iShares Trust


		AUGUST 31, 2022

2022 Annual Report

iShares Trust

iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022
	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(8.84)	%		(11.23)	%

U.S. small cap equities (Russell 2000^® Index)		(9.31)			(17.88)

International equities (MSCI Europe, Australasia, Far East Index)		(13.97)			(19.80)

Emerging market equities (MSCI Emerging Markets Index)		(13.30)			(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36			0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)			(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)			(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)			(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)			(10.61)



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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		30
Important Tax Information		31
Board Review and Approval of Investment Advisory Contract		32
Supplemental Information		36
Trustee and Officer Information		37
General Information		40
Glossary of Terms Used in this Report		41

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.


4		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


Fund Summary as of August 31, 2022		iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Cumulative Total Returns
	Since Inception
Fund NAV		(19.74	)%
Fund Market		(19.66	)
Index		(18.59	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	851.20	$	2.75		$	1,000.00	$	1,022.20	$	3.01		0.59	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.


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


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI China Multisector Tech ETF

Portfolio Management Commentary

Chinese technology stocks declined significantly during the reporting period. Economic growth slowed dramatically late in the reporting period as coronavirus pandemic-related restrictions led to global supply-chain problems, constrained manufacturing output, and slower consumer spending. A regulatory crackdown on the nation’s technology companies weighed on the sector in addition to technology-related stocks in other sectors, including communication services and industrials. Concerns about delisting from U.S. exchanges arising from audit requirements and rising inflation also pressured Chinese stocks.

The information technology sector detracted the most from the Index’s return, driven by the technology hardware and equipment industry. As coronavirus cases increased, China reinstituted strict pandemic-related restrictions that forced manufacturing shutdowns across the country. The country’s manufacturing output contracted considerably in April 2022, reducing output of electrical components. Power outages stemming from a historic drought and heatwave late in the reporting period further affected production. At the same time, demand for consumer electronics decreased, which eased pressure on production facilities but also constrained suppliers’ profits. For instance, revenue and earnings for a large maker of optical components, including cell phone camera lenses, fell sharply as shipment volume of lenses for smartphones fell amid weakening consumer demand. Meanwhile, expected growth rates for lenses used in vehicle applications did not materialize.

The communication services sector also detracted from the Index’s performance. The interactive media and services industry declined as the government’s regulatory and pandemic-related restrictions had a negative impact on advertising income and commercial payments, which led to revenue declines. The industrials sector also detracted, driven by earnings declines and asset losses for a leading global maker of electric vehicle batteries.

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Information Technology		36.5	%
Consumer Discretionary		27.4
Communication Services		23.5
Industrials		9.9
Financials		2.6
Health Care		0.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Pinduoduo Inc.		6.1	%
Meituan, Class B		4.4
NetEase Inc.		4.0
Alibaba Group Holding Ltd.		4.0
Tencent Holdings Ltd.		4.0
JD.com Inc., Class A		3.9
Xiaomi Corp., Class B		3.9
Kuaishou Technology		3.6
Sunny Optical Technology Group Co. Ltd.		3.4
Contemporary Amperex Technology Co. Ltd., Class A		3.3

^(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 August 31, 2022		iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (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		(11.57	)%		1.98	%		(11.57	)%		7.09	%
Fund Market		(12.09	)		1.87			(12.09	)		6.68
Index		(11.16	)		2.11			(11.16	)		7.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period^(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period^(a)		Annualized Expense Ratio

$	1,000.00	$	890.90	$	0.71	$	1,000.00	$	1,024.40	$	0.77		0.15%

^(a)


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


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI Japan Value ETF

Portfolio Management Commentary

Japanese value stocks declined during the reporting period, as supply chain disruptions, rising energy costs, and slowing exports restricted the country’s economic growth. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. This difference led to a substantial decrease in the Japanese yen’s value relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.

Consumer discretionary stocks detracted the most from the Index’s return, driven by the automobiles and components industry. Automobiles manufacturers declined as cost pressures outweighed strong vehicle sales and the export benefits of a weaker currency. The prospect of a pronounced slowdown in global economic growth and a corresponding reduction in demand weighed on earnings expectations for major automakers.

Communication services companies also weighed on the Index’s performance. In the wireless telecommunication services industry, a multinational conglomerate with substantial investments in the information technology sector, declined significantly as the value of its portfolio, including China-based internet companies, diminished.

Among industrials, Japanese railroads also detracted meaningfully as the ongoing coronavirus pandemic impeded demand for rail travel and negatively impacted revenues. Makers of construction machinery and heavy trucks further detracted as Japan’s industrial production fell significantly amid ongoing parts and labor shortages.

Real estate investment trusts (“REITs”) led detraction from the real estate sector, particularly office REITs. The coronavirus pandemic lessened the demand for office space in core urban areas such as central Tokyo as companies moved their offices to suburban areas to reduce commute time for employees.

In the financials sector, bank stocks declined notably. Major Japanese banks predicted slower profit growth in 2022, citing moves by central banks to raise interest rates and uncertainty related to the war in Ukraine.

