UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number
811-09729
 
iShares Trust
(Exact name of registrant as specified in charter)
 
 
 
 
 
c/o: Citi Fund Services Ohio, Inc.
4400 Easton Way Suite 200 Columbus, Ohio
 
 
43219
(Address of principal executive offices)
(Zip code)
 
The Corporation Trust Company
1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
 
 
 
Registrant’s telephone number, including area code:
(415) 670-2000
 
 
 
 
Date of fiscal year end:
July 31, 2022
 
 
 
 
Date of reporting period:
July 31, 2022
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
 
July
31,
2022
iShares
Trust
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
|
ESMV
|
NASDAQ
iShares
MSCI
USA
Min
Vol
Factor
ETF
|
USMV
|
Cboe
BZX
2022
Annual
Report
Dear
Shareholder,
The
12-month
reporting
period
as
of
July
31,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
four
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
room
to
rise
before
peaking,
although
investors’
inflation
expectations
began
to
decline
near
the
end
of
the
period.
The
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
ultimately
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
the
meantime,
however,
we
believe
that
we
are
likely
to
see
a
period
of
slowing
growth
paired
with
relatively
high
inflation.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
higher
inflation
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
July
31,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(7.81%)
(4.64%)
U.S.
small
cap
equities
(Russell
2000
®
Index)
(6.42)
(14.29)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.27)
(14.32)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(16.24)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.21
0.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.38)
(10.00)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.14)
(9.12)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(3.95)
(6.93)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(6.58)
(8.03)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
9
Disclosure
of
Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
19
Statements
of
Operations
................................................................................................
20
Statements
of
Changes
in
Net
Assets
........................................................................................
21
Financial
Highlights
.....................................................................................................
22
Notes
to
Financial
Statements
...............................................................................................
24
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
31
Important
Tax
Information
(Unaudited)
.................................................................................................
32
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
33
Supplemental
Information
.................................................................................................
37
Trustee
and
Officer
Information
..............................................................................................
38
General
Information
.....................................................................................................
40
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
41
Market
Overview
4
2022
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
July
31,
2022
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-7.35%.
Equities
advanced
early
in
the
reporting
period
as
strong
household
balance
sheets
and
robust
job
growth
supported
rising
consumer
spending.
Increased
economic
activity
led
to
strong
corporate
earnings
as
companies
reaped
the
benefits
amid
a
recovery
from
the
effects
of
the
coronavirus
pandemic.
However,
significant
challenges
emerged
as
the
reporting
period
continued,
including
high
inflation,
rising
interest
rates,
slower
economic
growth,
and
the
impacts
of
Russia’s
invasion
of
Ukraine.
These
factors
drove
stock
prices
sharply
lower,
erasing
prior
gains
and
leading
to
significantly
negative
performance
for
the
reporting
period
overall.
The
U.S.
economy
grew
briskly
over
the
final
half
of
2021,
powered
primarily
by
consumer
spending.
Record-high
personal
savings
rates
allowed
consumers
to
spend
at
an
elevated
level,
releasing
pent-up
demand
for
goods
and
services.
Growth
subsequently
stalled
in
the
first
half
of
2022,
and
the
economy
contracted
amid
lower
inventories
and
faltering
business
investment.
Despite
the
economic
downturn,
indicators
were
mixed,
showing
evidence
of
a
slowdown
in
some
areas
while
others
remained
positive.
Hiring
continued
to
increase
as
businesses
restored
capacity,
and
unemployment
declined
substantially,
falling
to
3.5%
in
July
2022
—
identical
to
the
pre-pandemic
rate
in
February
2020.
Although
high
inflation
negatively
impacted
consumer
sentiment,
which
declined
significantly,
consumer
spending
continued
to
rise.
The
rapid
increase
in
consumer
spending
drove
a
significant
rise
in
inflation.
Supply
chains
for
many
goods
were
disrupted
by
the
pandemic
and
could
not
quickly
adapt
to
the
rapid
rebound
in
demand.
Oil
prices
also
rose
significantly
as
demand
increased
and
a
lack
of
investment
constrained
the
supply
of
oil.
The
strong
job
market
led
to
higher
wages,
particularly
at
the
lower
end
of
the
market.
These
factors
drove
prices
higher
in
many
areas
of
the
economy.
Rising
inflation
led
to
a
shift
in
policy
from
the
U.S.
Federal
Reserve
(“the
Fed”).
As
the
reporting
period
began,
the
Fed
was
using
accommodative
monetary
policy
to
stimulate
the
economy.
Short-term
interest
rates
were
kept
at
near-zero
levels,
and
the
Fed
used
bond-buying
programs
to
stabilize
debt
markets.
However,
rising
prices
led
the
Fed
to
tighten
monetary
policy
during
the
reporting
period
in
an
attempt
to
prevent
runaway
inflation.
The
Fed
slowed
and
then
ended
its
bond-buying
activities,
finally
reversing
course
as
it
began
to
reduce
its
balance
sheet
in
June
2022.
In
March
2022,
the
Fed
began
to
raise
short-term
interest
rates,
followed
by
three
more
increases
for
a
total
increase
of
225
basis
points,
the
most
rapid
rise
in
decades.
Interest
rates
rose
significantly
in
response,
leading
to
higher
borrowing
costs
for
businesses.
The
effect
of
higher
inflation
and
interest
rates
on
equities
varied
significantly
based
on
equity
class.
Growth
stocks,
which
derive
much
of
their
value
from
expectations
of
future
growth,
declined
significantly
more
than
value
stocks.
Russia’s
invasion
of
Ukraine
in
late
February
2022
led
to
substantial
disruptions
to
the
global
economy
and
increased
uncertainty
in
financial
markets,
exacerbating
inflation
and
impacting
U.S.
businesses
with
operations
in
Russia.
The
invasion
was
met
with
widespread
condemnation,
and
many
countries
imposed
sanctions
on
the
Russian
state,
businesses,
and
individuals.
As
Russia
is
a
top
producer
of
both
oil
and
natural
gas,
global
supply
concerns
led
to
sharp
volatility
in
U.S.
energy
markets.
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large
and
mid
capitalization
equities
that,
in
aggregate,
have
lower
volatility
characteristics,
reduced
carbon
exposure
and
improved
environmental,
social
and
governance
(ESG)
quality
characteristics
relative
to
the
parent
index,
as
represented
by
the
MSCI
USA
Minimum
Volatility
Extended
ESG
Reduced
Carbon
Target
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
November
2,
2021.
The
first
day
of
secondary
market
trading
was
November
4,
2021.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Cumulative
Total
Returns
Since
Inception
Fund
NAV
.......................................................................................................
(6.83
)
%
Fund
Market
.....................................................................................................
–
%
(6.84
)
Index
..........................................................................................................
(6.71
)
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
961.20
‌
$
0.88
‌
$
1,000.00
‌
$
1,023.90
‌
$
0.90
‌
0.18
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
6
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Investor
interest
in
the
environmental,
social,
and
governance
(“ESG”)
attributes
of
companies
was
mixed
during
the
reporting
period.
After
ESG
investments
reached
a
record
level
in
2021,
monthly
net
inflows
to
ESG-focused
investments
turned
negative
in
May
2022
for
the
first
time
in
three
years.
The
impact
of
the
COVID-19
pandemic
on
public
health
served
as
a
motivating
factor
for
many
businesses
to
reexamine
their
ESG
policies.
A
rule
proposed
by
the
Department
of
Labor
in
October
2021
would
expand
the
ability
of
retirement
plan
sponsors
to
offer
ESG
products,
reversing
the
stance
of
the
prior
administration.
In
March
2022,
the
SEC
proposed
a
rule
to
require
climate-
related
disclosures
from
public
companies.
However,
Texas
implemented
a
law
prohibiting
state
investments
in
businesses
with
certain
ESG-related
policies,
and
Florida
proposed
restrictions
on
ESG
considerations
in
state
investments.
In
this
environment,
stocks
with
improved
ESG
and
lower
volatility
characteristics
declined
during
the
reporting
period.
The
information
technology
sector
was
the
largest
detractor
from
the
Index’s
return,
led
by
the
software
industry.
Declining
earnings
and
investors’
concerns
about
the
high
valuations
of
some
technology
stocks
in
an
environment
of
high
inflation
and
increasing
interest
rates
worked
against
the
industry.
The
return
of
some
remote
workers
to
physical
offices
also
negatively
impacted
the
sales
growth
of
software
platforms
designed
to
facilitate
online
collaboration.
The
consumer
discretionary
sector
further
weighed
on
performance
as
growing
inventories
fueled
by
shifting
consumer
demand
led
to
more
markdowns
in
the
multiline
retail
industry
and
pressured
profits.
Stocks
of
streaming
content
providers
in
the
communication
services
sector
also
retreated
amid
stiff
competition.
On
the
upside,
the
consumer
staples
sector
contributed
to
the
Index’s
performance,
propelled
by
strength
in
the
food
products
industry
amid
international
growth
in
sales
of
snack
foods.
The
utilities
sector
also
gained,
driven
in
part
by
the
profitability
of
sustainable
energy
ventures.
In
terms
of
relative
performance,
the
Index
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index,
for
the
reporting
period.
The
Index
seeks
exposure
to
stocks
that
experience
lower
volatility,
which
were
in
high
demand
during
the
reporting
period
as
investors
sought
refuge
from
volatility
induced
by
elevated
inflation,
interest
rate
increases,
and
geopolitical
instability.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
23.3‌
%
Health
Care
...................................
18.4‌
Industrials
.....................................
11.7‌
Consumer
Staples
...............................
11.2‌
Utilities
.......................................
8.0‌
Financials
.....................................
7.7‌
Communication
Services
...........................
7.3‌
Consumer
Discretionary
...........................
6.0‌
Real
Estate
....................................
2.8‌
Materials
.....................................
2.6‌
Energy
.......................................
1.0‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Automatic
Data
Processing,
Inc.
......................
1.7‌
%
NextEra
Energy,
Inc.
.............................
1.6‌
Microsoft
Corp.
.................................
1.6‌
Vertex
Pharmaceuticals,
Inc.
........................
1.6‌
Cisco
Systems,
Inc.
..............................
1.6‌
PepsiCo,
Inc.
..................................
1.6‌
Marsh
&
McLennan
Companies,
Inc.
...................
1.5‌
Motorola
Solutions,
Inc.
...........................
1.5‌
Texas
Instruments,
Inc.
............................
1.5‌
Consolidated
Edison,
Inc.
..........................
1.5‌
aaa
aa
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
7
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
that,
in
the
aggregate,
have
lower
volatility
characteristics
relative
to
the
broader
U.S.
equity
market,
as
represented
by
the
MSCI
USA
Minimum
Volatility
(USD)
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(1.85
)
%
10.11
%
11.81
%
(1.85
)
%
61.89
%
205.46
%
Fund
Market
...............................
(1.84
)
10.12
11.82
–
%
(1.84
)
61.91
205.51
Index
....................................
(1.69
)
10.29
12.00
(1.69
)
63.20
210.61
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
975.80
‌
$
0.73
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
8
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
companies
with
lower
volatility
characteristics
declined
for
the
reporting
period.
The
communication
services
sector
detracted
the
most
from
the
Index’s
performance,
particularly
the
entertainment
industry.
Stocks
of
streaming
content
providers
retreated
amid
stiff
competition
as
more
entrants
into
the
streaming
market
weighed
on
revenue
growth.
Customers
in
search
of
deals
and
new
content
moved
frequently
between
streaming
providers,
creating
significant
customer
turnover.
Furthermore,
streaming
media
providers
incurred
high
costs
from
creating
original
programming
in
an
attempt
to
acquire
new
customers
and
retain
existing
ones.
The
media
industry
also
declined
as
slowing
revenue
and
customer
growth
worked
against
broadband
providers,
and
rising
interest
rates
pressured
highly
indebted
companies.
The
information
technology
sector
also
weighed
on
the
Index’s
return
as
the
software
industry
faced
significant
headwinds.
The
return
of
some
remote
workers
to
physical
offices
negatively
impacted
the
sales
growth
of
software
platforms
designed
to
facilitate
online
collaboration.
Higher
interest
rates
and
a
slowing
economy
also
prompted
investors
to
question
the
trajectory
of
high-valuation
growth
stocks
in
the
industry.
On
the
upside,
the
utilities
sector
contributed
to
the
Index’s
return
as
investors
sought
out
stocks
of
companies
with
steadier
earnings
as
the
economic
outlook
weakened.
The
multi-utilities
industry
gained,
benefiting
from
the
profitability
of
sustainable
energy
ventures.
The
consumer
staples
sector
was
another
source
of
strength
as
the
food
products
industry
experienced
continued
revenue
and
earnings
growth
and
implemented
price
increases
that
more
than
offset
rising
labor
and
materials
costs.
Healthcare
sector
stocks
also
advanced,
driven
by
strong
sales
of
Alzheimer’s
and
diabetes
drugs,
which
supported
revenue
and
earnings
growth
in
the
pharmaceuticals
industry.
In
terms
of
relative
performance,
the
Index
significantly
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index,
for
the
reporting
period.
The
Index
seeks
exposure
to
stocks
that
experience
lower
volatility,
which
were
in
high
demand
later
in
the
reporting
period
as
investors
sought
refuge
from
volatility
induced
by
elevated
inflation,
interest
rate
increases,
and
geopolitical
instability.
Looking
at
sectors,
overweight
positions
in
the
utilities,
consumer
staples,
and
healthcare
sectors
benefited
the
Index’s
relative
performance,
as
did
an
underweight
position
in
the
consumer
discretionary
sector.
Conversely,
an
underweight
position
in
the
energy
sector
detracted
from
the
Index’s
return
compared
to
the
broader
market.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
23.1‌
%
Health
Care
...................................
18.8‌
Consumer
Staples
...............................
11.4‌
Industrials
.....................................
9.7‌
Communication
Services
...........................
8.7‌
Utilities
.......................................
7.8‌
Financials
.....................................
7.7‌
Consumer
Discretionary
...........................
6.6‌
Materials
.....................................
2.9‌
Real
Estate
....................................
2.8‌
Energy
.......................................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
T-Mobile
U.S.,
Inc.
...............................
1.6‌
%
Vertex
Pharmaceuticals,
Inc.
........................
1.6‌
Cisco
Systems,
Inc.
..............................
1.6‌
Waste
Management,
Inc.
...........................
1.5‌
Republic
Services,
Inc.
............................
1.5‌
Texas
Instruments,
Inc.
............................
1.5‌
Paychex,
Inc.
..................................
1.5‌
Johnson
&
Johnson
..............................
1.4‌
PepsiCo,
Inc.
..................................
1.4‌
Waste
Connections,
Inc.
...........................
1.4‌
aaa
aa
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
July
31,
2022
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.2%
L3Harris
Technologies,
Inc.
...................
36
$
8,639
a
Air
Freight
&
Logistics
 — 2.1%
CH
Robinson
Worldwide,
Inc.
.................
316
34,981
Expeditors
International
of
Washington,
Inc.
........
429
45,581
United
Parcel
Service,
Inc.,
Class
B
.............
95
18,515
99,077
a
Beverages
 — 2.4%
Coca-Cola
Co.
(The)
.......................
436
27,978
Keurig
Dr
Pepper,
Inc.
......................
279
10,808
PepsiCo,
Inc.
............................
411
71,909
110,695
a
Biotechnology
 — 6.4%
Amgen,
Inc.
.............................
253
62,610
BioMarin
Pharmaceutical,
Inc.
(a)
................
114
9,810
Gilead
Sciences,
Inc.
.......................
1,047
62,558
Horizon
Therapeutics
PLC
(a)
..................
51
4,231
Incyte
Corp.
(a)
............................
204
15,847
Regeneron
Pharmaceuticals,
Inc.
(a)
..............
90
52,352
Seagen,
Inc.
(a)
............................
98
17,638
Vertex
Pharmaceuticals,
Inc.
(a)
.................
259
72,626
297,672
a
Building
Products
 — 1.7%
Carrier
Global
Corp.
........................
224
9,079
Johnson
Controls
International
PLC
.............
959
51,699
Lennox
International,
Inc.
....................
13
3,114
Trane
Technologies
PLC
.....................
101
14,846
78,738
a
Capital
Markets
 — 3.3%
Cboe
Global
Markets,
Inc.
....................
255
31,462
CME
Group,
Inc.
..........................
105
20,945
Intercontinental
Exchange,
Inc.
................
273
27,843
MarketAxess
Holdings,
Inc.
...................
14
3,791
Moody's
Corp.
............................
32
9,928
S&P
Global,
Inc.
..........................
150
56,540
T
Rowe
Price
Group,
Inc.
....................
19
2,346
152,855
a
Chemicals
 — 0.3%
Ecolab,
Inc.
.............................
61
10,075
Linde
PLC
..............................
13
3,926
14,001
a
Commercial
Services
&
Supplies
 — 1.7%
Republic
Services,
Inc.
......................
46
6,378
Rollins,
Inc.
..............................
71
2,739
Waste
Connections,
Inc.
.....................
40
5,335
Waste
Management,
Inc.
.....................
402
66,153
80,605
a
Communications
Equipment
 — 3.1%
Cisco
Systems,
Inc.
........................
1,587
72,002
Motorola
Solutions,
Inc.
.....................
299
71,339
143,341
a
Containers
&
Packaging
 — 1.3%
Amcor
PLC
..............................
3,836
49,676
Ball
Corp.
...............................
164
12,041
61,717
a
Security
Shares
Value
a
Distributors
 — 0.4%
Pool
Corp.
..............................
45
$
16,097
a
Diversified
Financial
Services
 — 0.4%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
.............
62
18,637
a
Diversified
Telecommunication
Services
 — 1.8%
AT&T,
Inc.
...............................
980
18,405
Liberty
Global
PLC,
Class
C,
NVS
(a)
.............
138
3,159
Verizon
Communications,
Inc.
.................
1,349
62,310
83,874
a
Electric
Utilities
 — 3.6%
Eversource
Energy
........................
740
65,283
Exelon
Corp.
.............................
537
24,965
NextEra
Energy,
Inc.
.......................
878
74,182
164,430
a
Electronic
Equipment,
Instruments
&
Components
 — 1.5%
Amphenol
Corp.,
Class
A
....................
224
17,277
Keysight
Technologies,
Inc.
(a)
..................
301
48,943
Zebra
Technologies
Corp.,
Class
A
(a)
.............
11
3,934
70,154
a
Entertainment
 — 3.0%
Activision
Blizzard,
Inc.
......................
435
34,778
Electronic
Arts,
Inc.
........................
436
57,217
Take-Two
Interactive
Software,
Inc.
(a)
.............
189
25,086
Walt
Disney
Co.
(The)
(a)
.....................
192
20,371
137,452
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.8%
American
Tower
Corp.
......................
128
34,666
Equinix,
Inc.
.............................
56
39,410
Prologis,
Inc.
.............................
123
16,305
SBA
Communications
Corp.
..................
113
37,944
128,325
a
Food
&
Staples
Retailing
 — 1.0%
Kroger
Co.
(The)
..........................
1,036
48,112
a
Food
Products
 — 3.5%
Campbell
Soup
Co.
........................
290
14,311
General
Mills,
Inc.
.........................
385
28,794
Hormel
Foods
Corp.
........................
714
35,229
JM
Smucker
Co.
(The)
......................
61
8,072
Kellogg
Co.
..............................
611
45,165
McCormick
&
Co.,
Inc.,
NVS
..................
335
29,262
160,833
a
Health
Care
Equipment
&
Supplies
 — 1.4%
Abbott
Laboratories
........................
21
2,286
Baxter
International,
Inc.
.....................
92
5,397
Becton
Dickinson
and
Co.
....................
55
13,437
Edwards
Lifesciences
Corp.
(a)
.................
64
6,434
Hologic,
Inc.
(a)
............................
361
25,768
ResMed,
Inc.
............................
52
12,507
65,829
a
Health
Care
Providers
&
Services
 — 1.5%
AmerisourceBergen
Corp.
....................
59
8,610
Cardinal
Health,
Inc.
........................
259
15,426
Elevance
Health,
Inc.
.......................
13
6,202
Humana,
Inc.
............................
10
4,820
Quest
Diagnostics,
Inc.
......................
143
19,530
UnitedHealth
Group,
Inc.
.....................
27
14,643
69,231
a
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
 — 0.4%
Domino's
Pizza,
Inc.
........................
50
$
19,606
a
Household
Products
 — 4.3%
Church
&
Dwight
Co.,
Inc.
....................
78
6,861
Clorox
Co.
(The)
..........................
239
33,900
Colgate-Palmolive
Co.
......................
834
65,669
Kimberly-Clark
Corp.
.......................
225
29,653
Procter
&
Gamble
Co.
(The)
..................
467
64,871
200,954
a
Industrial
Conglomerates
 — 1.9%
3M
Co.
.................................
396
56,723
Honeywell
International,
Inc.
..................
167
32,141
88,864
a
Insurance
 — 3.5%
Aon
PLC,
Class
A
.........................
9
2,619
Arthur
J
Gallagher
&
Co.
.....................
175
31,323
Erie
Indemnity
Co.,
Class
A,
NVS
...............
13
2,644
Marsh
&
McLennan
Companies,
Inc.
.............
436
71,487
Progressive
Corp.
(The)
.....................
227
26,119
Travelers
Companies,
Inc.
(The)
................
130
20,631
Willis
Towers
Watson
PLC
....................
30
6,208
161,031
a
Interactive
Media
&
Services
 — 0.8%
Alphabet,
Inc.,
Class
C,
NVS
(a)
.................
307
35,809
a
Internet
&
Direct
Marketing
Retail
 — 0.5%
Amazon.com,
Inc.
(a)
........................
176
23,751
a
IT
Services
 — 8.5%
Accenture
PLC,
Class
A
.....................
208
63,702
Akamai
Technologies,
Inc.
(a)(b)
..................
183
17,608
Automatic
Data
Processing,
Inc.
................
320
77,158
Broadridge
Financial
Solutions,
Inc.
.............
76
12,202
Cognizant
Technology
Solutions
Corp.,
Class
A
......
214
14,544
Fiserv,
Inc.
(a)
.............................
86
9,089
International
Business
Machines
Corp.
...........
288
37,668
Jack
Henry
&
Associates,
Inc.
.................
177
36,775
Mastercard,
Inc.,
Class
A
.....................
103
36,440
Paychex,
Inc.
............................
125
16,035
VeriSign,
Inc.
(a)
...........................
100
18,916
Visa,
Inc.,
Class
A
.........................
200
42,422
Western
Union
Co.
(The)
....................
749
12,748
395,307
a
Leisure
Products
 — 0.4%
Hasbro,
Inc.
.............................
212
16,689
a
Life
Sciences
Tools
&
Services
 — 2.8%
Agilent
Technologies,
Inc.
....................
233
31,245
Danaher
Corp.
...........................
26
7,578
Mettler-Toledo
International,
Inc.
(a)
..............
9
12,148
Thermo
Fisher
Scientific,
Inc.
..................
16
9,575
Waters
Corp.
(a)
...........................
33
12,013
West
Pharmaceutical
Services,
Inc.
.............
165
56,687
129,246
a
Machinery
 — 1.0%
Otis
Worldwide
Corp.
.......................
112
8,755
Xylem,
Inc.
..............................
432
39,757
48,512
a
Media
 — 0.5%
Charter
Communications,
Inc.,
Class
A
(a)
..........
7
3,025
Comcast
Corp.,
Class
A
.....................
112
4,202
Security
Shares
Value
a
Media
(continued)
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
.........
124
$
13,507
Sirius
XM
Holdings,
Inc.
(b)
....................
544
3,634
24,368
a
Metals
&
Mining
 — 1.0%
Newmont
Corp.
...........................
1,001
45,325
a
Mortgage
Real
Estate
Investment
 — 0.5%
Annaly
Capital
Management,
Inc.
...............
3,427
23,578
a
Multiline
Retail
 — 2.0%
Dollar
General
Corp.
.......................
187
46,456
Target
Corp.
.............................
287
46,890
93,346
a
Multi-Utilities
 — 3.4%
Consolidated
Edison,
Inc.
....................
698
69,290
Public
Service
Enterprise
Group,
Inc.
............
976
64,094
Sempra
Energy
...........................
157
26,031
159,415
a
Oil,
Gas
&
Consumable
Fuels
 — 1.0%
Cheniere
Energy,
Inc.
.......................
257
38,442
Hess
Corp.
..............................
82
9,223
47,665
a
Pharmaceuticals
 — 6.2%
Bristol-Myers
Squibb
Co.
.....................
642
47,367
Eli
Lilly
&
Co.
............................
139
45,827
Johnson
&
Johnson
........................
380
66,318
Merck
&
Co.,
Inc.
..........................
719
64,235
Pfizer,
Inc.
..............................
118
5,960
Zoetis,
Inc.
..............................
319
58,233
287,940
a
Professional
Services
 — 0.6%
Booz
Allen
Hamilton
Holding
Corp.
..............
124
11,901
Leidos
Holdings,
Inc.
.......................
39
4,173
Verisk
Analytics,
Inc.
........................
67
12,747
28,821
a
Road
&
Rail
 — 0.9%
AMERCO
...............................
13
6,982
Old
Dominion
Freight
Line,
Inc.
................
108
32,779
39,761
a
Semiconductors
&
Semiconductor
Equipment
 — 1.7%
Intel
Corp.
..............................
179
6,499
Texas
Instruments,
Inc.
......................
395
70,662
77,161
a
Software
 — 7.9%
Adobe,
Inc.
(a)
.............................
115
47,164
Autodesk,
Inc.
(a)
...........................
41
8,869
Black
Knight,
Inc.
(a)
.........................
119
7,816
Cadence
Design
Systems,
Inc.
(a)
...............
205
38,146
Citrix
Systems,
Inc.
........................
298
30,220
Intuit,
Inc.
...............................
16
7,299
Microsoft
Corp.
...........................
261
73,273
NortonLifeLock,
Inc.
........................
1,476
36,206
Oracle
Corp.
.............................
601
46,782
Roper
Technologies,
Inc.
.....................
32
13,973
Salesforce,
Inc.
(a)
..........................
127
23,371
ServiceNow,
Inc.
(a)
.........................
51
22,780
VMware,
Inc.,
Class
A
.......................
77
8,947
364,846
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Specialty
Retail
 — 2.4%
Best
Buy
Co.,
Inc.
.........................
44
$
3,388
Home
Depot,
Inc.
(The)
.....................
190
57,179
Lowe's
Companies,
Inc.
.....................
189
36,199
O'Reilly
Automotive,
Inc.
(a)
....................
5
3,518
Tractor
Supply
Co.
.........................
51
9,765
110,049
a
Technology
Hardware,
Storage
&
Peripherals
 — 0.6%
Apple,
Inc.
..............................
127
20,639
Dell
Technologies,
Inc.,
Class
C
................
169
7,615
28,254
a
Trading
Companies
&
Distributors
 — 1.4%
Fastenal
Co.
.............................
53
2,722
WW
Grainger,
Inc.
.........................
117
63,593
66,315
a
Water
Utilities
 — 1.0%
American
Water
Works
Co.,
Inc.
................
285
44,300
a
Wireless
Telecommunication
Services
 — 1.2%
T-Mobile
U.S.,
Inc.
(a)
........................
387
55,364
a
Total
Long-Term
Investments — 99.8%
(Cost:
$4,917,261)
..................................
4,626,591
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
21,112
$
21,112
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
4,545
4,545
a
Total
Short-Term
Securities — 0.5%
(Cost:
$25,653)
....................................
25,657
Total
Investments
—
100.3%
(Cost:
$4,942,914)
..................................
4,652,248
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
...............
(16,162)
Net
Assets
—
100.0%
.................................
$
4,636,086
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
11/02/21
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
—
$
21,097
(b)
$
—
$
11
$
4
$
21,112
21,112
$
65
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
—
4,545
(b)
—
—
—
4,545
4,545
205
—
$
11
$
4
$
25,657
$
270
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
13
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
4,626,591
$
—
$
—
$
4,626,591
Short-Term
Securities
Money
Market
Funds
..........................................
25,657
—
—
25,657
$
4,652,248
$
—
$
—
$
4,652,248
Schedule
of
Investments
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.3%
Lockheed
Martin
Corp.
......................
115,981
$
47,994,098
Northrop
Grumman
Corp.
....................
71,258
34,125,456
82,119,554
a
Air
Freight
&
Logistics
 — 2.0%
CH
Robinson
Worldwide,
Inc.
(a)
................
1,871,588
207,184,792
Expeditors
International
of
Washington,
Inc.
........
2,640,547
280,558,119
United
Parcel
Service,
Inc.,
Class
B
.............
438,331
85,426,328
573,169,239
a
Beverages
 — 2.3%
Keurig
Dr
Pepper,
Inc.
......................
6,385,301
247,366,561
PepsiCo,
Inc.
............................
2,310,911
404,316,988
651,683,549
a
Biotechnology
 — 6.6%
AbbVie,
Inc.
.............................
518,093
74,351,526
Amgen,
Inc.
.............................
574,725
142,227,196
BioMarin
Pharmaceutical,
Inc.
(a)(b)
...............
1,211,633
104,261,020
Gilead
Sciences,
Inc.
.......................
5,944,048
355,156,868
Horizon
Therapeutics
PLC
(b)
..................
1,948,547
161,670,945
Incyte
Corp.
(b)
............................
1,630,249
126,637,742
Neurocrine
Biosciences,
Inc.
(b)
.................
575,137
54,137,646
Regeneron
Pharmaceuticals,
Inc.
(b)
..............
482,486
280,657,281
Seagen,
Inc.
(b)
............................
867,250
156,087,655
Vertex
Pharmaceuticals,
Inc.
(a)(b)
................
1,593,476
446,826,605
1,902,014,484
a
Capital
Markets
 — 1.9%
Cboe
Global
Markets,
Inc.
....................
1,156,088
142,638,137
CME
Group,
Inc.
..........................
709,485
141,528,068
Intercontinental
Exchange,
Inc.
(a)
...............
1,561,827
159,290,736
MarketAxess
Holdings,
Inc.
...................
111,725
30,252,896
Tradeweb
Markets,
Inc.,
Class
A
(a)
..............
885,377
62,436,786
536,146,623
a
Chemicals
 — 1.1%
Air
Products
and
Chemicals,
Inc.
...............
318,922
79,166,008
Corteva,
Inc.
.............................
2,187,113
125,868,353
Linde
PLC
(a)
.............................
73,501
22,197,302
Sherwin-Williams
Co.
(The)
...................
333,033
80,574,004
307,805,667
a
Commercial
Services
&
Supplies
 — 4.8%
Republic
Services,
Inc.
(a)
.....................
3,158,189
437,914,487
Rollins,
Inc.
(a)
............................
2,485,172
95,853,084
Waste
Connections,
Inc.
(a)
....................
3,029,664
404,066,288
Waste
Management,
Inc.
.....................
2,664,559
438,479,829
1,376,313,688
a
Communications
Equipment
 — 3.0%
Arista
Networks,
Inc.
(b)
......................
440,151
51,334,811
Cisco
Systems,
Inc.
........................
9,757,075
442,678,493
Juniper
Networks,
Inc.
......................
1,090,558
30,568,341
Motorola
Solutions,
Inc.
.....................
1,364,283
325,504,281
850,085,926
a
Containers
&
Packaging
 — 0.8%
Amcor
PLC
..............................
11,670,134
151,128,235
Ball
Corp.
(a)
..............................
292,346
21,464,043
International
Paper
Co.
......................
713,521
30,517,293
Packaging
Corp.
of
America
..................
284,435
39,994,406
243,103,977
a
Security
Shares
Value
a
Diversified
Financial
Services
 — 1.4%
Berkshire
Hathaway,
Inc.,
Class
B
(b)
.............
1,338,451
$
402,338,371
a
Diversified
Telecommunication
Services
 — 1.9%
AT&T,
Inc.
...............................
7,339,263
137,831,359
Liberty
Global
PLC,
Class
C,
NVS
(a)(b)
............
708,619
16,220,289
Verizon
Communications,
Inc.
.................
8,290,666
382,945,863
536,997,511
a
Electric
Utilities
 — 4.8%
Alliant
Energy
Corp.
........................
538,669
32,821,102
American
Electric
Power
Co.,
Inc.
...............
1,368,662
134,895,327
Duke
Energy
Corp.
........................
3,147,360
345,989,285
Evergy,
Inc.
..............................
313,514
21,400,466
Eversource
Energy
........................
811,932
71,628,641
NextEra
Energy,
Inc.
.......................
1,595,698
134,820,524
Southern
Co.
(The)
........................
4,413,726
339,371,392
Xcel
Energy,
Inc.
..........................
4,022,503
294,366,769
1,375,293,506
a
Electronic
Equipment,
Instruments
&
Components
 — 2.2%
Amphenol
Corp.,
Class
A
....................
2,872,883
221,585,466
Arrow
Electronics,
Inc.
(b)
.....................
628,737
80,585,221
Keysight
Technologies,
Inc.
(b)
..................
1,671,404
271,770,290
Zebra
Technologies
Corp.,
Class
A
(b)
.............
143,226
51,230,508
625,171,485
a
Entertainment
 — 2.3%
Activision
Blizzard,
Inc.
......................
3,413,922
272,943,064
Electronic
Arts,
Inc.
........................
1,809,848
237,506,353
Take-Two
Interactive
Software,
Inc.
(b)
.............
1,113,094
147,740,966
Walt
Disney
Co.
(The)
(b)
.....................
134,229
14,241,697
672,432,080
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.8%
American
Tower
Corp.
......................
325,397
88,127,270
Crown
Castle,
Inc.
.........................
991,534
179,130,532
Equinix,
Inc.
.............................
37,866
26,647,819
Extra
Space
Storage,
Inc.
....................
249,126
47,214,360
Public
Storage
............................
1,048,569
342,263,407
SBA
Communications
Corp.
..................
344,180
115,572,202
798,955,590
a
Food
&
Staples
Retailing
 — 2.3%
Kroger
Co.
(The)
..........................
5,904,609
274,210,042
Walmart,
Inc.
.............................
2,846,623
375,896,567
650,106,609
a
Food
Products
 — 4.1%
Campbell
Soup
Co.
(a)
.......................
1,055,326
52,080,338
General
Mills,
Inc.
(a)
........................
1,736,017
129,836,711
Hershey
Co.
(The)
.........................
1,488,073
339,221,121
Hormel
Foods
Corp.
(a)
.......................
4,236,499
209,028,861
JM
Smucker
Co.
(The)
......................
578,468
76,542,886
Kellogg
Co.
..............................
1,894,230
140,021,482
McCormick
&
Co.,
Inc.,
NVS
..................
917,715
80,162,405
Mondelez
International,
Inc.,
Class
A
.............
2,341,593
149,955,616
1,176,849,420
a
Health
Care
Equipment
&
Supplies
 — 2.1%
Abbott
Laboratories
........................
1,009,213
109,842,743
Baxter
International,
Inc.
.....................
1,896,785
111,265,408
Becton
Dickinson
and
Co.
(a)
...................
860,846
210,313,286
Cooper
Companies,
Inc.
(The)
(a)
................
187,137
61,193,799
Hologic,
Inc.
(b)
............................
858,531
61,281,943
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
PLC
...........................
533,597
$
49,368,395
603,265,574
a
Health
Care
Providers
&
Services
 — 1.9%
AmerisourceBergen
Corp.
....................
312,290
45,572,480
Humana,
Inc.
............................
67,221
32,400,522
Laboratory
Corp.
of
America
Holdings
(a)
...........
349,799
91,713,800
Quest
Diagnostics,
Inc.
......................
631,322
86,219,645
UnitedHealth
Group,
Inc.
.....................
551,032
298,846,695
554,753,142
a
Hotels,
Restaurants
&
Leisure
 — 1.7%
Domino's
Pizza,
Inc.
........................
324,948
127,415,360
McDonald's
Corp.
.........................
1,417,634
373,362,267
500,777,627
a
Household
Durables
 — 0.2%
Garmin
Ltd.
..............................
665,632
64,978,996
a
Household
Products
 — 2.7%
Church
&
Dwight
Co.,
Inc.
....................
1,208,865
106,343,854
Clorox
Co.
(The)
..........................
1,130,041
160,285,015
Colgate-Palmolive
Co.
......................
1,235,766
97,304,215
Kimberly-Clark
Corp.
.......................
612,569
80,730,469
Procter
&
Gamble
Co.
(The)
(a)
.................
2,429,282
337,451,563
782,115,116
a
Industrial
Conglomerates
 — 0.5%
3M
Co.
.................................
536,599
76,862,441
Honeywell
International,
Inc.
..................
365,785
70,398,981
147,261,422
a
Insurance
 — 4.1%
Aon
PLC,
Class
A
.........................
408,064
118,762,947
Arthur
J
Gallagher
&
Co.
(a)
....................
1,468,107
262,776,472
Assurant,
Inc.
............................
437,593
76,920,097
Erie
Indemnity
Co.,
Class
A,
NVS
(a)
..............
360,027
73,215,091
Marsh
&
McLennan
Companies,
Inc.
.............
1,702,466
279,136,325
Progressive
Corp.
(The)
.....................
2,351,467
270,559,793
Travelers
Companies,
Inc.
(The)
................
97,267
15,436,273
Willis
Towers
Watson
PLC
(a)
...................
360,383
74,577,658
1,171,384,656
a
Interactive
Media
&
Services
 — 1.1%
Alphabet,
Inc.,
Class
C,
NVS
(b)
.................
2,789,580
325,376,611
a
Internet
&
Direct
Marketing
Retail
 — 0.3%
Amazon.com,
Inc.
(a)(b)
.......................
641,440
86,562,328
eBay,
Inc.
...............................
310,004
15,075,495
101,637,823
a
IT
Services
 — 9.1%
Accenture
PLC,
Class
A
(a)
....................
1,228,653
376,287,268
Akamai
Technologies,
Inc.
(a)(b)
..................
1,533,383
147,542,112
Automatic
Data
Processing,
Inc.
................
894,711
215,732,716
Broadridge
Financial
Solutions,
Inc.
(a)
............
827,262
132,816,914
Cognizant
Technology
Solutions
Corp.,
Class
A
......
1,662,869
113,008,577
Fidelity
National
Information
Services,
Inc.
.........
455,719
46,556,253
Fiserv,
Inc.
(a)(b)
............................
1,181,991
124,912,809
International
Business
Machines
Corp.
...........
945,330
123,639,711
Jack
Henry
&
Associates,
Inc.
.................
1,051,772
218,526,668
Mastercard,
Inc.,
Class
A
(a)
...................
512,335
181,259,000
Paychex,
Inc.
............................
3,307,657
424,306,240
VeriSign,
Inc.
(b)
...........................
1,108,748
209,730,772
Visa,
Inc.,
Class
A
(a)
........................
971,965
206,163,496
Security
Shares
Value
a
IT
Services
(continued)
Western
Union
Co.
(The)
....................
5,778,303
$
98,346,717
2,618,829,253
a
Life
Sciences
Tools
&
Services
 — 1.7%
Danaher
Corp.
...........................
1,241,363
361,820,073
Thermo
Fisher
Scientific,
Inc.
..................
134,461
80,462,807
West
Pharmaceutical
Services,
Inc.
(a)
............
133,630
45,909,923
488,192,803
a
Machinery
 — 0.2%
Illinois
Tool
Works,
Inc.
(a)
.....................
138,208
28,714,094
Otis
Worldwide
Corp.
.......................
225,366
17,616,860
46,330,954
a
Media
 — 1.7%
Charter
Communications,
Inc.,
Class
A
(a)(b)
.........
341,905
147,737,150
Comcast
Corp.,
Class
A
(a)
....................
3,119,693
117,050,881
Fox
Corp.,
Class
B
.........................
531,101
16,411,021
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)(b)
........
1,773,991
193,240,840
474,439,892
a
Metals
&
Mining
 — 1.0%
Newmont
Corp.
...........................
6,157,330
278,803,902
a
Mortgage
Real
Estate
Investment
 — 0.3%
Annaly
Capital
Management,
Inc.
...............
12,563,932
86,439,852
a
Multiline
Retail
 — 2.1%
Dollar
General
Corp.
.......................
1,119,865
278,208,062
Dollar
Tree,
Inc.
(a)(b)
........................
591,878
97,872,946
Target
Corp.
.............................
1,391,111
227,279,715
603,360,723
a
Multi-Utilities
 — 2.9%
Ameren
Corp.
............................
637,228
59,338,671
CMS
Energy
Corp.
.........................
959,592
65,952,758
Consolidated
Edison,
Inc.
....................
3,209,299
318,587,112
Dominion
Energy,
Inc.
.......................
1,344,058
110,185,875
WEC
Energy
Group,
Inc.
.....................
2,645,478
274,627,071
828,691,487
a
Oil,
Gas
&
Consumable
Fuels
 — 0.5%
Cheniere
Energy,
Inc.
.......................
680,717
101,821,649
Williams
Companies,
Inc.
(The)
................
1,273,968
43,429,569
145,251,218
a
Pharmaceuticals
 — 6.4%
Bristol-Myers
Squibb
Co.
.....................
3,797,656
280,191,060
Eli
Lilly
&
Co.
............................
987,656
325,620,306
Johnson
&
Johnson
........................
2,340,373
408,441,896
Merck
&
Co.,
Inc.
..........................
4,420,297
394,909,334
Pfizer,
Inc.
..............................
5,790,069
292,456,385
Zoetis,
Inc.
..............................
660,429
120,561,314
1,822,180,295
a
Professional
Services
 — 0.7%
Booz
Allen
Hamilton
Holding
Corp.
..............
950,488
91,227,838
Verisk
Analytics,
Inc.
........................
510,239
97,072,970
188,300,808
a
Road
&
Rail
 — 1.3%
AMERCO
...............................
139,380
74,858,210
Norfolk
Southern
Corp.
......................
264,532
66,442,503
Old
Dominion
Freight
Line,
Inc.
(a)
...............
735,191
223,137,820
364,438,533
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
 — 1.9%
Broadcom,
Inc.
...........................
176,226
$
94,365,498
Intel
Corp.
..............................
555,583
20,173,219
Texas
Instruments,
Inc.
......................
2,385,101
426,670,718
541,209,435
a
Software
 — 5.7%
Adobe,
Inc.
(b)
.............................
410,919
168,526,100
Black
Knight,
Inc.
(b)
.........................
1,024,421
67,283,971
Citrix
Systems,
Inc.
........................
1,765,999
179,089,959
Microsoft
Corp.
...........................
1,340,054
376,206,760
NortonLifeLock,
Inc.
........................
5,608,265
137,570,740
Oracle
Corp.
(a)
............................
4,148,883
322,949,053
Roper
Technologies,
Inc.
(a)
....................
419,786
183,307,953
Tyler
Technologies,
Inc.
(b)
....................
307,087
122,527,713
VMware,
Inc.,
Class
A
.......................
145,041
16,853,764
Zoom
Video
Communications,
Inc.,
Class
A
(b)
.......
456,206
47,381,555
1,621,697,568
a
Specialty
Retail
 — 2.1%
AutoZone,
Inc.
(b)
..........................
106,930
228,551,113
Home
Depot,
Inc.
(The)
.....................
675,758
203,362,612
Lowe's
Companies,
Inc.
.....................
226,405
43,363,350
O'Reilly
Automotive,
Inc.
(b)
....................
190,898
134,313,924
609,590,999
a
Technology
Hardware,
Storage
&
Peripherals
 — 1.2%
Apple,
Inc.
..............................
1,237,339
201,079,961
Dell
Technologies,
Inc.,
Class
C
................
3,230,108
145,548,666
346,628,627
a
Security
Shares
Value
a
Water
Utilities
 — 0.1%
American
Water
Works
Co.,
Inc.
................
127,665
$
19,844,248
a
Wireless
Telecommunication
Services
 — 1.6%
T-Mobile
U.S.,
Inc.
(b)
........................
3,233,851
462,634,724
a
Total
Long-Term
Investments — 99.7%
(Cost:
$25,781,554,892)
