iShares Trust


		MARCH 31, 2022

2022 Annual Report

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

· iShares Russell 1000 ETF | IWB | NYSE Arca

· iShares Russell 1000 Growth ETF | IWF | NYSE Arca

· iShares Russell 1000 Value ETF | IWD | NYSE Arca

· iShares Russell 2000 ETF | IWM | NYSE Arca

· iShares Russell 2000 Growth ETF | IWO | NYSE Arca

· iShares Russell 2000 Value ETF | IWN | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		5.92	%		15.65	%

U.S. small cap equities (Russell 2000^® Index)		(5.55	)		(5.79	)

International equities (MSCI Europe, Australasia, Far East Index)		(3.38	)		1.16

Emerging market equities (MSCI Emerging Markets Index)		(8.20	)		(11.37	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.05			0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.04	)		(3.31	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(5.92	)		(4.15	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.55	)		(4.47	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.16	)		(0.66	)

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


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

Table of Contents


		Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		23
Shareholder Expenses		23
Schedules of Investments		24
Financial Statements
Statements of Assets and Liabilities		116
Statements of Operations		119
Statements of Changes in Net Assets		122
Financial Highlights		127
Notes to Financial Statements		136
Report of Independent Registered Public Accounting Firm		150
Important Tax Information (Unaudited)		151
Statement Regarding Liquidity Risk Management Program		152
Supplemental Information		153
Trustee and Officer Information		155
General Information		158
Glossary of Terms Used in this Report		159

Market Overview

iShares Trust

Domestic Market Overview

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

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

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

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

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


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


Fund Summary as of March 31, 2022		iShares^® Russell Top 200 ETF

Investment Objective

The iShares Russell Top 200 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.48	%		16.87	%		14.98	%		15.48	%		117.99	%		303.93	%
Fund Market		15.46			16.88			14.99			15.46			118.16			304.38
Index		15.66			17.04			15.16			15.66			119.58			310.33

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 23 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,054.30	$ 0.77			$ 1,000.00	$ 1,024.20	$ 0.76		0.15	%

^(a)

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


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell Top 200 ETF

Portfolio Management Commentary

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

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. In addition, companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. As the coronavirus pandemic abated, elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Stocks in the financials sector contributed to the Index’s return as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	31.5	%
Health Care	14.2
Consumer Discretionary	12.1
Financials	11.0
Communication Services	10.7
Consumer Staples	6.5
Industrials	6.4
Energy	3.1
Utilities	1.8
Real Estate	1.5
Materials	1.2

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Apple Inc.	8.6	%
Microsoft Corp.	7.4
Amazon.com Inc.	4.5
Tesla Inc.	2.9
Alphabet Inc., Class A	2.7
Alphabet Inc., Class C	2.5
NVIDIA Corp.	2.1
Berkshire Hathaway Inc., Class B	2.1
Meta Platforms Inc, Class A	1.6
UnitedHealth Group Inc.	1.5

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.58	%		22.12	%		17.81	%		18.58	%		171.60	%		414.82	%
Fund Market		18.74			22.15			17.82			18.74			171.94			415.65
Index		18.83			22.34			18.04			18.83			174.05			425.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio


	$ 1,000.00	$ 1,041.60	$ 1.02			$ 1,000.00	$ 1,023.90	$ 1.01		0.20	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell Top 200 Growth ETF

Portfolio Management Commentary

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

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

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	48.4	%
Consumer Discretionary	19.2
Communication Services	11.9
Health Care	7.3
Consumer Staples	4.7
Industrials	4.3
Financials	1.9
Real Estate	1.6
Other (each representing less than 1%)	0.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Apple Inc.	15.0	%
Microsoft Corp.	13.0
Amazon.com Inc.	7.9
Tesla Inc.	5.0
Alphabet Inc., Class A	4.0
Alphabet Inc., Class C	3.7
NVIDIA Corp.	3.6
Meta Platforms Inc, Class A	2.9
Visa Inc., Class A	2.1
Home Depot Inc. (The)	1.7

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.56	%		10.19	%		11.32	%		11.56	%		62.46	%		192.20	%
Fund Market		11.43			10.20			11.33			11.43			62.55			192.46
Index		11.77			10.40			11.55			11.77			64.01			198.42

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio


	$ 1,000.00	$ 1,070.90	$ 1.03			$ 1,000.00	$ 1,023.90	$ 1.01		0.20	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The healthcare sector contributed the most to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. Elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for health services and pharmaceuticals.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of the value-oriented firms represented in this company’s holdings, which included notable investments in the information technology sector, in addition to insurance, railroad, and utilities companies.