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Consumer Discretionary		20.9	%
Industrials		20.6
Financials		17.4
Communication Services		11.1
Consumer Staples		7.1
Real Estate		5.4
Information Technology		5.4
Health Care		4.4
Materials		4.0
Energy		1.9
Utilities		1.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Toyota Motor Corp.		10.2	%
Mitsubishi UFJ Financial Group Inc.		4.0
KDDI Corp.		3.2
Hitachi Ltd.		3.1
SoftBank Group Corp.		3.1
Honda Motor Co. Ltd.		2.8
Takeda Pharmaceutical Co. Ltd.		2.7
Mitsubishi Corp.		2.6
Sumitomo Mitsui Financial Group Inc.		2.5
Nippon Telegraph & Telephone Corp.		2.1

^(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

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.

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		9

Schedule of Investments

August 31, 2022

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Capital Markets — 1.0%
East Money Information Co. Ltd., Class A		21,760	$	69,441
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		9,806

				79,247

Communications Equipment — 2.0%
BYD Electronic International Co. Ltd.		18,000		47,558
Fiberhome Telecommunication Technologies Co. Ltd., Class A		2,400		4,984
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		5,044
Hengtong Optic-Electric Co. Ltd., Class A		3,600		8,729
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		5,234
Yealink Network Technology Corp. Ltd., Class A		1,600		16,514
Zhongji Innolight Co. Ltd., Class A		1,200		5,075
ZTE Corp., Class A		6,800		24,005
ZTE Corp., Class H		20,800		43,915

				161,058

Consumer Finance — 1.6%
360 DigiTech Inc.		2,876		45,958
Lufax Holding Ltd., ADR		18,732		81,859

				127,817

Diversified Consumer Services — 2.4%
New Oriental Education & Technology Group Inc.^(a)		41,600		120,078
TAL Education Group, ADR^(a)		12,028		69,522

				189,600

Electrical Equipment — 8.0%
Beijing Easpring Material Technology Co. Ltd., Class A		800		9,037
Contemporary Amperex Technology Co. Ltd., Class A^(a)		3,800		263,395
Eve Energy Co. Ltd., Class A		3,200		43,535
Fangda Carbon New Material Co. Ltd., Class A^(a)		7,200		7,239
Ginlong Technologies Co. Ltd., Class A		600		19,798
Gotion High-tech Co. Ltd., Class A		2,800		13,825
Hongfa Technology Co. Ltd., Class A		1,680		9,126
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		17,953
Jiangxi Special Electric Motor Co. Ltd., NVS^(a)		2,800		8,941
Ningbo Orient Wires & Cables Co. Ltd.		1,192		12,325
Ningbo Ronbay New Energy Technology Co. Ltd.		740		10,985
Pylon Technologies Co. Ltd., NVS		228		14,160
Sieyuan Electric Co. Ltd.		1,200		7,086
Sungrow Power Supply Co. Ltd., Class A		2,400		38,403
Sunwoda Electronic Co. Ltd., Class A		2,800		10,970
Suzhou Maxwell Technologies Co. Ltd., Class A		300		20,199
TBEA Co. Ltd., Class A		6,000		21,427
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		16,411
Zhejiang HangKe Technology Inc. Co., Class A		800		7,156
Zhuzhou CRRC Times Electric Co. Ltd., NVS		948		8,423
Zhuzhou CRRC Times Electric Co. Ltd.		14,800		71,565

				631,959

Electronic Equipment, Instruments & Components — 9.6%
AAC Technologies Holdings Inc.^(b)		20,000		37,052
Avary Holding Shenzhen Co. Ltd., Class A		3,200		13,663
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		6,845
BOE Technology Group Co. Ltd., Class A		63,200		33,741
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		12,507
China Railway Signal & Communication Corp. Ltd., Class A		12,000		7,679
China Zhenhua Group Science & Technology Co. Ltd., Class A		800		12,943
Foxconn Industrial Internet Co. Ltd., Class A		17,200		23,069
GoerTek Inc., Class A		5,600		26,241
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		11,715


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Huagong Tech Co. Ltd., Class A		1,600	$	4,878
Kingboard Holdings Ltd.		18,000		56,839
Kingboard Laminates Holdings Ltd.		26,000		24,802
Lens Technology Co. Ltd., Class A		7,800		12,202
Lingyi iTech Guangdong Co., Class A^(a)		12,400		9,835
Luxshare Precision Industry Co. Ltd., Class A		11,600		62,678
Maxscend Microelectronics Co. Ltd., Class A		640		9,371
OFILM Group Co. Ltd., Class A^(a)		6,000		5,547
Raytron Technology Co. Ltd., Class A		800		5,047
Shengyi Technology Co. Ltd., Class A		4,000		9,178
Shennan Circuits Co. Ltd., Class A		800		9,792
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,200		4,306
Sunny Optical Technology Group Co. Ltd.		19,600		267,588
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		10,423
Tianma Microelectronics Co. Ltd., Class A		4,000		5,446
Unisplendour Corp. Ltd., Class A		4,800		11,967
Westone Information Industry Inc., Class A		1,200		5,806
Wingtech Technology Co. Ltd., Class A		2,000		18,612
Wuhan Guide Infrared Co. Ltd., Class A		5,360		11,045
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,800		4,824
Xiamen Faratronic Co. Ltd.		400		10,254
Zhejiang Dahua Technology Co. Ltd., Class A		5,200		11,040
Zhuzhou Hongda Electronics Corp. Ltd.		800		5,363

				762,298

Entertainment — 8.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,600		10,546
Alibaba Pictures Group Ltd.^(a)		40,000		3,147
Beijing Enlight Media Co. Ltd., Class A		4,800		6,401
Bilibili, Inc.^(a)		5,040		125,352
China Ruyi Holdings Ltd.^(a)		128,000		32,482
Giant Network Group Co. Ltd., Class A		4,000		4,964
iQIYI Inc., ADR^(a)		9,420		34,477
Kingsoft Corp. Ltd.		26,400		80,237
Kunlun Tech Co. Ltd., Class A		1,600		3,380
Mango Excellent Media Co. Ltd., Class A		3,200		12,798
NetEase Inc.		18,000		321,433
Perfect World Co. Ltd., Class A		3,200		6,825
Tencent Music Entertainment Group, ADR^(a)		824		4,211
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		12,400		8,176

				654,429

Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		4,400		4,488


Household Durables — 3.9%
Beijing Roborock Technology Co. Ltd., Class A		200		9,228
Ecovacs Robotics Co. Ltd., Class A		800		9,411
Gree Electric Appliances Inc. of Zhuhai, Class A		4,800		22,104
Haier Smart Home Co. Ltd., Class A		10,400		38,755
Haier Smart Home Co. Ltd., Class H		62,400		203,861
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		5,804
TCL Technology Group Corp., Class A		22,800		13,642
Xiamen Intretech Inc., Class A		400		1,178
Zhejiang Supor Co. Ltd., Class A		800		5,296

				309,279

Interactive Media & Services — 15.2%
Autohome Inc., ADR		2,056		73,214
Baidu Inc., ADR^(a)		1,184		170,460
Baidu Inc.^(a)		9,528		170,080


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
JOYY Inc., ADR		1,272	$	38,567
Kanzhun Ltd., ADR^(a)		4,908		115,289
Kuaishou Technology^(a)(c)		33,200		287,661
Tencent Holdings Ltd.		7,600		314,114
Weibo Corp., ADR^(a)		1,908		39,477

				1,208,862

Internet & Direct Marketing Retail — 21.1%
Alibaba Group Holding Ltd.^(a)		26,800		319,738
Alibaba Health Information Technology Ltd.^(a)		8,000		4,585
JD Health International Inc.^(a)(c)		5,200		35,821
JD.com Inc., Class A		9,800		310,220
Meituan, Class B^(a)(c)		14,400		345,848
Pinduoduo Inc., ADR^(a)		6,820		486,266
Ping An Healthcare and Technology Co. Ltd.^(a)(c)		13,600		36,817
Vipshop Holdings Ltd., ADR^(a)		11,840		137,462

				1,676,757

IT Services — 2.4%
Beijing Sinnet Technology Co. Ltd., Class A		2,800		3,749
Chinasoft International Ltd.		80,000		62,536
DHC Software Co. Ltd., Class A		5,200		4,360
GDS Holdings Ltd., ADR^(a)		1,476		40,206
GDS Holdings Ltd., Class A^(a)		10,992		37,541
TravelSky Technology Ltd., Class H		24,000		41,829

				190,221

Machinery — 1.9%
Haitian International Holdings Ltd.		16,000		39,199
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,000		14,122
Keda Industrial Group Co. Ltd.		3,200		8,385
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		680		7,149
Ningbo Deye Technology Co. Ltd., NVS		400		21,196
North Industries Group Red Arrow Co. Ltd., Class A		2,400		10,576
Riyue Heavy Industry Co. Ltd., Class A		1,600		5,485
Shenzhen Inovance Technology Co. Ltd., Class A		4,400		38,036
Wuxi Shangji Automation Co. Ltd., Class A		560		10,874

				155,022

Media — 0.0%
China Literature Ltd.^(a)(c)		800		3,242


Semiconductors & Semiconductor Equipment — 11.6%
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		800		14,195
Amlogic Shanghai Co. Ltd.^(a)		684		8,504
China Resources Microelectronics Ltd.		1,840		13,884
Daqo New Energy Corp., ADR^(a)		1,624		108,272
Flat Glass Group Co. Ltd., Class A^(a)		2,800		16,158
Flat Glass Group Co. Ltd., Class H^(a)		12,000		39,524
GCL System Integration Technology Co. Ltd., Class A^(a)		9,200		4,867
GigaDevice Semiconductor Inc., Class A		1,200		20,012
Hangzhou First Applied Material Co. Ltd., Class A		2,240		20,907
Hangzhou Lion Electronics Co. Ltd.		1,200		9,194
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,400		13,692
Hua Hong Semiconductor Ltd.^(a)(c)		16,000		46,967
Ingenic Semiconductor Co. Ltd., Class A		800		9,385
JA Solar Technology Co. Ltd., Class A		3,920		36,989
JCET Group Co. Ltd., Class A		3,200		11,430
LONGi Green Energy Technology Co. Ltd., Class A		12,320		90,651
Montage Technology Co. Ltd., Class A		1,600		12,810
National Silicon Industry Group Co. Ltd., Class A^(a)		4,000		11,870
NAURA Technology Group Co. Ltd., Class A		800		32,415
SG Micro Corp., Class A		600		13,824


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Shenzhen SC New Energy Technology Corp., Class A		400	$	7,644
StarPower Semiconductor Ltd., Class A		400		22,841
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,200		36,032
Tianshui Huatian Technology Co. Ltd., Class A		5,600		7,751
TongFu Microelectronics Co. Ltd., Class A^(a)		2,400		6,415
Trina Solar Co. Ltd.		3,584		36,868
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,119		25,180
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		27,257
Xinyi Solar Holdings Ltd.		136,000		187,030
Yangzhou Yangjie Electronic Technology Co. Ltd.		766		6,469
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,000		21,847

				920,884

Software — 4.3%
360 Security Technology Inc., Class A		12,800		13,512
Beijing Kingsoft Office Software Inc., Class A		800		20,772
Beijing Shiji Information Technology Co. Ltd., Class A		2,800		5,274
Hundsun Technologies Inc., Class A		3,120		15,123
Iflytek Co. Ltd., Class A		4,400		23,765
Kingdee International Software Group Co. Ltd.^(a)		72,000		139,745
Ming Yuan Cloud Group Holdings Ltd.		20,000		16,393
NavInfo Co. Ltd., Class A		4,000		7,543
Sangfor Technologies Inc., Class A		800		11,133
Shanghai Baosight Software Co. Ltd., Class A		2,600		14,240
Shanghai Baosight Software Co. Ltd., Class B		13,520		40,947
Thunder Software Technology Co. Ltd., Class A		800		14,144
Yonyou Network Technology Co. Ltd., Class A		5,800		16,775

				339,366

Technology Hardware, Storage & Peripherals — 6.5%
China Greatwall Technology Group Co. Ltd., Class A		5,600		7,330
GRG Banking Equipment Co. Ltd., Class A		4,400		5,586
Inspur Electronic Information Industry Co. Ltd., Class A		2,400		8,022
Lenovo Group Ltd.		200,000		164,722
Ninestar Corp., Class A		2,000		12,748
Shenzhen Transsion Holding Co. Ltd., Class A		1,104		10,860
Xiaomi Corp., Class B^(a)(c)		210,400		307,323

				516,591


Total Long-Term Investments — 99.8% (Cost: $9,628,108)				7,931,120


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(d)(e)(f)		47,167		47,181


Total Short-Term Securities — 0.6% (Cost: $47,162)				47,181


Total Investments in Securities — 100.4% (Cost: $9,675,270)				7,978,301

Liabilities in Excess of Other Assets — (0.4)%				(34,623	)


Net Assets — 100.0%			$	7,943,678

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI China Multisector Tech ETF

^(d)	Affiliate of the Fund.

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

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

Affiliates

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


Affiliated Issuer	Value at 01/25/22^(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$47,180	^(b)	$	—		$	(18	)	$	19	$	47,181		47,167	$	157	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(d)		—		—			0	^(b)		—			—		—		—		29			—

									$	(18	)	$	19	$	47,181			$	186		$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

^(c)

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

^(d)

As of period end, the entity is no longer held.

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,459,399	$	6,471,721	$	—	$	7,931,120
Money Market Funds		47,181		—		—		47,181

	$	1,506,580	$	6,471,721	$	—	$	7,978,301

See notes to financial statements.


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

Schedule of Investments

August 31, 2022

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		3,400	$	187,077


Airlines — 0.2%
ANA Holdings Inc.^(a)		3,400		65,370
Japan Airlines Co. Ltd.^(a)		6,800		124,374

				189,744

Auto Components — 2.2%
Aisin Corp.		7,000		208,143
Bridgestone Corp.		29,300		1,124,363
Sumitomo Electric Industries Ltd.		37,400		428,402

				1,760,908

Automobiles — 16.0%
Honda Motor Co. Ltd.		85,000		2,262,893
Isuzu Motors Ltd.		20,400		253,361
Mazda Motor Corp.		30,600		270,997
Nissan Motor Co. Ltd.		119,000		468,169
Subaru Corp.		30,600		556,228
Suzuki Motor Corp.		20,400		713,003
Toyota Motor Corp.		547,400		8,191,871
Yamaha Motor Co. Ltd.		10,200		211,388