..............................
28,559,003,567
a
Short-Term
Securities
Money
Market
Funds
 — 
0.8%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
189,835,614
189,835,614
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
49,067,165
49,067,165
a
Total
Short-Term
Securities — 0.8%
(Cost:
$238,811,174)
................................
238,902,779
Total
Investments
—
100.5%
(Cost:
$26,020,366,066)
..............................
28,797,906,346
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
...............
(145,108,825)
Net
Assets
—
100.0%
.................................
$
28,652,797,521
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
432,992,054
$
—
$
(243,029,900
)
(a)
$
(111,075
)
$
(15,465
)
$
189,835,614
189,835,614
$
388,860
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
50,790,000
—
(1,722,835
)
(a)
—
—
49,067,165
49,067,165
116,629
—
$
(111,075
)
$
(15,465
)
$
238,902,779
$
505,489
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
304
‌
09/16/22
$
11,801
‌
$
746,998
‌
S&P
500
E-Mini
Index
...................................................................
385
‌
09/16/22
79,570
‌
3,733,570
‌
$
4,480,568
‌
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
4,480,568
$
—
$
—
$
—
$
4,480,568
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(1,726,721
)
$
—
$
—
$
—
$
(1,726,721
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
2,552,819
$
—
$
—
$
—
$
2,552,819
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
62,437,456
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
18
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
28,559,003,567
$
—
$
—
$
28,559,003,567
Short-Term
Securities
Money
Market
Funds
..........................................
238,902,779
—
—
238,902,779
$
28,797,906,346
$
—
$
—
$
28,797,906,346
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
4,480,568
$
—
$
—
$
4,480,568
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
19
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2022
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)(b)
....................................................................
$
4,626,591
‌
$
28,559,003,567
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
25,657
‌
238,902,779
‌
Cash
...........................................................................................
768
‌
3,336,024
‌
Cash
pledged:
Futures
contracts
.................................................................................
—
‌
4,294,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................
16
‌
29,558
‌
Capital
shares
sold
................................................................................
—
‌
212,724
‌
Dividends
—
unaffiliated
............................................................................
4,634
‌
39,320,662
‌
Dividends
—
affiliated
..............................................................................
199
‌
31,132
‌
Variation
margin
on
futures
contracts
....................................................................
—
‌
1,024,597
‌
Total
assets
......................................................................................
4,657,865
‌
28,846,155,043
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
21,098
‌
189,906,626
‌
Payables:
Investment
advisory
fees
............................................................................
681
‌
3,450,896
‌
Total
liabilities
.....................................................................................
21,779
‌
193,357,522
‌
NET
ASSETS
.....................................................................................
$
4,636,086
‌
$
28,652,797,521
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
5,074,390
‌
$
27,851,087,306
‌
Accumulated
earnings
(loss)
...........................................................................
(438,304
)
801,710,215
‌
NET
ASSETS
.....................................................................................
$
4,636,086
‌
$
28,652,797,521
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
200,000
‌
388,400,000
‌
Net
asset
value
....................................................................................
$
23.18
‌
$
73.77
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
21,010
‌
$
187,331,291
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
4,917,261
‌
$
25,781,554,892
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
25,653
‌
$
238,811,174
‌
20
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
July
31,
2022
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(a)
iShares
MSCI
USA
Min
Vol
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
60,466
‌
$
460,827,716
‌
Dividends
—
affiliated
..............................................................................
205
‌
116,629
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
65
‌
388,860
‌
Foreign
taxes
withheld
.............................................................................
(
3
)
(
387,242
)
Total
investment
income
..............................................................................
60,733
‌
460,945,963
‌
EXPENSES
Investment
advisory
...............................................................................
6,441
‌
42,010,317
‌
Professional
fees
.................................................................................
—
‌
217
‌
Total
expenses
....................................................................................
6,441
‌
42,010,534
‌
Net
investment
income
...............................................................................
54,292
‌
418,935,429
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
158,234
)
(
524,636,946
)
Investments
—
affiliated
...........................................................................
11
‌
(
111,075
)
Foreign
currency
transactions
.......................................................................
—
‌
2,057
‌
Futures
contracts
...............................................................................
—
‌
(
1,726,721
)
In-kind
redemptions
(b)
.............................................................................
1,865
‌
2,412,407,762
‌
(
156,358
)
1,885,935,077
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
290,670
)
(
2,867,565,951
)
Investments
—
affiliated
...........................................................................
4
‌
(
15,465
)
Futures
contracts
...............................................................................
—
‌
2,552,819
‌
(
290,666
)
(
2,865,028,597
)
Net
realized
and
unrealized
loss
.........................................................................
(
447,024
)
(
979,093,520
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
392,732
)
$
(
560,158,091
)
(a)
For
the
period
from
November
2,
2021
(commencement
of
operations)
to
July
31,
2022.
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
21
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
Period
From
11/02/21
(a)
to
07/31/22
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................
$
54,292
‌
$
418,935,429
‌
$
494,532,373
‌
Net
realized
gain
(loss)
...........................................................
(
156,358
)
1,885,935,077
‌
3,371,054,672
‌
Net
change
in
unrealized
appreciation
(depreciation)
.......................................
(
290,666
)
(
2,865,028,597
)
2,187,151,044
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................................
(
392,732
)
(
560,158,091
)
6,052,738,089
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................
(
43,707
)
(
377,829,879
)
(
512,658,921
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
........................
5,072,525
‌
1,119,798,350
‌
(
11,581,152,074
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..................................................
4,636,086
‌
181,810,380
‌
(
6,041,072,906
)
Beginning
of
period
...............................................................
—
‌
28,470,987,141
‌
34,512,060,047
‌
End
of
period
...................................................................
$
4,636,086
‌
$
28,652,797,521
‌
$
28,470,987,141
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
22
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
Period
From
11/02/21
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
......................................................................................
$
25.11
‌
Net
investment
income
(b)
..............................................................................................
0.27
‌
Net
realized
and
unrealized
loss
(c)
........................................................................................
(1.98
)
Net
decrease
from
investment
operations
....................................................................................
(1.71
)
Distributions
from
net
investment
income
(d)
....................................................................................
(0.22
)
Net
asset
value,
end
of
period
...........................................................................................
$
23.18
‌
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
(6.83
)%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.18
%
(h)
Net
investment
income
.................................................................................................
1.51
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
4,636
‌
Portfolio
turnover
rate
(i)
.................................................................................................
31
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
Annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
23
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Min
Vol
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
76.19
‌
$
63.37
‌
$
62.75
‌
$
54.90
‌
$
49.89
‌
Net
investment
income
(a)
................................
1.13
‌
1.08
‌
1.29
‌
1.23
‌
1.02
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(2.52
)
12.84
‌
0.62
‌
7.77
‌
4.98
‌
Net
increase
(decrease)
from
investment
operations
...............
(1.39
)
13.92
‌
1.91
‌
9.00
‌
6.00
‌
Distributions
from
net
investment
income
(c)
......................
(1.03
)
(1.10
)
(1.29
)
(1.15
)
(0.99
)
Net
asset
value,
end
of
year
..............................
$
73.77
‌
$
76.19
‌
$
63.37
‌
$
62.75
‌
$
54.90
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(1.85
)%
22.23
%
3.18
%
16.61
%
12.16
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Net
investment
income
...................................
1.50
%
1.59
%
2.06
%
2.12
%
1.95
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
28,652,798
‌
$
28,470,987
‌
$
34,512,060
‌
$
30,646,395
‌
$
15,191,622
‌
Portfolio
turnover
rate
(f)
...................................
20
%
23
%
22
%
21
%
22
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
24
2022
iShares
Annual
Report
to
Shareholders
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2022,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
ESG
MSCI
USA
Min
Vol
Factor
(a)
..........................................................................................
Non-diversified
MSCI
USA
Min
Vol
Factor
...............................................................................................
Diversified
(a)
The
Fund
commenced
operations
on
November
2,
2021.
Notes
to
Financial
Statements
(
continued)
25
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments. 
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g., market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active markets/exchanges
for
identical
assets
or
liabilities that each
Fund has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active, inputs
other than
quoted prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield curves, volatilities, prepayment
speeds, loss
severities,
credit
risks
and
default
rates)
or
other
market-
corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent observable
inputs are
not
available,
(including
the
Global
Valuation
Committee’s
assumptions
used
in determining the
fair value
of
financial instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(continued)
26
2022
iShares
Annual
Report
to
Shareholders
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
ESG
MSCI
USA
Min
Vol
Factor
BofA
Securities,
Inc.
.........................................
$
3,540
‌
$
(3,540
)
$
—
‌
$
—
‌
Jefferies
LLC
..............................................
54
‌
(54
)
—
‌
—
‌
RBC
Capital
Markets
LLC
.....................................
17,416
‌
(17,416
)
—
‌
—
‌
$
21,010
‌
$
(21,010
)
$
—
‌
$
—
‌
a
MSCI
USA
Min
Vol
Factor
Barclays
Capital,
Inc.
........................................
957,432
‌
(957,432
)
—
‌
—
‌
BNP
Paribas
SA
............................................
9,868,409
‌
(9,868,409
)
—
‌
—
‌
BofA
Securities,
Inc.
.........................................
49,111,738
‌
(49,111,738
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
...................................
4,825,690
‌
(4,825,690
)
—
‌
—
‌
Credit
Suisse
Securities
(USA)
LLC
...............................
17,899
‌
(17,899
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
....................................
8,947,959
‌
(8,947,959
)
—
‌
—
‌
HSBC
Bank
PLC
...........................................
7,368,270
‌
(7,368,270
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
....................................
38,410,798
‌
(38,410,798
)
—
‌
—
‌
Jefferies
LLC
..............................................
2,825,255
‌
(2,817,864
)
—
‌
7,391
(b)
Morgan
Stanley
............................................
3,770,887
‌
(3,770,887
)
—
‌
—
‌
RBC
Capital
Markets
LLC
.....................................
174,668
‌
(174,668
)
—
‌
—
‌
SG
Americas
Securities
LLC
...................................
30,136,180
‌
(28,325,720
)
—
‌
1,810,460
(b)
State
Street
Bank
&
Trust
Co.
...................................
45,127
‌
(45,127
)
—
‌
—
‌
UBS
AG
.................................................
28,686,123
‌
(28,686,123
)
—
‌
—
‌
Virtu
Americas
LLC
..........................................
1,383,160
‌
(1,383,160
)
—
‌
—
‌
Wells
Fargo
Bank
N.A.
.......................................
801,696
‌
(801,696
)
—
‌
—
‌
$
187,331,291
‌
$
(185,513,440
)
$
—
‌
$
1,817,851
‌
a
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
a
counterparty.
Notes
to
Financial
Statements
(
continued)
27
Notes
to
Financial
Statements
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2022,
each
Fund
retained
77%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
was
not
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
ESG
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.18%
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Notes
to
Financial
Statements
(continued)
28
2022
iShares
Annual
Report
to
Shareholders
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended July
31,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
July
31,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2022,
purchases
and
sales
of
investments,
excluding
short-term
investments
and
in-kind
transactions,
were
as
follows:
For
the year
ended
July
31,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2022,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Fees
Paid
to
BTC
ESG
MSCI
USA
Min
Vol
Factor
..........................................................................................
$
19
‌
MSCI
USA
Min
Vol
Factor
..............................................................................................
163,513
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Min
Vol
Factor
..........................................................
$
1,113,751,955
‌
$
1,245,711,075
‌
$
(228,961,633
)
iShares
ETF
Purchases
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
1,055,713
‌
$
1,039,165
‌
MSCI
USA
Min
Vol
Factor
............................................................................
5,712,103,639
‌
5,674,447,295
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
6,261,416
‌
$
1,204,334
‌
MSCI
USA
Min
Vol
Factor
............................................................................
9,058,111,419
‌
7,990,470,626
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
1,865
‌
$
(1,865
)
MSCI
USA
Min
Vol
Factor
............................................................................
2,397,418,141
‌
(2,397,418,141
)
iShares
ETF
Year
Ended
07/31/22
ESG
MSCI
USA
Min
Vol
Factor
Ordinary
income
..............................................................................................................
$
43,707
‌
Notes
to
Financial
Statements
(
continued)
29
Notes
to
Financial
Statements
As
of
July
31,
2022,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
July
31,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
iShares
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
MSCI
USA
Min
Vol
Factor
Ordinary
income
..........................................................................................
$
377,829,879
‌
$
512,658,921
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
ESG
MSCI
USA
Min
Vol
Factor
...................................
$
10,550
‌
$
(144,558
)
$
(304,296
)
$
(438,304
)
MSCI
USA
Min
Vol
Factor
.......................................
69,395,548
‌
(1,983,684,771
)
2,715,999,438
‌
801,710,215
‌
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
MSCI
USA
Min
Vol
Factor
....................................
$
4,956,544
‌
$
181,916
‌
$
(486,212
)
$
(304,296
)
MSCI
USA
Min
Vol
Factor
........................................
26,081,906,908
‌
3,969,764,115
‌
(1,253,764,677
)
2,715,999,438
‌
Notes
to
Financial
Statements
(continued)
30
2022
iShares
Annual
Report
to
Shareholders
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/22
Year
Ended
07/31/21
iShares
ETF
Shares
Amount
Shares
Amount
ESG
MSCI
USA
Min
Vol
Factor
(a)
Shares
sold
...............................................
250,000
‌
$
6,279,385
‌
—
‌
$
—
‌
Shares
redeemed
...........................................
(50,000
)
(1,206,860
)
—
‌
—
‌
200,000
‌
$
5,072,525
‌
—
‌
$
—
‌
MSCI
USA
Min
Vol
Factor
Shares
sold
...............................................
121,200,000
‌
$
9,094,785,815
‌
25,300,000
‌
$
1,741,186,816
‌
Shares
redeemed
...........................................
(106,500,000
)
(7,974,987,465
)
(196,200,000
)
(13,322,338,890
)
14,700,000
‌
$
1,119,798,350
‌
(170,900,000
)
$
(11,581,152,074
)
(a)
The
Fund
commenced
operations
on
November
2,
2021.
Report
of
Independent
Registered
Public
Accounting
Firm
31
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
 iShares
Trust
and
Shareholders
of
each
of
the two funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2022,
the
related
statements
of
operations
and
of
changes
in
net
assets
for
each
of
the
periods
indicated
in
the
table
below,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the periods
indicated
therein (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
July
31,
2022,
the
results
of
each
of
their
operations
and
the
changes
in
each
of
their
net
assets
for
the
periods
indicated
in
the
table
below,
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2022 by
correspondence
with
the
custodian,
transfer
agent
and
brokers. 
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
    iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(1)
    iShares
MSCI
USA
Min
Vol
Factor
ETF
(2)
(1)
Statement
of
operations
and
statement
of
changes
in
net
assets
for
the
period
November
2,
2021
(commencement
of
operations)
to
July
31,
2022.
(2)
Statement
of
operations
for
the
year
ended
July
31,
2022
and
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2022.
Important
Tax
Information
(unaudited)
32
2022
iShares
Annual
Report
to
Shareholders
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
U
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
56,372‌
MSCI
USA
Min
Vol
Factor
...............................................................................................
426,037,346‌
iShares
ETF
Qualified
Business
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
317‌
MSCI
USA
Min
Vol
Factor
...............................................................................................
6,858,708‌
iShares
ETF
Dividends-Received
Deduction
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
100.00‌%
MSCI
USA
Min
Vol
Factor
...............................................................................................
98.23‌ 
Board
Review
and
Approval
of
Investment
Advisory
Contract
33
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Trustees
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
to
consider
and
approve
the
proposed
Investment
Advisory
Contract
between
the
Trust
and
BFA
(the
“Advisory
Contract”)
on
behalf
of
the
Fund.
The
Independent
Trustees
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
proposed
Advisory
Contract.
At
a
meeting
held
on
September
29
–
October
1,
2021,
the
Board,
including
the
Independent
Board
Members,
approved
the
selection
of
BFA
as
investment
adviser
and
approved
the
proposed
Advisory
Contract
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA.
The
Board
also
considered
information
previously
provided
by
BFA,
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
and
BlackRock,
Inc.
(“BlackRock”),
as
applicable,
at
prior
Board
meetings.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
Advisory
Contract
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BFA;
(iii)
the
costs
of
services
to
be
provided
to
the
Fund
and
the
availability
of
information
related
to
profits
to
be
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
no
one
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
Advisory
Contract
are
discussed
below.
Expenses
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
further
noted
that
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
overall
fund
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
overall
fund
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
of
the
Fund
supported
the
Board’s
approval
of
the
Advisory
Contract.
Nature,
Extent
and
Quality
of
Services:
The
Board
reviewed
the
scope
of
services
to
be
provided
by
BFA
under
the
Advisory
Contract.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time
and
have
made
significant
investments
into
the
iShares
business
to
support
the
iShares
funds
and
their
shareholders.
The
Board
considered
representations
by
BFA,
BTC,
and
BlackRock
that
the
scope
and
quality
of
services
to
be
provided
to
the
Fund
would
be
similar
to
the
scope
and
quality
of
services
provided
to
other
iShares
funds.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
other
iShares
funds.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
relevant,
and
has
provided
information
and
made
appropriate
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
who
will
be
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
that
will
be
available
to
them
in
managing
the
Fund.
The
Board
also
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
which
were
provided
throughout
the
year
with
respect
to
other
iShares
funds.
Based
on
review
of
this
information,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
to
be
provided
to
the
Fund
under
the
Advisory
Contract
supported
the
Board’s
approval
of
the
Advisory
Contract.
Costs
of
Services
to
be
Provided
to
the
Fund
and
Profits
to
be
Realized
by
BFA
and
Affiliates:
The
Board
did
not
consider
the
profitability
of
the
Fund
to
BFA
based
on
the
fees
payable
under
the
Advisory
Contract
or
revenue
to
be
received
by
BFA
or
its
affiliates
in
connection
with
services
to
be
provided
to
the
Fund
since
the
proposed
relationship
had
not
yet
commenced.
The
Board
noted
that
it
expects
to
receive
profitability
information
from
BFA
periodically
following
the
Fund’s
launch
and
will
thus
be
in
a
position
to
evaluate
whether
any
new
or
additional
breakpoints
or
other
adjustments
in
Fund
fees
would
be
appropriate.
Economies
of
Scale:
The
Board
considered
information
that
it
had
previously
received
regarding
economies
of
scale,
efficiencies
and
scale
benefits
shared
with
the
iShares
funds
through
relatively
low
fee
rates
established
at
inception,
breakpoints
and
waivers
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Contract
for
the
Fund
did
not
provide
for
any
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
This
consideration
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
Advisory
Contract.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-
end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”),
and
acknowledged
BFA’s
assertion
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
further
noted
that
BFA
previously
provided
the
Board
with
detailed
information
regarding
how
the
Other
Accounts
(particularly
institutional
clients)
generally
differ
from
the
iShares
funds,
including
in
terms
of
the
different
and
generally
more
extensive
services
provided
to
the
iShares
funds,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
34
2022
iShares
Annual
Report
to
Shareholders
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement.
Other
Benefits
to
BFA
and/or
its
Affiliates:
Except
as
noted
below,
the
Board
did
not
consider
the
“fallout”
benefits
or
ancillary
revenue
to
be
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
to
be
provided
to
the
Fund
by
BFA
since
the
proposed
relationship
had
not
yet
commenced.
However,
the
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
considered
the
potential
payment
of
advisory
fees
and/or
administration
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
and/or
administration
services.
The
Board
also
noted
the
potential
revenue
to
be
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
would
permit
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
also
considered
the
potential
for
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
and
its
affiliates
in
the
event
of
any
loaning
of
portfolio
securities
of
the
Fund.
The
Board
further
noted
that
any
portfolio
transactions
on
behalf
of
the
Fund
placed
through
a
BFA
affiliate
or
purchased
from
an
underwriting
syndicate
in
which
a
BFA
affiliate
participates
(including
associated
commissions),
will
be
reported
to
the
Board
pursuant
to
Rule
17e-1
or
Rule
10f-3,
as
applicable,
under
the
1940
Act.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
Advisory
Contract.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund
investment
advisory
fee
rate
under
the
Advisory
Contract
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
to
be
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
Advisory
Contract.
iShares
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
35
Board
Review
and
Approval
of
Investment
Advisory
Contract
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
36
2022
iShares
Annual
Report
to
Shareholders
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
37
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
July
31,
2022
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
ESG
MSCI
USA
Min
Vol
Factor
.........
$
0.218535
‌
$
—
‌
$
—
‌
$
0.218535
‌
100
%
—
%
—
%
100
%
MSCI
USA
Min
Vol
Factor
.............
1.026342
‌
—
‌
—
‌
1.026342
‌
100
—
—
100
Trustee
and
Officer
Information
(unaudited)
38
2022
iShares
Annual
Report
to
Shareholders
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
384
funds
as
of
July
31,
2022.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
Park
Avenue
Plaza,
55
East
52nd
Street,
New
York,
NY
10055.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(65)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(52)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(67)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(66)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(67)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(73)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018)
and
Investment
Committee
(since
2011);
Chair
(1994-2005)
and
Member
(since
1992)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-
2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
(since
2019).
Trustee
and
Officer
Information
(unaudited)
(
continued)
39
Trustee
and
Officer
Information
Officers
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(63)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
John
E.
Martinez
(61)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(57)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Armando
Senra
(51)
President
(since
2019).
Managing
Director,
BlackRock,
Inc.
(since
2007);
Head
of
U.S.,
Canada
and
Latam
iShares,
BlackRock,
Inc.
(since
2019);
Head
of
Latin
America
Region,
BlackRock,
Inc.
(2006-2019);
Managing
Director,
Bank
of
America
Merrill
Lynch
(1994-2006).
Trent
Walker
(48)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(54)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(41)
Secretary
(since
2022).
Director,
BlackRock,
Inc.
(since
2018);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(40)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(46)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(51)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
March
18,
2022,
Rachel
Aguirre,
Jennifer
Hsui,
and
James
Mauro
have
replaced
Scott
Radell,
Alan
Mason,
and
Marybeth
Leithead
as
Executive
Vice
Presidents.
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Independent
Trustees
(
continued
)
General
Information
40
2022
iShares
Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
41
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-AR-717-0722
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
July
31,
2022
iShares
Trust
iShares
Core
Aggressive
Allocation
ETF
|
AOA
|
NYSE
Arca
iShares
Core
Conservative
Allocation
ETF
|
AOK
|
NYSE
Arca
iShares
Core
Growth
Allocation
ETF
|
AOR
|
NYSE
Arca
iShares
Core
Moderate
Allocation
ETF
|
AOM
|
NYSE
Arca
iShares
Morningstar
Multi-Asset
Income
ETF
|
IYLD
|
Cboe
BZX
2022
Annual
Report
Dear
Shareholder,
The
12-month
reporting
period
as
of
July
31,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
four
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
room
to
rise
before
peaking,
although
investors’
inflation
expectations
began
to
decline
near
the
end
of
the
period.
The
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
ultimately
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
the
meantime,
however,
we
believe
that
we
are
likely
to
see
a
period
of
slowing
growth
paired
with
relatively
high
inflation.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
higher
inflation
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
July
31,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(7.81%)
(4.64%)
U.S.
small
cap
equities
(Russell
2000
®
Index)
(6.42)
(14.29)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.27)
(14.32)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(16.24)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.21
0.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.38)
(10.00)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.14)
(9.12)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(3.95)
(6.93)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(6.58)
(8.03)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
15
Disclosure
of
Expenses
...................................................................................................
15
Schedules
of
Investments
.................................................................................................
16
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
27
Statements
of
Operations
................................................................................................
29
Statements
of
Changes
in
Net
Assets
........................................................................................
31
Financial
Highlights
.....................................................................................................
34
Notes
to
Financial
Statements
...............................................................................................
39
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
47
Important
Tax
Information
(Unaudited)
.................................................................................................
48
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
49
Supplemental
Information
.................................................................................................
51
Trustee
and
Officer
Information
..............................................................................................
52
General
Information
.....................................................................................................
54
Market
Overview
4
2022
iShares
Annual
Report
to
Shareholders
iShares
Trust
Global
Market
Overview
Global
equity
markets
declined
during
the
12
months
ended
July
31,
2022
(“reporting
period”).
The
MSCI
ACWI,
a
broad
global
equity
index
that
includes
both
developed
and
emerging
markets,
returned
-10.48%
in
U.S.
dollar
terms
for
the
reporting
period.
For
the
first
five
months
of
the
reporting
period,
economic
recovery
supported
stocks
in
most
regions
of
the
world.
The
global
economy
continued
to
rebound
from
the
impact
of
restrictions
imposed
at
the
beginning
of
the
coronavirus
pandemic,
as
mitigation
and
adaptation
allowed
most
economic
activity
to
continue.
However,
substantial
challenges
emerged
at
the
beginning
of
2022,
which
negatively
affected
stock
prices.
Inflation
rose
significantly
in
many
countries,
reducing
consumers’
purchasing
power
and
leading
many
central
banks
to
tighten
monetary
policy.
Russia’s
invasion
of
Ukraine
presented
a
further
challenge
to
the
global
economy,
disrupting
important
commodities
markets.
The
U.S.
economy
grew
briskly
over
the
final
half
of
2021,
powered
primarily
by
consumer
spending.
Record-high
personal
savings
rates
allowed
consumers
to
spend
at
an
elevated
level,
releasing
pent-up
demand
for
goods
and
services.
Growth
subsequently
stalled
in
the
first
half
of
2022,
and
the
economy
contracted
amid
lower
inventories
and
faltering
business
investment.
Despite
the
economic
downturn,
unemployment
declined
substantially,
falling
to
3.5%
in
July
2022
—
identical
to
the
pre-pandemic
rate
in
February
2020.
Although
high
inflation
negatively
impacted
consumer
sentiment,
which
declined
significantly,
consumer
spending
continued
to
increase.
Rising
inflation
led
to
a
shift
in
policy
from
the
U.S.
Federal
Reserve
(“the
Fed”).
As
the
reporting
period
began,
the
Fed
was
using
accommodative
monetary
policy
to
stimulate
the
economy.
Short-term
interest
rates
were
kept
at
near-zero
levels,
and
the
Fed
used
bond-buying
programs
to
stabilize
debt
markets.
However,
rising
prices
led
the
Fed
to
tighten
monetary
policy
during
the
reporting
period
in
an
attempt
to
prevent
runaway
inflation.
The
Fed
slowed
and
then
ended
its
bond-buying
activities,
finally
reversing
course
as
it
began
to
reduce
its
balance
sheet
in
June
2022.
In
March
2022,
the
Fed
began
to
raise
short-term
interest
rates,
followed
by
three
more
increases
for
a
total
increase
of
225
basis
points,
the
most
rapid
rise
in
decades.
Interest
rates
rose
significantly
in
response,
leading
to
higher
borrowing
costs
for
businesses.
Stocks
declined
in
Europe
and
economic
growth
stalled,
with
the
Eurozone
economy
slowing
substantially
beginning
in
the
fourth
quarter
of
2021.
Significantly
higher
inflation
and
Russia’s
invasion
of
Ukraine
negatively
impacted
equities.
Russia
is
an
important
trading
partner
with
many
European
countries,
and
new
sanctions
imposed
limits
on
certain
types
of
trade
with
Russia.
Investors
became
concerned
that
the
sharp
rise
in
energy
prices
during
the
reporting
period
would
constrain
economic
growth,
as
Europe
relies
on
imported
energy
for
much
of
its
industrial
and
heating
needs.
The
European
Central
Bank
(“ECB”)
responded
to
elevated
inflation
by
raising
interest
rates
in
July
2022,
the
first
such
increase
in
over
a
decade.
Despite
relatively
low
inflation
by
global
standards,
Asia-Pacific
stocks
declined
significantly.
Chinese
stocks
faced
significant
headwinds
amid
regulatory
interventions
by
the
Chinese
government
and
strict
lockdowns
following
COVID-19
outbreaks.
Japanese
stocks
also
declined
amid
an
economic
contraction
in
the
first
quarter
of
2022
and
a
sharp
decline
in
the
Japanese
yen
relative
to
the
U.S.
dollar.
Emerging
market
stocks
declined
substantially,
as
higher
interest
rates
and
a
strengthening
U.S.
dollar
raised
the
cost
of
borrowing
in
many
emerging
economies.
iShares
®
Core
Aggressive
Allocation
ETF
5
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
Core
Aggressive
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
an
aggressive
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Aggressive
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(9.24
)
%
6.59
%
8.59
%
(9.24
)
%
37.59
%
128.03
%
Fund
Market
...............................
(9.25
)
6.56
8.59
–
%
(9.25
)
37.39
127.90
Index
....................................
(9.15
)
6.73
8.73
(9.15
)
38.50
130.94
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
911.10
‌
$
0.71
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
Core
Aggressive
Allocation
ETF
6
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
The
Index’s
mix
of
stock
and
bond
funds
designed
to
represent
a
growth
target
risk
allocation
strategy
declined
for
the
reporting
period.
The
equity
allocation,
which
represented
approximately
80%
of
the
Index
on
average,
was
the
largest
detractor
from
the
Index’s
return.
Stocks
in
international
developed
markets
declined,
as
global
growth
cooled
in
an
environment
of
high
inflation,
rising
interest
rates,
and
volatility
in
commodities
markets.
In
Japan,
which
endured
two
separate
quarters
of
economic
contraction
during
the
reporting
period,
the
weakening
Japanese
yen
negatively
impacted
the
value
of
stocks
in
U.S.
dollar
terms.
The
industrials
sector
declined
the
most
amid
a
notable
slowdown
in
industrial
production.
German
stocks
also
detracted
from
the
Index’s
return,
as
weakness
in
the
automobiles
industry
weighed
on
the
consumer
discretionary
sector.
French
stocks
also
faced
headwinds
as
lockdowns
in
China
negatively
impacted
demand
for
luxury
products
in
the
consumer
discretionary
sector.
Large
capitalization
U.S.
stocks
declined,
particularly
in
the
communication
services
sector.
A
change
to
the
tracking
data
policies
of
a
popular
mobile
platform
impeded
the
ability
of
social
media
companies
to
target
specific
customer
demographics,
reducing
the
value
of
the
advertising
they
sell.
Consequently,
revenues
declined,
weighing
heavily
on
stocks
in
the
growth-oriented
interactive
media
and
services
industry.
Emerging
market
equities
also
declined
substantially,
particularly
Asian
stocks.
China
was
a
notable
detractor,
as
significant
lockdowns
to
prevent
the
spread
of
COVID-19
weighed
on
economic
activity.
Meanwhile,
product
delays
and
cooling
demand
for
some
consumer
electronics
drove
negative
performance
in
South
Korean
stocks.
Within
the
bond
allocation,
which
represented
approximately
20%
of
the
Index
on
average,
U.S.
bonds
detracted
the
most
from
the
Index’s
performance,
as
the
Fed
raised
short-term
interest
rates
four
times,
diminishing
the
value
of
previously
issued
bonds.
Consequently,
all
bond
categories
detracted
from
the
Index’s
performance,
especially
corporate
and
government
bonds.
Rising
interest
rates
drove
increased
yields
(which
move
inversely
to
bond
prices)
on
corporate
bonds
and
raised
borrowing
costs
for
issuers.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
..................................
47.3‌
%
International
Equity
................................
31.9‌
Domestic
Fixed
Income
.............................
17.7‌
International
Fixed
Income
...........................
3.1‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
S&P
500
ETF
...........................
43.5‌
%
iShares
Core
MSCI
International
Developed
Markets
ETF
......
23.8‌
iShares
Core
Total
USD
Bond
Market
ETF
.................
17.7‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
8.1‌
iShares
Core
International
Aggregate
Bond
ETF
.............
3.1‌
iShares
®
Core
Conservative
Allocation
ETF
7
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
Core
Conservative
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
conservative
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Conservative
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(9.16
)
%
3.32
%
4.01
%
(9.16
)
%
17.72
%
48.20
%
Fund
Market
...............................
(9.24
)
3.33
4.01
–
%
(9.24
)
17.80
48.21
Index
....................................
(9.07
)
3.49
4.14
(9.07
)
18.71
50.00
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
927.80
‌
$
0.72
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
Core
Conservative
Allocation
ETF
8
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
The
Index’s
mix
of
stock
and
bond
funds
designed
to
represent
a
conservative
target
risk
allocation
strategy
declined
for
the
reporting
period.
The
bond
allocation,
which
represented
approximately
70%
of
the
Index
on
average,
detracted
the
most
from
the
Index’s
performance.
U.S.
bonds
led
the
decline,
as
the
Fed
raised
short-term
interest
rates
four
times,
diminishing
the
value
of
previously
issued
bonds.
Consequently,
all
bond
categories
detracted
from
the
Index’s
performance,
especially
corporate
and
government
bonds.
Rising
interest
rates
drove
increased
yields
(which
move
inversely
to
bond
prices)
on
corporate
bonds
and
raised
borrowing
costs
for
issuers.
Furthermore,
corporate
bond
spreads
(the
difference
between
corporate
bond
yields
and
the
yields
of
similarly-dated
U.S.
Treasury
bonds)
widened,
indicating
increasing
investor
caution
in
an
environment
of
high
inflation
and
rising
interest
rates.
U.S.
Treasury
bonds
also
detracted
from
the
Index’s
return,
as
yields
rose
at
every
maturity
level.
Mortgage-backed
securities
(“MBS”)
declined
amid
a
significant
rise
in
mortgage
rates
and
action
by
the
Fed
to
reduce
its
holdings
of
MBS.
International
bonds
were
another
source
of
weakness,
particularly
government-issued
bonds.
Many
central
banks
around
the
world
raised
interest
rates
in
response
to
high
inflation,
weighing
on
the
value
of
previously-issued
government
bonds.
Within
the
equity
allocation,
which
represented
approximately
30%
of
the
Index
on
average,
international
stocks
from
developed
economies
detracted
the
most
from
the
Index’s
performance.
Global
growth
cooled
in
an
environment
of
high
inflation,
rising
interest
rates,
and
volatility
in
commodities
markets,
pressuring
equities.
In
Japan,
which
endured
two
separate
quarters
of
economic
contraction
during
the
reporting
period,
the
weakening
Japanese
yen
negatively
impacted
the
value
of
stocks
in
U.S.
dollar
terms.
Large
capitalization
U.S.
stocks
declined,
particularly
in
the
communication
services
sector.
A
change
to
the
tracking
data
policies
of
a
popular
mobile
platform
impeded
the
ability
of
social
media
companies
to
target
specific
customer
demographics,
reducing
the
value
of
the
advertising
they
sell.
Emerging
market