The energy sector was a notable contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Health Care	23.3	%
Financials	23.1
Industrials	9.3
Information Technology	9.2
Communication Services	9.1
Consumer Staples	8.8
Energy	7.0
Utilities	4.2
Consumer Discretionary	2.7
Materials	1.9
Real Estate	1.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Berkshire Hathaway Inc., Class B	4.8	%
Johnson & Johnson	3.4
UnitedHealth Group Inc.	3.3
JPMorgan Chase & Co.	2.9
Procter & Gamble Co. (The)	2.7
Exxon Mobil Corp.	2.6
Chevron Corp.	2.3
Bank of America Corp.	2.2
Pfizer Inc.	2.1
Walt Disney Co. (The)	1.7

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell 1000 ETF

Investment Objective

The iShares Russell 1000 ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Russell 1000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		13.09	%		15.67	%		14.39	%		13.09	%		107.02	%		283.49	%

Fund Market		13.04			15.66			14.39			13.04			107.00			283.63

Index		13.27			15.82			14.53			13.27			108.42			288.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,040.70	$ 0.76			$ 1,000.00	$ 1,024.20	$ 0.76		0.15	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 1000 ETF

Portfolio Management Commentary

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

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 generated billions of dollars in sales for pharmaceuticals companies. As the coronavirus pandemic abated, elective medical procedures, which represent an important source of revenue for both care providers and makers of medical supplies and equipment, increased from pandemic-induced lows.

Stocks in the financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company, which included notable investments in technology, insurance, railroad, and utilities companies.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		28.0%

Health Care		13.3

Consumer Discretionary		11.9

Financials		11.5

Communication Services		8.8

Industrials		8.5

Consumer Staples		5.8

Energy		3.7

Real Estate		3.3

Utilities		2.7

Materials		2.5

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple Inc.		6.4%

Microsoft Corp.		5.5

Amazon.com Inc.		3.4

Tesla Inc.		2.1

Alphabet Inc., Class A		2.0

Alphabet Inc., Class C		1.8

NVIDIA Corp.		1.6

Berkshire Hathaway Inc., Class B		1.5

Meta Platforms Inc, Class A		1.2

UnitedHealth Group Inc.		1.1

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell 1000 Growth ETF

Investment Objective

The iShares Russell 1000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 1000^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		14.77	%		20.65	%		16.82	%		14.77	%		155.68	%		373.42	%

Fund Market		14.87			20.68			16.84			14.87			155.92			374.04

Index		14.98			20.88			17.04			14.98			158.14			382.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,014.50	$ 0.90			$ 1,000.00	$ 1,024.00	$ 0.91		0.18	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 1000 Growth ETF

Portfolio Management Commentary

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

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth. Pharmaceuticals companies developed successful antiviral medications and antibody therapies to treat COVID-19, driving revenues significantly higher. Demographic trends also benefited the healthcare sector, as the needs of an aging population added to demand for pharmaceuticals.

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

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		46.2%

Consumer Discretionary		18.5

Communication Services		10.5

Health Care		8.9

Industrials		6.1

Consumer Staples		4.2

Financials		2.5

Real Estate		1.7

Other (each representing less than 1%)		1.4

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple Inc.		12.5%

Microsoft Corp.		10.8

Amazon.com Inc.		6.6

Tesla Inc.		4.2

Alphabet Inc., Class A		3.4

Alphabet Inc., Class C		3.1

NVIDIA Corp.		3.0

Meta Platforms Inc, Class A		2.4

Visa Inc., Class A		1.7

Home Depot Inc. (The)		1.5

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell 1000 Value ETF

Investment Objective

The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 1000^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		11.45	%		10.11	%		11.50	%		11.45	%		61.87	%		196.98	%

Fund Market		11.43			10.12			11.51			11.43			61.97			197.32

Index		11.67			10.29			11.70			11.67			63.17			202.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,068.60	$ 0.93			$ 1,000.00	$ 1,024.00	$ 0.91		0.18	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 1000 Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return amid higher prices for energy commodities, as the rebounding economy accelerated demand for energy while supply remained constrained. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Stocks in the financials sector contributed notably to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry rose, led by the strong gains of a multisector holding company. The rebounding economy helped the performance of this company’s value-oriented holdings, which included notable investments in technology, insurance, railroad, and utilities companies. Robust investment banking activity, especially initial public offerings and existing equity capital financings, drove gains in the capital markets industry despite modest trading activity. The insurance industry also advanced, as many insurers were able to increase insurance premiums in an environment of higher inflation.

The healthcare sector was a modest contributor to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from coronavirus pandemic-induced lows. The widespread adoption of COVID-19 vaccines generated billions of dollars in sales for pharmaceuticals companies. On the downside, the communication services sector detracted marginally from the Index’s return, as disruptions from the Delta and Omicron COVID-19 variants weighed on the earnings of the entertainment industry.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Financials	20.8	%

Health Care	17.9

Industrials	11.0

Information Technology	9.3

Consumer Staples	7.4

Communication Services	7.1

Energy	7.1

Utilities	5.4

Consumer Discretionary	5.0

Real Estate	4.9

Materials	4.1

^(a)

Excludes money market funds.


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Berkshire Hathaway Inc., Class B	3.1	%

Johnson & Johnson	2.3

UnitedHealth Group Inc.	2.2

JPMorgan Chase & Co.	1.9

Procter & Gamble Co. (The)	1.8

Exxon Mobil Corp.	1.7

Chevron Corp.	1.5

Bank of America Corp.	1.4

Pfizer Inc.	1.4

Walt Disney Co. (The)	1.1


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


Fund Summary as of March 31, 2022		iShares^® Russell 2000 ETF

Investment Objective

The iShares Russell 2000 ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Russell 2000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(5.92	)%		9.67	%		11.03	%		(5.92	)%		58.66	%		184.77	%

Fund Market		(6.20	)		9.68			11.02			(6.20	)		58.73			184.57

Index		(5.79	)		9.74			11.04			(5.79	)		59.19			185.00

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 944.00	$ 0.92			$ 1,000.00	$ 1,024.00	$ 0.96		0.19	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 2000 ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks declined for the reporting period despite strong economic growth and robust consumer spending. The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms. A relative dearth of positive news, such as high-growth potential drugs and treatments advancing in the FDA process, along with muted enthusiasm for stocks with high valuations and minimal earnings, also pressured the sector.

