iShares Trust


		FEBRUARY 28, 2022

2022 Annual Report

iShares Trust

· iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca

· iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ

· iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ

· iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ

· iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca

· iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ

· iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX

· iShares Short Treasury Bond ETF | SHV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 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 solid 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. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will 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. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. 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. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

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		21
Shareholder Expenses		21
Schedules of Investments		22
Financial Statements
Statements of Assets and Liabilities		34
Statements of Operations		36
Statements of Changes in Net Assets		38
Financial Highlights		42
Notes to Financial Statements		50
Report of Independent Registered Public Accounting Firm		60
Important Tax Information (Unaudited)		61
Statement Regarding Liquidity Risk Management Program		62
Supplemental Information		63
Trustee and Officer Information		65
General Information		68
Glossary of Terms Used in this Report		69

Market Overview

iShares Trust

U.S. Treasury Bond Market Overview

The ICE U.S. Treasury Core Bond Index returned -1.68% for the 12 months ended February 28, 2022 (the “reporting period”), ahead of -2.64% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. taxable bond performance.

The market downturn reflected a shift from an environment dominated by the adverse economic effects of COVID-19 to one characterized by improving growth and rising inflation. As vaccines were rolled out and lockdowns related to the virus gradually eased, economic growth rebounded in kind. U.S. GDP rose nearly 6% in real (after-inflation) terms in 2021, up from -3.4% in 2020. However, the supply of goods and labor was insufficient to keep up with the increase in demand. These circumstances translated to a surge in inflation, with sharply rising prices for commodities, consumer products, housing costs and labor. Inflation, as measured by the U.S. Core Personal Consumption Index, moved north of 4% in October 2021 and exceeded 5% in January 2022 – well above its range of recent years.

The U.S. Federal Reserve (“Fed”) at first did not adjust its monetary policy in response to accelerating inflation, calling the uptrend “transitory.” As inflation in fact persisted, the Fed shifted gears in November 2021 by announcing it would taper the stimulative bond-buying program known as quantitative easing. It also stated its intention to begin raising interest rates. Investors, appearing to sense that the Fed had fallen behind the curve in fighting inflation, soon began to price in the possibility of as many as six to seven rate increases in 2022.

Late in the period, Russia’s invasion of Ukraine led to a large increase in uncertainty and somewhat dampened expectations regarding the likely extent of Fed tightening. At the same time, commodity prices surged in anticipation that the sanctions levied on Russia would further constrict the available supply of raw materials. Expectations for future inflation therefore remained elevated as of the end of February, limiting the typical “flight to quality” into higher-rated bonds.

Yields on U.S. Treasuries rose, as prices fell, in the annual period. Short-dated issues, which are most sensitive to Fed policy, were hardest hit in the downturn. The yield on the two-year note surged from 0.12% at the beginning of the period to 1.43% by February 28, 2022. The move above 1% in January 2022 represented the first time the two-year note traded above since the COVID-19 pandemic first emerged as a market risk in February 2020. Longer-dated bonds, where prices are driven more by longer-term growth expectations than the Fed, held up better on a relative basis. The 10-year yield moved from 1.4% to 1.83% over the 12-month interval, while the 30-year bond stayed even at 2.16%. The yield curve (a graphical representation of U.S. Treasury rates at different maturities) flattened as a result of these shifts.


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 February 28, 2022		iShares^® 0-3 Month Treasury Bond ETF

Investment Objective

The iShares 0-3 Month Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities less than or equal to three months, as represented by the ICE 0-3 Month US Treasury 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	Since Inception	1 Year			Since Inception


Fund NAV	0.04%	0.05%		0.04	%	0.09%
Fund Market	0.05	0.06		0.05		0.10
Index	0.04	0.06		0.04		0.10

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 5/26/20. The first day of secondary market trading was 5/28/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 0-3 Month US Treasury 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 21 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,000.20	$ 0.15			$ 1,000.00	$ 1,024.60	$ 0.15		0.03	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 February 28, 2022 (continued)		iShares^® 0-3 Month Treasury Bond ETF

Portfolio Information


ALLOCATION BY MATURITY

Maturity		Percent of Total Investments^(a)

0-1 Year		100.0%


FIVE LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

U.S. Treasury Bill, 0.06%, 03/29/22		15.2%
U.S. Treasury Note/Bond, 1.88%, 04/30/22		14.8
U.S. Treasury Note/Bond, 1.88%, 03/31/22		14.0
U.S. Treasury Note/Bond, 1.75%, 05/31/22		13.7
U.S. Treasury Bill, 0.15%, 04/19/22		11.1

^(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 February 28, 2022		iShares^® 1-3 Year Treasury Bond ETF

Investment Objective

The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond 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		(1.77	)%		1.21	%		0.85	%		(1.77	)%		6.19	%		8.80	%
Fund Market		(1.79	)		1.21			0.85			(1.79	)		6.22			8.79
Index		(1.63	)		1.34			0.98			(1.63	)		6.89			10.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data from 2/28/2020 through 4/1/2016 is for the 3pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data prior to 4/1/2016 is for the Barclays U.S. 1-3 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 981.80	$ 0.74			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


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


Fund Summary as of February 28, 2022 (continued)		iShares^® 1-3 Year Treasury Bond ETF

Portfolio Information


ALLOCATION BY MATURITY

Maturity		Percent of Total Investments^(a)

0-1 Year		0.2%
1-2 Years		61.8
2-3 Years		36.3
3-4 Years		1.7


FIVE LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

U.S. Treasury Note/Bond, 0.13%, 08/31/23		9.2%
U.S. Treasury Note/Bond, 0.38%, 10/31/23		9.0
U.S. Treasury Note/Bond, 0.63%, 10/15/24		6.9
U.S. Treasury Note/Bond, 1.50%, 11/30/24		6.7
U.S. Treasury Note/Bond, 0.25%, 06/15/24		4.7

^(a)

Excludes money market funds.


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 February 28, 2022		iShares^® 3-7 Year Treasury Bond ETF

Investment Objective

The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond 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	)%		1.96	%		1.63	%		(3.07	)%		10.19	%		17.58	%
Fund Market		(3.05	)		1.98			1.64			(3.05	)		10.30			17.66
Index		(2.71	)		2.08			1.74			(2.71	)		10.86			18.86

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior from 4/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior to 4/1/2016 is for the Barclays U.S. 3-7 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 963.60	$ 0.73			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of February 28, 2022 (continued)		iShares^® 3-7 Year Treasury Bond ETF

Portfolio Information


ALLOCATION BY MATURITY

Maturity		Percent of Total Investments^(a)

3-4 Years		28.7%
4-5 Years		26.5
5-6 Years		15.9
6-7 Years		28.9


FIVE LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

U.S. Treasury Note/Bond, 0.25%, 08/31/25		8.0%
U.S. Treasury Note/Bond, 2.38%, 05/15/27		7.4
U.S. Treasury Note/Bond, 2.25%, 11/15/25		7.4
U.S. Treasury Note/Bond, 2.25%, 02/15/27		7.0
U.S. Treasury Note/Bond, 2.88%, 08/15/28		6.4

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® 7-10 Year Treasury Bond ETF

Investment Objective

The iShares 7-10 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond 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		(2.38	)%		2.81	%		2.38	%		(2.38	)%		14.84	%		26.52	%
Fund Market		(2.31	)		2.84			2.39			(2.31	)		15.01			26.68
Index		(1.86	)		2.91			2.47			(1.86	)		15.41			27.62

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data from 4/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data prior to 4/1/2016 is for the Barclays U.S. 7-10 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 960.40	$ 0.73			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of February 28, 2022 (continued)		iShares^® 7-10 Year Treasury Bond ETF

Portfolio Information


ALLOCATION BY MATURITY

Maturity		Percent of Total Investments^(a)

6-7 Years		10.0%
7-8 Years		14.1
8-9 Years		31.1
9-10 Years		44.8


FIVE LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

U.S. Treasury Note/Bond, 0.63%, 08/15/30		25.8%
U.S. Treasury Note/Bond, 1.38%, 11/15/31		23.7
U.S. Treasury Note/Bond, 1.25%, 08/15/31		20.8
U.S. Treasury Note/Bond, 2.63%, 02/15/29		9.8
U.S. Treasury Note/Bond, 2.38%, 05/15/29		8.8

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® 10-20 Year Treasury Bond ETF

Investment Objective

The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond 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		(1.64	)%^(a)		3.16	%		2.89	%		(1.64	)%		16.82	%		33.02	%
Fund Market		(1.38	)		3.19			2.92			(1.38	)		16.99			33.33
Index		(0.60	)		3.20			2.96			(0.60	)		17.07			33.93

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data from 7/1/2016 through 3/1/2021 is for the 3pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data prior to 7/1/2016 is for the Barclays U.S. 10-20 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 945.90	$ 0.72			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of February 28, 2022 (continued)		iShares^® 10-20 Year Treasury Bond ETF

Portfolio Information

ALLOCATION BY MATURITY



Maturity		Percent of Total Investments^(a)

9-10 Years		0.2%
13-14 Years		0.1
15-16 Years		0.2
16-17 Years		0.2
17-18 Years		20.8
18-19 Years		56.0
19-20 Years		19.6
20-21 Years		2.9

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

U.S. Treasury Note/Bond, 1.88%, 02/15/41		25.7%
U.S. Treasury Note/Bond, 2.25%, 05/15/41		19.6
U.S. Treasury Note/Bond, 4.38%, 11/15/39		19.0
U.S. Treasury Note/Bond, 1.38%, 11/15/40		15.0
U.S. Treasury Note/Bond, 1.13%, 08/15/40		11.9

^(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 Summary as of February 28, 2022		iShares^® 20+ Year Treasury Bond ETF