equities
also
declined
substantially,
particularly
Chinese
stocks,
which
were
negatively
affected
by
lockdowns.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
.............................
60.4‌
%
Domestic
Equity
..................................
17.3‌
International
Equity
................................
11.6‌
International
Fixed
Income
...........................
10.7‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
60.4‌
%
iShares
Core
S&P
500
ETF
...........................
15.9‌
iShares
Core
International
Aggregate
Bond
ETF
.............
10.7‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
8.7‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
2.9‌
iShares
®
Core
Growth
Allocation
ETF
9
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
Core
Growth
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
growth
allocation
target
risk
strategy,
as
represented
by
the
S&P
Target
Risk
Growth
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(9.18
)
%
5.33
%
6.86
%
(9.18
)
%
29.65
%
94.09
%
Fund
Market
...............................
(9.04
)
5.33
6.86
–
%
(9.04
)
29.63
94.07
Index
....................................
(9.11
)
5.49
6.99
(9.11
)
30.62
96.54
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
917.90
‌
$
0.71
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
Core
Growth
Allocation
ETF
10
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
The
Index’s
mix
of
stock
and
bond
funds
designed
to
represent
a
growth
target
risk
allocation
strategy
declined
for
the
reporting
period.
The
equity
allocation,
which
represented
approximately
60%
of
the
Index
on
average,
was
the
largest
detractor
from
the
Index’s
return.
Stocks
in
international
developed
markets
led
the
decline,
as
global
growth
cooled
in
an
environment
of
high
inflation,
rising
interest
rates,
and
volatility
in
commodities
markets.
In
Japan,
which
endured
two
separate
quarters
of
economic
contraction
during
the
reporting
period,
the
weakening
Japanese
yen
negatively
impacted
the
value
of
stocks
in
U.S.
dollar
terms.
The
industrials
sector
declined
the
most
amid
a
notable
slowdown
in
industrial
production.
Large
capitalization
U.S.
stocks
declined,
particularly
in
the
communication
services
sector.
A
change
to
the
tracking
data
policies
of
a
popular
mobile
platform
impeded
the
ability
of
social
media
companies
to
target
specific
customer
demographics,
reducing
the
value
of
the
advertising
they
sell.
Consequently,
revenues
declined,
weighing
heavily
on
stocks
in
the
growth-oriented
interactive
media
and
services
industry.
Emerging
market
equities
also
declined
substantially,
particularly
Asian
stocks.
China
was
a
notable
detractor,
as
significant
lockdowns
to
prevent
the
spread
of
COVID-19
weighed
on
economic
activity.
Meanwhile,
product
delays
and
cooling
demand
for
some
consumer
electronics
drove
a
decline
in
South
Korean
stocks.
Within
the
bond
allocation,
which
represented
approximately
40%
of
the
Index
on
average,
U.S.
bonds
detracted
the
most
from
the
Index’s
performance,
as
the
Fed
raised
short-term
interest
rates
four
times,
diminishing
the
value
of
previously
issued
bonds.
Consequently,
all
bond
categories
detracted
from
the
Index’s
performance,
led
by
corporate
bonds.
Rising
interest
rates
drove
increased
yields
(which
move
inversely
to
bond
prices)
on
corporate
bonds
and
raised
borrowing
costs
for
issuers.
U.S.
Treasury
bonds
also
detracted
from
the
Index’s
return,
as
yields
rose
at
every
maturity
level.
Mortgage-backed
securities
(“MBS”)
declined
amid
a
significant
rise
in
mortgage
rates
and
action
by
the
Fed
to
reduce
its
holdings
of
MBS.
International
bonds
were
another
source
of
weakness,
particularly
government-issued
bonds.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
..................................
35.1‌
%
Domestic
Fixed
Income
.............................
35.1‌
International
Equity
................................
23.6‌
International
Fixed
Income
...........................
6.2‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
35.1‌
%
iShares
Core
S&P
500
ETF
...........................
32.3‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
17.6‌
iShares
Core
International
Aggregate
Bond
ETF
.............
6.2‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
6.0‌
iShares
®
Core
Moderate
Allocation
ETF
11
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
Core
Moderate
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
moderate
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Moderate
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(9.15
)
%
4.01
%
5.03
%
(9.15
)
%
21.69
%
63.42
%
Fund
Market
...............................
(9.35
)
3.96
5.02
–
%
(9.35
)
21.44
63.21
Index
....................................
(9.08
)
4.17
5.17
(9.08
)
22.68
65.50
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
924.60
‌
$
0.72
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
Core
Moderate
Allocation
ETF
12
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
The
Index’s
mix
of
stock
and
bond
funds
designed
to
represent
a
moderate
target
risk
allocation
strategy
declined
for
the
reporting
period.
The
bond
allocation,
which
represented
approximately
60%
of
the
Index
on
average,
detracted
the
most
from
the
Index’s
performance.
U.S.
bonds
led
the
decline,
as
the
Fed
raised
short-term
interest
rates
four
times,
diminishing
the
value
of
previously
issued
bonds.
Consequently,
all
bond
categories
detracted
from
the
Index’s
performance,
led
by
corporate
and
government
bonds.
Rising
interest
rates
drove
increased
yields
(which
move
inversely
to
bond
prices)
on
corporate
bonds
and
raised
borrowing
costs
for
issuers.
Furthermore,
corporate
bond
spreads
(the
difference
between
corporate
bond
yields
and
the
yields
of
similarly-dated
U.S.
Treasury
bonds)
widened,
indicating
increasing
investor
caution
in
an
environment
of
high
inflation
and
rising
interest
rates.
U.S.
Treasury
bonds
also
detracted
from
the
Index’s
return,
as
yields
rose
at
every
maturity
level.
Mortgage-backed
securities
(“MBS”)
declined
amid
a
significant
rise
in
mortgage
rates
and
action
by
the
Fed
to
reduce
its
holdings
of
MBS.
Within
the
equity
allocation,
which
represented
approximately
40%
of
the
Index
on
average,
international
stocks
from
developed
economies
detracted
the
most
from
the
Index’s
performance.
Global
growth
cooled
in
an
environment
of
high
inflation,
rising
interest
rates,
and
volatility
in
commodities
markets,
pressuring
equities.
In
Japan,
which
endured
two
separate
quarters
of
economic
contraction
during
the
reporting
period,
the
weakening
Japanese
yen
negatively
impacted
the
value
of
stocks
in
U.S.
dollar
terms.
The
industrials
sector
declined
the
most
amid
a
notable
slowdown
in
industrial
production.
Large
capitalization
U.S.
stocks
declined,
particularly
in
the
communication
services
sector.
A
change
to
the
tracking
data
policies
of
a
popular
mobile
platform
impeded
the
ability
of
social
media
companies
to
target
specific
customer
demographics,
reducing
the
value
of
the
advertising
they
sell.
Emerging
market
equities
also
declined
substantially,
particularly
Asian
stocks.
China
was
a
notable
detractor,
as
significant
lockdowns
to
prevent
the
spread
of
COVID-19
weighed
on
economic
activity.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
.............................
52.1‌
%
Domestic
Equity
..................................
23.2‌
International
Equity
................................
15.5‌
International
Fixed
Income
...........................
9.2‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
52.1‌
%
iShares
Core
S&P
500
ETF
...........................
21.3‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
11.6‌
iShares
Core
International
Aggregate
Bond
ETF
.............
9.2‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
3.9‌
iShares
®
Morningstar
Multi-Asset
Income
ETF
13
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
Morningstar
Multi-Asset
Income
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
underlying
equity,
fixed
income
and
other
income
funds
that
collectively
seek
to
deliver
high
current
income
while
providing
an
opportunity
for
capital
appreciation,
as
represented
by
the
Morningstar
®
Multi-Asset
High
Income
Index
SM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(12.75
)
%
0.09
%
2.50
%
(12.75
)
%
0.47
%
28.00
%
Fund
Market
...............................
(12.63
)
0.11
2.51
–
%
(12.63
)
0.54
28.08
Index
....................................
(13.14
)
0.12
2.49
(13.14
)
0.59
27.84
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
888.40
‌
$
1.17
‌
$
1,000.00
‌
$
1,023.55
‌
$
1.25
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
Morningstar
Multi-Asset
Income
ETF
14
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
The
Index’s
mix
of
stock,
bond,
and
real
estate
investment
trust
(“REIT”)
funds
designed
to
seek
a
high
current
income
while
providing
an
opportunity
for
capital
appreciation
declined
for
the
reporting
period.
The
bond
component
was
the
most
significant
detractor
from
the
Index’s
performance.
Long-term
U.S.
Treasuries
led
the
decline,
as
the
Fed
raised
short-term
interest
rates
four
times,
diminishing
the
value
of
previously
issued
bonds,
and
inflation
eroded
the
value
of
fixed
interest
payments.
Consequently,
U.S.
Treasury
yields
(which
move
inversely
to
prices)
rose
at
every
maturity
level,
pressuring
bond
prices.
Furthermore,
the
Fed,
in
a
move
to
tighten
monetary
policy,
moved
from
a
policy
of
purchasing
U.S.
Treasuries
to
reducing
its
holdings
by
the
end
of
the
reporting
period.
In
addition,
new
U.S.
Treasury
issuance
was
relatively
high
by
historic
standards,
although
issuance
decreased
somewhat
from
the
stimulus-fueled
peak
of
2020-2021.
Emerging
market
sovereign
bonds
denominated
in
local
currencies
also
detracted
notably
from
the
Index’s
return.
The
U.S.
dollar
strengthened
significantly
against
many
emerging
market
currencies
during
the
reporting
period,
reducing
the
value
of
assets
denominated
in
those
currencies.
Furthermore,
rising
interest
rates
and
high
inflation
pressured
the
finances
of
some
emerging
market
countries,
raising
concerns
among
investors
about
deteriorating
credit
quality.
The
war
in
Ukraine
further
exacerbated
financial
difficulties
faced
by
emerging
markets
by
putting
upward
pressure
on
food
and
energy
prices.
Preferred
stocks,
which
have
some
bond-like
characteristics,
also
declined.
Because
preferred
stock
typically
pays
out
a
fixed
dividend,
it
becomes
relatively
less
attractive
to
investors
when
interest
rates
are
rising.
High-yield
corporate
bonds
also
faced
headwinds,
as
high-yield
corporate
bond
spreads
(the
difference
between
corporate
bond
yields
and
the
yields
of
similarly-dated
U.S.
Treasury
bonds)
widened,
indicating
increasing
investor
caution
in
an
environment
of
high
inflation
and
rising
interest
rates.
The
Index’s
equity
component
also
detracted
from
the
Index’s
return,
primarily
driven
by
emerging
market
stocks
with
high
dividend
yields.
The
majority
of
the
detraction
was
driven
by
Russian
bonds,
which
were
negatively
impacted
by
the
aftermath
of
Russia’s
Ukrainian
invasion.
Sanctions
issued
on
Russia’s
financial
institutions
limited
Russia’s
ability
to
make
bond
payments,
and
new
currency
controls
imposed
by
the
Russian
government
affected
payments
to
some
foreign
bondholders.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Non-Investment
Grade
Bonds
.........................
20.7‌
%
Domestic
Fixed
Income
.............................
20.0‌
International
Equity
................................
17.6‌
Domestic
Equity
..................................
16.0‌
Mortgage-Backed
Securities
..........................
15.5‌
Domestic
Real
Estate
...............................
5.3‌
International
Fixed
Income
...........................
4.9‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
20.7‌
%
iShares
Preferred
and
Income
Securities
ETF
...............
16.0‌
iShares
MBS
ETF
.................................
15.5‌
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
........
14.9‌
iShares
International
Select
Dividend
ETF
.................
9.0‌
About
Fund
Performance
15
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
July
31,
2022
iShares
®
Core
Aggressive
Allocation
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
47.2%
iShares
Core
S&P
500
ETF
...................
1,565,912
$
648,726,023
iShares
Core
S&P
Mid-Cap
ETF
(b)
..............
157,800
39,596,754
iShares
Core
S&P
Small-Cap
ETF
(b)
.............
170,141
17,284,624
705,607,401
a
Domestic
Fixed
Income
 — 
17.7%
iShares
Core
Total
USD
Bond
Market
ETF
.........
5,513,189
264,302,281
a
International
Equity
 — 
31.8%
iShares
Core
MSCI
Emerging
Markets
ETF
........
2,448,635
120,130,033
iShares
Core
MSCI
International
Developed
Markets
ETF
.................................
6,255,478
354,435,384
474,565,417
a
International
Fixed
Income
 — 
3.1%
iShares
Core
International
Aggregate
Bond
ETF
.....
909,593
46,675,765
a
Total
Long-Term
Investments — 99.8%
(Cost:
$1,385,057,994)
...............................
1,491,150,864
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(a)(c)(d)
............................
2,154,731
$
2,154,731
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(a)(c)
.............................
2,676,395
2,676,395
a
Total
Short-Term
Securities — 0.3%
(Cost:
$4,830,698)
..................................
4,831,126
Total
Investments
—
100.1%
(Cost:
$1,389,888,692)
...............................
1,495,981,990
Liabilities
in
Excess
of
Other
Assets
—
(0.1)%
...............
(2,081,805)
Net
Assets
—
100.0%
.................................
$
1,493,900,185
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
2,166,428
(a)
$
—
$
(12,125
)
$
428
$
2,154,731
2,154,731
$
11,895
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,373,000
1,303,395
(a)
—
—
—
2,676,395
2,676,395
14,863
—
iShares
Core
International
Aggregate
Bond
ETF
.........
43,583,243
13,483,622
(6,410,292
)
(12,084
)
(3,968,724
)
46,675,765
909,593
537,909
25,353
iShares
Core
MSCI
Emerging
Markets
ETF
.........
125,859,707
40,743,390
(14,120,007
)
1,805,715
(34,158,772
)
120,130,033
2,448,635
4,522,461
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
376,933,707
94,216,777
(46,748,396
)
2,737,423
(72,704,127
)
354,435,384
6,255,478
14,398,338
—
iShares
Core
S&P
500
ETF
......
614,119,744
163,609,870
(85,671,594
)
33,178,675
(76,510,672
)
648,726,023
1,565,912
8,859,526
—
iShares
Core
S&P
Mid-Cap
ETF
...
38,615,190
9,990,079
(5,921,869
)
1,744,230
(4,830,876
)
39,596,754
157,800
546,044
—
iShares
Core
S&P
Small-Cap
ETF
.
17,578,972
4,432,805
(3,185,671
)
694,188
(2,235,670
)
17,284,624
170,141
284,280
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
246,824,801
78,006,169
(29,509,977
)
194,339
(31,213,051
)
264,302,281
5,513,189
4,867,467
—
$
40,330,361
$
(225,621,464
)
$
1,495,981,990
$
34,042,783
$
25,353
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
Core
Aggressive
Allocation
ETF
Schedule
of
Investments
(continued)
July
31,
2022
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
12
09/16/22
$
2,480
$
103,275
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
103,275
$
—
$
—
$
—
$
103,275
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(418,078
)
$
—
$
—
$
—
$
(418,078
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
63,159
$
—
$
—
$
—
$
63,159
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,778,548
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
Core
Aggressive
Allocation
ETF
18
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.........................................
$
1,491,150,864
$
—
$
—
$
1,491,150,864
Short-Term
Securities
Money
Market
Funds
..........................................
4,831,126
—
—
4,831,126
$
1,495,981,990
$
—
$
—
$
1,495,981,990
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
103,275
$
—
$
—
$
103,275
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
Core
Conservative
Allocation
ETF
Schedule
of
Investments
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
17
.2
%
iShares
Core
S&P
500
ETF
...................
297,502
$
123,249,129
iShares
Core
S&P
Mid-Cap
ETF
................
29,971
7,520,623
iShares
Core
S&P
Small-Cap
ETF
..............
32,410
3,292,532
134,062,284
a
Domestic
Fixed
Income
 — 
60
.3
%
iShares
Core
Total
USD
Bond
Market
ETF
.........
9,776,332
468,677,355
a
International
Equity
 — 
11
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
........
465,209
22,823,154
iShares
Core
MSCI
International
Developed
Markets
ETF
.................................
1,188,510
67,340,977
90,164,131
a
International
Fixed
Income
 — 
10
.7
%
iShares
Core
International
Aggregate
Bond
ETF
.....
1,612,931
82,767,554
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
847,956,176
)
................................
775,671,324
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.3
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
1.84
%
(a)
(b)
.............................
2,230,003
$
2,230,003
a
Total
Short-Term
Securities — 0.3%
(Cost:
$
2,230,003
)
..................................
2,230,003
Total
Investments
—
100.1%
(Cost:
$
850,186,179
)
................................
777,901,327
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
449,561
)
Net
Assets
—
100.0%
.................................
$
777,451,766
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
—
$
7,415
(b)
$
—
$
(
7,415
)
$
—
$
—
—
$
7,674
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,661,000
569,003
(b)
—
—
—
2,230,003
2,230,003
7,592
—
iShares
Core
International
Aggregate
Bond
ETF
.........
98,849,025
71,375,133
(
78,223,606
)
(
326,526
)
(
8,906,472
)
82,767,554
1,612,931
1,211,592
57,140
iShares
Core
MSCI
Emerging
Markets
ETF
.........
30,584,348
21,672,118
(
21,748,174
)
1,320,244
(
9,005,382
)
22,823,154
465,209
1,057,773
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
91,596,469
59,761,773
(
67,802,050
)
3,823,886
(
20,039,101
)
67,340,977
1,188,510
3,297,951
—
iShares
Core
S&P
500
ETF
......
149,235,706
103,062,419
(
120,239,280
)
30,949,388
(
39,759,104
)
123,249,129
297,502
2,139,914
—
iShares
Core
S&P
Mid-Cap
ETF
...
9,385,099
6,345,656
(
7,567,046
)
1,773,925
(
2,417,011
)
7,520,623
29,971
131,808
—
iShares
Core
S&P
Small-Cap
ETF
.
4,276,875
2,791,820
(
3,440,364
)
826,831
(
1,162,630
)
3,292,532
32,410
68,403
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
559,809,278
405,793,898
(
426,058,082
)
(
6,480,018
)
(
64,387,721
)
468,677,355
9,776,332
11,077,138
—
$
31,880,315
$
(
145,677,421
)
$
777,901,327
$
18,999,845
$
57,140
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
Core
Conservative
Allocation
ETF
20
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.........................................
$
775,671,324
$
—
$
—
$
775,671,324
Short-Term
Securities
Money
Market
Funds
..........................................
2,230,003
—
—
2,230,003
$
777,901,327
$
—
$
—
$
777,901,327
iShares
®
Core
Growth
Allocation
ETF
Schedule
of
Investments
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
35.1%
iShares
Core
S&P
500
ETF
(b)
..................
1,543,974
$
639,637,549
iShares
Core
S&P
Mid-Cap
ETF
(b)
..............
155,570
39,037,180
iShares
Core
S&P
Small-Cap
ETF
(b)
.............
167,768
17,043,551
695,718,280
a
Domestic
Fixed
Income
 — 
35.0%
iShares
Core
Total
USD
Bond
Market
ETF
.........
14,496,074
694,941,787
a
International
Equity
 — 
23.6%
iShares
Core
MSCI
Emerging
Markets
ETF
........
2,414,345
118,447,766
iShares
Core
MSCI
International
Developed
Markets
ETF
.................................
6,167,941
349,475,537
467,923,303
a
International
Fixed
Income
 — 
6.2%
iShares
Core
International
Aggregate
Bond
ETF
.....
2,391,647
122,727,366
a
Total
Long-Term
Investments — 99.9%
(Cost:
$1,996,482,372)
...............................
1,981,310,736
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
8.2%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(a)(c)(d)
............................
161,535,850
$
161,535,851
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(a)(c)
.............................
2,239,395
2,239,395
a
Total
Short-Term
Securities — 8.2%
(Cost:
$163,742,947)
................................
163,775,246
Total
Investments
—
108.1%
(Cost:
$2,160,225,319)
...............................
2,145,085,982
Liabilities
in
Excess
of
Other
Assets
—
(8.1)%
...............
(161,648,271)
Net
Assets
—
100.0%
.................................
$
1,983,437,711
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
161,500,200
(a)
$
—
$
3,352
$
32,299
$
161,535,851
161,535,850
$
15,001
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
1,523,000
716,395
(a)
—
—
—
2,239,395
2,239,395
19,199
—
iShares
Core
International
Aggregate
Bond
ETF
.........
110,030,490
57,241,757
(34,293,860
)
1,018,615
(11,269,636
)
122,727,366
2,391,647
1,436,951
67,896
iShares
Core
MSCI
Emerging
Markets
ETF
.........
119,154,769
62,035,597
(32,026,612
)
4,293,455
(
35,009,443
)
118,447,766
2,414,345
4,485,278
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
356,851,973
162,567,791
(103,909,056
)
8,432,808
(74,467,979
)
349,475,537
6,167,941
14,202,684
—
iShares
Core
S&P
500
ETF
.........
581,403,308
280,189,523
(184,501,551
)
66,278,832
(103,732,563
)
639,637,549
1,543,974
8,694,164
—
iShares
Core
S&P
Mid-Cap
ETF
...
36,553,257
17,189,750
(11,933,299
)
3,365,213
(6,137,741
)
39,037,180
155,570
536,099
—
iShares
Core
S&P
Small-Cap
ETF
.
16,649,040
7,653,181
(5,842,565
)
1,377,388
(2,793,493
)
17,043,551
167,768
280,306
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
623,132,518
327,680,333
(176,509,963
)
1,506,450
(80,867,551
)
694,941,787
14,496,074
12,605,997
—
$
86,276,113
$
(314,246,107
)
$
2,145,085,982
$
42,275,679
$
67,896
(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.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
Core
Growth
Allocation
ETF
22
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
1,981,310,736
$
—
$
—
$
1,981,310,736
Short-Term
Securities
Money
Market
Funds
......................................
163,775,246
—
—
163,775,246
$
2,145,085,982
$
—
$
—
$
2,145,085,982
iShares
®
Core
Moderate
Allocation
ETF
Schedule
of
Investments
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
23.1%
iShares
Core
S&P
500
ETF
(b)
..................
803,109
$
332,711,997
iShares
Core
S&P
Mid-Cap
ETF
(b)
..............
80,936
20,309,270
iShares
Core
S&P
Small-Cap
ETF
(b)
.............
87,341
8,872,972
361,894,239
a
Domestic
Fixed
Income
 — 
52.0%
iShares
Core
Total
USD
Bond
Market
ETF
.........
16,965,191
813,311,256
a
International
Equity
 — 
15.5%
iShares
Core
MSCI
Emerging
Markets
ETF
........
1,255,830
61,611,020
iShares
Core
MSCI
International
Developed
Markets
ETF
.................................
3,208,224
181,777,972
243,388,992
a
International
Fixed
Income
 — 
9.2%
iShares
Core
International
Aggregate
Bond
ETF
.....
2,798,997
143,630,531
a
Total
Long-Term
Investments — 99.8%
(Cost:
$1,619,843,387)
...............................
1,562,225,018
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
4.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(a)(c)(d)
............................
63,558,320
$
63,558,320
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(a)(c)
.............................
2,973,259
2,973,259
a
Total
Short-Term
Securities — 4.3%
(Cost:
$66,519,040)
.................................
66,531,579
Total
Investments
—
104.1%
(Cost:
$1,686,362,427)
...............................
1,628,756,597
Liabilities
in
Excess
of
Other
Assets
—
(4.1)%
...............
(63,672,866)
Net
Assets
—
100.0%
.................................
$
1,565,083,731
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
63,546,216
(a)
$
—
$
(435
)
$
12,539
$
63,558,320
63,558,320
$
8,042
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,776,000
1,197,259
(a)
—
—
—
2,973,259
2,973,259
15,013
—
iShares
Core
International
Aggregate
Bond
ETF
.........
153,049,515
42,630,363
(38,396,496
)
353,495
(14,006,346
)
143,630,531
2,798,997
1,813,509
85,526
iShares
Core
MSCI
Emerging
Markets
ETF
.........
73,662,595
21,678,557
(15,774,133
)
2,172,987
(20,128,986
)
61,611,020
1,255,830
2,509,564
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
220,609,290
54,373,815
(54,890,645
)
4,079,646
(42,394,134
)
181,777,972
3,208,224
7,851,768
—
iShares
Core
S&P
500
ETF
......
359,429,377
92,624,830
(97,286,903
)
30,202,701
(52,258,008
)
332,711,997
803,109
5,038,632
—
iShares
Core
S&P
Mid-Cap
ETF
...
22,610,059
5,704,779
(6,351,128
)
1,691,184
(3,345,624
)
20,309,270
80,936
310,353
—
iShares
Core
S&P
Small-Cap
ETF
.
10,293,984
2,556,211
(3,128,506
)
674,829
(1,523,546
)
8,872,972
87,341
162,370
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
866,759,864
246,916,744
(194,184,236
)
(766,434
)
(105,414,682
)
813,311,256
16,965,191
16,437,703
—
$
38,407,973
$
(239,058,787
)
$
1,628,756,597
$
34,146,954
$
85,526
(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.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
Core
Moderate
Allocation
ETF
24
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
1,562,225,018
$
—
$
—
$
1,562,225,018
Short-Term
Securities
Money
Market
Funds
......................................
66,531,579
—
—
66,531,579
$
1,628,756,597
$
—
$
—
$
1,628,756,597
iShares
®
Morningstar
Multi-Asset
Income
ETF
Schedule
of
Investments
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
16
.0
%
iShares
Preferred
and
Income
Securities
ETF
.......
807,469
$
28,075,697
a
Domestic
Fixed
Income
 — 
5
.1
%
iShares
10-20
Year
Treasury
Bond
ETF
...........
58,573
7,230,837
iShares
20+
Year
Treasury
Bond
ETF
............
14,998
1,761,215
8,992,052
a
Domestic
Real
Estate
 — 
5
.3
%
iShares
Mortgage
Real
Estate
ETF
(b)
.............
135,571
4,149,829
iShares
U.S.
Real
Estate
ETF
.................
50,868
5,093,413
9,243,242
a
International
Equity
 — 
17
.6
%
iShares
Emerging
Markets
Dividend
ETF
..........
586,478
15,178,051
iShares
International
Select
Dividend
ETF
.........
573,644
15,872,729
31,050,780
a
International
Fixed
Income
 — 
19
.8
%
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
...
254,115
8,665,321
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
298,177
26,245,540
34,910,861
a
Mortgage-Backed
Securities
 — 
15
.5
%
iShares
MBS
ETF
.........................
271,450
27,259,009
a
Security
Shares
Value
a
Non-Investment
Grade
Bonds
 — 
20
.6
%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(b)
....
464,537
$
36,322,148
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
196,281,141
)
................................
175,853,789
a
Short-Term
Securities
Money
Market
Funds
 — 
22
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
1.96
%
(a)
(c)
(d)
............................
39,860,940
39,860,940
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
1.84
%
(a)
(c)
.............................
218,181
218,181
a
Total
Short-Term
Securities — 22.8%
(Cost:
$
40,072,650
)
.................................
40,079,121
Total
Investments
—
122.7%
(Cost:
$
236,353,791
)
................................
215,932,910
Liabilities
in
Excess
of
Other
Assets
—
(
22
.7
)
%
..............
(
39,892,354
)
Net
Assets
—
100.0%
.................................
$
176,040,556
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
13,891,231
$
25,982,344
(a)
$
—
$
(
501
)
$
(
12,134
)
$
39,860,940
39,860,940
$
484,318
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
140,000
78,181
(a)
—
—
—
218,181
218,181
611
—
iShares
10-20
Year
Treasury
Bond
ETF
25,390,759
12,589,607
(
25,737,604
)
(
5,636,164
)
624,239
7,230,837
58,573
430,274
—
iShares
20+
Year
Treasury
Bond
ETF
38,754,388
651,404
(
33,371,234
)
(
6,769,908
)
2,496,565
1,761,215
14,998
308,652
—
iShares
7-10
Year
Treasury
Bond
ETF
(c)
........
11,183,745
—
(
11,131,622
)
225,532
(
277,655
)
—
—
7,232
—
iShares
Core
High
Dividend
ETF
(c)
.
22,389,381
246,747
(
23,635,413
)
1,786,999
(
787,714
)
—
—
265,177
—
iShares
Emerging
Markets
Dividend
ETF
.........
22,843,120
5,989,598
(
6,825,405
)
60,040
(
6,889,302
)
15,178,051
586,478
1,249,200
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
13,749,068
39,574,324
(
13,652,681
)
11,467
(
3,360,030
)
36,322,148
464,537
923,994
—
iShares
International
Developed
Real
Estate
ETF
(c)
...
—
1,741,992
(
1,616,236
)
(
125,756
)
—
—
—
16,639
—
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
Morningstar
Multi-Asset
Income
ETF
26
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
International
Select
Dividend
ETF
.........
$
1,122,377
$
21,959,342
$
(
4,840,700
)
$
160,586
$
(
2,528,876
)
$
15,872,729
573,644
$
857,882
$
—
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
.....
11,784,335
14,676,279
(
13,054,948
)
(
2,507,168
)
(
2,233,177
)
8,665,321
254,115
849,322
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
11,396,778
38,057,414
(
21,658,277
)
(
697,483
)
(
852,892
)
26,245,540
298,177
330,399
—
iShares
MBS
ETF
.
35,775,205
7,884,183
(
14,136,518
)
(
466,731
)
(
1,797,130
)
27,259,009
271,450
290,159
—
iShares
Mortgage
Real
Estate
ETF
.
8,267,709
9,943,385
(
13,451,729
)
(
1,734,324
)
1,124,788
4,149,829
135,571
206,313
—
iShares
Preferred
and
Income
Securities
ETF
.........
36,571,471
4,513,704
(
8,947,508
)
(
261,027
)
(
3,800,943
)
28,075,697
807,469
1,399,722
—
iShares
U.S.
Real
Estate
ETF
....
3,856,007
13,383,626
(
11,732,916
)
(
247,216
)
(
166,088
)
5,093,413
50,868
133,202
—
$
(
16,201,654
)
$
(
18,460,349
)
$
215,932,910
$
7,753,096
$
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
175,853,789
$
—
$
—
$
175,853,789
Short-Term
Securities
Money
Market
Funds
......................................
40,079,121
—
—
40,079,121
$
215,932,910
$
—
$
—
$
215,932,910
27
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2022
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
.......................................
$
1,495,981,990
‌
$
777,901,327
‌
$
2,145,085,982
‌
$
1,628,756,597
‌
Cash
............................................................
29,389
‌
—
‌
—
‌
—
‌
Cash
pledged:
Futures
contracts
..................................................
140,000
‌
—
‌
—
‌
—
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
8,101
‌
6,800
‌
12,174
‌
6,135
‌
Dividends
—
affiliated
...............................................
4,684
‌
2,204
‌
5,408
‌
4,189
‌
Variation
margin
on
futures
contracts
.....................................
36,000
‌
—
‌
—
‌
—
‌
Total
assets
.......................................................
1,496,200,164
‌
777,910,331
‌
2,145,103,564
‌
1,628,766,921
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
2,166,428
‌
9,564
‌
161,500,200
‌
63,545,225
‌
Payables:
Capital
shares
redeemed
.............................................
5,645
‌
372,533
‌
—
‌
11,547
‌
Investment
advisory
fees
.............................................
127,906
‌
76,468
‌
165,653
‌
126,418
‌
Total
liabilities
......................................................
2,299,979
‌
458,565
‌
161,665,853
‌
63,683,190
‌
NET
ASSETS
......................................................
$
1,493,900,185
‌
$
777,451,766
‌
$
1,983,437,711
‌
$
1,565,083,731
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,396,700,872
‌
$
853,473,284
‌
$
2,008,499,602
‌
$
1,629,583,785
‌
Accumulated
earnings
(loss)
............................................
97,199,313
‌
(
76,021,518
)
(
25,061,891
)
(
64,500,054
)
NET
ASSETS
......................................................
$
1,493,900,185
‌
$
777,451,766
‌
$
1,983,437,711
‌
$
1,565,083,731
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
23,700,000
‌
21,750,000
‌
39,600,000
‌
38,750,000
‌
Net
asset
value
.....................................................
$
63.03
‌
$
35.74
‌
$
50.09
‌
$
40.39
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
2,144,476
‌
$
—
‌
$
160,616,683
‌
$
63,201,387
‌
(b)
Investments,
at
cost
—
affiliated
........................................
$
1,389,888,692
‌
$
850,186,179
‌
$
2,160,225,319
‌
$
1,686,362,427
‌
28
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2022
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
......................................................................................
$
215,932,910
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................................
32,958
‌
Dividends
—
affiliated
..............................................................................................
324
‌
Total
assets
......................................................................................................
215,966,192
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
39,892,772
‌
Payables:
Investment
advisory
fees
............................................................................................
32,864
‌
Total
liabilities
.....................................................................................................
39,925,636
‌
NET
ASSETS
.....................................................................................................
$
176,040,556
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
238,888,258
‌
Accumulated
loss
..................................................................................................
(
62,847,702
)
NET
ASSETS
.....................................................................................................
$
176,040,556
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
8,600,000
‌
Net
asset
value
....................................................................................................
$
20.47
‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
None
(a)
Securities
loaned,
at
value
..........................................................................................
$
39,179,049
‌
(b)
Investments,
at
cost
—
affiliated
.......................................................................................
$
236,353,791
‌
29
Financial
Statements
Statements
of
Operations
Year
Ended
July
31,
2022
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................
$
34,030,888
‌
$
18,992,171
‌
$
42,260,678
‌
$
34,138,912
‌
Securities
lending
income
—
affiliated
—
net
...............................
11,895
‌
7,674
‌
15,001
‌
8,042
‌
Total
investment
income
..............................................
34,042,783
‌
18,999,845
‌
42,275,679
‌
34,146,954
‌
EXPENSES
Investment
advisory
...............................................
2,617,405
‌
1,709,903
‌
3,394,741
‌
2,975,619
‌
Professional
fees
.................................................
217
‌
217
‌
217
‌
217
‌
Total
expenses
....................................................
2,617,622
‌
1,710,120
‌
3,394,958
‌
2,975,836
‌
Less:
(
727,984
)
(
568,391
)
(
1,018,538
)
(
951,001
)
Investment
advisory
fees
waived
.......................................
(
727,984
)
(
568,391
)
(
1,018,538
)
(
951,001
)
Total
expenses
after
fees
waived
........................................
1,889,638
‌
1,141,729
‌
2,376,420
‌
2,024,835
‌
Net
investment
income
...............................................
32,153,145
‌
17,858,116
‌
39,899,259
‌
32,122,119
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................
(
989,773
)
(
420,218
)
(
664,748
)
(
822,100
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
25,353
‌
57,140
‌
67,896
‌
85,526
‌
Futures
contracts
...............................................
(
418,078
)
—
‌
—
‌
—
‌
In-kind
redemptions
(a)
.............................................
41,320,134
‌
32,300,533
‌
86,940,861
‌
39,230,073
‌
39,937,636
‌
31,937,455
‌
86,344,009
‌
38,493,499
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................
(
225,621,464
)
(
145,677,421
)
(
314,246,107
)
(
239,058,787
)
Futures
contracts
...............................................
63,159
‌
—
‌
—
‌
—
‌
(
225,558,305
)
(
145,677,421
)
(
314,246,107
)
(
239,058,787
)
Net
realized
and
unrealized
loss
.........................................
(
185,620,669
)
(
113,739,966
)
(
227,902,098
)
(
200,565,288
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(
153,467,524
)
$
(
95,881,850
)
$
(
188,002,839
)
$
(
168,443,169
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
30
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
(continued)
Year
Ended
July
31,
2022
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................................................................
$
7,268,778
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
484,318
‌
Total
investment
income
..............................................................................................
7,753,096
‌
EXPENSES
Investment
advisory
...............................................................................................
526,047
‌
Professional
fees
.................................................................................................
217
‌
Total
expenses
....................................................................................................
526,264
‌
Less:
(
5,995
)
Investment
advisory
fees
waived
.......................................................................................
(
5,995
)
Total
expenses
after
fees
waived
........................................................................................
520,269
‌
Net
investment
income
...............................................................................................
7,232,827
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................................................................
(
15,410,740
)
In-kind
redemptions
(a)
.............................................................................................
(
790,914
)
(
16,201,654
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................................................................
(
18,460,349
)
(
18,460,349
)
Net
realized
and
unrealized
loss
.........................................................................................
(
34,662,003
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................................
$
(
27,429,176
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
31
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
32,153,145
‌
$
19,874,953
‌
$
17,858,116
‌
$
13,179,502
‌
Net
realized
gain
.............................................
39,937,636
‌
22,007,730
‌
31,937,455
‌
32,643,402
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
225,558,305
)
242,147,462
‌
(
145,677,421
)
31,604,915
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
153,467,524
)
284,030,145
‌
(
95,881,850
)
77,427,819
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
32,266,259
)
(
20,581,128
)
(
17,925,123
)
(
14,457,143
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
214,927,706
‌
185,091,938
‌
(
53,997,076
)
183,867,378
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
29,193,923
‌
448,540,955
‌
(
167,804,049
)
246,838,054
‌
Beginning
of
year
...............................................
1,464,706,262
‌
1,016,165,307
‌
945,255,815
‌
698,417,761
‌
End
of
year
...................................................
$
1,493,900,185
‌
$
1,464,706,262
‌
$
777,451,766
‌
$
945,255,815
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
32
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
39,899,259
‌
$
25,949,482
‌
$
32,122,119
‌
$
23,134,026
‌
Net
realized
gain
.............................................
86,344,009
‌
60,814,176
‌
38,493,499
‌
49,451,984
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
314,246,107
)
203,291,958
‌
(
239,058,787
)
105,739,072
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
188,002,839
)
290,055,616
‌
(
168,443,169
)
178,325,082
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
40,047,030
)
(
27,609,936
)
(
32,237,867
)
(
25,186,094
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..............
366,489,181
‌
168,248,398
‌
57,844,441
‌
315,724,534
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
138,439,312
‌
430,694,078
‌
(
142,836,595
)
468,863,522
‌
Beginning
of
year
...............................................
1,844,998,399
‌
1,414,304,321
‌
1,707,920,326
‌
1,239,056,804
‌
End
of
year
...................................................
$
1,983,437,711
‌
$
1,844,998,399
‌
$
1,565,083,731
‌
$
1,707,920,326
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
33
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
7,232,827
‌
$
8,175,908
‌
Net
realized
loss
................................................................................
(
16,201,654
)
(
5,964,961
)
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
18,460,349
)
22,646,447
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
(
27,429,176
)
24,857,394
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
7,447,378
)
(
9,541,720
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................................................
(
32,274,013
)
(
51,574,819
)
NET
ASSETS
Total
decrease
in
net
assets
..........................................................................
(
67,150,567
)
(
36,259,145
)
Beginning
of
year
..................................................................................
243,191,123
‌
279,450,268
‌
End
of
year
......................................................................................
$
176,040,556
‌
$
243,191,123
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
34
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
70.93
‌
$
56.77
‌
$
54.53
‌
$
54.21
‌
$
52.49
‌
Net
investment
income
(a)
................................
1
.43
‌
1
.05
‌
1
.24
‌
1
.29
‌
1
.06
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
7
.93
)
14.19
‌
2
.24
‌
0
.28
‌
3
.51
‌
Net
increase
(decrease)
from
investment
operations
...............
(
6
.50
)
15.24
‌
3
.48
‌
1
.57
‌
4
.57
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.............................
(
1
.40
)
(
1
.08
)
(
1
.24
)
(
1
.25
)
(
1
.05
)
From
net
realized
gains
.................................
—
‌
—
‌
—
‌
—
‌
(
1
.80
)
Total
distributions
......................................
(
1
.40
)
(
1
.08
)
(
1
.24
)
(
1
.25
)
(
2
.85
)
Net
asset
value,
end
of
year
..............................
$
63.03
‌
$
70.93
‌
$
56.77
‌
$
54.53
‌
$
54.21
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
9
.24
)
%
27.01
%
6
.49
%
2
.99
%
8
.84
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.12
%
0
.20
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
...................................
2
.11
%
1
.62
%
2
.27
%
2
.44
%
1
.97
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,493,900
‌
$
1,464,706
‌
$
1,016,165
‌
$
948,896
‌
$
897,242
‌
Portfolio
turnover
rate
(f)
...................................
2
%
6
%
4
%
4
%
40
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
35
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Conservative
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
40.05
‌
$
37.15
‌
$
35.27
‌
$
34.18
‌
$
34.19
‌
Net
investment
income
(a)
................................
0
.68
‌
0
.61
‌
0
.88
‌
0
.98
‌
0
.70
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
