iShares Trust


		MARCH 31, 2022



		2022 Annual Report

iShares Trust

iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2022

	6-Month			12-Month

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

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

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

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

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

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

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

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

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

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


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

Table of Contents


		Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		43
Report of Independent Registered Public Accounting Firm		51
Important Tax Information (Unaudited)		52
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
Trustee and Officer Information		55
General Information		58
Glossary of Terms Used in this Report		59

Market Overview

iShares Trust

Domestic Market Overview

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

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

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

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

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


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


Fund Summary as of March 31, 2022		iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Sustainability 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
	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		14.74	%		23.54	%		14.74	%		38.00	%

Fund Market		14.47			23.59			14.47			38.08

Index		14.81			23.69			14.81			38.21

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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 11 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,046.80	$ 0.41			$ 1,000.00	$ 1,024.50	$ 0.40		0.08	%

^(a)

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


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


Fund Summary as of March 31, 2022 (continued)		iShares^® ESG Screened S&P 500 ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period as ESG investments reached a record level in 2021. The impact of the COVID-19 pandemic on public health was a motivating factor for many businesses to reexamine their ESG policies. In August 2021, the Securities and Exchange Commission approved a stock exchange’s rule change requiring disclosures designed to encourage diversity on the boards of public companies. A rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

In this environment, the stocks of large-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a strong advance for the reporting period. The information technology sector contributed the most to the Index’s relative return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers.

Stocks in the healthcare sector advanced, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. The financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the S&P 500 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 7.8 and an MSCI ESG fund rating of AA. The Index held relatively overweight positions in the information technology and consumer discretionary sectors and underweight positions in the energy and industrials sectors. The underweight in energy was the largest detractor from relative performance, while the overweight to information technology contributed slightly.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	30.9	%
Health Care	13.7
Consumer Discretionary	13.3
Financials	11.7
Communication Services	10.3
Industrials	6.3
Consumer Staples	5.4
Real Estate	3.0
Materials	2.8
Utilities	1.5
Energy	1.1

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Apple Inc.	7.8	%
Microsoft Corp.	6.7
Amazon.com Inc.	4.1
Tesla Inc.	2.6
Alphabet Inc., Class A	2.4
Alphabet Inc., Class C	2.2
NVIDIA Corp.	2.0
Berkshire Hathaway Inc., Class B	1.9
Meta Platforms Inc, Class A	1.5
UnitedHealth Group Inc.	1.4

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability 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
	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.88	%		29.02	%		2.88	%		47.42	%

Fund Market		2.77			29.16			2.77			47.67

Index		3.01			29.29			3.01			47.86

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,018.00	$ 0.60			$ 1,000.00	$ 1,024.30	$ 0.61		0.12	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® ESG Screened S&P Mid-Cap ETF

Portfolio Management Commentary

In this environment, the stocks of mid-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, advanced for the reporting period. The real estate sector was the top contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

The financials sector was another source of strength, as premiums and income grew in the insurance industry, and many insurers were able to increase insurance rates in an environment of higher inflation. On the downside, stocks in the consumer discretionary sector declined amid slowing revenue growth and supply chain constraints.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P MidCap 400 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 6.3 and an MSCI ESG fund rating of A. The Index held relatively overweight positions in the industrials and financials sectors and underweight positions in the utilities and energy sectors. The underweight position in energy and stock selection in consumer discretionary were the largest detractors from relative performance, while stock selection in information technology contributed.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	19.2	%
Information Technology	15.0
Financials	14.7
Consumer Discretionary	14.2
Real Estate	10.7
Health Care	9.8
Materials	7.6
Consumer Staples	3.0
Energy	2.1
Utilities	1.9
Communication Services	1.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Targa Resources Corp.	0.8	%
Camden Property Trust	0.8
Alcoa Corp.	0.8
Steel Dynamics Inc.	0.7
Cleveland-Cliffs Inc.	0.7
Wolfspeed Inc.	0.6
Cognex Corp.	0.6
Darling Ingredients Inc.	0.6
Carlisle Companies Inc.	0.6
Medical Properties Trust Inc.	0.6

^(a)

Excludes money market funds.


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


Fund Summary as of March 31, 2022		iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&P Small Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(0.47	)%		33.10	%		(0.47	)%		54.59	%

Fund Market		(0.52	)		33.10			(0.52	)		54.58

Index		(0.23	)		33.89			(0.23	)		55.94

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 990.80	$ 0.60			$ 1,000.00	$ 1,024.30	$ 0.61		0.12	%

^(a)


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


Fund Summary as of March 31, 2022 (continued)		iShares^® ESG Screened S&P Small-Cap ETF

Portfolio Management Commentary

In this environment, the stocks of small-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a slightly negative return for the reporting period. The consumer discretionary sector was the largest detractor from the Index’s return, as the Omicron COVID-19 variant led to reduced operating hours and temporary closures at restaurants. The healthcare sector also declined, as the stocks of many smaller companies in the sector weakened. Rising interest rates worked against companies early in the product development process, with investors seeking more predictable cash flows as the cost of borrowing increased. On the upside, the real estate sector benefited from a nationwide rise in both residential and commercial property prices, and increased production helped equipment manufacturers in the energy sector.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P SmallCap 600 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 5.3 and an MSCI ESG fund rating of BBB. The Index held a relatively overweight position in the information technology sector and underweight positions in the energy and financials sectors. The underweight position and stock selection in energy detracted the most from relative performance, while stock selection in healthcare and financials contributed.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Financials	17.5	%
Industrials	16.4
Information Technology	14.6
Health Care	12.7
Consumer Discretionary	11.7
Real Estate	9.6
Materials	5.7
Consumer Staples	4.8
Energy	3.2
Communication Services	1.9
Utilities	1.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Independence Realty Trust Inc.	0.6	%
Omnicell Inc.	0.6
Exponent Inc.	0.6
Innovative Industrial Properties Inc.	0.6
Vonage Holdings Corp.	0.6
Rogers Corp.	0.6
Matson Inc.	0.6
AMN Healthcare Services Inc.	0.5
UFP Industries Inc.	0.5
ExlService Holdings Inc.	0.5

^(a)

Excludes money market funds.


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

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		11

Schedule of Investments

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.1%
Howmet Aerospace Inc.		2,507	$	90,101
TransDigm Group Inc.^(a)		348		226,736


				316,837

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		857		92,307
Expeditors International of Washington Inc.		1,118		115,333
FedEx Corp.		1,615		373,695
United Parcel Service Inc., Class B		4,800		1,029,408


				1,610,743

Airlines — 0.2%
Alaska Air Group Inc.^(a)		820		47,568
American Airlines Group Inc.^(a)		4,303		78,530
Delta Air Lines Inc.^(a)		4,194		165,957
Southwest Airlines Co.^(a)		3,935		180,223
United Airlines Holdings Inc.^(a)		2,148		99,581


				571,859

Auto Components — 0.1%
Aptiv PLC^(a)		1,785		213,682
BorgWarner Inc.		1,542		59,984


				273,666

Automobiles — 3.0%
Ford Motor Co.		25,874		437,529
General Motors Co.^(a)		9,578		418,942
Tesla Inc.^(a)		5,511		5,938,654


				6,795,125

Banks — 3.7%
Bank of America Corp.		46,760		1,927,447
Citigroup Inc.		13,079		698,419
Citizens Financial Group Inc.		2,838		128,646
Comerica Inc.		862		77,951
Fifth Third Bancorp.		4,493		193,379
First Republic Bank/CA		1,173		190,143
Huntington Bancshares Inc./OH		9,491		138,758
JPMorgan Chase & Co.		19,380		2,641,882
KeyCorp		6,190		138,532
M&T Bank Corp.		849		143,905
People’s United Financial Inc.		2,711		54,193
PNC Financial Services Group Inc. (The)		2,778		512,402
Regions Financial Corp.		6,223		138,524
Signature Bank/New York NY		414		121,505
SVB Financial Group^(a)		388		217,067
Truist Financial Corp.		8,819		500,037
U.S. Bancorp.		8,920		474,098
Zions Bancorp. N.A.		1,014		66,478


				8,363,366

Beverages — 1.6%
Brown-Forman Corp., Class B, NVS		1,214		81,362
Coca-Cola Co. (The)		25,594		1,586,828
Constellation Brands Inc., Class A		1,085		249,897
Molson Coors Beverage Co., Class B		1,238		66,084
Monster Beverage Corp.^(a)		2,483		198,392
PepsiCo Inc.		9,099		1,522,991


				3,705,554

Biotechnology — 2.1%
AbbVie Inc.		11,629		1,885,177
Amgen Inc.		3,706		896,185
Biogen Inc.^(a)		969		204,071


Security	Shares		Value

Biotechnology (continued)

Gilead Sciences Inc.		8,265	$	491,354
Incyte Corp.^(a)		1,229		97,607
Moderna Inc.^(a)		2,221		382,590
Regeneron Pharmaceuticals Inc.^(a)		704		491,688
Vertex Pharmaceuticals Inc.^(a)		1,677		437,647


				4,886,319

Building Products — 0.5%
A O Smith Corp.		844		53,923
Allegion PLC		591		64,880
Carrier Global Corp.		5,602		256,964
Fortune Brands Home & Security Inc.		883		65,589
Johnson Controls International PLC		4,613		302,474
Masco Corp.		1,545		78,795
Trane Technologies PLC		1,541		235,311


				1,057,936

Capital Markets — 3.3%
Ameriprise Financial Inc.		741		222,567
Bank of New York Mellon Corp. (The)		4,887		242,542
BlackRock Inc.^(b)		942		719,848
Cboe Global Markets Inc.		719		82,268
Charles Schwab Corp. (The)		9,902		834,838
CME Group Inc.		2,372		564,204
FactSet Research Systems Inc.		250		108,537
Franklin Resources Inc.		1,886		52,657
Goldman Sachs Group Inc. (The)		2,240		739,424
Intercontinental Exchange Inc.		3,712		490,429
Invesco Ltd.		2,288		52,761
MarketAxess Holdings Inc.		252		85,730
Moody’s Corp.		1,070		361,029
Morgan Stanley		9,330		815,442
MSCI Inc.		537		270,047
Nasdaq Inc.		764		136,145
Northern Trust Corp.		1,367		159,187
Raymond James Financial Inc.		1,215		133,541
S&P Global Inc.		2,341		960,231
State Street Corp.		2,432		211,876
T Rowe Price Group Inc.		1,513		228,750


				7,472,053

Chemicals — 1.8%
Air Products and Chemicals Inc.		1,459		364,619
Albemarle Corp.		775		171,391
Celanese Corp.		712		101,723
CF Industries Holdings Inc.		1,419		146,242
Corteva Inc.		4,805		276,191
Dow Inc.		4,838		308,277
Eastman Chemical Co.		847		94,915
Ecolab Inc.		1,646		290,618
FMC Corp.		825		108,545
International Flavors & Fragrances Inc.		1,679		220,503
Linde PLC		3,373		1,077,437
LyondellBasell Industries NV, Class A		1,740		178,907
Mosaic Co. (The)		2,431		161,662
PPG Industries Inc.		1,569		205,649
Sherwin-Williams Co. (The)		1,585		395,648


				4,102,327

Commercial Services & Supplies — 0.5%
Cintas Corp.		577		245,450
Copart Inc.^(a)		1,411		177,038
Republic Services Inc.		1,378		182,585


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Rollins Inc.		1,494	$	52,365
Waste Management Inc.		2,537		402,114


				1,059,552

Communications Equipment — 1.0%
Arista Networks Inc.^(a)		1,490		207,080
Cisco Systems Inc.		27,737		1,546,615
F5 Inc.^(a)		401		83,789
Juniper Networks Inc.		2,066		76,773
Motorola Solutions Inc.		1,114		269,811


				2,184,068

Construction & Engineering — 0.1%
Quanta Services Inc.		940		123,713


Construction Materials — 0.1%
Martin Marietta Materials Inc.		410		157,805
Vulcan Materials Co.		878		161,288


				319,093

Consumer Finance — 0.6%
American Express Co.		4,049		757,163
Capital One Financial Corp.		2,735		359,078
Discover Financial Services		1,901		209,471
Synchrony Financial		3,443		119,851


				1,445,563

Containers & Packaging — 0.3%
Amcor PLC		9,799		111,023
Avery Dennison Corp.		546		94,988
Ball Corp.		2,108		189,720
International Paper Co.		2,547		117,544
Packaging Corp. of America		611		95,383
Sealed Air Corp.		970		64,951
Westrock Co.		1,769		83,196


				756,805

Distributors — 0.1%
Genuine Parts Co.		929		117,073
LKQ Corp.		1,777		80,693
Pool Corp.		262		110,787


				308,553

Diversified Financial Services — 1.9%
Berkshire Hathaway Inc., Class B^(a)		12,053		4,253,624


Diversified Telecommunication Services — 1.1%
AT&T Inc.		47,168		1,114,580
Lumen Technologies Inc.		6,036		68,026
Verizon Communications Inc.		27,727		1,412,413


				2,595,019

Electric Utilities — 1.0%
Constellation Energy Corp.		2,156		121,275
Edison International		2,489		174,479
Entergy Corp.		1,334		155,745
Eversource Energy		2,255		198,868
Exelon Corp.		6,396		304,642
FirstEnergy Corp.		3,714		170,324
NextEra Energy Inc.		12,958		1,097,672


			2,223,005

Electrical Equipment — 0.6%
AMETEK Inc.		1,526		203,232
Eaton Corp. PLC		2,612		396,397
Emerson Electric Co.		3,915		383,866
Generac Holdings Inc.^(a)		423		125,741


Security	Shares		Value

Electrical Equipment (continued)
Rockwell Automation Inc.		767	$	214,783


				1,324,019

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,950		297,633
CDW Corp./DE		897		160,464
Corning Inc.		4,934		182,114
IPG Photonics Corp.^(a)		221		24,257
Keysight Technologies Inc.^(a)		1,220		192,723
TE Connectivity Ltd.		2,150		281,607
Trimble Inc.^(a)		1,639		118,237
Zebra Technologies Corp., Class A^(a)		355		146,864


