iShares Trust

· iShares Focused Value Factor ETF | FOVL | NYSE Arca

· iShares U.S. Aerospace & Defense ETF | ITA | Cboe BZX

· iShares U.S. Broker-Dealers & Securities Exchanges ETF | IAI | NYSE Arca

· iShares U.S. Healthcare Providers ETF | IHF | NYSE Arca

· iShares U.S. Home Construction ETF | ITB | Cboe BZX

· iShares U.S. Infrastructure ETF | IFRA | Cboe BZX

· iShares U.S. Insurance ETF | IAK | NYSE Arca

· iShares U.S. Medical Devices ETF | IHI | NYSE Arca

· iShares U.S. Oil & Gas Exploration & Production ETF | IEO | Cboe BZX

· iShares U.S. Oil Equipment & Services ETF | IEZ | NYSE Arca

· iShares U.S. Pharmaceuticals ETF | IHE | NYSE Arca

· iShares U.S. Real Estate ETF | IYR | NYSE Arca

· iShares U.S. Regional Banks ETF | IAT | NYSE Arca

· iShares U.S. Telecommunications ETF | IYZ | Cboe BZX

Table of Contents

Market Overview

iShares Trust

Domestic Market Overview

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

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

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

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

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

Investment Objective

The iShares Focused Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with prominent value characteristics, as represented by the Focused Value Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

Large and mid-capitalization stocks with prominent value characteristics advanced sharply for the reporting period as coronavirus pandemic-related insurance claims declined. Investor optimism that the Fed would increase interest rates in response to rising inflation grew, benefiting insurance companies and regional banks.

The financials sector contributed the most to the Index’s return, led by the insurance industry. Revenues and margins in the property and casualty insurance industry reached record highs amid investor optimism that low unemployment and restricted housing supply would lead to housing price increases, supporting higher title insurance premiums. The life and health insurance industry also showed strength amid lower benefits payouts and investor optimism that interest rates would rise. Also contributing to the Index’s return were regional banks, which investors also expected to benefit from rising interest rates due to the increasing spread between the rate they pay on deposits and the rate they charge for loans.

The communication services sector contributed modestly to the Index’s return. In the movies and entertainment industry, streaming subscriptions increased, offsetting the pandemic-led decline in theater attendance. The industry also benefited from the announcement of new licensing arrangements and investor optimism about industry consolidation. The consumer staples sector was also a modest contributor. People prepared more food at home, leading to increased use of grocery delivery services, supporting the food and staples retail industry.

In contrast, the consumer discretionary sector detracted. The global shortage of semiconductors, needed for manufacturing cars, weighed on production and sales in the automobiles industry.

In terms of relative performance, the Index slightly outperformed the broader market, as represented by the Russell 1000^® Index. The Index’s research-based selection process is designed to maximize exposure to the value factor. The Index had above-market exposure to value, earnings yield, and low size during the measurement period. Similarly, seeking the maximum exposure to the value factor resulted in incidental exposure to more volatile and less profitable stocks. With the exception of value, these factors detracted from the Index’s relative performance. However, higher relative exposure to the value factor contributed significantly to the Index’s relative performance, almost entirely offsetting the detractors.

The Index is unconstrained at the sector level to maximize exposure to the value factor. Underweight positions in the energy and information technology sectors detracted from relative performance in terms of both stock selection and sector allocation. An underweight in communication services and a very large overweight in the financials sector resulted in strong stock selection and sector allocation.

Portfolio Information

Investment Objective

The iShares U.S. Aerospace & Defense ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the aerospace and defense sector, as represented by the Dow Jones U.S. Select Aerospace & Defense Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

U.S. aerospace and defense stocks gained for the reporting period amid a gradual recovery in leisure and business air travel as COVID-19 vaccines became widespread and the economy reopened following closures related to the coronavirus pandemic. Manufacturers took steps to minimize the impacts of supply chain constraints, including automating production, contracting with alternative suppliers, and signing long-term contracts with customers. Additionally, the passage of the Department of Defense Appropriations Act, which authorizes national military spending, reaffirmed the U.S.’ continued commitment to defense spending. Other major developed nations, including China and Japan, also reconfirmed or increased their military budgets during the reporting period. Defense spending by many western nations increased late in the reporting period as a consequence of Russia’s invasion of Ukraine.