Stocks in the consumer discretionary sector also detracted from the Index’s performance despite the overall increase in consumer spending. The consumer durables industry declined amid investor expectations of a downturn in the housing market. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured smaller companies in the sector.

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

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Health Care	16.6	%

Financials	15.9

Industrials	15.5

Information Technology	13.7

Consumer Discretionary	10.2

Real Estate	7.8

Energy	6.6

Materials	4.0

Consumer Staples	3.5

Communication Services	3.2

Utilities	3.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Ovintiv Inc.	0.5	%

AMC Entertainment Holdings Inc., Class A	0.5

Avis Budget Group Inc.	0.4

BJ’s Wholesale Club Holdings Inc.	0.3

Tenet Healthcare Corp.	0.3

Chesapeake Energy Corp.	0.3

Tetra Tech Inc.	0.3

Antero Resources Corp.	0.3

Lattice Semiconductor Corp.	0.3

EastGroup Properties Inc.	0.3

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell 2000 Growth ETF

Investment Objective

The iShares Russell 2000 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell 2000^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(14.42	)%		10.28	%		11.26	%		(14.42	)%		63.09	%		190.74	%

Fund Market		(14.68	)		10.27			11.25			(14.68	)		63.05			190.43

Index		(14.33	)		10.33			11.21			(14.33	)		63.46			189.39

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 873.40	$ 1.07			$ 1,000.00	$ 1,023.80	$ 1.16		0.23	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 2000 Growth ETF

Portfolio Management Commentary

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

The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms. A relative dearth of positive news along with muted enthusiasm for stocks with high valuations and minimal earnings also pressured the sector.

Stocks in the consumer discretionary sector detracted from the Index’s performance despite the overall increase in consumer spending. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers. Supply chain difficulties also weighed on some retailers, leading to increased transportation costs and low inventory. Brick-and-mortar retailers declined as coronavirus pandemic trends increased competition from online sellers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small capitalization technology stocks.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Health Care	25.1	%

Information Technology	22.8

Industrials	15.7

Consumer Discretionary	13.6

Financials	5.5

Consumer Staples	4.1

Materials	3.5

Energy	3.4

Real Estate	3.3

Communication Services	2.7

Utilities	0.3

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Tetra Tech Inc.	0.7	%

Lattice Semiconductor Corp.	0.6

EastGroup Properties Inc.	0.6

WillScot Mobile Mini Holdings Corp.	0.6

Synaptics Inc.	0.6

Southwestern Energy Co.	0.6

II-VI Inc.	0.6

Performance Food Group Co.	0.5

Shockwave Medical Inc.	0.5

BJ’s Wholesale Club Holdings Inc.	0.5

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® Russell 2000 Value ETF

Investment Objective

The iShares Russell 2000 Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell 2000^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.07	%		8.40	%		10.40	%		3.07	%		49.66	%		168.93	%

Fund Market		2.83			8.41			10.40			2.83			49.77			168.86

Index		3.32			8.57			10.54			3.32			50.85			172.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,017.20	$ 1.16			$ 1,000.00	$ 1,023.80	$ 1.16		0.23	%

^(a)


F U N D S U M M A R Y		21


Fund Summary as of March 31, 2022 (continued)		iShares^® Russell 2000 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced modestly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia, the world’s third-largest supplier of oil, led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

On the downside, the healthcare sector detracted from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor interest in smaller companies that could be acquired by larger firms. Additionally, a relative dearth of positive news and muted enthusiasm for stocks with high valuations and minimal earnings pressured the industry.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	25.4	%

Industrials	15.3

Real Estate	11.9

Energy	9.6

Health Care	8.8

Consumer Discretionary	7.1

Information Technology	5.4

Utilities	5.4

Materials	4.5

Communication Services	3.6

Consumer Staples	3.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Ovintiv Inc.	0.9	%

AMC Entertainment Holdings Inc., Class A	0.9

Avis Budget Group Inc.	0.8

Chesapeake Energy Corp.	0.6

Tenet Healthcare Corp.	0.6

Antero Resources Corp.	0.5

STAG Industrial Inc.	0.5

Macy’s Inc.	0.5

Range Resources Corp.	0.5

PDC Energy Inc.	0.5

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		23

Schedule of Investments

March 31, 2022

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
Boeing Co. (The)^(a)		17,652	$	3,380,358
General Dynamics Corp.		8,189		1,975,023
L3Harris Technologies Inc.		6,454		1,603,625
Lockheed Martin Corp.		8,041		3,549,298
Northrop Grumman Corp.		4,847		2,167,675
Raytheon Technologies Corp.		49,465		4,900,498


				17,576,477

Air Freight & Logistics — 0.7%
FedEx Corp.		8,085		1,870,788
United Parcel Service Inc., Class B		23,880		5,121,305