Investment Objective

The iShares 20+ Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years, as represented by the ICE U.S. Treasury 20+ Year Bond 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		(0.72	)%		5.00	%		4.20	%		(0.72	)%		27.63	%		50.90	%
Fund Market		(0.74	)		4.98			4.22			(0.74	)		27.51			51.25
Index		0.65			5.09			4.29			0.65			28.20			52.15

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data from 4/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data prior to 4/1/2016 is for the Barclays U.S. 20+ Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 946.80	$ 0.72			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


F U N D S U M M A R Y		15


Fund Summary as of February 28, 2022 (continued)		iShares^® 20+ Year Treasury Bond ETF

Portfolio Information

ALLOCATION BY MATURITY



Maturity		Percent of Total Investments^(a)

20-25 Years		32.1%
25-30 Years		67.9

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

U.S. Treasury Note/Bond, 1.88%, 02/15/51		12.1%
U.S. Treasury Note/Bond, 3.00%, 02/15/49		8.7
U.S. Treasury Note/Bond, 3.00%, 08/15/48		6.1
U.S. Treasury Note/Bond, 2.88%, 05/15/43		5.8
U.S. Treasury Note/Bond, 2.00%, 08/15/51		5.7

^(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


Fund Summary as of February 28, 2022		iShares^® 25+ Year Treasury STRIPS Bond ETF

Investment Objective

The iShares 25+ Year Treasury STRIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the principal payments of U.S. Treasury bonds (specifically principal “STRIPS”, also known as “Separate Trading of Registered Interest and Principal Securities”) with remaining maturities of at least 25 years, as represented by the ICE BofA Long US Treasury Principal STRIPS 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	1.44%	(11.52)%		1.44	%	(16.14)%
Fund Market	1.15	(11.52)		1.15		(16.14)
Index	3.30	(11.59)		3.30		(16.25)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 945.70	$ 0.19			$ 1,000.00	$ 1,024.60	$ 0.20		0.04	%

^(a)


F U N D S U M M A R Y		17


Fund Summary as of February 28, 2022 (continued)		iShares^® 25+ Year Treasury STRIPS Bond ETF

Portfolio Information

ALLOCATION BY MATURITY



Maturity		Percent of Total Investments^(a)

20-25 Years		1.2%
25-30 Years		98.8

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

U.S. Treasury STRIPS, 2.19%, 02/15/51		15.2%
U.S. Treasury STRIPS, 2.21%, 11/15/50		12.9
U.S. Treasury STRIPS, 2.28%, 11/15/47		12.8
U.S. Treasury STRIPS, 2.21%, 08/15/49		12.6
U.S. Treasury STRIPS, 2.20%, 02/15/49		12.0

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® Short Treasury Bond ETF

Investment Objective

The iShares Short Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities of one year or less, as represented by the ICE Short US Treasury 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		(0.19	)%		1.05	%		0.58	%		(0.19	)%		5.34	%		5.96	%
Fund Market		(0.21	)		1.04			0.58			(0.21	)		5.33			5.94
Index		(0.03	)		1.20			0.71			(0.03	)		6.13			7.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE Short US Treasury Securities Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from 5/1/2020 through 2/28/2021 is for the 3pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from 7/1/2016 through 4/30/2020 is for the ICE U.S. Treasury Short Bond Index. Historical index data prior to 7/1/2016 is for the Bloomberg Barclays U.S. Short Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 998.40	$ 0.74			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of February 28, 2022 (continued)		iShares^® Short Treasury Bond ETF

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type		Percent of Total Investments^(a)

U. S. Government Obligations		100.0%

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

U.S. Treasury Bill, 0.13%, 04/14/22		9.1%
U.S. Treasury Note/Bond, 2.13%, 05/15/22		8.8
United States Cash Management Bill, 0.45%, 06/14/22		6.2
U.S. Treasury Bill, 0.30%, 05/19/22		5.6
U.S. Treasury Note/Bond, 1.75%, 07/15/22		5.2

^(a)

Excludes money market funds.


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

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		21

Schedule of Investments

February 28, 2022

iShares^® 0-3 Month Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.0%
U.S. Treasury Bill
0.04%, 03/22/22^(a)	$	976	$	975,977
0.06%, 03/29/22^(a)(b)		277,170		277,157,064
0.07%, 03/24/22^(a)		1,079		1,078,953
0.07%, 03/31/22^(a)		20,253		20,251,798
0.13%, 04/12/22^(a)		150,200		150,177,658
0.13%, 04/14/22^(a)		56,050		56,041,266
0.15%, 04/19/22^(a)		203,399		203,357,818
0.18%, 04/21/22^(a)		13,844		13,840,470
0.18%, 04/26/22^(a)(b)		133,197		133,158,668
0.18%, 04/28/22^(a)		96,620		96,591,201
0.30%, 05/19/22^(a)		46,625		46,593,862
U.S. Treasury Note/Bond
1.75%, 05/31/22		250,000		250,796,520
1.88%, 03/31/22		254,796		255,150,747
1.88%, 04/30/22		270,741		271,429,381
2.25%, 04/15/22		23,640		23,696,599
United States Cash Management Bill, 0.29%, 05/17/22^(a)		27,688		27,671,033


				1,827,969,015


Total U.S. Government Obligations — 98.0% (Cost: $1,828,017,066)				1,827,969,015


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 11.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		211,520	$	211,520,000


Total Short-Term Investments — 11.3% (Cost: $211,520,000)				211,520,000


Total Investments in Securities — 109.3% (Cost: $2,039,537,066)				2,039,489,015

Other Assets, Less Liabilities — (9.3)%				(174,061,436	)


Net Assets — 100.0%			$	1,865,427,579

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 02/28/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,570,000	$	209,950,000	^(a)		$ —	$	—	$	—	$	211,520,000		211,520	$	30,169	^(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
U.S. Government Obligations	$	—	$	1,827,969,015	$	—	$	1,827,969,015
Money Market Funds		211,520,000		—		—		211,520,000


	$	211,520,000	$	1,827,969,015	$	—	$	2,039,489,015


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

February 28, 2022

iShares^® 1-3 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Note/Bond
0.13%, 12/31/22	$	166	$	164,794
0.13%, 01/31/23		1,833		1,817,248
0.13%, 02/28/23		3,536		3,502,297
0.13%, 03/31/23		253,036		250,238,765
0.13%, 04/30/23		759,045		749,616,234
0.13%, 05/15/23		179		177,122
0.13%, 05/31/23		7,890		7,781,821
0.13%, 07/15/23		709,977		699,050,014
0.13%, 07/31/23		241,235		237,267,816
0.13%, 08/15/23		37,466		36,823,517
0.13%, 08/31/23		2,002,244		1,966,813,672
0.13%, 10/15/23		698,764		684,679,538
0.13%, 12/15/23		195,392		190,904,090
0.13%, 01/15/24		277,236		270,424,226
0.25%, 04/15/23		713,591		706,204,220
0.25%, 06/15/23		114,778		113,343,275
0.25%, 09/30/23^(a)		55,408		54,449,477
0.25%, 11/15/23		462,074		453,103,268
0.25%, 03/15/24		252,451		246,129,864
0.25%, 05/15/24		50,264		48,867,996
0.25%, 06/15/24		1,029,459		999,379,495
0.38%, 10/31/23		1,964,711		1,931,249,516
0.38%, 07/15/24^(a)		216,878		210,939,271
0.38%, 08/15/24		198,842		193,125,292
0.63%, 10/15/24		1,504,760		1,467,258,064
0.75%, 12/31/23		254,950		251,763,125
0.75%, 11/15/24		489,609		478,325,040
0.88%, 01/31/24^(a)		823,291		814,382,736
1.00%, 12/15/24		670,000		658,746,090
1.13%, 01/15/25		249,878		246,344,570
1.38%, 02/15/23		1,557		1,561,318
1.38%, 06/30/23		281,051		281,490,142
1.50%, 02/28/23		9,133		9,168,063
1.50%, 02/29/24^(a)		263,106		263,321,828
1.50%, 11/30/24		1,438,754		1,434,089,585
1.50%, 02/15/25		251,782		250,778,805
1.63%, 04/30/23		124,215		124,826,371
1.63%, 05/31/23		64,613		64,936,065
1.75%, 01/31/23		1,510		1,519,496
1.75%, 05/15/23		319,526		321,610,409
2.00%, 10/31/22		40		40,308
2.00%, 11/30/22		120		120,938
2.00%, 02/15/23		2,800		2,824,281
2.00%, 04/30/24		29,104		29,400,724
2.00%, 05/31/24		10,534		10,643,043
2.00%, 02/15/25		533,811		539,357,627
2.13%, 12/31/22		3,773		3,807,580


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.13%, 11/30/23	$	329,291	$	333,278,510
2.13%, 03/31/24		46,118		46,707,086
2.13%, 09/30/24		59,824		60,627,885
2.13%, 05/15/25		350,000		354,867,187
2.25%, 12/31/23		172,938		175,464,517
2.25%, 04/30/24		139,542		141,711,443
2.25%, 10/31/24		122,216		124,278,395
2.25%, 11/15/24		560,513		570,059,237
2.38%, 01/31/23		1,601		1,620,137
2.38%, 02/29/24		196,743		200,209,059
2.38%, 08/15/24		6,153		6,270,772
2.50%, 03/31/23		115,998		117,670,002
2.63%, 02/28/23		8,419		8,545,285
2.63%, 06/30/23		153,439		156,178,126
2.63%, 12/31/23^(a)		110,248		112,620,916
2.63%, 03/31/25		16,006		16,474,301
2.75%, 04/30/23		348,235		354,423,825
2.75%, 05/31/23		319,521		325,561,944
2.75%, 07/31/23		2,635		2,689,244
2.75%, 08/31/23		44,830		45,768,628
2.75%, 11/15/23		110,032		112,529,210
2.75%, 02/15/24		4,637		4,752,563
2.88%, 09/30/23		204,400		209,246,516
2.88%, 10/31/23		494,638		506,540,227
2.88%, 11/30/23		71,352		73,149,736
7.13%, 02/15/23		2,775		2,934,563


				21,376,548,350


Total U.S. Government Obligations — 99.8% (Cost: $21,698,646,306)				21,376,548,350


Short-Term Investments

Money Market Funds — 6.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)(d)		1,442,791		1,442,791,352


Total Short-Term Investments — 6.7% (Cost: $1,442,791,352)				1,442,791,352


Total Investments in Securities — 106.5% (Cost: $23,141,437,658)				22,819,339,702

Other Assets, Less Liabilities — (6.5)%				(1,386,115,451	)


Net Assets — 100.0%			$	21,433,224,251

^(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.