Aerospace manufacturers contributed to the Index’s return despite a decline in commercial aviation business units during the height of the pandemic. Both original equipment manufacturing and aftermarket purchases of airplanes were volatile as flights were less predictable amid the summer 2021 reopening and COVID-19 variant-driven closures in the fall and winter of 2021. However, strong defense spending supported aerospace and defense companies, further bolstered by the war in Ukraine. Stock buybacks and dividend payments also signaled companies’ strength to investors.

Both missile defense contracts and space exploration collaborations with NASA contributed to revenue growth. Manufacturers of ships and helicopters were also strong, delivering more fighter jets than anticipated for 2021. Despite supply constraints and labor shortages that plagued manufacturers, deliveries of business jets were also higher, as demand for business travel increased amid higher COVID-19 vaccination rates and fewer travel restrictions.

Portfolio Information

Investment Objective

The iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the investment services sector, as represented by the Dow Jones U.S. Select Investment Services Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

Stocks of U.S. broker-dealers and securities exchanges rose during the reporting period. Assets under management grew significantly, driving profits and revenues. Broker-dealers’ fees supported gains as stock markets reached record highs amid economic recovery. Also positive were high interest rate spreads, with the potential for even higher profitability as the Fed increased the federal funds rate. Low interest rates and high levels of cash built up during the COVID-19 pandemic fueled a rise in mergers and acquisitions, despite high valuations and the prospect of more deal regulation.

Investment banking and brokerage firms contributed the most to the Index’s return. Higher advisory fees drove higher profits as dealmaking increased to record levels. Global economic growth, continuing fiscal stimulus, and low interest rates combined to fuel the deal frenzy. Wealth management was also constructive, as strong client activity and acquisitions drove higher asset levels and net interest income. Strong advisor recruitment and retention rates also helped bolster assets under management, which drove gains. While low interest rates weighed on consumer banking activity, banks without large consumer lending units and those with diverse revenue streams weathered the economic downturn more successfully than those with more exposure. Independent broker-dealers, not tied to one specific firm, were also constructive, growing their businesses amid major acquisitions and strong equity markets. Advisors made use of new technology, which helped them to win both new clients and more business from existing clients.

Financial exchanges and data stocks also contributed to the Index’s return. Derivatives exchanges benefited from higher trading in interest rate futures. Stock exchanges invested in their faster-growing technological platforms and data services, which generated significant returns.

Portfolio Information

Investment Objective

The iShares U.S. Healthcare Providers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare providers sector, as represented by the Dow Jones U.S. Select Health Care Providers Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

Stocks of healthcare providers advanced strongly during the reporting period. Healthcare providers benefited from technological trends, including an expansion of virtual care during the pandemic and electronic recordkeeping. The prevalence of chronic health conditions (approximately a quarter of U.S. adults have two or more chronic conditions) also motivated digital innovation in remote patient monitoring to help minimize doctor visits and costs. Also positive for healthcare providers was the production and distribution of COVID-19 vaccines, boosters, and treatments across the U.S.

The managed healthcare industry contributed the most to the Index’s return. Strong net earnings drove gains, even as medical costs increased amid government requirements to provide free COVID-19 testing. Also supportive for healthcare companies were value-based models of care that helped providers manage risk while optimizing care delivery. These business units, drawing on data and expertise from insurance operations to provide business advisory services, were also positive. Lower-cost plan providers rebranded, focusing on “whole-person total healthcare powered by digital technologies,” which helped them lower costs, supporting their contribution to the Index’s return. Innovative platforms that allow employers to customize a “digital-first healthcare experience” were also positive for managed care companies, as were increased Medicaid and Medicare Advantage memberships.

Healthcare services companies also benefited the Index’s performance, with managed care plan business units driving the advance. Pharmacy services and retail services increased revenues amid higher foot traffic from COVID-19 vaccinations.

Healthcare facilities operators also contributed meaningfully to the Index’s return. Large hospital chains performed well as their scale helped them expand market share during pandemic-driven slowdowns.

Healthcare technology companies detracted slightly from the index’s gains. Despite higher revenues amid a pandemic increase in membership, net losses at these firms detracted from performance.

