
ESG Screened S&P Small-Cap		9,185,365		5,573,164

For the year ended March 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Screened S&P 500	$	538,880,996	$	356,524,104
ESG Screened S&P Mid-Cap		68,370,686		11,106,751
ESG Screened S&P Small-Cap		23,681,028		11,632,750

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 March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2022, permanent differences attributable to distributions paid in excess of taxable income, certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Loss
ESG Screened S&P 500	$	28,615,906	$	(28,615,906	)
ESG Screened S&P Mid-Cap		2,222,132		(2,222,132	)
ESG Screened S&P Small-Cap		2,039,733		(2,039,733	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/22		Period Ended 03/31/21
ESG Screened S&P 500
Ordinary income	$	2,164,851	$	69,238
ESG Screened S&P Mid-Cap
Ordinary income	$	598,577	$	72,947
ESG Screened S&P Small-Cap
Ordinary income	$	297,928	$	54,674

As of March 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
ESG Screened S&P 500	$	—		$	(12,735,323	)	$	—		$	(12,735,323	)
ESG Screened S&P Mid-Cap		(322,579	)		(1,579,621	)		—			(1,902,200	)
ESG Screened S&P Small-Cap		(296,856	)		(1,560,792	)		(38,880	)		(1,896,528	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements and characterization of corporate actions.

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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Notes to Financial Statements  (continued)

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
ESG Screened S&P 500	$	34,318

As of March 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500	$	241,034,425	$	5,858,157	$	(18,593,480	)	$	(12,735,323	)
ESG Screened S&P Mid-Cap		79,000,125		4,240,147		(5,819,768	)		(1,579,621	)
ESG Screened S&P Small-Cap		26,590,554		1,340,116		(2,900,908	)		(1,560,792	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

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Notes to Financial Statements  (continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/22						Period Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500
Shares sold		15,950,000		$	540,500,596			1,050,000		$	30,222,032
Shares redeemed		(10,300,000	)		(356,963,701	)		(50,000	)		(1,492,553	)
Net increase		5,650,000		$	183,536,895			1,000,000		$	28,729,479
ESG Screened S&P Mid-Cap
Shares sold		1,850,000		$	68,955,535			800,000		$	24,979,421
Shares redeemed		(300,000	)		(11,144,123	)		(250,000	)		(8,491,790	)
Net increase		1,550,000		$	57,811,412			550,000		$	16,487,631
ESG Screened S&P Small-Cap
Shares sold		700,000		$	27,779,582			400,000		$	12,170,388
Shares redeemed		(300,000	)		(11,752,151	)		(150,000	)		(5,388,780	)
Net increase		400,000		$	16,027,431			250,000		$	6,781,608

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 State Street Bank and Trust Company, the Trust’s administrator, 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended March 31, 2022 and for the period September 22, 2020 (commencement of operations) to March 31, 2021, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, and the changes in each of their net assets and each of the financial highlights for the year ended March 31, 2022 and for the period September 22, 2020 (commencement of operations) to March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 51

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Dividend Income
ESG Screened S&P 500	$	2,102,147
ESG Screened S&P Mid-Cap		494,894
ESG Screened S&P Small-Cap		162,798

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2022:

iShares ETF	Qualified Business Income
ESG Screened S&P 500	$	51,164
ESG Screened S&P Mid-Cap		50,710
ESG Screened S&P Small-Cap		20,963

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
ESG Screened S&P 500		94.42	%
ESG Screened S&P Mid-Cap		83.86	%
ESG Screened S&P Small-Cap		75.89	%

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

March 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
ESG Screened S&P 500(a)	$	0.375404	$	—	$	0.006374	$	0.381778		98	%		—	%		2	%		100	%
ESG Screened S&P Mid-Cap(a)		0.401577		—		0.021615		0.423192		95			—			5			100
ESG Screened S&P Small-Cap(a)		0.732644		—		0.052029		0.784673		93			—			7			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of March 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information  (continued)

Officers (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 57

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 Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 59

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-315-0322

            

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eighty series of the registrant for which the fiscal year-end is March 31, 2022 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $1,165,300 for the fiscal year ended March 31, 2021 and $1,087,850 for the fiscal year ended March 31, 2022.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2021 and March 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $325,166 for the fiscal year ended March 31, 2021 and $776,000 for the fiscal year ended March 31, 2022. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2021 and March 31, 2022 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended March 31, 2022 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $325,166 for the fiscal year ended March 31, 2021 and $776,000 for the fiscal year ended March 31, 2022.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 24, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: May 24, 2022