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)

February 28, 2022

iShares^® 1-3 Year Treasury Bond ETF

Affiliates




Affiliated Issuer	Value at 02/28/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	298,018,000	$	1,144,773,352	^(a)		$ —	$	—	$	—	$	1,442,791,352		1,442,791	$	1,322,568	^(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




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	21,376,548,350	$	—	$	21,376,548,350
Money Market Funds		1,442,791,352		—		—		1,442,791,352


	$	1,442,791,352	$	21,376,548,350	$	—	$	22,819,339,702

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

February 28, 2022

iShares^® 3-7 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.4%
U.S. Treasury Note/Bond
0.25%, 05/31/25	$	4,439	$	4,238,551
0.25%, 08/31/25		873,927		830,606,169
0.25%, 10/31/25		210,353		199,383,419
0.38%, 11/30/25		206,088		196,025,110
0.38%, 12/31/25		4,865		4,623,270
0.38%, 01/31/26		26,757		25,379,432
0.50%, 02/28/26		275,423		262,286,615
0.50%, 10/31/27		112,276		104,500,010
0.63%, 07/31/26		174,644		166,307,477
0.63%, 12/31/27		130,205		121,787,076
0.75%, 03/31/26		171,316		164,657,429
0.75%, 04/30/26		144,194		138,437,504
0.75%, 05/31/26		194,525		186,592,027
0.75%, 08/31/26		522,625		500,127,624
0.75%, 01/31/28		96,160		90,484,306
0.88%, 09/30/26		128,044		123,097,301
1.00%, 07/31/28		317,320		301,515,596
1.13%, 10/31/26		84,503		82,113,150
1.13%, 08/31/28		349,335		334,324,512
1.25%, 11/30/26		91,112		89,051,303
1.25%, 12/31/26^(a)		1,896		1,852,155
1.25%, 03/31/28		127,425		123,353,374
1.25%, 04/30/28		104,278		100,897,111
1.25%, 05/31/28		107,806		104,230,715
1.25%, 06/30/28		44,750		43,222,207
1.25%, 09/30/28		366,127		352,940,709
1.38%, 10/31/28		381,650		370,692,470
1.38%, 12/31/28^(a)		209		202,538
1.50%, 01/31/27		205		202,582
1.50%, 11/30/28		34,836		34,106,621
1.63%, 02/15/26		325,928		324,502,065
1.63%, 05/15/26		351,280		349,509,581
1.63%, 09/30/26		49,235		48,961,999
1.63%, 10/31/26		191		189,948
1.75%, 01/31/29		5,536		5,507,455
1.88%, 02/28/27		47,172		47,485,251
1.88%, 02/28/29		10,012		10,046,416
2.00%, 02/15/25		1,714		1,731,708
2.13%, 05/15/25		39,259		39,804,945
2.13%, 05/31/26		129,960		131,950,520
2.25%, 11/15/25		754,607		768,962,221
2.25%, 02/15/27		717,682		734,614,810


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.25%, 08/15/27	$	247,700	$	253,824,769
2.25%, 11/15/27		44,261		45,350,236
2.38%, 05/15/27		749,567		772,258,972
2.63%, 03/31/25		1,448		1,490,365
2.75%, 06/30/25		58,362		60,368,194
2.75%, 02/15/28		250,772		264,280,383
2.88%, 05/31/25		97,840		101,490,306
2.88%, 07/31/25		25,330		26,325,390
2.88%, 11/30/25		31,995		33,331,041
2.88%, 05/15/28		189,129		200,860,908
2.88%, 08/15/28		622,001		661,823,644
3.00%, 09/30/25		37,470		39,150,295
3.00%, 10/31/25		66,729		69,750,156
3.13%, 11/15/28		286,793		310,195,756
5.50%, 08/15/28		11,636		14,242,282
U.S. Treasury Strip Coupon
0.00%, 11/15/27^(b)		235		211,915
0.00%, 11/15/28^(b)		22,004		19,435,094
0.00%, 02/15/29^(b)		25,515		22,421,927


				10,417,316,915


Total U.S. Government Obligations — 99.4% (Cost: $10,790,424,406)				10,417,316,915


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)(e)		17,828		17,828,269


Total Short-Term Investments — 0.2% (Cost: $17,828,269)				17,828,269


Total Investments in Securities — 99.6% (Cost: $10,808,252,675)				10,435,145,184

Other Assets, Less Liabilities — 0.4%				40,414,311


Net Assets — 100.0%			$	10,475,559,495

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

^(b)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 02/28/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	367,876,065	$	—	$	(350,047,796	)^(a)	$	—	$	—	$	17,828,269		17,828	$	156,440	^(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.


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)

February 28, 2022

iShares^® 3-7 Year Treasury Bond ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	10,417,316,915	$	—	$	10,417,316,915
Money Market Funds		17,828,269		—		—		17,828,269


	$	17,828,269	$	10,417,316,915	$	—	$	10,435,145,184

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

Schedule of Investments

February 28, 2022

iShares^® 7-10 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.7%
U.S. Treasury Note/Bond 0.63%, 05/15/30	$	1,010,964	$	918,713,899
0.63%, 08/15/30		4,953,877		4,489,257,170
0.88%, 11/15/30		151		139,862
1.25%, 08/15/31		3,798,969		3,607,239,783
1.38%, 10/31/28		6,200		6,021,992
1.38%, 11/15/31		4,295,817		4,117,943,040
1.50%, 02/15/30		943,983		922,079,356
1.75%, 01/31/29		1		995
1.88%, 02/28/29		270		270,928
1.88%, 02/15/32		50,000		50,187,500
2.38%, 05/15/29		1,472,106		1,527,137,770
2.63%, 02/15/29		1,610,803		1,695,244,743
3.13%, 11/15/28		26,015		28,137,648


				17,362,374,686


Total U.S. Government Obligations — 99.7% (Cost: $18,044,142,640)				17,362,374,686


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(a)(b)(c)		16,339	$	16,339,000


Total Short-Term Investments — 0.1% (Cost: $16,339,000)				16,339,000


Total Investments in Securities — 99.8% (Cost: $18,060,481,640)				17,378,713,686

Other Assets, Less Liabilities — 0.2%				35,036,270


Net Assets — 100.0%			$	17,413,749,956

^(a)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 02/28/21	Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$2,463,152,342	$	—		$(2,446,813,342)^(a)	$	—	$	—	$	16,339,000		16,339	$	1,741,964	^(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




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	17,362,374,686	$	—	$	17,362,374,686
Money Market Funds		16,339,000		—		—		16,339,000


	$	16,339,000	$	17,362,374,686	$	—	$	17,378,713,686

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		27

Schedule of Investments

February 28, 2022

iShares^® 10-20 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 97.6%
U.S. Treasury Note/Bond 1.13%, 08/15/40	$	325,241	$	269,466,917
1.25%, 08/15/31		423		401,652
1.38%, 11/15/31		1,278		1,225,466
1.38%, 11/15/40		393,524		340,275,284
1.88%, 02/28/29		200		200,688
1.88%, 02/15/41		619,692		582,558,890
2.00%, 11/15/41		216		207,073
2.25%, 05/15/41		446,531		445,118,149
2.38%, 02/15/42		530		541,180
2.75%, 08/15/42		62,000		66,763,828
3.88%, 08/15/40		62,742		78,790,227
4.25%, 05/15/39		6,160		8,097,994
4.38%, 02/15/38		195		258,300
4.38%, 11/15/39		322,502		430,615,224
4.50%, 05/15/38		2,732		3,673,900
4.63%, 02/15/40		25,144		34,522,908
5.00%, 05/15/37		2,728		3,819,307
U.S. Treasury Strip Coupon
0.00%, 08/15/35^(a)		3,133		2,343,362
0.00%, 08/15/36^(a)		1,163		849,428


				2,269,729,777


Total U.S. Government Obligations — 97.6% (Cost: $2,355,664,771)				2,269,729,777


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)		24,350	$	24,350,000


Total Short-Term Investments — 1.1% (Cost: $24,350,000)				24,350,000


Total Investments in Securities — 98.7% (Cost: $2,380,014,771)				2,294,079,777

Other Assets, Less Liabilities — 1.3%				31,350,616


Net Assets — 100.0%			$	2,325,430,393

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	130,032,268	$	—		$(105,682,268)^(a)	$	—	$	—	$	24,350,000		24,350	$	35,721	^(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




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	2,269,729,777	$	—	$	2,269,729,777
Money Market Funds		24,350,000		—		—		24,350,000