				6,992,093

Automobiles — 3.3%
Ford Motor Co.		130,094		2,199,889
General Motors Co.^(a)		45,336		1,982,997
Rivian Automotive Inc., Class A^(a)(b)		4,743		238,288
Tesla Inc.^(a)		27,505		29,639,388


				34,060,562

Banks — 3.8%
Bank of America Corp.		234,967		9,685,340
Citigroup Inc.		65,579		3,501,919
JPMorgan Chase & Co.		97,030		13,227,130
PNC Financial Services Group Inc. (The)		13,994		2,581,193
Truist Financial Corp.		43,926		2,490,604
U.S. Bancorp		44,223		2,350,452
Wells Fargo & Co.		128,431		6,223,766


				40,060,404

Beverages — 1.8%
Coca-Cola Co. (The)		128,278		7,953,236
Constellation Brands Inc., Class A		5,151		1,186,379
Keurig Dr Pepper Inc.		22,998		871,624
Monster Beverage Corp.^(a)		12,389		989,881
PepsiCo Inc.		45,642		7,639,558


				18,640,678

Biotechnology — 2.3%
AbbVie Inc.		58,381		9,464,144
Amgen Inc.		18,491		4,471,494
Biogen Inc.^(a)		4,878		1,027,307
Gilead Sciences Inc.		41,701		2,479,124
Moderna Inc.^(a)		11,224		1,933,446
Regeneron Pharmaceuticals Inc.^(a)		3,387		2,365,549
Vertex Pharmaceuticals Inc.^(a)		8,416		2,196,323


				23,937,387

Building Products — 0.1%
Johnson Controls International PLC		23,233		1,523,388


Capital Markets — 3.0%
Bank of New York Mellon Corp. (The)		24,388		1,210,377
BlackRock Inc.^(c)		4,717		3,604,590
Blackstone Inc., NVS		23,214		2,946,785
Charles Schwab Corp. (The)		49,723		4,192,146
CME Group Inc.		11,827		2,813,170
Goldman Sachs Group Inc. (The)		10,828		3,574,323
Intercontinental Exchange Inc.		18,336		2,422,552
Moody’s Corp.		5,352		1,805,818
Morgan Stanley		43,801		3,828,208
S&P Global Inc.		11,429		4,687,947


				31,085,916


Security	Shares		Value

Chemicals — 0.8%
Air Products and Chemicals Inc.		7,291	$	1,822,094
Dow Inc.		24,255		1,545,528
DuPont de Nemours Inc.		17,002		1,251,007
Ecolab Inc.		8,244		1,455,561
Sherwin-Williams Co. (The)		7,942		1,982,482


				8,056,672

Commercial Services & Supplies — 0.2%
Waste Management Inc.		14,032		2,224,072


Communications Equipment — 0.7%
Cisco Systems Inc.		139,624		7,785,434


Consumer Finance — 0.5%
American Express Co.		20,409		3,816,483
Capital One Financial Corp.		13,612		1,787,119


				5,603,602

Diversified Financial Services — 2.1%
Berkshire Hathaway Inc., Class B^(a)		60,613		21,390,934


Diversified Telecommunication Services — 1.2%
AT&T Inc.		235,739		5,570,512
Verizon Communications Inc.		138,785		7,069,708


				12,640,220

Electric Utilities — 1.4%
American Electric Power Co. Inc.		16,517		1,647,901
Constellation Energy Corp.		10,729		603,506
Duke Energy Corp.		25,543		2,852,131
Exelon Corp.		32,182		1,532,829
NextEra Energy Inc.		64,801		5,489,293
Southern Co. (The)		34,859		2,527,626


				14,653,286

Electrical Equipment — 0.4%
Eaton Corp. PLC		13,125		1,991,850
Emerson Electric Co.		19,671		1,928,742


				3,920,592

Energy Equipment & Services — 0.2%
Schlumberger NV		46,122		1,905,300


Entertainment — 1.6%
Activision Blizzard Inc.		25,464		2,039,921
Electronic Arts Inc.		9,257		1,171,103
Netflix Inc.^(a)		14,272		5,346,149
Walt Disney Co. (The)^(a)		60,000		8,229,600


				16,786,773

Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.		14,948		3,755,236
Crown Castle International Corp.		14,205		2,622,243
Digital Realty Trust Inc.		9,238		1,309,948
Equinix Inc.		2,964		2,198,162
Prologis Inc.		24,302		3,924,287
Public Storage		4,971		1,940,082


				15,749,958

Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		14,609		8,412,593
Sysco Corp.		16,901		1,379,967
Walgreens Boots Alliance Inc.		23,629		1,057,870
Walmart Inc.		46,709		6,955,904


				17,806,334


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 0.5%
General Mills Inc.		19,985	$	1,353,384
Kraft Heinz Co. (The)		22,893		901,756
Mondelez International Inc., Class A		45,654		2,866,158


				5,121,298

Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		57,396		6,793,391
Align Technology Inc.^(a)		2,591		1,129,676
Baxter International Inc.		16,573		1,285,071
Becton Dickinson and Co.		9,436		2,509,976
Boston Scientific Corp.^(a)		46,773		2,071,576
Edwards Lifesciences Corp.^(a)		20,376		2,398,663
Intuitive Surgical Inc.^(a)		11,678		3,523,019
Medtronic PLC		44,474		4,934,390
Stryker Corp.		11,501		3,074,792