4
.32
)
2
.96
‌
1
.89
‌
1
.08
‌
0
.33
‌
Net
increase
(decrease)
from
investment
operations
...............
(
3
.64
)
3
.57
‌
2
.77
‌
2
.06
‌
1
.03
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.............................
(
0
.67
)
(
0
.67
)
(
0
.89
)
(
0
.97
)
(
0
.72
)
From
net
realized
gains
.................................
—
‌
—
‌
—
‌
—
‌
(
0
.32
)
Total
distributions
......................................
(
0
.67
)
(
0
.67
)
(
0
.89
)
(
0
.97
)
(
1
.04
)
Net
asset
value,
end
of
year
..............................
$
35.74
‌
$
40.05
‌
$
37.15
‌
$
35.27
‌
$
34.18
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
9
.16
)
%
9
.70
%
7
.98
%
6
.17
%
3
.05
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.11
%
0
.19
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
...................................
1
.79
%
1
.58
%
2
.46
%
2
.87
%
2
.04
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
777,452
‌
$
945,256
‌
$
698,418
‌
$
529,064
‌
$
471,721
‌
Portfolio
turnover
rate
(f)
...................................
2
%
5
%
5
%
3
%
41
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
36
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
56.25
‌
$
47.70
‌
$
45.57
‌
$
44.84
‌
$
44.08
‌
Net
investment
income
(a)
................................
1
.08
‌
0
.84
‌
1
.09
‌
1
.16
‌
0
.88
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
6
.19
)
8
.60
‌
2
.13
‌
0
.69
‌
1
.96
‌
Net
increase
(decrease)
from
investment
operations
...............
(
5
.11
)
9
.44
‌
3
.22
‌
1
.85
‌
2
.84
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.............................
(
1
.05
)
(
0
.89
)
(
1
.09
)
(
1
.12
)
(
0
.90
)
From
net
realized
gains
.................................
—
‌
—
‌
—
‌
—
‌
(
1
.18
)
Total
distributions
......................................
(
1
.05
)
(
0
.89
)
(
1
.09
)
(
1
.12
)
(
2
.08
)
Net
asset
value,
end
of
year
..............................
$
50.09
‌
$
56.25
‌
$
47.70
‌
$
45.57
‌
$
44.84
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
9
.18
)
%
19.92
%
7
.20
%
4
.24
%
6
.53
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.12
%
0
.20
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
...................................
2
.01
%
1
.59
%
2
.37
%
2
.63
%
1
.96
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,983,438
‌
$
1,844,998
‌
$
1,414,304
‌
$
1,310,259
‌
$
1,118,727
‌
Portfolio
turnover
rate
(f)
...................................
2
%
7
%
4
%
4
%
44
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
37
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Moderate
Allocation
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
45.30
‌
$
40.76
‌
$
38.77
‌
$
37.73
‌
$
37.48
‌
Net
investment
income
(a)
................................
0
.80
‌
0
.68
‌
0
.96
‌
1
.05
‌
0
.77
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
4
.91
)
4
.59
‌
1
.99
‌
0
.99
‌
0
.80
‌
Net
increase
(decrease)
from
investment
operations
...............
(
4
.11
)
5
.27
‌
2
.95
‌
2
.04
‌
1
.57
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.............................
(
0
.80
)
(
0
.73
)
(
0
.96
)
(
1
.00
)
(
0
.77
)
From
net
realized
gains
.................................
—
‌
—
‌
—
‌
—
‌
(
0
.55
)
Total
distributions
......................................
(
0
.80
)
(
0
.73
)
(
0
.96
)
(
1
.00
)
(
1
.32
)
Net
asset
value,
end
of
year
..............................
$
40.39
‌
$
45.30
‌
$
40.76
‌
$
38.77
‌
$
37.73
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
9
.15
)
%
13.03
%
7
.75
%
5
.52
%
4
.24
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.12
%
0
.19
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
...................................
1
.86
%
1
.57
%
2
.44
%
2
.80
%
2
.03
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,565,084
‌
$
1,707,920
‌
$
1,239,057
‌
$
1,106,956
‌
$
909,234
‌
Portfolio
turnover
rate
(f)
...................................
2
%
7
%
6
%
4
%
40
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
38
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
.........................
$
24.32
‌
$
22.91
‌
$
24.96
‌
$
24.87
‌
$
25.63
‌
Net
investment
income
(a)
...............................
0
.78
‌
0
.74
‌
1
.23
‌
1
.25
‌
1
.17
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
3
.82
)
1
.54
‌
(
2
.02
)
0
.16
‌
(
0
.71
)
Net
increase
(decrease)
from
investment
operations
..............
(
3
.04
)
2
.28
‌
(
0
.79
)
1
.41
‌
0
.46
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
............................
(
0
.81
)
(
0
.87
)
(
1
.21
)
(
1
.31
)
(
1
.22
)
Return
of
capital
.....................................
—
‌
—
‌
(
0
.05
)
(
0
.01
)
—
‌
Total
distributions
.....................................
(
0
.81
)
(
0
.87
)
(
1
.26
)
(
1
.32
)
(
1
.22
)
Net
asset
value,
end
of
year
.............................
$
20.47
‌
$
24.32
‌
$
22.91
‌
$
24.96
‌
$
24.87
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
12.75
)
%
10.15
%
(
3
.10
)
%
5
.92
%
1
.85
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
...........................
0
.25
%
0
.24
%
0
.22
%
0
.23
%
0
.24
%
Net
investment
income
..................................
3
.44
%
3
.16
%
5
.15
%
5
.14
%
4
.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
176,041
‌
$
243,191
‌
$
279,450
‌
$
341,893
‌
$
324,618
‌
Portfolio
turnover
rate
(f)
..................................
73
%
94
%
66
%
50
%
64
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
39
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”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
schedules
of
investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements. 
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
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments. 
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
last
traded
price
or
official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
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.
iShares
ETF
Diversification
Classification
Core
Aggressive
Allocation
..............................................................................................
Diversified
Core
Conservative
Allocation
.............................................................................................
Diversified
Core
Growth
Allocation
.................................................................................................
Diversified
Core
Moderate
Allocation
...............................................................................................
Diversified
Morningstar
Multi-Asset
Income
...........................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
40
2022
iShares
Annual
Report
to
Shareholders
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
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.
Notes
to
Financial
Statements
(
continued)
41
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
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. 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Core
Aggressive
Allocation
Barclays
Capital,
Inc.
.........................................
$
1,003,720
‌
$
(1,003,720
)
$
—
‌
$
—
‌
Virtu
Americas
LLC
...........................................
579,063
‌
(579,063
)
—
‌
—
‌
Wells
Fargo
Bank
N.A.
........................................
561,693
‌
(561,693
)
—
‌
—
‌
$
2,144,476
‌
$
(2,144,476
)
$
—
‌
$
—
‌
a
Core
Growth
Allocation
BNP
Paribas
SA
.............................................
552,046
‌
(552,046
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
157,036,231
‌
(157,036,231
)
—
‌
—
‌
UBS
AG
..................................................
1,981,005
‌
(1,981,005
)
—
‌
—
‌
Wells
Fargo
Bank
N.A.
........................................
1,047,401
‌
(1,047,401
)
—
‌
—
‌
$
160,616,683
‌
$
(160,616,683
)
$
—
‌
$
—
‌
a
Core
Moderate
Allocation
BNP
Paribas
SA
.............................................
476,767
‌
(476,767
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
62,142,000
‌
(62,142,000
)
—
‌
—
‌
Wells
Fargo
Bank
N.A.
........................................
582,620
‌
(582,620
)
—
‌
—
‌
$
63,201,387
‌
$
(63,201,387
)
$
—
‌
$
—
‌
a
Morningstar
Multi-Asset
Income
BofA
Securities,
Inc.
..........................................
1,672,640
‌
(1,672,640
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
....................................
3,220,172
‌
(3,220,172
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
.....................................
34,286,237
‌
(34,286,237
)
—
‌
—
‌
$
39,179,049
‌
$
(39,179,049
)
$
—
‌
$
—
‌
a
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
42
2022
iShares
Annual
Report
to
Shareholders
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following Funds,
BFA
is
entitled
to an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the average
daily
net
assets
of
each Fund
as
follows:
Prior
to
October
20,
2021,
for
its
investment
advisory
services
to
each
of
the
iShares
Core
Aggressive
Allocation,
iShares
Core
Conservative
Allocation,
iShares
Core
Growth
Allocation
and
iShares
Core
Moderate
Allocation
ETFs,
BFA
was
entitled
to
an
annual
investment
advisory
fee
of
0.25%,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund.
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statement
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
each
of
the
iShares
Core
Aggressive
Allocation,
iShares
Core
Conservative
Allocation,
iShares
Core
Growth
Allocation
and
iShares
Core
Moderate
Allocation
ETFs,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
November
30,
2026,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
For
the
iShares
Morningstar
Multi-Asset
Income
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
November
30,
2026
in
order
to
limit
the
Fund’s
total
annual
operating
expenses
after
fee
waiver
to
0.60%
of
average
daily
net
assets.
These
amounts
are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the year
ended
July
31,
2022,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
(“SSB”)
for
the
Funds,
with
the
exception
of
iShares
Morningstar
Multi-Asset
Income
ETF,
which
SSB
performed
ETF
Services
prior
to
June
6,
2022.
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
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Core
Aggressive
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
0.15%
Core
Conservative
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
.
0.15
Core
Growth
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
0.15
Core
Moderate
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
0.15
Morningstar
Multi-Asset
Income
.
.
.
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.
.
0.25
iShares
ETF
Amounts
Waived
Core
Aggressive
Allocation
..............................................................................................................................................
$
727,984
‌
Core
Conservative
Allocation
............................................................................................................................................
568,391
‌
Core
Growth
Allocation
..................................................................................................................................................
1,018,538
‌
Core
Moderate
Allocation
...............................................................................................................................................
951,001
‌
Morningstar
Multi-Asset
Income
.........................................................................................................................................
5,995
‌
Notes
to
Financial
Statements
(
continued)
43
Notes
to
Financial
Statements
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
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended July
31,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
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.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2022,
purchases
and
sales
of
investments,
excluding
short-term
investments
and
in-kind
transactions,
were
as
follows:
For
the year
ended
July
31,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2022,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Fees
Paid
to
BTC
Core
Aggressive
Allocation
.............................................................................................
$
5,155
‌
Core
Conservative
Allocation
............................................................................................
3,004
‌
Core
Growth
Allocation
................................................................................................
6,089
‌
Core
Moderate
Allocation
..............................................................................................
3,459
‌
Morningstar
Multi-Asset
Income
..........................................................................................
122,310
‌
iShares
ETF
Purchases
Sales
Core
Aggressive
Allocation
...........................................................................
$
24,474,676
‌
$
25,842,857
‌
Core
Conservative
Allocation
..........................................................................
16,199,023
‌
16,328,288
‌
Core
Growth
Allocation
..............................................................................
37,336,506
‌
37,420,822
‌
Core
Moderate
Allocation
............................................................................
32,353,413
‌
33,502,853
‌
Morningstar
Multi-Asset
Income
........................................................................
153,703,302
‌
153,823,160
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
Aggressive
Allocation
...........................................................................
$
380,008,036
‌
$
165,724,951
‌
Core
Conservative
Allocation
..........................................................................
654,603,794
‌
708,750,314
‌
Core
Growth
Allocation
..............................................................................
877,221,425
‌
511,596,085
‌
Core
Moderate
Allocation
............................................................................
434,131,887
‌
376,509,195
‌
Morningstar
Multi-Asset
Income
........................................................................
17,726,971
‌
49,969,632
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Core
Aggressive
Allocation
..........................................................................
$
41,202,975
‌
$
(41,202,975
)
Core
Conservative
Allocation
.........................................................................
32,039,392
‌
(32,039,392
)
Core
Growth
Allocation
.............................................................................
86,757,520
‌
(86,757,520
)
Core
Moderate
Allocation
...........................................................................
39,091,054
‌
(39,091,054
)
Morningstar
Multi-Asset
Income
.......................................................................
(1,413,562
)
1,413,562
‌
Notes
to
Financial
Statements
(continued)
44
2022
iShares
Annual
Report
to
Shareholders
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2022,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
July
31,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
iShares
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Core
Aggressive
Allocation
Ordinary
income
..........................................................................................
$
32,266,259
‌
$
20,581,128
‌
Core
Conservative
Allocation
Ordinary
income
..........................................................................................
$
17,925,123
‌
$
14,457,143
‌
Core
Growth
Allocation
Ordinary
income
..........................................................................................
$
40,047,030
‌
$
27,609,936
‌
Core
Moderate
Allocation
Ordinary
income
..........................................................................................
$
32,237,867
‌
$
25,186,094
‌
Morningstar
Multi-Asset
Income
Ordinary
income
..........................................................................................
$
7,447,378
‌
$
9,541,720
‌
iShares
ETF
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Core
Aggressive
Allocation
........................................................
$
(8,713,879
)
$
105,913,192
‌
$
97,199,313
‌
Core
Conservative
Allocation
.......................................................
(3,661,090
)
(72,360,428
)
(76,021,518
)
Core
Growth
Allocation
...........................................................
(9,839,456
)
(15,222,435
)
(25,061,891
)
Core
Moderate
Allocation
.........................................................
(6,755,641
)
(57,744,413
)
(64,500,054
)
Morningstar
Multi-Asset
Income
.....................................................
(42,282,917
)
(20,564,785
)
(62,847,702
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Aggressive
Allocation
.......................................
$
1,390,068,798
‌
$
159,791,618
‌
$
(53,878,426
)
$
105,913,192
‌
Core
Conservative
Allocation
......................................
850,261,755
‌
289,921
‌
(72,650,349
)
(72,360,428
)
Core
Growth
Allocation
..........................................
2,160,308,417
‌
89,896,781
‌
(105,119,216
)
(15,222,435
)
Core
Moderate
Allocation
........................................
1,686,501,010
‌
53,059,377
‌
(110,803,790
)
(57,744,413
)
Morningstar
Multi-Asset
Income
....................................
236,497,695
‌
73,539
‌
(20,638,324
)
(20,564,785
)
Notes
to
Financial
Statements
(
continued)
45
Notes
to
Financial
Statements
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
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
Notes
to
Financial
Statements
(continued)
46
2022
iShares
Annual
Report
to
Shareholders
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/22
Year
Ended
07/31/21
iShares
ETF
Shares
Amount
Shares
Amount
Core
Aggressive
Allocation
Shares
sold
...............................................
5,600,000
‌
$
381,107,591
‌
4,050,000
‌
$
268,069,430
‌
Shares
redeemed
...........................................
(2,550,000
)
(166,179,885
)
(1,300,000
)
(82,977,492
)
3,050,000
‌
$
214,927,706
‌
2,750,000
‌
$
185,091,938
‌
Core
Conservative
Allocation
Shares
sold
...............................................
17,650,000
‌
$
656,206,590
‌
10,250,000
‌
$
393,898,126
‌
Shares
redeemed
...........................................
(19,500,000
)
(710,203,666
)
(5,450,000
)
(210,030,748
)
(1,850,000
)
$
(53,997,076
)
4,800,000
‌
$
183,867,378
‌
Core
Growth
Allocation
Shares
sold
...............................................
16,550,000
‌
$
879,676,549
‌
8,000,000
‌
$
423,696,814
‌
Shares
redeemed
...........................................
(9,750,000
)
(513,187,368
)
(4,850,000
)
(255,448,416
)
6,800,000
‌
$
366,489,181
‌
3,150,000
‌
$
168,248,398
‌
Core
Moderate
Allocation
Shares
sold
...............................................
9,950,000
‌
$
435,193,583
‌
13,200,000
‌
$
571,073,241
‌
Shares
redeemed
...........................................
(8,900,000
)
(377,349,142
)
(5,900,000
)
(255,348,707
)
1,050,000
‌
$
57,844,441
‌
7,300,000
‌
$
315,724,534
‌
Morningstar
Multi-Asset
Income
Shares
sold
...............................................
850,000
‌
$
17,749,459
‌
200,000
‌
$
4,737,279
‌
Shares
redeemed
...........................................
(2,250,000
)
(50,023,472
)
(2,400,000
)
(56,312,098
)
(1,400,000
)
$
(32,274,013
)
(2,200,000
)
$
(51,574,819
)
Report
of
Independent
Registered
Public
Accounting
Firm
47
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
 iShares
Trust
and
Shareholders
of
each
of
the five funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(five
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2022,
the
related
statements
of
operations
for
the
year
ended
July
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2022 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
July
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2022 and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2022 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America. 
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2022 by
correspondence
with
the
custodian,
transfer
agent
and
brokers. 
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
    iShares
Core
Aggressive
Allocation
ETF
    iShares
Core
Conservative
Allocation
ETF
    iShares
Core
Growth
Allocation
ETF
    iShares
Core
Moderate
Allocation
ETF
    iShares
Morningstar
Multi-Asset
Income
ETF
Important
Tax
Information
(unaudited)
48
2022
iShares
Annual
Report
to
Shareholders
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
Funds
intend
to
pass
through
to
their
shareholders
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid
for
the
fiscal
year
ended
July
31,
2022:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
July
31,
2022:
iShares
ETF
Qualified
Dividend
Income
Core
Aggressive
Allocation
..............................................................................................
$
20,022,589‌
Core
Conservative
Allocation
.............................................................................................
4,939,524‌
Core
Growth
Allocation
.................................................................................................
19,861,097‌
Core
Moderate
Allocation
...............................................................................................
11,743,535‌
Morningstar
Multi-Asset
Income
...........................................................................................
3,328,252‌
iShares
ETF
Qualified
Business
Income
Core
Aggressive
Allocation
..............................................................................................
$
86,846‌
Core
Conservative
Allocation
.............................................................................................
21,689‌
Core
Growth
Allocation
.................................................................................................
86,297‌
Core
Moderate
Allocation
...............................................................................................
51,653‌
Morningstar
Multi-Asset
Income
...........................................................................................
314,169‌
iShares
ETF
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
Core
Aggressive
Allocation
.............................................................................
$
13,460,544‌
$
787,021‌
Core
Conservative
Allocation
............................................................................
4,523,847‌
201,757‌
Core
Growth
Allocation
................................................................................
14,404,874‌
788,372‌
Core
Moderate
Allocation
..............................................................................
9,536,940‌
468,499‌
Morningstar
Multi-Asset
Income
..........................................................................
4,029,334‌
64,308‌
iShares
ETF
Dividends-Received
Deduction
Core
Aggressive
Allocation
..............................................................................................
30.52‌
%
Core
Conservative
Allocation
.............................................................................................
13.63‌
Core
Growth
Allocation
.................................................................................................
24.44‌
Core
Moderate
Allocation
...............................................................................................
17.55‌
Morningstar
Multi-Asset
Income
...........................................................................................
18.87‌
iShares
ETF
Interest-Related
Dividends
Core
Aggressive
Allocation
..............................................................................................
$
3,235,331‌
Core
Conservative
Allocation
.............................................................................................
7,339,705‌
Core
Growth
Allocation
.................................................................................................
8,365,241‌
Core
Moderate
Allocation
...............................................................................................
10,858,676‌
Morningstar
Multi-Asset
Income
...........................................................................................
1,210,331‌
Board
Review
and
Approval
of
Investment
Advisory
Contract
49
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Core
Aggressive
Allocation
ETF,
iShares
Core
Conservative
Allocation
ETF,
iShares
Core
Growth
Allocation
ETF,
iShares
Core
Moderate
Allocation
ETF,
iShares
Morningstar
Multi-Asset
Income
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
50
2022
iShares
Annual
Report
to
Shareholders
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
51
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
July
31,
2022
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Core
Aggressive
Allocation
............
$
1
.400209
‌
$
—
‌
$
—
‌
$
1
.400209
‌
100
%
—
%
—
%
100
%
Core
Conservative
Allocation
...........
0
.673469
‌
—
‌
—
‌
0
.673469
‌
100
—
—
100
Core
Growth
Allocation
...............
1
.047902
‌
—
‌
—
‌
1
.047902
‌
100
—
—
100
Core
Moderate
Allocation
.............
0
.800144
‌
—
‌
—
‌
0
.800144
‌
100
—
—
100
Morningstar
Multi-Asset
Income
.........
0
.808641
‌
—
‌
—
‌
0
.808641
‌
100
—
—
100
Trustee
and
Officer
Information
(unaudited)
52
2022
iShares
Annual
Report
to
Shareholders
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
384
funds
as
of
July
31,
2022.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
Park
Avenue
Plaza,
55
East
52nd
Street,
New
York,
NY
10055.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(65)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(52)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(67)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(66)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(67)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(73)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018)
and
Investment
Committee
(since
2011);
Chair
(1994-2005)
and
Member
(since
1992)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-
2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
(since
2019).
Trustee
and
Officer
Information
(unaudited)
(
continued)
53
Trustee
and
Officer
Information
Officers
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(63)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
John
E.
Martinez
(61)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(57)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Armando
Senra
(51)
President
(since
2019).
Managing
Director,
BlackRock,
Inc.
(since
2007);
Head
of
U.S.,
Canada
and
Latam
iShares,
BlackRock,
Inc.
(since
2019);
Head
of
Latin
America
Region,
BlackRock,
Inc.
(2006-2019);
Managing
Director,
Bank
of
America
Merrill
Lynch
(1994-2006).
Trent
Walker
(48)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(54)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(41)
Secretary
(since
2022).
Director,
BlackRock,
Inc.
(since
2018);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(40)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(46)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(51)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
March
18,
2022,
Rachel
Aguirre,
Jennifer
Hsui,
and
James
Mauro
have
replaced
Scott
Radell,
Alan
Mason,
and
Marybeth
Leithead
as
Executive
Vice
Presidents.
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Independent
Trustees
(
continued
)
General
Information
54
2022
iShares
Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-AR-704-0722
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
Morningstar,
Inc.
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
July
31,
2022
iShares
Trust
iShares
MSCI
USA
Momentum
Factor
ETF
|
MTUM
|
Cboe
BZX
iShares
MSCI
USA
Quality
Factor
ETF
|
QUAL
|
Cboe
BZX
iShares
MSCI
USA
Size
Factor
ETF
|
SIZE
|
NYSE
Arca
iShares
MSCI
USA
Value
Factor
ETF
|
VLUE
|
Cboe
BZX
2022
Annual
Report
Dear
Shareholder,
The
12-month
reporting
period
as
of
July
31,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
four
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
room
to
rise
before
peaking,
although
investors’
inflation
expectations
began
to
decline
near
the
end
of
the
period.
The
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
ultimately
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
the
meantime,
however,
we
believe
that
we
are
likely
to
see
a
period
of
slowing
growth
paired
with
relatively
high
inflation.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
higher
inflation
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
July
31,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(7.81%)
(4.64%)
U.S.
small
cap
equities
(Russell
2000
®
Index)
(6.42)
(14.29)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(11.27)
(14.32)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(16.24)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.21
0.22
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.38)
(10.00)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.14)
(9.12)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(3.95)
(6.93)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(6.58)
(8.03)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
13
Disclosure
of
Expenses
...................................................................................................
13
Schedules
of
Investments
.................................................................................................
14
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
35
Statements
of
Operations
................................................................................................
36
Statements
of
Changes
in
Net
Assets
........................................................................................
37
Financial
Highlights
.....................................................................................................
39
Notes
to
Financial
Statements
...............................................................................................
43
Important
Tax
Information
(Unaudited)
.................................................................................................
52
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
53
Supplemental
Information
.................................................................................................
55
Trustee
and
Officer
Information
..............................................................................................
56
General
Information
.....................................................................................................
58
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
59
Market
Overview
4
2022
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
declined
for
the
12
months
ended
July
31,
2022
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-7.35%.
Equities
advanced
early
in
the
reporting
period
as
strong
household
balance
sheets
and
robust
job
growth
supported
rising
consumer
spending.
Increased
economic
activity
led
to
strong
corporate
earnings
as
companies
reaped
the
benefits
amid
a
recovery
from
the
effects
of
the
coronavirus
pandemic.
However,
significant
challenges
emerged
as
the
reporting
period
continued,
including
high
inflation,
rising
interest
rates,
slower
economic
growth,
and
the
impacts
of
Russia’s
invasion
of
Ukraine.
These
factors
drove
stock
prices
sharply
lower,
erasing
prior
gains
and
leading
to
significantly
negative
performance
for
the
reporting
period
overall.
The
U.S.
economy
grew
briskly
over
the
final
half
of
2021,
powered
primarily
by
consumer
spending.
Record-high
personal
savings
rates
allowed
consumers
to
spend
at
an
elevated
level,
releasing
pent-up
demand
for
goods
and
services.
Growth
subsequently
stalled
in
the
first
half
of
2022,
and
the
economy
contracted
amid
lower
inventories
and
faltering
business
investment.
Despite
the
economic
downturn,
indicators
were
mixed,
showing
evidence
of
a
slowdown
in
some
areas
while
others
remained
positive.
Hiring
continued
to
increase
as
businesses
restored
capacity,
and
unemployment
declined
substantially,
falling
to
3.5%
in
July
2022
—
identical
to
the
pre-pandemic
rate
in
February
2020.
Although
high
inflation
negatively
impacted
consumer
sentiment,
which
declined
significantly,
consumer
spending
continued
to
rise.
The
rapid
increase
in
consumer
spending
drove
a
significant
rise
in
inflation.
Supply
chains
for
many
goods
were
disrupted
by
the
pandemic
and
could
not
quickly
adapt
to
the
rapid
rebound
in
demand.
Oil
prices
also
rose
significantly
as
demand
increased
and
a
lack
of
investment
constrained
the
supply
of
oil.
The
strong
job
market
led
to
higher
wages,
particularly
at
the
lower
end
of
the
market.
These
factors
drove
prices
higher
in
many
areas
of
the
economy.
Rising
inflation
led
to
a
shift
in
policy
from
the
U.S.
Federal
Reserve
(“the
Fed”).
As
the
reporting
period
began,
the
Fed
was
using
accommodative
monetary
policy
to
stimulate
the
economy.
Short-term
interest
rates
were
kept
at
near-zero
levels,
and
the
Fed
used
bond-buying
programs
to
stabilize
debt
markets.
However,
rising
prices
led
the
Fed
to
tighten
monetary
policy
during
the
reporting
period
in
an
attempt
to
prevent
runaway
inflation.
The
Fed
slowed
and
then
ended
its
bond-buying
activities,
finally
reversing
course
as
it
began
to
reduce
its
balance
sheet
in
June
2022.
In
March
2022,
the
Fed
began
to
raise
short-term
interest
rates,
followed
by
three
more
increases
for
a
total
increase
of
225
basis
points,
the
most
rapid
rise
in
decades.
Interest
rates
rose
significantly
in
response,
leading
to
higher
borrowing
costs
for
businesses.
The
effect
of
higher
inflation
and
interest
rates
on
equities
varied
significantly
based
on
equity
class.
Growth
stocks,
which
derive
much
of
their
value
from
expectations
of
future
growth,
declined
significantly
more
than
value
stocks.
Russia’s
invasion
of
Ukraine
in
late
February
2022
led
to
substantial
disruptions
to
the
global
economy
and
increased
uncertainty
in
financial
markets,
exacerbating
inflation
and
impacting
U.S.
businesses
with
operations
in
Russia.
The
invasion
was
met
with
widespread
condemnation,
and
many
countries
imposed
sanctions
on
the
Russian
state,
businesses,
and
individuals.
As
Russia
is
a
top
producer
of
both
oil
and
natural
gas,
global
supply
concerns
led
to
sharp
volatility
in
U.S.
energy
markets.
iShares
®
MSCI
USA
Momentum
Factor
ETF
5
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Momentum
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
exhibiting
relatively
higher
price
momentum,
as
represented
by
the
MSCI
USA
Momentum
SR
Variant
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
April
16,
2013.
The
first
day
of
secondary
market
trading
was
April
18,
2013.
Index
performance
through
November
22,
2020
reflects
the
performance
of
the
MSCI
USA
Momentum
Index.
Index
performance
beginning
on
November
23,
2020
reflects
the
performance
of
the
MSCI
USA
Momentum
SR
Variant
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.................................
(17.35
)
%
10.49
%
12.92
%
(17.35
)
%
64.65
%
209.35
%
Fund
Market
...............................
(17.31
)
10.49
12.93
–
%
(17.31
)
64.70
209.48
Index
....................................
(17.25
)
10.70
13.14
(17.25
)
66.25
214.75
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
870.90
‌
$
0.70
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Momentum
Factor
ETF
6
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S
stocks
with
relatively
high
price
momentum
declined
sharply
for
the
reporting
period
as
a
variety
of
macroeconomic
factors
pressured
equities
worldwide.
Rising
global
inflation,
Fed
interest
rate
increases,
the
war
between
Russia
and
Ukraine,
and
China’s
strict
policies
aimed
at
controlling
the
spread
of
COVID-19
restricted
global
economic
growth
and
led
to
a
broad
reassessment
of
the
growth
potential
of
high
valuation
stocks.
The
information
technology
sector
detracted
the
most
from
the
Index’s
return
as
recession
fears
led
to
less
risk-taking
in
financial
markets.
The
software
industry
drove
the
decline,
despite
advancing
during
the
early
stages
of
the
coronavirus
pandemic
as
offices
closed,
and
at-home
workers
accessed
myriad
programs
to
complete
their
tasks.
But
growth
faded
during
the
reporting
period
as
more
workers
returned
to
their
offices.
Consequently,
investors
began
focusing
more
on
the
industry’s
profitability
and
attempting
to
assess
accurate
post-pandemic
growth
rates.
The
application
software
industry,
which
has
relatively
high
stock
valuations,
proved
particularly
vulnerable
to
the
market’s
reassessment
of
growth,
as
revenue
slowed
amid
decreased
work-at-home
needs
and
rising
uncertainty
about
when
slowing
growth
would
stabilize.
Semiconductors
companies
declined
amid
materials
shortages
and
other
supply-chain
and
logistical
problems,
leading
to
production
delays
even
as
demand
from
a
wide
variety
of
industries
continued
rising.
The
healthcare
sector
also
detracted
from
the
Index’s
performance,
driven
by
the
biotechnology
industry.
Manufacturers
of
COVID-19
vaccines
declined
as
the
Omicron
variant
subsided,
and
investors
grew
concerned
about
the
revenue
outlook
for
the
vaccines.
The
communication
services
sector
also
detracted,
amid
declining
advertising
revenue
for
interactive
media
and
services
firms,
while
entertainment
companies
faced
reduced
consumer
discretionary
spending.
On
the
upside,
the
energy
sector
contributed
to
the
Index’s
performance
as
surging
oil
and
gas
prices
drove
growth
in
the
oil,
gas,
and
consumable
fuels
industry.
In
terms
of
relative
performance,
the
Index
underperformed
the
broader
market
for
the
reporting
period,
as
measured
by
the
MSCI
USA
Index.
As
the
Fed
began
raising
interest
rates,
in
the
middle
of
the
reporting
period,
overweight
positions
in
the
financials
and
information
technology
sectors
and
a
tilt
toward
growth-oriented
stocks
detracted
considerably
from
relative
performance.
During
the
last
two
months
of
the
reporting
period,
underweight
positions
in
the
information
technology
and
consumer
discretionary
sectors
and
an
overweight
in
the
energy
sector
all
detracted
from
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Health
Care
...................................
29.7‌
%
Energy
.......................................
19.7‌
Consumer
Staples
...............................
17.2‌
Information
Technology
............................
10.2‌
Financials
.....................................
7.0‌
Utilities
.......................................
4.7‌
Industrials
.....................................
4.0‌
Materials
.....................................
2.9‌
Real
Estate
....................................
2.7‌
Consumer
Discretionary
...........................
1.8‌
Communication
Services
...........................
0.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
5.8‌
%
Exxon
Mobil
Corp.
...............................
5.2‌
UnitedHealth
Group,
Inc.
...........................
4.9‌
Chevron
Corp.
..................................
4.6‌
Johnson
&
Johnson
..............................
4.4‌
Berkshire
Hathaway,
Inc.,
Class
B
....................
4.1‌
Procter
&
Gamble
Co.
(The)
........................
3.9‌
Eli
Lilly
&
Co.
..................................
3.8‌
AbbVie,
Inc.
...................................
3.5‌
Costco
Wholesale
Corp.
...........................
3.3‌
aaa
aa
iShares
®
MSCI
USA
Quality
Factor
ETF
7
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Quality
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
quality
characteristics
as
identified
through
certain
fundamental
metrics,
as
represented
by
the
MSCI
USA
Sector
Neutral
Quality
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
July
16,
2013.
The
first
day
of
secondary
market
trading
was
July
18,
2013.
Index
performance
through
August
31,
2015
reflects
the
performance
of
the
MSCI
USA
Quality
Index.
Index
performance
beginning
on
September
1,
2015
reflects
the
performance
of
the
MSCI
USA
Sector
Neutral
Quality
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.................................
(10.09
)
%
12.00
%
12.19
%
(10.09
)
%
76.20
%
182.90
%
Fund
Market
...............................
(10.07
)
12.00
12.19
–
%
(10.07
)
76.23
183.07
Index
....................................
(9.96
)
12.19
12.38
(9.96
)
77.76
187.20
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
905.90
‌
$
0.71
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Quality
Factor
ETF
8
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
stocks
of
companies
with
quality
characteristics
declined
substantially
for
the
reporting
period.
The
consumer
discretionary
sector
detracted
the
most
from
the
Index’s
return
amid
historically
high
inflation
and
slow
real
wage
growth.
In
this
environment,
consumer
spending
on
nonessential
purchases
declined,
weighing
heavily
on
the
consumer
durables
industries.
Additionally,
ongoing
supply
chain
disruptions
led
to
production
shortfalls
and
increased
costs
for
inputs
and
shipping,
reducing
profits.
Recurring
lockdowns
in
China,
due
to
outbreaks
of
COVID-19,
coupled
with
the
increasing
strength
of
the
U.S.
dollar
negatively
impacted
foreign
sales.
Sales
on
e-commerce
platforms
declined
due
to
reduced
demand
for
goods
consumers
acquired
during
the
pandemic
and
a
return
to
in-person
shopping
as
restrictions
eased.
The
communication
services
sector
also
detracted
significantly
from
the
Index’s
return.
In
the
interactive
media
and
services
industry,
demand
for
digital
advertisements
slowed
considerably
amid
the
broader
global
economic
slowdown
and
rising
inflation,
leading
to
reduced
prices
for
online
advertisements
and
declining
revenues.
Interactive
media
and
services
companies
were
also
challenged
by
increased
competition
for
digital
advertising
and
new
privacy
rules
that
allow
users
to
limit
targeted
advertisements
on
mobile
devices.
The
information
technology
sector
detracted
modestly
from
the
Index’s
return.
As
businesses
returned
to
in-person
work
amid
easing
restrictions,
growth
in
demand
digital
document
software
slowed
sharply.
The
Russian
invasion
of
Ukraine
led
to
the
suspension
of
operations
in
Russia
and
its
allies,
reducing
software
sales.
On
the
upside,
the
energy
sector
contributed
to
the
Index’s
return.
In
the
oil,
gas,
and
consumable
fuels
industry,
demand
for
oil
recovered
while
global
supply
diminished
amid
sanctions
imposed
on
Russia,
lifting
prices
and
profits.
In
terms
of
relative
performance,
the
Index
underperformed
the
broader
market
as
represented
by
the
MSCI
USA
Index.
In
the
increasing
interest
rate
environment
which
characterized
the
reporting
period,
investors
shifted
from
growth
companies
to
value-oriented
companies.
As
the
quality
factor
favors
growth
companies,
the
fund
underperformed
the
broader
market
amid
this
shift.
Overweight
positions
in
the
textiles,
apparel,
and
luxury
goods
industry
and
the
interactive
media