				12,927,910

Banks — 10.2%
Chiba Bank Ltd. (The)		27,300		147,470
Concordia Financial Group Ltd.		57,800		183,298
Japan Post Bank Co. Ltd.		20,400		148,705
Mitsubishi UFJ Financial Group Inc.		615,400		3,190,201
Mizuho Financial Group Inc.		125,850		1,441,030
Resona Holdings Inc.		112,200		413,035
Shizuoka Bank Ltd. (The)		23,800		137,727
Sumitomo Mitsui Financial Group Inc.		68,000		2,051,102
Sumitomo Mitsui Trust Holdings Inc.		17,000		528,754

				8,241,322

Beverages — 2.0%
Asahi Group Holdings Ltd.		24,700		828,147
Kirin Holdings Co. Ltd.		40,800		671,640
Suntory Beverage & Food Ltd.		3,400		124,191

				1,623,978

Building Products — 0.9%
AGC Inc.		10,200		346,177
Lixil Corp.		17,000		295,621
TOTO Ltd.		3,400		117,194

				758,992

Capital Markets — 1.4%
Daiwa Securities Group Inc.		71,400		311,677
Nomura Holdings Inc.		149,600		541,685
SBI Holdings Inc/Japan		13,600		267,242

				1,120,604

Chemicals — 2.5%
Asahi Kasei Corp.		64,600		472,083
JSR Corp.		3,400		75,843
Mitsubishi Chemical Group Corp.		64,600		339,147
Mitsui Chemicals Inc.		10,200		229,149
Sumitomo Chemical Co. Ltd.		74,800		294,437
Toray Industries Inc.		71,500		408,010
Tosoh Corp.		13,600		175,846

				1,994,515


Security	Shares		Value

Commercial Services & Supplies — 0.9%
Dai Nippon Printing Co. Ltd.		13,600	$	286,264
Secom Co. Ltd.		3,400		216,612
Toppan Inc.		13,600		213,583

				716,459

Construction & Engineering — 1.1%
Kajima Corp.		20,500		215,712
Obayashi Corp.		34,000		235,164
Shimizu Corp.		27,200		149,150
Taisei Corp.		10,200		309,259

				909,285

Diversified Financial Services — 1.4%
Mitsubishi HC Capital Inc.		34,000		164,773
ORIX Corp.		61,200		1,005,967

				1,170,740

Diversified Telecommunication Services — 2.1%
Nippon Telegraph & Telephone Corp.		61,300		1,661,492


Electric Utilities — 1.0%
Chubu Electric Power Co. Inc.		20,400		207,444
Kansai Electric Power Co. Inc. (The)		37,400		362,467
Tokyo Electric Power Co. Holdings Inc.^(a)		51,000		199,179

				769,090

Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		3,400		146,887
Mitsubishi Electric Corp.		102,000		1,031,234

				1,178,121

Electronic Equipment, Instruments & Components — 1.3%
Hirose Electric Co. Ltd.		600		85,019
Kyocera Corp.		16,800		933,807
Yokogawa Electric Corp.		3,400		59,341

				1,078,167

Entertainment — 0.1%
Toho Co. Ltd./Tokyo		2,100		79,755


Equity Real Estate Investment Trusts (REITs) — 2.2%
Daiwa House REIT Investment Corp.		105		242,739
GLP J-Reit		136		165,673
Japan Metropolitan Fund Invest		374		297,022
Japan Real Estate Investment Corp.		60		277,894
Nippon Building Fund Inc.		71		353,648
Nippon Prologis REIT Inc.		68		171,070
Nomura Real Estate Master Fund Inc.		238		291,089

				1,799,135

Food & Staples Retailing — 2.3%
Aeon Co. Ltd.		17,000		331,598
Seven & i Holdings Co. Ltd.		39,000		1,549,294

				1,880,892

Food Products — 0.5%
MEIJI Holdings Co. Ltd.		6,400		304,889
Nisshin Seifun Group Inc.		10,200		114,790

				419,679

Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		20,400		343,605
Tokyo Gas Co. Ltd.		20,400		382,729

				726,334

Household Durables — 2.3%
Iida Group Holdings Co. Ltd.		6,800		103,583
Panasonic Holdings Corp.		115,600		938,023


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables (continued)
Sekisui Chemical Co. Ltd.		13,600	$	185,413
Sekisui House Ltd.		30,600		520,342
Sharp Corp./Japan		13,600		97,356

				1,844,717

Industrial Conglomerates — 3.1%
Hitachi Ltd.		50,100		2,503,098


Insurance — 4.3%
Dai-ichi Life Holdings Inc.		51,000		881,178
Japan Post Holdings Co. Ltd.		125,800		867,867
Japan Post Insurance Co. Ltd.		10,200		156,240
MS&AD Insurance Group Holdings Inc.		23,800		710,095
Sompo Holdings Inc.		16,400		703,170
T&D Holdings Inc.		13,600		148,528