				27,720,554

Health Care Providers & Services — 3.1%
Anthem Inc.		8,081		3,969,549
Centene Corp.^(a)		19,025		1,601,715
Cigna Corp.		10,760		2,578,204
CVS Health Corp.		43,602		4,412,958
HCA Healthcare Inc.		8,089		2,027,265
Humana Inc.		4,251		1,849,908
UnitedHealth Group Inc.		31,087		15,853,437


				32,293,036

Hotels, Restaurants & Leisure — 1.4%
Booking Holdings Inc.^(a)		1,352		3,175,104
Las Vegas Sands Corp.^(a)		10,893		423,411
Marriott International Inc./MD, Class A^(a)		9,014		1,584,211
McDonald’s Corp.		24,679		6,102,623
Starbucks Corp.		38,105		3,466,412


				14,751,761

Household Products — 1.5%
Colgate-Palmolive Co.		27,521		2,086,918
Kimberly-Clark Corp.		11,117		1,369,170
Procter & Gamble Co. (The)		79,528		12,151,878


				15,607,966

Industrial Conglomerates — 1.2%
3M Co.		18,878		2,810,557
General Electric Co.		36,121		3,305,072
Honeywell International Inc.		22,733		4,423,387
Roper Technologies Inc.		3,454		1,631,082


				12,170,098

Insurance — 1.6%
Allstate Corp. (The)		9,266		1,283,434
American International Group Inc.		27,437		1,722,220
Aon PLC, Class A		7,212		2,348,443
Chubb Ltd.		14,163		3,029,466
Marsh & McLennan Companies Inc.		16,859		2,873,111
MetLife Inc.		23,138		1,626,139
Progressive Corp. (The)		19,269		2,196,473
Travelers Companies Inc. (The)		7,977		1,457,637


				16,536,923

Interactive Media & Services — 6.7%
Alphabet Inc., Class A^(a)		9,941		27,649,400
Alphabet Inc., Class C, NVS^(a)		9,141		25,530,722
Meta Platforms Inc, Class A^(a)		76,218		16,947,834


				70,127,956


Security	Shares		Value

Internet & Direct Marketing Retail — 4.6%
Amazon.com Inc.^(a)		14,343	$	46,757,463
eBay Inc.		20,673		1,183,736


				47,941,199

IT Services — 5.0%
Accenture PLC, Class A		21,015		7,086,888
Automatic Data Processing Inc.		13,907		3,164,399
Block Inc.^(a)		15,812		2,144,107
Cognizant Technology Solutions Corp., Class A		17,363		1,556,940
Fidelity National Information Services Inc.		20,102		2,018,643
Fiserv Inc.^(a)		19,860		2,013,804
Global Payments Inc.		9,343		1,278,496
International Business Machines Corp.		29,475		3,832,340
Kyndryl Holdings Inc.^(a)		7,404		97,140
Mastercard Inc., Class A		28,528		10,195,337
PayPal Holdings Inc.^(a)		38,838		4,491,615
Snowflake Inc., Class A^(a)		6,702		1,535,629
Twilio Inc., Class A^(a)		5,481		903,324
Visa Inc., Class A		54,833		12,160,314


				52,478,976

Life Sciences Tools & Services — 1.5%
Danaher Corp.		20,933		6,140,277
Illumina Inc.^(a)		4,810		1,680,614
Thermo Fisher Scientific Inc.		12,981		7,667,227


				15,488,118

Machinery — 1.0%
Caterpillar Inc.		17,890		3,986,250
Deere & Co.		9,222		3,831,372
Illinois Tool Works Inc.		10,361		2,169,593


				9,987,215

Media — 0.9%
Charter Communications Inc., Class A^(a)		3,989		2,176,079
Comcast Corp., Class A		148,631		6,958,904


				9,134,983

Metals & Mining — 0.4%
Freeport-McMoRan Inc.		48,248		2,399,856
Newmont Corp.		26,432		2,100,022
Southern Copper Corp.		2,770		210,243


				4,710,121

Multi-Utilities — 0.4%
Dominion Energy Inc.		26,565		2,257,228
Sempra Energy		10,568		1,776,692


				4,033,920

Multiline Retail — 0.5%
Dollar General Corp.		7,704		1,715,141
Target Corp.		15,857		3,365,173


				5,080,314

Oil, Gas & Consumable Fuels — 2.9%
Chevron Corp.		63,929		10,409,559
ConocoPhillips		43,608		4,360,800
EOG Resources Inc.		19,237		2,293,628
Exxon Mobil Corp.		139,943		11,557,892
Kinder Morgan Inc.		64,142		1,212,925


				29,834,804

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		7,545		2,054,654


Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		71,946		5,254,216


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Eli Lilly & Co.		28,010	$	8,021,224
Johnson & Johnson		87,068		15,431,062
Merck & Co. Inc.		83,718		6,869,062
Pfizer Inc.		184,478		9,550,426
Zoetis Inc.		15,657		2,952,753


				48,078,743

Road & Rail — 1.2%
CSX Corp.		73,040		2,735,348
Norfolk Southern Corp.		7,924		2,260,083
Uber Technologies Inc.^(a)		53,211		1,898,569
Union Pacific Corp.		21,243		5,803,800