and
services
industry
detracted
from
relative
performance.
Conversely,
an
overweight
to
the
pharmaceuticals
industry
and
an
underweight
position
in
the
internet
and
direct
marketing
industry
contributed
to
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
28.0‌
%
Health
Care
...................................
14.4‌
Financials
.....................................
11.0‌
Consumer
Discretionary
...........................
10.9‌
Communication
Services
...........................
8.3‌
Industrials
.....................................
7.9‌
Consumer
Staples
...............................
7.0‌
Energy
.......................................
4.2‌
Real
Estate
....................................
3.1‌
Utilities
.......................................
2.7‌
Materials
.....................................
2.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
S&P
Global,
Inc.
................................
4.4‌
%
Apple,
Inc.
....................................
3.7‌
Johnson
&
Johnson
..............................
3.7‌
Nike,
Inc.,
Class
B
...............................
3.6‌
Microsoft
Corp.
.................................
3.5‌
Eli
Lilly
&
Co.
..................................
3.0‌
NVIDIA
Corp.
..................................
2.9‌
Meta
Platforms,
Inc.,
Class
A
........................
2.9‌
Mastercard
,
Inc.,
Class
A
...........................
2.5‌
Visa,
Inc.,
Class
A
...............................
2.3‌
aaa
aa
iShares
®
MSCI
USA
Size
Factor
ETF
9
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Size
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
relatively
smaller
average
market
capitalization,
as
represented
by
the
MSCI
USA
Low
Size
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index
.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
April
16,
2013.
The
first
day
of
secondary
market
trading
was
April
18,
2013.
Index
performance
through
December
2,
2018
reflects
the
performance
of
the
MSCI
USA
Risk
Weighted
Index.
Index
performance
beginning
on
December
3,
2018
reflects
the
performance
of
the
MSCI
USA
Low
Size
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.................................
(7.35
)
%
10.59
%
11.65
%
(7.35
)
%
65.41
%
178.53
%
Fund
Market
...............................
(7.37
)
10.57
11.65
–
%
(7.37
)
65.30
178.49
Index
....................................
(7.25
)
10.74
11.81
(7.25
)
66.57
182.13
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
933.10
‌
$
0.72
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Size
Factor
ETF
10
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
U.S.
large-
and
mid-capitalization
companies
with
smaller
average
market
capitalizations
declined
significantly
for
the
reporting
period.
The
consumer
discretionary
sector
detracted
the
most
driven
by
the
specialty
retail
industry.
Rising
inflation
reduced
consumer
spending,
especially
among
lower-income
shoppers,
and
rising
interest
rates
increased
the
cost
of
financing
automobiles,
negatively
impacting
car
sales.
In
the
consumer
services
industry,
despite
strong
revenues,
companies
declined
amid
rising
expenses
and
increased
competition.
The
consumer
durables
industry
also
detracted
as
people
returned
to
exercising
at
gyms,
lowering
demand
for
home
fitness
equipment
and
sharply
reducing
sales.
The
information
technology
sector
also
detracted
significantly
from
the
Index’s
return.
In
the
application
software
industry,
growth
in
demand
for
digital
signatures
slowed
sharply
as
businesses
returned
to
in-person
work
in
2022.
Despite
rising
revenues,
digital
document
management
companies
declined
as
relatively
high
valuations
led
investors
to
closely
scrutinize
earnings.
Competition
for
online
video
collaboration
solutions
increased,
and
demand
for
teleconferencing
software
decreased.
Additionally,
in
the
IT
services
industry,
revenue
growth
slowed
and
costs
rose
amid
increased
competition
for
communications
platforms
as
a
service,
weighing
heavily
on
profits.
The
communication
services
sector
also
detracted
from
the
Index’s
return
as
demand
for
digital
advertisements
slowed
considerably
in
the
interactive
media
and
services
industry.
Amid
the
global
economic
slowdown
and
rising
inflation,
prices
for
online
advertisement
decreased
and
sales
revenues
declined.
Stocks
in
the
cable
and
satellite
industry
also
detracted
as
subscriber
growth
slowed
and
competition
for
home
telecommunications
connections
increased,
including
from
new
technologies
such
as
fiberoptics.
On
the
upside,
the
energy
sector
contributed
to
the
Index’s
return.
As
pandemic-related
travel
restrictions
eased,
demand
for
oil
increased.
Additionally,
global
supply
diminished
amid
sanctions
imposed
on
Russia
following
the
invasion
of
Ukraine,
bolstering
prices
and
profits
in
the
energy
industry.
In
terms
of
relative
performance,
the
Index
marginally
underperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index.
Rising
inflation
and
interest
rate
increases
by
the
Fed
negatively
impacted
the
fund’s
low
size
factor,
which
typically
does
not
perform
well
during
economic
downturns.
An
underweight
allocation
to
the
technology
hardware,
storage,
and
peripherals
industry
detracted
from
relative
performance.
Conversely,
underweight
positions
in
the
interactive
media
and
services
and
the
internet
and
direct
marketing
retail
industries
contributed
to
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
19.1‌
%
Industrials
.....................................
13.6‌
Financials
.....................................
13.4‌
Health
Care
...................................
12.5‌
Consumer
Discretionary
...........................
10.9‌
Real
Estate
....................................
6.1‌
Communication
Services
...........................
5.4‌
Consumer
Staples
...............................
5.3‌
Utilities
.......................................
5.1‌
Materials
.....................................
5.1‌
Energy
.......................................
3.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Enphase
Energy,
Inc.
.............................
0.3‌
%
Chewy,
Inc.,
Class
A
..............................
0.2‌
SolarEdge
Technologies,
Inc.
........................
0.2‌
Veeva
Systems,
Inc.,
Class
A
........................
0.2‌
Etsy,
Inc.
.....................................
0.2‌
Plug
Power,
Inc.
................................
0.2‌
Erie
Indemnity
Co.,
Class
A,
NVS
.....................
0.2‌
Insulet
Corp.
...................................
0.2‌
MongoDB,
Inc.
.................................
0.2‌
Rockwell
Automation,
Inc.
..........................
0.2‌
aaa
aa
iShares
®
MSCI
USA
Value
Factor
ETF
11
Fund
Summary
Fund
Summary
as
of
July
31,
2022
Investment
Objective
The
iShares
MSCI
USA
Value
Factor
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
large-
and
mid-capitalization
stocks
with
value
characteristics
and
relatively
lower
valuations,
as
represented
by
the
MSCI
USA
Enhanced
Value
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
April
16,
2013.
The
first
day
of
secondary
market
trading
was
April
18,
2013.
Index
performance
through
August
31,
2015
reflects
the
performance
of
the
MSCI
USA
Value
Weighted
Index.
Index
performance
beginning
on
September
1,
2015
reflects
the
performance
of
the
MSCI
USA
Enhanced
Value
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.................................
(5.48
)
%
7.81
%
9.76
%
(5.48
)
%
45.64
%
137.62
%
Fund
Market
...............................
(5.54
)
7.80
9.76
–
%
(5.54
)
45.56
137.55
Index
....................................
(5.33
)
7.96
9.93
(5.33
)
46.68
140.95
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/22)
Ending
Account
Value
(07/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
905.10
‌
$
0.71
‌
$
1,000.00
‌
$
1,024.05
‌
$
0.75
‌
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
July
31,
2022
(continued)
iShares
®
MSCI
USA
Value
Factor
ETF
12
2022
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
stocks
with
value
characteristics
declined
moderately
for
the
reporting
period,
while
outperforming
the
broad
market.
The
information
technology
sector
detracted
the
most
from
the
Index’s
return
as
businesses
and
consumers
reduced
technology
purchases
amid
rising
inflation
and
slowing
global
economic
growth.
In
the
semiconductors
and
semiconductor
equipment
industry,
a
lack
of
manufacturing
capacity
due
to
pandemic-related
disruptions
extended
the
global
chip
shortage.
Revenues
declined
amid
declining
consumer
demand
for
telecommuting
as
the
easing
of
pandemic-related
restrictions
reduced
remote
work
and
learning.
Supply
chain
difficulties,
exacerbated
by
the
Russian
invasion
of
Ukraine
and
additional
pandemic-related
restrictions
in
China,
led
to
decreased
sales
of
the
processors
used
in
laptops
and
desktops.
Reduced
demand
for
smartphones,
especially
in
China,
also
weighed
on
revenues.
The
consumer
discretionary
sector
also
detracted
significantly
from
the
Index’s
return.
In
the
automobile
manufacturers
industry,
despite
strong
demand,
the
ongoing
shortage
of
semiconductors
led
to
factory
closures,
driving
a
decrease
in
production
and
sales.
Ongoing
supply
chain
disruptions
led
to
parts
shortages
and
shipping
delays,
further
decreasing
inventories.
Rising
interest
rates
and
the
Fed’s
tighter
monetary
policy
increased
the
cost
of
automobile
loans.
Similarly,
in
the
homebuilding
industry,
rising
mortgage
rates
and
construction
costs
led
to
declining
home
sales.
On
the
upside,
the
healthcare
and
energy
sectors
contributed
to
the
Index’s
return.
The
healthcare
services
industry
benefited
from
increased
in-store
retail
traffic
as
pandemic-related
restrictions
eased.
Insurance
companies
were
supported
by
declining
expenditures
related
to
the
easing
of
the
coronavirus
pandemic
and
increasing
enrollment
in
healthcare
plans.
Revenues
in
the
managed
healthcare
industry
grew,
similarly
benefiting
from
increased
plan
enrollment.
The
pharmaceuticals
industry
showed
strength
due
to
the
introduction
of
new
treatments
for
COVID-19.
In
the
energy
industry,
as
pandemic-related
travel
restrictions
eased,
demand
for
oil
increased.
Additionally,
the
global
supply
of
oil
diminished
amid
sanctions
imposed
following
the
Russian
invasion
of
Ukraine,
bolstering
prices
and
profits.
In
terms
of
relative
performance,
the
Index
marginally
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index.
During
the
reporting
period,
the
Fed
increased
interest
rates
to
counter
rising
inflation.
Value
stocks,
which
have
lower
interest
rate
sensitivity
and
shorter
dated
cash
flows,
outperformed
the
broader
market
amid
these
inflationary
tailwinds.
An
underweight
position
to
the
interactive
media
and
services
industry
contributed
to
relative
performance.
Conversely,
an
underweight
allocation
to
the
technology
hardware,
storage,
and
peripherals
industry
detracted
from
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
26.7‌
%
Health
Care
...................................
14.7‌
Consumer
Discretionary
...........................
11.6‌
Financials
.....................................
11.0‌
Industrials
.....................................
8.4‌
Communication
Services
...........................
8.2‌
Consumer
Staples
...............................
6.2‌
Energy
.......................................
4.4‌
Real
Estate
....................................
3.1‌
Utilities
.......................................
3.1‌
Materials
.....................................
2.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
AT&T,
Inc.
.....................................
5.1‌
%
Intel
Corp.
....................................
4.7‌
Pfizer,
Inc.
....................................
3.2‌
Cisco
Systems,
Inc.
..............................
3.2‌
Ford
Motor
Co.
.................................
3.0‌
Micron
Technology,
Inc.
............................
2.9‌
General
Motors
Co.
..............................
2.8‌
International
Business
Machines
Corp.
.................
2.6‌
Citigroup,
Inc.
..................................
2.1‌
AbbVie,
Inc.
...................................
2.1‌
aaa
aa
About
Fund
Performance
13
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
July
31,
2022
iShares
®
MSCI
USA
Momentum
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.6
%
General
Dynamics
Corp.
.....................
252,566
$
57,249,135
Lockheed
Martin
Corp.
......................
282,308
116,821,874
Northrop
Grumman
Corp.
....................
181,628
86,981,649
261,052,658
a
Beverages
 — 
5
.2
%
Coca-Cola
Co.
(The)
.......................
4,310,333
276,594,069
Molson
Coors
Beverage
Co.
,
Class
B
............
146,222
8,736,765
PepsiCo,
Inc.
............................
1,330,264
232,742,989
518,073,823
a
Biotechnology
 — 
5
.2
%
AbbVie,
Inc.
.............................
2,461,169
353,202,363
Regeneron
Pharmaceuticals,
Inc.
(a)
..............
107,561
62,567,158
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
................
389,453
109,206,516
524,976,037
a
Capital
Markets
 — 
0
.4
%
FactSet
Research
Systems,
Inc.
(b)
..............
25,134
10,799,577
LPL
Financial
Holdings,
Inc.
(b)
.................
67,642
14,199,409
Raymond
James
Financial,
Inc.
(b)
...............
126,490
12,455,470
37,454,456
a
Chemicals
 — 
1
.3
%
CF
Industries
Holdings,
Inc.
...................
368,737
35,210,696
Corteva,
Inc.
.............................
767,643
44,177,855
FMC
Corp.
..............................
146,293
16,253,152
Mosaic
Co.
(The)
..........................
521,177
27,445,181
Westlake
Corp.
(b)
..........................
41,710
4,060,051
127,146,935
a
Commercial
Services
&
Supplies
 — 
1
.2
%
Republic
Services,
Inc.
......................
207,162
28,725,083
Waste
Connections,
Inc.
.....................
208,087
27,752,563
Waste
Management,
Inc.
(b)
...................
368,107
60,575,688
117,053,334
a
Communications
Equipment
 — 
0
.4
%
Arista
Networks,
Inc.
(a)
(b)
.....................
264,386
30,835,339
Juniper
Networks,
Inc.
......................
304,329
8,530,342
39,365,681
a
Containers
&
Packaging
 — 
0
.2
%
Packaging
Corp.
of
America
..................
85,573
12,032,419
Sealed
Air
Corp.
..........................
141,931
8,674,823
20,707,242
a
Diversified
Financial
Services
 — 
4
.0
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.............
1,348,063
405,227,738
a
Electric
Utilities
 — 
2
.4
%
American
Electric
Power
Co.,
Inc.
...............
469,226
46,246,915
Edison
International
........................
320,134
21,695,481
Entergy
Corp.
............................
168,563
19,406,658
Exelon
Corp.
.............................
1,380,781
64,192,509
FirstEnergy
Corp.
.........................
463,972
19,069,249
Southern
Co.
(The)
........................
974,673
74,942,607
245,553,419
a
Energy
Equipment
&
Services
 — 
1
.1
%
Baker
Hughes
Co.
.........................
1,069,017
27,463,047
Halliburton
Co.
...........................
1,149,719
33,686,767
Schlumberger
NV
.........................
1,433,110
53,068,063
114,217,877
a
Security
Shares
Value
a
Entertainment
 — 
0
.1
%
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
................................
194,796
$
13,201,325
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
2
.7
%
Camden
Property
Trust
......................
80,619
11,375,341
Extra
Space
Storage,
Inc.
(b)
...................
109,944
20,836,587
Host
Hotels
&
Resorts,
Inc.
...................
599,805
10,682,527
Iron
Mountain,
Inc.
.........................
317,568
15,398,873
Mid-America
Apartment
Communities,
Inc.
(b)
........
88,078
16,358,727
Prologis,
Inc.
.............................
801,154
106,200,974
Public
Storage
............................
183,537
59,908,312
Welltower,
Inc.
............................
358,777
30,976,806
271,738,147
a
Food
&
Staples
Retailing
 — 
3
.8
%
Costco
Wholesale
Corp.
.....................
604,303
327,109,214
Kroger
Co.
(The)
..........................
1,091,610
50,694,368
377,803,582
a
Food
Products
 — 
3
.3
%
Archer-Daniels-Midland
Co.
...................
932,106
77,150,414
Bunge
Ltd.
..............................
168,698
15,575,886
Campbell
Soup
Co.
........................
173,533
8,563,854
General
Mills,
Inc.
.........................
669,862
50,098,979
Hershey
Co.
(The)
.........................
234,319
53,415,359
Hormel
Foods
Corp.
(b)
.......................
382,620
18,878,471
JM
Smucker
Co.
(The)
......................
90,784
12,012,539
Kellogg
Co.
..............................
234,434
17,329,361
Kraft
Heinz
Co.
(The)
.......................
621,335
22,883,768
McCormick
&
Co.,
Inc.
,
NVS
..................
293,811
25,664,391
Tyson
Foods,
Inc.
,
Class
A
...................
291,406
25,646,642
327,219,664
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
........................
140,791
17,090,619
a
Health
Care
Providers
&
Services
 — 
9
.0
%
AmerisourceBergen
Corp.
....................
195,341
28,506,112
Centene
Corp.
(a)
(b)
.........................
550,327
51,163,901
CVS
Health
Corp.
.........................
1,257,861
120,352,141
Elevance
Health,
Inc.
.......................
244,761
116,775,473
McKesson
Corp.
..........................
266,458
91,016,724
UnitedHealth
Group,
Inc.
.....................
912,198
494,721,463
902,535,814
a
Hotels,
Restaurants
&
Leisure
 — 
0
.3
%
Hilton
Worldwide
Holdings,
Inc.
................
230,681
29,543,316
a
Household
Products
 — 
4
.1
%
Church
&
Dwight
Co.,
Inc.
....................
236,361
20,792,677
Procter
&
Gamble
Co.
(The)
(b)
.................
2,789,233
387,452,356
408,245,033
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
Vistra
Corp.
.............................
566,855
14,653,202
a
Insurance
 — 
2
.6
%
Alleghany
Corp.
(a)
(b)
........................
14,579
12,209,621
Arthur
J
Gallagher
&
Co.
(b)
....................
161,761
28,953,601
Assurant,
Inc.
............................
42,715
7,508,443
Chubb
Ltd.
(b)
.............................
358,921
67,706,858
Loews
Corp.
.............................
181,940
10,598,005
Marsh
&
McLennan
Companies,
Inc.
.............
379,866
62,282,829
Progressive
Corp.
(The)
.....................
489,702
56,345,112
iShares
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
W
R
Berkley
Corp.
.........................
243,310
$
15,214,174
260,818,643
a
IT
Services
 — 
0
.7
%
Gartner,
Inc.
(a)
(b)
...........................
69,704
18,505,018
Jack
Henry
&
Associates,
Inc.
(b)
................
69,865
14,515,851
Paychex,
Inc.
............................
306,050
39,260,094
72,280,963
a
Metals
&
Mining
 — 
1
.4
%
Alcoa
Corp.
..............................
231,561
11,784,139
Cleveland-Cliffs,
Inc.
(a)
(b)
.....................
422,595
7,484,157
Newmont
Corp.
...........................
878,466
39,776,941
Nucor
Corp.
(b)
............................
453,646
61,605,127
Steel
Dynamics,
Inc.
(b)
......................
249,706
19,447,103
140,097,467
a
Multiline
Retail
 — 
1
.0
%
Dollar
General
Corp.
.......................
187,804
46,656,148
Dollar
Tree,
Inc.
(a)
..........................
343,504
56,801,821
103,457,969
a
Multi-Utilities
 — 
1
.9
%
Ameren
Corp.
............................
216,607
20,170,444
CenterPoint
Energy,
Inc.
.....................
584,115
18,510,604
CMS
Energy
Corp.
.........................
243,851
16,759,879
Consolidated
Edison,
Inc.
....................
431,148
42,800,062
DTE
Energy
Co.
..........................
171,001
22,281,430
NiSource,
Inc.
............................
385,105
11,707,192
Sempra
Energy
...........................
333,801
55,344,206
187,573,817
a
Oil,
Gas
&
Consumable
Fuels
 — 
18
.5
%
APA
Corp.
..............................
456,513
16,968,588
Cheniere
Energy,
Inc.
.......................
373,425
55,856,912
Chevron
Corp.
............................
2,826,916
462,992,302
ConocoPhillips
...........................
1,916,560
186,730,441
Coterra
Energy,
Inc.
........................
1,182,067
36,159,430
Devon
Energy
Corp.
........................
1,013,617
63,705,828
Diamondback
Energy,
Inc.
....................
158,507
20,292,066
EOG
Resources,
Inc.
.......................
678,995
75,517,824
EQT
Corp.
..............................
570,072
25,100,270
Exxon
Mobil
Corp.
.........................
5,339,512
517,558,898
Hess
Corp.
..............................
286,077
32,175,080
Marathon
Oil
Corp.
.........................
1,168,306
28,973,989
Marathon
Petroleum
Corp.
...................
661,993
60,678,278
Occidental
Petroleum
Corp.
(b)
..................
1,335,110
87,783,483
Pioneer
Natural
Resources
Co.
................
266,403
63,124,191
Targa
Resources
Corp.
......................
292,138
20,189,657
Valero
Energy
Corp.
........................
507,097
56,171,135
Williams
Companies,
Inc.
(The)
................
1,441,464
49,139,508
1,859,117,880
a
Pharmaceuticals
 — 
15
.3
%
Bristol-Myers
Squibb
Co.
.....................
2,888,673
213,126,294
Eli
Lilly
&
Co.
............................
1,138,314
375,290,743
Johnson
&
Johnson
........................
2,504,558
437,095,462
Merck
&
Co.,
Inc.
..........................
2,356,978
210,572,415
Pfizer,
Inc.
..............................
6,021,624
304,152,228
1,540,237,142
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.1
%
Broadcom,
Inc.
...........................
343,598
183,989,857
ON
Semiconductor
Corp.
(a)
(b)
..................
367,650
24,551,667
208,541,524
a
Security
Shares
Value
a
Software
 — 
0
.9
%
Fortinet,
Inc.
(a)
(b)
...........................
526,041
$
31,378,346
Palo
Alto
Networks,
Inc.
(a)
(b)
...................
117,341
58,564,893
89,943,239
a
Specialty
Retail
 — 
0
.5
%
AutoZone,
Inc.
(a)
..........................
21,078
45,051,906
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.0
%
Apple,
Inc.
..............................
3,543,074
575,784,956
HP,
Inc.
................................
878,112
29,320,159
605,105,115
a
Tobacco
 — 
0
.9
%
Altria
Group,
Inc.
..........................
2,095,876
91,925,121
a
Trading
Companies
&
Distributors
 — 
0
.2
%
WW
Grainger,
Inc.
.........................
38,571
20,964,496
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
9,946,959,558
)
...............................
9,997,975,184
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
1.96
%
(c)
(d)
(e)
............................
96,853,224
96,853,224
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
1.84
%
(c)
(d)
.............................
26,127,531
26,127,531
a
Total
Short-Term
Securities — 1.2%
(Cost:
$
122,966,558
)
................................
122,980,755
Total
Investments
—
100.8%
(Cost:
$
10,069,926,116
)
..............................
10,120,955,939
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
79,101,056
)
Net
Assets
—
100.0%
.................................
$
10,041,854,883
(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.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Momentum
Factor
ETF
16
2022
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
116,460,162
$
—
$
(
19,524,933
)
(a)
$
(
49,468
)
$
(
32,537
)
$
96,853,224
96,853,224
$
350,200
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
23,140,000
2,987,531
(a)
—
—
—
26,127,531
26,127,531
57,064
—
BlackRock,
Inc.
(c)
.
177,471,544
73,615,701
(
217,274,134
)
5,664,399
(
39,477,510
)
—
—
2,500,355
—
$
5,614,931
$
(
39,510,047
)
$
122,980,755
$
2,907,619
$
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
209
09/16/22
$
43,195
$
2,533,628
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
2,533,628
$
—
$
—
$
—
$
2,533,628
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
2,420,804
$
—
$
—
$
—
$
2,420,804
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
1,521,125
$
—
$
—
$
—
$
1,521,125
iShares
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
17
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
32,763,385
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
9,997,975,184
$
—
$
—
$
9,997,975,184
Short-Term
Securities
Money
Market
Funds
..........................................
122,980,755
—
—
122,980,755
$
10,120,955,939
$
—
$
—
$
10,120,955,939
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
2,533,628
$
—
$
—
$
2,533,628
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
July
31,
2022
iShares
®
MSCI
USA
Quality
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 1.5%
Lockheed
Martin
Corp.
......................
725,521
$
300,227,845
a
Air
Freight
&
Logistics
 — 2.1%
CH
Robinson
Worldwide,
Inc.
.................
276,978
30,661,465
Expeditors
International
of
Washington,
Inc.
........
481,602
51,170,212
United
Parcel
Service,
Inc.,
Class
B
.............
1,782,575
347,406,042
429,237,719
a
Beverages
 — 2.8%
Brown-Forman
Corp.,
Class
B,
NVS
.............
485,375
36,024,532
Coca-Cola
Co.
(The)
.......................
7,127,809
457,391,504
Monster
Beverage
Corp.
(a)
....................
821,678
81,855,562
575,271,598
a
Biotechnology
 — 1.1%
Regeneron
Pharmaceuticals,
Inc.
(a)
..............
218,760
127,250,504
Vertex
Pharmaceuticals,
Inc.
(a)
.................
357,212
100,165,817
227,416,321
a
Building
Products
 — 0.2%
A
O
Smith
Corp.
..........................
315,212
19,943,463
Allegion
PLC
.............................
240,022
25,370,326
45,313,789
a
Capital
Markets
 — 10.6%
Ameriprise
Financial,
Inc.
....................
612,091
165,215,603
Blackstone,
Inc.,
NVS
.......................
3,839,696
391,917,771
Coinbase
Global,
Inc.,
Class
A
(a)(b)
...............
1,102,846
69,435,184
FactSet
Research
Systems,
Inc.
................
191,971
82,486,099
MarketAxess
Holdings,
Inc.
...................
190,033
51,457,136
Moody's
Corp.
(b)
...........................
961,239
298,224,400
S&P
Global,
Inc.
(b)
.........................
2,342,695
883,032,026
SEI
Investments
Co.
........................
630,310
34,893,961
T
Rowe
Price
Group,
Inc.
....................
1,344,576
166,014,799
2,142,676,979
a
Chemicals
 — 0.9%
Celanese
Corp.
(b)
..........................
594,699
69,883,080
LyondellBasell
Industries
NV,
Class
A
............
1,331,220
118,638,326
188,521,406
a
Commercial
Services
&
Supplies
 — 0.9%
Cintas
Corp.
.............................
213,107
90,674,898
Copart,
Inc.
(a)(b)
...........................
503,561
64,506,164
Rollins,
Inc.
..............................
512,351
19,761,378
174,942,440
a
Communications
Equipment
 — 1.3%
Arista
Networks,
Inc.
(a)
......................
284,080
33,132,250
Cisco
Systems,
Inc.
........................
5,260,932
238,688,485
271,820,735
a
Distributors
 — 0.4%
Pool
Corp.
(b)
.............................
242,045
86,579,496
a
Electric
Utilities
 — 1.2%
NRG
Energy,
Inc.
..........................
6,529,994
246,507,273
a
Electrical
Equipment
 — 0.2%
Generac
Holdings,
Inc.
(a)(b)
....................
131,142
35,185,399
a
Energy
Equipment
&
Services
 — 1.0%
Schlumberger
NV
.........................
5,217,704
193,211,579
a
Security
Shares
Value
a
Entertainment
 — 1.5%
Activision
Blizzard,
Inc.
......................
1,060,869
$
84,816,477
Electronic
Arts,
Inc.
(b)
.......................
350,196
45,956,221
Netflix,
Inc.
(a)
.............................
613,477
137,970,977
Take-Two
Interactive
Software,
Inc.
(a)
.............
226,793
30,102,235
298,845,910
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 2.8%
AvalonBay
Communities,
Inc.
.................
174,281
37,285,677
Duke
Realty
Corp.
.........................
545,720
34,140,243
Equity
Residential
.........................
525,430
41,188,458
Essex
Property
Trust,
Inc.
(b)
...................
75,746
21,703,501
Kimco
Realty
Corp.
(b)
.......................
747,406
16,525,147
Mid-America
Apartment
Communities,
Inc.
.........
128,352
23,838,817
Prologis,
Inc.
(b)
............................
1,020,660
135,298,690
Public
Storage
(b)
..........................
304,352
99,343,536
Realty
Income
Corp.
........................
726,893
53,782,813
VICI
Properties,
Inc.
(b)
.......................
1,486,806
50,833,897
Weyerhaeuser
Co.
.........................
1,279,206
46,460,762
560,401,541
a
Food
&
Staples
Retailing
 — 2.2%
Costco
Wholesale
Corp.
.....................
839,088
454,198,334
a
Food
Products
 — 0.7%
Hershey
Co.
(The)
.........................
471,021
107,373,947
Tyson
Foods,
Inc.,
Class
A
...................
504,699
44,418,559
151,792,506
a
Gas
Utilities
 — 1.5%
Atmos
Energy
Corp.
........................
2,432,010
295,221,694
a
Health
Care
Equipment
&
Supplies
 — 1.1%
ABIOMED,
Inc.
(a)
..........................
58,355
17,098,598
Edwards
Lifesciences
Corp.
(a)(b)
................
998,457
100,384,867
Hologic,
Inc.
(a)
............................
342,575
24,453,003
IDEXX
Laboratories,
Inc.
(a)
....................
218,470
87,208,855
229,145,323
a
Health
Care
Providers
&
Services
 — 0.3%
Cardinal
Health,
Inc.
........................
392,095
23,353,178
Henry
Schein,
Inc.
(a)(b)
.......................
176,566
13,918,698
Quest
Diagnostics,
Inc.
......................
169,909
23,204,472
60,476,348
a
Health
Care
Technology
 — 0.2%
Veeva
Systems,
Inc.,
Class
A
(a)
................
189,999
42,479,976
a
Household
Durables
 — 1.7%
DR
Horton,
Inc.
...........................
1,720,315
134,236,180
Garmin
Ltd.
..............................
751,777
73,388,471
NVR,
Inc.
(a)
..............................
18,041
79,255,917
PulteGroup,
Inc.
..........................
1,278,931
55,786,970
342,667,538
a
Household
Products
 — 0.2%
Church
&
Dwight
Co.,
Inc.
....................
415,985
36,594,200
a
Industrial
Conglomerates
 — 0.9%
3M
Co.
.................................
1,245,544
178,411,723
a
Insurance
 — 0.4%
Erie
Indemnity
Co.,
Class
A,
NVS
(b)
..............
121,740
24,757,047
Fidelity
National
Financial,
Inc.
.................
1,238,765
49,501,049
74,258,096
a
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Interactive
Media
&
Services
 — 6.5%
Alphabet,
Inc.,
Class
A
(a)
.....................
3,253,400
$
378,435,488
Alphabet,
Inc.,
Class
C,
NVS
(a)(b)
................
3,073,712
358,517,768
Meta
Platforms,
Inc.,
Class
A
(a)
.................
3,656,365
581,727,671
1,318,680,927
a
Internet
&
Direct
Marketing
Retail
 — 0.3%
Etsy,
Inc.
(a)(b)
.............................
550,833
57,132,399
a
IT
Services
 — 7.3%
Accenture
PLC,
Class
A
(b)
....................
843,497
258,329,391
Automatic
Data
Processing,
Inc.
................
671,544
161,922,689
Jack
Henry
&
Associates,
Inc.
(b)
................
92,450
19,208,337
Mastercard,
Inc.,
Class
A
(b)
...................
1,431,620
506,492,840
Paychex,
Inc.
............................
479,098
61,458,692
Visa,
Inc.,
Class
A
(b)
........................
2,210,921
468,958,453
1,476,370,402
a
Life
Sciences
Tools
&
Services
 — 0.5%
Agilent
Technologies,
Inc.
(b)
...................
415,126
55,668,397
West
Pharmaceutical
Services,
Inc.
.............
123,467
42,418,322
98,086,719
a
Machinery
 — 1.0%
Illinois
Tool
Works,
Inc.
(b)
.....................
942,416
195,796,348
a
Media
 — 0.3%
Fox
Corp.,
Class
A,
NVS
.....................
366,211
12,125,247
Fox
Corp.,
Class
B
.........................
171,878
5,311,030
Interpublic
Group
of
Companies,
Inc.
(The)
........
512,744
15,315,663
Omnicom
Group,
Inc.
.......................
280,761
19,608,348
52,360,288
a
Metals
&
Mining
 — 1.6%
Cleveland-Cliffs,
Inc.
(a)(b)
.....................
4,665,769
82,630,769
Nucor
Corp.
(b)
............................
1,236,544
167,922,675
Steel
Dynamics,
Inc.
(b)
......................
875,466
68,181,292
318,734,736
a
Multiline
Retail
 — 2.1%
Target
Corp.
.............................
2,664,707
435,359,830
a
Oil,
Gas
&
Consumable
Fuels
 — 3.2%
Coterra
Energy,
Inc.
........................
3,708,596
113,445,952
Devon
Energy
Corp.
........................
2,635,156
165,619,554
Kinder
Morgan,
Inc.
........................
8,810,411
158,499,294
Marathon
Petroleum
Corp.
...................
2,321,930
212,828,104
650,392,904
a
Personal
Products
 — 0.9%
Estee
Lauder
Companies,
Inc.
(The),
Class
A
(b)
......
675,228
184,404,767
a
Pharmaceuticals
 — 11.1%
Eli
Lilly
&
Co.
............................
1,826,489
602,175,158
Johnson
&
Johnson
........................
4,278,983
746,768,113
Merck
&
Co.,
Inc.
..........................
3,871,347
345,866,141
Pfizer,
Inc.
..............................
8,152,109
411,763,026
Zoetis,
Inc.
..............................
745,143
136,025,855
2,242,598,293
a
Professional
Services
 — 0.1%
Robert
Half
International,
Inc.
..................
295,276
23,368,143
a
Real
Estate
Management
&
Development
 — 0.3%
CBRE
Group,
Inc.,
Class
A
(a)
..................
673,200
57,639,384
a
Security
Shares
Value
a
Road
&
Rail
 — 0.3%
Old
Dominion
Freight
Line,
Inc.
................
231,872
$
70,375,471
a
Semiconductors
&
Semiconductor
Equipment
 — 9.5%
Advanced
Micro
Devices,
Inc.
(a)
................
1,945,614
183,802,155
Applied
Materials,
Inc.
......................
1,413,783
149,832,722
Intel
Corp.
..............................
4,574,100
166,085,571
KLA
Corp.
...............................
271,842
104,262,281
Lam
Research
Corp.
.......................
245,078
122,663,990
Monolithic
Power
Systems,
Inc.
................
50,545
23,489,272
NVIDIA
Corp.
............................
3,216,823
584,271,562
QUALCOMM,
Inc.
.........................
1,879,900
272,698,294
Skyworks
Solutions,
Inc.
.....................
184,164
20,051,776
Teradyne,
Inc.
(b)
...........................
235,387
23,748,194
Texas
Instruments,
Inc.
......................
1,505,463
269,312,276
1,920,218,093
a
Software
 — 6.1%
Adobe,
Inc.
(a)
.............................
621,635
254,944,946
Cadence
Design
Systems,
Inc.
(a)
...............
342,303
63,695,742
Fortinet,
Inc.
(a)
............................
1,013,800
60,473,170
Intuit,
Inc.
(b)
..............................
279,124
127,327,995
Microsoft
Corp.
...........................
2,508,644
704,276,717
Paycom
Software,
Inc.
(a)
.....................
57,633
19,047,130
1,229,765,700
a
Specialty
Retail
 — 1.7%
Best
Buy
Co.,
Inc.
.........................
1,473,727
113,462,242
Tractor
Supply
Co.
.........................
553,354
105,956,224
Ulta
Beauty,
Inc.
(a)(b)
........................
302,119
117,497,100
336,915,566
a
Technology
Hardware,
Storage
&
Peripherals
 — 3.7%
Apple,
Inc.
..............................
4,623,543
751,371,973
a
Textiles,
Apparel
&
Luxury
Goods
 — 4.7%
Lululemon
Athletica,
Inc.
(a)
....................
685,192
212,758,968
Nike,
Inc.,
Class
B
(b)
........................
6,394,317
734,834,910
947,593,878
a
Trading
Companies
&
Distributors
 — 0.7%
Fastenal
Co.
.............................
1,467,261
75,358,525
WW
Grainger,
Inc.
.........................
121,787
66,194,888
141,553,413
a
Total
Long-Term
Investments — 99.6%
(Cost:
$19,488,438,498)
..............................
20,150,125,002
a
Short-Term
Securities
Money
Market
Funds
 — 
1.4%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
234,874,715
234,874,715
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
60,070,750
60,070,750
a
Total
Short-Term
Securities — 1.4%
(Cost:
$294,890,315)
................................
294,945,465
Total
Investments
—
101.0%
(Cost:
$19,783,328,813)
..............................
20,445,070,467
Liabilities
in
Excess
of
Other
Assets
—
(1.0)%
...............
(207,954,255)
Net
Assets
—
100.0%
.................................
$
20,237,116,212
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Quality
Factor
ETF
20
2022
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
se
curity
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
14,398,626
$
220,531,115
(a)
$
—
$
(108,210
)
$
53,184
$
234,874,715
234,874,715
$
465,233
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
52,210,000
7,860,750
(a)
—
—
—
60,070,750
60,070,750
111,131
—
BlackRock,
Inc.
(c)
..
687,148,110
204,205,061
(766,059,829
)
91,267,063
(216,560,405
)
—
—
9,241,025
—
$
91,158,853
$
(216,507,221
)
$
294,945,465
$
9,817,389
$
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
412
09/16/22
$
85,150
$
3,003,966
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
3,003,966
$
—
$
—
$
—
$
3,003,966
(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).
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
21
Schedule
of
Investments
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
94,820
$
—
$
—
$
—
$
94,820
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
1,102,336
$
—
$
—
$
—
$
1,102,336
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
62,246,018
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
20,150,125,002
$
—
$
—
$
20,150,125,002
Short-Term
Securities
Money
Market
Funds
..........................................
294,945,465
—
—
294,945,465
$
20,445,070,467
$
—
$
—
$
20,445,070,467
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
3,003,966
$
—
$
—
$
3,003,966
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
July
31,
2022
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 1.8%
Boeing
Co.
(The)
(a)(b)
........................
4,072
$
648,710
General
Dynamics
Corp.
.....................
2,390
541,741
HEICO
Corp.
............................
1,743
274,889
HEICO
Corp.,
Class
A
.......................
2,936
374,868
Howmet
Aerospace,
Inc.
.....................
16,559
614,836
Huntington
Ingalls
Industries,
Inc.
...............
2,827
613,007
L3Harris
Technologies,
Inc.
...................
2,266
543,772
Lockheed
Martin
Corp.
......................
1,192
493,262
Northrop
Grumman
Corp.
....................
1,155
553,129
Raytheon
Technologies
Corp.
.................
5,595
521,510
Textron,
Inc.
.............................
8,839
580,192
TransDigm
Group,
Inc.
(a)
.....................
993
617,984
6,377,900
a
Air
Freight
&
Logistics
 — 0.7%
CH
Robinson
Worldwide,
Inc.
.................
5,489
607,632
Expeditors
International
of
Washington,
Inc.
........
5,293
562,381
FedEx
Corp.
.............................
2,634
613,959
United
Parcel
Service,
Inc.,
Class
B
.............
3,006
585,840
2,369,812
a
Airlines
 — 0.3%
Delta
Air
Lines,
Inc.
(a)
.......................
13,775
438,045
Southwest
Airlines
Co.
(a)
.....................
12,388
472,231
910,276
a
Auto
Components
 — 0.5%
Aptiv
PLC
(a)
..............................
5,691
596,929
BorgWarner,
Inc.
..........................
14,473
556,632
Lear
Corp.
..............................
4,261
644,007
1,797,568
a
Automobiles
 — 0.8%
Ford
Motor
Co.
...........................
40,865
600,307
General
Motors
Co.
(a)
.......................
14,529
526,822
Lucid
Group,
Inc.
(a)(b)
........................
27,906
509,284
Rivian
Automotive,
Inc.,
Class
A
(a)(b)
..............
18,279
626,970
Tesla,
Inc.
(a)
..............................
667
594,597
2,857,980
a
Banks
 — 2.8%
Bank
of
America
Corp.
......................
14,257
482,029
Citigroup,
Inc.
............................
10,279
533,480
Citizens
Financial
Group,
Inc.
.................
14,519
551,286
Fifth
Third
Bancorp
........................
15,179
517,907
First
Citizens
BancShares,
Inc.,
Class
A
...........
857
648,475
First
Republic
Bank
........................
3,752
610,488
Huntington
Bancshares,
Inc.
..................
41,734
554,645
JPMorgan
Chase
&
Co.
.....................
4,114
474,591
KeyCorp
................................
29,915
547,445
M&T
Bank
Corp.
..........................
3,296
584,875
PNC
Financial
Services
Group,
Inc.
(The)
.........
3,359
557,392
Regions
Financial
Corp.
.....................
27,359
579,464
Signature
Bank
...........................
2,952
547,803
SVB
Financial
Group
(a)(b)
.....................
1,241
500,806
Truist
Financial
Corp.
.......................
11,301
570,361
U.S.
Bancorp
............................
10,515
496,308
Webster
Financial
Corp.
.....................
12,445
578,070
Wells
Fargo
&
Co.
.........................
11,896
521,878
9,857,303
a
Beverages
 — 1.2%
Brown-Forman
Corp.,
Class
B,
NVS
.............
8,671
643,562
Coca-Cola
Co.
(The)
.......................
8,206
526,579
Security
Shares
Value
a
Beverages
(continued)
Constellation
Brands,
Inc.,
Class
A
..............
2,246
$
553,212
Keurig
Dr
Pepper,
Inc.
......................
15,325
593,690
Molson
Coors
Beverage
Co.,
Class
B
............
11,033
659,222
Monster
Beverage
Corp.
(a)
....................
6,077
605,391
PepsiCo,
Inc.
............................
3,072
537,477
4,119,133
a
Biotechnology
 — 2.2%
AbbVie,
Inc.
.............................
3,242
465,259
Alnylam
Pharmaceuticals,
Inc.
(a)
................
4,266
605,943
Amgen,
Inc.
.............................
2,062
510,283
Biogen,
Inc.
(a)
............................
2,785
598,942
BioMarin
Pharmaceutical,
Inc.
(a)
................
6,981
600,715
Exact
Sciences
Corp.
(a)(b)
.....................
10,460
471,746
Gilead
Sciences,
Inc.
.......................
8,154
487,202
Horizon
Therapeutics
PLC
(a)(b)
.................
6,100
506,117
Incyte
Corp.
(a)
............................
7,408
575,453
Moderna,
Inc.
(a)
...........................
3,650
598,929
Neurocrine
Biosciences,
Inc.
(a)
.................
6,645
625,494
Regeneron
Pharmaceuticals,
Inc.
(a)
..............
787
457,790
Seagen,
Inc.
(a)
............................
3,785
681,224
Vertex
Pharmaceuticals,
Inc.
(a)
.................
2,037
571,195
7,756,292
a
Building
Products
 — 1.5%
A
O
Smith
Corp.
..........................
9,660
611,188
Allegion
PLC
.............................
5,178
547,315
Carrier
Global
Corp.
........................
14,310
579,984
Fortune
Brands
Home
&
Security,
Inc.
............
8,503
592,489
Johnson
Controls
International
PLC
.............
10,265
553,386
Lennox
International,
Inc.
....................
2,757
660,384
Masco
Corp.
.............................
10,295
570,137
Owens
Corning
...........................
6,024
558,666
Trane
Technologies
PLC
.....................
4,099
602,512
5,276,061
a
Capital
Markets
 — 4.7%
Ameriprise
Financial,
Inc.
....................
2,116
571,151
Bank
of
New
York
Mellon
Corp.
(The)
............
12,315
535,210
BlackRock,
Inc.
(c)
..........................
865
578,841
Blackstone,
Inc.,
NVS
.......................
4,950
505,246
Carlyle
Group,
Inc.
(The)
.....................
15,781
614,039
Cboe
Global
Markets,
Inc.
....................
5,300
653,914
Charles
Schwab
Corp.
(The)
..................
8,101
559,374
CME
Group,
Inc.
..........................
2,724
543,384
Coinbase
Global,
Inc.,
Class
A
(a)(b)
...............
8,225
517,846
FactSet
Research
Systems,
Inc.
................
1,539
661,278
Franklin
Resources,
Inc.
.....................
22,160
608,292
Goldman
Sachs
Group,
Inc.
(The)
..............
1,655
551,760
Intercontinental
Exchange,
Inc.
................
5,467
557,579
Invesco
Ltd.
.............................
31,453
557,976
KKR
&
Co.,
Inc.
...........................
10,643
590,261
LPL
Financial
Holdings,
Inc.
...................
3,191
669,855
MarketAxess
Holdings,
Inc.
...................
2,105
569,992
Moody's
Corp.
............................
1,856
575,824
Morgan
Stanley
...........................
6,301
531,174
MSCI,
Inc.
..............................
1,305
628,149
Nasdaq,
Inc.
.............................
3,792
685,973
Northern
Trust
Corp.
........................
5,331
531,927
Raymond
James
Financial,
Inc.
................
5,976
588,457
S&P
Global,