Portfolio Information

Investment Objective

The iShares U.S. Home Construction ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the home construction sector, as represented by the Dow Jones U.S. Select Home Construction Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

Home construction stocks declined for the reporting period as labor shortages, supply-chain challenges, and higher costs inhibited companies’ ability to keep up with overwhelming consumer demand. Home prices climbed steadily as the mismatch between supply and demand exacerbated the broader rising inflationary environment. Additionally, the impacts of higher interest rates on homeownership affordability and construction financing led to an investor selloff late in the reporting period.

The consumer durables industry in the consumer discretionary sector was the largest detractor from the Index’s performance. As a result of ongoing supply-chain disruptions, homebuilding companies lowered guidance on the number of new homes to be delivered. Supply shortages were reported in a wide variety of building materials and supplies, from windows and doors to kitchen appliances. Delays in the delivery of such goods, coupled with an extreme labor shortage, constrained homebuilding companies’ ability to finish jobs on time and on budget. Construction costs, as measured by the U.S. Census Bureau, rose 17.5% from 2020 to 2021. The price of softwood lumber rose sharply following an increase in Canadian lumber tariffs and lumber production delays from wildfires. Record-high natural gas prices increased production costs of flooring materials and a jump in the price of diesel fuel also translated into higher costs for the transportation of other goods used in homebuilding.

Stocks in the industrials sector also detracted from the Index’s return as supply-chain headwinds similarly impacted producers of building products. The delay in new construction projects lowered sales projections, while an increase in raw material costs raised overall expenses. New commercial projects were also delayed as businesses paused pre-pandemic commitments.

Portfolio Information

Investment Objective

The iShares U.S. Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of equities of U.S. companies that have infrastructure exposure and that could benefit from a potential increase in domestic infrastructure activities, as represented by the NYSE^® FactSet U.S. Infrastructure Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

U.S. infrastructure stocks advanced strongly during the reporting period amid solid economic growth and a rebound in industrial production. In November 2021, a bipartisan infrastructure bill was signed into law, benefiting companies that provide products and services related to infrastructure. The $1.2 trillion bill funds investments in bridges and roads, broadband internet, water and energy systems, and other projects.

Utilities stocks contributed the most to the Index’s performance, led by the electric utilities industry. As the economy improved and business activity accelerated, demand for power increased, benefiting the electric utilities industry. While the cost of energy commodities rose substantially, most utilities companies were able to pass along these higher costs to their customers. Utilities providers also increased their investments in renewable energy, and in 2021 the share of energy produced from solar and wind sources grew at the fastest rate on record. The industry also made investments in grid modernization and resilience to manage increased demand as more devices and vehicles use electric power.

Multi-utilities company stocks also gained as one company in the industry completed divestment of some natural gas distribution facilities and announced plans to achieve net-zero carbon emissions by 2035. Increased investment in infrastructure modernization and strong liquidity also benefited the industry.

The materials sector was another source of strength, supported by high demand and the passage of the infrastructure bill. Steelmakers in the metals and mining industry posted strong gains as industrial customers increased their purchases and steel manufacturers were able to raise their prices and use surcharges to offset the impact of costlier inputs. Makers of aluminum also benefited from supply tightening following sanctions on aluminum exporters in Russia, one of the largest producers of aluminum in the world.

Portfolio Information

Investment Objective

The iShares U.S. Insurance ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the insurance sector, as represented by the Dow Jones U.S. Select Insurance Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

U.S. insurance stocks advanced strongly for the reporting period, continuing their recovery from the adverse effects of the coronavirus pandemic. Premiums and income grew as many insurers were able to increase insurance rates in response to an environment of higher inflation. Insurance stocks also rose as the Fed raised interest rates for the first time since 2018. Because insurance companies typically hold capital generated from premiums in relatively conservative, interest-bearing investments such as high-quality bonds, higher interest rates raise the prospect of greater investment income, a key component of the industry’s earnings.