	$	24,350,000	$	2,269,729,777	$	—	$	2,294,079,777

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

February 28, 2022

iShares^® 20+ Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.6%
U.S. Treasury Note/Bond
1.13%, 08/15/40	$	280	$	231,984
1.38%, 11/15/40		1,525		1,318,648
1.38%, 08/15/50		72,610		59,775,615
1.63%, 11/15/50		901,907		790,225,201
1.88%, 02/15/51		2,086,456		1,942,360,132
1.88%, 11/15/51		663,114		618,665,013
2.00%, 11/15/41		4		3,829
2.00%, 02/15/50		782,489		749,324,534
2.00%, 08/15/51		956,013		917,025,787
2.25%, 08/15/49		545,650		550,189,675
2.25%, 02/15/52		23,380		23,818,375
2.38%, 02/15/42		2,330		2,379,148
2.38%, 11/15/49		287,714		298,323,454
2.50%, 02/15/45		41,185		42,518,686
2.50%, 02/15/46		679,721		703,910,029
2.50%, 05/15/46		643,798		666,732,890
2.75%, 08/15/42		229,288		246,905,667
2.75%, 11/15/42		154,605		166,381,661
2.75%, 08/15/47^(a)		222,634		243,697,703
2.75%, 11/15/47		258,854		283,789,138
2.88%, 05/15/43		845,668		927,130,157
2.88%, 08/15/45		309,565		341,488,670
2.88%, 11/15/46		231,006		256,362,961
2.88%, 05/15/49		205,180		233,111,276
3.00%, 11/15/44		4,620		5,185,248
3.00%, 02/15/47		157,430		178,806,156
3.00%, 02/15/48		748,817		861,460,964
3.00%, 08/15/48		852,910		984,111,542


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
3.00%, 02/15/49	$	1,207,700	$	1,401,545,398
3.13%, 02/15/43		338,238		385,102,689
3.13%, 08/15/44		613,367		701,394,631
3.13%, 05/15/48		634,890		748,302,067
3.38%, 11/15/48		149,263		184,304,450
3.63%, 08/15/43		304,269		373,014,287
3.75%, 11/15/43		124,887		156,035,074


				16,044,932,739


Total U.S. Government Obligations — 99.6% (Cost: $17,964,471,563)				16,044,932,739


Short-Term Investments

Money Market Funds — 1.7%

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)(d)		277,967		277,966,875


Total Short-Term Investments — 1.7% (Cost: $277,966,875)				277,966,875


Total Investments in Securities — 101.3% (Cost: $18,242,438,438)				16,322,899,614

Other Assets, Less Liabilities — (1.3)%				(209,533,114	)


Net Assets — 100.0%			$	16,113,366,500

^(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




Affiliated Issuer	Value at 02/28/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	376,413,618	$	—	$	(98,446,743	)^(a)	$	—	$	—	$	277,966,875		277,967	$	488,573	^(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


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)

February 28, 2022

iShares^® 20+ Year Treasury Bond ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	16,044,932,739	$	—	$	16,044,932,739
Money Market Funds		277,966,875		—		—		277,966,875


	$	277,966,875	$	16,044,932,739	$	—	$	16,322,899,614

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

Schedule of Investments

February 28, 2022

iShares^® 25+ Year Treasury STRIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury STRIPS
2.19%, 11/15/49^(a)	$	24,043	$	13,151,299
2.19%, 02/15/51^(a)		92,382		49,110,417
2.20%, 11/15/48^(a)		68,150		37,971,002
2.20%, 02/15/49^(a)		70,180		38,890,188
2.20%, 05/15/49^(a)		6,004		3,307,739
2.20%, 02/15/50^(a)		21,772		11,805,995
2.21%, 08/15/49^(a)		74,618		40,813,523
2.21%, 08/15/50^(a)		24,080		12,864,016
2.21%, 11/15/50^(a)		78,363		41,671,932
2.28%, 08/15/47^(a)		50,821		28,519,472
2.28%, 11/15/47^(a)		74,242		41,486,262
2.32%, 02/15/47^(a)		2,821		1,585,667
2.33%, 11/15/46^(a)		4,360		2,458,713


				323,636,225


Total U.S. Government Obligations — 99.8% (Cost: $315,621,554)				323,636,225


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)		240	$	240,000


Total Short-Term Investments — 0.1% (Cost: $240,000)				240,000


Total Investments in Securities — 99.9% (Cost: $315,861,554)				323,876,225

Other Assets, Less Liabilities — 0.1%				319,929


Net Assets — 100.0%			$	324,196,154

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	120,000	$	120,000	^(a)	$	—	$	—	$	—	$	240,000		240	$	26	^(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




	Level 1		Level 2		Level 3		Total

Investments
Assets
U.S. Government Obligations	$	—	$	323,636,225	$	—	$	323,636,225
Money Market Funds		240,000		—		—		240,000


	$	240,000	$	323,636,225	$	—	$	323,876,225

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

February 28, 2022

iShares^® Short Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 97.6%
U.S. Treasury Bill 0.00%, 03/01/22^(a)(b)	$	218	$	218,000
0.03%, 03/10/22^(a)		481		480,996
0.03%, 03/17/22^(a)		76		75,999
0.04%, 03/22/22^(a)		414		413,990
0.06%, 03/29/22^(a)		28		27,999
0.07%, 03/31/22^(a)		912		911,946
0.13%, 04/12/22^(a)		417,188		417,125,943
0.13%, 04/14/22^(a)		1,395,863		1,395,645,483
0.15%, 04/19/22^(a)		441,280		441,190,654
0.18%, 04/21/22^(a)		74,885		74,865,904
0.18%, 04/26/22^(a)		120,384		120,349,356
0.18%, 04/28/22^(a)		459,728		459,590,973
0.30%, 05/19/22^(a)		863,080		862,503,601
0.41%, 06/16/22^(a)		209		208,749
0.44%, 06/30/22^(a)		3,531		3,525,823
0.45%, 06/23/22^(a)		2,289		2,285,773
0.51%, 07/07/22^(a)		3,212		3,206,190
0.53%, 07/14/22^(a)		2,992		2,986,067
0.54%, 07/21/22^(a)		1,774		1,770,228
0.58%, 07/28/22^(a)		3,390		3,382,002
0.60%, 08/04/22^(a)		2,182		2,176,384
0.63%, 08/11/22^(a)		2,366		2,359,302
0.63%, 12/01/22^(a)		1,638		1,630,211
0.66%, 09/08/22^(a)(c)		1,476		1,470,898
0.71%, 10/06/22^(a)		3,608		3,592,581
0.73%, 11/03/22^(a)(c)		2,281		2,269,771
0.89%, 01/26/23^(a)(c)		2,726		2,704,132
0.90%, 12/29/22^(a)		2,484		2,465,497
U.S. Treasury Note/Bond
0.13%, 08/31/22		8,672		8,646,933
0.13%, 09/30/22		210,131		209,367,634
0.13%, 12/31/22		211,570		210,032,813
0.13%, 01/31/23		178,276		176,750,904
0.13%, 02/28/23		205,776		203,830,775
0.25%, 04/15/23		158,324		156,685,100
1.38%, 10/15/22		360,404		361,727,360
1.50%, 08/15/22		2,198		2,206,843
1.63%, 08/31/22		167,155		167,912,421
1.63%, 11/15/22		3,105		3,121,617
1.75%, 05/31/22		415,433		416,756,603
1.75%, 07/15/22		792,042		795,569,066
1.75%, 09/30/22		133,973		134,737,065
1.75%, 01/31/23		182,808		183,971,973
1.88%, 03/31/22		1,396		1,397,944


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
1.88%, 04/30/22	$	679,134	$	680,860,753
1.88%, 07/31/22		436,313		438,613,870
1.88%, 08/31/22^(c)		248,593		250,049,601
1.88%, 09/30/22		247,920		249,517,921
1.88%, 10/31/22		7,897		7,951,600
2.00%, 10/31/22		95,979		96,713,839
2.00%, 11/30/22		231,616		233,434,547
2.00%, 02/15/23		106,388		107,314,739
2.13%, 05/15/22		1,351,151		1,355,943,492
2.13%, 06/30/22^(c)		587,709		590,833,085
2.13%, 12/31/22		740,626		747,482,575
2.25%, 04/15/22		603,323		604,767,470
2.38%, 01/31/23		261,656		264,793,828
2.63%, 02/28/23		384,881		390,684,286
7.13%, 02/15/23		152,840		161,664,123
United States Cash Management Bill
0.26%, 05/10/22^(a)		237,360		237,242,310
0.29%, 05/17/22^(a)		221,953		221,816,989
0.31%, 05/24/22^(a)		292,260		292,045,870
0.35%, 05/31/22^(a)		289,364		289,107,994
0.40%, 06/07/22^(a)		391,667		391,248,516
0.45%, 06/14/22^(a)		952,779		951,534,032


				15,405,770,943


Total U.S. Government Obligations — 97.6% (Cost: $15,419,063,269)				15,405,770,943


Short-Term Investments

Money Market Funds — 5.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)(f)		890,549		890,548,750


Total Short-Term Investments — 5.7% (Cost: $890,548,750)				890,548,750


Total Investments in Securities — 103.3% (Cost: $16,309,612,019)				16,296,319,693

Other Assets, Less Liabilities — (3.3)%				(517,034,788	)


Net Assets — 100.0%			$	15,779,284,905

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Zero-coupon bond.

^(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.