Inc.
..........................
1,530
576,703
SEI
Investments
Co.
........................
10,312
570,872
State
Street
Corp.
.........................
8,207
583,025
T
Rowe
Price
Group,
Inc.
....................
4,484
553,639
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Capital
Markets
(continued)
Tradeweb
Markets,
Inc.,
Class
A
................
8,594
$
606,049
16,277,790
a
Chemicals
 — 2.6%
Air
Products
and
Chemicals,
Inc.
...............
2,240
556,035
Albemarle
Corp.
(b)
.........................
2,252
550,186
Celanese
Corp.
...........................
3,669
431,144
CF
Industries
Holdings,
Inc.
...................
5,427
518,224
Corteva,
Inc.
.............................
8,972
516,339
Dow,
Inc.
...............................
7,639
406,471
DuPont
de
Nemours,
Inc.
....................
8,314
509,066
Eastman
Chemical
Co.
......................
5,380
516,104
Ecolab,
Inc.
.............................
3,347
552,824
FMC
Corp.
..............................
4,553
505,838
International
Flavors
&
Fragrances,
Inc.
...........
4,147
514,435
Linde
PLC
(b)
.............................
1,615
487,730
LyondellBasell
Industries
NV,
Class
A
............
4,883
435,173
Mosaic
Co.
(The)
..........................
8,875
467,358
PPG
Industries,
Inc.
........................
4,386
567,066
RPM
International,
Inc.
......................
6,616
598,087
Sherwin-Williams
Co.
(The)
...................
2,001
484,122
Westlake
Corp.
(b)
..........................
4,254
414,084
9,030,286
a
Commercial
Services
&
Supplies
 — 1.0%
Cintas
Corp.
.............................
1,482
630,576
Copart,
Inc.
(a)(b)
...........................
4,872
624,103
Republic
Services,
Inc.
......................
4,157
576,410
Rollins,
Inc.
..............................
16,016
617,737
Waste
Connections,
Inc.
.....................
4,379
584,027
Waste
Management,
Inc.
.....................
3,406
560,492
3,593,345
a
Communications
Equipment
 — 0.8%
Arista
Networks,
Inc.
(a)
......................
5,299
618,023
Cisco
Systems,
Inc.
........................
11,925
541,037
F5,
Inc.
(a)
...............................
3,625
606,680
Juniper
Networks,
Inc.
......................
19,559
548,239
Motorola
Solutions,
Inc.
.....................
2,536
605,064
2,919,043
a
Construction
&
Engineering
 — 0.2%
Quanta
Services,
Inc.
.......................
4,853
673,257
a
Construction
Materials
 — 0.3%
Martin
Marietta
Materials,
Inc.
.................
1,681
591,847
Vulcan
Materials
Co.
.......................
3,395
561,295
1,153,142
a
Consumer
Finance
 — 0.8%
Ally
Financial,
Inc.
.........................
14,377
475,447
American
Express
Co.
......................
3,297
507,804
Capital
One
Financial
Corp.
...................
4,649
510,600
Discover
Financial
Services
...................
5,156
520,756
Synchrony
Financial
........................
16,872
564,875
Upstart
Holdings,
Inc.
(a)(b)
.....................
11,346
276,048
2,855,530
a
Containers
&
Packaging
 — 1.3%
Amcor
PLC
..............................
42,192
546,386
Avery
Dennison
Corp.
.......................
3,304
629,280
Ball
Corp.
...............................
7,786
571,648
Crown
Holdings,
Inc.
.......................
5,507
559,952
International
Paper
Co.
......................
11,461
490,187
Packaging
Corp.
of
America
..................
3,681
517,585
Sealed
Air
Corp.
..........................
9,439
576,912
Security
Shares
Value
a
Containers
&
Packaging
(continued)
Westrock
Co.
............................
12,429
$
526,493
4,418,443
a
Distributors
 — 0.5%
Genuine
Parts
Co.
.........................
4,147
633,952
LKQ
Corp.
..............................
11,093
608,340
Pool
Corp.
..............................
1,403
501,853
1,744,145
a
Diversified
Financial
Services
 — 0.5%
Apollo
Global
Management,
Inc.
................
9,932
567,117
Berkshire
Hathaway,
Inc.,
Class
B
(a)
.............
1,562
469,537
Equitable
Holdings,
Inc.
.....................
20,186
573,888
1,610,542
a
Diversified
Telecommunication
Services
 — 0.6%
AT&T,
Inc.
...............................
24,923
468,054
Liberty
Global
PLC,
Class
A
(a)
.................
7,848
170,772
Liberty
Global
PLC,
Class
C,
NVS
(a)
.............
15,948
365,050
Lumen
Technologies,
Inc.
....................
49,066
534,329
Verizon
Communications,
Inc.
.................
10,124
467,627
2,005,832
a
Electric
Utilities
 — 2.5%
Alliant
Energy
Corp.
........................
9,449
575,728
American
Electric
Power
Co.,
Inc.
...............
5,307
523,058
Constellation
Energy
Corp.
...................
9,563
632,114
Duke
Energy
Corp.
........................
4,724
519,309
Edison
International
........................
8,209
556,324
Entergy
Corp.
............................
4,685
539,384
Evergy,
Inc.
..............................
8,276
564,920
Eversource
Energy
........................
5,997
529,055
Exelon
Corp.
.............................
11,137
517,759
FirstEnergy
Corp.
.........................
12,891
529,820
NextEra
Energy,
Inc.
.......................
7,160
604,949
NRG
Energy,
Inc.
..........................
12,111
457,190
PG&E
Corp.
(a)(b)
...........................
44,657
484,975
PPL
Corp.
..............................
18,622
541,528
Southern
Co.
(The)
........................
7,038
541,152
Xcel
Energy,
Inc.
..........................
7,066
517,090
8,634,355
a
Electrical
Equipment
 — 1.3%
AMETEK,
Inc.
............................
4,617
570,199
Eaton
Corp.
PLC
..........................
3,848
571,005
Emerson
Electric
Co.
.......................
6,308
568,162
Generac
Holdings,
Inc.
(a)(b)
....................
2,481
665,652
Plug
Power,
Inc.
(a)(b)
........................
34,057
726,776
Rockwell
Automation,
Inc.
....................
2,732
697,425
Sensata
Technologies
Holding
PLC
.............
12,847
571,306
4,370,525
a
Electronic
Equipment,
Instruments
&
Components
 — 1.7%
Amphenol
Corp.,
Class
A
....................
7,843
604,931
Arrow
Electronics,
Inc.
(a)
.....................
4,614
591,376
CDW
Corp.
..............................
3,357
609,396
Cognex
Corp.
............................
11,982
610,842
Corning,
Inc.
.............................
16,039
589,594
Keysight
Technologies,
Inc.
(a)
..................
3,946
641,620
TE
Connectivity
Ltd.
........................
4,322
577,981
Teledyne
Technologies,
Inc.
(a)
..................
1,403
549,134
Trimble,
Inc.
(a)
............................
8,469
588,003
Zebra
Technologies
Corp.,
Class
A
(a)
.............
1,695
606,284
5,969,161
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Energy
Equipment
&
Services
 — 0.4%
Baker
Hughes
Co.
.........................
15,283
$
392,620
Halliburton
Co.
...........................
14,833
434,607
Schlumberger
NV
.........................
12,789
473,577
1,300,804
a
Entertainment
 — 1.8%
Activision
Blizzard,
Inc.
......................
6,705
536,065
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
......
43,779
637,422
Electronic
Arts,
Inc.
........................
4,095
537,387
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
................................
9,054
613,589
Live
Nation
Entertainment,
Inc.
(a)
...............
6,044
568,075
Netflix,
Inc.
(a)
.............................
2,813
632,644
Roblox
Corp.,
Class
A
(a)(b)
....................
15,920
683,446
Roku,
Inc.
(a)(b)
............................
5,740
376,085
Take-Two
Interactive
Software,
Inc.
(a)
.............
4,559
605,116
Walt
Disney
Co.
(The)
(a)
.....................
4,833
512,781
Warner
Bros
Discovery,
Inc.
(a)
.................
30,305
454,575
6,157,185
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 5.8%
Alexandria
Real
Estate
Equities,
Inc.
.............
3,426
567,962
American
Homes
4
Rent,
Class
A
...............
15,329
580,662
American
Tower
Corp.
......................
2,187
592,305
AvalonBay
Communities,
Inc.
.................
2,698
577,210
Boston
Properties,
Inc.
......................
5,229
476,676
Camden
Property
Trust
......................
4,008
565,529
Crown
Castle,
Inc.
.........................
2,898
523,553
Digital
Realty
Trust,
Inc.
.....................
4,173
552,714
Duke
Realty
Corp.
.........................
10,695
669,079
Equinix,
Inc.
.............................
823
579,178
Equity
LifeStyle
Properties,
Inc.
................
7,859
577,794
Equity
Residential
.........................
7,337
575,147
Essex
Property
Trust,
Inc.
....................
1,943
556,728
Extra
Space
Storage,
Inc.
....................
3,189
604,379
Healthcare
Realty
Trust,
Inc.
..................
19,183
503,554
Healthpeak
Properties,
Inc.
...................
18,754
518,173
Host
Hotels
&
Resorts,
Inc.
...................
28,487
507,353
Invitation
Homes,
Inc.
.......................
15,220
594,037
Iron
Mountain,
Inc.
.........................
11,367
551,186
Kimco
Realty
Corp.
........................
24,546
542,712
Medical
Properties
Trust,
Inc.
..................
30,751
530,147
Mid-America
Apartment
Communities,
Inc.
.........
3,146
584,307
Prologis,
Inc.
.............................
4,291
568,815
Public
Storage
............................
1,692
552,286
Realty
Income
Corp.
........................
7,897
584,299
Regency
Centers
Corp.
.....................
8,710
561,185
SBA
Communications
Corp.
..................
1,673
561,777
Simon
Property
Group,
Inc.
...................
4,832
524,948
Sun
Communities,
Inc.
......................
3,561
583,862
UDR,
Inc.
...............................
11,945
578,138
Ventas,
Inc.
.............................
9,681
520,644
VICI
Properties,
Inc.
........................
18,367
627,968
Vornado
Realty
Trust
.......................
17,141
520,915
Welltower,
Inc.
............................
6,063
523,479
Weyerhaeuser
Co.
.........................
14,212
516,180
WP
Carey,
Inc.
...........................
6,795
606,793
20,161,674
a
Food
&
Staples
Retailing
 — 0.8%
Costco
Wholesale
Corp.
.....................
1,180
638,734
Kroger
Co.
(The)
..........................
11,107
515,809
Sysco
Corp.
.............................
6,700
568,830
Walgreens
Boots
Alliance,
Inc.
.................
13,126
520,052
Security
Shares
Value
a
Food
&
Staples
Retailing
(continued)
Walmart,
Inc.
.............................
4,078
$
538,500
2,781,925
a
Food
Products
 — 2.1%
Archer-Daniels-Midland
Co.
...................
6,282
519,961
Bunge
Ltd.
..............................
4,996
461,281
Campbell
Soup
Co.
........................
12,031
593,730
Conagra
Brands,
Inc.
.......................
17,379
594,536
General
Mills,
Inc.
(b)
........................
8,012
599,217
Hershey
Co.
(The)
.........................
2,581
588,365
Hormel
Foods
Corp.
........................
11,290
557,049
JM
Smucker
Co.
(The)
......................
4,385
580,223
Kellogg
Co.
..............................
7,973
589,364
Kraft
Heinz
Co.
(The)
.......................
13,658
503,024
McCormick
&
Co.,
Inc.,
NVS
(b)
.................
6,053
528,729
Mondelez
International,
Inc.,
Class
A
.............
8,419
539,153
Tyson
Foods,
Inc.,
Class
A
...................
6,371
560,712
7,215,344
a
Gas
Utilities
 — 0.3%
Atmos
Energy
Corp.
........................
4,959
601,973
UGI
Corp.
...............................
14,148
610,628
1,212,601
a
Health
Care
Equipment
&
Supplies
 — 3.4%
Abbott
Laboratories
........................
4,428
481,944
ABIOMED,
Inc.
(a)
..........................
2,349
688,280
Align
Technology,
Inc.
(a)
......................
1,988
558,568
Baxter
International,
Inc.
.....................
7,334
430,212
Becton
Dickinson
and
Co.
....................
2,062
503,767
Boston
Scientific
Corp.
(a)
.....................
13,237
543,379
Cooper
Companies,
Inc.
(The)
.................
1,619
529,413
Dentsply
Sirona,
Inc.
.......................
15,191
549,307
Dexcom,
Inc.
(a)
...........................
6,794
557,652
Edwards
Lifesciences
Corp.
(a)
.................
5,534
556,388
Hologic,
Inc.
(a)
............................
6,997
499,446
IDEXX
Laboratories,
Inc.
(a)
....................
1,471
587,194
Insulet
Corp.
(a)(b)
...........................
2,854
707,221
Intuitive
Surgical,
Inc.
(a)
......................
2,368
545,043
Masimo
Corp.
(a)
...........................
4,025
581,934
Medtronic
PLC
...........................
4,911
454,366
Novocure
Ltd.
(a)
...........................
7,696
523,251
ResMed,
Inc.
............................
2,723
654,936
STERIS
PLC
.............................
2,434
549,232
Stryker
Corp.
............................
2,231
479,107
Teleflex,
Inc.
.............................
1,924
462,645
Zimmer
Biomet
Holdings,
Inc.
.................
4,631
511,216
11,954,501
a
Health
Care
Providers
&
Services
 — 2.5%
AmerisourceBergen
Corp.
....................
3,585
523,159
Cardinal
Health,
Inc.
........................
9,883
588,632
Centene
Corp.
(a)
..........................
6,370
592,219
Cigna
Corp.
.............................
2,004
551,821
CVS
Health
Corp.
.........................
5,442
520,691
DaVita,
Inc.
(a)(b)
...........................
5,989
504,034
Elevance
Health,
Inc.
.......................
1,053
502,386
HCA
Healthcare,
Inc.
.......................
2,564
544,645
Henry
Schein,
Inc.
(a)
........................
6,747
531,866
Humana,
Inc.
............................
1,213
584,666
Laboratory
Corp.
of
America
Holdings
............
2,204
577,867
McKesson
Corp.
..........................
1,650
563,607
Molina
Healthcare,
Inc.
(a)
.....................
1,773
581,048
Quest
Diagnostics,
Inc.
......................
3,926
536,174
UnitedHealth
Group,
Inc.
.....................
1,010
547,763
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Universal
Health
Services,
Inc.,
Class
B
..........
4,752
$
534,457
8,785,035
a
Health
Care
Technology
 — 0.4%
Teladoc
Health,
Inc.
(a)
.......................
17,619
649,260
Veeva
Systems,
Inc.,
Class
A
(a)
................
3,322
742,733
1,391,993
a
Hotels,
Restaurants
&
Leisure
 — 3.0%
Airbnb,
Inc.,
Class
A
(a)
.......................
4,542
504,071
Aramark
................................
17,531
585,535
Booking
Holdings,
Inc.
(a)(b)
....................
245
474,244
Caesars
Entertainment,
Inc.
(a)(b)
................
11,547
527,582
Carnival
Corp.
(a)(b)
..........................
40,861
370,201
Chipotle
Mexican
Grill,
Inc.
(a)
..................
417
652,280
Darden
Restaurants,
Inc.
....................
4,731
588,962
Domino's
Pizza,
Inc.
........................
1,658
650,118
Expedia
Group,
Inc.
(a)
.......................
4,324
458,560
Hilton
Worldwide
Holdings,
Inc.
................
4,043
517,787
Las
Vegas
Sands
Corp.
(a)
....................
16,239
612,048
Marriott
International,
Inc.,
Class
A
..............
3,348
531,729
McDonald's
Corp.
.........................
2,185
575,464
MGM
Resorts
International
...................
16,446
538,278
Royal
Caribbean
Cruises
Ltd.
(a)
................
9,617
372,274
Starbucks
Corp.
...........................
7,163
607,279
Vail
Resorts,
Inc.
..........................
2,407
570,772
Wynn
Resorts
Ltd.
(a)
........................
9,079
576,335
Yum!
Brands,
Inc.
.........................
4,870
596,770
10,310,289
a
Household
Durables
 — 1.3%
DR
Horton,
Inc.
...........................
8,154
636,257
Garmin
Ltd.
..............................
5,423
529,393
Lennar
Corp.,
Class
A
.......................
7,491
636,735
Mohawk
Industries,
Inc.
(a)(b)
...................
4,060
521,629
Newell
Brands,
Inc.
........................
28,739
580,815
NVR,
Inc.
(a)
..............................
134
588,675
PulteGroup,
Inc.
..........................
13,470
587,562
Whirlpool
Corp.
...........................
3,269
565,112
4,646,178
a
Household
Products
 — 0.8%
Church
&
Dwight
Co.,
Inc.
....................
6,166
542,423
Clorox
Co.
(The)
..........................
3,973
563,530
Colgate-Palmolive
Co.
......................
6,931
545,747
Kimberly-Clark
Corp.
.......................
4,089
538,889
Procter
&
Gamble
Co.
(The)
..................
3,440
477,851
2,668,440
a
Independent
Power
and
Renewable
Electricity
Producers
 — 0.3%
AES
Corp.
(The)
..........................
26,846
596,518
Vistra
Corp.
.............................
21,379
552,647
1,149,165
a
Industrial
Conglomerates
 — 0.4%
3M
Co.
.................................
3,502
501,626
General
Electric
Co.
........................
6,802
502,736
Honeywell
International,
Inc.
..................
2,625
505,208
1,509,570
a
Insurance
 — 4.4%
Aflac,
Inc.
...............................
9,575
548,647
Alleghany
Corp.
(a)
..........................
671
561,949
Allstate
Corp.
(The)
........................
4,237
495,602
American
Financial
Group,
Inc.
................
4,247
567,739
American
International
Group,
Inc.
..............
9,097
470,952
Security
Shares
Value
a
Insurance
(continued)
Aon
PLC,
Class
A
.........................
1,959
$
570,147
Arch
Capital
Group
Ltd.
(a)
....................
12,141
539,060
Arthur
J
Gallagher
&
Co.
.....................
3,444
616,442
Assurant,
Inc.
............................
3,274
575,504
Brown
&
Brown,
Inc.
........................
10,080
656,208
Chubb
Ltd.
..............................
2,519
475,184
Cincinnati
Financial
Corp.
....................
4,448
432,968
Erie
Indemnity
Co.,
Class
A,
NVS
...............
3,489
709,523
Everest
Re
Group
Ltd.
......................
2,026
529,495
Fidelity
National
Financial,
Inc.
.................
13,829
552,607
Globe
Life,
Inc.
...........................
6,003
604,682
Hartford
Financial
Services
Group,
Inc.
(The)
.......
8,050
518,983
Lincoln
National
Corp.
......................
10,701
549,389
Loews
Corp.
.............................
8,762
510,387
Markel
Corp.
(a)
............................
404
524,045
Marsh
&
McLennan
Companies,
Inc.
.............
3,401
557,628
MetLife,
Inc.
.............................
8,410
531,932
Principal
Financial
Group,
Inc.
(b)
................
7,851
525,546
Progressive
Corp.
(The)
.....................
4,710
541,933
Prudential
Financial,
Inc.
.....................
5,337
533,647
Travelers
Companies,
Inc.
(The)
................
3,125
495,938
W
R
Berkley
Corp.
.........................
8,268
516,998
Willis
Towers
Watson
PLC
....................
2,704
559,566
15,272,701
a
Interactive
Media
&
Services
 — 1.1%
Alphabet,
Inc.,
Class
A
(a)
.....................
2,140
248,925
Alphabet,
Inc.
,
Class
C,
NVS
(a)
.................
1,980
230,947
IAC/InterActiveCorp.
(a)
......................
7,017
480,665
Match
Group,
Inc.
(a)
........................
7,268
532,817
Meta
Platforms,
Inc.,
Class
A
(a)
.................
2,509
399,182
Pinterest,
Inc.,
Class
A
(a)
.....................
23,915
465,864
Snap,
Inc.,
Class
A,
NVS
(a)
...................
22,939
226,637
Twitter,
Inc.
(a)
.............................
14,399
599,142
ZoomInfo
Technologies,
Inc.
(a)
.................
13,720
519,851
3,704,030
a
Internet
&
Direct
Marketing
Retail
 — 1.3%
Amazon.com,
Inc.
(a)
........................
4,355
587,707
Chewy,
Inc.,
Class
A
(a)(b)
.....................
22,498
873,147
DoorDash,
Inc.,
Class
A
(a)
....................
8,119
566,300
eBay,
Inc.
...............................
12,093
588,083
Etsy,
Inc.
(a)
..............................
7,098
736,205
MercadoLibre,
Inc.
(a)(b)
.......................
665
541,117
Wayfair,
Inc.,
Class
A
(a)(b)
.....................
11,657
628,429
4,520,988
a
IT
Services
 — 4.6%
Accenture
PLC,
Class
A
.....................
1,827
559,537
Affirm
Holdings,
Inc.
(a)(b)
......................
22,215
596,251
Akamai
Technologies,
Inc.
(a)
...................
5,604
539,217
Automatic
Data
Processing,
Inc.
................
2,484
598,942
Block,
Inc.,
Class
A
(a)
.......................
6,045
459,783
Broadridge
Financial
Solutions,
Inc.
.............
3,992
640,916
Cloudflare,
Inc.,
Class
A
(a)
....................
9,472
476,631
Cognizant
Technology
Solutions
Corp.,
Class
A
......
7,567
514,253
EPAM
Systems,
Inc.
(a)
.......................
1,678
586,041
Fidelity
National
Information
Services,
Inc.
.........
5,371
548,701
Fiserv,
Inc.
(a)
.............................
5,521
583,459
FleetCor
Technologies,
Inc.
(a)
..................
2,427
534,158
Gartner,
Inc.
(a)
............................
2,196
582,994
Global
Payments,
Inc.
......................
4,433
542,245
GoDaddy,
Inc.,
Class
A
(a)
.....................
7,886
584,983
International
Business
Machines
Corp.
...........
3,915
512,043
Jack
Henry
&
Associates,
Inc.
.................
3,123
648,866
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
IT
Services
(continued)
Mastercard,
Inc.,
Class
A
.....................
1,471
$
520,425
MongoDB,
Inc.
(a)(b)
.........................
2,250
703,058
Okta,
Inc.,
Class
A
(a)
........................
6,711
660,698
Paychex,
Inc.
............................
4,568
585,983
PayPal
Holdings,
Inc.
(a)
......................
6,316
546,523
Snowflake,
Inc.,
Class
A
(a)
....................
3,605
540,426
SS&C
Technologies
Holdings,
Inc.
..............
9,205
544,660
Twilio,
Inc.,
Class
A
(a)
.......................
5,389
456,987
VeriSign,
Inc.
(a)
...........................
3,354
634,443
Visa,
Inc.,
Class
A
.........................
2,447
519,033
Western
Union
Co.
(The)
....................
33,674
573,131
15,794,387
a
Leisure
Products
 — 0.3%
Hasbro,
Inc.
.............................
6,416
505,067
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
.............
39,442
374,305
879,372
a
Life
Sciences
Tools
&
Services
 — 2.2%
Agilent
Technologies,
Inc.
....................
4,351
583,469
Avantor,
Inc.
(a)
............................
17,609
511,013
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)(b)
...........
1,056
594,803
Bio-Techne
Corp.
..........................
1,512
582,543
Charles
River
Laboratories
International,
Inc.
(a)
......
2,412
604,303
Danaher
Corp.
...........................
2,005
584,397
Illumina,
Inc.
(a)
............................
2,209
478,646
IQVIA
Holdings,
Inc.
(a)
.......................
2,635
633,111
Mettler-Toledo
International,
Inc.
(a)
..............
438
591,182
PerkinElmer,
Inc.
..........................
3,820
585,109
Thermo
Fisher
Scientific,
Inc.
..................
900
538,569
Waters
Corp.
(a)
...........................
1,686
613,755
West
Pharmaceutical
Services,
Inc.
.............
1,800
618,408
7,519,308
a
Machinery
 — 2.8%
Caterpillar,
Inc.
...........................
2,462
488,091
Cummins,
Inc.
............................
2,662
589,127
Deere
&
Co.
.............................
1,396
479,079
Dover
Corp.
.............................
4,227
565,065
Fortive
Corp.
.............................
9,307
599,836
IDEX
Corp.
..............................
3,026
631,678
Illinois
Tool
Works,
Inc.
......................
2,581
536,229
Ingersoll
Rand,
Inc.
........................
12,385
616,773
Nordson
Corp.
............................
2,709
625,752
Otis
Worldwide
Corp.
.......................
7,374
576,426
PACCAR,
Inc.
............................
6,606
604,581
Parker-Hannifin
Corp.
.......................
2,033
587,720
Pentair
PLC
.............................
11,748
574,360
Snap-on,
Inc.
............................
2,598
582,082
Stanley
Black
&
Decker,
Inc.
..................
4,716
459,008
Westinghouse
Air
Brake
Technologies
Corp.
........
6,329
591,572
Xylem,
Inc.
..............................
6,750
621,202
9,728,581
a
Media
 — 1.8%
Cable
One,
Inc.
(b)
..........................
484
666,313
Charter
Communications,
Inc.,
Class
A
(a)
..........
1,085
468,828
Comcast
Corp.,
Class
A
.....................
11,862
445,062
DISH
Network
Corp.,
Class
A
(a)
................
27,289
474,010
Fox
Corp.,
Class
A,
NVS
.....................
11,383
376,891
Fox
Corp.,
Class
B
.........................
5,365
165,779
Interpublic
Group
of
Companies,
Inc.
(The)
........
18,146
542,021
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
.........
4,629
504,237
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)(b)
....
4,314
171,913
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(a)
.
9,479
377,454
Security
Shares
Value
a
Media
(continued)
News
Corp.,
Class
A,
NVS
...................
32,096
$
550,125
Omnicom
Group,
Inc.
.......................
7,352
513,464
Paramount
Global,
Class
B,
NVS
...............
16,924
400,252
Sirius
XM
Holdings,
Inc.
(b)
....................
88,948
594,173
6,250,522
a
Metals
&
Mining
 — 0.8%
Alcoa
Corp.
..............................
9,019
458,977
Cleveland-Cliffs,
Inc.
(a)
......................
25,930
459,220
Freeport-McMoRan,
Inc.
.....................
14,294
450,976
Newmont
Corp.
...........................
7,945
359,750
Nucor
Corp.
.............................
4,436
602,409
Steel
Dynamics,
Inc.
........................
7,306
568,991
2,900,323
a
Mortgage
Real
Estate
Investment
 — 0.2%
Annaly
Capital
Management,
Inc.
...............
89,687
617,047
a
Multiline
Retail
 — 0.5%
Dollar
General
Corp.
.......................
2,617
650,141
Dollar
Tree,
Inc.
(a)
..........................
3,957
654,330
Target
Corp.
.............................
3,365
549,774
1,854,245
a
Multi-Utilities
 — 1.6%
Ameren
Corp.
............................
5,859
545,590
CenterPoint
Energy,
Inc.
.....................
17,835
565,191
CMS
Energy
Corp.
.........................
7,889
542,211
Consolidated
Edison,
Inc.
....................
5,631
558,989
Dominion
Energy,
Inc.
.......................
6,319
518,032
DTE
Energy
Co.
..........................
4,201
547,390
NiSource,
Inc.
............................
18,383
558,843
Public
Service
Enterprise
Group,
Inc.
............
7,887
517,939
Sempra
Energy
...........................
3,242
537,524
WEC
Energy
Group,
Inc.
.....................
5,202
540,020
5,431,729
a
Oil,
Gas
&
Consumable
Fuels
 — 3.1%
APA
Corp.
..............................
13,572
504,471
Cheniere
Energy,
Inc.
.......................
4,094
612,380
Chevron
Corp.
............................
2,928
479,548
ConocoPhillips
...........................
4,830
470,587
Coterra
Energy,
Inc.
........................
17,774
543,707
Devon
Energy
Corp.
........................
7,584
476,654
Diamondback
Energy,
Inc.
....................
4,180
535,124
EOG
Resources,
Inc.
.......................
4,258
473,575
EQT
Corp.
..............................
13,625
599,909
Exxon
Mobil
Corp.
.........................
5,326
516,249
Hess
Corp.
..............................
4,698
528,384
Kinder
Morgan,
Inc.
........................
27,786
499,870
Marathon
Oil
Corp.
.........................
20,334
504,283
Marathon
Petroleum
Corp.
...................
5,469
501,288
Occidental
Petroleum
Corp.
...................
8,156
536,257
ONEOK,
Inc.
.............................
8,496
507,551
Phillips
66
...............................
5,532
492,348
Pioneer
Natural
Resources
Co.
................
1,958
463,948
Targa
Resources
Corp.
......................
7,996
552,604
Valero
Energy
Corp.
........................
4,446
492,483
Williams
Companies,
Inc.
(The)
................
15,106
514,964
10,806,184
a
Personal
Products
 — 0.2%
Estee
Lauder
Companies,
Inc.
(The),
Class
A
.......
2,188
597,543
a
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Pharmaceuticals
 — 1.7%
Bristol-Myers
Squibb
Co.
.....................
6,595
$
486,579
Catalent,
Inc.
(a)
...........................
5,505
622,616
Elanco
Animal
Health,
Inc.
(a)
...................
24,085
487,962
Eli
Lilly
&
Co.
............................
1,715
565,418
Jazz
Pharmaceuticals
PLC
(a)
..................
3,775
589,126
Johnson
&
Johnson
........................
2,771
483,595
Merck
&
Co.,
Inc.
..........................
5,371
479,845
Pfizer,
Inc.
..............................
9,695
489,694
Royalty
Pharma
PLC,
Class
A
.................
13,795
599,945
Viatris,
Inc.
..............................
47,470
459,984
Zoetis,
Inc.
..............................
3,261
595,296
5,860,060
a
Professional
Services
 — 1.5%
Booz
Allen
Hamilton
Holding
Corp.
..............
6,935
665,621
Clarivate
PLC
(a)
...........................
38,972
564,704
CoStar
Group,
Inc.
(a)
........................
9,574
694,977
Equifax,
Inc.
.............................
2,838
592,886
Jacobs
Engineering
Group,
Inc.
................
4,107
563,891
Leidos
Holdings,
Inc.
.......................
5,455
583,685
Robert
Half
International,
Inc.
..................
6,327
500,719
TransUnion
(b)
.............................
6,825
540,745
Verisk
Analytics,
Inc.
........................
3,204
609,561
5,316,789
a
Real
Estate
Management
&
Development
 — 0.3%
CBRE
Group,
Inc.,
Class
A
(a)
..................
6,754
578,278
Zillow
Group,
Inc.,
Class
C,
NVS
(a)(b)
.............
12,980
452,742
1,031,020
a
Road
&
Rail
 — 1.5%
AMERCO
...............................
1,103
592,399
CSX
Corp.
..............................
16,751
541,560
JB
Hunt
Transport
Services,
Inc.
...............
3,422
627,150
Knight-Swift
Transportation
Holdings,
Inc.
.........
12,667
696,052
Lyft,
Inc.,
Class
A
(a)
.........................
29,744
412,252
Norfolk
Southern
Corp.
......................
2,292
575,681
Old
Dominion
Freight
Line,
Inc.
................
2,259
685,629
Uber
Technologies,
Inc.
(a)
....................
22,738
533,206
Union
Pacific
Corp.
........................
2,329
529,382
5,193,311
a
Semiconductors
&
Semiconductor
Equipment
 — 3.6%
Advanced
Micro
Devices,
Inc.
(a)
................
5,194
490,677
Analog
Devices,
Inc.
........................
3,200
550,272
Applied
Materials,
Inc.
......................
4,619
489,522
Broadcom,
Inc.
...........................
904
484,074
Enphase
Energy,
Inc.
(a)
......................
3,290
934,952
Entegris,
Inc.
.............................
5,249
576,865
Intel
Corp.
..............................
11,914
432,597
KLA
Corp.
...............................
1,552
595,254
Lam
Research
Corp.
.......................
1,100
550,561
Marvell
Technology,
Inc.
.....................
9,710
540,653
Microchip
Technology,
Inc.
....................
8,060
555,012
Micron
Technology,
Inc.
......................
7,434
459,867
Monolithic
Power
Systems,
Inc.
................
1,305
606,460
NVIDIA
Corp.
............................
2,824
512,923
NXP
Semiconductors
NV
....................
2,999
551,456
ON
Semiconductor
Corp.
(a)
...................
9,657
644,895
Qorvo,
Inc.
(a)
.............................
5,333
555,005
QUALCOMM,
Inc.
.........................
3,857
559,496
Skyworks
Solutions,
Inc.
.....................
5,431
591,327
SolarEdge
Technologies,
Inc.
(a)
.................
2,207
794,807
Teradyne,
Inc.
............................
5,382
542,990
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.
......................
2,995
$
535,776
12,555,441
a
Software
 — 7.2%
Adobe,
Inc.
(a)
.............................
1,264
518,392
ANSYS,
Inc.
(a)
............................
2,196
612,662
AppLovin
Corp.,
Class
A
(a)(b)
...................
14,076
500,261
Autodesk,
Inc.
(a)
...........................
2,735
591,635
Avalara,
Inc.
(a)(b)
...........................
7,220
631,172
Bentley
Systems,
Inc.,
Class
B
(b)
................
17,510
693,396
Bill.com
Holdings,
Inc.
(a)(b)
....................
4,901
662,027
Black
Knight,
Inc.
(a)
.........................
7,801
512,370
Cadence
Design
Systems,
Inc.
(a)
...............
3,696
687,752
Ceridian
HCM
Holding,
Inc.
(a)
..................
10,181
557,613
Citrix
Systems,
Inc.
........................
5,597
567,592
Coupa
Software,
Inc.
(a)
......................
8,091
529,313
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
.............
3,752
688,867
Datadog,
Inc.,
Class
A
(a)
.....................
5,578
569,012
DocuSign,
Inc.
(a)
..........................
7,078
452,850
Dropbox,
Inc.,
Class
A
(a)
.....................
28,027
637,334
Dynatrace,
Inc.
(a)
..........................
15,267
574,497
Fair
Isaac
Corp.
(a)
..........................
1,485
686,114
Fortinet,
Inc.
(a)
............................
9,604
572,879
Guidewire
Software,
Inc.
(a)(b)
...................
7,422
576,838
HubSpot,
Inc.
(a)
...........................
1,630
502,040
Intuit,
Inc.
...............................
1,412
644,112
Microsoft
Corp.
...........................
1,810
508,139
NortonLifeLock,
Inc.
........................
23,340
572,530
Oracle
Corp.
.............................
7,450
579,908
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
...........
66,249
685,677
Palo
Alto
Networks,
Inc.
(a)
....................
1,207
602,414
Paycom
Software,
Inc.
(a)
.....................
2,043
675,191
PTC,
Inc.
(a)
..............................
5,084
627,264
RingCentral,
Inc.,
Class
A
(a)
...................
8,905
440,708
Roper
Technologies,
Inc.
.....................
1,271
555,008
Salesforce,
Inc.
(a)
..........................
3,229
594,201
ServiceNow,
Inc.
(a)
.........................
1,207
539,119
Splunk,
Inc.
(a)
............................
5,699
592,183
Synopsys,
Inc.
(a)
..........................
1,762
647,535
Trade
Desk,
Inc.
(The),
Class
A
(a)
...............
10,077
453,465
Tyler
Technologies,
Inc.
(a)
....................
1,631
650,769
Unity
Software,
Inc.
(a)(b)
......................
13,440
502,522
VMware,
Inc.,
Class
A
.......................
5,589
649,442
Workday,
Inc.,
Class
A
(a)
.....................
3,220
499,422
Zendesk,
Inc.
(a)
...........................
5,663
427,103
Zoom
Video
Communications,
Inc.,
Class
A
(a)
.......
5,944
617,344
Zscaler,
Inc.
(a)
............................
4,145
642,724
25,031,396
a
Specialty
Retail
 — 2.2%
Advance
Auto
Parts,
Inc.
.....................
2,846
551,042
AutoZone,
Inc.
(a)
..........................
281
600,607
Bath
&
Body
Works,
Inc.
.....................
13,988
497,134
Best
Buy
Co.,
Inc.
.........................
7,472
575,269
Burlington
Stores,
Inc.
(a)
.....................
3,149
444,418
CarMax,
Inc.
(a)(b)
...........................
6,092
606,398
Carvana
Co.,
Class
A
(a)(b)
.....................
17,875
521,056
Home
Depot,
Inc.
(The)
.....................
1,703
512,501
Lowe's
Companies,
Inc.
.....................
2,698
516,748
O'Reilly
Automotive,
Inc.
(a)
....................
882
620,566
Ross
Stores,
Inc.
(b)
.........................
5,770
468,870
TJX
Companies,
Inc.
(The)
...................
8,437
516,007
Tractor
Supply
Co.
.........................
2,968
568,313
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Specialty
Retail
(continued)
Ulta
Beauty,
Inc.
(a)
.........................
1,557
$
605,533
7,604,462
a
Technology
Hardware,
Storage
&
Peripherals
 — 1.1%
Apple,
Inc.
..............................
3,313
538,396
Dell
Technologies,
Inc.,
Class
C
................
13,003
585,915
Hewlett
Packard
Enterprise
Co.
................
36,261
516,357
HP,
Inc.
................................
14,865
496,342
NetApp,
Inc.
.............................
8,081
576,418
Seagate
Technology
Holdings
PLC
..............
6,641
531,147
Western
Digital
Corp.
(a)
......................
9,442
463,602
3,708,177
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.5%
Lululemon
Athletica,
Inc.
(a)
....................
1,966
610,462
Nike,
Inc.,
Class
B
.........................
4,702
540,354
VF
Corp.
...............................
12,291
549,162
1,699,978
a
Tobacco
 — 0.3%
Altria
Group,
Inc.
..........................
10,015
439,258
Philip
Morris
International,
Inc.
.................
4,986
484,390
923,648
a
Trading
Companies
&
Distributors
 — 0.5%
Fastenal
Co.
.............................
10,459
537,174
United
Rentals,
Inc.
(a)
.......................
2,001
645,663
WW
Grainger,
Inc.
.........................
1,161
631,038
1,813,875
a
Security
Shares
Value
a
Water
Utilities
 — 0.3%
American
Water
Works
Co.,
Inc.
................
3,722
$
578,548
Essential
Utilities,
Inc.
.......................
12,246
636,057
1,214,605
a
Wireless
Telecommunication
Services
 — 0.2%
T-Mobile
U.S.,
Inc.
(a)
........................
3,989
570,666
a
Total
Long-Term
Investments — 99.7%
(Cost:
$383,597,626)
................................
346,222,813
a
Short-Term
Securities
Money
Market
Funds
 — 
6.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
1.96%
(c)(d)(e)
............................
21,388,783
21,388,783
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
1.84%
(c)(d)
.............................
450,149
450,149
a
Total
Short-Term
Securities — 6.3%
(Cost:
$21,831,705)
.................................
21,838,932
Total
Investments
—
106.0%
(Cost:
$405,429,331)
................................
368,061,745
Liabilities
in
Excess
of
Other
Assets
—
(6.0)%
...............
(20,992,185)
Net
Assets
—
100.0%
.................................
$
347,069,560
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
20,463,456
$
933,681
(a)
$
—
$
(7,619
)
$
(735
)
$
21,388,783
21,388,783
$
91,436
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
1,980,000
—
(
1,529,851
)
(a)
—
—
450,149
450,149
1,763
—
BlackRock,
Inc.
..
1,005,050
300,713
(566,491
)
81,219
(241,650
)
578,841
865
17,243
—
$
73,600
$
(242,385
)
$
22,417,773
$
110,442
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
29
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
11
09/16/22
$
427
$
30,219
S&P
500
E-Mini
Index
...................................................................
2
09/16/22
413
11,601
$
41,820
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
41,820
$
—
$
—
$
—
$
41,820
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
61,085
$
—
$
—
$
—
$
61,085
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(6,764
)
$
—
$
—
$
—
$
(6,764
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,392,177
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Size
Factor
ETF
30
2022
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
346,222,813
$
—
$
—
$
346,222,813
Short-Term
Securities
Money
Market
Funds
..........................................
21,838,932
—
—
21,838,932
$
368,061,745
$
—
$
—
$
368,061,745
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
41,820
$
—
$
—
$
41,820
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
31
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
3
.5
%
General
Dynamics
Corp.
(a)
....................
231,105
$
52,384,570
Huntington
Ingalls
Industries,
Inc.
...............
55,378
12,008,166
L3Harris
Technologies,
Inc.
...................
249,052
59,765,008
Raytheon
Technologies
Corp.
.................
1,880,906
175,319,248
Textron,
Inc.
(a)
............................
311,746
20,463,008
319,940,000
a
Air
Freight
&
Logistics
 — 
1
.3
%
FedEx
Corp.
.............................
492,707
114,845,075
a
Airlines
 — 
0
.0
%
Southwest
Airlines
Co.
(a)
(b)
....................
106,006
4,040,949
a
Auto
Components
 — 
0
.8
%
BorgWarner,
Inc.
(a)
.........................
996,796
38,336,774
Lear
Corp.
..............................
218,748
33,061,573
71,398,347
a
Automobiles
 — 
5
.8
%
Ford
Motor
Co.
...........................
18,443,160
270,930,020
General
Motors
Co.
(b)
.......................
7,028,596
254,856,891
525,786,911
a
Banks
 — 
4
.7
%
Citigroup,
Inc.
............................
3,755,798
194,925,916
Citizens
Financial
Group,
Inc.
.................
645,207
24,498,510
Fifth
Third
Bancorp
........................
530,604
18,104,208
Regions
Financial
Corp.
.....................
898,964
19,040,058
Wells
Fargo
&
Co.
.........................
3,840,515
168,483,393
425,052,085
a
Beverages
 — 
0
.5
%
Molson
Coors
Beverage
Co.
,
Class
B
............
705,080
42,128,530
a
Biotechnology
 — 
3
.8
%
AbbVie,
Inc.
.............................
1,307,011
187,569,149
Biogen,
Inc.
(b)
............................
129,737
27,901,239
Gilead
Sciences,
Inc.
.......................
1,289,479
77,046,370
Moderna,
Inc.
(b)
...........................
314,371
51,585,137
344,101,895
a
Building
Products
 — 
0
.7
%
Johnson
Controls
International
PLC
.............
774,218
41,738,092
Owens
Corning
...........................
249,879
23,173,779
64,911,871
a
Capital
Markets
 — 
2
.4
%
Bank
of
New
York
Mellon
Corp.
(The)
............
862,526
37,485,380
Franklin
Resources,
Inc.
(a)
....................
353,167
9,694,434
Goldman
Sachs
Group,
Inc.
(The)
..............
420,270
140,113,815
Invesco
Ltd.
.............................
568,394
10,083,310
State
Street
Corp.
.........................
272,840
19,382,554
216,759,493
a
Chemicals
 — 
1
.3
%
CF
Industries
Holdings,
Inc.
...................
143,287
13,682,476
Dow,
Inc.
...............................
627,366
33,382,145
Eastman
Chemical
Co.
......................
109,080
10,464,044
LyondellBasell
Industries
NV
,
Class
A
............
388,005
34,579,005
Mosaic
Co.
(The)
(a)
.........................
530,704
27,946,873
Westlake
Corp.
(a)
..........................
25,907
2,521,787
122,576,330
a
Security
Shares
Value
a
Communications
Equipment
 — 
3
.6
%
Cisco
Systems,
Inc.
........................
6,380,458
$
289,481,379
F5,
Inc.
(a)
(b)
..............................
93,247
15,605,818
Juniper
Networks,
Inc.
......................
706,790
19,811,324
324,898,521
a
Consumer
Finance
 — 
0
.9
%
Ally
Financial,
Inc.
.........................
550,471
18,204,076
Capital
One
Financial
Corp.
...................
610,399
67,040,122
85,244,198
a
Containers
&
Packaging
 — 
0
.3
%
International
Paper
Co.
......................
349,608
14,952,734
Westrock
Co.
............................
309,080
13,092,629
28,045,363
a
Distributors
 — 
0
.4
%
LKQ
Corp.
..............................
730,732
40,073,343
a
Diversified
Financial
Services
 — 
0
.2
%
Equitable
Holdings,
Inc.
.....................
700,273
19,908,761
a
Diversified
Telecommunication
Services
 — 
6
.0
%
AT&T,
Inc.
...............................
24,684,140
463,568,149
Liberty
Global
PLC
,
Class
A
(a)
(b)
................
483,922
10,530,143
Liberty
Global
PLC
,
Class
C
,
NVS
(b)
.............
1,346,823
30,828,778
Lumen
Technologies,
Inc.
....................
3,768,500
41,038,965
545,966,035
a
Electric
Utilities
 — 
2
.3
%
Constellation
Energy
Corp.
...................
1,092,104
72,188,074
Evergy,
Inc.
..............................
357,391
24,395,510
NRG
Energy,
Inc.
..........................
534,375
20,172,656
PG&E
Corp.
(a)
(b)
...........................
3,829,038
41,583,353
PPL
Corp.
..............................
1,678,281
48,804,411
207,144,004
a
Electrical
Equipment
 — 
0
.1
%
Sensata
Technologies
Holding
PLC
.............
210,858
9,376,855
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.7
%
Arrow
Electronics,
Inc.
(b)
.....................
237,738
30,470,880
Corning,
Inc.
.............................
1,647,754
60,571,437
TE
Connectivity
Ltd.
........................
448,910
60,032,734
151,075,051
a
Entertainment
 — 
1
.3
%
Warner
Bros
Discovery,
Inc.
(b)
.................
7,717,947
115,769,205
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
2
.1
%
Public
Storage
............................
213,953
69,836,399
Simon
Property
Group,
Inc.
...................
529,896
57,567,901
Weyerhaeuser
Co.
(a)
........................
1,830,143
66,470,794
193,875,094
a
Food
&
Staples
Retailing
 — 
1
.7
%
Kroger
Co.
(The)
..........................
1,518,898
70,537,623
Walgreens
Boots
Alliance,
Inc.
.................
2,161,304
85,630,865
156,168,488
a
Food
Products
 — 
2
.8
%
Archer-Daniels-Midland
Co.
...................
609,241
50,426,878
Conagra
Brands,
Inc.
.......................
871,321
29,807,891
JM
Smucker
Co.
(The)
......................
234,990
31,093,877
Kraft
Heinz
Co.
(The)