				12,697,800

Semiconductors & Semiconductor Equipment — 6.7%
Advanced Micro Devices Inc.^(a)		53,959		5,899,877
Analog Devices Inc.		17,370		2,869,177
Applied Materials Inc.		29,362		3,869,912
Broadcom Inc.		13,337		8,398,042
Intel Corp.		133,570		6,619,729
KLA Corp.		5,004		1,831,764
Lam Research Corp.		4,647		2,498,274
Micron Technology Inc.		36,964		2,879,126
NVIDIA Corp.		79,060		21,572,312
NXP Semiconductors NV		8,772		1,623,522
QUALCOMM Inc.		37,276		5,696,518
Texas Instruments Inc.		30,522		5,600,176


				69,358,429

Software — 10.4%
Adobe Inc.^(a)		15,565		7,091,725
Atlassian Corp. PLC, Class A^(a)		4,607		1,353,675
Autodesk Inc.^(a)		7,263		1,556,824
Intuit Inc.		8,770		4,216,967
Microsoft Corp.		249,047		76,783,680
Oracle Corp.		53,152		4,397,265
salesforce.com Inc.^(a)		30,903		6,561,325
ServiceNow Inc.^(a)		6,612		3,682,157
VMware Inc., Class A		7,358		837,855
Workday Inc., Class A^(a)		6,297		1,507,880
Zoom Video Communications Inc., Class A^(a)		7,183		842,063


				108,831,416

Specialty Retail — 1.7%
Home Depot Inc. (The)		34,512		10,330,477
Lowe’s Companies Inc.		22,244		4,497,515


Security	Shares		Value

Specialty Retail (continued)
Ross Stores Inc.		11,544	$	1,044,270
TJX Companies Inc. (The)		39,397		2,386,670


				18,258,932

Technology Hardware, Storage & Peripherals — 8.6%
Apple Inc.		510,087		89,066,291
Dell Technologies Inc., Class C^(a)		8,884		445,888


				89,512,179

Textiles, Apparel & Luxury Goods — 0.5%
Nike Inc., Class B		40,887		5,501,755


Tobacco — 0.8%
Altria Group Inc.		60,425		3,157,206
Philip Morris International Inc.		51,358		4,824,571


				7,981,777

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		19,419		2,492,429


Total Common Stocks — 99.8% (Cost: $826,317,695)				1,040,187,438


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		249,953		249,903
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		1,385,000		1,385,000


				1,634,903


Total Short-Term Investments — 0.2% (Cost: $1,634,938)				1,634,903


Total Investments in Securities — 100.0% (Cost: $827,952,633)				1,041,822,341

Other Assets, Less Liabilities — 0.0%				266,887


Net Assets — 100.0%			$	1,042,089,228

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 ETF

Affiliates

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



Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	379,310	$	—		$	(127,019	)^(a)	$	(2,353)	$	(35)		$	249,903		249,953	$	4,873	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,115,000		270,000	^(a)		—			—		—			1,385,000		1,385,000		377			—
BlackRock Inc.		3,510,438		1,119,975			(1,069,431)			408,450		(364,842)			3,604,590		4,717		78,710			—

									$	406,097	$	(364,877	)	$	5,239,493			$	83,960		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

06/17/22

1,812

98,524

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts


Assets — Derivative Financial Instruments

Futures contracts

Unrealized appreciation on futures contracts^(a)	$	98,524

^(a)

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

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




	Equity Contracts


Net Realized Gain (Loss) from:

Futures contracts	$	195,578


Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts	$	84,855

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,664,789

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 ETF

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,040,187,438	$	—	$	—	$	1,040,187,438
Money Market Funds		1,634,903		—		—		1,634,903


	$	1,041,822,341	$	—	$	—	$	1,041,822,341

Derivative financial instruments^(a)
Assets
Futures Contracts	$	98,524	$	—	$	—	$	98,524

^(a)

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

See notes to financial statements.


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

Schedule of Investments

March 31, 2022

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.6%
Lockheed Martin Corp.		57,060	$	25,186,284
Northrop Grumman Corp.		3,314		1,482,087


				26,668,371

Air Freight & Logistics — 1.0%
FedEx Corp.		28,623		6,623,076
United Parcel Service Inc., Class B		194,680		41,751,073


				48,374,149

Automobiles — 5.0%
Rivian Automotive Inc., Class A^(a)(b)		9,554		479,993
Tesla Inc.^(a)		223,622		240,975,067


				241,455,060

Beverages — 2.2%
Coca-Cola Co. (The)		735,809		45,620,158
Monster Beverage Corp.^(a)		92,472		7,388,513
PepsiCo Inc.		307,899		51,536,134


				104,544,805

Biotechnology — 2.7%
AbbVie Inc.		474,672		76,949,078
Amgen Inc.		123,573		29,882,423
Moderna Inc.^(a)		91,090		15,691,163
Regeneron Pharmaceuticals Inc.^(a)		2,903		2,027,513
Vertex Pharmaceuticals Inc.^(a)		27,338		7,134,398


				131,684,575

Capital Markets — 1.2%
Blackstone Inc., NVS		188,496		23,927,682
Goldman Sachs Group Inc. (The)		5,427		1,791,452
Moody’s Corp.		41,292		13,932,334
S&P Global Inc.		45,860		18,810,855