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)

February 28, 2022

iShares^® Short Treasury Bond ETF

Affiliates




Affiliated Issuer	Value at 02/28/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	25,760,000	$	864,788,750	^(a)	$	—	$	—	$	—	$	890,548,750		890,549	$	205,992	^(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




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	15,405,770,943	$	—	$	15,405,770,943
Money Market Funds		890,548,750		—		—		890,548,750


	$	890,548,750	$	15,405,770,943	$	—	$	16,296,319,693

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

Statements of Assets and Liabilities

February 28, 2022


	iShares 0-3 Month Treasury Bond ETF		iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,827,969,015	$	21,376,548,350		$	10,417,316,915		$	17,362,374,686
Affiliated^(c)		211,520,000		1,442,791,352			17,828,269			16,339,000
Cash		3,182		2,311			6,884			337
Receivables:
Investments sold		38,998,906		345,079,829			370,304,120			1,111,544,648
Securities lending income — Affiliated		16,331		202,379			783			28,723
Capital shares sold		2,270,139		2,070,893			44,972			11,198,375
Dividends		1,601		799			1,084			1,582
Interest		4,985,717		49,356,431			30,888,388			34,903,854


Total assets		2,085,764,891		23,216,052,344			10,836,391,415			18,536,391,205


LIABILITIES
Collateral on securities loaned, at value		138,720,000		1,420,991,352			28,269			—
Payables:
Investments purchased		81,584,172		359,234,792			359,615,531			1,120,776,188
Capital shares redeemed		—		148,278			—			—
Investment advisory fees		33,140		2,453,671			1,188,120			1,865,061


Total liabilities		220,337,312		1,782,828,093			360,831,920			1,122,641,249


NET ASSETS	$	1,865,427,579	$	21,433,224,251		$	10,475,559,495		$	17,413,749,956


NET ASSETS CONSIST OF:
Paid-in capital	$	1,865,328,117	$	21,790,633,426		$	10,885,440,018		$	18,494,400,866
Accumulated earnings (loss)		99,462		(357,409,175	)		(409,880,523	)		(1,080,650,910	)


NET ASSETS	$	1,865,427,579	$	21,433,224,251		$	10,475,559,495		$	17,413,749,956


Shares outstanding		18,650,000		253,500,000			83,100,000			155,500,000


Net asset value	$	100.02	$	84.55		$	126.06		$	111.99


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a) Securities loaned, at value	$	135,981,839	$	1,394,526,583		$	27,866		$	—
^(b) Investments, at cost — Unaffiliated	$	1,828,017,066	$	21,698,646,306		$	10,790,424,406		$	18,044,142,640
^(c) Investments, at cost — Affiliated	$	211,520,000	$	1,442,791,352		$	17,828,269		$	16,339,000

See 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

Statements of Assets and Liabilities (continued)

February 28, 2022


	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF		iShares Short Treasury Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,269,729,777		$	16,044,932,739		$	323,636,225	$	15,405,770,943
Affiliated^(c)		24,350,000			277,966,875			240,000		890,548,750
Cash		3,234			1,181			7,052		7,024
Receivables:
Investments sold		111,374,228			111,315,522			342,804		5,999,702
Securities lending income — Affiliated		—			2,796			—		38,907
Capital shares sold		30,194			2,932,531			—		42,070,683
Dividends		1,031			218			7		9,785
Interest		9,613,695			47,453,104			—		34,945,088


Total assets		2,415,102,159			16,484,604,966			324,226,088		16,379,390,882


LIABILITIES
Collateral on securities loaned, at value		—			196,376,875			—		103,808,750
Payables:
Investments purchased		89,409,450			172,418,033			—		494,663,632
Capital shares redeemed		—			675,449			20,031		—
Investment advisory fees		262,316			1,768,109			9,903		1,633,595


Total liabilities		89,671,766			371,238,466			29,934		600,105,977


NET ASSETS	$	2,325,430,393		$	16,113,366,500		$	324,196,154	$	15,779,284,905


NET ASSETS CONSIST OF:
Paid-in capital	$	2,506,927,014		$	18,699,461,582		$	316,061,504	$	15,800,639,615
Accumulated earnings (loss)		(181,496,621	)		(2,586,095,082	)		8,134,650		(21,354,710	)


NET ASSETS	$	2,325,430,393		$	16,113,366,500		$	324,196,154	$	15,779,284,905


Shares outstanding		16,400,000			115,200,000			15,800,000		143,070,000


Net asset value	$	141.79		$	139.87		$	20.52	$	110.29


Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited


Par value		None			None			None		None


^(a)Securities loaned, at value	$	—		$	196,756,036		$	—	$	100,998,818
^(b)Investments, at cost — Unaffiliated	$	2,355,664,771		$	17,964,471,563		$	315,621,554	$	15,419,063,269
^(c)Investments, at cost — Affiliated	$	24,350,000		$	277,966,875		$	240,000	$	890,548,750

See notes to financial statements.


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

Statements of Operations

Year Ended February 28, 2022


	iShares 0-3 Month Treasury Bond ETF			iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	3,918		$	15,255		$	3,797		$	4,383
Interest — Unaffiliated		551,205			76,116,249			94,475,108			159,162,805
Securities lending income — Affiliated — net		26,251			1,307,313			152,643			1,737,581


Total investment income		581,374			77,438,817			94,631,548			160,904,769


EXPENSES
Investment advisory fees		987,833			29,945,144			16,244,679			22,158,598
Commitment fees		6,372			—			—			—
Professional fees		—			217			217			217

Total expenses		994,205			29,945,361			16,244,896			22,158,815

Less:

Investment advisory fees waived		(768,551	)		—			—			—


Total expenses after fees waived		225,654			29,945,361			16,244,896			22,158,815


Net investment income		355,720			47,493,456			78,386,652			138,745,954


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,035	)		(42,766,670	)		(13,301,688	)		(434,987,714	)
In-kind redemptions — Unaffiliated		1,434			18,455,239			57,740,226			33,429,758



Net realized gain (loss)		399			(24,311,431	)		44,438,538			(401,557,956	)


Net change in unrealized appreciation (depreciation) on:

Investments — Unaffiliated		(25,314	)		(395,725,148	)		(446,726,548	)		(172,158,184	)


Net change in unrealized appreciation (depreciation)		(25,314	)		(395,725,148	)		(446,726,548	)		(172,158,184	)


Net realized and unrealized loss		(24,915	)		(420,036,579	)		(402,288,010	)		(573,716,140	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	330,805		$	(372,543,123	)	$	(323,901,358	)	$	(434,970,186	)

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 (continued)

Year Ended February 28, 2022


	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF			iShares Short Treasury Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	1,989		$	2,252		$	24		$	49,281
Interest — Unaffiliated		24,579,883			268,111,117			6,448,402			12,433,713
Securities lending income — Affiliated — net		33,732			486,321			2			156,711


Total investment income		24,615,604			268,599,690			6,448,428			12,639,705


EXPENSES
Investment advisory fees		2,050,536			23,523,424			452,546			21,544,417
Commitment fees		—			—			—			19,090
Professional fees		217			217			—			390


Total expenses		2,050,753			23,523,641			452,546			21,563,897

Less:
Investment advisory fees waived		—			—			(330,046	)		(83,242	)


Total expenses after fees waived		2,050,753			23,523,641			122,500			21,480,655


Net investment income (loss)		22,564,851			245,076,049			6,325,928			(8,840,950	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(60,640,490	)		(447,843,372	)		(109,991	)		(4,502,631	)
In-kind redemptions — Unaffiliated		(7,286,723	)		(124,995,991	)		5,232,119			368,022


Net realized gain (loss)		(67,927,213	)		(572,839,363	)		5,122,128			(4,134,609	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(16,420,097	)		(89,798,284	)		11,248,649			(15,399,581	)


Net change in unrealized appreciation (depreciation)		(16,420,097	)		(89,798,284	)		11,248,649			(15,399,581	)


Net realized and unrealized gain (loss)		(84,347,310	)		(662,637,647	)		16,370,777			(19,534,190	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,782,459	)	$	(417,561,598	)	$	22,696,705		$	(28,375,140	)

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 0-3 Month Treasury Bond ETF							iShares 1-3 Year Treasury Bond ETF


			Year Ended 02/28/22			Period From 05/26/20 to 02/28/21	^(a)		Year Ended 02/28/22			Year Ended 02/28/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	355,720		$	419,358		$	47,493,456		$	152,397,383
Net realized gain (loss)			399			52,976			(24,311,431	)		372,602,238
Net change in unrealized appreciation (depreciation)			(25,314	)		(22,737	)		(395,725,148	)		(212,492,357	)


Net increase (decrease) in net assets resulting from operations			330,805			449,597			(372,543,123	)		312,507,264


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders			(219,773	)		(422,929	)		(50,332,045	)		(174,248,074	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,130,208,097			735,081,782			2,283,702,955			1,968,396,048


NET ASSETS
Total increase in net assets			1,130,319,129			735,108,450			1,860,827,787			2,106,655,238
Beginning of year			735,108,450			—			19,572,396,464			17,465,741,226


End of year		$	1,865,427,579		$	735,108,450		$	21,433,224,251		$	19,572,396,464

^(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 3-7 Year Treasury Bond ETF							iShares 7-10 Year Treasury Bond ETF


			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/28/22			Year Ended 02/28/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	78,386,652		$	111,192,902		$	138,745,954		$	182,493,053
Net realized gain (loss)			44,438,538			354,526,040			(401,557,956	)		1,560,794,232
Net change in unrealized appreciation (depreciation)			(446,726,548	)		(304,062,136	)		(172,158,184	)		(1,541,632,038	)


Net increase (decrease) in net assets resulting from operations			(323,901,358	)		161,656,806			(434,970,186	)		201,655,247


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(78,273,861	)		(117,043,885	)		(127,547,995	)		(200,537,506	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(349,391,364	)		1,258,527,732			3,766,705,112			(7,271,862,805	)


NET ASSETS
Total increase (decrease) in net assets			(751,566,583	)		1,303,140,653			3,204,186,931			(7,270,745,064	)
Beginning of year			11,227,126,078			9,923,985,425			14,209,563,025			21,480,308,089


End of year		$	10,475,559,495		$	11,227,126,078		$	17,413,749,956		$	14,209,563,025