.......................
2,146,749
79,064,766
Tyson
Foods,
Inc.
,
Class
A
...................
767,153
67,517,135
257,910,547
a
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2022
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Gas
Utilities
 — 
0
.3
%
UGI
Corp.
...............................
597,260
$
25,777,742
a
Health
Care
Providers
&
Services
 — 
5
.4
%
Cardinal
Health,
Inc.
........................
265,000
15,783,400
Centene
Corp.
(b)
..........................
600,190
55,799,664
Cigna
Corp.
.............................
386,076
106,309,887
CVS
Health
Corp.
.........................
1,577,674
150,951,848
DaVita,
Inc.
(a)
(b)
...........................
43,826
3,688,396
Elevance
Health,
Inc.
.......................
169,030
80,644,213
Laboratory
Corp.
of
America
Holdings
............
54,934
14,403,146
McKesson
Corp.
(a)
.........................
119,825
40,929,824
Quest
Diagnostics,
Inc.
(a)
.....................
94,914
12,962,405
Universal
Health
Services,
Inc.
,
Class
B
(a)
.........
84,331
9,484,708
490,957,491
a
Health
Care
Technology
 — 
0
.1
%
Teladoc
Health,
Inc.
(a)
(b)
......................
178,598
6,581,336
a
Household
Durables
 — 
4
.1
%
DR
Horton,
Inc.
...........................
1,273,594
99,378,540
Lennar
Corp.
,
Class
A
(a)
.....................
1,382,320
117,497,200
Mohawk
Industries,
Inc.
(a)
(b)
...................
241,552
31,034,601
Newell
Brands,
Inc.
........................
1,206,650
24,386,396
PulteGroup,
Inc.
(a)
.........................
1,318,217
57,500,626
Whirlpool
Corp.
...........................
234,451
40,529,544
370,326,907
a
Insurance
 — 
2
.6
%
Alleghany
Corp.
(b)
..........................
10,276
8,605,945
American
International
Group,
Inc.
..............
1,014,181
52,504,150
Everest
Re
Group
Ltd.
......................
46,987
12,280,053
Fidelity
National
Financial,
Inc.
.................
202,789
8,103,448
Hartford
Financial
Services
Group,
Inc.
(The)
.......
262,490
16,922,730
Lincoln
National
Corp.
......................
330,007
16,942,559
Loews
Corp.
(a)
............................
262,016
15,262,432
MetLife,
Inc.
.............................
802,797
50,776,910
Principal
Financial
Group,
Inc.
.................
233,649
15,640,464
Prudential
Financial,
Inc.
.....................
442,142
44,209,779
241,248,470
a
IT
Services
 — 
6
.9
%
Cognizant
Technology
Solutions
Corp.
,
Class
A
......
792,079
53,829,689
Fidelity
National
Information
Services,
Inc.
(a)
........
1,365,965
139,546,984
Fiserv,
Inc.
(b)
.............................
983,376
103,923,176
Global
Payments,
Inc.
......................
540,855
66,157,384
International
Business
Machines
Corp.
...........
1,781,669
233,024,488
SS&C
Technologies
Holdings,
Inc.
..............
386,077
22,844,176
Western
Union
Co.
(The)
....................
813,789
13,850,689
633,176,586
a
Machinery
 — 
1
.7
%
Cummins,
Inc.
............................
208,636
46,173,233
PACCAR,
Inc.
............................
533,104
48,789,678
Snap-on,
Inc.
............................
77,399
17,341,246
Stanley
Black
&
Decker,
Inc.
..................
195,035
18,982,757
Westinghouse
Air
Brake
Technologies
Corp.
(a)
.......
274,603
25,667,142
156,954,056
a
Media
 — 
0
.9
%
DISH
Network
Corp.
,
Class
A
(b)
................
652,120
11,327,324
Fox
Corp.
,
Class
A
,
NVS
.....................
697,577
23,096,775
Fox
Corp.
,
Class
B
.........................
344,888
10,657,039
Paramount
Global
,
Class
B
,
NVS
...............
1,737,764
41,098,119
86,179,257
a
Security
Shares
Value
a
Metals
&
Mining
 — 
1
.0
%
Alcoa
Corp.
..............................
122,529
$
6,235,501
Cleveland-Cliffs,
Inc.
(a)
(b)
.....................
598,669
10,602,428
Nucor
Corp.
(a)
............................
363,677
49,387,336
Steel
Dynamics,
Inc.
........................
284,603
22,164,882
88,390,147
a
Mortgage
Real
Estate
Investment
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
...............
2,350,912
16,174,275
a
Multi-Utilities
 — 
0
.5
%
Consolidated
Edison,
Inc.
....................
457,508
45,416,819
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.4
%
APA
Corp.
..............................
426,861
15,866,423
Coterra
Energy,
Inc.
........................
949,461
29,044,012
Devon
Energy
Corp.
........................
1,109,763
69,748,605
Diamondback
Energy,
Inc.
....................
386,875
49,527,737
EOG
Resources,
Inc.
.......................
1,214,107
135,032,981
Marathon
Oil
Corp.
.........................
1,094,711
27,148,833
Pioneer
Natural
Resources
Co.
................
298,001
70,611,337
396,979,928
a
Pharmaceuticals
 — 
5
.4
%
Bristol-Myers
Squibb
Co.
.....................
2,278,650
168,118,797
Jazz
Pharmaceuticals
PLC
(b)
..................
64,894
10,127,358
Pfizer,
Inc.
..............................
5,811,602
293,544,017
Viatris,
Inc.
..............................
2,344,527
22,718,466
494,508,638
a
Professional
Services
 — 
0
.2
%
Clarivate
PLC
(a)
(b)
..........................
431,485
6,252,218
Leidos
Holdings,
Inc.
.......................
151,737
16,235,859
22,488,077
a
Real
Estate
Management
&
Development
 — 
0
.9
%
CBRE
Group,
Inc.
,
Class
A
(a)
(b)
.................
1,000,696
85,679,592
a
Road
&
Rail
 — 
0
.4
%
AMERCO
...............................
19,352
10,393,572
Knight-Swift
Transportation
Holdings,
Inc.
(a)
........
409,951
22,526,808
32,920,380
a
Semiconductors
&
Semiconductor
Equipment
 — 
10
.8
%
Applied
Materials,
Inc.
......................
1,210,103
128,246,716
Intel
Corp.
..............................
11,900,546
432,108,825
Micron
Technology,
Inc.
......................
4,203,861
260,050,841
NXP
Semiconductors
NV
....................
341,810
62,852,023
ON
Semiconductor
Corp.
(a)
(b)
..................
677,661
45,254,202
Qorvo,
Inc.
(a)
(b)
............................
232,602
24,206,890
Skyworks
Solutions,
Inc.
.....................
289,532
31,524,244
984,243,741
a
Software
 — 
0
.3
%
VMware,
Inc.
,
Class
A
.......................
239,475
27,826,995
a
Specialty
Retail
 — 
0
.5
%
Best
Buy
Co.,
Inc.
(a)
........................
635,921
48,959,558
a
Technology
Hardware,
Storage
&
Peripherals
 — 
3
.4
%
Dell
Technologies,
Inc.
,
Class
C
................
665,692
29,996,081
Hewlett
Packard
Enterprise
Co.
................
4,921,892
70,087,742
HP,
Inc.
................................
3,047,104
101,742,803
NetApp,
Inc.
.............................
325,540
23,220,768
Seagate
Technology
Holdings
PLC
..............
407,511
32,592,730
Western
Digital
Corp.
(a)
(b)
.....................
1,092,783
53,655,645
311,295,769
a
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
33
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Tobacco
 — 
1
.2
%
Altria
Group,
Inc.
..........................
2,553,321
$
111,988,659
a
Trading
Companies
&
Distributors
 — 
0
.4
%
United
Rentals,
Inc.
(a)
(b)
......................
117,242
37,830,476
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
9,834,174,142
)
...............................
9,102,901,850
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
1.96
%
(c)
(d)
(e)
............................
147,212,646
147,212,646
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
1.84
%
(c)
(d)
.............................
15,516,861
15,516,861
a
Total
Short-Term
Securities — 1.8%
(Cost:
$
162,700,118
)
................................
162,729,507
Total
Investments
—
101.6%
(Cost:
$
9,996,874,260
)
...............................
9,265,631,357
Liabilities
in
Excess
of
Other
Assets
—
(
1
.6
)
%
...............
(
141,452,332
)
Net
Assets
—
100.0%
.................................
$
9,124,179,025
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/22
  Shares
Held
at
07/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
16,321,859
$
130,918,263
(a)
$
—
$
(
56,224
)
$
28,748
$
147,212,646
147,212,646
$
167,421
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
25,377,000
—
(
9,860,139
)
(a)
—
—
15,516,861
15,516,861
42,340
—
$
(
56,224
)
$
28,748
$
162,729,507
$
209,761
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
................................................................
85
09/16/22
$
8,013
$
541,842
S&P
500
E-Mini
Index
...................................................................
61
09/16/22
12,607
856,246
$
1,398,088
Schedule
of
Investments
(continued)
July
31,
2022
iShares
®
MSCI
USA
Value
Factor
ETF
34
2022
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
July
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
1,398,088
$
—
$
—
$
—
$
1,398,088
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
6,000,380
)
$
—
$
—
$
—
$
(
6,000,380
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
906,884
$
—
$
—
$
—
$
906,884
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
26,629,430
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
9,102,901,850
$
—
$
—
$
9,102,901,850
Short-Term
Securities
Money
Market
Funds
..........................................
162,729,507
—
—
162,729,507
$
9,265,631,357
$
—
$
—
$
9,265,631,357
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
1,398,088
$
—
$
—
$
1,398,088
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
35
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2022
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
9,997,975,184
‌
$
20,150,125,002
‌
$
345,643,972
‌
$
9,102,901,850
‌
Investments,
at
value
—
affiliated
(c)
.......................................
122,980,755
‌
294,945,465
‌
22,417,773
‌
162,729,507
‌
Cash
...........................................................
620,856
‌
1,090,190
‌
136,904
‌
834,019
‌
Cash
pledged:
Futures
contracts
.................................................
2,299,000
‌
3,920,000
‌
48,000
‌
922,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................
12,483
‌
186,255
‌
19,043
‌
15,817
‌
Capital
shares
sold
................................................
—
‌
247,865
‌
—
‌
—
‌
Dividends
—
unaffiliated
............................................
15,823,438
‌
22,884,607
‌
233,220
‌
19,714,253
‌
Dividends
—
affiliated
..............................................
15,508
‌
32,664
‌
430
‌
8,419
‌
Variation
margin
on
futures
contracts
....................................
446,575
‌
771,283
‌
8,219
‌
977,008
‌
Total
assets
......................................................
10,140,173,799
‌
20,474,203,331
‌
368,507,561
‌
9,288,102,873
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................
96,965,828
‌
234,624,284
‌
21,395,954
‌
147,252,078
‌
Payables:
Investments
purchased
.............................................
—
‌
—
‌
—
‌
15,454,165
‌
Capital
shares
redeemed
............................................
72,753
‌
—
‌
—
‌
65,099
‌
Investment
advisory
fees
............................................
1,280,335
‌
2,462,835
‌
42,047
‌
1,152,506
‌
Total
liabilities
.....................................................
98,318,916
‌
237,087,119
‌
21,438,001
‌
163,923,848
‌
NET
ASSETS
.....................................................
$
10,041,854,883
‌
$
20,237,116,212
‌
$
347,069,560
‌
$
9,124,179,025
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
13,129,212,413
‌
$
20,625,272,150
‌
$
419,515,577
‌
$
10,403,533,943
‌
Accumulated
loss
..................................................
(
3,087,357,530
)
(
388,155,938
)
(
72,446,017
)
(
1,279,354,918
)
NET
ASSETS
.....................................................
$
10,041,854,883
‌
$
20,237,116,212
‌
$
347,069,560
‌
$
9,124,179,025
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
70,050,000
‌
165,950,000
‌
2,900,000
‌
95,200,000
‌
Net
asset
value
....................................................
$
143.35
‌
$
121.95
‌
$
119.68
‌
$
95.84
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
96,993,398
‌
$
232,601,930
‌
$
20,650,899
‌
$
146,074,745
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
9,946,959,558
‌
$
19,488,438,498
‌
$
382,945,782
‌
$
9,834,174,142
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
122,966,558
‌
$
294,890,315
‌
$
22,483,549
‌
$
162,700,118
‌
36
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
July
31,
2022
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
158,131,797
‌
$
314,049,482
‌
$
7,271,669
‌
$
370,478,247
‌
Dividends
—
affiliated
..............................................
2,557,419
‌
9,352,156
‌
19,006
‌
42,340
‌
Securities
lending
income
—
affiliated
—
net
...............................
350,200
‌
465,233
‌
91,436
‌
167,421
‌
Foreign
taxes
withheld
.............................................
(
33,476
)
—
‌
(
2,505
)
(
195,932
)
Total
investment
income
..............................................
161,005,940
‌
323,866,871
‌
7,379,606
‌
370,492,076
‌
EXPENSES
Investment
advisory
...............................................
19,781,761
‌
34,195,364
‌
758,991
‌
20,473,942
‌
Professional
fees
.................................................
217
‌
217
‌
217
‌
217
‌
Total
expenses
....................................................
19,781,978
‌
34,195,581
‌
759,208
‌
20,474,159
‌
Net
investment
income
...............................................
141,223,962
‌
289,671,290
‌
6,620,398
‌
350,017,917
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
2,412,676,465
)
(
572,107,957
)
3,642,211
‌
(
148,132,205
)
Investments
—
affiliated
...........................................
5,614,931
‌
91,158,853
‌
73,600
‌
(
56,224
)
Futures
contracts
...............................................
2,420,804
‌
94,820
‌
61,085
‌
(
6,000,379
)
In-kind
redemptions
(a)
.............................................
1,686,651,808
‌
2,364,215,764
‌
44,196,456
‌
2,118,456,941
‌
(
717,988,922
)
1,883,361,480
‌
47,973,352
‌
1,964,268,133
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
1,663,259,582
)
(
4,460,112,149
)
(
85,902,315
)
(
2,913,296,759
)
Investments
—
affiliated
...........................................
(
39,510,047
)
(
216,507,221
)
(
242,385
)
28,748
‌
Futures
contracts
...............................................
1,521,125
‌
1,102,336
‌
(
6,764
)
906,884
‌
(
1,701,248,504
)
(
4,675,517,034
)
(
86,151,464
)
(
2,912,361,127
)
Net
realized
and
unrealized
loss
.........................................
(
2,419,237,426
)
(
2,792,155,554
)
(
38,178,112
)
(
948,092,994
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(
2,278,013,464
)
$
(
2,502,484,264
)
$
(
31,557,714
)
$
(
598,075,077
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
37
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
141,223,962
‌
$
72,155,192
‌
$
289,671,290
‌
$
299,217,942
‌
Net
realized
gain
(loss)
.........................................
(
717,988,922
)
3,256,181,483
‌
1,883,361,480
‌
2,774,264,361
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
1,701,248,504
)
(
402,909,021
)
(
4,675,517,034
)
3,639,151,389
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
2,278,013,464
)
2,925,427,654
‌
(
2,502,484,264
)
6,712,633,692
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
120,180,940
)
(
63,350,348
)
(
281,237,239
)
(
308,371,260
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
2,052,967,728
)
983,484,853
‌
(
945,991,807
)
(
1,288,575,824
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
4,451,162,132
)
3,845,562,159
‌
(
3,729,713,310
)
5,115,686,608
‌
Beginning
of
year
...............................................
14,493,017,015
‌
10,647,454,856
‌
23,966,829,522
‌
18,851,142,914
‌
End
of
year
...................................................
$
10,041,854,883
‌
$
14,493,017,015
‌
$
20,237,116,212
‌
$
23,966,829,522
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
38
2022
iShares
Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/22
Year
Ended
07/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
6,620,398
‌
$
11,615,377
‌
$
350,017,917
‌
$
277,183,388
‌
Net
realized
gain
.............................................
47,973,352
‌
238,730,831
‌
1,964,268,133
‌
852,462,176
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
86,151,464
)
63,310,899
‌
(
2,912,361,127
)
2,512,056,697
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
31,557,714
)
313,657,107
‌
(
598,075,077
)
3,641,702,261
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
7,036,092
)
(
12,325,649
)
(
379,603,795
)
(
237,616,292
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
289,200,521
)
(
368,039,930
)
(
5,843,830,740
)
6,930,558,612
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
327,794,327
)
(
66,708,472
)
(
6,821,509,612
)
10,334,644,581
‌
Beginning
of
year
...............................................
674,863,887
‌
741,572,359
‌
15,945,688,637
‌
5,611,044,056
‌
End
of
year
...................................................
$
347,069,560
‌
$
674,863,887
‌
$
9,124,179,025
‌
$
15,945,688,637
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
39
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
175.04
‌
$
140.10
‌
$
120.79
‌
$
111.68
‌
$
91.95
‌
Net
investment
income
(a)
................................
1
.79
‌
0
.85
‌
1
.50
‌
1
.67
‌
1
.32
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
31.95
)
34.86
‌
19.53
‌
9
.03
‌
19.60
‌
Net
increase
(decrease)
from
investment
operations
...............
(
30.16
)
35.71
‌
21.03
‌
10.70
‌
20.92
‌
Distributions
from
net
investment
income
(c)
......................
(
1
.53
)
(
0
.77
)
(
1
.72
)
(
1
.59
)
(
1
.19
)
Net
asset
value,
end
of
year
..............................
$
143.35
‌
$
175.04
‌
$
140.10
‌
$
120.79
‌
$
111.68
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
17.35
)
%
25.57
%
17.71
%
9
.71
%
22.86
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.07
%
0
.53
%
1
.22
%
1
.49
%
1
.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
10,041,855
‌
$
14,493,017
‌
$
10,647,455
‌
$
10,176,170
‌
$
9,196,715
‌
Portfolio
turnover
rate
(f)
...................................
125
%
107
%
160
%
138
%
104
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
40
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Quality
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
137.31
‌
$
100.59
‌
$
92.73
‌
$
86.55
‌
$
75.09
‌
Net
investment
income
(a)
................................
1
.68
‌
1
.70
‌
1
.72
‌
1
.61
‌
1
.55
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
15.41
)
36.79
‌
7
.71
‌
6
.16
‌
11.38
‌
Net
increase
(decrease)
from
investment
operations
...............
(
13.73
)
38.49
‌
9
.43
‌
7
.77
‌
12.93
‌
Distributions
from
net
investment
income
(c)
......................
(
1
.63
)
(
1
.77
)
(
1
.57
)
(
1
.59
)
(
1
.47
)
Net
asset
value,
end
of
year
..............................
$
121.95
‌
$
137.31
‌
$
100.59
‌
$
92.73
‌
$
86.55
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
10.09
)
%
38.63
%
10.38
%
9
.13
%
17.36
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.27
%
1
.45
%
1
.82
%
1
.85
%
1
.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
20,237,116
‌
$
23,966,830
‌
$
18,851,143
‌
$
10,913,780
‌
$
5,781,433
‌
Portfolio
turnover
rate
(f)
...................................
41
%
47
%
45
%
41
%
41
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
41
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
..........................
$
131.04
‌
$
92.12
‌
$
91.99
‌
$
86.61
‌
$
78.73
‌
Net
investment
income
(a)
................................
1
.69
‌
1
.50
‌
1
.73
‌
1
.52
‌
1
.45
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
11.21
)
38.96
‌
(
0
.13
)
5
.49
‌
8
.02
‌
Net
increase
(decrease)
from
investment
operations
...............
(
9
.52
)
40.46
‌
1
.60
‌
7
.01
‌
9
.47
‌
Distributions
from
net
investment
income
(c)
......................
(
1
.84
)
(
1
.54
)
(
1
.47
)
(
1
.63
)
(
1
.59
)
Net
asset
value,
end
of
year
..............................
$
119.68
‌
$
131.04
‌
$
92.12
‌
$
91.99
‌
$
86.61
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
7
.35
)
%
44.28
%
1
.91
%
8
.26
%
12.16
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.31
%
1
.34
%
1
.93
%
1
.74
%
1
.75
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
347,070
‌
$
674,864
‌
$
741,572
‌
$
377,167
‌
$
207,862
‌
Portfolio
turnover
rate
(f)
...................................
25
%
23
%
29
%
30
%
17
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
42
2022
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Value
Factor
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
year
.........................
$
104.29
‌
$
72.97
‌
$
82.49
‌
$
85.39
‌
$
75.00
‌
Net
investment
income
(a)
...............................
2
.66
‌
2
.33
‌
2
.37
‌
2
.23
‌
1
.84
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
8
.22
)
30.96
‌
(
9
.65
)
(
2
.92
)
10.40
‌
Net
increase
(decrease)
from
investment
operations
..............
(
5
.56
)
33.29
‌
(
7
.28
)
(
0
.69
)
12.24
‌
Distributions
from
net
investment
income
(c)
.....................
(
2
.89
)
(
1
.97
)
(
2
.24
)
(
2
.21
)
(
1
.85
)
Net
asset
value,
end
of
year
.............................
$
95.84
‌
$
104.29
‌
$
72.97
‌
$
82.49
‌
$
85.39
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
5
.48
)
%
46.10
%
(
8
.83
)
%
(
0
.68
)
%
16.47
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
..................................
2
.57
%
2
.47
%
3
.04
%
2
.74
%
2
.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
9,124,179
‌
$
15,945,689
‌
$
5,611,044
‌
$
3,485,258
‌
$
3,786,862
‌
Portfolio
turnover
rate
(f)
..................................
17
%
28
%
33
%
35
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
43
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”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2022,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments. 
iShares
ETF
Diversification
Classification
MSCI
USA
Momentum
Factor
............................................................................................
Diversified
MSCI
USA
Quality
Factor
...............................................................................................
Diversified
MSCI
USA
Size
Factor
.................................................................................................
Diversified
MSCI
USA
Value
Factor
................................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
44
2022
iShares
Annual
Report
to
Shareholders
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.
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
Valuation
Committee,
in
accordance
with the
Manager's
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
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
Valuation
Committee
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
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
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
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
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
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.
Notes
to
Financial
Statements
(
continued)
45
Notes
to
Financial
Statements
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
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
USA
Momentum
Factor
Barclays
Bank
PLC
...............................................
$
6,602,186‌
$
(
6,602,186‌
)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
7,633,575‌
(
7,421,009‌
)
—‌
212,566‌
(b)
BNP
Paribas
SA
.................................................
27,375,136‌
(
27,375,136‌
)
—‌
—‌
BofA
Securities,
Inc.
..............................................
108,548‌
(
108,548‌
)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
7,562‌
(
7,339‌
)
—‌
222‌
(b)
Credit
Suisse
Securities
(USA)
LLC
....................................
94,320‌
(
94,320‌
)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
251,019‌
(
251,019‌
)
—‌
—‌
HSBC
Bank
PLC
................................................
550,310‌
(
550,310‌
)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
17,776,220‌
(
17,776,220‌
)
—‌
—‌
Jefferies
LLC
...................................................
16,456‌
(
16,456‌
)
—‌
—‌
Morgan
Stanley
.................................................
12,339,670‌
(
12,202,673‌
)
—‌
136,997‌
(b)
RBC
Capital
Markets
LLC
..........................................
2,027,617‌
(
2,004,121‌
)
—‌
23,496‌
(b)
SG
Americas
Securities
LLC
........................................
715,740‌
(
715,740‌
)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
10,048,506‌
(
10,048,506‌
)
—‌
—‌
UBS
AG
......................................................
6,917,933‌
(
6,777,805‌
)
—‌
140,128‌
(b)
UBS
Securities
LLC
..............................................
2,357,506‌
(
2,342,236‌
)
—‌
15,270‌
(b)
Virtu
Americas
LLC
...............................................
2,171,094‌
(
2,171,094‌
)
—‌
—‌
$
96,993,398‌
$
(
96,464,718‌
)
$
—‌
$
528,679‌
a
MSCI
USA
Quality
Factor
Barclays
Bank
PLC
...............................................
4,446,201‌
(
4,446,201‌
)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
890,904‌
(
890,904‌
)
—‌
—‌
BNP
Paribas
SA
.................................................
12,085,229‌
(
11,932,563‌
)
—‌
152,666‌
(b)
BofA
Securities,
Inc.
..............................................
31,499,467‌
(
31,499,467‌
)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
29,438,845‌
(
29,438,845‌
)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
3,400‌
(
3,400‌
)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
16,666,596‌
(
16,666,596‌
)
—‌
—‌
HSBC
Bank
PLC
................................................
7,741,932‌
(
7,724,364‌
)
—‌
17,568‌
(b)
J.P.
Morgan
Securities
LLC
.........................................
5,469,156‌
(
5,469,156‌
)
—‌
—‌
Jefferies
LLC
...................................................
6,778,000‌
(
6,778,000‌
)
—‌
—‌
Morgan
Stanley
.................................................
47,666,016‌
(
47,666,016‌
)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
19,026,123‌
(
19,026,123‌
)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
90,801‌
(
90,801‌
)
—‌
—‌
SG
Americas
Securities
LLC
........................................
5,781,048‌
(
5,781,048‌
)
—‌
—‌
UBS
AG
......................................................
37,421,762‌
(
37,198,670‌
)
—‌
223,092‌
(b)
UBS
Securities
LLC
..............................................
5,796,319‌
(
5,720,738‌
)
—‌
75,581‌
(b)
Virtu
Americas
LLC
...............................................
794,220‌
(
794,220‌
)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
1,005,911‌
(
1,004,881‌
)
—‌
1,030‌
(b)
$
232,601,930‌
$
(
232,131,993‌
)
$
—‌
$
469,937‌
a
MSCI
USA
Size
Factor
Barclays
Bank
PLC
...............................................
43,271‌
(
43,271‌
)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
186,877‌
(
186,877‌
)
—‌
—‌
BNP
Paribas
SA
.................................................
4,131,457‌
(
4,131,457‌
)
—‌
—‌
BofA
Securities,
Inc.
..............................................
1,276,771‌
(
1,276,771‌
)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,239,512‌
(
1,239,512‌
)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
80,710‌
(
80,710‌
)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,878,025‌
(
1,878,025‌
)
—‌
—‌
HSBC
Bank
PLC
................................................
1,491,600‌
(
1,491,600‌
)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
3,530,733‌
(
3,530,733‌
)
—‌
—‌
Jefferies
LLC
...................................................
4,770‌
(
4,770‌
)
—‌
—‌
Morgan
Stanley
.................................................
1,675,892‌
(
1,675,892‌
)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
520,258‌
(
520,258‌
)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
294,509‌
(
294,509‌
)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
409,899‌
(
409,899‌
)
—‌
—‌
Toronto
Dominion
Bank
............................................
642,179‌
(
642,179‌
)
—‌
—‌
UBS
AG
......................................................
1,689,543‌
(
1,689,543‌
)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
366,495‌
(
366,495‌
)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
1,188,398‌
(
1,188,398‌
)
—‌
—‌
$
20,650,899‌
$
(
20,650,899‌
)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(continued)
46
2022
iShares
Annual
Report
to
Shareholders
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. 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
USA
Value
Factor
Barclays
Bank
PLC
...............................................
$
773,616‌
$
(
773,616‌
)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
4,551,470‌
(
4,495,846‌
)
—‌
55,624‌
(b)
BNP
Paribas
SA
.................................................
14,826,020‌
(
14,826,020‌
)
—‌
—‌
BofA
Securities,
Inc.
..............................................
9,457,285‌
(
9,457,285‌
)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
7,159,404‌
(
7,005,963‌
)
—‌
153,441‌
(b)
Credit
Suisse
Securities
(USA)
LLC
....................................
81,728‌
(
81,728‌
)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
34,708,941‌
(
34,393,023‌
)
—‌
315,918‌
(b)
HSBC
Bank
PLC
................................................
1,960,032‌
(
1,960,032‌
)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
4,890,180‌
(
4,890,180‌
)
—‌
—‌
Jefferies
LLC
...................................................
4,436,115‌
(
4,436,115‌
)
—‌
—‌
Morgan
Stanley
.................................................
5,931,321‌
(
5,916,933‌
)
—‌
14,388‌
(b)
RBC
Capital
Markets
LLC
..........................................
41,540,003‌
(
41,540,003‌
)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
3,726,808‌
(
3,725,918‌
)
—‌
890‌
(b)
SG
Americas
Securities
LLC
........................................
1,917,804‌
(
1,917,804‌
)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
2,174,673‌
(
2,143,947‌
)
—‌
30,726‌
(b)
Toronto
Dominion
Bank
............................................
1,113,959‌
(
1,100,345‌
)
—‌
13,614‌
(b)
UBS
AG
......................................................
422,445‌
(
412,638‌
)
—‌
9,807‌
(b)
UBS
Securities
LLC
..............................................
3,177,296‌
(
3,177,296‌
)
—‌
—‌
Virtu
Americas
LLC
...............................................
2,671,750‌
(
2,662,421‌
)
—‌
9,329‌
(b)
Wells
Fargo
Bank
N.A.
............................................
553,895‌
(
551,972‌
)
—‌
1,923‌
(b)
$
146,074,745‌
$
(
145,469,085‌
)
$
—‌
$
605,660‌
a
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
a
counterparty.
Notes
to
Financial
Statements
(
continued)
47
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Prior
to April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2022,
each
Fund
retained
77%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
was
not
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended 
July
31,
2022
,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Momentum
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
MSCI
USA
Quality
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
MSCI
USA
Size
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
MSCI
USA
Value
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
iShares
ETF
Fees
Paid
to
BTC
MSCI
USA
Momentum
Factor
...........................................................................................
$
137,755
‌
MSCI
USA
Quality
Factor
..............................................................................................
152,077
‌
MSCI
USA
Size
Factor
................................................................................................
28,602
‌
MSCI
USA
Value
Factor
...............................................................................................
67,970
‌
Notes
to
Financial
Statements
(continued)
48
2022
iShares
Annual
Report
to
Shareholders
For
the
year
ended
July
31,
2022
,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2022
,
purchases
and
sales
of
investments,
excluding
short-term
investments
and
in-kind
transactions,
were
as
follows:
For
the year
ended
July
31,
2022
,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2022
,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Momentum
Factor
.......................................................
$
1,792,992,230
‌
$
1,124,607,258
‌
$
(
169,859,442
)
MSCI
USA
Quality
Factor
..........................................................
1,100,837,084
‌
1,878,322,647
‌
(
90,464,012
)
MSCI
USA
Size
Factor
............................................................
50,456,333
‌
61,600,802
‌
5,416,925
‌
MSCI
USA
Value
Factor
...........................................................
605,175,769
‌
504,068,571
‌
23,801,831
‌
iShares
ETF
Purchases
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
16,440,753,550
‌
$
16,465,173,223
‌
MSCI
USA
Quality
Factor
............................................................................
9,332,582,633
‌
9,322,801,663
‌
MSCI
USA
Size
Factor
..............................................................................
126,032,552
‌
124,885,253
‌
MSCI
USA
Value
Factor
.............................................................................
2,316,706,131
‌
2,353,895,198
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
6,821,720,118
‌
$
8,832,588,851
‌
MSCI
USA
Quality
Factor
............................................................................
7,783,748,825
‌
8,740,511,672
‌
MSCI
USA
Size
Factor
..............................................................................
100,073,131
‌
387,984,993
‌
MSCI
USA
Value
Factor
.............................................................................
3,171,433,271
‌
8,990,720,727
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
MSCI
USA
Momentum
Factor
.........................................................................
$
1,686,346,916
‌
$
(
1,686,346,916
)
MSCI
USA
Quality
Factor
............................................................................
2,354,143,116
‌
(
2,354,143,116
)
MSCI
USA
Size
Factor
..............................................................................
43,265,323
‌
(
43,265,323
)
MSCI
USA
Value
Factor
.............................................................................
2,074,449,314
‌
(
2,074,449,314
)
Notes
to
Financial
Statements
(
continued)
49
Notes
to
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2022,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
For
the
year
ended
July
31,
2022,
the
iShares
MSCI
USA
Size
Factor
ETF
utilized
$4,354,064
of
its
capital
loss
carryforwards.
As
of
July
31,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
iShares
ETF
Year
Ended
07/31/22
Year
Ended
07/31/21
MSCI
USA
Momentum
Factor
Ordinary
income
..........................................................................................
$
120,180,940
‌
$
63,350,348
‌
MSCI
USA
Quality
Factor
Ordinary
income
..........................................................................................
$
281,237,239
‌
$
308,371,260
‌
MSCI
USA
Size
Factor
Ordinary
income
..........................................................................................
$
7,036,092
‌
$
12,325,649
‌
MSCI
USA
Value
Factor
Ordinary
income
..........................................................................................
$
379,603,795
‌
$
237,616,292
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
MSCI
USA
Momentum
Factor
..................
$
31,439,986
‌
$
(
3,168,795,995
)
$
49,998,479
‌
$
—
‌
$
(
3,087,357,530
)
MSCI
USA
Quality
Factor
.....................
31,414,390
‌
(
1,058,650,854
)
639,080,526
‌
—
‌
(
388,155,938
)
MSCI
USA
Size
Factor
.......................
—
‌
(
34,809,115
)
(
37,633,692
)
(
3,210
)
(
72,446,017
)
MSCI
USA
Value
Factor
......................
27,634,290
‌
(
542,388,608
)
(
764,600,600
)
—
‌
(
1,279,354,918
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Momentum
Factor
.....................................
$
10,070,957,460
‌
$
456,757,634
‌
$
(
406,759,155
)
$
49,998,479
‌
MSCI
USA
Quality
Factor
........................................
19,805,989,941
‌
2,294,671,679
‌
(
1,655,591,153
)
639,080,526
‌
MSCI
USA
Size
Factor
..........................................
405,695,437
‌
22,365,530
‌
(
59,999,222
)
(
37,633,692
)
MSCI
USA
Value
Factor
.........................................
10,030,231,957
‌
523,448,849
‌
(
1,288,049,449
)
(
764,600,600
)
Notes
to
Financial
Statements
(continued)
50
2022
iShares
Annual
Report
to
Shareholders
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
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
07/31/22
‌
Year
Ended
07/31/21
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
MSCI
USA
Momentum
Factor
Shares
sold
...............................................
38,950,000
‌
$
6,845,941,290
‌
58,900,000
‌
$
9,601,225,530
‌
Shares
redeemed
...........................................
(
51,700,000
)
(
8,898,909,018
)
(
52,100,000
)
(
8,617,740,677
)
(
12,750,000
)
$
(
2,052,967,728
)
6,800,000
‌
$
983,484,853
‌
MSCI
USA
Quality
Factor
Shares
sold
...............................................
57,000,000
‌
$
7,811,416,753
‌
71,150,000
‌
$
8,555,373,188
‌
Shares
redeemed
...........................................
(
65,600,000
)
(
8,757,408,560
)
(
84,000,000
)
(
9,843,949,012
)
(
8,600,000
)
$
(
945,991,807
)
(
12,850,000
)
$
(
1,288,575,824
)
Notes
to
Financial
Statements
(
continued)
51
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/22
‌
Year
Ended
07/31/21
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
MSCI
USA
Size
Factor
Shares
sold
...............................................
750,000
‌
$
100,341,016
‌
9,200,000
‌
$
1,011,073,003
‌
Shares
redeemed
...........................................
(
3,000,000
)
(
389,541,537
)
(
12,100,000
)
(
1,379,112,933
)
(
2,250,000
)
$
(
289,200,521
)
(
2,900,000
)
$
(
368,039,930
)
MSCI
USA
Value
Factor
Shares
sold
...............................................
30,250,000
‌
$
3,183,847,456
‌
103,100,000
‌
$
9,614,519,631
‌
Shares
redeemed
...........................................
(
87,950,000
)
(
9,027,678,196
)
(
27,100,000
)
(
2,683,961,019
)
(
57,700,000
)
$
(
5,843,830,740
)
76,000,000
‌
$
6,930,558,612
‌
Important
Tax
Information
(unaudited)
52
2022
iShares
Annual
Report
to
Shareholders
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2022:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
MSCI
USA
Momentum
Factor
............................................................................................
$
150,973,784‌
MSCI
USA
Quality
Factor
...............................................................................................
301,813,538‌
MSCI
USA
Size
Factor
.................................................................................................
6,075,881‌
MSCI
USA
Value
Factor
................................................................................................
356,452,286‌
iShares
ETF
Qualified
Business
Income
MSCI
USA
Momentum
Factor
............................................................................................
$
325,356‌
MSCI
USA
Quality
Factor
...............................................................................................
4,622,129‌
MSCI
USA
Size
Factor
.................................................................................................
249,011‌
MSCI
USA
Value
Factor
................................................................................................
3,367,891‌
iShares
ETF
Dividends-Received
Deduction
MSCI
USA
Momentum
Factor
............................................................................................
100.00‌
%
MSCI
USA
Quality
Factor
...............................................................................................
98.21‌
MSCI
USA
Size
Factor
.................................................................................................
85.10‌
MSCI
USA
Value
Factor
................................................................................................
99.40‌
Board
Review
and
Approval
of
Investment
Advisory
Contract
53
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
MSCI
USA
Momentum
Factor
ETF,
iShares
MSCI
USA
Quality
Factor
ETF,
iShares
MSCI
USA
Size
Factor
ETF,
iShares
MSCI
USA
Value
Factor
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
54
2022
iShares
Annual
Report
to
Shareholders
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
55
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
July
31,
2022
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
MSCI
USA
Momentum
Factor
..........
$
1.529282
‌
$
—
‌
$
—
‌
$
1.529282
‌
100
%
—
%
—
%
100
%
MSCI
USA
Quality
Factor
.............
1.629042
‌
—
‌
—
‌
1.629042
‌
100
—
—
100
MSCI
USA
Size
Factor
...............
1.842588
‌
—
‌
—
‌
1.842588
‌
100
—
—
100
MSCI
USA
Value
Factor
..............
2.890279
‌
—
‌
—
‌
2.890279
‌
100
—
—
100
Trustee
and
Officer
Information
(unaudited)
56
2022
iShares
Annual
Report
to
Shareholders
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
384
funds
as
of
July
31,
2022.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
Park
Avenue
Plaza,
55
East
52nd
Street,
New
York,
NY
10055.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(65)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(52)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(67)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(66)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(67)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(73)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018)
and
Investment
Committee
(since
2011);
Chair
(1994-2005)
and
Member
(since
1992)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-
2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
(since
2019).
Trustee
and
Officer
Information
(unaudited)
(
continued)
57
Trustee
and
Officer
Information
Officers
Name
(Age)
Position(s)
Principal
Occupation(s)
During
the
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(63)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
John
E.
Martinez
(61)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(57)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Age)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Armando
Senra
(51)
President
(since
2019).
Managing
Director,
BlackRock,
Inc.
(since
2007);
Head
of
U.S.,
Canada
and
Latam
iShares,
BlackRock,
Inc.
(since
2019);
Head
of
Latin
America
Region,
BlackRock,
Inc.
(2006-2019);
Managing
Director,
Bank
of
America
Merrill
Lynch
(1994-2006).
Trent
Walker
(48)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(54)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(41)
Secretary
(since
2022).
Director,
BlackRock,
Inc.
(since
2018);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(40)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(46)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(51)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
March
18,
2022,
Rachel
Aguirre,
Jennifer
Hsui,
and
James
Mauro
have
replaced
Scott
Radell,
Alan
Mason,
and
Marybeth
Leithead
as
Executive
Vice
Presidents.
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Independent
Trustees
(
continued
)
General
Information
58
2022
iShares
Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
59
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-AR-718-0722
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
 