				58,462,323

Chemicals — 0.6%
Dow Inc.		14,469		921,965
Ecolab Inc.		59,077		10,430,635
Sherwin-Williams Co. (The)		64,646		16,136,934


				27,489,534

Commercial Services & Supplies — 0.1%
Waste Management Inc.		18,050		2,860,925


Consumer Finance — 0.4%
American Express Co.		105,396		19,709,052


Entertainment — 1.0%
Netflix Inc.^(a)		115,940		43,429,965
Walt Disney Co. (The)^(a)		24,875		3,411,855


				46,841,820

Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.		121,031		30,405,408
Crown Castle International Corp.		115,896		21,394,402
Equinix Inc.		16,975		12,588,999
Public Storage		30,921		12,067,848


				76,456,657

Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		111,032		63,937,777
Sysco Corp.		137,427		11,220,915


				75,158,692

Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		232,869		27,562,375


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Align Technology Inc.^(a)		21,150	$	9,221,400
Edwards Lifesciences Corp.^(a)		166,205		19,565,653
Intuitive Surgical Inc.^(a)		94,980		28,653,566
Stryker Corp.		39,994		10,692,396


				95,695,390

Health Care Providers & Services — 0.5%
HCA Healthcare Inc.		65,813		16,494,054
UnitedHealth Group Inc.		17,461		8,904,586


				25,398,640

Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.^(a)		10,987		25,802,420
Las Vegas Sands Corp.^(a)		88,727		3,448,819
Marriott International Inc./MD, Class A^(a)		72,981		12,826,411
McDonald’s Corp.		35,723		8,833,583
Starbucks Corp.		309,468		28,152,304


				79,063,537

Household Products — 0.3%
Colgate-Palmolive Co.		118,767		9,006,102
Kimberly-Clark Corp.		45,525		5,606,859


				14,612,961

Industrial Conglomerates — 0.2%
3M Co.		22,014		3,277,445
Honeywell International Inc.		39,797		7,743,700


				11,021,145

Insurance — 0.3%
Aon PLC, Class A		34,608		11,269,403
Marsh & McLennan Companies Inc.		16,051		2,735,411


				14,004,814

Interactive Media & Services — 10.6%
Alphabet Inc., Class A^(a)		69,573		193,506,864
Alphabet Inc., Class C, NVS^(a)		63,991		178,726,223
Meta Platforms Inc, Class A^(a)		619,676		137,791,155


				510,024,242

Internet & Direct Marketing Retail — 8.1%
Amazon.com Inc.^(a)		116,619		380,172,109
eBay Inc.		168,283		9,635,885


				389,807,994

IT Services — 6.7%
Accenture PLC, Class A		137,257		46,287,178
Automatic Data Processing Inc.		103,902		23,641,861
Block Inc.^(a)(b)		128,977		17,489,281
Fiserv Inc.^(a)(b)		10,923		1,107,592
Mastercard Inc., Class A		231,929		82,886,786
PayPal Holdings Inc.^(a)		316,105		36,557,544
Snowflake Inc., Class A^(a)		51,194		11,730,081
Twilio Inc., Class A^(a)		12,584		2,073,969
Visa Inc., Class A		445,808		98,866,840


				320,641,132

Life Sciences Tools & Services — 0.5%
Danaher Corp.		8,893		2,608,584
Illumina Inc.^(a)		39,021		13,633,937
Thermo Fisher Scientific Inc.		9,530		5,628,895


				21,871,416

Machinery — 1.6%
Caterpillar Inc.		125,464		27,955,888
Deere & Co.		75,007		31,162,408


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Illinois Tool Works Inc.		75,904	$	15,894,298


				75,012,594

Media — 0.3%
Charter Communications Inc., Class A^(a)		30,658		16,724,552


Metals & Mining — 0.1%
Freeport-McMoRan Inc.		115,041		5,722,139
Southern Copper Corp.		20,604		1,563,844


				7,285,983

Multiline Retail — 0.4%
Dollar General Corp.		26,964		6,002,995
Target Corp.		57,698		12,244,670


				18,247,665

Oil, Gas & Consumable Fuels — 0.0%
EOG Resources Inc.		18,662		2,225,070


Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		61,584		16,770,555


Pharmaceuticals — 1.5%
Eli Lilly & Co.		179,805		51,490,758
Zoetis Inc.		121,067		22,832,025


				74,322,783

Road & Rail — 0.9%
Uber Technologies Inc.^(a)		369,576		13,186,472
Union Pacific Corp.		108,935		29,762,131


				42,948,603

Semiconductors & Semiconductor Equipment — 9.3%
Advanced Micro Devices Inc.^(a)		438,646		47,961,554
Analog Devices Inc.		56,171		9,278,326
Applied Materials Inc.		238,442		31,426,656
Broadcom Inc.		108,425		68,273,054
KLA Corp.		40,792		14,932,319
Lam Research Corp.		37,834		20,339,937
Micron Technology Inc.		41,490		3,231,656
NVIDIA Corp.		642,773		175,387,041
NXP Semiconductors NV		21,850		4,043,998
QUALCOMM Inc.		302,850		46,281,537
Texas Instruments Inc.		153,559		28,175,005