^(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		39

Statements of Changes in Net Assets (continued)


	iShares 10-20 Year Treasury Bond ETF							iShares 20+ Year Treasury Bond ETF


			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/28/22			Year Ended 02/28/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	22,564,851		$	16,304,929		$	245,076,049		$	257,779,339
Net realized gain (loss)			(67,927,213	)		69,195,411			(572,839,363	)		2,341,998,393
Net change in unrealized appreciation (depreciation)			(16,420,097	)		(169,133,860	)		(89,798,284	)		(3,816,589,536	)


Net decrease in net assets resulting from operations			(61,782,459	)		(83,633,520	)		(417,561,598	)		(1,216,811,804	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(21,118,312	)		(35,076,132	)		(239,203,157	)		(270,834,183	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			1,221,395,373			210,611,285			1,986,170,721			(4,965,450,961	)


NET ASSETS
Total increase (decrease) in net assets			1,138,494,602			91,901,633			1,329,405,966			(6,453,096,948	)
Beginning of year			1,186,935,791			1,095,034,158			14,783,960,534			21,237,057,482


End of year		$	2,325,430,393		$	1,186,935,791		$	16,113,366,500		$	14,783,960,534

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

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 Changes in Net Assets (continued)


	iShares 25+ Year Treasury STRIPS Bond ETF							iShares Short Treasury Bond ETF


			Year Ended 02/28/22			Period From 09/22/20 to 02/28/21	^(a)		Year Ended 02/28/22			Year Ended 02/28/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	6,325,928		$	121,084		$	(8,840,950	)	$	74,702,443
Net realized gain (loss)			5,122,128			(253,529	)		(4,134,609	)		54,123,704
Net change in unrealized appreciation (depreciation)			11,248,649			(3,233,978	)		(15,399,581	)		(33,335,894	)


Net increase (decrease) in net assets resulting from operations			22,696,705			(3,366,423	)		(28,375,140	)		95,490,253


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders			(5,793,042	)		(82,145	)		—			(129,704,518	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			278,439,034			32,302,025			(385,511,339	)		(4,049,124,981	)


NET ASSETS
Total increase (decrease) in net assets			295,342,697			28,853,457			(413,886,479	)		(4,083,339,246	)
Beginning of period			28,853,457			—			16,193,171,384			20,276,510,630


End of period		$	324,196,154		$	28,853,457		$	15,779,284,905		$	16,193,171,384

^(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		41

Financial Highlights

(For a share outstanding throughout each period)


	iShares 0-3 Month Treasury Bond ETF

					Period From
	Year Ended						05/26/20	^(a)
	02/28/22				to 02/28/21


Net asset value, beginning of period		$	100.01			$	100.01

Net investment income^(b)			0.04				0.05
Net realized and unrealized gain^(c)			0.00				0.00	^(d)


Net increase from investment operations			0.04				0.05


Distributions^(e)
From net investment income			(0.03	)			(0.05	)


Total distributions			(0.03	)			(0.05	)


Net asset value, end of period		$	100.02			$	100.01


Total Return^(f)
Based on net asset value			0.04	%			0.05	%^(g)


Ratios to Average Net Assets^(h)
Total expenses			0.12	%			0.12	%⁽ⁱ⁾


Total expenses after fees waived			0.03	%			0.03	%⁽ⁱ⁾


Net investment income			0.04	%			0.07	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)		$	1,865,428			$	735,108


Portfolio turnover rate^(j)			0	%			326	%^(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)	Rounds to less than $0.01.

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

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares 1-3 Year Treasury Bond ETF


	Year Ended 02/28/22				Year Ended 02/28/21				Year Ended 02/29/20				Year Ended 02/28/19				Year Ended 02/28/18


Net asset value, beginning of year		$	86.30			$	85.70			$	83.73			$	83.44			$	84.54

Net investment income^(a)			0.20				0.62				1.73				1.64				0.89
Net realized and unrealized gain (loss)^(b)			(1.73	)			0.69				2.02				0.16				(1.13	)


Net increase (decrease) from investment operations			(1.53	)			1.31				3.75				1.80				(0.24	)


Distributions^(c)
From net investment income			(0.19	)			(0.71	)			(1.78	)			(1.51	)			(0.86	)
From net realized gain			(0.03	)			—				—				—				—

Total distributions			(0.22	)			(0.71	)			(1.78	)			(1.51	)			(0.86	)


Net asset value, end of year		$	84.55			$	86.30			$	85.70			$	83.73			$	83.44


Total Return^(d)
Based on net asset value			(1.77	)%			1.52	%			4.53	%			2.18	%			(0.29	)%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%


Net investment income			0.24	%			0.71	%			2.05	%			1.97	%			1.06	%


Supplemental Data
Net assets, end of year (000)		$	21,433,224			$	19,572,396			$	17,465,741			$	18,972,903			$	11,281,148


Portfolio turnover rate^(f)			148	%			79	%			56	%			62	%			85	%

^(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		43

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares 3-7 Year Treasury Bond ETF


	Year Ended 02/28/22				Year Ended 02/28/21				Year Ended 02/29/20				Year Ended 02/28/19				Year Ended 02/28/18


Net asset value, beginning of year		$	131.00			$	130.24			$	121.54			$	120.03			$	123.07

Net investment income^(a)			0.94				1.29				2.44				2.47				1.93
Net realized and unrealized gain (loss)^(b)			(4.94	)			0.85				8.76				1.47				(3.10	)


Net increase (decrease) from investment operations			(4.00	)			2.14				11.20				3.94				(1.17	)


Distributions^(c)
From net investment income			(0.94	)			(1.38	)			(2.50	)			(2.43	)			(1.87	)

Total distributions			(0.94	)			(1.38	)			(2.50	)			(2.43	)			(1.87	)


Net asset value, end of year		$	126.06			$	131.00			$	130.24			$	121.54			$	120.03


Total Return^(d)
Based on net asset value			(3.07	)%			1.63	%			9.31	%			3.33	%			(0.98	)%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%


Net investment income			0.72	%			0.97	%			1.95	%			2.06	%			1.57	%


Supplemental Data
Net assets, end of year (000)		$	10,475,559			$	11,227,126			$	9,923,985			$	7,122,486			$	7,069,651


Portfolio turnover rate^(f)			62	%			49	%			38	%			41	%			66	%

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares 7-10 Year Treasury Bond ETF


	Year Ended 02/28/22				Year Ended 02/28/21				Year Ended 02/29/20				Year Ended 02/28/19				Year Ended 02/28/18


Net asset value, beginning of year		$	115.71			$	117.31			$	104.16			$	102.13			$	105.68


Net investment income^(a)			1.08				1.15				2.19				2.45				1.97
Net realized and unrealized gain (loss)^(b)			(3.81	)			(1.53	)			13.19				1.97				(3.59	)


Net increase (decrease) from investment operations			(2.73	)			(0.38	)			15.38				4.42				(1.62	)


Distributions^(c)
From net investment income			(0.99	)			(1.22	)			(2.23	)			(2.39	)			(1.93	)


Total distributions			(0.99	)			(1.22	)			(2.23	)			(2.39	)			(1.93	)


Net asset value, end of year		$	111.99			$	115.71			$	117.31			$	104.16			$	102.13


Total Return^(d)
Based on net asset value			(2.38	)%			(0.37	)%			14.94	%			4.40	%			(1.59	)%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%


Net investment income			0.94	%			0.95	%			1.98	%			2.40	%			1.86	%


Supplemental Data
Net assets, end of year (000)		$	17,413,750			$	14,209,563			$	21,480,308			$	13,217,782			$	8,364,365


Portfolio turnover rate^(f)			114	%			76	%			57	%			63	%			46	%

^(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		45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 10-20 Year Treasury Bond ETF


	Year Ended 02/28/22				Year Ended 02/28/21				Year Ended 02/29/20				Year Ended 02/28/19				Year Ended 02/28/18


Net asset value, beginning of year		$	146.54			$	158.70			$	132.80			$	130.13			$	134.79


Net investment income^(a)			2.41				2.04				3.18				3.10				2.53
Net realized and unrealized gain (loss)^(b)			(4.91	)			(10.08	)			26.01				2.53				(4.68	)


Net increase (decrease) from investment operations			(2.50	)			(8.04	)			29.19				5.63				(2.15	)


Distributions^(c)
From net investment income			(2.25	)			(2.80	)			(3.29	)			(2.96	)			(2.51	)
From net realized gain			—				(1.32	)			—				—				—


Total distributions			(2.25	)			(4.12	)			(3.29	)			(2.96	)			(2.51	)


Net asset value, end of year		$	141.79			$	146.54			$	158.70			$	132.80			$	130.13


Total Return^(d)
Based on net asset value			(1.74	)%			(5.38	)%			22.28	%			4.39	%			(1.66	)%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%


Net investment income			1.65	%			1.25	%			2.21	%			2.38	%			1.87	%


Supplemental Data
Net assets, end of year (000)		$	2,325,430			$	1,186,936			$	1,095,034			$	929,614			$	507,490


Portfolio turnover rate^(f)			114	%			214	%			63	%			45	%			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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 20+ Year Treasury Bond ETF


	Year Ended 02/28/22				Year Ended 02/28/21				Year Ended 02/29/20				Year Ended 02/28/19				Year Ended 02/28/18


Net asset value, beginning of year		$	143.12			$	155.13			$	119.95			$	118.70			$	121.65

Net investment income^(a)			2.25				2.24				3.09				3.23				3.11
Net realized and unrealized gain (loss)^(b)			(3.26	)			(11.95	)			35.13				1.24				(2.98	)


Net increase (decrease) from investment operations			(1.01	)			(9.71	)			38.22				4.47				0.13


Distributions^(c)
From net investment income			(2.24	)			(2.30	)			(3.04	)			(3.22	)			(3.08	)


Total distributions			(2.24	)			(2.30	)			(3.04	)			(3.22	)			(3.08	)


Net asset value, end of year		$	139.87			$	143.12			$	155.13			$	119.95			$	118.70


Total Return^(d)
Based on net asset value			(0.72	)%			(6.43	)%			32.29	%			3.82	%			0.04	%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%


Net investment income			1.56	%			1.39	%			2.27	%			2.72	%			2.51	%


Supplemental Data
Net assets, end of year (000)		$	16,113,367			$	14,783,961			$	21,237,057			$	10,951,502			$	6,718,668


Portfolio turnover rate^(f)			43	%			65	%			25	%			17	%			25	%

^(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		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 25+ Year Treasury STRIPS Bond ETF

							Period From
	Year Ended						09/22/20	^(a)
	02/28/22				to 02/28/21


Net asset value, beginning of period		$	20.61			$	25.06


Net investment income^(b)			0.45				0.17
Net realized and unrealized loss^(c)			(0.14	)			(4.50	)


Net increase (decrease) from investment operations			0.31				(4.33	)


Distributions^(d)
From net investment income			(0.40	)			(0.12	)

Total distributions			(0.40	)			(0.12	)


Net asset value, end of period		$	20.52			$	20.61


Total Return^(e)
Based on net asset value			1.44	%			(17.33	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.15	%			0.15	%^(h)

Total expenses after fees waived			0.04	%			0.07	%^(h)


Net investment income			2.10	%			1.71	%^(h)


Supplemental Data
Net assets, end of period (000)		$	324,196			$	28,853


Portfolio turnover rate⁽ⁱ⁾			40	%			36	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount 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.


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 Short Treasury Bond ETF


	Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of year	$	110.52		$	110.68		$	110.52		$	110.29		$	110.36

Net investment income (loss)^(a)		(0.07	)		0.40			2.28			2.16			1.01
Net realized and unrealized gain (loss)^(b)		(0.16	)		0.10			0.25			0.01			(0.22	)


Net increase (decrease) from investment operations		(0.23	)		0.50			2.53			2.17			0.79


Distributions^(c)
From net investment income		—			(0.50	)		(2.37	)		(1.94	)		(0.86	)
From net realized gain		—			(0.16	)		—			—			—


Total distributions		—			(0.66	)		(2.37	)		(1.94	)		(0.86	)


Net asset value, end of year	$	110.29		$	110.52		$	110.68		$	110.52		$	110.29


Total Return^(d)
Based on net asset value		(0.19	)%		0.45	%		2.31	%		1.98	%		0.71	%


Ratios to Average Net Assets^(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Total expenses after fees waived		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income (loss)		(0.06	)%		0.36	%		2.06	%		1.95	%		0.91	%


Supplemental Data
Net assets, end of year (000)	$	15,779,285		$	16,193,171		$	20,276,511		$	19,131,299		$	9,506,603


Portfolio turnover rate^(f)		86	%		115	%		42	%		73	%		47	%

^(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

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

0-3 Month Treasury Bond		Diversified
1-3 Year Treasury Bond		Diversified
3-7 Year Treasury Bond		Diversified
7-10 Year Treasury Bond		Diversified
10-20 Year Treasury Bond		Diversified
20+ Year Treasury Bond		Diversified
25+ Year Treasury STRIPS Bond		Diversified
Short Treasury Bond		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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche


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

Notes to Financial Statements (continued)

of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

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 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

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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,


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

Notes to Financial Statements (continued)

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


0-3 Month Treasury Bond
J.P. Morgan Securities LLC	$	135,981,839	$	135,981,839		$	—	$	—


1-3 Year Treasury Bond
Barclays Capital, Inc.	$	105,862,011	$	105,862,011		$	—	$	—
BofA Securities, Inc.		664,284,038		664,284,038			—		—
Deutsche Bank Securities, Inc.		44,513,086		44,513,086			—		—
J.P. Morgan Securities LLC		553,616,413		553,616,413			—		—
Morgan Stanley		26,251,035		26,251,035			—		—


	$	1,394,526,583	$	1,394,526,583		$	—	$	—

3-7 Year Treasury Bond
Barclays Capital, Inc.	$	27,866	$	27,866		$	—	$	—


20+ Year Treasury Bond
BofA Securities, Inc.	$	196,756,036	$	196,376,875		$	—	$	(379,161	)^(b)


Short Treasury Bond
Deutsche Bank Securities, Inc.	$	1,990,154	$	1,990,154		$	—	$	—
Goldman Sachs & Co. LLC		45,239,207		45,239,207			—		—
J.P. Morgan Securities LLC		996,543		996,543			—		—
TD Securities (USA) LLC		52,772,914		52,772,914			—		—


	$	100,998,818	$	100,998,818		$	—	$	—

^(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 February 28, 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.	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

0-3 Month Treasury Bond		0.12%
1-3 Year Treasury Bond		0.15
3-7 Year Treasury Bond		0.15
7-10 Year Treasury Bond		0.15
10-20 Year Treasury Bond		0.15
20+ Year Treasury Bond		0.15
25+ Year Treasury STRIPS Bond		0.15
Short Treasury Bond		0.15


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

Notes to Financial Statements (continued)

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 any fund other expenses are 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 0-3 Month Treasury Bond 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 0.03% through June 30, 2022.

For the iShares 25+ Year Treasury STRIPS ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through September 30, 2021 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.07% of average daily net assets. The contractual waiver was discontinued after September 30, 2021.

Effective October 20, 2021, for the iShares Short Treasury Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

0-3 Month Treasury Bond	$	768,551
25+ Year Treasury STRIPS Bond		114,982
Short Treasury Bond		83,242

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Effective May 20, 2021, BFA has elected to implement a voluntary fee waiver in order to limit the iShares 25+ Year Treasury STRIPS Bond ETF’s total annual operating expenses after fee waivers to 0.04% and currently intends to keep such voluntary fee waiver for the Fund in place through June 30, 2022. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

25+ Year Treasury STRIPS Bond	$	215,064

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.


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		53

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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

0-3 Month Treasury Bond	$	10,905
1-3 Year Treasury Bond		539,501
3-7 Year Treasury Bond		64,682
7-10 Year Treasury Bond		740,166
10-20 Year Treasury Bond		14,450
20+ Year Treasury Bond		208,423
25+ Year Treasury STRIPS Bond		1
Short Treasury Bond		66,771

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 February 28, 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)

0-3 Month Treasury Bond	$	3,464,256,124	$	556,120,421	$	(26,558	)
1-3 Year Treasury Bond		8,254,361,188		14,366,143,483		(12,914,689	)
3-7 Year Treasury Bond		2,489,661,771		3,647,245,814		7,646,292
7-10 Year Treasury Bond		660,144,460		3,737,755,975		(109,823,556	)
10-20 Year Treasury Bond		526,889,492		433,294,392		(22,136,646	)
20+ Year Treasury Bond		300,157,312		580,709,704		(60,227,998	)
Short Treasury Bond		13,857,508,236		4,511,825,070		(564,358	)

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.

6.	PURCHASES AND SALES

For the year ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



	U.S. Government Securities


iShares ETF	Purchases		Sales

0-3 Month Treasury Bond	$	—	$	886,364
1-3 Year Treasury Bond		29,754,228,370		29,383,939,862
3-7 Year Treasury Bond		6,730,429,496		6,750,468,809
7-10 Year Treasury Bond		16,973,995,772		17,025,813,163
10-20 Year Treasury Bond		1,607,225,024		1,631,325,603
20+ Year Treasury Bond		6,791,206,326		6,677,935,520
25+ Year Treasury STRIPS Bond		122,412,321		128,756,961
Short Treasury Bond		3,267,143,037		5,562,734,716


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)

For the year ended February 28, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

0-3 Month Treasury Bond	$	1,238,303,897	$	135,957,195
1-3 Year Treasury Bond		8,017,250,147		5,789,902,977
3-7 Year Treasury Bond		3,240,508,231		3,591,358,450
7-10 Year Treasury Bond		18,649,922,264		14,920,293,514
10-20 Year Treasury Bond		1,696,981,172		488,973,447
20+ Year Treasury Bond		34,363,268,903		32,399,000,028
25+ Year Treasury STRIPS Bond		368,170,180		89,748,927
Short Treasury Bond		4,911,832,266		5,209,442,850

7.	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 February 28, 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 February 28, 2022, permanent differences attributable to net operating losses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)

0-3 Month Treasury Bond	$	31,013		$	(31,013	)
1-3 Year Treasury Bond		18,421,285			(18,421,285	)
3-7 Year Treasury Bond		56,806,717			(56,806,717	)
7-10 Year Treasury Bond		(6,945,080	)		6,945,080
10-20 Year Treasury Bond		(12,116,963	)		12,116,963
20+ Year Treasury Bond		(167,944,778	)		167,944,778
25+ Year Treasury STRIPS Bond		5,320,445			(5,320,445	)
Short Treasury Bond		(4,913,996	)		4,913,996

The tax character of distributions paid was as follows:




iShares ETF	Year Ended 02/28/22		Year Ended 02/28/21


0-3 Month Treasury Bond Ordinary income	$	219,773	$	422,929


1-3 Year Treasury Bond Ordinary income	$	50,332,045	$	174,248,074


3-7 Year Treasury Bond Ordinary income	$	78,273,861	$	117,043,885


7-10 Year Treasury Bond Ordinary income	$	127,547,995	$	200,537,506


10-20 Year Treasury Bond Ordinary income	$	21,118,312	$	23,809,663
Long-term capital gains		—		11,266,469

	$	21,118,312	$	35,076,132

20+ Year Treasury Bond Ordinary income	$	239,203,157	$	270,834,183





iShares ETF	Year Ended 02/28/22		Period Ended 02/28/21


25+ Year Treasury STRIPS Bond Ordinary income	$	5,793,042	$	82,145


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		55

Notes to Financial Statements (continued)




iShares ETF	Year Ended 02/28/22		Year Ended 02/28/21


Short Treasury Bond Ordinary income	$	—	$	129,704,518

As of February 28, 2022, the tax components of accumulated net earnings (losses) were as follows:



				Non-expiring
		Undistributed		Capital Loss			Net Unrealized			Qualified
iShares ETF		Ordinary Income		Carryforwards	^(a)		Gains (Losses)	^(b)		Late-Year Losses	^(c)		Total

0-3 Month Treasury Bond	$	149,287	$	—		$	(49,825	)	$	—		$	99,462
1-3 Year Treasury Bond		7,545,564		(42,610,037	)		(322,344,702	)		—			(357,409,175	)
3-7 Year Treasury Bond		6,417,960		(39,554,644	)		(376,743,839	)		—			(409,880,523	)
7-10 Year Treasury Bond		17,191,451		(413,135,943	)		(684,706,418	)		—			(1,080,650,910	)
10-20 Year Treasury Bond		2,698,903		(97,165,427	)		(87,030,097	)		—			(181,496,621	)
20+ Year Treasury Bond		23,546,953		(664,062,295	)		(1,945,579,740	)		—			(2,586,095,082	)
25+ Year Treasury STRIPS Bond		764,222		—			8,012,927			(642,499	)		8,134,650
Short Treasury Bond		—		—			(16,576,515	)		(4,778,195	)		(21,354,710	)

^(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.

^(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 February 28, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

25+ Year Treasury STRIPS Bond	$	251,423

As of February 28, 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)

0-3 Month Treasury Bond	$	2,039,538,840	$	56,662	$	(106,487	)	$	(49,825	)
1-3 Year Treasury Bond		23,141,684,404		564,391		(322,909,093	)		(322,344,702	)
3-7 Year Treasury Bond		10,811,889,023		577,192		(377,321,031	)		(376,743,839	)
7-10 Year Treasury Bond		18,063,420,104		316,871		(685,023,289	)		(684,706,418	)
10-20 Year Treasury Bond		2,381,109,874		45,506		(87,075,603	)		(87,030,097	)
20+ Year Treasury Bond		18,268,479,354		939,666		(1,946,519,406	)		(1,945,579,740	)
25+ Year Treasury STRIPS Bond		315,863,298		8,236,799		(223,872	)		8,012,927
Short Treasury Bond		16,312,896,208		102,720		(16,679,235	)		(16,576,515	)

8.	LINE OF CREDIT

The iShares 0-3 Month Treasury Bond 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 0-3 Month Treasury Bond ETF and iShares Short Treasury Bond 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


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

Notes to Financial Statements (continued)

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 February 28, 2022, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

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: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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.

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.

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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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.


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		57

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:




	Year Ended 02/28/22						Year Ended 02/28/21


iShares ETF	Shares			Amount			Shares			Amount


0-3 Month Treasury Bond
Shares sold		12,750,000		$	1,275,235,864			9,150,000		$	915,110,554
Shares redeemed		(1,450,000	)		(145,027,767	)		(1,800,000	)		(180,028,772	)


Net increase		11,300,000		$	1,130,208,097			7,350,000		$	735,081,782


1-3 Year Treasury Bond
Shares sold		95,300,000		$	8,175,736,494			149,100,000		$	12,877,231,889
Shares redeemed		(68,600,000	)		(5,892,033,539	)		(126,100,000	)		(10,908,835,841	)


Net increase		26,700,000		$	2,283,702,955			23,000,000		$	1,968,396,048


3-7 Year Treasury Bond
Shares sold		25,300,000		$	3,269,142,901			38,000,000		$	5,039,201,072
Shares redeemed		(27,900,000	)		(3,618,534,265	)		(28,500,000	)		(3,780,673,340	)


Net increase (decrease)		(2,600,000	)	$	(349,391,364	)		9,500,000		$	1,258,527,732


7-10 Year Treasury Bond
Shares sold		163,400,000		$	18,777,676,334			126,000,000		$	15,185,341,954
Shares redeemed		(130,700,000	)		(15,010,971,222	)		(186,300,000	)		(22,457,204,759	)


Net increase (decrease)		32,700,000		$	3,766,705,112			(60,300,000	)	$	(7,271,862,805	)


10-20 Year Treasury Bond
Shares sold		11,800,000		$	1,724,670,427			6,800,000		$	1,117,273,663
Shares redeemed		(3,500,000	)		(503,275,054	)		(5,600,000	)		(906,662,378	)


Net increase		8,300,000		$	1,221,395,373			1,200,000		$	210,611,285


20+ Year Treasury Bond
Shares sold		239,400,000		$	34,663,997,215			138,100,000		$	22,326,116,389
Shares redeemed		(227,500,000	)		(32,677,826,494	)		(171,700,000	)		(27,291,567,350	)


Net increase (decrease)		11,900,000		$	1,986,170,721			(33,600,000	)	$	(4,965,450,961	)




	Year Ended 02/28/22						Period Ended 02/28/21


iShares ETF	Shares			Amount			Shares		Amount


25+ Year Treasury STRIPS Bond
Shares sold		18,650,000		$	368,671,051			1,400,000	$	32,302,025
Shares redeemed		(4,250,000	)		(90,232,017	)		—		—


Net increase		14,400,000		$	278,439,034			1,400,000	$	32,302,025




	Year Ended 02/28/22						Year Ended 02/28/21


iShares ETF	Shares			Amount			Shares			Amount


Short Treasury Bond
Shares sold		46,050,000		$	5,082,727,211			87,950,000		$	9,747,856,349
Shares redeemed		(49,500,000	)		(5,468,238,550	)		(124,630,000	)		(13,796,981,330	)


Net decrease		(3,450,000	)	$	(385,511,339	)		(36,680,000	)	$	(4,049,124,981	)

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.


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

Notes to Financial Statements (continued)

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		59


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF,

iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF,

iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF,

iShares 25+ Year Treasury STRIPS Bond ETF and iShares Short Treasury Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS Bond ETF and iShares Short Treasury Bond ETF (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 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 February 28, 2022, the results of each of their operations and 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 1-3 Year Treasury Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF and iShares Short Treasury Bond ETF: statements of operations for the year ended February 28, 2022 and statements of changes in net assets for each of the two years in the period ended February 28, 2022.

iShares 0-3 Month Treasury Bond ETF: statement of operations for the year ended February 28, 2022 and statements of changes in net assets for the year ended February 28, 2022 and the period May 26, 2020 (commencement of operations) to February 28, 2021.

iShares 25+ Year Treasury STRIPS Bond ETF: statement of operations for the year ended February 28, 2022 and statements of changes in net assets for the year ended February 28, 2022 and the period September 22, 2020 (commencement of operations) to February 28, 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 February 28, 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

April 21, 2022

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


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


Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 28, 2022:



iShares ETF	Federal Obligation Interest

0-3 Month Treasury Bond	$	340,874
1-3 Year Treasury Bond		43,398,406
3-7 Year Treasury Bond		77,281,266
7-10 Year Treasury Bond		119,467,439
10-20 Year Treasury Bond		22,080,362
20+ Year Treasury Bond		235,775,406
25+ Year Treasury STRIPS Bond		6,325,929

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 28, 2022:



iShares ETF	Interest Dividends

0-3 Month Treasury Bond	$	343,031
1-3 Year Treasury Bond		46,677,598
3-7 Year Treasury Bond		78,259,849
7-10 Year Treasury Bond		137,247,639
10-20 Year Treasury Bond		22,564,851
20+ Year Treasury Bond		245,076,048
25+ Year Treasury STRIPS Bond		6,325,929

The Funds hereby designate the following amounts, or maximum amounts 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 February 28, 2022:



iShares ETF	Interest-Related Dividends

0-3 Month Treasury Bond	$	329,061
1-3 Year Treasury Bond		46,102,939
3-7 Year Treasury Bond		77,281,266
7-10 Year Treasury Bond		123,386,638
10-20 Year Treasury Bond		22,564,851
20+ Year Treasury Bond		245,076,048
25+ Year Treasury STRIPS Bond		6,325,929


I M P O R T A N T T A X I N F O R M A T I O N		61

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 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS Bond ETF and iShares Short Treasury Bond 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:

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.

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.

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.

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.

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.


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

Supplemental Information (unaudited)

Section 19(a) Notices

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

February 28, 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

0-3 Month Treasury Bond^(a)	$	0.027339	$	—	$	0.000839	$	0.028178		97	%		—	%		3	%		100	%
1-3 Year Treasury Bond		0.185139		0.031906		—		0.217045		85			15			—			100
3-7 Year Treasury Bond^(a)		0.934122		—		0.001721		0.935843		100			—			0	^(b)		100
7-10 Year Treasury Bond		0.989253		—		—		0.989253		100			—			—			100
10-20 Year Treasury Bond^(a)		2.210633		—		0.043217		2.253850		98			—			2			100
20+ Year Treasury Bond		2.238905		—		—		2.238905		100			—			—			100
25+ Year Treasury STRIPS Bond		0.398062		—		—		0.398062		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 AIMFD” 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 7-10 Year Treasury Bond ETF and the iShares 20+ Year Treasury Bond ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

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.


S U P P L E M E N T A L I N F O R M A T I O N		63

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

7-10 Year Treasury Bond		$1,579,685		$738,606		$841,079		661		$193,357		$19,983
20+ Year Treasury Bond		1,757,701		821,840		935,861		661		215,146		22,235


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

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 374 funds as of February 28, 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		65

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 (72)	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 (62)	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 (since 2006).	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).

Scott Radell (53)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (61)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (59)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


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

Trustee and Officer Information (continued)

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


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		67

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.


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

Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

STRIPS		Separate Trading of Registered Interest & Principal of Securities


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		69

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 or Interactive Data Pricing and Reference Data 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.

iS-AR-201-0222