				1,403,899

Energy Equipment & Services — 0.4%
Baker Hughes Co.		5,921		215,584
Halliburton Co.		5,950		225,326
Schlumberger NV		9,263		382,655


				823,565

Entertainment — 1.6%
Activision Blizzard Inc.		5,159		413,288
Electronic Arts Inc.		1,862		235,562
Live Nation Entertainment Inc.^(a)		877		103,170
Netflix Inc.^(a)		2,880		1,078,819
Take-Two Interactive Software Inc.^(a)		763		117,304
Walt Disney Co. (The)^(a)		11,878		1,629,186


				3,577,329

Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities Inc.		961		193,401
American Tower Corp.		3,013		756,926
AvalonBay Communities Inc.		912		226,513
Boston Properties Inc.		945		121,716
Crown Castle International Corp.		2,853		526,664
Digital Realty Trust Inc.		1,866		264,599
Duke Realty Corp.		2,488		144,453
Equinix Inc.		594		440,522
Equity Residential		2,236		201,061
Essex Property Trust Inc.		430		148,556
Extra Space Storage Inc.		870		178,872
Federal Realty Investment Trust		469		57,251
Healthpeak Properties Inc.		3,519		120,807
Host Hotels & Resorts Inc.		4,683		90,991
Iron Mountain Inc.		1,906		105,611
Kimco Realty Corp.		4,038		99,739
Mid-America Apartment Communities Inc.		744		155,831
Prologis Inc.		4,889		789,476
Public Storage		999		389,890
Realty Income Corp.		3,726		258,212
Regency Centers Corp.		1,027		73,266
SBA Communications Corp.		717		246,720
Simon Property Group Inc.		2,172		285,748
UDR Inc.		1,984		113,822
Ventas Inc.		2,613		161,379
Vornado Realty Trust		1,065		48,266
Welltower Inc.		2,876		276,499
Weyerhaeuser Co.		4,909		186,051


				6,662,842

Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		2,922		1,682,634
Kroger Co. (The)		4,379		251,223
Sysco Corp.		3,351		273,609


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		4,756	$	212,926


				2,420,392

Food Products — 1.1%
Archer-Daniels-Midland Co.		3,667		330,984
Campbell Soup Co.		1,347		60,036
Conagra Brands Inc.		3,113		104,503
General Mills Inc.		3,951		267,562
Hershey Co. (The)		956		207,098
Hormel Foods Corp.		1,885		97,153
JM Smucker Co. (The)		678		91,808
Kellogg Co.		1,637		105,570
Kraft Heinz Co. (The)		4,678		184,266
Lamb Weston Holdings Inc.		956		57,274
McCormick & Co. Inc./MD, NVS		1,638		163,472
Mondelez International Inc., Class A		9,188		576,823
Tyson Foods Inc., Class A		1,908		171,014


				2,417,563

Gas Utilities — 0.0%
Atmos Energy Corp.		876		104,673


Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		11,640		1,377,710
ABIOMED Inc.^(a)		300		99,372
Align Technology Inc.^(a)		486		211,896
Baxter International Inc.		3,308		256,502
Becton Dickinson and Co.		1,865		496,090
Boston Scientific Corp.^(a)		9,403		416,459
Cooper Companies Inc. (The)		324		135,299
DENTSPLY SIRONA Inc.		1,410		69,400
Dexcom Inc.^(a)		641		327,936
Edwards Lifesciences Corp.^(a)		4,125		485,595
Hologic Inc.^(a)		1,646		126,446
IDEXX Laboratories Inc.^(a)		559		305,806
Intuitive Surgical Inc.^(a)		2,364		713,171
Medtronic PLC		8,866		983,683
ResMed Inc.		964		233,780
STERIS PLC		661		159,810
Stryker Corp.		2,219		593,250
Teleflex Inc.		308		109,288
Zimmer Biomet Holdings Inc.		1,379		176,374


				7,277,867

Health Care Providers & Services — 3.3%
AmerisourceBergen Corp.		969		149,914
Anthem Inc.		1,592		782,022
Cardinal Health Inc.		1,840		104,328
Centene Corp.^(a)		3,835		322,869
Cigna Corp.		2,134		511,328
CVS Health Corp.		8,623		872,734
DaVita Inc.^(a)		393		44,452
HCA Healthcare Inc.		1,582		396,481
Henry Schein Inc.^(a)		894		77,948
Humana Inc.		845		367,719
Laboratory Corp. of America Holdings^(a)		614		161,887
McKesson Corp.		981		300,313
Quest Diagnostics Inc.		786		107,572
UnitedHealth Group Inc.		6,199		3,161,304
Universal Health Services Inc., Class B		484		70,156


				7,431,027


Security	Shares		Value

Health Care Technology — 0.1%
Cerner Corp.		1,936	$	181,132


Hotels, Restaurants & Leisure — 2.1%
Booking Holdings Inc.^(a)		271		636,430
Caesars Entertainment Inc.^(a)		1,413		109,310
Carnival Corp.^(a)		5,377		108,723
Chipotle Mexican Grill Inc.^(a)		185		292,675
Darden Restaurants Inc.		843		112,077
Domino’s Pizza Inc.		241		98,089
Expedia Group Inc.^(a)		991		193,909
Hilton Worldwide Holdings Inc.^(a)		1,836		278,595
Las Vegas Sands Corp.^(a)		2,295		89,207
Marriott International Inc./MD, Class A^(a)		1,808		317,756
McDonald’s Corp.		4,910		1,214,145
MGM Resorts International		2,489		104,389
Norwegian Cruise Line Holdings Ltd.^(a)(c)		2,755		60,279
Penn National Gaming Inc.^(a)(c)		1,065		45,177
Royal Caribbean Cruises Ltd.^(a)		1,490		124,832
Starbucks Corp.		7,598		691,190
Wynn Resorts Ltd.^(a)		689		54,941
Yum! Brands Inc.		1,887		223,666


				4,755,390

Household Durables — 0.3%
DR Horton Inc.		2,130		158,706
Garmin Ltd.		1,005		119,203
Lennar Corp., Class A		1,726		140,099
Mohawk Industries Inc.^(a)		363		45,085
Newell Brands Inc.		2,553		54,660
NVR Inc.^(a)		21		93,813
PulteGroup Inc.		1,643		68,842
Whirlpool Corp.		390		67,384


				747,792

Household Products — 1.5%
Church & Dwight Co. Inc.		1,598		158,809
Clorox Co. (The)		813		113,031
Colgate-Palmolive Co.		5,494		416,610
Kimberly-Clark Corp.		2,225		274,031
Procter & Gamble Co. (The)		15,778		2,410,879


				3,373,360

Industrial Conglomerates — 0.4%
General Electric Co.		7,261		664,382
Roper Technologies Inc.		693		327,255


				991,637

Insurance — 2.3%
Aflac Inc.		3,963		255,178
Allstate Corp. (The)		1,834		254,027
American International Group Inc.		5,474		343,603
Aon PLC, Class A		1,413		460,115
Arthur J Gallagher & Co.		1,378		240,599
Assurant Inc.		365		66,368
Brown & Brown Inc.		1,550		112,018
Chubb Ltd.		2,844		608,332
Cincinnati Financial Corp.		989		134,464
Everest Re Group Ltd.		254		76,550
Globe Life Inc.		615		61,869
Hartford Financial Services Group Inc. (The)		2,201		158,054
Lincoln National Corp.		1,099		71,831
Loews Corp.		1,159		75,126
Marsh & McLennan Companies Inc.		3,338		568,862


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
MetLife Inc.		4,566	$	320,898
Principal Financial Group Inc.		1,604		117,750
Progressive Corp. (The)		3,845		438,292
Prudential Financial Inc.		2,492		294,480
Travelers Companies Inc. (The)		1,581		288,896
W R Berkley Corp.		1,356		90,296
Willis Towers Watson PLC		806		190,393


				5,228,001

Interactive Media & Services — 6.3%
Alphabet Inc., Class A^(a)		1,984		5,518,198
Alphabet Inc., Class C, NVS^(a)		1,830		5,111,172
Match Group Inc.^(a)		1,865		202,800
Meta Platforms Inc, Class A^(a)		15,158		3,370,533
Twitter Inc.^(a)		5,282		204,361


				14,407,064

Internet & Direct Marketing Retail — 4.3%
Amazon.com Inc.^(a)		2,885		9,404,956
eBay Inc.		4,121		235,968
Etsy Inc.^(a)		852		105,887


				9,746,811

IT Services — 4.7%
Accenture PLC, Class A		4,173		1,407,261
Akamai Technologies Inc.^(a)		1,083		129,299
Automatic Data Processing Inc.		2,777		631,879
Broadridge Financial Solutions Inc.		759		118,184
Cognizant Technology Solutions Corp., Class A		3,458		310,079
DXC Technology Co.^(a)		1,614		52,665
EPAM Systems Inc.^(a)		375		111,229
Fidelity National Information Services Inc.		4,018		403,487
Fiserv Inc.^(a)		3,946		400,124
FleetCor Technologies Inc.^(a)		544		135,489
Gartner Inc.^(a)		548		163,008
Global Payments Inc.		1,880		257,259
International Business Machines Corp.		5,937		771,929
Jack Henry & Associates Inc.		482		94,978
Mastercard Inc., Class A		5,694		2,034,922
Paychex Inc.		2,106		287,406
PayPal Holdings Inc.^(a)		7,522		869,919
VeriSign Inc.^(a)		639		142,152
Visa Inc., Class A		10,941		2,426,385


				10,747,654

Leisure Products — 0.0%
Hasbro Inc.		855		70,042


Life Sciences Tools & Services — 2.0%
Agilent Technologies Inc.		1,992		263,601
Bio-Rad Laboratories Inc., Class A^(a)		143		80,542
Bio-Techne Corp.		261		113,023
Charles River Laboratories International Inc.^(a)		337		95,698
Danaher Corp.		4,196		1,230,813
Illumina Inc.^(a)		1,033		360,930
IQVIA Holdings Inc.^(a)		1,260		291,325
Mettler-Toledo International Inc.^(a)		152		208,725
PerkinElmer Inc.		833		145,325
Thermo Fisher Scientific Inc.		2,599		1,535,099
Waters Corp.^(a)		399		123,846
West Pharmaceutical Services Inc.		491		201,659


				4,650,586


Security	Shares		Value

Machinery — 1.7%
Caterpillar Inc.		3,562	$	793,685
Cummins Inc.		951		195,060
Deere & Co.		1,845		766,524
Dover Corp.		954		149,682
Fortive Corp.		2,363		143,977
IDEX Corp.		503		96,440
Illinois Tool Works Inc.		1,857		388,856
Ingersoll Rand Inc.		2,702		136,046
Nordson Corp.		358		81,295
Otis Worldwide Corp.		2,799		215,383
PACCAR Inc.		2,275		200,359
Parker-Hannifin Corp.		847		240,345
Pentair PLC		1,095		59,360
Snap-on Inc.		354		72,740
Stanley Black & Decker Inc.		1,080		150,973
Westinghouse Air Brake Technologies Corp.		1,236		118,866
Xylem Inc./NY		1,181		100,692


				3,910,283

Media — 1.1%
Charter Communications Inc., Class A^(a)		788		429,870
Comcast Corp., Class A		29,445		1,378,615
Discovery Inc., Class A^(a)		1,088		27,113
Discovery Inc., Class C, NVS^(a)		2,033		50,764
DISH Network Corp., Class A^(a)		1,639		51,874
Fox Corp., Class A, NVS		2,087		82,332
Fox Corp., Class B		968		35,119
Interpublic Group of Companies Inc. (The)		2,587		91,709
News Corp., Class A, NVS		2,585		57,258
News Corp., Class B		822		18,511
Omnicom Group Inc.		1,362		115,607
Paramount Global, Class B, NVS		4,049		153,093


				2,491,865

Metals & Mining — 0.5%
Freeport-McMoRan Inc.		9,673		481,135
Newmont Corp.		5,215		414,332
Nucor Corp.		1,798		267,272


				1,162,739

Multi-Utilities — 0.4%
CenterPoint Energy Inc.		4,149		127,126
Consolidated Edison Inc.		2,249		212,935
Public Service Enterprise Group Inc.		3,321		232,470
Sempra Energy		2,110		354,733


				927,264

Multiline Retail — 0.5%
Dollar General Corp.		1,517		337,730
Dollar Tree Inc.^(a)		1,481		237,182
Target Corp.		3,155		669,554


				1,244,466

Oil, Gas & Consumable Fuels — 0.7%
Kinder Morgan Inc.		12,698		240,119
Marathon Petroleum Corp.		3,825		327,037
ONEOK Inc.		2,946		208,076
Phillips 66		3,085		266,513
Valero Energy Corp.		2,651		269,183
Williams Companies Inc. (The)		7,970		266,278


				1,577,206

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,537		418,556


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		14,351	$	1,048,054
Catalent Inc.^(a)		1,186		131,528
Eli Lilly & Co.		5,223		1,495,711
Merck & Co. Inc.		16,626		1,364,163
Organon & Co.		1,640		57,285
Pfizer Inc.		36,942		1,912,487
Viatris Inc.		8,022		87,279
Zoetis Inc.		3,127		589,721


				6,686,228

Professional Services — 0.2%
Equifax Inc.		811		192,288
Nielsen Holdings PLC		2,332		63,524
Robert Half International Inc.		722		82,438
Verisk Analytics Inc.		1,060		227,508


				565,758

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		2,212		202,442


Road & Rail — 1.1%
CSX Corp.		14,592		546,470
JB Hunt Transport Services Inc.		546		109,631
Norfolk Southern Corp.		1,584		451,789
Old Dominion Freight Line Inc.		617		184,286
Union Pacific Corp.		4,186		1,143,657


				2,435,833

Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices Inc.^(a)		10,782		1,178,904
Analog Devices Inc.		3,470		573,175
Applied Materials Inc.		5,845		770,371
Broadcom Inc.		2,714		1,708,952
Enphase Energy Inc.^(a)		886		178,777
Intel Corp.		26,820		1,329,199
KLA Corp.		991		362,765
Lam Research Corp.		920		494,601
Microchip Technology Inc.		3,690		277,267
Micron Technology Inc.		7,397		576,152
Monolithic Power Systems Inc.		281		136,476
NVIDIA Corp.		16,436		4,484,727
NXP Semiconductors NV		1,750		323,890
Qorvo Inc.^(a)		715		88,732
QUALCOMM Inc.		7,417		1,133,466
Skyworks Solutions Inc.		1,091		145,408
SolarEdge Technologies Inc.^(a)		348		112,185
Teradyne Inc.		1,071		126,624
Texas Instruments Inc.		6,068		1,113,357


				15,115,028

Software — 9.8%
Adobe Inc.^(a)		3,071		1,399,209
ANSYS Inc.^(a)		575		182,649
Autodesk Inc.^(a)		1,446		309,950
Cadence Design Systems Inc.^(a)		1,831		301,126
Ceridian HCM Holding Inc.^(a)		881		60,225
Citrix Systems Inc.		817		82,435
Fortinet Inc.^(a)		896		306,199
Intuit Inc.		1,824		877,052
Microsoft Corp.		49,370		15,221,265
NortonLifeLock Inc.		3,901		103,455
Oracle Corp.		10,406		860,888
Paycom Software Inc.^(a)		314		108,763


Security	Shares		Value

Software (continued)
PTC Inc.^(a)		683	$	73,573
salesforce.com Inc.^(a)		6,411		1,361,184
ServiceNow Inc.^(a)		1,321		735,652
Synopsys Inc.^(a)		1,009		336,269
Tyler Technologies Inc.^(a)		270		120,120


				22,440,014

Specialty Retail — 2.2%
Advance Auto Parts Inc.		421		87,130
AutoZone Inc.^(a)		136		278,063
Bath & Body Works Inc.		1,703		81,403
Best Buy Co. Inc.		1,429		129,896
CarMax Inc.^(a)		1,082		104,391
Home Depot Inc. (The)		6,834		2,045,621
Lowe’s Companies Inc.		4,437		897,117
O’Reilly Automotive Inc.^(a)		440		301,383
Ross Stores Inc.		2,335		211,224
TJX Companies Inc. (The)		7,881		477,431
Tractor Supply Co.		753		175,728
Ulta Salon Cosmetics & Fragrance Inc.^(a)		358		142,563


				4,931,950

Technology Hardware, Storage & Peripherals — 8.1%
Apple Inc.		102,057		17,820,173
Hewlett Packard Enterprise Co.		8,594		143,606
HP Inc.		7,152		259,617
NetApp Inc.		1,486		123,338
Seagate Technology Holdings PLC		1,330		119,567
Western Digital Corp.^(a)		2,032		100,889


				18,567,190

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		8,429		1,134,206
PVH Corp.		461		35,317
Ralph Lauren Corp.		305		34,599
Tapestry Inc.		1,780		66,127
Under Armour Inc., Class A^(a)		1,222		20,799
Under Armour Inc., Class C, NVS^(a)		1,355		21,084
VF Corp.		2,156		122,590


				1,434,722

Trading Companies & Distributors — 0.2%
Fastenal Co.		3,767		223,760
United Rentals Inc.^(a)		478		169,790


				393,550

Water Utilities — 0.1%
American Water Works Co. Inc.		1,194		197,643


Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		3,869		496,586


Total Common Stocks — 99.8% (Cost: $239,951,218)				227,966,748


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(b)(d)(e)		12,356		12,354


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(b)(d)		320,000	$	320,000


				332,354


Total Short-Term Investments — 0.1% (Cost: $332,356)				332,354


Total Investments in Securities — 99.9% (Cost: $240,283,574)				228,299,102

Other Assets, Less Liabilities — 0.1%				114,902


Net Assets — 100.0%			$	228,414,004

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates

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



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	12,532	^(a)	$	—		$	(176	)	$	(2	)	$	12,354		12,356	$	428	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		260,000	^(a)		—			—			—			320,000		320,000		80			—
BlackRock Inc.		106,308		1,891,184			(1,166,362	)		15,977			(127,259	)		719,848		942		13,110			—


									$	15,801		$	(127,261	)	$	1,052,202			$	13,618		$	—

^(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

Micro E-mini S&P 500 Index

06/17/22

408

22,998

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	22,998

^(a)

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P 500 ETF

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(8,950	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,244

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	283,110

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	$	227,966,748	$	—	$	—	$	227,966,748
Money Market Funds		332,354		—		—		332,354


	$	228,299,102	$	—	$	—	$	228,299,102

Derivative financial instruments^(a)
Assets
Futures Contracts	$	22,998	$	—	$	—	$	22,998

^(a)

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

See notes to financial statements.


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

Schedule of Investments

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Axon Enterprise Inc.^(a)		2,401	$	330,690
Curtiss-Wright Corp.		1,377		206,770
Hexcel Corp.		2,943		175,020
Mercury Systems Inc.^(a)		1,989		128,191
Woodward Inc.		2,213		276,426


				1,117,097

Air Freight & Logistics — 0.3%
GXO Logistics Inc.^(a)		3,458		246,694


Airlines — 0.2%
JetBlue Airways Corp.^(a)		11,157		166,797


Auto Components — 1.5%
Adient PLC^(a)		3,325		135,560
Dana Inc.		5,058		88,869
Fox Factory Holding Corp.^(a)		1,477		144,672
Gentex Corp.		8,298		242,053
Goodyear Tire & Rubber Co. (The)^(a)		9,857		140,856
Lear Corp.		2,095		298,726
Visteon Corp.^(a)		982		107,166


				1,157,902

Automobiles — 0.5%
Harley-Davidson Inc.		5,399		212,720
Thor Industries Inc.		1,951		153,544


				366,264

Banks — 7.1%
Associated Banc-Corp.		5,248		119,444
Bank of Hawaii Corp.		1,464		122,859
Bank OZK		4,303		183,738
Cadence Bank		4,744		138,809
Cathay General Bancorp.		2,725		121,944
Commerce Bancshares Inc.		3,876		277,483
Cullen/Frost Bankers Inc.		2,004		277,374
East West Bancorp. Inc.		4,993		394,547
First Financial Bankshares Inc.		4,567		201,496
First Horizon Corp.		18,732		440,015
FNB Corp.		11,919		148,391
Fulton Financial Corp.		5,791		96,246
Glacier Bancorp. Inc.		3,806		191,366
Hancock Whitney Corp.		3,074		160,309
Home BancShares Inc./AR		5,301		119,803
International Bancshares Corp.		1,962		82,816
Old National Bancorp./IN		10,518		172,285
PacWest Bancorp.		4,226		182,267
Pinnacle Financial Partners Inc.		2,677		246,498
Prosperity Bancshares Inc.		3,269		226,803
Synovus Financial Corp.		5,189		254,261
Texas Capital Bancshares Inc.^(a)		1,786		102,356
UMB Financial Corp.		1,512		146,906
Umpqua Holdings Corp.		7,599		143,317
United Bankshares Inc./WV		4,817		168,017
Valley National Bancorp.		14,783		192,475
Webster Financial Corp.		6,340		355,801
Wintrust Financial Corp.		2,028		188,462


				5,456,088

Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		331		128,584


Security	Shares		Value

Biotechnology — 1.6%
Arrowhead Pharmaceuticals Inc.^(a)		3,718	$	170,991
Exelixis Inc.^(a)		11,098		251,592
Halozyme Therapeutics Inc.^(a)		4,939		196,967
Neurocrine Biosciences Inc.^(a)		3,327		311,906
United Therapeutics Corp.^(a)		1,581		283,647


				1,215,103

Building Products — 2.5%
Builders FirstSource Inc.^(a)		6,718		433,580
Carlisle Companies Inc.		1,835		451,263
Lennox International Inc.		1,181		304,533
Owens Corning		3,525		322,537
Simpson Manufacturing Co. Inc.		1,523		166,068
Trex Co. Inc.^(a)		4,038		263,803


				1,941,784

Capital Markets — 2.1%
Affiliated Managers Group Inc.		1,435		202,263
Evercore Inc., Class A		1,363		151,729
Federated Hermes Inc.		3,489		118,835
Interactive Brokers Group Inc., Class A		3,107		204,783
Janus Henderson Group PLC		6,007		210,365
Jefferies Financial Group Inc.		6,865		225,515
SEI Investments Co.		3,736		224,945
Stifel Financial Corp.		3,702		251,366


				1,589,801

Chemicals — 2.3%
Ashland Global Holdings Inc.		1,857		182,747
Avient Corp.		3,208		153,984
Cabot Corp.		1,984		135,725
Chemours Co. (The)		5,614		176,729
Ingevity Corp.^(a)		1,381		88,481
Minerals Technologies Inc.		1,178		77,925
NewMarket Corp.		244		79,149
RPM International Inc.		4,548		370,389
Scotts Miracle-Gro Co. (The)		1,424		175,095
Sensient Technologies Corp.		1,484		124,582
Valvoline Inc.		6,292		198,575


				1,763,381

Commercial Services & Supplies — 1.6%
Brink’s Co. (The)		1,724		117,232
Clean Harbors Inc.^(a)		1,756		196,040
IAA Inc.^(a)		4,731		180,961
MillerKnoll Inc.		2,656		91,791
MSA Safety Inc.		1,279		169,723
Stericycle Inc.^(a)		3,226		190,076
Tetra Tech Inc.		1,894		312,397


				1,258,220

Communications Equipment — 1.0%
Calix Inc.^(a)		1,924		82,559
Ciena Corp.^(a)		5,442		329,949
Lumentum Holdings Inc.^(a)		2,554		249,270
Viasat Inc.^(a)		2,609		127,319


				789,097

Construction & Engineering — 1.6%
AECOM		4,958		380,824
Dycom Industries Inc.^(a)		1,058		100,785
EMCOR Group Inc.		1,873		210,956
MasTec Inc.^(a)		2,064		179,774
MDU Resources Group Inc.		7,133		190,094


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 (continued)

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Valmont Industries Inc.		746	$	177,996


				1,240,429

Construction Materials — 0.2%
Eagle Materials Inc.		1,395		179,062


Consumer Finance — 0.4%
Navient Corp.		5,609		95,577
PROG Holdings Inc.^(a)		1,989		57,224
SLM Corp.		9,941		182,517


				335,318

Containers & Packaging — 0.9%
AptarGroup Inc.		2,309		271,308
Greif Inc., Class A, NVS		932		60,636
Silgan Holdings Inc.		2,990		138,228
Sonoco Products Co.		3,449		215,769


				685,941

Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		142		86,829
Grand Canyon Education Inc.^(a)		1,390		134,983
H&R Block Inc.		5,771		150,277
Service Corp. International		5,785		380,768


				752,857

Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.^(a)		4,637		186,964


Electric Utilities — 0.2%
Hawaiian Electric Industries Inc.		3,846		162,724


Electrical Equipment — 2.0%
Acuity Brands Inc.		1,228		232,460
EnerSys		1,446		107,828
Hubbell Inc.		1,908		350,633
nVent Electric PLC		5,902		205,271
Regal Rexnord Corp.		2,378		353,799
Sunrun Inc.^(a)		7,261		220,517
Vicor Corp.^(a)		752		53,054


				1,523,562

Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.^(a)		2,388		283,288
Avnet Inc.		3,497		141,943
Belden Inc.		1,576		87,310
Cognex Corp.		6,202		478,484
Coherent Inc.^(a)		870		237,823
II-VI Inc.^(a)		3,730		270,388
Jabil Inc.		5,035		310,811
Littelfuse Inc.		865		215,740
National Instruments Corp.		4,679		189,921
TD SYNNEX Corp.		1,458		150,480
Vishay Intertechnology Inc.		4,656		91,258
Vontier Corp.^(b)		5,950		151,070


				2,608,516

Energy Equipment & Services — 0.6%
ChampionX Corp.^(a)		7,089		173,539
NOV Inc.		13,774		270,108


				443,647

Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		1,537		95,970


Equity Real Estate Investment Trusts (REITs) — 10.2%
American Campus Communities Inc.		4,881		273,190


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		5,506	$	294,351
Brixmor Property Group Inc.		10,448		269,663
Camden Property Trust		3,584		595,661
Corporate Office Properties Trust		3,940		112,448
Cousins Properties Inc.		5,215		210,112
Douglas Emmett Inc.		6,157		205,767
EastGroup Properties Inc.		1,427		290,080
EPR Properties		2,623		143,504
First Industrial Realty Trust Inc.		4,571		282,991
Healthcare Realty Trust Inc.		5,175		142,209
Highwoods Properties Inc.		3,702		169,329
Hudson Pacific Properties Inc.		5,348		148,407
JBG SMITH Properties		4,004		116,997
Kilroy Realty Corp.		3,692		282,143
Kite Realty Group Trust		7,683		174,942
Lamar Advertising Co., Class A		3,047		354,000
Life Storage Inc.		2,878		404,157
Macerich Co. (The)		7,473		116,878
Medical Properties Trust Inc.		20,934		442,545
National Retail Properties Inc.		6,161		276,875
National Storage Affiliates Trust		2,874		180,372
Omega Healthcare Investors Inc.		8,383		261,214
Park Hotels & Resorts Inc.		8,296		162,021
Pebblebrook Hotel Trust		4,609		112,828
Physicians Realty Trust		7,727		135,532
PotlatchDeltic Corp.		2,423		127,765
PS Business Parks Inc.		706		118,664
Rayonier Inc.		5,099		209,671
Rexford Industrial Realty Inc.		5,622		419,345
Sabra Health Care REIT Inc.		8,022		119,448
SL Green Realty Corp.		2,257		183,223
Spirit Realty Capital Inc.		4,480		206,170
STORE Capital Corp.		8,608		251,612


				7,794,114

Food & Staples Retailing — 0.7%
BJ’s Wholesale Club Holdings Inc.^(a)		4,770		322,500
Grocery Outlet Holding Corp.^(a)		3,065		100,471
Sprouts Farmers Market Inc.^(a)		3,938		125,937


				548,908

Food Products — 1.8%
Darling Ingredients Inc.^(a)		5,676		456,237
Flowers Foods Inc.		7,006		180,124
Hain Celestial Group Inc. (The)^(a)		3,209		110,389
Ingredion Inc.		2,345		204,367
Lancaster Colony Corp.		712		106,195
Pilgrim’s Pride Corp.^(a)		1,710		42,921
Post Holdings Inc.^(a)		2,018		139,767
Sanderson Farms Inc.		745		139,680


				1,379,680

Gas Utilities — 1.2%
New Jersey Resources Corp.		3,369		154,502
ONE Gas Inc.		1,880		165,891
Southwest Gas Holdings Inc.		2,295		179,676
Spire Inc.		1,815		130,244
UGI Corp.		7,359		266,543


				896,856

Health Care Equipment & Supplies — 3.1%
Envista Holdings Corp.^(a)		5,661		275,747
Globus Medical Inc., Class A^(a)		2,777		204,887


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Haemonetics Corp.^(a)		1,794	$	113,417
ICU Medical Inc.^(a)		701		156,071
Integra LifeSciences Holdings Corp.^(a)		2,555		164,184
LivaNova PLC^(a)		1,866		152,695
Masimo Corp.^(a)		1,781		259,207
Neogen Corp.^(a)(b)		3,799		117,161
NuVasive Inc.^(a)		1,814		102,854
Penumbra Inc.^(a)		1,231		273,442
Quidel Corp.^(a)		1,331		149,684
STAAR Surgical Co.^(a)		1,670		133,450
Tandem Diabetes Care Inc.^(a)		2,228		259,094


				2,361,893
Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.^(a)		3,155		206,748
Amedisys Inc.^(a)		1,143		196,927
Chemed Corp.		540		273,537
Encompass Health Corp.		3,490		248,174
HealthEquity Inc.^(a)		2,935		197,936
LHC Group Inc.^(a)		1,110		187,146
Option Care Health Inc.^(a)		4,859		138,773
Patterson Companies Inc.		3,043		98,502
Progyny Inc.^(a)		2,442		125,519
R1 RCM Inc.^(a)		4,685		125,371
Tenet Healthcare Corp.^(a)		3,757		322,952


				2,121,585
Hotels, Restaurants & Leisure — 3.0%
Boyd Gaming Corp.		2,878		189,315
Choice Hotels International Inc.		1,150		163,024
Churchill Downs Inc.		1,208		267,910
Cracker Barrel Old Country Store Inc.		841		99,852
Marriott Vacations Worldwide Corp.		1,495		235,761
Papa John’s International Inc.		1,135		119,493
Scientific Games Corp./DE, Class A^(a)		3,386		198,928
Six Flags Entertainment Corp.^(a)		2,715		118,103
Texas Roadhouse Inc.		2,443		204,552
Travel + Leisure Co.		3,027		175,384
Wendy’s Co. (The)		6,191		136,016
Wingstop Inc.		1,046		122,748
Wyndham Hotels & Resorts Inc.		3,269		276,852


				2,307,938
Household Durables — 1.6%
Helen of Troy Ltd.^(a)		846		165,680
KB Home		3,007		97,367
Leggett & Platt Inc.		4,689		163,177
Taylor Morrison Home Corp.^(a)		4,311		117,345
Tempur Sealy International Inc.		6,753		188,544
Toll Brothers Inc.		3,942		185,353
TopBuild Corp.^(a)		1,156		209,687
Tri Pointe Homes Inc.^(a)		3,921		78,734


				1,205,887
Household Products — 0.1%
Energizer Holdings Inc.		2,300		70,748


Insurance — 4.3%
Alleghany Corp.^(a)		480		406,560
American Financial Group Inc./OH		2,334		339,877
Brighthouse Financial Inc.^(a)		2,731		141,084
CNO Financial Group Inc.		4,356		109,292
First American Financial Corp.		3,855		249,881


Security	Shares		Value

Insurance (continued)
Hanover Insurance Group Inc. (The)		1,270	$	189,891
Kemper Corp.		2,108		119,186
Kinsale Capital Group Inc.		753		171,699
Mercury General Corp.		938		51,590
Old Republic International Corp.		10,202		263,926
Primerica Inc.		1,405		192,232
Reinsurance Group of America Inc.		2,356		257,888
RenaissanceRe Holdings Ltd.		1,543		244,581
RLI Corp.		1,413		156,320
Selective Insurance Group Inc.		2,115		188,996
Unum Group		7,330		230,968


				3,313,971
Interactive Media & Services — 0.4%
TripAdvisor Inc.^(a)		3,475		94,242
Yelp Inc.^(a)		2,407		82,103
Ziff Davis Inc.^(a)		1,691		163,655


				340,000
IT Services — 2.4%
Alliance Data Systems Corp.		1,767		99,217
Concentrix Corp.		1,505		250,673
Euronet Worldwide Inc.^(a)		1,856		241,559
Genpact Ltd.		5,980		260,190
Kyndryl Holdings Inc.^(a)		6,290		82,525
LiveRamp Holdings Inc.^(a)		2,421		90,521
Maximus Inc.		2,173		162,866
Sabre Corp.^(a)		11,377		130,039
Western Union Co. (The)		13,814		258,874
WEX Inc.^(a)		1,566		279,453


				1,855,917
Leisure Products — 0.9%
Brunswick Corp./DE		2,711		219,293
Callaway Golf Co.^(a)		4,111		96,280
Polaris Inc.		2,002		210,851
YETI Holdings Inc.^(a)		3,074		184,378


				710,802
Life Sciences Tools & Services — 1.6%
Azenta Inc.		2,629		217,892
Bruker Corp.		3,573		229,744
Medpace Holdings Inc.^(a)		1,011		165,389
Repligen Corp.^(a)		1,804		339,314
Syneos Health Inc.^(a)		3,638		294,496


				1,246,835
Machinery — 4.5%
AGCO Corp.		2,152		314,257
Colfax Corp.^(a)		4,769		189,758
Crane Co.		1,753		189,815
Donaldson Co. Inc.		4,357		226,259
Flowserve Corp.		4,570		164,063
Graco Inc.		5,962		415,671
ITT Inc.		3,025		227,510
Kennametal Inc.		2,914		83,370
Lincoln Electric Holdings Inc.		2,071		285,404
Middleby Corp. (The)^(a)		1,950		319,683
Oshkosh Corp.		2,342		235,722
Terex Corp.		2,448		87,296
Timken Co. (The)		2,435		147,804
Toro Co. (The)		3,681		314,689
Trinity Industries Inc.		2,868		98,544


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 (continued)

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Watts Water Technologies Inc., Class A		967	$	134,984


				3,434,829
Marine — 0.2%
Kirby Corp.^(a)		2,108		152,176


Media — 1.0%
Cable One Inc.		174		254,778
John Wiley & Sons Inc., Class A		1,535		81,401
New York Times Co. (The), Class A		5,863		268,760
TEGNA Inc.		7,762		173,869


				778,808
Metals & Mining — 3.9%
Alcoa Corp.		6,458		581,414
Cleveland-Cliffs Inc.^(a)		16,771		540,194
Commercial Metals Co.		4,260		177,301
Reliance Steel & Aluminum Co.		2,197		402,820
Royal Gold Inc.		2,303		325,368
Steel Dynamics Inc.		6,612		551,639
United States Steel Corp.		9,153		345,434
Worthington Industries Inc.		1,143		58,762


				2,982,932
Multiline Retail — 1.0%
Kohl’s Corp.		4,881		295,105
Macy’s Inc.		10,498		255,731
Nordstrom Inc.		3,912		106,054
Ollie’s Bargain Outlet Holdings Inc.^(a)		2,059		88,455


				745,345
Oil, Gas & Consumable Fuels — 1.5%
DTE Midstream LLC^(a)		3,394		184,159
Equitrans Midstream Corp.		14,262		120,371
HF Sinclair Corp.		5,244		208,973
Targa Resources Corp.		8,031		606,100


				1,119,603
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		3,085		191,640


Personal Products — 0.3%
Coty Inc., Class A^(a)		12,063		108,447
Nu Skin Enterprises Inc., Class A		1,748		83,694


				192,141
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC^(a)		2,156		335,624
Perrigo Co. PLC		4,693		180,352


				515,976
Professional Services — 1.5%
ASGN Inc.^(a)		1,829		213,463
FTI Consulting Inc.^(a)		1,203		189,136
Insperity Inc.		1,251		125,625
KBR Inc.		4,924		269,490
ManpowerGroup Inc.		1,902		178,636
Science Applications International Corp.		1,998		184,156


				1,160,506
Real Estate Management & Development — 0.6%
Jones Lang LaSalle Inc.^(a)		1,770		423,844


Road & Rail — 2.1%
Avis Budget Group Inc.^(a)		1,405		369,937
Knight-Swift Transportation Holdings Inc.		5,822		293,778
Landstar System Inc.		1,321		199,246


Security	Shares		Value

Road & Rail (continued)
Ryder System Inc.		1,889	$	149,854
Saia Inc.^(a)		924		225,290
Werner Enterprises Inc.		2,100		86,100
XPO Logistics Inc.^(a)		3,460		251,888


				1,576,093
Semiconductors & Semiconductor Equipment — 4.0%
Amkor Technology Inc.		3,517		76,389
Cirrus Logic Inc.^(a)		2,010		170,428
CMC Materials Inc.		1,003		185,956
First Solar Inc.^(a)		3,469		290,494
Lattice Semiconductor Corp.^(a)		4,803		292,743
MKS Instruments Inc.		1,945		291,750
Power Integrations Inc.		2,074		192,218
Semtech Corp.^(a)		2,261		156,778
Silicon Laboratories Inc.^(a)		1,343		201,719
SiTime Corp.^(a)		527		130,601
SunPower Corp.^(a)		2,910		62,507
Synaptics Inc.^(a)		1,386		276,507
Universal Display Corp.		1,520		253,764
Wolfspeed Inc.^(a)		4,334		493,469


				3,075,323
Software — 4.0%
ACI Worldwide Inc.^(a)		4,124		129,865
Aspen Technology Inc.^(a)		2,339		386,800
Blackbaud Inc.^(a)		1,568		93,876
CDK Global Inc.		4,084		198,809
CommVault Systems Inc.^(a)		1,563		103,705
Digital Turbine Inc.^(a)		3,096		135,636
Envestnet Inc.^(a)		1,258		93,646
Fair Isaac Corp.^(a)		922		430,076
Manhattan Associates Inc.^(a)		2,216		307,381
Mimecast Ltd.^(a)		2,184		173,759
NCR Corp.^(a)(b)		4,630		186,080
Paylocity Holding Corp.^(a)		1,392		286,432
Qualys Inc.^(a)		1,185		168,756
SailPoint Technologies Holdings Inc.^(a)		3,272		167,461
Teradata Corp.^(a)		3,807		187,647


				3,049,929
Specialty Retail — 3.0%
American Eagle Outfitters Inc.		5,382		90,418
AutoNation Inc.^(a)		1,402		139,611
Five Below Inc.^(a)		1,966		311,355
Foot Locker Inc.		3,064		90,878
GameStop Corp., Class A^(a)(b)		2,170		361,479
Gap Inc. (The)		7,466		105,121
Lithia Motors Inc.		1,062		318,727
Murphy USA Inc.		804		160,768
RH^(a)(b)		611		199,241
Urban Outfitters Inc.^(a)		2,301		57,778
Victoria’s Secret & Co.^(a)		2,549		130,917
Williams-Sonoma Inc.		2,559		371,055


				2,337,348

Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		4,306		86,852


Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.^(a)		5,177		266,046
Carter’s Inc.		1,497		137,709
Columbia Sportswear Co.		1,228		111,171


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Crocs Inc.^(a)		2,064	$	157,690
Deckers Outdoor Corp.^(a)		956		261,724
Hanesbrands Inc.		12,250		182,402
Skechers U.S.A. Inc., Class A^(a)		4,733		192,917


				1,309,659
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		3,881		159,936
MGIC Investment Corp.		11,242		152,329
New York Community Bancorp. Inc.		16,311		174,854
Washington Federal Inc.		2,287		75,059


				562,178
Trading Companies & Distributors — 1.1%
GATX Corp.		1,246		153,669
MSC Industrial Direct Co. Inc., Class A		1,656		141,108
Univar Solutions Inc.^(a)		5,997		192,743
Watsco Inc.		1,159		353,078


				840,598
Water Utilities — 0.5%
Essential Utilities Inc.		8,068		412,517


Total Common Stocks — 99.8% (Cost: $77,255,015)				76,515,233


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		815,435	$	815,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		90,000		90,000


				905,271


Total Short-Term Investments — 1.2% (Cost: $905,160)				905,271


Total Investments in Securities — 101.0% (Cost: $78,160,175)				77,420,504

Other Assets, Less Liabilities — (1.0)%				(754,324	)


Net Assets — 100.0%			$	76,666,180

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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	265,494	$	550,386	^(a)	$	—	$	(720	)	$	111	$	815,271		815,435	$	1,384	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		70,000	^(a)		—		—			—		90,000		90,000		25			—


								$	(720	)	$	111	$	905,271			$	1,409		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	1,450

Fair Value Hierarchy as of Period End


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 (continued)

March 31, 2022

iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	76,515,233	$	—	$	—	$	76,515,233
Money Market Funds		905,271		—		—		905,271


	$	77,420,504	$	—	$	—	$	77,420,504

See notes to financial statements.


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

Schedule of Investments

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
AAR Corp.^(a)		872	$	42,231
Aerovironment Inc.^(a)		603		56,766
Kaman Corp.		728		31,654
National Presto Industries Inc.		132		10,157
Park Aerospace Corp.		516		6,734
Triumph Group Inc.^(a)		1,689		42,698


				190,240
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.^(a)		706		60,977
Forward Air Corp.		705		68,935
Hub Group Inc., Class A^(a)		886		68,408


				198,320
Airlines — 0.5%
Allegiant Travel Co.^(a)		397		64,469
Hawaiian Holdings Inc.^(a)(b)		1,339		26,378
SkyWest Inc.^(a)		1,317		37,996


				128,843
Auto Components — 1.3%
American Axle & Manufacturing Holdings Inc.^(a)		2,965		23,008
Dorman Products Inc.^(a)		744		70,702
Gentherm Inc.^(a)		869		63,472
LCI Industries		661		68,619
Motorcar Parts of America Inc.^(a)		509		9,076
Patrick Industries Inc.		588		35,456
Standard Motor Products Inc.		500		21,570
XPEL Inc.^(a)		431		22,675


				314,578
Automobiles — 0.2%
Winnebago Industries Inc.		872		47,114


Banks — 9.1%
Allegiance Bancshares Inc.		485		21,670
Ameris Bancorp.		1,720		75,474
Banc of California Inc.		1,414		27,375
BancFirst Corp.		494		41,106
Bancorp. Inc. (The)^(a)		1,446		40,965
BankUnited Inc.		1,347		59,214
Banner Corp.		643		37,635
Berkshire Hills Bancorp. Inc.		581		16,832
Brookline Bancorp. Inc.		1,463		23,145
Central Pacific Financial Corp.		464		12,946
City Holding Co.		125		9,837
Columbia Banking System Inc.		1,508		48,663
Community Bank System Inc.		1,032		72,395
Customers Bancorp. Inc.^(a)		790		41,191
CVB Financial Corp.		3,420		79,378
Dime Community Bancshares Inc.		854		29,523
Eagle Bancorp. Inc.		630		35,916
FB Financial Corp.		932		41,399
First BanCorp./Puerto Rico		3,825		50,184
First Bancorp./Southern Pines NC		899		37,551
First Commonwealth Financial Corp.		1,770		26,833
First Financial Bancorp.		2,281		52,577
First Hawaiian Inc.		3,333		92,957
Hanmi Financial Corp.		572		14,077
Heritage Financial Corp./WA		556		13,933
Hilltop Holdings Inc.		1,590		46,746
HomeStreet Inc.		398		18,857


Security	Shares		Value

Banks (continued)
Hope Bancorp Inc.		2,807	$	45,136
Independent Bank Corp.		1,153		94,189
Independent Bank Group Inc.		961		68,385
Investors Bancorp. Inc.		5,899		88,072
Lakeland Financial Corp.		658		48,034
Meta Financial Group Inc.		600		32,952
National Bank Holdings Corp., Class A		486		19,576
NBT Bancorp. Inc.		823		29,735
Northwest Bancshares Inc.		1,978		26,723
OFG Bancorp.		952		25,361
Pacific Premier Bancorp. Inc.		1,854		65,539
Park National Corp.		377		49,530
Preferred Bank/Los Angeles CA		107		7,928
Renasant Corp.		885		29,603
S&T Bancorp. Inc.		729		21,564
Seacoast Banking Corp. of Florida		1,529		53,546
ServisFirst Bancshares Inc.		1,276		121,590
Simmons First National Corp., Class A		2,209		57,920
Southside Bancshares Inc.		626		25,560
Tompkins Financial Corp.		310		24,264
Triumph Bancorp. Inc.^(a)		618		58,104
United Community Banks Inc./GA		2,724		94,795
Veritex Holdings Inc.		1,290		49,239
Westamerica Bancorp.		473		28,616


				2,234,340
Beverages — 0.7%
Celsius Holdings Inc.^(a)		999		55,125
Coca-Cola Consolidated Inc.		121		60,119
MGP Ingredients Inc.		327		27,988
National Beverage Corp.		610		26,535


				169,767
Biotechnology — 2.1%
Anika Therapeutics Inc.^(a)		382		9,592
Avid Bioservices Inc.^(a)		1,610		32,796
Coherus Biosciences Inc.^(a)		1,666		21,508
Cytokinetics Inc.^(a)		2,193		80,724
Eagle Pharmaceuticals Inc./DE^(a)		297		14,698
Emergent BioSolutions Inc.^(a)		1,252		51,407
Enanta Pharmaceuticals Inc.^(a)		478		34,024
Ligand Pharmaceuticals Inc.^(a)		437		49,158
Myriad Genetics Inc.^(a)		2,088		52,618
Organogenesis Holdings Inc., Class A^(a)		1,637		12,474
REGENXBIO Inc.^(a)		984		32,659
uniQure NV^(a)		937		16,932
Vanda Pharmaceuticals Inc.^(a)		1,448		16,377
Vericel Corp.^(a)		1,224		46,781
Xencor Inc.^(a)		1,529		40,794


				512,542
Building Products — 1.8%
AAON Inc.		1,083		60,356
American Woodmark Corp.^(a)(b)		433		21,196
Apogee Enterprises Inc.		650		30,849
Gibraltar Industries Inc.^(a)		854		36,679
Griffon Corp.		1,236		24,757
Insteel Industries Inc.		505		18,680
PGT Innovations Inc.^(a)		1,559		28,031
Quanex Building Products Corp.		873		18,324
Resideo Technologies Inc.^(a)		3,775		89,958


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
UFP Industries Inc.		1,618	$	124,845


				453,675
Capital Markets — 1.0%
B. Riley Financial Inc.		421		29,453
Blucora Inc.^(a)		1,274		24,907
BrightSphere Investment Group Inc.		916		22,213
Donnelley Financial Solutions Inc.^(a)		763		25,378
Greenhill & Co. Inc.		349		5,399
Piper Sandler Cos		369		48,431
StoneX Group Inc.^(a)		447		33,181
Virtus Investment Partners Inc.		186		44,638
WisdomTree Investments Inc.		2,829		16,606


				250,206
Chemicals — 3.0%
AdvanSix Inc.		735		37,551
American Vanguard Corp.		713		14,488
Balchem Corp.		847		115,785
Ferro Corp.^(a)		2,163		47,024
FutureFuel Corp.		680		6,616
GCP Applied Technologies Inc.^(a)		1,411		44,334
Hawkins Inc.		491		22,537
HB Fuller Co.		1,381		91,243
Innospec Inc.		644		59,602
Koppers Holdings Inc.		554		15,246
Livent Corp.^(a)(b)		4,224		110,120
Quaker Chemical Corp.		351		60,656
Stepan Co.		557		55,037
Tredegar Corp.		680		8,153
Trinseo PLC		1,015		48,639


				737,031
Commercial Services & Supplies — 2.4%
ABM Industries Inc.		1,760		81,030
Brady Corp., Class A, NVS		1,263		58,439
CoreCivic Inc.^(a)		3,145		35,130
Deluxe Corp.		1,114		33,687
GEO Group Inc. (The)^(a)		3,026		20,002
Harsco Corp.^(a)		2,071		25,349
Healthcare Services Group Inc.		1,949		36,193
HNI Corp.		1,139		42,200
Interface Inc.		1,544		20,952
KAR Auction Services Inc.^(a)		3,167		57,164
Matthews International Corp., Class A		825		26,697
Pitney Bowes Inc.		1,838		9,558
U.S. Ecology Inc.^(a)(b)		817		39,118
UniFirst Corp./MA		398		73,343
Viad Corp.^(a)		534		19,032


				577,894
Communications Equipment — 1.4%
ADTRAN Inc.		1,293		23,856
CalAmp Corp.^(a)		950		6,945
Comtech Telecommunications Corp.		698		10,952
Digi International Inc.^(a)		915		19,691
Extreme Networks Inc.^(a)		3,378		41,245
Harmonic Inc.^(a)		2,676		24,860
NETGEAR Inc.^(a)		761		18,781
NetScout Systems Inc.^(a)		1,930		61,914
Plantronics Inc.^(a)		1,118		44,049
Viavi Solutions Inc.^(a)		6,013		96,689


				348,982


Security	Shares		Value

Construction & Engineering — 1.1%
Arcosa Inc.		1,263	$	72,307
Comfort Systems USA Inc.		942		83,847
Granite Construction Inc.		1,198		39,294
MYR Group Inc.^(a)		441		41,472
NV5 Global Inc.^(a)		310		41,323


				278,243
Consumer Finance — 0.8%
Encore Capital Group Inc.^(a)		648		40,649
Enova International Inc.^(a)		893		33,907
Green Dot Corp., Class A^(a)		875		24,045
LendingTree Inc.^(a)		300		35,901
PRA Group Inc.^(a)		1,140		51,391
World Acceptance Corp.^(a)(b)		108		20,719


				206,612
Containers & Packaging — 0.3%
Myers Industries Inc.		947		20,455
O-I Glass Inc.^(a)		4,068		53,616


				74,071
Diversified Consumer Services — 0.5%
Adtalem Global Education Inc.^(a)		1,302		38,682
American Public Education Inc.^(a)		495		10,514
Perdoceo Education Corp.^(a)		1,833		21,043
Strategic Education Inc.		592		39,297
WW International Inc.^(a)		1,383		14,148


				123,684
Diversified Telecommunication Services — 0.4%
ATN International Inc.		289		11,525
Cogent Communications Holdings Inc.		1,109		73,582
Consolidated Communications Holdings Inc.^(a)		1,865		11,004


				96,111
Electrical Equipment — 0.4%
AZZ Inc.		646		31,163
Encore Wire Corp.		530		60,457
Powell Industries Inc.		237		4,603


				96,223
Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries Inc.		985		84,789
Arlo Technologies Inc.^(a)		2,204		19,527
Badger Meter Inc.		765		76,278
Benchmark Electronics Inc.		916		22,937
CTS Corp.		842		29,756
ePlus Inc.^(a)		702		39,354
Fabrinet^(a)		967		101,661
FARO Technologies Inc.^(a)		476		24,714
Insight Enterprises Inc.^(a)		912		97,876
Itron Inc.^(a)		1,184		62,373
Knowles Corp.^(a)		2,400		51,672
Methode Electronics Inc.		974		42,126
OSI Systems Inc.^(a)		429		36,517
PC Connection Inc.		288		15,088
Plexus Corp.^(a)		735		60,130
Rogers Corp.^(a)		490		133,133
Sanmina Corp.^(a)		1,662		67,178
ScanSource Inc.^(a)		666		23,170
TTM Technologies Inc.^(a)		2,728		40,429


				1,028,708
Energy Equipment & Services — 2.0%
Archrock Inc.		3,504		32,342


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
Bristow Group Inc.^(a)		606	$	22,471
Core Laboratories NV		1,210		38,272
DMC Global Inc.^(a)		504		15,372
Dril-Quip Inc.^(a)		925		34,549
Helix Energy Solutions Group Inc.^(a)		3,687		17,624
Helmerich & Payne Inc.		2,758		117,987
Nabors Industries Ltd.^(a)		203		31,002
Oil States International Inc.^(a)		1,625		11,294
Patterson-UTI Energy Inc.		5,624		87,060
ProPetro Holding Corp.^(a)		2,216		30,869
RPC Inc.^(a)		1,838		19,611
U.S. Silica Holdings Inc.^(a)		1,949		36,368


				494,821
Entertainment — 0.2%
Cinemark Holdings Inc.^(a)		2,783		48,090
Marcus Corp. (The)^(a)		579		10,249


				58,339
Equity Real Estate Investment Trusts (REITs) — 8.7%
Acadia Realty Trust		2,312		50,101
Agree Realty Corp.		1,863		123,629
Alexander & Baldwin Inc.		1,896		43,968
American Assets Trust Inc.		1,377		52,174
Armada Hoffler Properties Inc.		1,760		25,696
Brandywine Realty Trust		4,473		63,248
CareTrust REIT Inc.		2,537		48,964
Centerspace		392		38,463
Chatham Lodging Trust^(a)		1,268		17,486
Community Healthcare Trust Inc.		613		25,875
DiamondRock Hospitality Co.^(a)		5,506		55,611
Diversified Healthcare Trust		6,248		19,994
Easterly Government Properties Inc.		2,252		47,607
Essential Properties Realty Trust Inc.		3,178		80,403
Four Corners Property Trust Inc.		2,022		54,675
Franklin Street Properties Corp., Class C		2,471		14,579
Getty Realty Corp.		1,031		29,507
Global Net Lease Inc.		2,709		42,613
Hersha Hospitality Trust, Class A^(a)		875		7,945
Independence Realty Trust Inc.		5,769		152,532
Industrial Logistics Properties Trust		1,710		38,766
Innovative Industrial Properties Inc.		670		137,618
iStar Inc.		1,816		42,512
LTC Properties Inc.		1,029		39,586
LXP Industrial Trust		7,394		116,086
NexPoint Residential Trust Inc.		594		53,644
Office Properties Income Trust		1,266		32,574
Orion Office REIT Inc.		1,480		20,720
Retail Opportunity Investments Corp.		3,174		61,544
RPT Realty		2,204		30,349
Safehold Inc.		368		20,406
Saul Centers Inc.		339		17,865
Service Properties Trust		4,291		37,889
SITE Centers Corp.		4,694		78,437
Summit Hotel Properties Inc.^(a)		2,783		27,719
Tanger Factory Outlet Centers Inc.		2,718		46,722
Uniti Group Inc.		6,172		84,927
Universal Health Realty Income Trust		335		19,554
Urban Edge Properties		2,879		54,989
Urstadt Biddle Properties Inc., Class A		791		14,879
Veris Residential Inc.^(a)		2,092		36,380
Washington Real Estate Investment Trust		2,213		56,431


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Whitestone REIT		1,200	$	15,900
Xenia Hotels & Resorts Inc.^(a)		2,985		57,581


				2,138,148
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		795		39,957
Chefs’ Warehouse Inc. (The)^(a)		852		27,775
PriceSmart Inc.		629		49,609
SpartanNash Co.		940		31,010
United Natural Foods Inc.^(a)		1,519		62,811


				211,162
Food Products — 1.8%
B&G Foods Inc.		1,697		45,785
Calavo Growers Inc.		460		16,767
Cal-Maine Foods Inc.		979		54,060
Fresh Del Monte Produce Inc.		870		22,542
Hostess Brands Inc.^(a)		3,618		79,379
J&J Snack Foods Corp.		390		60,489
John B Sanfilippo & Son Inc.		233		19,442
Seneca Foods Corp., Class A^(a)		158		8,143
Simply Good Foods Co. (The)^(a)		2,212		83,946
Tootsie Roll Industries Inc.		466		16,291
TreeHouse Foods Inc.^(a)		1,458		47,035


				453,879
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		280		38,573
Northwest Natural Holding Co.		803		41,531
South Jersey Industries Inc.		2,940		101,577


				181,681
Health Care Equipment & Supplies — 3.4%
AngioDynamics Inc.^(a)		1,012		21,798
Artivion Inc.^(a)		1,028		21,979
Avanos Medical Inc.^(a)		1,260		42,210
BioLife Solutions Inc.^(a)		784		17,820
Cardiovascular Systems Inc.^(a)		1,061		23,979
CONMED Corp.		765		113,641
Cutera Inc.^(a)		425		29,325
Glaukos Corp.^(a)		1,226		70,887
Heska Corp.^(a)		280		38,718
Inogen Inc.^(a)		532		17,247
Integer Holdings Corp.^(a)		863		69,532
Lantheus Holdings Inc.^(a)		1,770		97,899
LeMaitre Vascular Inc.		502		23,328
Meridian Bioscience Inc.^(a)		1,138		29,543
Merit Medical Systems Inc.^(a)		1,328		88,339
Mesa Laboratories Inc.^(b)		137		34,919
Natus Medical Inc.^(a)		892		23,442
OraSure Technologies Inc.^(a)		1,907		12,929
Orthofix Medical Inc.^(a)		516		16,873
Surmodics Inc.^(a)		367		16,636
Tactile Systems Technology Inc.^(a)		525		10,584
Varex Imaging Corp.^(a)		1,035		22,035
Zynex Inc.		592		3,688


				847,351
Health Care Providers & Services — 3.7%
Addus HomeCare Corp.^(a)		416		38,809
AMN Healthcare Services Inc.^(a)		1,236		128,952
Apollo Medical Holdings Inc.^(a)		988		47,888
Community Health Systems Inc.^(a)		3,246		38,530
CorVel Corp.^(a)		246		41,436


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Covetrus Inc.^(a)		2,702	$	45,367
Cross Country Healthcare Inc.^(a)		919		19,915
Ensign Group Inc. (The)		1,368		123,134
Fulgent Genetics Inc.^(a)		507		31,642
Hanger Inc.^(a)		956		17,523
Joint Corp. (The)^(a)		375		13,271
MEDNAX Inc.^(a)(b)		2,228		52,313
ModivCare Inc.^(a)		322		37,156
Owens & Minor Inc.^(b)		1,973		86,851
Pennant Group Inc. (The)^(a)		716		13,339
RadNet Inc.^(a)		1,219		27,269
Select Medical Holdings Corp.		2,770		66,452
Tivity Health Inc.^(a)		1,158		37,253
U.S. Physical Therapy Inc.		337		33,515


				900,615

Health Care Technology — 1.3%
Allscripts Healthcare Solutions Inc.^(a)		3,186		71,749
Computer Programs & Systems Inc.^(a)		381		13,125
HealthStream Inc.^(a)		656		13,068
NextGen Healthcare Inc.^(a)		1,468		30,696
Omnicell Inc.^(a)		1,149		148,784
OptimizeRx Corp.^(a)		465		17,535
Simulations Plus Inc.		411		20,953


				315,910

Hotels, Restaurants & Leisure — 1.8%
BJ’s Restaurants Inc.^(a)		606		17,150
Bloomin’ Brands Inc.		2,123		46,579
Brinker International Inc.^(a)		1,166		44,494
Cheesecake Factory Inc. (The)^(a)		1,268		50,454
Chuy’s Holdings Inc.^(a)		515		13,905
Dave & Buster’s Entertainment Inc.^(a)		1,013		49,738
Dine Brands Global Inc.		448		34,921
El Pollo Loco Holdings Inc.^(a)		514		5,973
Fiesta Restaurant Group Inc.^(a)		454		3,394
Jack in the Box Inc.		552		51,562
Monarch Casino & Resort Inc.^(a)(b)		343		29,920
Red Robin Gourmet Burgers Inc.^(a)		417		7,031
Ruth’s Hospitality Group Inc.		830		18,990
Shake Shack Inc., Class A^(a)		1,023		69,462


				443,573

Household Durables — 2.0%
Cavco Industries Inc.^(a)		223		53,710
Century Communities Inc.		777		41,624
Ethan Allen Interiors Inc.		572		14,912
Installed Building Products Inc.		614		51,877
iRobot Corp.^(a)(b)		705		44,697
La-Z-Boy Inc.		1,148		30,273
LGI Homes Inc.^(a)		558		54,505
M/I Homes Inc.^(a)		761		33,750
MDC Holdings Inc.		1,478		55,928
Meritage Homes Corp.^(a)		975		77,249
Tupperware Brands Corp.^(a)		1,278		24,857
Universal Electronics Inc.^(a)		347		10,840


				494,222

Household Products — 0.5%
Central Garden & Pet Co.^(a)		259		11,386
Central Garden & Pet Co., Class A, NVS^(a)		1,036		42,248
WD-40 Co.		358		65,596


				119,230


Security	Shares		Value

Insurance — 2.4%
Ambac Financial Group Inc.^(a)		1,204	$	12,522
American Equity Investment Life Holding Co.		2,154		85,966
AMERISAFE Inc.		506		25,133
Assured Guaranty Ltd.		1,824		116,116
eHealth Inc.^(a)		629		7,806
Employers Holdings Inc.		224		9,188
Genworth Financial Inc., Class A^(a)		8,775		33,169
HCI Group Inc.		208		14,181
Horace Mann Educators Corp.		715		29,908
James River Group Holdings Ltd.		666		16,477
Palomar Holdings Inc.^(a)(b)		631		40,378
ProAssurance Corp.		1,040		27,955
Safety Insurance Group Inc.		276		25,075
SiriusPoint Ltd.^(a)		2,235		16,718
Stewart Information Services Corp.		516		31,275
Trupanion Inc.^(a)		897		79,941
United Fire Group Inc.		564		17,523
Universal Insurance Holdings Inc.		742		10,010


				599,341

Interactive Media & Services — 0.2%
Cars.com Inc.^(a)		1,698		24,502
QuinStreet Inc.^(a)		1,322		15,335


				39,837

Internet & Direct Marketing Retail — 0.3%
Liquidity Services Inc.^(a)		704		12,052
PetMed Express Inc.		545		14,061
Shutterstock Inc.		608		56,593


				82,706

IT Services — 1.7%
CSG Systems International Inc.		850		54,035
EVERTEC Inc.		1,562		63,933
ExlService Holdings Inc.^(a)		871		124,788
Perficient Inc.^(a)		861		94,787
TTEC Holdings Inc.		479		39,527
Unisys Corp.^(a)		1,756		37,947


				415,017

Life Sciences Tools & Services — 0.2%
NeoGenomics Inc.^(a)		3,219		39,111


Machinery — 4.5%
Alamo Group Inc.		259		37,242
Albany International Corp., Class A		847		71,419
Astec Industries Inc.		595		25,585
Barnes Group Inc.		1,218		48,951
CIRCOR International Inc.^(a)		527		14,029
Enerpac Tool Group Corp.		1,577		34,520
EnPro Industries Inc.		539		52,676
ESCO Technologies Inc.		680		47,546
Federal Signal Corp.		1,597		53,899
Franklin Electric Co. Inc.		1,020		84,701
Greenbrier Companies Inc. (The)		851		43,835
Hillenbrand Inc.		1,904		84,100
John Bean Technologies Corp.		831		98,449
Lindsay Corp.		287		45,062
Meritor Inc.^(a)		1,850		65,804
Proto Labs Inc.^(a)		721		38,141
SPX Corp.^(a)		1,187		58,650
SPX FLOW Inc.		1,097		94,583
Standex International Corp.		320		31,974


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Tennant Co.		485	$	38,218
Titan International Inc.^(a)		1,337		19,694
Wabash National Corp.		1,273		18,891


				1,107,969

Marine — 0.5%
Matson Inc.		1,099		132,561


Media — 0.8%
AMC Networks Inc., Class A^(a)		764		31,041
EW Scripps Co. (The), Class A^(a)		1,495		31,081
Gannett Co. Inc.^(a)		3,700		16,687
Loyalty Ventures Inc.^(a)		528		8,728
Scholastic Corp.		793		31,942
TechTarget Inc.^(a)		697		56,652
Thryv Holdings Inc.^(a)		441		12,401


				188,532

Metals & Mining — 1.9%
Allegheny Technologies Inc.^(a)		3,327		89,297
Arconic Corp.^(a)		2,783		71,300
Carpenter Technology Corp.		1,262		52,979
Century Aluminum Co.^(a)		1,319		34,703
Compass Minerals International Inc.		891		55,946
Haynes International Inc.		324		13,802
Kaiser Aluminum Corp.		415		39,076
Materion Corp.		534		45,785
Olympic Steel Inc.		247		9,500
SunCoke Energy Inc.		2,172		19,353
TimkenSteel Corp.^(a)		1,075		23,521


				455,262

Mortgage Real Estate Investment — 1.4%
Apollo Commercial Real Estate Finance Inc.		3,454		48,114
ARMOUR Residential REIT Inc.		2,345		19,698
Ellington Financial Inc.		1,426		25,312
Franklin BSP Realty Trust Inc.		1,142		15,965
Granite Point Mortgage Trust Inc.		1,398		15,546
Invesco Mortgage Capital Inc.		8,150		18,582
KKR Real Estate Finance Trust Inc.		1,179		24,299
New York Mortgage Trust Inc.		9,915		36,190
PennyMac Mortgage Investment Trust		2,480		41,887
Ready Capital Corp.		1,757		26,460
Redwood Trust Inc.		2,998		31,569
Two Harbors Investment Corp.		8,990		49,715


				353,337

Multi-Utilities — 0.4%
Avista Corp.		1,840		83,076
Unitil Corp.		418		20,850


				103,926

Multiline Retail — 0.1%
Big Lots Inc.		798		27,611


Oil, Gas & Consumable Fuels — 1.0%
Dorian LPG Ltd.		733		10,621
Green Plains Inc.^(a)		1,009		31,289
Par Pacific Holdings Inc.^(a)		1,189		15,481
PBF Energy Inc., Class A^(a)		2,483		60,511
Renewable Energy Group Inc.^(a)		1,314		79,694
REX American Resources Corp.^(a)		136		13,545
World Fuel Services Corp.		1,651		44,643


				255,784


Security	Shares		Value

Paper & Forest Products — 0.4%
Clearwater Paper Corp.^(a)		442	$	12,389
Glatfelter Corp.		1,157		14,324
Mercer International Inc.		1,047		14,605
Neenah Inc.		436		17,292
Sylvamo Corp.^(a)		922		30,684


				89,294

Personal Products — 0.8%
Edgewell Personal Care Co.		1,414		51,851
elf Beauty Inc.^(a)		1,254		32,391
Inter Parfums Inc.		465		40,943
Medifast Inc.		304		51,917
USANA Health Sciences Inc.^(a)		304		24,153


				201,255

Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals Inc.^(a)		963		34,572
ANI Pharmaceuticals Inc.^(a)		333		9,360
Cara Therapeutics Inc.^(a)(b)		1,088		13,219
Collegium Pharmaceutical Inc.^(a)		899		18,304
Corcept Therapeutics Inc.^(a)		2,492		56,120
Endo International PLC^(a)		6,188		14,294
Innoviva Inc.^(a)		1,635		31,637
Nektar Therapeutics^(a)		4,825		26,007
Pacira BioSciences Inc.^(a)		1,165		88,913
Phibro Animal Health Corp., Class A		539		10,753
Prestige Consumer Healthcare Inc.^(a)		1,312		69,457
Supernus Pharmaceuticals Inc.^(a)		1,390		44,925


				417,561

Professional Services — 1.4%
Exponent Inc.		1,362		147,164
Forrester Research Inc.^(a)		291		16,418
Heidrick & Struggles International Inc.		512		20,265
Kelly Services Inc., Class A, NVS		942		20,432
Korn Ferry		1,423		92,410
Resources Connection Inc.		795		13,626
TrueBlue Inc.^(a)		928		26,810


				337,125

Real Estate Management & Development — 0.7%
Douglas Elliman Inc., NVS		1,717		12,534
Marcus & Millichap Inc.		653		34,400
RE/MAX Holdings Inc., Class A		491		13,615
Realogy Holdings Corp.^(a)		3,048		47,793
St Joe Co. (The)		862		51,065


				159,407

Road & Rail — 0.4%
ArcBest Corp.		650		52,325
Heartland Express Inc.		1,217		17,123
Marten Transport Ltd.		1,563		27,759


				97,207

Semiconductors & Semiconductor Equipment — 3.7%
Axcelis Technologies Inc.^(a)		871		65,787
CEVA Inc.^(a)		601		24,431
Cohu Inc.^(a)		1,273		37,681
Diodes Inc.^(a)		1,177		102,387
FormFactor Inc.^(a)		2,045		85,951
Ichor Holdings Ltd.^(a)		743		26,466
Kulicke & Soffa Industries Inc.		1,629		91,257
MaxLinear Inc.^(a)		1,847		107,772
Onto Innovation Inc.^(a)		1,288		111,914
PDF Solutions Inc.^(a)		777		21,655


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Photronics Inc.^(a)		1,622	$	27,525
Rambus Inc.^(a)		2,859		91,173
SMART Global Holdings Inc.^(a)		1,230		31,771
Ultra Clean Holdings Inc.^(a)		1,174		49,766
Veeco Instruments Inc.^(a)		1,320		35,891


				911,427

Software — 2.9%
8x8 Inc.^(a)		3,094		38,953
Agilysys Inc.^(a)		508		20,259
Alarm.com Holdings Inc.^(a)		1,204		80,018
Bottomline Technologies DE Inc.^(a)		1,011		57,304
Consensus Cloud Solutions Inc.^(a)		416		25,014
Ebix Inc.		623		20,652
InterDigital Inc.		802		51,168
LivePerson Inc.^(a)		1,764		43,077
OneSpan Inc.^(a)		910		13,140
Progress Software Corp.		1,155		54,389
SPS Commerce Inc.^(a)		940		123,328
Vonage Holdings Corp.^(a)		6,600		133,914
Xperi Holding Corp.		2,733		47,336


				708,552

Specialty Retail — 3.9%
Aaron’s Co. Inc. (The)		818		16,425
Abercrombie & Fitch Co., Class A^(a)		1,477		47,249
America’s Car-Mart Inc./TX^(a)		157		12,648
Asbury Automotive Group Inc.^(a)		605		96,921
Barnes & Noble Education Inc.^(a)		951		3,405
Bed Bath & Beyond Inc.^(a)		2,519		56,753
Boot Barn Holdings Inc.^(a)		776		73,557
Buckle Inc. (The)		768		25,375
Caleres Inc.		996		19,253
Cato Corp. (The), Class A		495		7,257
Chico’s FAS Inc.^(a)		3,199		15,355
Children’s Place Inc. (The)^(a)		355		17,502
Conn’s Inc.^(a)		508		7,828
Designer Brands Inc. , Class A^(a)		1,613		21,792
Genesco Inc.^(a)		359		22,836
Group 1 Automotive Inc.		450		75,524
Guess? Inc.		1,019		22,265
Haverty Furniture Companies Inc.		394		10,803
Hibbett Inc.		334		14,810
LL Flooring Holdings Inc.^(a)		770		10,795
MarineMax Inc.^(a)(b)		576		23,190
Monro Inc.		877		38,886
ODP Corp. (The)^(a)		1,200		54,996
Rent-A-Center Inc./TX		1,581		39,825
Sally Beauty Holdings Inc.^(a)		2,878		44,983
Shoe Carnival Inc.		454		13,239
Signet Jewelers Ltd.		1,376		100,035
Sleep Number Corp.^(a)		592		30,020
Sonic Automotive Inc., Class A		542		23,040
Zumiez Inc.^(a)		511		19,525


				966,092

Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.^(a)		3,339		55,695
Diebold Nixdorf Inc.^(a)		1,894		12,747


				68,442

Textiles, Apparel & Luxury Goods — 1.2%
Fossil Group Inc.^(a)		1,257		12,118


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
G-III Apparel Group Ltd.^(a)		1,143	$	30,918
Kontoor Brands Inc.		1,244		51,439
Movado Group Inc.		426		16,635
Oxford Industries Inc.		415		37,558
Steven Madden Ltd.		2,000		77,280
Unifi Inc.^(a)		369		6,679
Vera Bradley Inc.^(a)		672		5,154
Wolverine World Wide Inc.		2,153		48,572


				286,353

Thrifts & Mortgage Finance — 2.1%
Axos Financial Inc.^(a)		1,392		64,575
Capitol Federal Financial Inc.		3,357		36,524
Flagstar Bancorp. Inc.		1,309		55,501
Mr Cooper Group Inc.^(a)		1,964		89,696
NMI Holdings Inc., Class A^(a)		2,242		46,230
Northfield Bancorp. Inc.		1,127		16,184
Provident Financial Services Inc.		1,475		34,515
TrustCo Bank Corp. NY		223		7,120
Walker & Dunlop Inc.		771		99,783
WSFS Financial Corp.		1,587		73,986


				524,114

Trading Companies & Distributors — 1.3%
Applied Industrial Technologies Inc.		1,005		103,173
Boise Cascade Co.		1,028		71,415
DXP Enterprises Inc./TX^(a)		454		12,299
GMS Inc.^(a)		1,126		56,041
NOW Inc.^(a)		2,890		31,877
Veritiv Corp.^(a)		362		48,360


				323,165

Water Utilities — 0.7%
American States Water Co.		966		85,993
California Water Service Group		1,375		81,510


				167,503

Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		1,306		30,796
Telephone and Data Systems Inc.		2,583		48,767


				79,563


Total Common Stocks — 97.0% (Cost: $25,033,001)				23,864,169


Short-Term Investments

Money Market Funds — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		405,675		405,593
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		760,000		760,000


				1,165,593


Total Short-Term Investments — 4.7% (Cost: $1,165,527)				1,165,593


Total Investments in Securities — 101.7% (Cost: $26,198,528)				25,029,762

Other Assets, Less Liabilities — (1.7)%				(413,828	)


Net Assets — 100.0%			$	24,615,934

^(a)	Non-income producing security.

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


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	250,662	$	155,301	^(a)	$	—	$	(436	)	$	66	$	405,593		405,675	$	746	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		240,000	^(a)		—		—			—		760,000		760,000		177			—


								$	(436	)	$	66	$	1,165,593			$	923		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

OTC Total Return Swaps



Reference Entity	Payment Frequency	Counterparty^(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

Equity Securities Long	Monthly		Goldman Sachs Bank USA^(b)		02/27/23	$	203,095	$	(1,365	)^(c)	$	201,657		0.8	%
	Monthly		HSBC Bank PLC^(d)		02/10/23		295,908		11,185	^(e)		300,265		1.2
	Monthly		JPMorgan Chase Bank NA^(f)		02/08/23		190,321		5,165	^(g)		193,910		0.8


								$	14,985		$	695,832

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $73 of net dividends and financing fees.

^(e)

Amount includes $6,828 of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $1,576 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of March 31, 2022 expiration 2/27/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Allegiance Bancshares Inc.		7	$	313		0.2%
Bancorp. Inc. (The)^(a)		31		878		0.4
BankUnited Inc.		56		2,462		1.2
Banner Corp.		37		2,166		1.1
Berkshire Hills Bancorp. Inc.		395		11,443		5.7
Brookline Bancorp. Inc.		304		4,809		2.4
Central Pacific Financial Corp.		60		1,674		0.8
City Holding Co.		129		10,152		5.0
Columbia Banking System Inc.		8		258		0.1
Community Bank System Inc.		377		26,447		13.1
Eagle Bancorp. Inc.		76		4,333		2.1
First BanCorp./Puerto Rico		56		735		0.4
First Commonwealth Financial Corp.		25		379		0.2
First Financial Bancorp.		180		4,149		2.1
Hanmi Financial Corp.		67		1,649		0.8
Heritage Financial Corp./WA		166		4,160		2.1
HomeStreet Inc.		7		332		0.2
Hope Bancorp Inc.		18		289		0.1
Independent Bank Corp.		11		899		0.4
NBT Bancorp. Inc.		310		11,200		5.6
Northwest Bancshares Inc.		84		1,135		0.6
Pacific Premier Bancorp. Inc.		236		8,343		4.1
Preferred Bank/Los Angeles CA		118		8,743		4.3
Renasant Corp.		10		335		0.2
S&T Bancorp. Inc.		7		207		0.1
Simmons First National Corp.		41		1,075		0.5
Southside Bancshares Inc.		171		6,982		3.5
Trustmark Corp.		19		577		0.3
Westamerica Bancorp.		114		6,897		3.4


				123,021


Commercial Services & Supplies
Pitney Bowes Inc.		364		1,893		0.9


Gas Utilities
Chesapeake Utilities Corp.		10		1,378		0.7


Insurance
Employers Holdings Inc.		68		2,789		1.4
Genworth Financial Inc., Class A^(a)		40		151		0.1
James River Group Holdings Ltd.		6		148		0.1
ProAssurance Corp.		50		1,344		0.6
Safety Insurance Group Inc.		33		2,998		1.5


				7,430


Oil, Gas & Consumable Fuels
Green Plains Inc.^(a)		384		11,908		5.9


Thrifts & Mortgage Finance
Provident Financial Services Inc.		510		11,934		5.9
TrustCo Bank Corp. NY		39		1,245		0.6
WSFS Financial Corp.		125		5,828		2.9


				19,007


	Shares		Value		% of Basket Value

Water Utilities
Middlesex Water Co.		352	$	37,020		18.4


Total Reference Entity — Long				201,657


Net Value of Reference Entity — Goldman Sachs Bank USA			$	201,657

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of March 31, 2022 expiration 2/10/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Bancorp. Inc. (The)^(a)		23	$	652		0.2%
BankUnited Inc.		729		32,047		10.7
Banner Corp.		120		7,024		2.3
Berkshire Hills Bancorp. Inc.		296		8,575		2.8
Brookline Bancorp. Inc.		118		1,867		0.6
City Holding Co.		141		11,097		3.7
Columbia Banking System Inc.		499		16,103		5.3
Eagle Bancorp. Inc.		46		2,622		0.9
First Bancorp./Southern Pines NC		6		251		0.1
First Commonwealth Financial Corp.		551		8,353		2.8
Hanmi Financial Corp.		156		3,839		1.3
Heritage Financial Corp./WA		196		4,912		1.6
Hope Bancorp Inc.		312		5,017		1.7
Independent Bank Corp.		55		4,493		1.5
Lakeland Financial Corp.		3		219		0.1
National Bank Holdings Corp.		36		1,450		0.5
Northwest Bancshares Inc.		1,248		16,860		5.6
OFG Bancorp.		346		9,217		3.1
Pacific Premier Bancorp. Inc.		338		11,948		4.0
Preferred Bank/Los Angeles CA		15		1,111		0.4
Renasant Corp.		563		18,832		6.3
S&T Bancorp. Inc.		293		8,667		2.9
Simmons First National Corp.		697		18,275		6.1
Southside Bancshares Inc.		49		2,001		0.6
Trustmark Corp.		71		2,158		0.7
Westamerica Bancorp.		115		6,958		2.3


				204,548


Commercial Services & Supplies
GEO Group Inc. (The)^(a)		177		1,170		0.4
Pitney Bowes Inc.		2,125		11,050		3.7


				12,220


Consumer Finance
Green Dot Corp., Class A^(a)		81		2,226		0.7


Gas Utilities
Chesapeake Utilities Corp.		170		23,419		7.8


Insurance
Employers Holdings Inc.		188		7,712		2.6
Genworth Financial Inc., Class A^(a)		1,120		4,234		1.4
Horace Mann Educators Corp.		58		2,426		0.8
James River Group Holdings Ltd.		303		7,496		2.5
ProAssurance Corp.		321		8,628		2.9


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF


	Shares		Value		% of Basket Value

Safety Insurance Group Inc.		63	$	5,724		1.9
Stewart Information Services Corp.		41		2,485		0.8


				38,705


Oil, Gas & Consumable Fuels
Green Plains Inc.^(a)		8		248		0.1


Thrifts & Mortgage Finance
Provident Financial Services Inc.		11		257		0.1
TrustCo Bank Corp. NY		238		7,599		2.5


				7,856


Water Utilities
Middlesex Water Co.		105		11,043		3.7


Total Reference Entity — Long				300,265


Net Value of Reference Entity — HSBC Bank PLC			$	300,265

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of March 31, 2022 expiration 2/8/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Banks
Allegiance Bancshares Inc.		2	$	89		0.0%
Ameris Bancorp.		9		395		0.2
BankUnited Inc.		107		4,704		2.4
Banner Corp.		95		5,560		2.9
Brookline Bancorp. Inc.		144		2,278		1.2
Central Pacific Financial Corp.		201		5,608		2.9
Columbia Banking System Inc.		17		549		0.3
Customers Bancorp. Inc.		2		104		0.1
CVB Financial Corp.		122		2,832		1.5
Eagle Bancorp. Inc.		83		4,732		2.4
First BanCorp./Puerto Rico		1,395		18,302		9.4
First Commonwealth Financial Corp.		118		1,789		0.9


	Shares		Value		% of Basket Value

HomeStreet Inc.		120	$	5,686		2.9
Independent Bank Corp.		18		1,470		0.8
Meta Financial Group Inc.		180		9,886		5.1
National Bank Holdings Corp.		261		10,513		5.4
Pacific Premier Bancorp. Inc.		40		1,414		0.7
Preferred Bank/Los Angeles CA		113		8,372		4.3
Trustmark Corp.		1,522		46,254		23.9
United Community Banks Inc./GA		16		557		0.3


				131,094


Consumer Finance
Green Dot Corp., Class A^(a)		474		13,026		6.7


Equity Real Estate Investment Trusts (REITs)
Service Properties Trust		25		221		0.1


Health Care Technology
Allscripts Healthcare Solutions Inc.^(a)		18		405		0.2


Insurance
Employers Holdings Inc.		251		10,296		5.3
Genworth Financial Inc., Class A^(a)		3,330		12,587		6.5
Horace Mann Educators Corp.		309		12,925		6.7
Stewart Information Services Corp.		146		8,849		4.5


				44,657


Multi-Utilities
Avista Corp.		10		452		0.3


Thrifts & Mortgage Finance
Axos Financial Inc.^(a)		8		371		0.2
Capitol Federal Financial Inc.		19		207		0.1
Flagstar Bancorp. Inc.		82		3,477		1.8


				4,055


Total Reference Entity — Long				193,910


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	193,910

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

Premiums

Paid

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Total Return Swaps

$—

$16,350

$(1,365

)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	16,350


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	1,365


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	748
Swaps		(55,251	)

	$	(54,503	)

Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	31,904

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	22,008

Total return swaps:
Average notional value	$	599,444

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets		Liabilities
Derivative Financial Instruments:
Swaps - OTC^(a)	$	16,350	$	1,365


Total derivative assets and liabilities in the Statement of Assets and Liabilities		16,350		1,365
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		16,350		1,365

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)

HSBC Bank PLC	$	11,185	$	—		$	—	$	—	$	11,185
JPMorgan Chase Bank NA		5,165		—			—		—		5,165


	$	16,350	$	—		$	—	$	—	$	16,350




Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)

Goldman Sachs Bank USA	$	1,365	$	—		$	—	$	—	$	1,365

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


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

Schedule of Investments (continued)

March 31, 2022

iShares^® ESG Screened S&P Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	23,864,169	$	—		$	—	$	23,864,169
Money Market Funds		1,165,593		—			—		1,165,593


	$	25,029,762	$	—		$	—	$	25,029,762

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	16,350		$	—	$	16,350
Liabilities
Swaps		—		(1,365	)		—		(1,365	)


	$	—	$	14,985		$	—	$	14,985

^(a)

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Statements of Assets and Liabilities

March 31, 2022


	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	227,246,900		$	76,515,233		$	23,864,169
Affiliated^(c)		1,052,202			905,271			1,165,593
Cash		6,295			2,864			7,970
Cash pledged:
Futures contracts		22,000			—			—
Receivables:
Securities lending income — Affiliated		8			598			86
Capital shares sold		—			23,223			—
Dividends		119,509			73,062			26,125
Unrealized appreciation on:
OTC swaps		—			—			16,350

Total assets		228,446,914			77,520,251			25,080,293


LIABILITIES
Collateral on securities loaned, at value		12,532			815,885			405,970
Payables:
Investments purchased		—			30,846			54,526
Variation margin on futures contracts		5,753			1			—
Investment advisory fees		14,625			7,339			2,498
Unrealized depreciation on:
OTC swaps		—			—			1,365

Total liabilities		32,910			854,071			464,359


NET ASSETS	$	228,414,004		$	76,666,180		$	24,615,934


NET ASSETS CONSIST OF:
Paid-in capital	$	241,149,327		$	78,568,380		$	26,512,462
Accumulated loss		(12,735,323	)		(1,902,200	)		(1,896,528	)


NET ASSETS	$	228,414,004		$	76,666,180		$	24,615,934


Shares outstanding		6,650,000			2,100,000			650,000


Net asset value	$	34.35		$	36.51		$	37.87


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Securities loaned, at value	$	12,228		$	793,500		$	396,076
^(b)Investments, at cost — Unaffiliated	$	239,114,388		$	77,255,015		$	25,033,001
^(c)Investments, at cost — Affiliated	$	1,169,186		$	905,160		$	1,165,527

See notes to financial statements.


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

Statements of Operations

Year Ended March 31, 2022


	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	2,296,286		$	642,312		$	186,653
Dividends — Affiliated		13,194			59			201
Securities lending income — Affiliated — net		424			1,350			722
Foreign taxes withheld		(504	)		—			(158	)

Total investment income		2,309,400			643,721			187,418


EXPENSES
Investment advisory fees		153,634			57,273			20,075

Total expenses		153,634			57,273			20,075

Net investment income		2,155,766			586,448			167,343


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(700,345	)		(1,103,061	)		(647,472	)
Investments — Affiliated		(984	)		(720	)		(436	)
In-kind redemptions — Unaffiliated		28,584,124			2,236,565			2,053,993
In-kind redemptions — Affiliated		16,785			—			—
Futures contracts		(8,950	)		1,450			748
Swaps		—			—			(55,251	)

Net realized gain		27,890,630			1,134,234			1,351,582

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(13,173,014	)		(2,007,719	)		(2,365,775	)
Investments — Affiliated		(127,261	)		111			66
Futures contracts		22,244			—			—
Swaps		—			—			31,904


Net change in unrealized appreciation (depreciation)		(13,278,031	)		(2,007,608	)		(2,333,805	)


Net realized and unrealized gain (loss)		14,612,599			(873,374	)		(982,223	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,768,365		$	(286,926	)	$	(814,880	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,155,766		$	74,190		$	586,448		$	75,611
Net realized gain		27,890,630			222,607			1,134,234			1,982,039
Net change in unrealized appreciation (depreciation)		(13,278,031	)		1,316,557			(2,007,608	)		1,267,937

Net increase (decrease) in net assets resulting from operations		16,768,365			1,613,354			(286,926	)		3,325,587


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(2,164,851	)		(69,238	)		(598,577	)		(72,947	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		183,536,895			28,729,479			57,811,412			16,487,631


NET ASSETS
Total increase in net assets		198,140,409			30,273,595			56,925,909			19,740,271
Beginning of period		30,273,595			—			19,740,271			—

End of period	$	228,414,004		$	30,273,595		$	76,666,180		$	19,740,271

^(a)	Commencement of operations.

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares ESG Screened S&P Small-Cap ETF
		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	167,343		$	43,432
Net realized gain		1,351,582			1,750,921
Net change in unrealized appreciation (depreciation)		(2,333,805	)		1,180,024


Net increase (decrease) in net assets resulting from operations		(814,880	)		2,974,377


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(297,928	)		(54,674	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		16,027,431			6,781,608


NET ASSETS
Total increase in net assets		14,914,623			9,701,311
Beginning of period		9,701,311			—


End of period	$	24,615,934		$	9,701,311

^(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		39

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Screened S&P 500 ETF


		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)


Net asset value, beginning of period	$	30.27		$	25.29

Net investment income^(b)		0.39			0.21
Net realized and unrealized gain^(c)		4.07			4.91

Net increase from investment operations		4.46			5.12


Distributions^(d)
From net investment income		(0.38	)		(0.14	)

Total distributions		(0.38	)		(0.14	)


Net asset value, end of period	$	34.35		$	30.27


Total Return^(e)
Based on net asset value		14.74	%		20.27	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.08	%		0.08	%^(h)

Net investment income		1.12	%		1.37	%^(h)


Supplemental Data
Net assets, end of period (000)	$	228,414		$	30,274

Portfolio turnover rate⁽ⁱ⁾		3	%		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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Mid-Cap ETF


		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)


Net asset value, beginning of period	$	35.89		$	25.19

Net investment income^(b)		0.46			0.22
Net realized and unrealized gain^(c)		0.58			10.66

Net increase from investment operations		1.04			10.88


Distributions^(d)
From net investment income		(0.42	)		(0.18	)

Total distributions		(0.42	)		(0.18	)


Net asset value, end of period	$	36.51		$	35.89


Total Return^(e)
Based on net asset value		2.88	%		43.29	%^(f)


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

Net investment income		1.23	%		1.29	%^(h)


Supplemental Data
Net assets, end of period (000)	$	76,666		$	19,740

Portfolio turnover rate⁽ⁱ⁾		26	%		11	%^(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		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Screened S&P Small-Cap ETF


		Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)


Net asset value, beginning of period	$	38.81		$	25.18

Net investment income^(b)		0.39			0.20
Net realized and unrealized gain (loss)^(c)		(0.55	)		13.69

Net increase (decrease) from investment operations		(0.16	)		13.89


Distributions^(d)
From net investment income		(0.78	)		(0.26	)

Total distributions		(0.78	)		(0.26	)


Net asset value, end of period	$	37.87		$	38.81


Total Return^(e)
Based on net asset value		(0.47	)%		55.32	%^(f)


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

Net investment income		1.00	%		1.13	%^(h)


Supplemental Data
Net assets, end of period (000)	$	24,616		$	9,701

Portfolio turnover rate⁽ⁱ⁾		34	%		18	%^(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.


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

Notes to Financial Statements

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 Screened S&P 500		Non-diversified
ESG Screened S&P Mid-Cap		Non-diversified
ESG Screened S&P Small-Cap		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. 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 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 March 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) 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.

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


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		43

Notes to Financial Statements (continued)

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.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

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

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


44		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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 Screened S&P 500
BNP Paribas SA	$	6,586	$	6,454		$	—	$	(132	)^(b)
State Street Bank and Trust Co.		5,642		5,642			—		—

	$	12,228	$	12,096		$	—	$	(132	)


ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	339,323	$	339,323		$	—	$	—
BofA Securities, Inc.		16,076		16,076			—		—
Citigroup Global Markets, Inc.		295,688		295,688			—		—
Toronto-Dominion Bank		142,413		142,413			—		—

	$	793,500	$	793,500		$	—	$	—


ESG Screened S&P Small-Cap
Barclays Bank PLC	$	20,853	$	20,853		$	—	$	—
BofA Securities, Inc.		164,563		164,563			—		—
Citigroup Global Markets, Inc.		87,881		87,881			—		—
Goldman Sachs & Co. LLC		83,564		83,564			—		—
Jefferies LLC		39,215		39,215			—		—

	$	396,076	$	396,076		$	—	$	—

^(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 March 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees


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		45

Notes to Financial Statements (continued)

received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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).


46		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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



iShares ETF	Investment Advisory Fee

ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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



iShares ETF	Fees Paid to BTC

ESG Screened S&P 500	$	170
ESG Screened S&P Mid-Cap		456
ESG Screened S&P Small-Cap		287

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

ESG Screened S&P 500	$	704,465	$	1,318,361	$	(146,598	)
ESG Screened S&P Mid-Cap		2,290,950		2,109,309		(327,671	)
ESG Screened S&P Small-Cap		384,976		332,474		(32,222	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (continued)

7.	PURCHASES AND SALES

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



iShares ETF	Purchases		Sales

ESG Screened S&P 500	$	7,029,671	$	6,151,860
ESG Screened S&P Mid-Cap		12,920,036		12,435,625
ESG Screened S&P Small-Cap		9,185,365		5,573,164

For the year ended March 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

ESG Screened S&P 500	$	538,880,996	$	356,524,104
ESG Screened S&P Mid-Cap		68,370,686		11,106,751
ESG Screened S&P Small-Cap		23,681,028		11,632,750

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 March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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



iShares ETF	Paid-in Capital		Accumulated Loss

ESG Screened S&P 500	$	28,615,906	$	(28,615,906	)
ESG Screened S&P Mid-Cap		2,222,132		(2,222,132	)
ESG Screened S&P Small-Cap		2,039,733		(2,039,733	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 03/31/22		Period Ended 03/31/21
ESG Screened S&P 500
Ordinary income	$	2,164,851	$	69,238

ESG Screened S&P Mid-Cap
Ordinary income	$	598,577	$	72,947

ESG Screened S&P Small-Cap
Ordinary income	$	297,928	$	54,674

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


iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total

ESG Screened S&P 500	$	—		$	(12,735,323	)	$	—		$	(12,735,323	)
ESG Screened S&P Mid-Cap		(322,579	)		(1,579,621	)		—			(1,902,200	)
ESG Screened S&P Small-Cap		(296,856	)		(1,560,792	)		(38,880	)		(1,896,528	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, accounting for swap agreements and characterization of corporate actions.

^(c)

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


48		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

For the year ended March 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized
ESG Screened S&P 500	$	34,318

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

ESG Screened S&P 500	$	241,034,425	$	5,858,157	$	(18,593,480	)	$	(12,735,323	)
ESG Screened S&P Mid-Cap		79,000,125		4,240,147		(5,819,768	)		(1,579,621	)
ESG Screened S&P Small-Cap		26,590,554		1,340,116		(2,900,908	)		(1,560,792	)

9.	PRINCIPAL RISKS

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

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

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

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

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

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

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

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


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		49

Notes to Financial Statements (continued)

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 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.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Year Ended 03/31/22						Period Ended 03/31/21

iShares ETF	Shares			Amount			Shares			Amount


ESG Screened S&P 500
Shares sold		15,950,000		$	540,500,596			1,050,000		$	30,222,032
Shares redeemed		(10,300,000	)		(356,963,701	)		(50,000	)		(1,492,553	)

Net increase		5,650,000		$	183,536,895			1,000,000		$	28,729,479


ESG Screened S&P Mid-Cap
Shares sold		1,850,000		$	68,955,535			800,000		$	24,979,421
Shares redeemed		(300,000	)		(11,144,123	)		(250,000	)		(8,491,790	)

Net increase		1,550,000		$	57,811,412			550,000		$	16,487,631


ESG Screened S&P Small-Cap
Shares sold		700,000		$	27,779,582			400,000		$	12,170,388
Shares redeemed		(300,000	)		(11,752,151	)		(150,000	)		(5,388,780	)

Net increase		400,000		$	16,027,431			250,000		$	6,781,608

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.

11.

SUBSEQUENT EVENTS

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


50		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2022, the related statements of operations for the year ended March 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended March 31, 2022 and for the period September 22, 2020 (commencement of operations) to March 31, 2021, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2022, the results of each of their operations for the year then ended, and the changes in each of their net assets and each of the financial highlights for the year ended March 31, 2022 and for the period September 22, 2020 (commencement of operations) to March 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

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


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		51

Important Tax Information (unaudited)

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


iShares ETF	Qualified Dividend Income
ESG Screened S&P 500	$	2,102,147
ESG Screened S&P Mid-Cap		494,894
ESG Screened S&P Small-Cap		162,798

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


iShares ETF	Qualified Business Income
ESG Screened S&P 500	$	51,164
ESG Screened S&P Mid-Cap		50,710
ESG Screened S&P Small-Cap		20,963

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2022 qualified for the dividends-received deduction for corporate shareholders:


iShares ETF	Dividends-Received Deduction
ESG Screened S&P 500		94.42	%
ESG Screened S&P Mid-Cap		83.86	%
ESG Screened S&P Small-Cap		75.89	%


52		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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 Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap 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		53

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.

March 31, 2022


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Screened S&P 500^(a)	$	0.375404	$	—	$	0.006374	$	0.381778		98	%		—	%		2	%		100	%
ESG Screened S&P Mid-Cap^(a)		0.401577		—		0.021615		0.423192		95			—			5			100
ESG Screened S&P Small-Cap^(a)		0.732644		—		0.052029		0.784673		93			—			7			100

^(a)

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

Premium/Discount Information

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


54		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information

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

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


Interested Trustees

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

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).

Salim Ramji^(b)(51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

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

John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).


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Trustee and Officer Information (continued)


Independent Trustees (continued)

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

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

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

John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).


Officers

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

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (45)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).


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Trustee and Officer Information (continued)


Officers (continued)

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

James Mauro (51)	Executive Vice President (since 2021).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		57

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.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		59

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 S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-315-0322