				3,467,078

Interactive Media & Services — 0.2%
Z Holdings Corp.		47,600		139,938


Internet & Direct Marketing Retail — 0.1%
Rakuten Group Inc.		23,800		115,508


IT Services — 0.2%
Otsuka Corp.		3,400		109,902
SCSK Corp.		3,400		55,363

				165,265

Machinery — 1.7%
Hoshizaki Corp.		3,000		89,125
Kubota Corp.		34,000		528,028
Makita Corp.		6,800		159,894
NGK Insulators Ltd.		13,600		194,174
Toyota Industries Corp.		7,600		424,785

				1,396,006

Marine — 1.3%
Mitsui OSK Lines Ltd.		19,300		502,834
Nippon Yusen KK		7,700		587,311

				1,090,145

Media — 0.5%
Dentsu Group Inc.		10,200		328,491
Hakuhodo DY Holdings Inc.		6,800		60,666

				389,157

Metals & Mining — 1.4%
Hitachi Metals Ltd.^(a)		3,600		54,168
JFE Holdings Inc.		27,200		292,225
Nippon Steel Corp.		40,800		644,481
Sumitomo Metal Mining Co. Ltd.		3,400		106,986

				1,097,860

Oil, Gas & Consumable Fuels — 1.9%
ENEOS Holdings Inc.		159,800		603,872
Idemitsu Kosan Co. Ltd.		10,292		271,372
Inpex Corp.		54,400		625,308

				1,500,552

Paper & Forest Products — 0.2%
Oji Holdings Corp.		40,800		162,787


Personal Products — 0.9%
Kao Corp.		17,000		736,105


Pharmaceuticals — 4.3%
Astellas Pharma Inc.		61,200		867,680
Kyowa Kirin Co. Ltd.		6,800		152,420


Security	Shares		Value

Pharmaceuticals (continued)
Shionogi & Co. Ltd.		6,800	$	332,009
Takeda Pharmaceutical Co. Ltd.		78,200		2,161,452

				3,513,561

Real Estate Management & Development — 3.2%
Daito Trust Construction Co. Ltd.		3,400		334,484
Daiwa House Industry Co. Ltd.		30,600		684,131
Hulic Co. Ltd.		20,400		154,590
Mitsubishi Estate Co. Ltd.		61,200		824,172
Nomura Real Estate Holdings Inc.		6,800		167,062
Sumitomo Realty & Development Co. Ltd.		17,000		415,750

				2,580,189

Road & Rail — 2.6%
Central Japan Railway Co.		7,500		882,975
East Japan Railway Co.		10,200		528,326
Kintetsu Group Holdings Co. Ltd.		6,800		230,905
West Japan Railway Co.		11,400		443,670

				2,085,876

Software — 0.3%
Trend Micro Inc/Japan		3,400		209,331


Specialty Retail — 0.3%
Hikari Tsushin Inc.		700		88,498
USS Co. Ltd.		6,800		119,998

				208,496

Technology Hardware, Storage & Peripherals — 3.6%
Brother Industries Ltd.		13,600		260,270
Canon Inc.		51,000		1,221,414
FUJIFILM Holdings Corp.		18,900		959,492
Ricoh Co. Ltd.		30,600		240,499
Seiko Epson Corp.		13,600		213,708

				2,895,383

Tobacco — 1.3%
Japan Tobacco Inc.		61,200		1,036,937


Trading Companies & Distributors — 6.9%
ITOCHU Corp.		21,600		594,448
Marubeni Corp.		81,600		850,458
Mitsubishi Corp.		64,600		2,115,045
Mitsui & Co. Ltd.		37,400		877,745
Sumitomo Corp.		57,800		812,991
Toyota Tsusho Corp.		10,200		357,083

				5,607,770

Wireless Telecommunication Services — 8.2%
KDDI Corp.		83,400		2,552,134
SoftBank Corp.		149,600		1,640,099
SoftBank Group Corp.		62,500		2,475,721

				6,667,954


Total Long-Term Investments — 99.7% (Cost: $91,950,395)			80,607,912


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(b)(c)		20,000	$	20,000


Total Short-Term Securities — 0.0% (Cost: $20,000)				20,000


Total Investments in Securities — 99.7% (Cost: $91,970,395)				80,627,912

Other Assets Less Liabilities — 0.3%				224,160


Net Assets — 100.0%			$	80,852,072

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates

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


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$20,000	^(a)	$	—	$	—	$	—	$	20,000		20,000	$	145	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
Mini TOPIX Index		16		09/08/22	$	224	$	(214	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	214	$	—	$	—	$	—	$	214

^(a)

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


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI Japan Value ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(62,079	)	$	—	$	—	$	—	$	(62,079	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,647	)	$	—	$	—	$	—	$	(1,647	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	623,956

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	80,607,912		$	—	$	80,607,912
Money Market Funds		20,000		—			—		20,000

	$	20,000	$	80,607,912		$	—	$	80,627,912

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(214	)	$	—	$	(214	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities

August 31, 2022


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	7,931,120		$	80,607,912
Investments, at value — affiliated^(c)		47,181			20,000
Cash		5,516			2,360
Foreign currency, at value^(d)		46,771			59,658
Foreign currency collateral pledged for futures contracts^(e)		—			8,400
Receivables:
Investments sold		131,571			—
Securities lending income — affiliated		30			—
Variation margin on futures contracts		—			85
Dividends — unaffiliated		3,132			164,034
Dividends — affiliated		—			21
Tax reclaims		—			141

Total assets		8,165,321			80,862,611


LIABILITIES
Collateral on securities loaned, at value		47,180			—
Payables:
Investments purchased		170,490			—
Investment advisory fees		3,973			10,539

Total liabilities		221,643			10,539


NET ASSETS	$	7,943,678		$	80,852,072


NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	94,864,455
Accumulated loss		(1,949,296	)		(14,012,383	)

NET ASSETS	$	7,943,678		$	80,852,072


NET ASSET VALUE
Shares outstanding		400,000			3,400,000

Net asset value	$	19.86		$	23.78

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Investments, at cost — unaffiliated	$	9,628,108		$	91,950,395
^(b)Securities loaned, at value	$	34,412		$	—
^(c)Investments, at cost — affiliated	$	47,162		$	20,000
^(d)Foreign currency, at cost	$	46,932		$	60,834
^(e)Foreign currency collateral pledged, at cost	$	—		$	8,764

See notes to financial statements.


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

Statements of Operations

Year Ended August 31, 2022


		iShares MSCI China Multisector Tech ETF	^(a)		iShares MSCI Japan Value ETF


INVESTMENT INCOME
Dividends – unaffiliated	$	77,665		$	2,599,864
Dividends – affiliated		29			145
Securities lending income – affiliated – net		157			—
Foreign taxes withheld		(2,633	)		(259,797	)

Total investment income		75,218			2,340,212


EXPENSES
Investment advisory fees		29,192			121,675
Commitment fees		42			—

Total expenses		29,234			121,675

Net investment income		45,984			2,218,537


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments – unaffiliated		(278,214	)		(1,718,276	)
Investments – affiliated		(18	)		—
In-kind redemptions – unaffiliated^(b)		—			840,289
Futures contracts		1,967			(62,079	)
Foreign currency transactions		(212	)		(174,136	)

		(276,477	)		(1,114,202	)

Net change in unrealized appreciation (depreciation) on:
Investments – unaffiliated		(1,696,988	)		(12,971,008	)
Investments – affiliated		19			—
Futures contracts		—			(1,647	)
Foreign currency translations		(147	)		(3,765	)

		(1,697,116	)		(12,976,420	)

Net realized and unrealized loss		(1,973,593	)		(14,090,622	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,927,609	)	$	(11,872,085	)

^(a)	For the period from January 25, 2022 (commencement of operations) to August 31, 2022.

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
		Period From 01/25/22 to 08/31/22	^(a)		Year Ended 08/31/22			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	45,984		$	2,218,537		$	607,492
Net realized loss		(276,477	)		(1,114,202	)		(111,985	)
Net change in unrealized appreciation (depreciation)		(1,697,116	)		(12,976,420	)		1,980,603

Net increase (decrease) in net assets resulting from operations		(1,927,609	)		(11,872,085	)		2,476,110


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(21,687	)		(2,495,878	)		(537,816	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,892,974			50,859,340			35,457,668


NET ASSETS
Total increase in net assets		7,943,678			36,491,377			37,395,962
Beginning of period		—			44,360,695			6,964,733

End of period	$	7,943,678		$	80,852,072		$	44,360,695

^(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		19

Financial Highlights

(For a share outstanding throughout the period)


	iShares MSCI China Multisector Tech ETF
		Period From 01/25/22^(a) to 08/31/22


Net asset value, beginning of period			$24.81

Net investment income^(b)			0.12
Net realized and unrealized loss^(c)			(5.02	)

Net decrease from investment operations			(4.90	)

Distributions from net investment income^(d)			(0.05	)

Net asset value, end of period			$19.86


Total Return^(e)
Based on net asset value			(19.74	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.59	%^(h)

Net investment income			0.93	%^(h)


Supplemental Data
Net assets, end of period (000)			$7,944

Portfolio turnover rate⁽ⁱ⁾			17	%^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares MSCI Japan Value ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Period From 03/05/19^(a) to 08/31/19


Net asset value, beginning of period		$	27.73			$	23.22			$	23.70			$	24.67

Net investment income^(b)			0.72				0.65				0.71				0.46
Net realized and unrealized gain (loss)^(c)			(3.88	)			4.36				(0.26	)			(0.97	)

Net increase (decrease) from investment operations			(3.16	)			5.01				0.45				(0.51	)

Distributions from net investment income^(d)			(0.79	)			(0.50	)			(0.93	)			(0.46	)


Net asset value, end of period		$	23.78			$	27.73			$	23.22			$	23.70


Total Return^(e)
Based on net asset value			(11.57	)%			21.62	%			1.71	%			(2.10	)%^(f)


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

Net investment income			2.74	%			2.39	%			2.98	%			3.83	%^(h)


Supplemental Data
Net assets, end of period (000)		$	80,852			$	44,361			$	6,965			$	7,111

Portfolio turnover rate⁽ⁱ⁾			24	%			24	%			35	%			9	%^(f)

^(a)	Commencement of operations. (b) Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Notes to Financial Statements

1.	*ORGANIZATION*

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

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


iShares ETF	Diversification Classification
MSCI China Multisector Tech^(a)		Non-diversified
MSCI Japan Value		Diversified

^(a)

The Fund commenced operations on January 25, 2022.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

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

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

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

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


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

Notes to Financial Statements (continued)

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

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

•

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		23

Notes to Financial Statements (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy 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.