(b) Not Applicable
 
Item 2.      Code of Ethics.
 
The registrant
has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non
‐
material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics.
The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
 
 
 
 
Item 3.      Audit Committee Financial Expert.
 
The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
 
Item 4.      Principal Accountant Fees and Services.
 
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eleven series of the registrant for which the fiscal year-end is July 31, 2022 (the “Funds”), and whose annual financial statements are reported in Item 1.
 
(a)
    
Audit Fees
– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $103,750 for the fiscal year ended
July 31, 2021
and $115,150 for the fiscal year ended July 31, 2022.
 
(b)
   
Audit-Related Fees
– There were no fees billed for the fiscal years end
ed July 31, 2021
and July 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
 
(c)
    
Tax Fees
– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $106,700 for the fiscal year ended
July 31, 2021
and $106,700 for the fiscal year ended July 31, 2022. These services related to the review of the Funds’ tax returns and excise tax calculations.
 
(d)
   
All Other Fees
– There were no other fees billed in each of the fiscal years end
ed July 31, 2021 and July 31, 2022
for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
 
(e)
    
(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
 
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
 
(f)
     
None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended July 31, 2022 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.
 
(g)
   
The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $106,700 for the fiscal year ended
July 31, 2021
and $106,700 for the fiscal year ended July 31, 2022.
 
 
(h)
   
The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
 
(i)
     
Not Applicable
 
(j)
     
Not Applicable

 

 

Item 5.      Audit Committee of Listed Registrants

 
(a)
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.
 
(b) Not applicable.
 

Item 6.      Investments.

 
(a)
    
Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
 
(b)
   
Not applicable.
 
 
Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
      Not applicable to the registrant.
 
Item 8.      Portfolio Managers of Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 
      Not applicable to the registrant.
 
Item 10.    Submission of Matters to a Vote of Security Holders.
 
      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
 
Item 11.    Controls and Procedures.
 
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
 
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 
 
Item 13.    Exhibits.
 
(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.
 
(a) (2) Section 302 Certifications are attached.
 
      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
 
      (a) (4) Change in Registrant’s independent public accountant – Not Applicable.
 
(b) Section 906 Certifications are attached.

                                                                    
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares Trust
 
 
 
By: /s/
Armando Senra
 
 
Armando Senra, President (Principal Executive Officer)
 
 
Date:
September 23, 2022
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By: /s/
Armando Senra
 
 
Armando Senra, President (Principal Executive Officer)
 
 
Date:
September 23, 2022
 
 
 
By: /s/
Trent Walker
 
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
September 23, 2022
 
 
 
 

 
 
N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                  EX-99.CERT
 
 I,   Armando Senra, certify that:
 
1.
      
I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series: iShares Core Aggressive Allocation ETF, iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF, iShares ESG MSCI USA Min Vol Factor ETF, iShares Morningstar Multi-Asset Income ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
    
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
    
 All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
 
 
 
 
 
 
(b)
   
 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
 
Date:
 
September 23, 2022
 
 
/s/
Armando Senra
President
(Principal Executive Officer)
 
Armando Senra
[Signature]
[Title]

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                      EX-99.CERT
 
I, Trent Walker, certify that:
 
1.
   
I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series: iShares Core Aggressive Allocation ETF, iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF, iShares ESG MSCI USA Min Vol Factor ETF, iShares Morningstar Multi-Asset Income ETF, iShares MSCI USA Min Vol Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
    
 Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
    
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
 
 
 
 
 
 
 
 
(b)
   
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
 
Date:
 
September 23, 2022
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]

 
Ex.99.906 CERT
 
N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                      
 
Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:
 
1. The Registrant’s periodic report on Form N-CSR for the period ended July 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
Date:
 
September 23, 2022
 
 
/s/
Armando Senra
President
(Principal Executive Officer)
 
Armando Senra
[Signature]
[Title]
 
 
 
 
Date:
September 23, 2022
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]