				449,331,083

Software — 17.3%
Adobe Inc.^(a)		126,542		57,655,066
Atlassian Corp. PLC, Class A^(a)		37,477		11,011,867
Autodesk Inc.^(a)		58,872		12,619,213
Intuit Inc.		71,398		34,331,014
Microsoft Corp.		2,024,835		624,276,879
Oracle Corp.		404,223		33,441,369


Security	Shares		Value

Software (continued)
salesforce.com Inc.^(a)		48,292	$	10,253,358
ServiceNow Inc.^(a)		53,691		29,899,981
VMware Inc., Class A		22,228		2,531,102
Workday Inc., Class A^(a)		51,563		12,347,276
Zoom Video Communications Inc., Class A^(a)		58,480		6,855,610


				835,222,735

Specialty Retail — 3.1%
Home Depot Inc. (The)		280,603		83,992,896
Lowe’s Companies Inc.		180,970		36,590,324
Ross Stores Inc.		94,015		8,504,597
TJX Companies Inc. (The)		320,862		19,437,820


				148,525,637

Technology Hardware, Storage & Peripherals — 15.1%
Apple Inc.		4,147,182		724,139,449
Dell Technologies Inc., Class C^(a)		34,793		1,746,261


				725,885,710

Textiles, Apparel & Luxury Goods — 0.9%
Nike Inc., Class B		332,568		44,750,350


Tobacco — 0.3%
Altria Group Inc.		272,836		14,255,681


Total Common Stocks — 99.9% (Cost: $3,486,157,968)				4,813,356,235


Short-Term Investments

Money Market Funds — 0.3%

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		8,928,316		8,926,531
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		6,166,000		6,166,000


			15,092,531


Total Short-Term Investments — 0.3% (Cost: $15,091,337)				15,092,531


Total Investments in Securities — 100.2% (Cost: $3,501,249,305)				4,828,448,766

Other Assets, Less Liabilities — (0.2)%				(8,076,784	)


Net Assets — 100.0%			$	4,820,371,982

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 Growth ETF

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,766,773	$	—		$	(1,841,643	)^(a)	$	207	$	1,194	$	8,926,531		8,928,316	$	26,293	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,416,000		1,750,000	^(a)		—			—		—		6,166,000		6,166,000		1,434			—

									$	207	$	1,194	$	15,092,531			$	27,727		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
E-Mini Technology Select Sector Index		7		06/17/22	$	1,122	$	90,493
Nasdaq 100 E-Mini Index		16		06/17/22		4,758		411,643

							$	502,136

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	502,136

^(a)

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	269,740


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	454,262

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

5,320,912

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® Russell Top 200 Growth ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	4,813,356,235	$	—	$	—	$	4,813,356,235
Money Market Funds		15,092,531		—		—		15,092,531


	$	4,828,448,766	$	—	$	—	$	4,828,448,766

Derivative financial instruments^(a)
Assets
Futures Contracts	$	502,136	$	—	$	—	$	502,136

^(a)

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

See notes to financial statements.


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

Schedule of Investments

March 31, 2022

iShares^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.2%
Boeing Co. (The)^(a)		50,732	$	9,715,178
General Dynamics Corp.		23,605		5,693,054
L3Harris Technologies Inc.		18,511		4,599,428
Lockheed Martin Corp.		2,909		1,284,033
Northrop Grumman Corp.		12,648		5,656,438
Raytheon Technologies Corp.		141,815		14,049,612


				40,997,743

Air Freight & Logistics — 0.2%
FedEx Corp.		13,065		3,023,110


Automobiles — 1.0%
Ford Motor Co.		370,617		6,267,133
General Motors Co.^(a)		130,225		5,696,042
Rivian Automotive Inc., Class A^(a)(b)		10,736		539,377


				12,502,552

Banks — 8.9%
Bank of America Corp.		673,642		27,767,523
Citigroup Inc.		187,959		10,037,011
JPMorgan Chase & Co.		278,179		37,921,361
PNC Financial Services Group Inc. (The)		40,192		7,413,415
Truist Financial Corp.		125,612		7,122,200
U.S. Bancorp		127,147		6,757,863
Wells Fargo & Co.		368,410		17,853,149


				114,872,522

Beverages — 1.3%
Coca-Cola Co. (The)		108,141		6,704,742
Constellation Brands Inc., Class A		14,767		3,401,135
Keurig Dr Pepper Inc.		66,262		2,511,330
Monster Beverage Corp.^(a)		2,512		200,709
PepsiCo Inc.		22,295		3,731,737


				16,549,653

Biotechnology — 1.7%
Amgen Inc.		9,393		2,271,415
Biogen Inc.^(a)		13,813		2,909,018
Gilead Sciences Inc.		118,927		7,070,210
Regeneron Pharmaceuticals Inc.^(a)		8,637		6,032,254
Vertex Pharmaceuticals Inc.^(a)		14,450		3,771,016


				22,053,913

Building Products — 0.3%
Johnson Controls International PLC		66,316		4,348,340


Capital Markets — 5.3%
Bank of New York Mellon Corp. (The)		70,023		3,475,242
BlackRock Inc.^(c)		13,544		10,349,918
Charles Schwab Corp. (The)		142,484		12,012,826
CME Group Inc.		33,957		8,077,012
Goldman Sachs Group Inc. (The)		29,150		9,622,415
Intercontinental Exchange Inc.		52,666		6,958,232
Moody’s Corp.		788