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
MSCI China Multisector Tech
Barclays Capital, Inc.	$	34,412	$	(34,412	)	$	—		$	—

^(a)

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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

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


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

Notes to Financial Statements (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

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


iShares ETF	Investment Advisory Fees
MSCI China Multisector Tech		0.59	%
MSCI Japan Value		0.15

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
MSCI China Multisector Tech	$	51

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 period ended August 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Japan Value	$	10,725,137	$	9,292,942	$	(311,504	)

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Notes to Financial Statements (continued)

7.	*PURCHASES AND SALES*

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


iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	9,458,947	$	1,398,953
MSCI Japan Value		19,397,386		18,752,458

For the period ended August 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI China Multisector Tech	$	1,845,647	$	—
MSCI Japan Value		56,748,578		7,183,269

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Japan Value	$	619,467	$	(619,467	)

The tax character of distributions paid was as follows:

iShares ETF

Period Ended
08/31/22

MSCI China Multisector Tech

Ordinary income

21,687

iShares ETF

Year Ended
08/31/22

Year Ended
08/31/21

MSCI Japan Value

Ordinary income

2,495,878

$ 537,816

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


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards			Net Unrealized Gains (Losses)	^(a)		Qualified Late-Year Losses	^(b)		Total
MSCI China Multisector Tech	$	24,108	$	(274,665	)	$	(1,698,739	)	$	—		$	(1,949,296	)
MSCI Japan Value		—		(1,845,089	)		(11,996,286	)		(171,008	)		(14,012,383	)

^(a)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(b)

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

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.


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

Notes to Financial Statements (continued)

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


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI China Multisector Tech	$	9,676,893	$	323,470	$	(2,022,062	)	$	(1,698,592	)
MSCI Japan Value		92,620,015		679,929		(12,672,246	)		(11,992,317	)

9.	*LINE OF CREDIT*

The iShares MSCI China Multisector Tech ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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

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

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		27

Notes to Financial Statements (continued)

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

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

The Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

The Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

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

11.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Period Ended 08/31/22
iShares ETF	Shares		Amount
MSCI China Multisector Tech
Shares sold		400,000	$	9,892,974


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

Notes to Financial Statements (continued)


	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Value
Shares sold		2,100,000		$	58,305,017			1,400,000		$	37,929,376
Shares redeemed		(300,000	)		(7,445,677	)		(100,000	)		(2,471,708	)

		1,800,000		$	50,859,340			1,300,000		$	35,457,668

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

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

12.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		29

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of 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 August 31, 2022, the results of each of their operations and the changes in each of their net assets for 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 MSCI China Multisector Tech ETF⁽¹⁾

iShares MSCI Japan Value ETF ⁽²⁾

⁽¹⁾

Statement of operations and statement of changes in net assets for the period January 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾

Statement of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022.

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 August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

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


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

Important Tax Information (unaudited)

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


iShares ETF	Qualified Dividend Income
MSCI China Multisector Tech	$	33,288
MSCI Japan Value		2,373,565

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI China Multisector Tech	$	77,665	$	2,605
MSCI Japan Value		2,600,311		249,739


I M P O R T A N T T A X I N F O R M A T I O N		31

Board Review and Approval of Investment Advisory Contract

iShares MSCI China Multisector Tech ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 29 – October 1, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares


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

Board Review and Approval of Investment Advisory Contract (continued)

funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

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

iShares MSCI Japan Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic


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Board Review and Approval of Investment Advisory Contract (continued)

comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and


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Board Review and Approval of Investment Advisory Contract (continued)

strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon 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.

August 31, 2022


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Japan Value^(a)	$	0.762413	$	—	$	0.029016	$	0.791429		96	%		—	%		4	%		100	%

^(a)

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

Premium/Discount Information

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


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Trustee and Officer Information (unaudited)

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

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


Interested Trustees

Name (Age)	Position^(s)	Principal Occupation^(s) During 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).

Salim Ramji^(b) (52)	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).

^(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 Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	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); Independent Board Chair of iShares, Inc. 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); 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).


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Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

Name (Age)	Position^(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	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).

Madhav V. Rajan (58)	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).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	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 (48)	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 (55)	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).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (unaudited) (continued)

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

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


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		39

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’ Form N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report

Portfolio Abbreviations



ADR		American Depositary Receipt

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		41

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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-819-0822