July
31,
2022
iShares
Trust
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
|
ESMV
|
NASDAQ
iShares
MSCI
USA
Min
Vol
Factor
ETF
|
USMV
|
Cboe
BZX
2022
Annual
Report
Dear
Shareholder,
The
12-month
reporting
period
as
of
July
31,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
four
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
room
to
rise
before
peaking,
although
investors’
inflation
expectations
began
to
decline
near
the
end
of
the
period.
The
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
ultimately
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
the
meantime,
however,
we
believe
that
we
are
likely
to
see
a
period
of
slowing
growth
paired
with
relatively
high
inflation.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
higher
inflation
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
July
31,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(7.81%)
(4.64%)
U.S.
small
cap
equities
(Russell
2000
®
Index)
(6.42)
(14.29)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.27)
(14.32)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(16.24)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.21
0.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.38)
(10.00)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.14)
(9.12)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(3.95)
(6.93)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(6.58)
(8.03)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
9
Disclosure
of
Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
19
Statements
of
Operations
................................................................................................
20
Statements
of
Changes
in
Net
Assets
........................................................................................
21
Financial
Highlights
.....................................................................................................
22
Notes
to
Financial
Statements
...............................................................................................
24
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
31
Important
Tax
Information
(Unaudited)
.................................................................................................
32
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
33
Supplemental
Information
.................................................................................................
37
Trustee
and
Officer
Information
..............................................................................................
38
General
Information
.....................................................................................................
40
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
41
Market
Overview
4
2022
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
July
31,
2022
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-7.35%.
Equities
advanced
early
in
the
reporting
period
as
strong
household
balance
sheets
and
robust
job
growth
supported
rising
consumer
spending.
Increased
economic
activity
led
to
strong
corporate
earnings
as
companies
reaped
the
benefits
amid
a
recovery
from
the
effects
of
the
coronavirus
pandemic.
However,
significant
challenges
emerged
as
the
reporting
period
continued,
including
high
inflation,
rising
interest
rates,
slower
economic
growth,
and
the
impacts
of
Russia’s
invasion
of
Ukraine.
These
factors
drove
stock
prices
sharply
lower,
erasing
prior
gains
and
leading
to
significantly
negative
performance
for
the
reporting
period
overall.
The
U.S.
economy
grew
briskly
over
the
final
half
of
2021,
powered
primarily
by
consumer
spending.
Record-high
personal
savings
rates
allowed
consumers
to
spend
at
an
elevated
level,
releasing
pent-up
demand
for
goods
and
services.
Growth
subsequently
stalled
in
the
first
half
of
2022,
and
the
economy
contracted
amid
lower
inventories
and
faltering
business
investment.
Despite
the
economic
downturn,
indicators
were
mixed,
showing
evidence
of
a
slowdown
in
some
areas
while
others
remained
positive.
Hiring
continued
to
increase
as
businesses
restored
capacity,
and
unemployment
declined
substantially,
falling
to
3.5%
in
July
2022
—
identical
to
the
pre-pandemic
rate
in
February
2020.
Although
high
inflation
negatively
impacted
consumer
sentiment,
which
declined
significantly,
consumer
spending
continued
to
rise.
The
rapid
increase
in
consumer
spending
drove
a
significant
rise
in
inflation.
Supply
chains
for
many
goods
were
disrupted
by
the
pandemic
and
could
not
quickly
adapt
to
the
rapid
rebound
in
demand.
Oil
prices
also
rose
significantly
as
demand
increased
and
a
lack
of
investment
constrained
the
supply
of
oil.
The
strong
job
market
led
to
higher
wages,
particularly
at
the
lower
end
of
the
market.
These
factors
drove
prices
higher
in
many
areas
of
the
economy.
Rising
inflation
led
to
a
shift
in
policy
from
the
U.S.
Federal
Reserve
(“the
Fed”).
As
the
reporting
period
began,
the
Fed
was
using
accommodative
monetary
policy
to
stimulate
the
economy.
Short-term
interest
rates
were
kept
at
near-zero
levels,
and
the
Fed
used
bond-buying
programs
to
stabilize
debt
markets.
However,
rising
prices
led
the
Fed
to
tighten
monetary
policy
during
the
reporting
period
in
an
attempt
to
prevent
runaway
inflation.
The
Fed
slowed
and
then
ended
its
bond-buying
activities,
finally
reversing
course
as
it
began
to
reduce
its
balance
sheet
in
June
2022.
In
March
2022,
the
Fed
began
to
raise
short-term
interest
rates,
followed
by
three
more
increases
for
a
total
increase
of
225
basis
points,
the
most
rapid
rise
in
decades.
Interest
rates
rose
significantly
in
response,
leading
to
higher
borrowing
costs
for
businesses.
The
effect
of
higher
inflation
and
interest
rates
on
equities
varied
significantly
based
on
equity
class.
Growth
stocks,
which
derive
much
of
their
value
from
expectations
of
future
growth,
declined
significantly
more
than
value
stocks.
Russia’s
invasion
of
Ukraine
in
late
February
2022
led
to
substantial
disruptions
to
the
global
economy
and
increased
uncertainty
in
financial
markets,
exacerbating
inflation
and
impacting
U.S.
businesses
with
operations
in
Russia.
The
invasion
was
met
with
widespread
condemnation,
and
many
countries
imposed
sanctions
on
the
Russian
state,
businesses,
and
individuals.
As
Russia
is
a
top
producer
of
both
oil
and
natural
gas,
global
supply
concerns
led
to
sharp
volatility
in
U.S.
energy
markets.
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large
and
mid
capitalization
equities
that,
in
aggregate,
have
lower
volatility
characteristics,
reduced
carbon
exposure
and
improved
environmental,
social
and
governance
(ESG)
quality
characteristics
relative
to
the
parent
index,
as
represented
by
the
MSCI
USA
Minimum
Volatility
Extended
ESG
Reduced
Carbon
Target
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
November
2,
2021.
The
first
day
of
secondary
market
trading
was
November
4,
2021.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Cumulative
Total
Returns
Since
Inception
Fund
NAV
.......................................................................................................
(6.83
)
%
Fund
Market
.....................................................................................................
–
%
(6.84
)
Index
..........................................................................................................
(6.71
)
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
961.20
‌
$
0.88
‌
$
1,000.00
‌
$
1,023.90
‌
$
0.90
‌
0.18
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
6
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Investor
interest
in
the
environmental,
social,
and
governance
(“ESG”)
attributes
of
companies
was
mixed
during
the
reporting
period.
After
ESG
investments
reached
a
record
level
in
2021,
monthly
net
inflows
to
ESG-focused
investments
turned
negative
in
May
2022
for
the
first
time
in
three
years.
The
impact
of
the
COVID-19
pandemic
on
public
health
served
as
a
motivating
factor
for
many
businesses
to
reexamine
their
ESG
policies.
A
rule
proposed
by
the
Department
of
Labor
in
October
2021
would
expand
the
ability
of
retirement
plan
sponsors
to
offer
ESG
products,
reversing
the
stance
of
the
prior
administration.
In
March
2022,
the
SEC
proposed
a
rule
to
require
climate-
related
disclosures
from
public
companies.
However,
Texas
implemented
a
law
prohibiting
state
investments
in
businesses
with
certain
ESG-related
policies,
and
Florida
proposed
restrictions
on
ESG
considerations
in
state
investments.
In
this
environment,
stocks
with
improved
ESG
and
lower
volatility
characteristics
declined
during
the
reporting
period.
The
information
technology
sector
was
the
largest
detractor
from
the
Index’s
return,
led
by
the
software
industry.
Declining
earnings
and
investors’
concerns
about
the
high
valuations
of
some
technology
stocks
in
an
environment
of
high
inflation
and
increasing
interest
rates
worked
against
the
industry.
The
return
of
some
remote
workers
to
physical
offices
also
negatively
impacted
the
sales
growth
of
software
platforms
designed
to
facilitate
online
collaboration.
The
consumer
discretionary
sector
further
weighed
on
performance
as
growing
inventories
fueled
by
shifting
consumer
demand
led
to
more
markdowns
in
the
multiline
retail
industry
and
pressured
profits.
Stocks
of
streaming
content
providers
in
the
communication
services
sector
also
retreated
amid
stiff
competition.
On
the
upside,
the
consumer
staples
sector
contributed
to
the
Index’s
performance,
propelled
by
strength
in
the
food
products
industry
amid
international
growth
in
sales
of
snack
foods.
The
utilities
sector
also
gained,
driven
in
part
by
the
profitability
of
sustainable
energy
ventures.
In
terms
of
relative
performance,
the
Index
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index,
for
the
reporting
period.
The
Index
seeks
exposure
to
stocks
that
experience
lower
volatility,
which
were
in
high
demand
during
the
reporting
period
as
investors
sought
refuge
from
volatility
induced
by
elevated
inflation,
interest
rate
increases,
and
geopolitical
instability.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
23.3‌
%
Health
Care
...................................
18.4‌
Industrials
.....................................
11.7‌
Consumer
Staples
...............................
11.2‌
Utilities
.......................................
8.0‌
Financials
.....................................
7.7‌
Communication
Services
...........................
7.3‌
Consumer
Discretionary
...........................
6.0‌
Real
Estate
....................................
2.8‌
Materials
.....................................
2.6‌
Energy
.......................................
1.0‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Automatic
Data
Processing,
Inc.
......................
1.7‌
%
NextEra
Energy,
Inc.
.............................
1.6‌
Microsoft
Corp.
.................................
1.6‌
Vertex
Pharmaceuticals,
Inc.
........................
1.6‌
Cisco
Systems,
Inc.
..............................
1.6‌
PepsiCo,
Inc.
..................................
1.6‌
Marsh
&
McLennan
Companies,
Inc.
...................
1.5‌
Motorola
Solutions,
Inc.
...........................
1.5‌
Texas
Instruments,
Inc.
............................
1.5‌
Consolidated
Edison,
Inc.
..........................
1.5‌
aaa
aa
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
7
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
that,
in
the
aggregate,
have
lower
volatility
characteristics
relative
to
the
broader
U.S.
equity
market,
as
represented
by
the
MSCI
USA
Minimum
Volatility
(USD)
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
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(1.85
)
%
10.11
%
11.81
%
(1.85
)
%
61.89
%
205.46
%
Fund
Market
...............................
(1.84
)
10.12
11.82
–
%
(1.84
)
61.91
205.51
Index
....................................
(1.69
)
10.29
12.00
(1.69
)
63.20
210.61
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
975.80
‌
$
0.73
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
8
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
companies
with
lower
volatility
characteristics
declined
for
the
reporting
period.
The
communication
services
sector
detracted
the
most
from
the
Index’s
performance,
particularly
the
entertainment
industry.
Stocks
of
streaming
content
providers
retreated
amid
stiff
competition
as
more
entrants
into
the
streaming
market
weighed
on
revenue
growth.
Customers
in
search
of
deals
and
new
content
moved
frequently
between
streaming
providers,
creating
significant
customer
turnover.
Furthermore,
streaming
media
providers
incurred
high
costs
from
creating
original
programming
in
an
attempt
to
acquire
new
customers
and
retain
existing
ones.
The
media
industry
also
declined
as
slowing
revenue
and
customer
growth
worked
against
broadband
providers,
and
rising
interest
rates
pressured
highly
indebted
companies.
The
information
technology
sector
also
weighed
on
the
Index’s
return
as
the
software
industry
faced
significant
headwinds.
The
return
of
some
remote
workers
to
physical
offices
negatively
impacted
the
sales
growth
of
software
platforms
designed
to
facilitate
online
collaboration.
Higher
interest
rates
and
a
slowing
economy
also
prompted
investors
to
question
the
trajectory
of
high-valuation
growth
stocks
in
the
industry.
On
the
upside,
the
utilities
sector
contributed
to
the
Index’s
return
as
investors
sought
out
stocks
of
companies
with
steadier
earnings
as
the
economic
outlook
weakened.
The
multi-utilities
industry
gained,
benefiting
from
the
profitability
of
sustainable
energy
ventures.
The
consumer
staples
sector
was
another
source
of
strength
as
the
food
products
industry
experienced
continued
revenue
and
earnings
growth
and
implemented
price
increases
that
more
than
offset
rising
labor
and
materials
costs.
Healthcare
sector
stocks
also
advanced,
driven
by
strong
sales
of
Alzheimer’s
and
diabetes
drugs,
which
supported
revenue
and
earnings
growth
in
the
pharmaceuticals
industry.
In
terms
of
relative
performance,
the
Index
significantly
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index,
for
the
reporting
period.
The
Index
seeks
exposure
to
stocks
that
experience
lower
volatility,
which
were
in
high
demand
later
in
the
reporting
period
as
investors
sought
refuge
from
volatility
induced
by
elevated
inflation,
interest
rate
increases,
and
geopolitical
instability.
Looking
at
sectors,
overweight
positions
in
the
utilities,
consumer
staples,
and
healthcare
sectors
benefited
the
Index’s
relative
performance,
as
did
an
underweight
position
in
the
consumer
discretionary
sector.
Conversely,
an
underweight
position
in
the
energy
sector
detracted
from
the
Index’s
return
compared
to
the
broader
market.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
23.1‌
%
Health
Care
...................................
18.8‌
Consumer
Staples
...............................
11.4‌
Industrials
.....................................
9.7‌
Communication
Services
...........................
8.7‌
Utilities
.......................................
7.8‌
Financials
.....................................
7.7‌
Consumer
Discretionary
...........................
6.6‌
Materials
.....................................
2.9‌
Real
Estate
....................................
2.8‌
Energy
.......................................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
T-Mobile
U.S.,
Inc.
...............................
1.6‌
%
Vertex
Pharmaceuticals,
Inc.
........................
1.6‌
Cisco
Systems,
Inc.
..............................
1.6‌
Waste
Management,
Inc.
...........................
1.5‌
Republic
Services,
Inc.
............................
1.5‌
Texas
Instruments,
Inc.
............................
1.5‌
Paychex,
Inc.
..................................
1.5‌
Johnson
&
Johnson
..............................
1.4‌
PepsiCo,
Inc.
..................................
1.4‌
Waste
Connections,
Inc.
...........................
1.4‌
aaa
aa
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
July
31,
2022
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.2%
L3Harris
Technologies,
Inc.
...................
36
$
8,639
a
Air
Freight
&
Logistics
 — 2.1%
CH
Robinson
Worldwide,
Inc.
.................
316
34,981
Expeditors
International
of
Washington,
Inc.
........
429
45,581
United
Parcel
Service,
Inc.,
Class
B
.............
95
18,515
99,077
a
Beverages
 — 2.4%
Coca-Cola
Co.
(The)
.......................
436
27,978
Keurig
Dr
Pepper,
Inc.
......................
279
10,808
PepsiCo,
Inc.
............................
411
71,909
110,695
a
Biotechnology
 — 6.4%
Amgen,
Inc.
.............................
253
62,610
BioMarin
Pharmaceutical,
Inc.
(a)
................
114
9,810
Gilead
Sciences,
Inc.
.......................
1,047
62,558
Horizon
Therapeutics
PLC
(a)
..................
51
4,231
Incyte
Corp.
(a)
............................
204
15,847
Regeneron
Pharmaceuticals,
Inc.
(a)
..............
90
52,352
Seagen,
Inc.
(a)
............................
98
17,638
Vertex
Pharmaceuticals,
Inc.
(a)
.................
259
72,626
297,672
a
Building
Products
 — 1.7%
Carrier
Global
Corp.
........................
224
9,079
Johnson
Controls
International
PLC
.............
959
51,699
Lennox
International,
Inc.
....................
13
3,114
Trane
Technologies
PLC
.....................
101
14,846
78,738
a
Capital
Markets
 — 3.3%
Cboe
Global
Markets,
Inc.
....................
255
31,462
CME
Group,
Inc.
..........................
105
20,945
Intercontinental
Exchange,
Inc.
................
273
27,843
MarketAxess
Holdings,
Inc.
...................
14
3,791
Moody's
Corp.
............................
32
9,928
S&P
Global,
Inc.
..........................
150
56,540
T
Rowe
Price
Group,
Inc.
....................
19
2,346
152,855
a
Chemicals
 — 0.3%
Ecolab,
Inc.
.............................
61
10,075
Linde
PLC
..............................
13
3,926
14,001
a
Commercial
Services
&
Supplies
 — 1.7%
Republic
Services,
Inc.
......................
46
6,378
Rollins,
Inc.
..............................
71
2,739
Waste
Connections,
Inc.
.....................
40
5,335
Waste
Management,
Inc.
.....................
402
66,153
80,605
a
Communications
Equipment
 — 3.1%
Cisco
Systems,
Inc.
........................
1,587
72,002
Motorola
Solutions,
Inc.
.....................
299
71,339
143,341
a
Containers
&
Packaging
 — 1.3%
Amcor
PLC
..............................
3,836
49,676
Ball
Corp.
...............................
164
12,041
61,717
a
Security
Shares
Value
a
Distributors
 — 0.4%
Pool
Corp.
..............................
45
$
16,097
a
Diversified
Financial
Services
 — 0.4%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
.............
62
18,637
a
Diversified
Telecommunication
Services
 — 1.8%
AT&T,
Inc.
...............................
980
18,405
Liberty
Global
PLC,
Class
C,
NVS
(a)
.............
138
3,159
Verizon
Communications,
Inc.
.................
1,349
62,310
83,874
a
Electric
Utilities
 — 3.6%
Eversource
Energy
........................
740
65,283
Exelon
Corp.
.............................
537
24,965
NextEra
Energy,
Inc.
.......................
878
74,182
164,430
a
Electronic
Equipment,
Instruments
&
Components
 — 1.5%
Amphenol
Corp.,
Class
A
....................
224
17,277
Keysight
Technologies,
Inc.
(a)
..................
301
48,943
Zebra
Technologies
Corp.,
Class
A
(a)
.............
11
3,934
70,154
a
Entertainment
 — 3.0%
Activision
Blizzard,
Inc.
......................
435
34,778
Electronic
Arts,
Inc.
........................
436
57,217
Take-Two
Interactive
Software,
Inc.
(a)
.............
189
25,086
Walt
Disney
Co.
(The)
(a)
.....................
192
20,371
137,452
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.8%
American
Tower
Corp.
......................
128
34,666
Equinix,
Inc.
.............................
56
39,410
Prologis,
Inc.
.............................
123
16,305
SBA
Communications
Corp.
..................
113
37,944
128,325
a
Food
&
Staples
Retailing
 — 1.0%
Kroger
Co.
(The)
..........................
1,036
48,112
a
Food
Products
 — 3.5%
Campbell
Soup
Co.
........................
290
14,311
General
Mills,
Inc.
.........................
385
28,794
Hormel
Foods
Corp.
........................
714
35,229
JM
Smucker
Co.
(The)
......................
61
8,072
Kellogg
Co.
..............................
611
45,165
McCormick
&
Co.,
Inc.,
NVS
..................
335
29,262
160,833
a
Health
Care
Equipment
&
Supplies
 — 1.4%
Abbott
Laboratories
........................
21
2,286
Baxter
International,
Inc.
.....................
92
5,397
Becton
Dickinson
and
Co.
....................
55
13,437
Edwards
Lifesciences
Corp.
(a)
.................
64
6,434
Hologic,
Inc.
(a)
............................
361
25,768
ResMed,
Inc.
............................
52
12,507
65,829
a
Health
Care
Providers
&
Services
 — 1.5%
AmerisourceBergen
Corp.
....................
59
8,610
Cardinal
Health,
Inc.
........................
259
15,426
Elevance
Health,
Inc.
.......................
13
6,202
Humana,
Inc.
............................
10
4,820
Quest
Diagnostics,
Inc.
......................
143
19,530
UnitedHealth
Group,
Inc.
.....................
27
14,643
69,231
a
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
 — 0.4%
Domino's
Pizza,
Inc.
........................
50
$
19,606
a
Household
Products
 — 4.3%
Church
&
Dwight
Co.,
Inc.
....................
78
6,861
Clorox
Co.
(The)
..........................
239
33,900
Colgate-Palmolive
Co.
......................
834
65,669
Kimberly-Clark
Corp.
.......................
225
29,653
Procter
&
Gamble
Co.
(The)
..................
467
64,871
200,954
a
Industrial
Conglomerates
 — 1.9%
3M
Co.
.................................
396
56,723
Honeywell
International,
Inc.
..................
167
32,141
88,864
a
Insurance
 — 3.5%
Aon
PLC,
Class
A
.........................
9
2,619
Arthur
J
Gallagher
&
Co.
.....................
175
31,323
Erie
Indemnity
Co.,
Class
A,
NVS
...............
13
2,644
Marsh
&
McLennan
Companies,
Inc.
.............
436
71,487
Progressive
Corp.
(The)
.....................
227
26,119
Travelers
Companies,
Inc.
(The)
................
130
20,631
Willis
Towers
Watson
PLC
....................
30
6,208
161,031
a
Interactive
Media
&
Services
 — 0.8%
Alphabet,
Inc.,
Class
C,
NVS
(a)
.................
307
35,809
a
Internet
&
Direct
Marketing
Retail
 — 0.5%
Amazon.com,
Inc.
(a)
........................
176
23,751
a
IT
Services
 — 8.5%
Accenture
PLC,
Class
A
.....................
208
63,702
Akamai
Technologies,
Inc.
(a)(b)
..................
183
17,608
Automatic
Data
Processing,
Inc.
................
320
77,158
Broadridge
Financial
Solutions,
Inc.
.............
76
12,202
Cognizant
Technology
Solutions
Corp.,
Class
A
......
214
14,544
Fiserv,
Inc.
(a)
.............................
86
9,089
International
Business
Machines
Corp.
...........
288
37,668
Jack
Henry
&
Associates,
Inc.
.................
177
36,775
Mastercard,
Inc.,
Class
A
.....................
103
36,440
Paychex,
Inc.
............................
125
16,035
VeriSign,
Inc.
(a)
...........................
100
18,916
Visa,
Inc.,
Class
A
.........................
200
42,422
Western
Union
Co.
(The)
....................
749
12,748
395,307
a
Leisure
Products
 — 0.4%
Hasbro,
Inc.
.............................
212
16,689
a
Life
Sciences
Tools
&
Services
 — 2.8%
Agilent
Technologies,
Inc.
....................
233
31,245
Danaher
Corp.
...........................
26
7,578
Mettler-Toledo
International,
Inc.
(a)
..............
9
12,148
Thermo
Fisher
Scientific,
Inc.
..................
16
9,575
Waters
Corp.
(a)
...........................
33
12,013
West
Pharmaceutical
Services,
Inc.
.............
165
56,687
129,246
a
Machinery
 — 1.0%
Otis
Worldwide
Corp.
.......................
112
8,755
Xylem,
Inc.
..............................
432
39,757
48,512
a
Media
 — 0.5%
Charter
Communications,
Inc.,
Class
A
(a)
..........
7
3,025
Comcast
Corp.,
Class
A
.....................
112
4,202
Security
Shares
Value
a
Media
(continued)
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
.........
124
$
13,507
Sirius
XM
Holdings,
Inc.
(b)
....................
544
3,634
24,368
a
Metals
&
Mining
 — 1.0%
Newmont
Corp.
...........................
1,001
45,325
a
Mortgage
Real
Estate
Investment
 — 0.5%
Annaly
Capital
Management,
Inc.
...............
3,427
23,578
a
Multiline
Retail
 — 2.0%
Dollar
General
Corp.
.......................
187
46,456
Target
Corp.
.............................
287
46,890
93,346
a
Multi-Utilities
 — 3.4%
Consolidated
Edison,
Inc.
....................
698
69,290
Public
Service
Enterprise
Group,
Inc.
............
976
64,094
Sempra
Energy
...........................
157
26,031
159,415
a
Oil,
Gas
&
Consumable
Fuels
 — 1.0%
Cheniere
Energy,
Inc.
.......................
257
38,442
Hess
Corp.
..............................
82
9,223
47,665
a
Pharmaceuticals
 — 6.2%
Bristol-Myers
Squibb
Co.
.....................
642
47,367
Eli
Lilly
&
Co.
............................
139
45,827
Johnson
&
Johnson
........................
380
66,318
Merck
&
Co.,
Inc.
..........................
719
64,235
Pfizer,
Inc.
..............................
118
5,960
Zoetis,
Inc.
..............................
319
58,233
287,940
a
Professional
Services
 — 0.6%
Booz
Allen
Hamilton
Holding
Corp.
..............
124
11,901
Leidos
Holdings,
Inc.
.......................
39
4,173
Verisk
Analytics,
Inc.
........................
67
12,747
28,821
a
Road
&
Rail
 — 0.9%
AMERCO
...............................
13
6,982
Old
Dominion
Freight
Line,
Inc.
................
108
32,779
39,761
a
Semiconductors
&
Semiconductor
Equipment
 — 1.7%
Intel
Corp.
..............................
179
6,499
Texas
Instruments,
Inc.
......................
395
70,662
77,161
a
Software
 — 7.9%
Adobe,
Inc.
(a)
.............................
115
47,164
Autodesk,
Inc.
(a)
...........................
41
8,869
Black
Knight,
Inc.
(a)
.........................
119
7,816
Cadence
Design
Systems,
Inc.
(a)
...............
205
38,146
Citrix
Systems,
Inc.
........................
298
30,220
Intuit,
Inc.
...............................
16
7,299
Microsoft
Corp.
...........................
261
73,273
NortonLifeLock,
Inc.
........................
1,476
36,206
Oracle
Corp.
.............................
601
46,782
Roper
Technologies,
Inc.
.....................
32
13,973
Salesforce,
Inc.
(a)
..........................
127
23,371
ServiceNow,
Inc.
(a)
.........................
51
22,780
VMware,
Inc.,
Class
A
.......................
77
8,947
364,846
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Specialty
Retail
 — 2.4%
Best
Buy
Co.,
Inc.
.........................
44
$
3,388
Home
Depot,
Inc.
(The)
.....................
190
57,179
Lowe's
Companies,
Inc.
.....................
189
36,199
O'Reilly
Automotive,
Inc.
(a)
....................
5
3,518
Tractor
Supply
Co.
.........................
51
9,765
110,049
a
Technology
Hardware,
Storage
&
Peripherals
 — 0.6%
Apple,
Inc.
..............................
127
20,639
Dell
Technologies,
Inc.,
Class
C
................
169
7,615
28,254
a
Trading
Companies
&
Distributors
 — 1.4%
Fastenal
Co.
.............................
53
2,722
WW
Grainger,
Inc.
.........................
117
63,593
66,315
a
Water
Utilities
 — 1.0%
American
Water
Works
Co.,
Inc.
................
285
44,300
a
Wireless
Telecommunication
Services
 — 1.2%
T-Mobile
U.S.,
Inc.
(a)
........................
387
55,364
a
Total
Long-Term
Investments — 99.8%
(Cost:
$4,917,261)
..................................
4,626,591
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
21,112
$
21,112
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
4,545
4,545
a
Total
Short-Term
Securities — 0.5%
(Cost:
$25,653)
....................................
25,657
Total
Investments
—
100.3%
(Cost:
$4,942,914)
..................................
4,652,248
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
...............
(16,162)
Net
Assets
—
100.0%
.................................
$
4,636,086
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
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
11/02/21
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
—
$
21,097
(b)
$
—
$
11
$
4
$
21,112
21,112
$
65
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
—
4,545
(b)
—
—
—
4,545
4,545
205
—
$
11
$
4
$
25,657
$
270
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
13
Schedule
of
Investments
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
4,626,591
$
—
$
—
$
4,626,591
Short-Term
Securities
Money
Market
Funds
..........................................
25,657
—
—
25,657
$
4,652,248
$
—
$
—
$
4,652,248
Schedule
of
Investments
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.3%
Lockheed
Martin
Corp.
......................
115,981
$
47,994,098
Northrop
Grumman
Corp.
....................
71,258
34,125,456
82,119,554
a
Air
Freight
&
Logistics
 — 2.0%
CH
Robinson
Worldwide,
Inc.
(a)
................
1,871,588
207,184,792
Expeditors
International
of
Washington,
Inc.
........
2,640,547
280,558,119
United
Parcel
Service,
Inc.,
Class
B
.............
438,331
85,426,328
573,169,239
a
Beverages
 — 2.3%
Keurig
Dr
Pepper,
Inc.
......................
6,385,301
247,366,561
PepsiCo,
Inc.
............................
2,310,911
404,316,988
651,683,549
a
Biotechnology
 — 6.6%
AbbVie,
Inc.
.............................
518,093
74,351,526
Amgen,
Inc.
.............................
574,725
142,227,196
BioMarin
Pharmaceutical,
Inc.
(a)(b)
...............
1,211,633
104,261,020
Gilead
Sciences,
Inc.
.......................
5,944,048
355,156,868
Horizon
Therapeutics
PLC
(b)
..................
1,948,547
161,670,945
Incyte
Corp.
(b)
............................
1,630,249
126,637,742
Neurocrine
Biosciences,
Inc.
(b)
.................
575,137
54,137,646
Regeneron
Pharmaceuticals,
Inc.
(b)
..............
482,486
280,657,281
Seagen,
Inc.
(b)
............................
867,250
156,087,655
Vertex
Pharmaceuticals,
Inc.
(a)(b)
................
1,593,476
446,826,605
1,902,014,484
a
Capital
Markets
 — 1.9%
Cboe
Global
Markets,
Inc.
....................
1,156,088
142,638,137
CME
Group,
Inc.
..........................
709,485
141,528,068
Intercontinental
Exchange,
Inc.
(a)
...............
1,561,827
159,290,736
MarketAxess
Holdings,
Inc.
...................
111,725
30,252,896
Tradeweb
Markets,
Inc.,
Class
A
(a)
..............
885,377
62,436,786
536,146,623
a
Chemicals
 — 1.1%
Air
Products
and
Chemicals,
Inc.
...............
318,922
79,166,008
Corteva,
Inc.
.............................
2,187,113
125,868,353
Linde
PLC
(a)
.............................
73,501
22,197,302
Sherwin-Williams
Co.
(The)
...................
333,033
80,574,004
307,805,667
a
Commercial
Services
&
Supplies
 — 4.8%
Republic
Services,
Inc.
(a)
.....................
3,158,189
437,914,487
Rollins,
Inc.
(a)
............................
2,485,172
95,853,084
Waste
Connections,
Inc.
(a)
....................
3,029,664
404,066,288
Waste
Management,
Inc.
.....................
2,664,559
438,479,829
1,376,313,688
a
Communications
Equipment
 — 3.0%
Arista
Networks,
Inc.
(b)
......................
440,151
51,334,811
Cisco
Systems,
Inc.
........................
9,757,075
442,678,493
Juniper
Networks,
Inc.
......................
1,090,558
30,568,341
Motorola
Solutions,
Inc.
.....................
1,364,283
325,504,281
850,085,926
a
Containers
&
Packaging
 — 0.8%
Amcor
PLC
..............................
11,670,134
151,128,235
Ball
Corp.
(a)
..............................
292,346
21,464,043
International
Paper
Co.
......................
713,521
30,517,293
Packaging
Corp.
of
America
..................
284,435
39,994,406
243,103,977
a
Security
Shares
Value
a
Diversified
Financial
Services
 — 1.4%
Berkshire
Hathaway,
Inc.,
Class
B
(b)
.............
1,338,451
$
402,338,371
a
Diversified
Telecommunication
Services
 — 1.9%
AT&T,
Inc.
...............................
7,339,263
137,831,359
Liberty
Global
PLC,
Class
C,
NVS
(a)(b)
............
708,619
16,220,289
Verizon
Communications,
Inc.
.................
8,290,666
382,945,863
536,997,511
a
Electric
Utilities
 — 4.8%
Alliant
Energy
Corp.
........................
538,669
32,821,102
American
Electric
Power
Co.,
Inc.
...............
1,368,662
134,895,327
Duke
Energy
Corp.
........................
3,147,360
345,989,285
Evergy,
Inc.
..............................
313,514
21,400,466
Eversource
Energy
........................
811,932
71,628,641
NextEra
Energy,
Inc.
.......................
1,595,698
134,820,524
Southern
Co.
(The)
........................
4,413,726
339,371,392
Xcel
Energy,
Inc.
..........................
4,022,503
294,366,769
1,375,293,506
a
Electronic
Equipment,
Instruments
&
Components
 — 2.2%
Amphenol
Corp.,
Class
A
....................
2,872,883
221,585,466
Arrow
Electronics,
Inc.
(b)
.....................
628,737
80,585,221
Keysight
Technologies,
Inc.
(b)
..................
1,671,404
271,770,290
Zebra
Technologies
Corp.,
Class
A
(b)
.............
143,226
51,230,508
625,171,485
a
Entertainment
 — 2.3%
Activision
Blizzard,
Inc.
......................
3,413,922
272,943,064
Electronic
Arts,
Inc.
........................
1,809,848
237,506,353
Take-Two
Interactive
Software,
Inc.
(b)
.............
1,113,094
147,740,966
Walt
Disney
Co.
(The)
(b)
.....................
134,229
14,241,697
672,432,080
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.8%
American
Tower
Corp.
......................
325,397
88,127,270
Crown
Castle,
Inc.
.........................
991,534
179,130,532
Equinix,
Inc.
.............................
37,866
26,647,819
Extra
Space
Storage,
Inc.
....................
249,126
47,214,360
Public
Storage
............................
1,048,569
342,263,407
SBA
Communications
Corp.
..................
344,180
115,572,202
798,955,590
a
Food
&
Staples
Retailing
 — 2.3%
Kroger
Co.
(The)
..........................
5,904,609
274,210,042
Walmart,
Inc.
.............................
2,846,623
375,896,567
650,106,609
a
Food
Products
 — 4.1%
Campbell
Soup
Co.
(a)
.......................
1,055,326
52,080,338
General
Mills,
Inc.
(a)
........................
1,736,017
129,836,711
Hershey
Co.
(The)
.........................
1,488,073
339,221,121
Hormel
Foods
Corp.
(a)
.......................
4,236,499
209,028,861
JM
Smucker
Co.
(The)
......................
578,468
76,542,886
Kellogg
Co.
..............................
1,894,230
140,021,482
McCormick
&
Co.,
Inc.,
NVS
..................
917,715
80,162,405
Mondelez
International,
Inc.,
Class
A
.............
2,341,593
149,955,616
1,176,849,420
a
Health
Care
Equipment
&
Supplies
 — 2.1%
Abbott
Laboratories
........................
1,009,213
109,842,743
Baxter
International,
Inc.
.....................
1,896,785
111,265,408
Becton
Dickinson
and
Co.
(a)
...................
860,846
210,313,286
Cooper
Companies,
Inc.
(The)
(a)
................
187,137
61,193,799
Hologic,
Inc.
(b)
............................
858,531
61,281,943
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
PLC
...........................
533,597
$
49,368,395
603,265,574
a
Health
Care
Providers
&
Services
 — 1.9%
AmerisourceBergen
Corp.
....................
312,290
45,572,480
Humana,
Inc.
............................
67,221
32,400,522
Laboratory
Corp.
of
America
Holdings
(a)
...........
349,799
91,713,800
Quest
Diagnostics,
Inc.
......................
631,322
86,219,645
UnitedHealth
Group,
Inc.
.....................
551,032
298,846,695
554,753,142
a
Hotels,
Restaurants
&
Leisure
 — 1.7%
Domino's
Pizza,
Inc.
........................
324,948
127,415,360
McDonald's
Corp.
.........................
1,417,634
373,362,267
500,777,627
a
Household
Durables
 — 0.2%
Garmin
Ltd.
..............................
665,632
64,978,996
a
Household
Products
 — 2.7%
Church
&
Dwight
Co.,
Inc.
....................
1,208,865
106,343,854
Clorox
Co.
(The)
..........................
1,130,041
160,285,015
Colgate-Palmolive
Co.
......................
1,235,766
97,304,215
Kimberly-Clark
Corp.
.......................
612,569
80,730,469
Procter
&
Gamble
Co.
(The)
(a)
.................
2,429,282
337,451,563
782,115,116
a
Industrial
Conglomerates
 — 0.5%
3M
Co.
.................................
536,599
76,862,441
Honeywell
International,
Inc.
..................
365,785
70,398,981
147,261,422
a
Insurance
 — 4.1%
Aon
PLC,
Class
A
.........................
408,064
118,762,947
Arthur
J
Gallagher
&
Co.
(a)
....................
1,468,107
262,776,472
Assurant,
Inc.
............................
437,593
76,920,097
Erie
Indemnity
Co.,
Class
A,
NVS
(a)
..............
360,027
73,215,091
Marsh
&
McLennan
Companies,
Inc.
.............
1,702,466
279,136,325
Progressive
Corp.
(The)
.....................
2,351,467
270,559,793
Travelers
Companies,
Inc.
(The)
................
97,267
15,436,273
Willis
Towers
Watson
PLC
(a)
...................
360,383
74,577,658
1,171,384,656
a
Interactive
Media
&
Services
 — 1.1%
Alphabet,
Inc.,
Class
C,
NVS
(b)
.................
2,789,580
325,376,611
a
Internet
&
Direct
Marketing
Retail
 — 0.3%
Amazon.com,
Inc.
(a)(b)
.......................
641,440
86,562,328
eBay,
Inc.
...............................
310,004
15,075,495
101,637,823
a
IT
Services
 — 9.1%
Accenture
PLC,
Class
A
(a)
....................
1,228,653
376,287,268
Akamai
Technologies,
Inc.
(a)(b)
..................
1,533,383
147,542,112
Automatic
Data
Processing,
Inc.
................
894,711
215,732,716
Broadridge
Financial
Solutions,
Inc.
(a)
............
827,262
132,816,914
Cognizant
Technology
Solutions
Corp.,
Class
A
......
1,662,869
113,008,577
Fidelity
National
Information
Services,
Inc.
.........
455,719
46,556,253
Fiserv,
Inc.
(a)(b)
............................
1,181,991
124,912,809
International
Business
Machines
Corp.
...........
945,330
123,639,711
Jack
Henry
&
Associates,
Inc.
.................
1,051,772
218,526,668
Mastercard,
Inc.,
Class
A
(a)
...................
512,335
181,259,000
Paychex,
Inc.
............................
3,307,657
424,306,240
VeriSign,
Inc.
(b)
...........................
1,108,748
209,730,772
Visa,
Inc.,
Class
A
(a)
........................
971,965
206,163,496
Security
Shares
Value
a
IT
Services
(continued)
Western
Union
Co.
(The)
....................
5,778,303
$
98,346,717
2,618,829,253
a
Life
Sciences
Tools
&
Services
 — 1.7%
Danaher
Corp.
...........................
1,241,363
361,820,073
Thermo
Fisher
Scientific,
Inc.
..................
134,461
80,462,807
West
Pharmaceutical
Services,
Inc.
(a)
............
133,630
45,909,923
488,192,803
a
Machinery
 — 0.2%
Illinois
Tool
Works,
Inc.
(a)
.....................
138,208
28,714,094
Otis
Worldwide
Corp.
.......................
225,366
17,616,860
46,330,954
a
Media
 — 1.7%
Charter
Communications,
Inc.,
Class
A
(a)(b)
.........
341,905
147,737,150
Comcast
Corp.,
Class
A
(a)
....................
3,119,693
117,050,881
Fox
Corp.,
Class
B
.........................
531,101
16,411,021
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)(b)
........
1,773,991
193,240,840
474,439,892
a
Metals
&
Mining
 — 1.0%
Newmont
Corp.
...........................
6,157,330
278,803,902
a
Mortgage
Real
Estate
Investment
 — 0.3%
Annaly
Capital
Management,
Inc.
...............
12,563,932
86,439,852
a
Multiline
Retail
 — 2.1%
Dollar
General
Corp.
.......................
1,119,865
278,208,062
Dollar
Tree,
Inc.
(a)(b)
........................
591,878
97,872,946
Target
Corp.
.............................
1,391,111
227,279,715
603,360,723
a
Multi-Utilities
 — 2.9%
Ameren
Corp.
............................
637,228
59,338,671
CMS
Energy
Corp.
.........................
959,592
65,952,758
Consolidated
Edison,
Inc.
....................
3,209,299
318,587,112
Dominion
Energy,
Inc.
.......................
1,344,058
110,185,875
WEC
Energy
Group,
Inc.
.....................
2,645,478
274,627,071
828,691,487
a
Oil,
Gas
&
Consumable
Fuels
 — 0.5%
Cheniere
Energy,
Inc.
.......................
680,717
101,821,649
Williams
Companies,
Inc.
(The)
................
1,273,968
43,429,569
145,251,218
a
Pharmaceuticals
 — 6.4%
Bristol-Myers
Squibb
Co.
.....................
3,797,656
280,191,060
Eli
Lilly
&
Co.
............................
987,656
325,620,306
Johnson
&
Johnson
........................
2,340,373
408,441,896
Merck
&
Co.,
Inc.
..........................
4,420,297
394,909,334
Pfizer,
Inc.
..............................
5,790,069
292,456,385
Zoetis,
Inc.
..............................
660,429
120,561,314
1,822,180,295
a
Professional
Services
 — 0.7%
Booz
Allen
Hamilton
Holding
Corp.
..............
950,488
91,227,838
Verisk
Analytics,
Inc.
........................
510,239
97,072,970
188,300,808
a
Road
&
Rail
 — 1.3%
AMERCO
...............................
139,380
74,858,210
Norfolk
Southern
Corp.
......................
264,532
66,442,503
Old
Dominion
Freight
Line,
Inc.
(a)
...............
735,191
223,137,820
364,438,533
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
 — 1.9%
Broadcom,
Inc.
...........................
176,226
$
94,365,498
Intel
Corp.
..............................
555,583
20,173,219
Texas
Instruments,
Inc.
......................
2,385,101
426,670,718
541,209,435
a
Software
 — 5.7%
Adobe,
Inc.
(b)
.............................
410,919
168,526,100
Black
Knight,
Inc.
(b)
.........................
1,024,421
67,283,971
Citrix
Systems,
Inc.
........................
1,765,999
179,089,959
Microsoft
Corp.
...........................
1,340,054
376,206,760
NortonLifeLock,
Inc.
........................
5,608,265
137,570,740
Oracle
Corp.
(a)
............................
4,148,883
322,949,053
Roper
Technologies,
Inc.
(a)
....................
419,786
183,307,953
Tyler
Technologies,
Inc.
(b)
....................
307,087
122,527,713
VMware,
Inc.,
Class
A
.......................
145,041
16,853,764
Zoom
Video
Communications,
Inc.,
Class
A
(b)
.......
456,206
47,381,555
1,621,697,568
a
Specialty
Retail
 — 2.1%
AutoZone,
Inc.
(b)
..........................
106,930
228,551,113
Home
Depot,
Inc.
(The)
.....................
675,758
203,362,612
Lowe's
Companies,
Inc.
.....................
226,405
43,363,350
O'Reilly
Automotive,
Inc.
(b)
....................
190,898
134,313,924
609,590,999
a
Technology
Hardware,
Storage
&
Peripherals
 — 1.2%
Apple,
Inc.
..............................
1,237,339
201,079,961
Dell
Technologies,
Inc.,
Class
C
................
3,230,108
145,548,666
346,628,627
a
Security
Shares
Value
a
Water
Utilities
 — 0.1%
American
Water
Works
Co.,
Inc.
................
127,665
$
19,844,248
a
Wireless
Telecommunication
Services
 — 1.6%
T-Mobile
U.S.,
Inc.
(b)
........................
3,233,851
462,634,724
a
Total
Long-Term
Investments — 99.7%
(Cost:
$25,781,554,892)
..............................
28,559,003,567
a
Short-Term
Securities
Money
Market
Funds
 — 
0.8%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
189,835,614
189,835,614
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
49,067,165
49,067,165
a
Total
Short-Term
Securities — 0.8%
(Cost:
$238,811,174)
................................
238,902,779
Total
Investments
—
100.5%
(Cost:
$26,020,366,066)
..............................
28,797,906,346
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
...............
(145,108,825)
Net
Assets
—
100.0%
.................................
$
28,652,797,521
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
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
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
432,992,054
$
—
$
(243,029,900
)
(a)
$
(111,075
)
$
(15,465
)
$
189,835,614
189,835,614
$
388,860
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
50,790,000
—
(1,722,835
)
(a)
—
—
49,067,165
49,067,165
116,629
—
$
(111,075
)
$
(15,465
)
$
238,902,779
$
505,489
$
—
(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.
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
304
‌
09/16/22
$
11,801
‌
$
746,998
‌
S&P
500
E-Mini
Index
...................................................................
385
‌
09/16/22
79,570
‌
3,733,570
‌
$
4,480,568
‌
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
4,480,568
$
—
$
—
$
—
$
4,480,568
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(1,726,721
)
$
—
$
—
$
—
$
(1,726,721
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
2,552,819
$
—
$
—
$
—
$
2,552,819
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
62,437,456
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
18
2022
iShares
Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
28,559,003,567
$
—
$
—
$
28,559,003,567
Short-Term
Securities
Money
Market
Funds
..........................................
238,902,779
—
—
238,902,779
$
28,797,906,346
$
—
$
—
$
28,797,906,346
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
4,480,568
$
—
$
—
$
4,480,568
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
19
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2022
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)(b)
....................................................................
$
4,626,591
‌
$
28,559,003,567
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
25,657
‌
238,902,779
‌
Cash
...........................................................................................
768
‌
3,336,024
‌
Cash
pledged:
Futures
contracts
.................................................................................
—
‌
4,294,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................
16
‌
29,558
‌
Capital
shares
sold
................................................................................
—
‌
212,724
‌
Dividends
—
unaffiliated
............................................................................
4,634
‌
39,320,662
‌
Dividends
—
affiliated
..............................................................................
199
‌
31,132
‌
Variation
margin
on
futures
contracts
....................................................................
—
‌
1,024,597
‌
Total
assets
......................................................................................
4,657,865
‌
28,846,155,043
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
21,098
‌
189,906,626
‌
Payables:
Investment
advisory
fees
............................................................................
681
‌
3,450,896
‌
Total
liabilities
.....................................................................................
21,779
‌
193,357,522
‌
NET
ASSETS
.....................................................................................
$
4,636,086
‌
$
28,652,797,521
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
5,074,390
‌
$
27,851,087,306
‌
Accumulated
earnings
(loss)
...........................................................................
(438,304
)
801,710,215
‌
NET
ASSETS
.....................................................................................
$
4,636,086
‌
$
28,652,797,521
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
200,000
‌
388,400,000
‌
Net
asset
value
....................................................................................
$
23.18
‌
$
73.77
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
21,010
‌
$
187,331,291
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
4,917,261
‌
$
25,781,554,892
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
25,653
‌
$
238,811,174
‌
20
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
July
31,
2022
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(a)
iShares
MSCI
USA
Min
Vol
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
60,466
‌
$
460,827,716
‌
Dividends
—
affiliated
..............................................................................
205
‌
116,629
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
65
‌
388,860
‌
Foreign
taxes
withheld
.............................................................................
(
3
)
(
387,242
)
Total
investment
income
..............................................................................
60,733
‌
460,945,963
‌
EXPENSES
Investment
advisory
...............................................................................
6,441
‌
42,010,317
‌
Professional
fees
.................................................................................
—
‌
217
‌
Total
expenses
....................................................................................
6,441
‌
42,010,534
‌
Net
investment
income
...............................................................................
54,292
‌
418,935,429
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
158,234
)
(
524,636,946
)
Investments
—
affiliated
...........................................................................
11
‌
(
111,075
)
Foreign
currency
transactions
.......................................................................
—
‌
2,057
‌
Futures
contracts
...............................................................................
—
‌
(
1,726,721
)
In-kind
redemptions
(b)
.............................................................................
1,865
‌
2,412,407,762
‌
(
156,358
)
1,885,935,077
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
290,670
)
(
2,867,565,951
)
Investments
—
affiliated
...........................................................................
4
‌
(
15,465
)
Futures
contracts
...............................................................................
—
‌
2,552,819
‌
(
290,666
)
(
2,865,028,597
)
Net
realized
and
unrealized
loss
.........................................................................
(
447,024
)
(
979,093,520
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
392,732
)
$
(
560,158,091
)
(a)
For
the
period
from
November
2,
2021
(commencement
of
operations)
to
July
31,
2022.
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
21
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
Period
From
11/02/21
(a)
to
07/31/22
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................
$
54,292
‌
$
418,935,429
‌
$
494,532,373
‌
Net
realized
gain
(loss)
...........................................................
(
156,358
)
1,885,935,077
‌
3,371,054,672
‌
Net
change
in
unrealized
appreciation
(depreciation)
.......................................
(
290,666
)
(
2,865,028,597
)
2,187,151,044
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................................
(
392,732
)
(
560,158,091
)
6,052,738,089
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................
(
43,707
)
(
377,829,879
)
(
512,658,921
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
........................
5,072,525
‌
1,119,798,350
‌
(
11,581,152,074
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..................................................
4,636,086
‌
181,810,380
‌
(
6,041,072,906
)
Beginning
of
period
...............................................................
—
‌
28,470,987,141
‌
34,512,060,047
‌
End
of
period
...................................................................
$
4,636,086
‌
$
28,652,797,521
‌
$
28,470,987,141
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
22
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
Period
From
11/02/21
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
......................................................................................
$
25.11
‌
Net
investment
income
(b)
..............................................................................................
0.27
‌
Net
realized
and
unrealized
loss
(c)
........................................................................................
(1.98
)
Net
decrease
from
investment
operations
....................................................................................
(1.71
)
Distributions
from
net
investment
income
(d)
....................................................................................
(0.22
)
Net
asset
value,
end
of
period
...........................................................................................
$
23.18
‌
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
(6.83
)%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.18
%
(h)
Net
investment
income
.................................................................................................
1.51
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
4,636
‌
Portfolio
turnover
rate
(i)
.................................................................................................
31
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
Annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
23
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Min
Vol
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
76.19
‌
$
63.37
‌
$
62.75
‌
$
54.90
‌
$
49.89
‌
Net
investment
income
(a)
................................
1.13
‌
1.08
‌
1.29
‌
1.23
‌
1.02
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(2.52
)
12.84
‌
0.62
‌
7.77
‌
4.98
‌
Net
increase
(decrease)
from
investment
operations
...............
(1.39
)
13.92
‌
1.91
‌
9.00
‌
6.00
‌
Distributions
from
net
investment
income
(c)
......................
(1.03
)
(1.10
)
(1.29
)
(1.15
)
(0.99
)
Net
asset
value,
end
of
year
..............................
$
73.77
‌
$
76.19
‌
$
63.37
‌
$
62.75
‌
$
54.90
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(1.85
)%
22.23
%
3.18
%
16.61
%
12.16
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
...................................
1.50
%
1.59
%
2.06
%
2.12
%
1.95
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
28,652,798
‌
$
28,470,987
‌
$
34,512,060
‌
$
30,646,395
‌
$
15,191,622
‌
Portfolio
turnover
rate
(f)
...................................
20
%
23
%
22
%
21
%
22
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
24
2022
iShares
Annual
Report
to
Shareholders
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2022,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
ESG
MSCI
USA
Min
Vol
Factor
(a)
..........................................................................................
Non-diversified
MSCI
USA
Min
Vol
Factor
...............................................................................................
Diversified
(a)
The
Fund
commenced
operations
on
November
2,
2021.
Notes
to
Financial
Statements
(
continued)
25
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments. 
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g., market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active markets/exchanges
for
identical
assets
or
liabilities that each
Fund has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active, inputs
other than
quoted prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield curves, volatilities, prepayment
speeds, loss
severities,
credit
risks
and
default
rates)
or
other
market-
corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent observable
inputs are
not
available,
(including
the
Global
Valuation
Committee’s
assumptions
used
in determining the
fair value
of
financial instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(continued)
26
2022
iShares
Annual
Report
to
Shareholders
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
ESG
MSCI
USA
Min
Vol
Factor
BofA
Securities,
Inc.
.........................................
$
3,540
‌
$
(3,540
)
$
—
‌
$
—
‌
Jefferies
LLC
..............................................
54
‌
(54
)
—
‌
—
‌
RBC
Capital
Markets
LLC
.....................................
17,416
‌
(17,416
)
—
‌
—
‌
$
21,010
‌
$
(21,010
)
$
—
‌
$
—
‌
a
MSCI
USA
Min
Vol
Factor
Barclays
Capital,
Inc.
........................................
957,432
‌
(957,432
)
—
‌
—
‌
BNP
Paribas
SA
............................................
9,868,409
‌
(9,868,409
)
—
‌
—
‌
BofA
Securities,
Inc.
.........................................
49,111,738
‌
(49,111,738
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
...................................
4,825,690
‌
(4,825,690
)
—
‌
—
‌
Credit
Suisse
Securities
(USA)
LLC
...............................
17,899
‌
(17,899
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
....................................
8,947,959
‌
(8,947,959
)
—
‌
—
‌
HSBC
Bank
PLC
...........................................
7,368,270
‌
(7,368,270
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
....................................
38,410,798
‌
(38,410,798
)
—
‌
—
‌
Jefferies
LLC
..............................................
2,825,255
‌
(2,817,864
)
—
‌
7,391
(b)
Morgan
Stanley
............................................
3,770,887
‌
(3,770,887
)
—
‌
—
‌
RBC
Capital
Markets
LLC
.....................................
174,668
‌
(174,668
)
—
‌
—
‌
SG
Americas
Securities
LLC
...................................
30,136,180
‌
(28,325,720
)
—
‌
1,810,460
(b)
State
Street
Bank
&
Trust
Co.
...................................
45,127
‌
(45,127
)
—
‌
—
‌
UBS
AG
.................................................
28,686,123
‌
(28,686,123
)
—
‌
—
‌
Virtu
Americas
LLC
..........................................
1,383,160
‌
(1,383,160
)
—
‌
—
‌
Wells
Fargo
Bank
N.A.
.......................................
801,696
‌
(801,696
)
—
‌
—
‌
$
187,331,291
‌
$
(185,513,440
)
$
—
‌
$
1,817,851
‌
a
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
a
counterparty.
Notes
to
Financial
Statements
(
continued)
27
Notes
to
Financial
Statements
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2022,
each
Fund
retained
77%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
was
not
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
ESG
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
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.
.
.
.
.
.
.
.
.
.
0.18%
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
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.
.
0.15
Notes
to
Financial
Statements
(continued)
28
2022
iShares
Annual
Report
to
Shareholders
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended July
31,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
July
31,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2022,
purchases
and
sales
of
investments,
excluding
short-term
investments
and
in-kind
transactions,
were
as
follows:
For
the year
ended
July
31,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2022,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Fees
Paid
to
BTC
ESG
MSCI
USA
Min
Vol
Factor
..........................................................................................
$
19
‌
MSCI
USA
Min
Vol
Factor
..............................................................................................
163,513
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Min
Vol
Factor
..........................................................
$
1,113,751,955
‌
$
1,245,711,075
‌
$
(228,961,633
)
iShares
ETF
Purchases
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
1,055,713
‌
$
1,039,165
‌
MSCI
USA
Min
Vol
Factor
............................................................................
5,712,103,639
‌
5,674,447,295
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
6,261,416
‌
$
1,204,334
‌
MSCI
USA
Min
Vol
Factor
............................................................................
9,058,111,419
‌
7,990,470,626
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
1,865
‌
$
(1,865
)
MSCI
USA
Min
Vol
Factor
............................................................................
2,397,418,141
‌
(2,397,418,141
)
iShares
ETF
Year
Ended
07/31/22
ESG
MSCI
USA
Min
Vol
Factor
Ordinary
income
..............................................................................................................
$
43,707
‌
Notes
to
Financial
Statements
(
continued)
29
Notes
to
Financial
Statements
As
of
July
31,
2022,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
July
31,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
iShares
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
MSCI
USA
Min
Vol
Factor
Ordinary
income
..........................................................................................
$
377,829,879
‌
$
512,658,921
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
ESG
MSCI
USA
Min
Vol
Factor
...................................
$
10,550
‌
$
(144,558
)
$
(304,296
)
$
(438,304
)
MSCI
USA
Min
Vol
Factor
.......................................
69,395,548
‌
(1,983,684,771
)
2,715,999,438
‌
801,710,215
‌
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
MSCI
USA
Min
Vol
Factor
....................................
$
4,956,544
‌
$
181,916
‌
$
(486,212
)
$
(304,296
)
MSCI
USA
Min
Vol
Factor
........................................
26,081,906,908
‌
3,969,764,115
‌
(1,253,764,677
)
2,715,999,438
‌
Notes
to
Financial
Statements
(continued)
30
2022
iShares
Annual
Report
to
Shareholders
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/22
Year
Ended
07/31/21
iShares
ETF
Shares
Amount
Shares
Amount
ESG
MSCI
USA
Min
Vol
Factor
(a)
Shares
sold
...............................................
250,000
‌
$
6,279,385
‌
—
‌
$
—
‌
Shares
redeemed
...........................................
(50,000
)
(1,206,860
)
—
‌
—
‌
200,000
‌
$
5,072,525
‌
—
‌
$
—
‌
MSCI
USA
Min
Vol
Factor
Shares
sold
...............................................
121,200,000
‌
$
9,094,785,815
‌
25,300,000
‌
$
1,741,186,816
‌
Shares
redeemed
...........................................
(106,500,000
)
(7,974,987,465
)
(196,200,000
)
(13,322,338,890
)
14,700,000
‌
$
1,119,798,350
‌
(170,900,000
)
$
(11,581,152,074
)
(a)
The
Fund
commenced
operations
on
November
2,
2021.
Report
of
Independent
Registered
Public
Accounting
Firm
31
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
 iShares
Trust
and
Shareholders
of
each
of
the two funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2022,
the
related
statements
of
operations
and
of
changes
in
net
assets
for
each
of
the
periods
indicated
in
the
table
below,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the periods
indicated
therein (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
July
31,
2022,
the
results
of
each
of
their
operations
and
the
changes
in
each
of
their
net
assets
for
the
periods
indicated
in
the
table
below,
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2022 by
correspondence
with
the
custodian,
transfer
agent
and
brokers. 
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
    iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(1)
    iShares
MSCI
USA
Min
Vol
Factor
ETF
(2)
(1)
Statement
of
operations
and
statement
of
changes
in
net
assets
for
the
period
November
2,
2021
(commencement
of
operations)
to
July
31,
2022.
(2)
Statement
of
operations
for
the
year
ended
July
31,
2022
and
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2022.
Important
Tax
Information
(unaudited)
32
2022
iShares
Annual
Report
to
Shareholders
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
U
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
56,372‌
MSCI
USA
Min
Vol
Factor
...............................................................................................
426,037,346‌
iShares
ETF
Qualified
Business
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
317‌
MSCI
USA
Min
Vol
Factor
...............................................................................................
6,858,708‌
iShares
ETF
Dividends-Received
Deduction
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
100.00‌%
MSCI
USA
Min
Vol
Factor
...............................................................................................
98.23‌ 
Board
Review
and
Approval
of
Investment
Advisory
Contract
33
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Trustees
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
to
consider
and
approve
the
proposed
Investment
Advisory
Contract
between
the
Trust
and
BFA
(the
“Advisory
Contract”)
on
behalf
of
the
Fund.
The
Independent
Trustees
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
proposed
Advisory
Contract.
At
a
meeting
held
on
September
29
–
October
1,
2021,
the
Board,
including
the
Independent
Board
Members,
approved
the
selection
of
BFA
as
investment
adviser
and
approved
the
proposed
Advisory
Contract
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA.
The
Board
also
considered
information
previously
provided
by
BFA,
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
and
BlackRock,
Inc.
(“BlackRock”),
as
applicable,
at
prior
Board
meetings.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
Advisory
Contract
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BFA;
(iii)
the
costs
of
services
to
be
provided
to
the
Fund
and
the
availability
of
information
related
to
profits
to
be
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
no
one
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
Advisory
Contract
are
discussed
below.
Expenses
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
further
noted
that
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
overall
fund
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
overall
fund
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
of
the
Fund
supported
the
Board’s
approval
of
the
Advisory
Contract.
Nature,
Extent
and
Quality
of
Services:
The
Board
reviewed
the
scope
of
services
to
be
provided
by
BFA
under
the
Advisory
Contract.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time
and
have
made
significant
investments
into
the
iShares
business
to
support
the
iShares
funds
and
their
shareholders.
The
Board
considered
representations
by
BFA,
BTC,
and
BlackRock
that
the
scope
and
quality
of
services
to
be
provided
to
the
Fund
would
be
similar
to
the
scope
and
quality
of
services
provided
to
other
iShares
funds.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
other
iShares
funds.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
relevant,
and
has
provided
information
and
made
appropriate
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
who
will
be
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
that
will
be
available
to
them
in
managing
the
Fund.
The
Board
also
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
which
were
provided
throughout
the
year
with
respect
to
other
iShares
funds.
Based
on
review
of
this
information,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
to
be
provided
to
the
Fund
under
the
Advisory
Contract
supported
the
Board’s
approval
of
the
Advisory
Contract.
Costs
of
Services
to
be
Provided
to
the
Fund
and
Profits
to
be
Realized
by
BFA
and
Affiliates:
The
Board
did
not
consider
the
profitability
of
the
Fund
to
BFA
based
on
the
fees
payable
under
the
Advisory
Contract
or
revenue
to
be
received
by
BFA
or
its
affiliates
in
connection
with
services
to
be
provided
to
the
Fund
since
the
proposed
relationship
had
not
yet
commenced.
The
Board
noted
that
it
expects
to
receive
profitability
information
from
BFA
periodically
following
the
Fund’s
launch
and
will
thus
be
in
a
position
to
evaluate
whether
any
new
or
additional
breakpoints
or
other
adjustments
in
Fund
fees
would
be
appropriate.
Economies
of
Scale:
The
Board
considered
information
that
it
had
previously
received
regarding
economies
of
scale,
efficiencies
and
scale
benefits
shared
with
the
iShares
funds
through
relatively
low
fee
rates
established
at
inception,
breakpoints
and
waivers
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Contract
for
the
Fund
did
not
provide
for
any
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
This
consideration
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
Advisory
Contract.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-
end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”),
and
acknowledged
BFA’s
assertion
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
further
noted
that
BFA
previously
provided
the
Board
with
detailed
information
regarding
how
the
Other
Accounts
(particularly
institutional
clients)
generally
differ
from
the
iShares
funds,
including
in
terms
of
the
different
and
generally
more
extensive
services
provided
to
the
iShares
funds,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
34
2022
iShares
Annual
Report
to
Shareholders
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement.
Other
Benefits
to
BFA
and/or
its
Affiliates:
Except
as
noted
below,
the
Board
did
not
consider
the
“fallout”
benefits
or
ancillary
revenue
to
be
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
to
be
provided
to
the
Fund
by
BFA
since
the
proposed
relationship
had
not
yet
commenced.
However,
the
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
considered
the
potential
payment
of
advisory
fees
and/or
administration
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
and/or
administration
services.
The
Board
also
noted
the
potential
revenue
to
be
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
would
permit
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
also
considered
the
potential
for
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
and
its
affiliates
in
the
event
of
any
loaning
of
portfolio
securities
of
the
Fund.
The
Board
further
noted
that
any
portfolio
transactions
on
behalf
of
the
Fund
placed
through
a
BFA
affiliate
or
purchased
from
an
underwriting
syndicate
in
which
a
BFA
affiliate
participates
(including
associated
commissions),
will
be
reported
to
the
Board
pursuant
to
Rule
17e-1
or
Rule
10f-3,
as
applicable,
under
the
1940
Act.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
Advisory
Contract.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund
investment
advisory
fee
rate
under
the
Advisory
Contract
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
to
be
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
Advisory
Contract.
iShares
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
35
Board
Review
and
Approval
of
Investment
Advisory
Contract
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
36
2022
iShares
Annual
Report
to
Shareholders
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
37
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
July
31,
2022
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
ESG
MSCI
USA
Min
Vol
Factor
.........
$
0.218535
‌
$
—
‌
$
—
‌
$
0.218535
‌
100
%
—
%
—
%
100
%
MSCI
USA
Min
Vol
Factor
.............
1.026342
‌
—
‌
—
‌
1.026342
‌
100
—
—
100
Trustee
and
Officer
Information
(unaudited)
38
2022
iShares
Annual
Report
to
Shareholders
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
384
funds
as
of
July
31,
2022.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
Park
Avenue
Plaza,
55
East
52nd
Street,
New
York,
NY
10055.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(65)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(52)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(67)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(66)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(67)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(73)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018)
and
Investment
Committee
(since
2011);
Chair
(1994-2005)
and
Member
(since
1992)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-
2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
(since
2019).
Trustee
and
Officer
Information
(unaudited)
(
continued)
39
Trustee
and
Officer
Information
Officers
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(63)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
John
E.
Martinez
(61)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(57)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Armando
Senra
(51)
President
(since
2019).
Managing
Director,
BlackRock,
Inc.
(since
2007);
Head
of
U.S.,
Canada
and
Latam
iShares,
BlackRock,
Inc.
(since
2019);
Head
of
Latin
America
Region,
BlackRock,
Inc.
(2006-2019);
Managing
Director,
Bank
of
America
Merrill
Lynch
(1994-2006).
Trent
Walker
(48)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(54)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(41)
Secretary
(since
2022).
Director,
BlackRock,
Inc.
(since
2018);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(40)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(46)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(51)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
March
18,
2022,
Rachel
Aguirre,
Jennifer
Hsui,
and
James
Mauro
have
replaced
Scott
Radell,
Alan
Mason,
and
Marybeth
Leithead
as
Executive
Vice
Presidents.
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Independent
Trustees
(
continued
)
General
Information
40
2022
iShares
Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
41
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-AR-717-0722
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.