iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ

iShares ESG Advanced MSCI USA ETF | USXF | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

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

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

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

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

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

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

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

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

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

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

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		34
Statement Regarding Liquidity Risk Management Program		43
Supplemental Information		44
General Information		45
Glossary of Terms Used in this Report		46


Fund Summary as of February 28, 2022		iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since Inception		1 Year			Since Inception
Fund NAV		(11.32	)%		(1.08	)%		12.77%		(1.08	)%		22.77%
Fund Market		(11.76	)		(1.46	)		12.59		(1.46	)		22.43
Index		(11.15	)		(0.88	)		13.03		(0.88	)		23.23

The inception date of the Fund was 6/16/20. The first day of secondary market trading was 6/18/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 886.80

$ 0.56

$ 1,000.00

$ 1,024.20

$ 0.60

0.12%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)

Financials			22.8%
Industrials			17.4
Information Technology			13.4
Health Care			12.0
Consumer Discretionary			9.2
Materials			7.4
Communication Services			6.4
Consumer Staples			6.1
Real Estate			4.7
Utilities			0.6

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION




Country/Geographic Region			Percent of Total Investments^(a)

Japan			27.2%
United Kingdom			10.7
France			9.9
Switzerland			9.3
Netherlands			7.8
Germany			7.3
Australia			4.9
Sweden			4.5
Denmark			3.9
Hong Kong			3.6


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


Fund Summary as of February 28, 2022		iShares^® ESG Advanced MSCI EM ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since Inception		1 Year			Since Inception
Fund NAV		(7.05	)%		(2.61	)%		13.68%		(2.61	)%		19.67%
Fund Market		(6.59	)		(1.06	)		14.40		(1.06	)		20.73
Index		(7.22	)		(2.47	)		14.15		(2.47	)		20.36

The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 929.50

$ 0.77

$ 1,000.00

$ 1,024.00

$ 0.80

0.16%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)

Financials			32.5%
Information Technology			20.1
Consumer Discretionary			16.8
Communication Services			9.4
Consumer Staples			5.4
Materials			4.9
Health Care			4.9
Industrials			3.6
Real Estate			1.9
Utilities			0.5

TEN LARGEST GEOGRAPHIC ALLOCATION




Country/Geographic Region			Percent of Total Investments^(a)

China			32.5%
Taiwan			18.8
India			12.3
South Korea			7.2
South Africa			7.0
Brazil			4.0
Indonesia			2.8
Thailand			2.6
United Arab Emirates			2.5
Malaysia			2.1

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® ESG Advanced MSCI USA ETF

Investment Objective

The iShares ESG Advanced MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI USA Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since Inception		1 Year			Since Inception
Fund NAV		(7.76	)%		10.20	%		21.58%		10.20	%		39.59%
Fund Market		(7.68	)		10.12			21.69		10.12			39.80
Index		(7.90	)		9.92			21.36		9.92			39.13

The inception date of the Fund was 6/16/20. The first day of secondary market trading was 6/18/20.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 922.40

$ 0.48

$ 1,000.00

$ 1,024.30

$ 0.50

0.10%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)

Information Technology			42.4%
Health Care			12.7
Financials			12.1
Consumer Discretionary			9.2
Industrials			7.8
Consumer Staples			5.3
Real Estate			4.6
Materials			3.8
Communication Services			1.9
Utilities			0.2

TEN LARGEST HOLDINGS




Sector			Percent of Total Investments^(a)

Microsoft Corp.			12.5%
NVIDIA Corp.			3.6
Visa Inc., Class A			2.1
Home Depot Inc. (The)			1.9
Mastercard Inc., Class A			1.8
Coca-Cola Co. (The)			1.5
Cisco Systems Inc.			1.4
PepsiCo Inc.			1.3
Adobe Inc.			1.3
Verizon Communications Inc.			1.3

^(a)

Excludes money market funds.


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		7

Schedule of Investments (unaudited)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.9%
ASX Ltd.		7,447	$	447,278
Aurizon Holdings Ltd.		81,379		207,590
Australia & New Zealand Banking Group Ltd.		116,717		2,209,668
BlueScope Steel Ltd.		21,302		315,437
Brambles Ltd.		64,060		461,406
Cochlear Ltd.		2,876		469,490
Computershare Ltd.		20,862		329,627
CSL Ltd.		19,948		3,792,594
Dexus		43,131		341,424
Evolution Mining Ltd.		77,979		241,126
Fortescue Metals Group Ltd.		71,006		945,966
Goodman Group		66,746		1,079,927
GPT Group/The		75,709		270,135
IDP Education Ltd.		9,003		174,114
Lendlease Corp. Ltd.		28,914		223,065
Medibank Pvt Ltd.		107,185		247,223
Mineral Resources Ltd.		7,076		232,553
Mirvac Group		161,048		300,341
Newcrest Mining Ltd.		34,473		639,502
Northern Star Resources Ltd.		48,394		360,680
Orica Ltd.		16,418		175,044
QBE Insurance Group Ltd.		61,433		512,659
Ramsay Health Care Ltd.		7,753		361,660
REA Group Ltd.		2,267		218,514
Reece Ltd.		13,176		186,535
Scentre Group		215,700		479,199
SEEK Ltd.		15,322		299,129
Sonic Healthcare Ltd.		19,831		506,039
Stockland		101,449		306,974
Suncorp Group Ltd.		57,897		450,365
Transurban Group		122,958		1,135,690
Vicinity Centres		160,861		209,463
WiseTech Global Ltd.		5,985		191,616


				18,322,033

Austria — 0.2%
Erste Group Bank AG		14,705		522,716
Raiffeisen Bank International AG		5,678		92,523
voestalpine AG		4,770		157,653


				772,892

Belgium — 0.7%
Ageas SA/NV		7,137		343,334
Elia Group SA/NV		1,414		203,564
Groupe Bruxelles Lambert SA		4,525		469,859
KBC Group NV		10,432		751,593
Proximus SADP		5,490		109,143
Solvay SA		3,243		361,661
Umicore SA		7,911		323,636


				2,562,790

Denmark — 3.9%
Ambu A/S, Class B^(a)		6,283		115,863
AP Moller - Maersk A/S, Class A		185		554,716
AP Moller - Maersk A/S, Class B, NVS		188		594,740
Chr Hansen Holding A/S		4,576		333,610
Demant A/S^(b)		4,576		193,385
DSV A/S		8,258		1,519,940
Genmab A/S^(b)		2,722		914,854
GN Store Nord AS		5,622		297,196
Novo Nordisk A/S, Class B		69,850		7,228,316


Security	Shares		Value

Denmark (continued)
Novozymes A/S, Class B		9,040	$	593,319
Pandora A/S		4,456		456,282
Rockwool International A/S, Class B		372		127,526
Tryg A/S		14,167		320,540
Vestas Wind Systems A/S		41,932		1,352,168


				14,602,455

Finland — 1.6%
Elisa Oyj		5,373		297,703
Kesko Oyj, Class B		12,263		360,896
Kone Oyj, Class B		14,825		865,092
Nokia Oyj^(b)		221,264		1,196,450
Nordea Bank Abp		133,493		1,476,903
Orion Oyj, Class B		4,281		201,031
Sampo Oyj, Class A		20,201		953,174
Stora Enso Oyj, Class R		25,750		490,384
Wartsila OYJ Abp		20,455		229,087


				6,070,720

France — 9.7%
Accor SA^(b)		6,650		227,119
Aeroports de Paris^(b)		1,220		172,495
Air Liquide SA		19,592		3,254,331
Amundi SA^(c)		2,721		188,717
Arkema SA		2,815		373,317
AXA SA		80,520		2,191,621
BioMerieux		1,649		181,244
BNP Paribas SA		47,275		2,743,109
Bouygues SA		9,892		353,719
Bureau Veritas SA		12,386		354,151
Capgemini SE		6,466		1,353,525
Carrefour SA		26,109		524,902
Cie. Generale des Etablissements Michelin SCA		6,832		940,476
CNP Assurances		6,784		165,348
Covivio		1,958		160,185
Credit Agricole SA		51,266		653,044
Danone SA		26,901		1,636,636
Dassault Systemes SE		26,901		1,297,604
Edenred		11,237		511,338
Eiffage SA		3,545		361,108
Eurazeo SE		1,648		127,293
Eurofins Scientific SE		5,759		584,411
Gecina SA		1,835		233,194
Getlink SE		19,052		310,725
Hermes International		1,318		1,817,570
Ipsen SA		1,661		193,273
Klepierre SA		8,065		230,534
Legrand SA		11,529		1,087,646
L’Oreal SA		10,500		4,150,904
Orpea SA		2,326		96,320
Publicis Groupe SA		8,723		578,908
Sartorius Stedim Biotech		1,159		444,442
Schneider Electric SE		22,469		3,481,259
SEB SA		1,220		177,432
Societe Generale SA		34,221		967,686
Sodexo SA		3,974		331,776
Ubisoft Entertainment SA^(b)		3,993		214,093
Unibail-Rodamco-Westfield^(a)(b)		5,129		390,962
Valeo		9,699		213,903
Vinci SA		22,302		2,338,396
Vivendi SE		34,404		434,308


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Wendel SE		981	$	99,590
Worldline SA/France^(b)(c)		9,707		494,991


				36,643,605

Germany — 6.8%
adidas AG		7,902		1,868,362
Allianz SE, Registered		16,976		3,826,684
Aroundtown SA		43,143		266,026
Bayerische Motoren Werke AG		13,847		1,333,565
Bechtle AG		3,553		182,255
Beiersdorf AG		4,351		441,052
Brenntag SE		6,103		511,630
Carl Zeiss Meditec AG, Bearer		1,647		258,471
Commerzbank AG^(b)		41,622		347,840
Covestro AG^(c)		8,606		455,134
Daimler Truck Holding AG^(b)		17,080		520,523
Delivery Hero SE^(b)(c)		6,619		354,783
Deutsche Boerse AG		7,869		1,339,482
Deutsche Lufthansa AG, Registered^(b)		24,766		190,883
Deutsche Post AG, Registered		40,667		2,044,013
Evonik Industries AG		9,151		275,460
GEA Group AG		6,649		290,753
Hannover Rueck SE		2,505		461,175
HeidelbergCement AG		6,229		404,181
HelloFresh SE^(b)		7,146		389,786
Henkel AG & Co. KGaA		4,584		352,451
Infineon Technologies AG		53,472		1,809,273
KION Group AG		3,111		249,397
Knorr-Bremse AG		2,999		264,392
LANXESS AG		3,558		173,316
LEG Immobilien SE		2,999		385,642
Merck KGaA		5,335		1,058,184
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		5,833		1,600,208
Nemetschek SE		2,501		221,917
Puma SE		3,859		353,887
Rational AG		186		136,889
Scout24 SE^(c)		3,254		189,807
Symrise AG		5,559		661,224
Telefonica Deutschland Holding AG		41,791		114,041
United Internet AG, Registered^(d)		3,660		124,470
Vonovia SE		30,348		1,610,963
Zalando SE^(b)(c)		9,839		651,211


				25,719,330

Hong Kong — 3.5%
AIA Group Ltd.		500,200		5,193,999
BOC Hong Kong Holdings Ltd.		156,000		560,830
Chow Tai Fook Jewellery Group Ltd.^(b)		82,000		170,276
CK Asset Holdings Ltd.		80,000		505,284
ESR Cayman Ltd.^(b)(c)		88,000		271,482
Hang Lung Properties Ltd.		63,000		132,053
Hang Seng Bank Ltd.		24,400		449,963
HKT Trust & HKT Ltd., Class SS		183,000		246,823
Hong Kong Exchanges & Clearing Ltd.		39,900		1,933,421
Link REIT		89,800		725,656
MTR Corp. Ltd.^(a)		64,500		334,336
New World Development Co. Ltd.		61,000		243,978
Sino Land Co. Ltd.		138,000		174,183
Sun Hung Kai Properties Ltd.		62,000		720,798
Swire Properties Ltd.		48,800		126,905


Security	Shares		Value

Hong Kong (continued)
Techtronic Industries Co. Ltd.		61,000	$	1,022,119
WH Group Ltd.^(c)		335,500		233,982
Wharf Real Estate Investment Co. Ltd.		63,000		282,825


				13,328,913

Ireland — 0.9%
CRH PLC		32,660		1,484,666
James Hardie Industries PLC		19,216		627,346
Kerry Group PLC, Class A		6,778		807,525
Smurfit Kappa Group PLC		10,313		515,054


				3,434,591

Israel — 0.9%
Bank Hapoalim BM		37,500		397,443
Bank Leumi Le-Israel BM		48,631		526,816
Check Point Software Technologies Ltd.^(b)		4,585		664,275
CyberArk Software Ltd.^(b)		1,708		290,599
Fiverr International Ltd.^(a)(b)		947		74,728
Israel Discount Bank Ltd., Class A		49,904		329,075
Kornit Digital Ltd.^(b)		1,952		185,108
Mizrahi Tefahot Bank Ltd.		6,042		236,117
Nice Ltd.^(b)		2,624		593,570
Wix.com Ltd.^(a)(b)		2,217		203,033


				3,500,764

Italy — 1.4%
Amplifon SpA		4,949		212,384
Assicurazioni Generali SpA		46,992		929,353
DiaSorin SpA		1,103		165,069
Ferrari NV		5,085		1,092,707
FinecoBank Banca Fineco SpA		17,232		287,186
Infrastrutture Wireless Italiane SpA^(c)		13,792		140,834
Mediobanca Banca di Credito Finanziario SpA		22,298		232,216
Moncler SpA		8,909		534,986
Nexi SpA^(b)(c)		19,951		272,490
Poste Italiane SpA^(c)		23,554		270,153
Prysmian SpA		11,103		365,504
Recordati Industria Chimica e Farmaceutica SpA		4,282		209,439
Telecom Italia SpA/Milano		409,439		172,024
Terna - Rete Elettrica Nazionale		66,194		542,314


				5,426,659

Japan — 26.9%
Advantest Corp.		6,700		538,445
Aeon Co. Ltd.		30,500		690,937
Ajinomoto Co. Inc.		18,300		533,280
ANA Holdings Inc.^(b)		6,200		136,513
Asahi Kasei Corp.		53,200		499,273
Astellas Pharma Inc.		75,400		1,257,990
Azbil Corp.		6,100		231,549
Bridgestone Corp.		25,100		1,033,641
Brother Industries Ltd.		12,200		222,051
Canon Inc.		43,400		1,021,330
Capcom Co. Ltd.		6,100		148,052
Central Japan Railway Co.		6,100		824,209
Chiba Bank Ltd/The		24,400		153,377
Chugai Pharmaceutical Co. Ltd.		30,500		1,011,795
CyberAgent Inc.		15,300		200,211
Dai Nippon Printing Co. Ltd.		6,100		159,239
Daifuku Co. Ltd.		6,100		441,194
Dai-ichi Life Holdings Inc.		43,500		903,414
Daiichi Sankyo Co. Ltd.		75,300		1,836,974
Daikin Industries Ltd.		9,600		1,774,123


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Daiwa House Industry Co. Ltd.		24,400	$	691,991
Daiwa Securities Group Inc.		61,000		360,662
Denso Corp.		18,800		1,322,019
Disco Corp.		1,000		279,650
East Japan Railway Co.		12,200		722,672
Eisai Co. Ltd.		6,100		302,650
FANUC Corp.		8,100		1,487,987
Fast Retailing Co. Ltd.		2,100		1,132,760
FUJIFILM Holdings Corp.		12,200		775,482
Fujitsu Ltd.		8,200		1,191,329
Hakuhodo DY Holdings Inc.		12,200		162,119
Hankyu Hanshin Holdings Inc.		12,200		364,988
Hino Motors Ltd.		12,400		116,520
Hirose Electric Co. Ltd.		1,100		165,399
Hitachi Metals Ltd.^(b)		6,200		110,518
Hoshizaki Corp.		1,800		125,499
Hoya Corp.		15,400		2,006,137
Hulic Co. Ltd.		18,500		168,536
Ibiden Co. Ltd.		6,100		297,915
Itochu Techno-Solutions Corp.		6,100		158,133
Japan Exchange Group Inc.		24,400		456,916
Japan Metropolitan Fund Invest		307		248,468
Japan Real Estate Investment Corp.		61		325,847
JFE Holdings Inc.		18,300		272,442
JSR Corp.		6,100		191,893
Kajima Corp.		18,300		246,290
Kansai Paint Co. Ltd.		6,100		122,431
Kao Corp.		18,900		883,516
KDDI Corp.		67,100		2,183,517
Keio Corp.		6,100		249,594
Keisei Electric Railway Co. Ltd.		6,100		170,835
Keyence Corp.		7,800		3,689,405
Kikkoman Corp.		6,100		454,742
Kintetsu Group Holdings Co. Ltd.^(b)		6,100		183,258
Kobayashi Pharmaceutical Co. Ltd.		2,000		171,298
Kobe Bussan Co. Ltd.		6,100		201,970
Komatsu Ltd.		36,600		841,943
Konami Holdings Corp.		3,300		187,739
Kubota Corp.		43,400		778,668
Kurita Water Industries Ltd.		6,100		252,081
Kyocera Corp.		12,200		702,146
Kyowa Kirin Co. Ltd.		12,200		312,209
Lion Corp.		12,200		159,907
Lixil Corp.		12,200		271,906
Mazda Motor Corp.^(b)		24,400		180,471
Medipal Holdings Corp.		6,200		113,472
MEIJI Holdings Co. Ltd.		6,100		366,642
Mercari Inc.^(b)		6,100		191,052
MINEBEA MITSUMI Inc.		18,300		401,701
MISUMI Group Inc.		12,300		394,309
Mitsubishi Chemical Holdings Corp.		55,800		396,394
Mitsubishi Electric Corp.		73,200		885,392
Mitsubishi Estate Co. Ltd.		43,600		665,697
Mitsubishi Gas Chemical Co. Inc.		6,100		108,226
Mitsubishi HC Capital Inc.		30,800		160,174
Mitsubishi UFJ Financial Group Inc.		494,100		3,033,272
Mitsui Chemicals Inc.		6,100		155,944
Mitsui Fudosan Co. Ltd.		37,300		830,151
MonotaRO Co. Ltd.		12,200		229,641
MS&AD Insurance Group Holdings Inc.		18,300		619,212


Security	Shares		Value

Japan (continued)
Murata Manufacturing Co. Ltd.		24,400	$	1,658,350
NEC Corp.		9,100		393,717
NGK Insulators Ltd.		6,100		94,732
Nidec Corp.		18,800		1,634,352
Nihon M&A Center Holdings Inc.		12,900		190,805
Nintendo Co. Ltd.		4,000		2,025,807
Nippon Building Fund Inc.		61		349,550
Nippon Paint Holdings Co. Ltd.		18,300		163,787
Nippon Prologis REIT Inc.		122		358,686
Nippon Telegraph & Telephone Corp.		48,800		1,402,555
Nippon Yusen KK		6,100		571,515
Nissin Foods Holdings Co. Ltd.		2,100		167,784
Nitori Holdings Co. Ltd.		2,900		436,387
Nitto Denko Corp.		6,100		445,168
Nomura Holdings Inc.		128,100		584,530
Nomura Real Estate Holdings Inc.		6,200		154,371
Nomura Real Estate Master Fund Inc.		183		241,333
Nomura Research Institute Ltd.		12,200		428,254
NTT Data Corp.		24,900		472,953
Obayashi Corp.		31,000		259,563
Odakyu Electric Railway Co. Ltd.		12,200		201,281
Oji Holdings Corp.		37,200		190,060
Omron Corp.		6,100		415,096
Ono Pharmaceutical Co. Ltd.		18,300		450,546
Oriental Land Co. Ltd./Japan		8,400		1,552,864
Orix JREIT Inc.		122		170,680
Otsuka Corp.		6,100		236,945
Otsuka Holdings Co. Ltd.		18,300		630,878
Pan Pacific International Holdings Corp.		16,600		271,710
Persol Holdings Co. Ltd.		6,200		138,890
Rakuten Group Inc.		36,600		311,123
Recruit Holdings Co. Ltd.		56,200		2,372,213
Renesas Electronics Corp.^(b)		48,800		574,898
Resona Holdings Inc.		79,500		355,547
Ricoh Co. Ltd.		24,400		208,152
Rohm Co. Ltd.		3,200		255,212
Santen Pharmaceutical Co. Ltd.		18,300		208,567
SCSK Corp.		6,100		104,435
Secom Co. Ltd.		8,700		638,983
Seiko Epson Corp.		12,200		187,641
Sekisui Chemical Co. Ltd.		12,200		199,787
Sekisui House Ltd.		24,900		507,663
SG Holdings Co. Ltd.		12,200		258,581
Sharp Corp./Japan		6,100		57,682
Shimadzu Corp.		12,200		439,406
Shimizu Corp.		24,400		161,508
Shin-Etsu Chemical Co. Ltd.		14,800		2,311,584
Shionogi & Co. Ltd.		12,200		811,207
Shiseido Co. Ltd.		18,300		1,050,165
Shizuoka Bank Ltd/The		18,600		137,513
SoftBank Corp.		115,900		1,464,325
SoftBank Group Corp.		48,800		2,189,948
Sompo Holdings Inc.		12,200		529,700
Sony Group Corp.		51,800		5,292,520
Square Enix Holdings Co. Ltd.		6,100		297,488
SUMCO Corp.		12,200		200,247
Sumitomo Chemical Co. Ltd.		61,000		291,228
Sumitomo Dainippon Pharma Co. Ltd.		6,100		66,946
Sumitomo Metal Mining Co. Ltd.		6,100		304,283
Sumitomo Mitsui Financial Group Inc.		54,900		1,946,878


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Sumitomo Realty & Development Co. Ltd.		13,100	$	385,380
Suntory Beverage & Food Ltd.		6,100		243,079
Sysmex Corp.		6,100		488,308
T&D Holdings Inc.		18,300		265,780
Taisei Corp.		6,100		202,834
TDK Corp.		18,300		740,660
Terumo Corp.		24,400		792,472
TIS Inc.		6,100		144,379
Tobu Railway Co. Ltd.		6,100		149,942
Tokio Marine Holdings Inc.		25,100		1,428,216
Tokyo Electron Ltd.		6,400		3,140,976
Tokyu Corp.		18,300		244,056
TOPPAN INC.		12,200		240,393
Toray Industries Inc.		61,000		347,864
Tosoh Corp.		12,200		189,321
TOTO Ltd.		6,100		256,790
Toyo Suisan Kaisha Ltd.		6,100		256,425
Trend Micro Inc/Japan		6,100		340,786
Unicharm Corp.		18,300		689,803
USS Co. Ltd.		6,100		101,334
Welcia Holdings Co. Ltd.		3,000		80,002
West Japan Railway Co.		12,200		526,355
Yakult Honsha Co. Ltd.		6,100		331,040
Yamaha Corp.		6,100		286,204
Yamaha Motor Co. Ltd.		12,200		274,251
Yaskawa Electric Corp.		6,100		244,224
Yokogawa Electric Corp.		6,100		98,419
Z Holdings Corp.		112,200		549,202
ZOZO Inc.		6,100		173,700


				101,092,108

Netherlands — 7.7%
ABN AMRO Bank NV, CVA^(c)		17,712		235,698
Adyen NV^(b)(c)		854		1,779,969
AerCap Holdings NV^(b)		5,612		305,461
Akzo Nobel NV		7,505		714,042
Argenx SE^(b)		1,894		548,395
ASM International NV		1,972		636,892
ASML Holding NV		17,150		11,473,758
CNH Industrial NV		42,155		599,634
Euronext NV^(c)		3,446		311,075
EXOR NV		4,646		352,007
IMCD NV		2,334		379,138
ING Groep NV		162,541		1,898,233
InPost SA^(b)		5,002		30,890
JDE Peet’s NV		4,334		142,282
Just Eat Takeaway.com NV^(b)(c)		7,771		314,509
Koninklijke Ahold Delhaize NV		43,231		1,329,883
Koninklijke DSM NV		7,110		1,335,002
NN Group NV		11,721		562,548
Prosus NV		38,816		2,409,760
QIAGEN NV^(b)		9,102		457,306
Randstad NV		4,823		328,681
STMicroelectronics NV		27,572		1,157,417
Universal Music Group NV		30,964		706,986
Wolters Kluwer NV		10,798		1,100,205


				29,109,771

New Zealand — 0.5%
Auckland International Airport Ltd.^(b)		51,612		249,906
Fisher & Paykel Healthcare Corp. Ltd.		25,202		473,596


Security	Shares		Value

New Zealand (continued)
Mercury NZ Ltd.		36,910	$	143,776
Meridian Energy Ltd.		49,239		167,171
Ryman Healthcare Ltd.		19,520		132,773
Spark New Zealand Ltd.		81,869		251,362
Xero Ltd.^(b)		4,944		339,940


				1,758,524

Norway — 0.8%
Adevinta ASA^(b)		12,026		128,832
DNB Bank ASA		39,042		874,083
Gjensidige Forsikring ASA		8,855		219,025
Mowi ASA		15,150		390,094
Orkla ASA		31,232		292,561
Schibsted ASA, Class A		3,661		105,210
Schibsted ASA, Class B		3,847		99,581
Telenor ASA		27,521		407,190
Yara International ASA		7,231		368,274


				2,884,850

Portugal — 0.1%
Jeronimo Martins SGPS SA		11,716		255,429


Singapore — 1.7%
Ascendas Real Estate Investment Trust		140,499		288,085
CapitaLand Integrated Commercial Trust^(a)		217,181		339,891
Capitaland Investment Ltd/Singapore^(b)		104,400		286,083
City Developments Ltd.		12,600		66,673
DBS Group Holdings Ltd.		70,400		1,769,865
Oversea-Chinese Banking Corp. Ltd.		147,000		1,273,817
Singapore Airlines Ltd.^(b)		55,700		210,907
Singapore Exchange Ltd.		23,200		160,957
Singapore Telecommunications Ltd.		342,300		642,079
United Overseas Bank Ltd.		48,800		1,084,598
UOL Group Ltd.		18,700		96,912
Venture Corp. Ltd.		10,400		135,662


				6,355,529

Spain — 1.9%
ACS Actividades de Construccion y Servicios SA		9,760		238,785
Aena SME SA^(b)(c)		3,373		550,491
Amadeus IT Group SA^(b)		18,743		1,236,599
CaixaBank SA		187,541		615,994
Cellnex Telecom SA^(c)		22,725		1,027,902
EDP Renovaveis SA		13,115		318,789
Ferrovial SA		21,623		589,101
Grifols SA		14,152		268,323
Industria de Diseno Textil SA		45,413		1,184,633
Red Electrica Corp. SA		111		2,199
Telefonica SA		233,327		1,114,351


				7,147,167

Sweden — 4.5%
Assa Abloy AB, Class B		43,896		1,152,169
Atlas Copco AB, Class A		29,488		1,512,266
Atlas Copco AB, Class B		12,914		583,522
Electrolux AB, Class B		8,697		155,721
Embracer Group AB^(b)		23,180		200,668
Epiroc AB, Class A		28,452		534,632
Epiroc AB, Class B		16,841		272,999
EQT AB		12,879		431,061
Essity AB, Class B		26,414		679,789
Fastighets AB Balder, Class B^(b)		4,518		281,648
Getinge AB, Class B		9,864		382,867


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
H & M Hennes & Mauritz AB, Class B		29,008	$	484,117
Hexagon AB, Class B		80,344		1,085,421
Husqvarna AB, Class B		16,684		200,944
Industrivarden AB, Class A		4,674		129,072
Industrivarden AB, Class C		7,992		216,621
Investment AB Latour, Class B		6,405		176,924
Investor AB		14,156		313,024
Investor AB, Class B		80,244		1,633,966
Kinnevik AB, Class B^(b)		10,374		264,125
L E Lundbergforetagen AB, Class B		3,062		147,856
Lifco AB, Class B		9,152		208,039
Nibe Industrier AB, Class B		61,386		546,444
Sagax AB, Class B		6,223		169,212
Sandvik AB		48,933		1,054,629
Sinch AB^(a)(b)(c)		19,830		167,274
Skandinaviska Enskilda Banken AB, Class A		69,700		802,970
SKF AB, Class B		15,168		280,065
Svenska Cellulosa AB SCA, Class B		25,628		418,135
Svenska Handelsbanken AB, Class A		62,285		592,131
Tele2 AB, Class B		21,047		278,897
Telefonaktiebolaget LM Ericsson, Class B		120,051		1,104,697
Telia Co. AB		101,387		376,974


				16,838,879

Switzerland — 9.2%
ABB Ltd., Registered		66,745		2,255,508
Adecco Group AG, Registered		7,175		338,865
Alcon Inc.		20,811		1,607,807
Bachem Holding AG, Class B, Registered		261		155,328
Baloise Holding AG, Registered		2,074		347,898
Clariant AG, Registered		9,154		165,255
Coca-Cola HBC AG, Class DI		8,489		215,676
Geberit AG, Registered		1,353		885,102
Givaudan SA, Registered		401		1,674,338
Julius Baer Group Ltd.		9,556		559,565
Kuehne + Nagel International AG, Registered		2,390		651,789
Logitech International SA, Registered		6,998		523,653
Lonza Group AG, Registered		3,119		2,158,042
Novartis AG, Registered		91,134		7,983,541
Partners Group Holding AG		915		1,236,886
SGS SA, Registered		251		718,199
Sika AG, Registered		5,895		1,956,165
Sonova Holding AG, Registered		2,208		854,925
Straumann Holding AG, Registered		435		690,981
Swiss Life Holding AG, Registered		1,289		786,518
Swiss Prime Site AG, Registered		3,085		302,310
Swiss Re AG		13,246		1,265,730
Swisscom AG, Registered		981		587,631
Temenos AG, Registered		2,692		270,585
UBS Group AG, Registered		146,400		2,695,414
VAT Group AG^(c)		1,103		416,818
Vifor Pharma AG		2,017		354,042
Zurich Insurance Group AG		6,356		2,917,379


				34,575,950

United Kingdom — 10.6%
3i Group PLC		40,516		721,757
abrdn plc		97,539		270,352
Admiral Group PLC		8,174		325,616
Antofagasta PLC		16,352		331,093
Ashtead Group PLC		18,520		1,203,464


Security	Shares		Value

United Kingdom (continued)
Auto Trader Group PLC^(c)		38,432	$	339,895
AVEVA Group PLC		5,073		167,986
Aviva PLC		163,480		920,657
Barratt Developments PLC		43,811		356,850
Berkeley Group Holdings PLC		4,840		251,710
British Land Co PLC/The		37,150		262,529
Bunzl PLC		14,219		561,903
Burberry Group PLC		16,840		436,597
Coca-Cola Europacific Partners PLC		8,793		450,290
Compass Group PLC		72,964		1,649,209
Croda International PLC		5,856		586,179
Ferguson PLC		9,153		1,394,715
Halma PLC		16,433		530,031
Hikma Pharmaceuticals PLC		7,263		202,202
HSBC Holdings PLC		846,623		5,877,496
Informa PLC^(b)		60,943		482,537
InterContinental Hotels Group PLC^(b)		7,283		507,136
Intertek Group PLC		7,023		504,124
J Sainsbury PLC		70,029		258,275
JD Sports Fashion PLC		112,311		225,929
Kingfisher PLC		85,588		349,144
Land Securities Group PLC		28,984		307,135
Legal & General Group PLC		251,465		929,774
Lloyds Banking Group PLC		2,993,608		1,929,396
London Stock Exchange Group PLC		13,664		1,193,641
M&G PLC		107,484		295,890
Mondi PLC		19,522		409,600
Next PLC		5,378		492,422
Ocado Group PLC^(b)		21,068		387,417
Pearson PLC		29,897		258,636
Persimmon PLC		13,061		420,349
Phoenix Group Holdings PLC		28,672		237,642
Prudential PLC		113,103		1,709,944
Reckitt Benckiser Group PLC		29,737		2,518,043
RELX PLC		79,810		2,430,453
Rentokil Initial PLC		79,674		540,697
Sage Group PLC/The		40,261		377,706
Schroders PLC		5,390		220,656
Segro PLC		48,254		839,188
Severn Trent PLC		10,381		399,388
Spirax-Sarco Engineering PLC		3,172		505,472
St. James’s Place PLC		22,481		421,472
Taylor Wimpey PLC		156,648		314,202
United Utilities Group PLC		30,934		443,985
Vodafone Group PLC		1,134,705		1,997,465
Whitbread PLC^(b)		8,663		338,163
WPP PLC		47,400		666,676


				39,753,088


Total Common Stocks — 98.4% (Cost: $383,851,326)			370,156,047


Preferred Stocks

Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,480		200,553
Henkel AG & Co. KGaA, Preference Shares, NVS		7,687		610,100


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Sartorius AG, Preference Shares, NVS		1,049	$	463,147

				1,273,800


Total Preferred Stocks — 0.3% (Cost: $1,489,815)				1,273,800


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		1,047,023		1,047,232
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		30,000		30,000


				1,077,232


Total Short-Term Investments — 0.3% (Cost: $1,077,322)				1,077,232


Total Investments in Securities — 99.0% (Cost: $386,418,463)				372,507,079

Other Assets, Less Liabilities — 1.0%				3,655,098


Net Assets — 100.0%			$	376,162,177

^(a)

All or a portion of this security is on loan.

^(b)

Non-income producing security.

^(c)

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

^(d)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)

Affiliate of the Fund.

^(f)

Annualized 7-day yield as of period end.

^(g)

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 six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,552		$1,019,885	^(a)	$	—	$	(115	)	$	(90	)	$	1,047,232		1,047,023	$	1,397	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		10,000	^(a)		—		—			—			30,000		30,000		3			—

								$	(115	)	$	(90	)	$	1,077,232			$	1,400		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
Mini TOPIX Index		27		03/10/22	$	445	$	(13,862	)
Euro STOXX 50 Index		16		03/18/22		700		(40,092	)

							$	(53,954	)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	53,954

^(a)

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

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	2,025


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(55,692	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	999,485

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

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	3,172,474	$	366,983,573		$	—	$	370,156,047
Preferred Stocks		—		1,273,800			—		1,273,800
Money Market Funds		1,077,232		—			—		1,077,232

	$	4,249,706	$	368,257,373		$	—	$	372,507,079

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(53,954	)	$	—	$	(53,954	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 2.6%
Americanas SA		7,820	$	45,827
Atacadao SA		6,100		22,486
B3 SA - Brasil, Bolsa, Balcao		77,250		217,334
Banco Bradesco SA		14,930		48,968
Banco do Brasil SA		11,250		76,062
Banco Santander Brasil SA		4,460		26,436
CCR SA		16,410		37,333
Energisa SA		2,510		21,417
Hypera SA		2,499		16,211
Localiza Rent a Car SA		8,270		92,064
Lojas Renner SA		12,870		63,614
Natura & Co. Holding SA^(a)		11,960		53,371
Rede D’Or Sao Luiz SA^(b)		4,770		46,989
Rumo SA^(a)		18,050		54,075
Telefonica Brasil SA		7,000		68,647
TIM SA		9,850		26,127
TOTVS SA		6,270		40,167
WEG SA		21,700		122,948

				1,080,076

Chile — 0.4%
Banco de Chile		626,400		66,412
Banco de Credito e Inversiones SA		661		23,630
Banco Santander Chile		649,230		31,880
Falabella SA		10,190		33,533

				155,455

China — 31.9%
360 Security Technology Inc., Class A^(a)		11,489		19,124
3SBio Inc.^(a)(b)		15,000		11,922
Agricultural Bank of China Ltd., Class A		24,000		11,338
Agricultural Bank of China Ltd., Class H		350,000		132,552
Alibaba Group Holding Ltd.^(a)		138,000		1,840,094
Alibaba Health Information Technology Ltd.^(a)		60,000		42,014
Baidu Inc., ADR^(a)		3,510		535,064
Bank of China Ltd., Class H		960,000		373,455
Bank of Communications Co. Ltd., Class A		20,000		15,161
Bank of Communications Co. Ltd., Class H		120,000		82,263
Bank of Hangzhou Co. Ltd., Class A		6,000		13,638
Bank of Shanghai Co. Ltd., Class A		4,000		4,433
BeiGene Ltd., ADR^(a)		590		124,207
Beijing Enterprises Water Group Ltd.		40,000		15,803
Beijing Shiji Information Technology Co. Ltd., Class A		1,020		3,875
Beijing Sinnet Technology Co. Ltd., Class A		2,100		4,973
BYD Co. Ltd., Class A		1,000		40,212
BYD Co. Ltd., Class H		10,000		309,873
BYD Electronic International Co. Ltd.		10,000		28,218
CanSino Biologics Inc., Class H^(a)(b)		2,000		36,010
China Bohai Bank Co. Ltd., Class H^(b)		50,000		8,318
China CITIC Bank Corp. Ltd., Class H		90,000		42,292
China Conch Venture Holdings Ltd.		20,000		96,245
China Construction Bank Corp., Class A		4,000		3,827
China Construction Bank Corp., Class H		1,190,000		892,458
China Everbright Bank Co. Ltd., Class A		10,000		5,299
China Everbright Bank Co. Ltd., Class H		50,000		18,595
China Feihe Ltd.^(b)		50,000		59,663
China Galaxy Securities Co. Ltd., Class A		6,000		9,636
China Galaxy Securities Co. Ltd., Class H		55,000		31,481
China International Capital Corp. Ltd., Class A		1,400		9,384
China International Capital Corp. Ltd., Class H^(b)		16,000		38,927


Security	Shares		Value

China (continued)
China Jushi Co. Ltd., Class A		3,171	$	8,609
China Lesso Group Holdings Ltd.		10,000		15,330
China Medical System Holdings Ltd.		20,000		35,613
China Mengniu Dairy Co. Ltd.		40,000		259,770
China Merchants Bank Co. Ltd., Class A		14,000		110,666
China Merchants Bank Co. Ltd., Class H		50,000		421,465
China Minsheng Banking Corp. Ltd., Class H		70,000		27,265
China Molybdenum Co. Ltd., Class A		8,000		7,674
China Molybdenum Co. Ltd., Class H		60,000		36,114
China Railway Signal & Communication Corp. Ltd., Class A		4,200		3,225
China Resources Mixc Lifestyle Services Ltd.^(b)		8,000		41,149
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		3,000		17,007
China Ruyi Holdings Ltd.^(a)		40,000		11,905
China Southern Airlines Co. Ltd., Class A^(a)		4,900		5,376
China Southern Airlines Co. Ltd., Class H^(a)		20,000		12,617
China Three Gorges Renewables Group Co. Ltd.		14,700		16,592
China TransInfo Technology Co. Ltd., Class A		2,800		6,157
China Vanke Co. Ltd., Class A		10,000		30,437
China Vanke Co. Ltd., Class H		20,000		47,504
China Zheshang Bank Co. Ltd., Class A		2,000		1,087
CIFI Ever Sunshine Services Group Ltd.		20,000		36,371
CIFI Holdings Group Co. Ltd.		40,000		27,845
Contemporary Amperex Technology Co. Ltd., Class A		2,000		171,319
Country Garden Services Holdings Co. Ltd.		20,000		119,639
CSC Financial Co. Ltd., Class A		5,000		20,472
CSPC Pharmaceutical Group Ltd.		120,000		142,244
Dali Foods Group Co. Ltd.^(b)		40,000		21,067
Dongfeng Motor Group Co. Ltd., Class H		40,000		34,429
Fuyao Glass Industry Group Co. Ltd., Class A		700		4,876
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		8,000		39,249
GDS Holdings Ltd., ADR^(a)		1,250		55,650
Geely Automobile Holdings Ltd.		80,000		149,011
GEM Co. Ltd., Class A		2,800		4,238
Genscript Biotech Corp.^(a)		20,000		79,300
Great Wall Motor Co. Ltd., Class A		5,000		29,202
Great Wall Motor Co. Ltd., Class H		20,000		42,106
Greentown Service Group Co. Ltd.		20,000		20,090
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,024		4,829
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		700		9,331
Haitong Securities Co. Ltd., Class A		9,000		16,069
Haitong Securities Co. Ltd., Class H		24,000		20,652
Hangzhou Robam Appliances Co. Ltd., Class A		2,000		10,578
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)		2,000		22,502
Hansoh Pharmaceutical Group Co. Ltd.^(b)		20,000		42,694
Hopson Development Holdings Ltd.		9,000		18,527
Huadong Medicine Co. Ltd., Class A		700		4,199
Huatai Securities Co. Ltd., Class A		11,000		27,724
Huatai Securities Co. Ltd., Class H^(b)		10,000		16,373
Hundsun Technologies Inc., Class A		1,060		8,809
Hygeia Healthcare Holdings Co. Ltd.^(b)		4,000		21,703
Industrial & Commercial Bank of China Ltd., Class A		55,000		40,632
Industrial & Commercial Bank of China Ltd., Class H		750,000		447,716
Industrial Bank Co. Ltd., Class A		18,000		63,061
Industrial Securities Co. Ltd., Class A		4,200		5,439
Jafron Biomedical Co. Ltd., Class A		700		5,070
Jinxin Fertility Group Ltd.^(a)(b)		20,000		23,386
Jiumaojiu International Holdings Ltd.^(b)		10,000		22,465
Kingdee International Software Group Co. Ltd.^(a)		30,000		74,149


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Lee & Man Paper Manufacturing Ltd.		20,000	$	12,857
Legend Biotech Corp., ADR^(a)		520		20,587
Lenovo Group Ltd.		100,000		111,357
Li Auto Inc., ADR^(a)		7,100		216,195
Livzon Pharmaceutical Group Inc., Class A		2,000		12,161
Longfor Group Holdings Ltd.^(b)		25,000		133,688
LONGi Green Energy Technology Co. Ltd., Class A		4,000		49,790
Meituan, Class B^(a)(b)		52,000		1,155,188
Microport Scientific Corp.		9,000		25,034
Ming Yang Smart Energy Group Ltd., Class A		1,000		4,112
NetEase Inc.		26,075		504,335
NIO Inc., ADR^(a)		16,850		384,854
Orient Securities Co. Ltd., Class A		5,000		9,780
People’s Insurance Co. Group of China Ltd. (The), Class H		110,000		35,374
Pharmaron Beijing Co. Ltd., Class A		1,000		19,192
Pharmaron Beijing Co. Ltd., Class H^(b)		2,000		24,248
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		7,000		21,692
Postal Savings Bank of China Co. Ltd., Class A		15,000		13,288
Postal Savings Bank of China Co. Ltd., Class H^(b)		110,000		90,319
Sangfor Technologies Inc., Class A		700		16,124
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		32,000		44,185
Shanghai Electric Group Co. Ltd., Class A		11,483		8,037
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,400		9,397
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		5,000		20,048
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		18,000		32,491
Shanghai Pudong Development Bank Co. Ltd., Class A		10,000		13,311
Shengyi Technology Co. Ltd., Class A		3,000		9,277
Shenzhen Inovance Technology Co. Ltd., Class A		2,050		20,865
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,000		52,001
Shenzhou International Group Holdings Ltd.		11,000		184,763
Sino Biopharmaceutical Ltd.		140,000		89,371
Sinopharm Group Co. Ltd., Class H		24,000		58,180
Sungrow Power Supply Co. Ltd., Class A		1,000		19,364
Suningcom Co Ltd, Class A^(a)		19,600		11,139
Sunny Optical Technology Group Co. Ltd.		9,000		215,676
TCL Technology Group Corp., Class A		18,000		15,908
Tianfeng Securities Co. Ltd., Class A		20,000		11,184
Tongcheng Travel Holdings Ltd.^(a)		12,000		22,349
Topsports International Holdings Ltd.^(b)		20,000		20,705
Transfar Zhilian Co. Ltd., Class A		3,000		3,673
Trip.com Group Ltd., ADR^(a)		6,340		163,699
Unisplendour Corp. Ltd., Class A		3,000		10,458
Venus MedTech Hangzhou Inc., Class H^(a)(b)		5,000		13,901
Vinda International Holdings Ltd.		10,000		28,472
Vipshop Holdings Ltd., ADR^(a)		5,730		49,679
Want Want China Holdings Ltd.		50,000		53,170
Wharf Holdings Ltd. (The)		20,000		72,360
Wuhu Sanqi Interactive Entertainment Network Technology
Group Co. Ltd., Class A		2,000		6,642
WuXi AppTec Co. Ltd., Class A		1,060		17,545
WuXi AppTec Co. Ltd., Class H^(b)		5,040		71,742
Wuxi Biologics Cayman Inc., New^(a)(b)		45,000		372,214
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		14,000		22,907
Xinyi Solar Holdings Ltd.		60,000		108,982
XPeng Inc., ADR^(a)		5,010		182,214
Yadea Group Holdings Ltd.^(b)		20,000		29,671
Yonyou Network Technology Co. Ltd., Class A		3,000		14,971
Yum China Holdings Inc.		5,270		274,145
Yunnan Baiyao Group Co. Ltd., Class A		1,100		15,716
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		700		5,304


Security	Shares		Value

China (continued)
Zhejiang Weixing New Building Materials Co. Ltd., Class A		700	$	2,565
Zhongsheng Group Holdings Ltd.		10,000		69,829
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,600		6,241
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		20,000		13,257

				13,206,715

Colombia — 0.2%
Bancolombia SA		3,750		37,186
Grupo de Inversiones Suramericana SA		3,765		30,554
Interconexion Electrica SA ESP		4,290		26,479

				94,219

Czech Republic — 0.1%
Komercni Banka AS^(a)		820		32,259
Moneta Money Bank AS^(b)		3,050		12,077

				44,336

Egypt — 0.1%
Commercial International Bank Egypt SAE^(a)		11,675		35,560


Greece — 0.2%
Alpha Services and Holdings SA^(a)		21,609		29,486
Eurobank Ergasias Services and Holdings SA, Class A^(a)		25,179		27,582
Hellenic Telecommunications Organization SA		2,156		43,124

				100,192

Hungary — 0.3%
OTP Bank Nyrt^(a)		2,540		96,924
Richter Gedeon Nyrt		2,100		44,093

				141,017

India — 12.1%
Adani Green Energy Ltd.^(a)		5,450		134,108
Asian Paints Ltd.		4,750		200,740
Axis Bank Ltd.^(a)		18,760		186,121
Bajaj Auto Ltd.		860		40,470
Bajaj Finance Ltd.		3,450		323,007
Bandhan Bank Ltd.^(b)		5,495		22,476
Berger Paints India Ltd.		2,079		19,051
Bharti Airtel Ltd.^(a)		33,240		303,956
Britannia Industries Ltd.		910		41,395
Cholamandalam Investment and Finance Co. Ltd.		5,360		49,449
Colgate-Palmolive India Ltd.		1,590		30,673
Dabur India Ltd.		6,840		51,282
Eicher Motors Ltd.		1,760		60,791
Havells India Ltd.		3,200		50,555
HCL Technologies Ltd.		13,590		204,356
HDFC Life Insurance Co. Ltd.^(b)		12,180		84,906
Hero MotoCorp Ltd.		1,510		51,150
Hindustan Unilever Ltd.		10,350		299,305
ICICI Lombard General Insurance Co. Ltd.^(b)		2,072		34,874
Info Edge India Ltd.		1,061		63,070
Infosys Ltd.		42,580		970,393
Kotak Mahindra Bank Ltd.		6,460		159,020
Mahindra & Mahindra Ltd.		11,580		122,246
Marico Ltd.		4,890		33,477
Mphasis Ltd.		940		39,053
Nestle India Ltd.		410		96,290
Piramal Enterprises Ltd.		1,610		44,509
SBI Cards & Payment Services Ltd.^(a)		3,320		34,810
Shriram Transport Finance Co. Ltd.		2,640		39,682
Siemens Ltd.		940		29,408


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
State Bank of India		25,010	$	161,570
Tata Consultancy Services Ltd.		11,620		550,459
Tech Mahindra Ltd.		8,010		150,811
Titan Co. Ltd.		4,490		152,510
Trent Ltd.		2,370		35,050
Wipro Ltd.		17,300		127,929
Zomato Ltd.^(a)		16,128		17,113


				5,016,065
Indonesia — 2.8%
Bank Central Asia Tbk PT		720,000		406,487
Bank Mandiri Persero Tbk PT		259,000		140,026
Bank Negara Indonesia Persero Tbk PT		105,000		58,833
Bank Rakyat Indonesia Persero Tbk PT		903,047		288,759
Barito Pacific Tbk PT		364,000		22,697
Kalbe Farma Tbk PT		205,000		23,472
Telkom Indonesia Persero Tbk PT		645,000		194,734
Tower Bersama Infrastructure Tbk PT		28,000		5,758
Unilever Indonesia Tbk PT		62,000		15,954


				1,156,720
Kuwait — 0.5%
Kuwait Finance House KSCP		62,180		194,512


Malaysia — 2.1%
AMMB Holdings Bhd^(a)		20,100		16,120
Axiata Group Bhd		26,000		24,337
CIMB Group Holdings Bhd		85,000		115,786
DiGi.Com Bhd		30,000		29,003
Fraser & Neave Holdings Bhd		3,000		16,149
HAP Seng Consolidated Bhd		7,000		12,638
IHH Healthcare Bhd		16,000		25,102
Inari Amertron Bhd		42,000		32,520
Kuala Lumpur Kepong Bhd		6,000		37,156
Malayan Banking Bhd		63,000		131,636
Maxis Bhd		22,000		21,092
Nestle Malaysia Bhd		1,000		31,957
PPB Group Bhd		5,000		21,365
Press Metal Aluminium Holdings Bhd		40,200		65,396
Public Bank Bhd		205,000		217,719
RHB Bank Bhd		25,000		35,232
Sime Darby Bhd		32,000		17,329
Telekom Malaysia Bhd		10,000		12,052


				862,589
Mexico — 1.1%
Arca Continental SAB de CV		5,000		32,987
Coca-Cola Femsa SAB de CV		8,000		43,935
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,800		60,551
Grupo Financiero Banorte SAB de CV, Class O		30,000		202,929
Grupo Televisa SAB de CV, CPO		29,000		62,160
Industrias Penoles SAB de CV		1,900		23,714
Kimberly-Clark de Mexico SAB de CV, Class A		22,000		30,872


				457,148
Peru — 0.3%
Credicorp Ltd.		940		142,175


Philippines — 0.6%
Bank of the Philippine Islands		19,300		37,720
BDO Unibank Inc.		29,200		73,998
Globe Telecom Inc.		300		15,074
Monde Nissin Corp.^(a)(b)		30,500		9,828


Security	Shares		Value

Philippines (continued)
SM Prime Holdings Inc.		139,000	$	108,488


				245,108
Poland — 1.1%
Allegro.eu SA^(a)(b)		6,000		44,716
Bank Polska Kasa Opieki SA		1,904		52,234
CD Projekt SA		1,030		40,911
KGHM Polska Miedz SA		2,170		85,209
LPP SA		10		20,566
mBank SA^(a)		154		15,051
Orange Polska SA^(a)		8,760		16,255
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		8,510		81,786
Powszechny Zaklad Ubezpieczen SA		8,880		66,624
Santander Bank Polska SA		370		27,737


				451,089
Qatar — 1.0%
Commercial Bank PSQC (The)		20,840		39,526
Ooredoo QPSC		13,560		28,516
Qatar National Bank QPSC		56,780		339,913


				407,955
Russia — 0.2%
Magnit PJSC, GDR		3,465		5,499
Moscow Exchange MICEX-RTS PJSC^(c)		12,190		4,103
Novolipetsk Steel PJSC^(c)		15,750		10,003
PhosAgro PJSC, GDR		1,700		10,400
Polymetal International PLC^(c)		3,451		10,466
Polyus PJSC^(c)		329		12,396
TCS Group Holding PLC, GDR^(c)		1,183		13,624
VK Co. Ltd.^(a)(c)		1,337		1,359


				67,850
Saudi Arabia — 1.3%
Almarai Co. JSC		2,550		34,189
Bank AlBilad^(a)		4,750		74,754
Dr Sulaiman Al Habib Medical Services Group Co.		550		25,151
Saudi Basic Industries Corp.		11,170		372,378
Savola Group (The)		4,230		38,322


				544,794
South Africa — 6.9%
Absa Group Ltd.		9,670		111,088
Anglo American Platinum Ltd.		650		101,455
Aspen Pharmacare Holdings Ltd.		4,760		62,223
Bid Corp. Ltd.		4,860		98,741
Bidvest Group Ltd (The)		3,040		41,652
Capitec Bank Holdings Ltd.		1,060		143,113
Clicks Group Ltd.		2,490		48,411
Discovery Ltd.^(a)(d)		6,010		61,549
FirstRand Ltd.		65,870		283,614
Gold Fields Ltd.		12,020		167,364
Growthpoint Properties Ltd.		40,260		35,086
Impala Platinum Holdings Ltd.		10,240		195,322
Kumba Iron Ore Ltd.		710		27,911
Mr. Price Group Ltd.		3,280		44,715
MTN Group Ltd.^(a)		23,280		290,594
MultiChoice Group		4,920		40,323
Naspers Ltd., Class N		2,810		353,865
Nedbank Group Ltd.		6,500		92,405
NEPI Rockcastle PLC		5,320		34,001
Old Mutual Ltd.		59,800		49,003
Pepkor Holdings Ltd.^(b)		13,300		18,986
Remgro Ltd.		7,030		63,884


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Sanlam Ltd.		19,670	$	82,892
Shoprite Holdings Ltd.		6,520		97,254
SPAR Group Ltd (The)		1,880		20,061
Standard Bank Group Ltd.		17,002		180,153
Vodacom Group Ltd.		7,740		74,504
Woolworths Holdings Ltd.		10,750		35,396

				2,855,565

South Korea — 7.1%
Amorepacific Corp.		370		57,114
AMOREPACIFIC Group		280		11,440
BGF retail Co. Ltd.		140		19,833
Celltrion Healthcare Co. Ltd.		1,142		60,740
CJ CheilJedang Corp.		100		31,676
CJ Corp.		150		10,567
Coway Co. Ltd.		690		41,441
DB Insurance Co. Ltd.		520		26,728
GS Engineering & Construction Corp.		880		31,626
Hana Financial Group Inc.		4,180		169,824
Hankook Tire & Technology Co. Ltd.		1,160		34,177
HYBE Co. Ltd.^(a)		210		51,027
Kakao Corp.		3,910		309,659
KB Financial Group Inc.		5,410		266,899
LG Corp.		1,100		69,135
LG Display Co. Ltd.		3,230		50,796
LG Electronics Inc.		1,400		146,155
LG Household & Health Care Ltd.		130		103,148
LG Innotek Co. Ltd.		180		49,689
Lotte Chemical Corp.		147		26,897
Mirae Asset Securities Co. Ltd.		2,600		19,186
NCSoft Corp.		220		81,498
Netmarble Corp.^(b)		270		23,201
POSCO Chemical Co. Ltd.		287		27,092
Samsung Fire & Marine Insurance Co. Ltd.		320		50,887
Samsung Life Insurance Co. Ltd.		880		44,000
Samsung SDS Co. Ltd.		403		47,311
Samsung Securities Co. Ltd.		650		23,037
Shinhan Financial Group Co. Ltd.		6,140		199,770
SK Biopharmaceuticals Co. Ltd.^(a)		390		27,682
SK Chemicals Co. Ltd.		105		10,916
SK Hynix Inc.		6,870		716,228
SK Telecom Co. Ltd.		140		6,389
Woori Financial Group Inc.		4,688		56,076
Yuhan Corp.		440		21,379

				2,923,223

Taiwan — 18.4%
Accton Technology Corp.		10,000		90,686
Acer Inc.		40,000		41,513
ASE Technology Holding Co. Ltd.		40,000		144,572
Asustek Computer Inc.		10,000		133,405
AU Optronics Corp.		100,000		74,868
Catcher Technology Co. Ltd.		10,000		51,328
Cathay Financial Holding Co. Ltd.		100,000		224,863
Chailease Holding Co. Ltd.		20,300		184,233
Chang Hwa Commercial Bank Ltd.		60,000		38,093
China Development Financial Holding Corp.		210,000		143,811
China Steel Corp.		150,000		195,053
Chunghwa Telecom Co. Ltd.		51,000		226,675
Compal Electronics Inc.		60,000		54,661
CTBC Financial Holding Co. Ltd.		250,000		244,369


Security	Shares		Value

Taiwan (continued)
Delta Electronics Inc.		30,000	$	267,363
E.Sun Financial Holding Co Ltd.		170,116		179,822
Evergreen Marine Corp. Taiwan Ltd.		30,000		157,598
Far Eastern New Century Corp.		40,000		42,402
Far EasTone Telecommunications Co. Ltd.		20,000		49,467
First Financial Holding Co. Ltd.		150,450		138,525
Foxconn Technology Co. Ltd.		10,000		23,017
Fubon Financial Holding Co. Ltd.		90,143		243,392
Hiwin Technologies Corp.		150		1,432
Hotai Motor Co. Ltd.		1,000		22,641
Hua Nan Financial Holdings Co. Ltd.		121,584		96,408
Innolux Corp.		120,000		73,022
Lite-On Technology Corp.		30,000		73,766
MediaTek Inc.		20,000		790,316
Mega Financial Holding Co. Ltd.		150,000		202,140
Micro-Star International Co. Ltd.		10,000		56,368
President Chain Store Corp.		10,000		93,445
Shanghai Commercial & Savings Bank Ltd/The		50,000		82,362
SinoPac Financial Holdings Co. Ltd.		140,000		85,969
Taishin Financial Holding Co. Ltd.		141,907		99,452
Taiwan Cement Corp.		42,000		71,300
Taiwan Cooperative Financial Holding Co. Ltd.		130,840		124,126
Taiwan Mobile Co. Ltd.		20,000		73,958
Taiwan Semiconductor Manufacturing Co. Ltd.		90,000		1,934,960
Unimicron Technology Corp.		20,000		185,956
United Microelectronics Corp.		150,000		282,653
Vanguard International Semiconductor Corp.		10,000		45,384
Win Semiconductors Corp.		4,000		43,791
Yageo Corp.		3,000		49,220
Yang Ming Marine Transport Corp.^(a)		20,000		84,530
Yuanta Financial Holding Co. Ltd.		120,000		107,195

				7,630,110

Thailand — 2.6%
Advanced Info Service PCL, NVDR		15,000		105,590
Airports of Thailand PCL, NVDR^(a)		62,000		122,495
Asset World Corp. PCL, NVDR^(a)		120,000		17,679
Bangkok Dusit Medical Services PCL, NVDR		120,000		87,248
BTS Group Holdings PCL, NVDR		99,000		28,858
Bumrungrad Hospital PCL, NVDR		9,000		42,411
Central Pattana PCL, NVDR		29,000		49,315
Charoen Pokphand Foods PCL, NVDR		51,000		39,516
CP ALL PCL, NVDR		76,500		159,825
Delta Electronics Thailand PCL, NVDR		4,000		50,081
Home Product Center PCL, NVDR		53,000		24,819
Indorama Ventures PCL, NVDR		28,000		38,792
Intouch Holdings PCL, NVDR		11,000		25,579
Krungthai Card PCL, NVDR		13,000		25,298
Minor International PCL, NVDR^(a)		41,000		38,829
Siam Cement PCL (The), NVDR		9,000		108,312
Siam Commercial Bank PCL (The), NVDR		12,000		46,371
Sri Trang Gloves Thailand PCL, NVDR		10,000		7,881
Thai Union Group PCL, NVDR		28,000		17,481
True Corp. PCL, NVDR		163,000		25,056

				1,061,436

Turkey — 0.2%
Akbank TAS		43,010		21,953
Turkcell Iletisim Hizmetleri AS		18,050		26,762
Turkiye Garanti Bankasi AS		25,890		20,727


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Turkey (continued)
Turkiye Is Bankasi AS, Class C		11,832	$	6,851


				76,293

United Arab Emirates — 2.5%
Abu Dhabi Commercial Bank PJSC		39,960		117,200
Abu Dhabi Islamic Bank PJSC		20,170		48,661
Emirates NBD Bank PJSC		26,420		103,065
Emirates Telecommunications Group Co. PJSC		43,110		411,719
First Abu Dhabi Bank PJSC		59,310		333,927


				1,014,572


Total Common Stocks — 96.6% (Cost: $38,580,263)				39,964,774


Preferred Stocks

Brazil — 1.3%
Banco Bradesco SA, Preference Shares, NVS		66,670		261,167
Itau Unibanco Holding SA, Preference Shares, NVS		57,270		281,147

				542,314

Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,850		122,862


Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		5,180		45,787


South Korea — 0.0%
LG Household & Health Care Ltd., Preference Shares, NVS		12		5,260


Total Preferred Stocks — 1.7% (Cost: $635,035)				716,223


Rights

Brazil — 0.0%
Americanas SA (Expires 03/03/22)^(a)		121		159


Total Rights — 0.0% (Cost: $0)				159


Security	Shares		Value

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 11/07/24)^(a)		4,400	$	86


Total Warrants — 0.0% (Cost: $0)				86


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		45,155		45,164
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		10,000		10,000

				55,164



Total Short-Term Investments — 0.1% (Cost: $55,164)				55,164


Total Investments in Securities — 98.4% (Cost: $39,270,462)				40,736,406

Other Assets, Less Liabilities — 1.6%				655,505


Net Assets — 100.0%			$	41,391,911

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(e)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$45,197	^(a)	$	—	$	(33	)	$	—	$	45,164		45,155	$	225	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	^(a)		—		—			—		10,000		10,000		4			—

								$	(33	)	$	—	$	55,164			$	229		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI EM ETF

Affiliates (continued)

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




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

Long Contracts
MSCI Emerging Markets Index		1		03/18/22	$	59	$	(3,453	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,453

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,676	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,453	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	39,797

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,537,817		$	35,375,006	$	51,951	$	39,964,774
Preferred Stocks		45,787			670,436		—		716,223
Rights		—			159		—		159
Warrants		86			—		—		86
Money Market Funds		55,164			—		—		55,164

	$	4,638,854		$	36,045,601	$	51,951	$	40,736,406

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(3,453	)	$	—	$	—	$	(3,453	)

^(a)

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

See notes to financial statements.


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
HEICO Corp.		1,705	$	251,505
HEICO Corp., Class A		2,881		354,132
Howmet Aerospace Inc.		15,316		550,151


				1,155,788

Air Freight & Logistics — 0.2%
CH Robinson Worldwide Inc.		5,165		499,352
Expeditors International of Washington Inc.		6,735		696,130


				1,195,482

Auto Components — 0.3%
Aptiv PLC^(a)		10,814		1,399,764
BorgWarner Inc.		9,529		390,785
Lear Corp.		2,371		373,053


				2,163,602

Automobiles — 0.1%
Lucid Group Inc.^(a)		16,412		475,620
Rivian Automotive Inc., Class A^(a)		7,103		479,878


				955,498

Banks — 2.4%
Citizens Financial Group Inc.		16,961		889,095
First Republic Bank/CA		7,045		1,220,617
Huntington Bancshares Inc./OH		57,637		894,526
KeyCorp		37,126		930,749
PNC Financial Services Group Inc. (The)		16,844		3,356,167
Regions Financial Corp.		37,994		919,075
SVB Financial Group^(a)		2,341		1,418,646
Truist Financial Corp.		53,215		3,311,037
U.S. Bancorp		56,189		3,176,926
Webster Financial Corp.		7,146		430,261


				16,547,099

Beverages — 3.0%
Coca-Cola Co. (The)		163,577		10,181,032
Keurig Dr Pepper Inc.		28,247		1,092,312
PepsiCo Inc.		55,128		9,026,659


				20,300,003

Biotechnology — 2.2%
Alnylam Pharmaceuticals Inc.^(a)		4,769		752,787
Amgen Inc.		22,428		5,079,493
Biogen Inc.^(a)		5,858		1,236,096
BioMarin Pharmaceutical Inc.^(a)		7,339		573,323
Exact Sciences Corp.^(a)		6,900		538,614
Horizon Therapeutics PLC^(a)		8,593		783,424
Incyte Corp.^(a)		7,476		510,611
Neurocrine Biosciences Inc.^(a)		3,805		341,955
Novavax Inc.^(a)		2,824		235,437
Regeneron Pharmaceuticals Inc.^(a)		4,230		2,615,663
Vertex Pharmaceuticals Inc.^(a)		10,142		2,332,863


				15,000,266

Building Products — 0.8%
A O Smith Corp.		5,339		366,149
Allegion PLC		3,566		408,378
Carrier Global Corp.		32,827		1,473,276
Fortune Brands Home & Security Inc.		5,423		471,259
Lennox International Inc.		1,288		343,806
Masco Corp.		9,740		545,829
Owens Corning		3,989		371,735


Security	Shares		Value

Building Products (continued)
Trane Technologies PLC		9,456	$	1,455,562


				5,435,994

Capital Markets — 5.0%
Ameriprise Financial Inc.		4,433		1,328,969
Bank of New York Mellon Corp. (The)		31,280		1,662,532
Carlyle Group Inc. (The)		6,391		299,546
Cboe Global Markets Inc.		4,261		499,773
Charles Schwab Corp. (The)		57,791		4,881,028
CME Group Inc.		14,354		3,395,152
Coinbase Global Inc., Class A^(a)		1,550		295,693
FactSet Research Systems Inc.		1,512		614,008
Franklin Resources Inc.		12,025		357,503
Intercontinental Exchange Inc.		22,432		2,873,988
Invesco Ltd.		13,773		292,539
MarketAxess Holdings Inc.		1,525		581,681
Moody’s Corp.		6,667		2,146,974
Morgan Stanley		53,642		4,867,475
Nasdaq Inc.		4,671		799,442
Northern Trust Corp.		7,858		895,026
Raymond James Financial Inc.		7,392		810,533
S&P Global Inc.		13,304		4,998,176
State Street Corp.		14,558		1,242,234
T Rowe Price Group Inc.		8,967		1,296,269


				34,138,541

Chemicals — 2.7%
Air Products and Chemicals Inc.		8,859		2,093,382
Albemarle Corp.		4,669		914,610
DuPont de Nemours Inc.		20,669		1,599,161
Ecolab Inc.		10,262		1,808,780
FMC Corp.		5,059		593,168
International Flavors & Fragrances Inc.		10,152		1,350,216
Linde PLC^(a)		20,418		5,987,374
PPG Industries Inc.		9,451		1,261,236
Sherwin-Williams Co. (The)		9,904		2,606,039


				18,213,966

Commercial Services & Supplies — 1.1%
Cintas Corp.		3,677		1,380,051
Copart Inc.^(a)		8,527		1,047,798
Republic Services Inc.		8,875		1,067,485
Rollins Inc.		8,857		289,004
Waste Connections Inc.		10,417		1,286,395
Waste Management Inc.		16,702		2,411,769


				7,482,502

Communications Equipment — 1.9%
Arista Networks Inc.^(a)		9,144		1,122,243
Cisco Systems Inc.		168,154		9,377,949
F5 Inc.^(a)		2,412		484,450
Juniper Networks Inc.		12,954		437,716
Motorola Solutions Inc.		6,719		1,481,069


				12,903,427

Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,462		934,083
Vulcan Materials Co.		5,323		965,858


				1,899,941

Consumer Finance — 1.2%
Ally Financial Inc.		14,540		725,546
American Express Co.		26,240		5,104,729
Discover Financial Services		11,693		1,443,384


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Synchrony Financial		21,833	$	934,016


				8,207,675

Containers & Packaging — 0.5%
Avery Dennison Corp.		3,271		576,350
Ball Corp.		12,912		1,158,723
International Paper Co.		14,702		639,978
Sealed Air Corp.		5,900		396,067
Westrock Co.		10,564		478,232


				3,249,350

Distributors — 0.3%
Genuine Parts Co.		5,711		697,656
LKQ Corp.		11,024		517,577
Pool Corp.		1,592		730,059


				1,945,292

Diversified Telecommunication Services — 1.3%
Lumen Technologies Inc.		34,717		359,668
Verizon Communications Inc.		165,059		8,858,717


				9,218,385

Electrical Equipment — 0.8%
Eaton Corp. PLC		15,917		2,455,834
Generac Holdings Inc.^(a)		2,486		784,258
Plug Power Inc.^(a)		20,689		523,225
Rockwell Automation Inc.		4,636		1,235,865
Sensata Technologies Holding PLC^(a)		6,307		365,238
Sunrun Inc.^(a)		7,063		192,679


				5,557,099

Electronic Equipment, Instruments & Components — 1.4%
Amphenol Corp., Class A		23,845		1,812,459
CDW Corp./DE		5,422		935,078
Cognex Corp.		7,047		476,095
Corning Inc.		32,347		1,306,819
Keysight Technologies Inc.^(a)		7,359		1,158,086
TE Connectivity Ltd.		12,991		1,850,308
Teledyne Technologies Inc.^(a)		1,877		805,946
Trimble Inc.^(a)		10,036		700,011
Zebra Technologies Corp., Class A^(a)		2,100		868,014


				9,912,816

Entertainment — 0.2%
Electronic Arts Inc.		11,287		1,468,326


Equity Real Estate Investment Trusts (REITs) — 4.4%
Alexandria Real Estate Equities Inc.		5,845		1,107,043
American Tower Corp.		18,127		4,112,473
AvalonBay Communities Inc.		5,554		1,325,129
Boston Properties Inc.		5,908		722,607
Camden Property Trust		4,020		663,742
Crown Castle International Corp.		17,227		2,869,846
Digital Realty Trust Inc.		11,319		1,527,160
Duke Realty Corp.		15,196		805,388
Equinix Inc.		3,577		2,538,704
Equity Residential		14,182		1,209,725
Healthpeak Properties Inc.		21,495		667,635
Host Hotels & Resorts Inc.^(a)		28,482		520,366
Iron Mountain Inc.		11,577		569,357
Kimco Realty Corp.		24,587		578,532
Prologis Inc.		29,451		4,295,428
Realty Income Corp.		22,582		1,492,444
Regency Centers Corp.		6,186		407,596
SBA Communications Corp.		4,331		1,313,982


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Ventas Inc.		15,902	$	858,708
VICI Properties Inc.		25,067		700,873
Welltower Inc.		17,328		1,443,249
WP Carey Inc.		7,446		576,320


				30,306,307

Food & Staples Retailing — 0.2%
Walgreens Boots Alliance Inc.		29,334		1,352,004


Food Products — 0.8%
Campbell Soup Co.		7,828		352,025
Conagra Brands Inc.		19,131		669,011
General Mills Inc.		24,166		1,629,513
Hormel Foods Corp.		11,868		565,392
JM Smucker Co. (The)		4,317		581,716
Kraft Heinz Co. (The)		26,866		1,053,684
McCormick & Co. Inc./MD, NVS		9,912		943,325


				5,794,666

Health Care Equipment & Supplies — 2.4%
ABIOMED Inc.^(a)		1,839		571,451
Align Technology Inc.^(a)		3,012		1,540,518
Baxter International Inc.		19,959		1,695,916
Cooper Companies Inc. (The)		1,964		803,315
DENTSPLY SIRONA Inc.		8,696		470,801
Dexcom Inc.^(a)		3,872		1,602,660
Edwards Lifesciences Corp.^(a)		24,916		2,799,811
Hologic Inc.^(a)		10,049		715,187
IDEXX Laboratories Inc.^(a)		3,405		1,812,652
Insulet Corp.^(a)		2,748		727,368
Novocure Ltd.^(a)		3,758		307,630
ResMed Inc.		5,820		1,436,085
STERIS PLC		3,974		953,760
Teleflex Inc.		1,883		633,272


				16,070,426

Health Care Providers & Services — 2.1%
Anthem Inc.		9,695		4,380,686
Centene Corp.^(a)		23,299		1,924,963
DaVita Inc.^(a)		2,658		299,743
HCA Healthcare Inc.		9,895		2,476,818
Henry Schein Inc.^(a)		5,519		476,731
Humana Inc.		5,117		2,222,415
Laboratory Corp. of America Holdings^(a)		3,832		1,039,468
Molina Healthcare Inc.^(a)		2,332		715,621
Quest Diagnostics Inc.		4,925		646,505


				14,182,950

Health Care Technology — 0.2%
Cerner Corp.		11,726		1,093,449
Teladoc Health Inc.^(a)		5,766		437,697


				1,531,146

Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.^(a)		1,624		3,527,734
Domino’s Pizza Inc.		1,471		635,781
Hilton Worldwide Holdings Inc.^(a)		11,084		1,649,964
Starbucks Corp.		46,802		4,295,956
Vail Resorts Inc.		1,609		419,225
Yum! Brands Inc.		11,695		1,433,573


				11,962,233

Household Durables — 0.5%
DR Horton Inc.		13,536		1,155,974
Garmin Ltd.		6,156		679,869


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables (continued)
Newell Brands Inc.		15,262	$	362,472
NVR Inc.^(a)		109		540,470
PulteGroup Inc.		10,107		501,914
Whirlpool Corp.		2,408		484,658


				3,725,357

Household Products — 0.9%
Church & Dwight Co. Inc.		9,742		953,255
Clorox Co. (The)		4,931		718,890
Colgate-Palmolive Co.		31,949		2,458,476
Kimberly-Clark Corp.		13,402		1,744,270


				5,874,891

Industrial Conglomerates — 0.3%
Roper Technologies Inc.		4,223		1,892,833


Insurance — 3.4%
Aflac Inc.		25,051		1,530,366
Allstate Corp. (The)		11,414		1,396,617
American International Group Inc.		33,128		2,028,759
Arch Capital Group Ltd.^(a)		15,370		724,081
Arthur J Gallagher & Co.		8,255		1,305,858
Assurant Inc.		2,285		387,787
Chubb Ltd.		17,179		3,498,332
Hartford Financial Services Group Inc. (The)		13,590		944,233
Lincoln National Corp.		6,879		463,782
Marsh & McLennan Companies Inc.		20,097		3,123,275
Principal Financial Group Inc.		10,566		746,382
Progressive Corp. (The)		23,349		2,473,360
Prudential Financial Inc.		15,102		1,686,289
Travelers Companies Inc. (The)		9,803		1,684,449
Willis Towers Watson PLC		4,988		1,108,832


				23,102,402

Interactive Media & Services — 0.1%
ZoomInfo Technologies Inc.^(a)		11,269		616,302


Internet & Direct Marketing Retail — 0.7%
DoorDash Inc., Class A^(a)		4,318		453,174
eBay Inc.		24,971		1,363,167
Etsy Inc.^(a)		5,060		783,743
MercadoLibre Inc.^(a)(b)		1,836		2,068,530


				4,668,614

IT Services — 8.2%
Akamai Technologies Inc.^(a)		6,508		704,556
Automatic Data Processing Inc.		16,803		3,435,205
Block Inc.^(a)(b)		20,267		2,584,043
Broadridge Financial Solutions Inc.		4,656		680,754
Cognizant Technology Solutions Corp., Class A		20,972		1,806,318
EPAM Systems Inc.^(a)		2,276		472,839
Fidelity National Information Services Inc.		24,272		2,311,423
Fiserv Inc.^(a)		23,720		2,316,732
Gartner Inc.^(a)		3,252		911,926
GoDaddy Inc., Class A^(a)		6,630		553,008
Jack Henry & Associates Inc.		2,983		527,394
Mastercard Inc., Class A		34,945		12,608,855
MongoDB Inc.^(a)		2,370		905,316
Okta Inc.^(a)		5,882		1,075,465
Paychex Inc.		12,933		1,539,803
PayPal Holdings Inc.^(a)		44,515		4,982,564
Snowflake Inc., Class A^(a)		8,365		2,222,246
Twilio Inc., Class A^(a)		6,712		1,173,258
VeriSign Inc.^(a)		3,972		848,896


Security	Shares		Value

IT Services (continued)
Visa Inc., Class A		66,555	$	14,383,867
Western Union Co. (The)		16,029		291,407


				56,335,875

Leisure Products — 0.1%
Hasbro Inc.		5,200		504,660


Life Sciences Tools & Services — 3.8%
Agilent Technologies Inc.		12,055		1,571,490
Avantor Inc.^(a)		21,874		758,809
Bio-Techne Corp.		1,566		656,796
Danaher Corp.		25,671		7,044,379
Illumina Inc.^(a)		5,905		1,928,573
IQVIA Holdings Inc.^(a)		7,584		1,745,230
Mettler-Toledo International Inc.^(a)		893		1,258,005
PerkinElmer Inc.		4,565		819,919
Thermo Fisher Scientific Inc.		15,698		8,539,712
Waters Corp.^(a)		2,418		765,853
West Pharmaceutical Services Inc.		2,984		1,155,047


				26,243,813

Machinery — 3.3%
Caterpillar Inc.		21,557		4,043,662
Cummins Inc.		5,731		1,169,812
Deere & Co.		11,742		4,227,355
Dover Corp.		5,763		903,984
Fortive Corp.		13,600		880,600
IDEX Corp.		3,048		584,911
Illinois Tool Works Inc.		12,514		2,707,279
Ingersoll Rand Inc.		16,281		822,516
Nordson Corp.		2,062		467,022
Otis Worldwide Corp.		16,079		1,259,468
PACCAR Inc.		13,814		1,268,263
Parker-Hannifin Corp.		5,117		1,516,628
Pentair PLC		6,606		382,553
Snap-on Inc.		2,109		443,270
Stanley Black & Decker Inc.		6,526		1,061,780
Xylem Inc./NY		7,163		637,149


				22,376,252

Media — 0.2%
Cable One Inc.		248		355,347
Discovery Inc., Class A^(a)(b)		6,779		190,151
Discovery Inc., Class C, NVS^(a)		12,506		349,793
Interpublic Group of Companies Inc. (The)		15,689		577,355
Sirius XM Holdings Inc.^(b)		39,868		245,587


				1,718,233

Metals & Mining — 0.4%
Newmont Corp.		31,772		2,103,306
Steel Dynamics Inc.		7,896		557,300


				2,660,606

Mortgage Real Estate Investment — 0.1%
Annaly Capital Management Inc.		57,826		402,469


Multiline Retail — 1.0%
Dollar General Corp.		9,317		1,847,934
Dollar Tree Inc.^(a)		8,973		1,274,884
Target Corp.		19,113		3,818,204


				6,941,022

Personal Products — 0.4%
Estee Lauder Companies Inc. (The), Class A		9,264		2,745,201


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 1.9%
Catalent Inc.^(a)		6,794	$	693,260
Elanco Animal Health Inc.^(a)		16,948		481,492
Eli Lilly & Co.		32,425		8,104,629
Jazz Pharmaceuticals PLC^(a)		2,435		334,618
Zoetis Inc.		18,847		3,649,721


				13,263,720

Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		5,362		432,660
Clarivate PLC^(a)		14,038		210,289
Robert Half International Inc.		4,414		530,960
TransUnion		7,671		696,220
Verisk Analytics Inc.		6,131		1,087,272


				2,957,401

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		13,335		1,291,495


Road & Rail — 0.4%
AMERCO		391		225,846
JB Hunt Transport Services Inc.		3,379		685,700
Knight-Swift Transportation Holdings Inc.		6,281		342,189
Old Dominion Freight Line Inc.		3,900		1,224,717


				2,478,452

Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices Inc.^(a)		65,201		8,041,891
Analog Devices Inc.		21,408		3,431,488
Applied Materials Inc.		35,995		4,830,529
Enphase Energy Inc.^(a)		5,105		851,003
Entegris Inc.^(b)		5,416		706,680
KLA Corp.		6,013		2,095,530
Lam Research Corp.		5,589		3,137,385
Marvell Technology Inc.		32,840		2,243,957
Microchip Technology Inc.		22,151		1,557,880
Micron Technology Inc.		44,596		3,962,801
NVIDIA Corp.		99,682		24,307,456
NXP Semiconductors NV		10,595		2,014,321
ON Semiconductor Corp.^(a)		17,182		1,075,765
Qorvo Inc.^(a)		4,378		598,823
Skyworks Solutions Inc.		6,603		912,337
SolarEdge Technologies Inc.^(a)		2,071		661,519
Texas Instruments Inc.		36,810		6,257,332


				66,686,697

Software — 20.2%
Adobe Inc.^(a)		19,004		8,887,791
ANSYS Inc.^(a)		3,486		1,130,126
Asana Inc., Class A^(a)		2,670		146,289
Autodesk Inc.^(a)		8,737		1,924,150
Bentley Systems Inc., Class B		7,037		270,150
Bill.com Holdings Inc.^(a)		3,077		731,957
Black Knight Inc.^(a)		6,204		348,603
Cadence Design Systems Inc.^(a)		11,032		1,670,576
Ceridian HCM Holding Inc.^(a)		5,445		396,995
Citrix Systems Inc.		4,992		511,680
Coupa Software Inc.^(a)		2,984		361,094
Crowdstrike Holdings Inc., Class A^(a)		7,801		1,522,833
Datadog Inc., Class A^(a)		8,696		1,401,013
DocuSign Inc.^(a)		7,850		929,675
Dropbox Inc., Class A^(a)		12,383		280,970
Dynatrace Inc.^(a)		7,395		328,486
Fair Isaac Corp.^(a)		1,105		520,665


Security	Shares		Value

Software (continued)
Fortinet Inc.^(a)		5,529	$	1,904,851
Guidewire Software Inc.^(a)		3,151		277,761
HubSpot Inc.^(a)		1,819		954,975
Intuit Inc.		10,696		5,073,862
Microsoft Corp.		284,359		84,963,626
NortonLifeLock Inc.		23,173		671,554
Nuance Communications Inc.^(a)		12,062		669,682
Paycom Software Inc.^(a)		2,020		685,204
PTC Inc.^(a)		4,436		493,638
RingCentral Inc., Class A^(a)		3,119		408,090
salesforce.com Inc.^(a)		39,045		8,220,144
ServiceNow Inc.^(a)		7,914		4,589,487
Splunk Inc.^(a)		6,408		756,785
Synopsys Inc.^(a)		6,111		1,909,015
Tyler Technologies Inc.^(a)		1,621		694,209
VMware Inc., Class A		8,339		978,331
Workday Inc., Class A^(a)		7,717		1,767,579
Zendesk Inc.^(a)		4,805		560,599
Zscaler Inc.^(a)		3,380		808,327


				137,750,772

Specialty Retail — 4.1%
Advance Auto Parts Inc.		2,461		503,225
Best Buy Co. Inc.		8,856		855,844
Burlington Stores Inc.^(a)		2,675		604,256
CarMax Inc.^(a)		6,496		710,208
Home Depot Inc. (The)		41,601		13,138,844
Lowe’s Companies Inc.		26,883		5,942,756
Ross Stores Inc.		14,152		1,293,351
TJX Companies Inc. (The)		47,972		3,170,949
Tractor Supply Co.		4,565		930,301
Ulta Beauty Inc.^(a)		2,041		764,355


				27,914,089

Technology Hardware, Storage & Peripherals — 0.8%
Dell Technologies Inc., Class C^(a)		11,620		592,155
Hewlett Packard Enterprise Co.		52,126		829,846
HP Inc.		45,985		1,580,045
NetApp Inc.		8,930		699,933
Seagate Technology Holdings PLC		7,959		821,051
Western Digital Corp.^(a)		12,460		634,712


				5,157,742

Textiles, Apparel & Luxury Goods — 0.3%
Lululemon Athletica Inc.^(a)		4,715		1,508,517
VF Corp.		13,308		772,130


				2,280,647

Trading Companies & Distributors — 0.4%
Fastenal Co.		22,956		1,181,316
United Rentals Inc.^(a)		2,860		919,833
WW Grainger Inc.		1,714		817,681


				2,918,830

Water Utilities — 0.2%
American Water Works Co. Inc.		7,272		1,098,726


Total Common Stocks — 99.8% (Cost: $691,362,670)				681,757,885


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		3,993,864	$	3,994,663
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		500,000		500,000

				4,494,663


Total Short-Term Investments — 0.6% (Cost: $4,494,663)				4,494,663


Total Investments in Securities — 100.4% (Cost: $695,857,333)				686,252,548

Other Assets, Less Liabilities — (0.4)%				(3,006,389	)


Net Assets — 100.0%			$	683,246,159

^(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


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	603,291		$3,391,778	^(a)	$	—		$	(406	)	$	—	$	3,994,663		3,993,864	$	2,939	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		740,000		—			(240,000	)^(a)		—			—		500,000		500,000		32			—

									$	(406	)	$	—	$	4,494,663			$	2,971		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
E-Mini Technology Select Sector Index		1		03/18/22	$	155	$	(3,252	)
S&P 500 E-Mini Index		3		03/18/22		655		(21,482	)

							$	(24,734	)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® ESG Advanced MSCI USA ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	24,734

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	33,687


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(47,477	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	800,452

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	681,757,885		$	—	$	—	$	681,757,885
Money Market Funds		4,494,663			—		—		4,494,663

	$	686,252,548		$	—	$	—	$	686,252,548

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(24,734	)	$	—	$	—	$	(24,734	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF		iShares ESG Advanced MSCI USA ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	371,429,847		$	40,681,242	$	681,757,885
Affiliated^(c)		1,077,232			55,164		4,494,663
Cash		4,954			157,383		25,748
Foreign currency, at value^(d)		495,275			159,582		—
Cash pledged:
Futures contracts		74,000			3,000		43,000
Receivables:
Investments sold		15,575,457			2,906,668		17,178,033
Securities lending income — Affiliated		232			24		644
Capital shares sold		3,517,690			9,768,191		621,841
Dividends		195,152			38,617		579,841
Tax reclaims		106,281			57		—

Total assets		392,476,120			53,769,928		704,701,655


LIABILITIES
Collateral on securities loaned, at value		1,047,505			45,179		3,995,275
Deferred foreign capital gain tax		—			36,894		—
Payables:
Investments purchased		15,235,907			12,226,546		17,415,262
Variation margin on futures contracts		1,336			735		2,162
Bank borrowings		—			65,002		—
Investment advisory fees		29,195			3,661		42,797

Total liabilities		16,313,943			12,378,017		21,455,496


NET ASSETS	$	376,162,177		$	41,391,911	$	683,246,159


NET ASSETS CONSIST OF:
Paid-in capital	$	396,276,698		$	41,102,512	$	692,239,151
Accumulated earnings (loss)		(20,114,521	)		289,399		(8,992,992	)

NET ASSETS	$	376,162,177		$	41,391,911	$	683,246,159


Shares outstanding		6,100,000			1,000,000		19,550,000

Net asset value	$	61.67		$	41.39	$	34.95

Shares authorized		Unlimited			Unlimited		Unlimited

Par value		None			None		None


^(a)Securities loaned, at value	$	1,025,551		$	42,644	$	4,051,554
^(b)Investments, at cost — Unaffiliated	$	385,341,141		$	39,215,298	$	691,362,670
^(c)Investments, at cost — Affiliated	$	1,077,322		$	55,164	$	4,494,663
^(d)Foreign currency, at cost	$	498,209		$	159,806	$	—

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


		iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF			iShares ESG Advanced MSCI USA ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	1,880,374		$	163,946		$	3,166,352
Dividends — Affiliated		32			4			90
Non-cash dividends — Unaffiliated		112,837			—			—
Securities lending income — Affiliated — net		1,368			225			2,881
Foreign taxes withheld		(265,327	)		(21,259	)		(1,590	)

Total investment income		1,729,284			142,916			3,167,733


EXPENSES
Investment advisory fees		173,082			19,078			255,163
Commitment fees		—			216			—
Interest expense		—			2			—

Total expenses		173,082			19,296			255,163

Net investment income		1,556,202			123,620			2,912,570


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(5,505,299	)		(804,279	)		(11,153,881	)
Investments — Affiliated		(115	)		(33	)		(406	)
In-kind redemptions — Unaffiliated		774,668			—			12,551,549
Futures contracts		2,025			(1,676	)		33,687
Foreign currency transactions		(41,650	)		(10,151	)		(1	)

Net realized gain (loss)		(4,770,371	)		(816,139	)		1,430,948

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(34,786,604	)		(1,095,601	)		(50,868,997	)
Investments — Affiliated		(90	)		—			—
Futures contracts		(55,692	)		(3,453	)		(47,477	)
Foreign currency translations		(6,369	)		(622	)		—

Net change in unrealized appreciation (depreciation)		(34,848,755	)		(1,099,676	)		(50,916,474	)

Net realized and unrealized loss		(39,619,126	)		(1,915,815	)		(49,485,526	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,062,924	)	$	(1,792,195	)	$	(46,572,956	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(7,034	)	$	—
^(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	34,964		$	—

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares ESG Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Period From 10/06/20 to 08/31/21	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,556,202		$	2,217,358		$	123,620		$	213,296
Net realized gain (loss)		(4,770,371	)		2,107,377			(816,139	)		152,407
Net change in unrealized appreciation (depreciation)		(34,848,755	)		20,005,991			(1,099,676	)		2,524,590

Net increase (decrease) in net assets resulting from operations		(38,062,924	)		24,330,726			(1,792,195	)		2,890,293


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(3,100,975	)		(1,761,837	)		(311,365	)		(106,031	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		171,480,392			212,119,113			29,945,565			10,765,644


NET ASSETS
Total increase in net assets		130,316,493			234,688,002			27,842,005			13,549,906
Beginning of period		245,845,684			11,157,682			13,549,906			—

End of period	$	376,162,177		$	245,845,684		$	41,391,911		$	13,549,906

^(a)	Commencement of operations.

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares ESG Advanced MSCI USA ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,912,570		$	1,703,346
Net realized gain		1,430,948			7,473,003
Net change in unrealized appreciation (depreciation)		(50,916,474	)		40,595,547

Net increase (decrease) in net assets resulting from operations		(46,572,956	)		49,771,896


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,762,360	)		(978,561	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		313,476,107			364,504,490


NET ASSETS
Total increase in net assets		264,140,791			413,297,825
Beginning of period		419,105,368			5,807,543

End of period	$	683,246,159		$	419,105,368

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Advanced MSCI EAFE ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	^(a)


Net asset value, beginning of period	$	70.24		$	55.79		$	51.37

Net investment income^(b)		0.36			1.36			0.18
Net realized and unrealized gain (loss)^(c)		(8.24	)		13.91			4.24


Net increase (decrease) from investment operations		(7.88	)		15.27			4.42


Distributions^(d)
From net investment income		(0.69	)		(0.82	)		—


Total distributions		(0.69	)		(0.82	)		—


Net asset value, end of period	$	61.67		$	70.24		$	55.79


Total Return^(e)
Based on net asset value		(11.32	)%^(f)		27.47	%		8.60	%^(f)


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


Net investment income		1.08	%^(h)		2.06	%		1.64	%^(h)


Supplemental Data
Net assets, end of period (000)	$	376,162		$	245,846		$	11,158


Portfolio turnover rate⁽ⁱ⁾		12	%^(f)		28	%		6	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/28/22 (unaudited)			Period From 10/06/20 to 08/31/21	^(a)


Net asset value, beginning of period.	$	45.17		$	35.39

Net investment income^(b)		0.22			0.71
Net realized and unrealized gain (loss)^(c)		(3.38	)		9.42


Net increase (decrease) from investment operations		(3.16	)		10.13


Distributions^(d)
From net investment income		(0.62	)		(0.35	)


Total distributions		(0.62	)		(0.35	)


Net asset value, end of period	$	41.39		$	45.17


Total Return^(e)
Based on net asset value		(7.05	)%^(f)		28.74	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.16	%^(h)		0.16	%^(h)


Net investment income		1.04	%^(h)		1.83	%^(h)


Supplemental Data
Net assets, end of period (000)	$	41,392		$	13,550


Portfolio turnover rate⁽ⁱ⁾		21	%^(f)		51	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Advanced MSCI USA ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	^(a)


Net asset value, beginning of period	$	38.10		$	29.04		$	25.43

Net investment income^(b)		0.21			0.38			0.06
Net realized and unrealized gain (loss)^(c)		(3.15	)		8.99			3.55


Net increase (decrease) from investment operations		(2.94	)		9.37			3.61


Distributions^(d)
From net investment income		(0.21	)		(0.30	)		—
From net realized gain		—			(0.01	)		—


Total distributions		(0.21	)		(0.31	)		—


Net asset value, end of period	$	34.95		$	38.10		$	29.04


Total Return^(e)
Based on net asset value		(7.76	)%^(f)		32.53	%		14.20	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.10	%^(h)		0.10	%		0.10	%^(h)


Net investment income		1.14	%^(h)		1.09	%		1.16	%^(h)


Supplemental Data
Net assets, end of period (000)	$	683,246		$	419,105		$	5,808


Portfolio turnover rate⁽ⁱ⁾		19	%^(f)		29	%		4	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF		Diversification Classification
ESG Advanced MSCI EAFE		Non-diversified
ESG Advanced MSCI EM		Non-diversified
ESG Advanced MSCI USA		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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 February 28, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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.


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

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

ESG Advanced MSCI EAFE
BNP Paribas SA	$	218,291	$	213,761		$	—	$	(4,530	)^(b)
Citigroup Global Markets, Inc.		78,963		75,900			—		(3,063	)^(b)
Goldman Sachs & Co. LLC		153,403		153,403			—		—
Morgan Stanley		574,894		574,894			—		—

	$	1,025,551	$	1,017,958		$	—	$	(7,593	)


ESG Advanced MSCI EM
BNP Paribas SA	$	42,644	$	42,644		$	—	$	—


ESG Advanced MSCI USA
Barclays Bank PLC	$	29,088	$	29,088		$	—	$	—
BNP Paribas SA		1,576,183		1,576,183			—		—
Jefferies LLC		169,624		169,624			—		—
Morgan Stanley		197,644		197,644			—		—
State Street Bank & Trust Co.		2,079,015		1,993,103			—		(85,912	)^(b)

	$	4,051,554	$	3,965,642		$	—	$	(85,912	)

^(a)

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

^(b)

The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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



iShares ETF	Investment Advisory Fee
ESG Advanced MSCI EAFE		0.12	%
ESG Advanced MSCI EM		0.16
ESG Advanced MSCI USA		0.10

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

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

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

Pursuant to the current securities lending agreement, the iShares ESG Advanced MSCI USA ETF (the “Group 1 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.

Pursuant to the current securities lending agreement, the iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI EM ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 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, and (2) each Group 2 Fund will retain for the remainder of that


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, the Group 1 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. Each Group 2 Fund retained 82% 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: (1) the Group 1 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, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% 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.

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



iShares ETF	Fees Paid to BTC
ESG Advanced MSCI EAFE	$	399
ESG Advanced MSCI EM		65
ESG Advanced MSCI USA		1,115

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 six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Advanced MSCI EAFE	$	17,591,565	$	13,790,282	$	(2,690,213	)
ESG Advanced MSCI EM		1,238,377		827,635		(228,168	)
ESG Advanced MSCI USA		82,946,580		56,633,966		(6,131,617	)

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



iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	48,447,589	$	35,680,541
ESG Advanced MSCI EM		23,641,550		5,396,676
ESG Advanced MSCI USA		101,516,909		100,821,398

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



iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced MSCI EAFE	$	160,487,431	$	6,499,622
ESG Advanced MSCI EM		8,083,814		—
ESG Advanced MSCI USA		350,273,681		37,964,325


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 February 28, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring
ESG Advanced MSCI EAFE	$	129,908
ESG Advanced MSCI EM		200,147
ESG Advanced MSCI USA		1,645,353

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

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Advanced MSCI EAFE	$	387,583,975	$	10,529,383	$	(25,660,233	)	$	(15,130,850	)
ESG Advanced MSCI EM		39,328,444		3,167,634		(1,763,125	)		1,404,509
ESG Advanced MSCI USA		695,940,780		25,630,093		(35,343,059	)		(9,712,966	)

9.	LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	65,000	$	359		1.24	%

10.

PRINCIPAL RISKS

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

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: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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.

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.

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

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

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

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

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

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

11.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 02/28/22						Year Ended 08/31/21

iShares ETF	Shares			Amount			Shares			Amount

ESG Advanced MSCI EAFE
Shares sold		2,700,000		$	178,167,389			3,500,000		$	224,513,155
Shares redeemed		(100,000	)		(6,686,997	)		(200,000	)		(12,394,042	)


Net increase		2,600,000		$	171,480,392			3,300,000		$	212,119,113


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 02/28/22						Period Ended 08/31/21

iShares ETF	Shares			Amount			Shares			Amount

ESG Advanced MSCI EM
Shares sold		700,000		$	29,945,565			400,000		$	15,095,471
Shares redeemed		—			—			(100,000	)		(4,329,827	)


Net increase		700,000		$	29,945,565			300,000		$	10,765,644




	Six Months Ended 02/28/22						Year Ended 08/31/21

iShares ETF	Shares			Amount			Shares			Amount

ESG Advanced MSCI USA
Shares sold		9,550,000		$	351,583,647			12,450,000		$	422,115,232
Shares redeemed		(1,000,000	)		(38,107,540	)		(1,650,000	)		(57,610,742	)


Net increase		8,550,000		$	313,476,107			10,800,000		$	364,504,490

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

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

12.

SUBSEQUENT EVENTS

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


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF and iShares ESG Advanced MSCI USA ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		43

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

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

February 28, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

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 Advanced MSCI EAFE^(a)	$	0.638014	$	—	$	0.050260	$	0.688274		93	%		—	%		7	%		100	%
ESG Advanced MSCI EM^(a)		0.421636		—		0.201094		0.622730		68			—			32			100
ESG Advanced MSCI USA^(a)		0.185607		—		0.025109		0.210716		88			—			12			100

^(a)

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


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		45

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-820-0222