The property and casualty insurance industry contributed the most to the Index’s return as companies expanded profit margins and exceeded earnings estimates. Insurers boosted premiums across global product lines to compensate for higher costs, particularly car insurance underwriting, as traffic approached pre-pandemic levels and accidents rose. As U.S. inflation grew, so too did the costs of car repairs, rentals, and replacements as supply chain issues affected the availability of auto parts and cars. An increase in catastrophic claims due to extreme weather events, including Hurricane Ida, deadly tornadoes in Kentucky, and wildfires in Colorado, likewise highlighted the rising costs of construction. After temporarily reducing premiums during the pandemic, many property and casualty insurance companies imposed policy rate increases to account for the inflationary environment.

The life and health insurance industry also strongly contributed to the Index’s return. Strong investment gains offset still-high payouts for COVID-19 deaths as life insurers’ income portfolios benefited from diversification in private-equity funds. Annuity lines also showed strong growth, and sales volume for pension risk-transfer transactions reached all-time highs, increasing profits for domestic life insurance companies.

Portfolio Information

Investment Objective

The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the medical devices sector, as represented by the Dow Jones U.S. Select Medical Equipment Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

Stocks of U.S. medical device makers advanced strongly for the reporting period amid distribution of COVID-19 vaccines and the resumption of elective medical procedures. The healthcare equipment industry contributed the most to the Index’s performance. Equipment manufacturers posted sharp gains as healthcare research spending increased and companies with larger, more diverse product lines gained market share. Diverse revenue drivers related to COVID-19, such as molecular, antibody, and antigen tests, vaccine production, and bioprocessing, boosted the industry, while higher sales of testing platforms also generated new customers for other tests. Makers of stents and valves for more serious conditions also gained, as these procedures were less affected by the pandemic due to their acute nature. Robotic tools makers for the surgical market experienced a similar boost in earnings amid economic recovery and increased capital spending. Hospitals and other healthcare facilities had more resources to mobilize as vaccination rates increased, which was also supportive for surgical device companies. Stocks of diabetes monitoring systems manufacturers also advanced, as easing restrictions allowed more sales force travel. The growing market for diabetes treatments also benefited the industry.

Life sciences tools and services companies also contributed to the Index’s performance amid a surge of COVID-19 Omicron variant cases. Government offices and other workplaces implemented weekly testing of their employees, which drove demand for testing supplies. As COVID-19 and its variants moved toward becoming endemic, testing became part of many employers’ regular routines. Beyond the COVID-19 related boost, the industry’s broad business base, including instruments, diagnostics, laboratory products, and biopharmaceutical solutions, fed strong organic revenue growth that supported gains.

Portfolio Information

Investment Objective

The iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil and gas exploration and production sector, as represented by the Dow Jones U.S. Select Oil Exploration & Production Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 33 for more information.

Expense Example

Portfolio Management Commentary

U.S. oil and gas exploration and production stocks advanced sharply during the reporting period as oil prices soared on renewed demand and fears of supply constraints following Russia’s invasion of Ukraine. Oil prices began the reporting period at levels similar to those last seen prior to the beginning of the coronavirus pandemic, having recovered from a sharp decrease as the virus first began to spread. Oil prices rallied as vaccinations against COVID-19 rolled out and the global economy recovered. Prices continued to climb throughout 2021 as coronavirus-related restrictions eased, travel increased, and oil stockpiles dropped. Members of OPEC and other oil-producing countries gradually increased oil supply throughout 2021, but demand outstripped supply, sending prices higher. U.S. oil producers, which curtailed output in 2020 when prices slid, were slow to renew production in 2021 when economic activity and demand rebounded. Oil prices briefly faltered when the emergence of new coronavirus variants raised fears of renewed shutdowns and weakened global economic demand.

However, oil prices resumed their upward climb in the beginning of 2022 and by early March hit their highest levels in 14 years after the U.S. and its European allies began to consider banning oil imports from Russia following the invasion of Ukraine. Russia is the world’s top exporter of oil and oil products.

U.S. oil and gas exploration and production companies benefited significantly from the higher oil prices. Greater-than-expected earnings and stronger cash flow led to increased dividend payments to shareholders and plans to buy back stock. Despite the higher oil prices, producers generally kept their output at flat levels in a departure from previous boom periods.

Portfolio Information

Investment Objective

The iShares U.S. Oil Equipment & Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the oil equipment and services sector, as represented by the Dow Jones U.S. Select Oil Equipment & Services Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance