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:	August 31, 2022
Date of reporting period:	August 31, 2022

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

August

31,

2022

iShares

Trust

iShares

ESG

Aware

MSCI

USA

ETF

|

ESGU

|

NASDAQ

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

|

ESML

|

Cboe

BZX

iShares

ESG

MSCI

USA

Leaders

ETF

|

SUSL

|

NASDAQ

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

|

PABU

|

NASDAQ

2022

Annual

Report

Dear

Shareholder,

The

12-month

reporting

period

as

of

August

31,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

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.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

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

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

August

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)

(8.84%)

(11.23%)

U.S.

small

cap

equities

(Russell

2000

®

Index)

(9.31)

(17.88)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(13.97)

(19.80)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(13.30)

(21.80)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.36

0.39

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.71)

(13.27)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(7.76)

(11.52)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(5.72)

(8.63)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(7.78)

(10.61)

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

.........................................................................................

43

Statements

of

Operations

................................................................................................

44

Statements

of

Changes

in

Net

Assets

........................................................................................

45

Financial

Highlights

.....................................................................................................

47

Notes

to

Financial

Statements

...............................................................................................

51

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

60

Important

Tax

Information

(Unaudited)

.................................................................................................

61

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

62

Supplemental

Information

.................................................................................................

67

Trustee

and

Officer

Information

..............................................................................................

69

General

Information

.....................................................................................................

71

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

72

Market

Overview

4

2022

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

declined

for

the

12

months

ended

August

31,

2022

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-13.28%.

Significant

challenges

emerged

during

the

reporting

period,

including

high

inflation,

rising

interest

rates,

slower

economic

growth,

and

the

impacts

of

Russia’s

invasion

of

Ukraine.

Investors’

expectations

that

interest

rates

are

likely

to

continue

to

rise

in

the

near-term

fueled

pessimism

about

the

economic

outlook.

These

factors

drove

stock

prices

sharply

lower,

leading

to

negative

performance

for

the

reporting

period.

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,

economic

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

3.7%

in

August

2022

while

the

number

of

long-

term

unemployed

dropped

below

the

pre-pandemic

level.

Although

high

inflation

negatively

impacted

consumer

sentiment,

which

declined

significantly,

consumer

spending

continued

to

grow.

However,

the

rapid

increase

in

consumer

spending

drove

a

significant

rise

in

inflation.

Supply

chains

for

many

goods

were

disrupted

by

the

pandemic

and

were

unable

to

adapt

quickly

to

the

rapid

rebound

and

shifting

composition

of

demand.

Oil

prices

also

rose

as

demand

increased

and

a

lack

of

investment

constrained

the

supply

of

oil.

The

strong

job

market

led

to

higher

wages,

particularly

for

lower-wage

jobs.

These

factors

drove

prices

higher

in

many

areas

of

the

economy.

Rising

inflation

led

to

a

significant

shift

in

policy

from

the

U.S.

Federal

Reserve

(“the

Fed”).

As

the

reporting

period

began,

the

Fed

was

still

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

that

environment,

the

U.S.

dollar

rose

relative

to

most

foreign

currencies.

In

March

2022,

the

Fed

began

to

raise

short-term

interest

rates,

followed

by

three

more

increases

for

a

total

of

225

basis

points

(or

2.25%),

the

most

rapid

increase

in

decades.

Interest

rates

rose

significantly

in

response,

leading

to

higher

borrowing

costs

for

businesses.

Late

in

the

reporting

period,

the

Fed

indicated

that

its

continued

efforts

to

counter

inflation

were

likely

to

negatively

affect

the

broader

economy.

The

impact

of

higher

inflation

and

interest

rates

on

equities

varied

substantially.

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

considerable

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

Aware

MSCI

USA

ETF

5

Fund

Summary

Fund

Summary

as

of

August

31,

2022

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

identified

by

the

index

provider

while

exhibiting

risk

and

return

characteristics

similar

to

those

of

the

parent

index,

as

represented

by

the

MSCI

USA

Extended

ESG

Focus

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

December

1,

2016.

The

first

day

of

secondary

market

trading

was

December

2,

2016.

Index

performance

through

May

31,

2018

reflects

the

performance

of

the

MSCI

USA

ESG

Focus

Index.

Index

performance

beginning

on

June

1,

2018

reflects

the

performance

of

the

MSCI

USA

Extended

ESG

Focus

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

.................................

(13.96

)

%

11.87

%

12.87

%

(13.96

)

%

75.18

%

100.67

%

Fund

Market

...............................

(13.91

)

11.88

12.89

–

%

(13.91

)

75.26

100.83

Index

....................................

(13.84

)

12.04

13.

09

(13.84

)

76.58

102.7

4

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

902.80

‌

$

0.72

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

August

31,

2022

(continued)

iShares

®

ESG

Aware

MSCI

USA

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.

The

overall

rise

in

ESG

investing

in

recent

years

also

led

to

increased

regulation

and

investor

scrutiny.

In

October

2021,

the

U.S.

Department

of

Labor

(“DOL”)

proposed

a

rule

that

would

expand

the

ability

of

retirement

plan

sponsors

to

offer

ESG

products.

Five

months

later,

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

further

proposed

a

rule

to

require

climate-related

disclosures

from

public

companies.

However,

focus

on

ESG-related

policies

continue

to

broadly

support

interest

in

sustainable

investing.

With

a

negative

global

macro

backdrop,

the

Index,

which

includes

the

stocks

of

US

companies,

declined

significantly

for

the

reporting

period.

The

information

technology

sector

detracted

the

most

from

the

Index’s

performance,

as

rising

interest

rates

negatively

affected

stocks

with

high

valuations,

particularly

in

the

software

industry.

Slowing

sales

of

online

advertisements

weighed

on

stocks

in

the

communication

services

sector,

while

rising

costs

pressured

the

retail

industry

in

the

consumer

discretionary

sector.

On

the

upside,

the

energy

sector

gained

amid

strong

demand.

In

terms

of

relative

performance,

the

Index

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index,

while

tracking

it

relatively

closely.

Relative

to

the

broader

market,

the

ESG

security

selection

process

leads

to

overweight

positions

in

stocks

with

higher

ESG

ratings

and

underweight

positions

in

stocks

with

lower

ESG

characteristics.

Due

to

the

ESG

selection

process,

the

Index

held

an

overweight

to

the

Information

Technology

and

Industrials

sectors,

which

detracted

from

relative

performance.

Conversely,

underweight

positions

in

Communication

Services

and

Consumer

Staples

were

additive

to

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

28.7‌

%

Health

Care

...................................

13.7‌

Consumer

Discretionary

...........................

11.1‌

Financials

.....................................

10.3‌

Industrials

.....................................

8.3‌

Communication

Services

...........................

7.5‌

Consumer

Staples

...............................

6.8‌

Energy

.......................................

4.8‌

Real

Estate

....................................

3.3‌

Utilities

.......................................

2.8‌

Materials

.....................................

2.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

7.2‌

%

Microsoft

Corp.

.................................

5.8‌

Amazon.com,

Inc.

...............................

3.3‌

Tesla,

Inc.

.....................................

2.1‌

Alphabet,

Inc.,

Class

A

............................

1.8‌

Alphabet,

Inc.,

Class

C,

NVS

........................

1.7‌

UnitedHealth

Group,

Inc.

...........................

1.3‌

NVIDIA

Corp.

..................................

1.1‌

JPMorgan

Chase

&

Co.

...........................

1.1‌

Exxon

Mobil

Corp.

...............................

1.1‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

7

Fund

Summary

Fund

Summary

as

of

August

31,

2022

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

optimized

index

designed

to

produce

investment

results

comparable

to

a

capitalization

weighted

index

of

small-capitalization

U.S.

companies,

while

reflecting

a

higher

allocation

to

those

companies

with

favorable

environmental,

social

and

governance

(“ESG”)

profiles

(as

determined

by

the

index

provider),

as

represented

by

the

MSCI

USA

Small

Cap

Extended

ESG

Focus

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

10,

2018.

The

first

day

of

secondary

market

trading

was

April

12,

2018.

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

Since

Inception

1

Year

Since

Inception

Fund

NAV

.............................................................

(15.03

)

%

7.88

%

(15.03

)

%

39.57

%

Fund

Market

...........................................................

(14.99

)

7.90

–

%

(14.99

)

39.69

Index

................................................................

(15.01

)

8.02

(15.01

)

40.32

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

904.10

‌

$

0.82

‌

$

1,000.00

‌

$

1,024.35

‌

$

0.87

‌

0.17

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

August

31,

2022

(continued)

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

8

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.

The

COVID-19

pandemic

served

as

a

motivating

factor

for

many

businesses

to

reexamine

their

ESG

policies,

while

fund

flows

reached

a

record

level

in

2021.

However,

net

inflows

to

ESG-focused

investments

slowed

in

2022.

The

overall

rise

in

ESG

investing

in

recent

years

also

led

to

increased

regulation

and

investor

scrutiny.

In

October

2021,

the

Department

of

Labor

proposed

a

rule

that

would

expand

the

ability

of

retirement

plan

sponsors

to

offer

ESG

products.

Five

months

later,

the

SEC

also

announced

a

proposal

that

would

require

climate-related

disclosures

from

public

companies.

However,

focus

on

ESG-related

policies

continue

to

broadly

support

interest

in

sustainable

investing.

With

a

negative

global

macro

backdrop,

the

Index,

which

consists

of

U.S.

small-capitalization

stocks,

declined

significantly

for

the

reporting

period.

The

healthcare

sector

was

the

largest

detractor

from

the

Index’s

return,

particularly

the

biotechnology

industry,

which

retreated

amid

stiff

competition

from

companies

working

to

develop

new

treatments

in

competing

areas.

Stocks

in

the

consumer

discretionary

sector

were

stifled

by

rising

inflation

and

slowing

home

sales,

while

companies

in

the

information

technology

sector

reported

diminishing

earnings

prospects.

On

the

upside,

the

energy

sector

gained

amid

strong

demand.

In

terms

of

relative

performance,

the

Index

slightly

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Small

Cap

Index,

while

tracking

it

relatively

closely.

Relative

to

the

broader

market,

the

ESG

security

selection

process

leads

to

overweight

positions

in

stocks

with

higher

ESG

ratings

and

underweight

positions

in

stocks

with

lower

ESG

characteristics.

Due

to

the

ESG

selection

process,

the

Index

held

an

overweight

to

the

industrials

and

information

technology

sectors,

which

detracted

from

relative

performance.

Conversely,

underweight

positions

in

financials

sector

were

additive

to

relative

performance.

The

security

selection

in

the

consumer

discretionary

sector

detracted

from

the

Index’s

relative

return.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Industrials

.....................................

17.5‌

%

Financials

.....................................

15.0‌

Health

Care

...................................

14.1‌

Information

Technology

............................

13.8‌

Consumer

Discretionary

...........................

13.2‌

Real

Estate

....................................

7.2‌

Energy

.......................................

5.5‌

Materials

.....................................

5.0‌

Consumer

Staples

...............................

3.9‌

Utilities

.......................................

2.8‌

Communication

Services

...........................

2.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Comerica,

Inc.

..................................

0.5‌

%

Ovintiv,

Inc.

....................................

0.5‌

Wolfspeed,

Inc.

.................................

0.4‌

MDU

Resources

Group,

Inc.

........................

0.4‌

Reliance

Steel

&

Aluminum

Co.

......................

0.4‌

First

Solar,

Inc.

.................................

0.4‌

Lamb

Weston

Holdings,

Inc.

........................

0.3‌

Darling

Ingredients,

Inc.

...........................

0.3‌

Synovus

Financial

Corp.

...........................

0.3‌

Toro

Co.

(The)

..................................

0.3‌

      aaa

aa

iShares

®

ESG

MSCI

USA

Leaders

ETF

9

Fund

Summary

Fund

Summary

as

of

August

31,

2022

Investment

Objective

The

iShares

ESG

MSCI

USA

Leaders

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

of

companies

with

high

environmental,

social,

and

governance

performance

relative

to

their

sector

peers,

as

determined

by

the

index

provider,

as

represented

by

the

MSCI

USA

Extended

ESG

Leaders

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

May

7,

2019.

The

first

day

of

secondary

market

trading

was

May

9,

2019.

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

Since

Inception

1

Year

Since

Inception

Fund

NAV

.............................................................

(13.29

)

%

11.90

%

(13.29

)

%

45.26

%

Fund

Market

...........................................................

(13.17

)

11.93

–

%

(13.17

)

45.39

Index

................................................................

(13.22

)

12.02

(13.22

)

45.69

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

897.40

‌

$

0.48

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

August

31,

2022

(continued)

iShares

®

ESG

MSCI

USA

Leaders

ETF

10

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.

The

COVID-19

pandemic

served

as

a

motivating

factor

for

many

businesses

to

reexamine

their

ESG

policies,

while

fund

flows

reached

a

record

level

in

2021.

However,

net

inflows

to

ESG-focused

investments

slowed

in

2022.

The

overall

rise

in

ESG

investing

in

recent

years

has

also

led

to

increased

regulation

and

investor

scrutiny.

A

rule

proposed

by

the

U.S.

Department

of

Labor

in

October

2021

would

expand

the

ability

of

retirement

plan

sponsors

to

offer

ESG

products.

In

March

2022,

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

also

proposed

a

rule

to

require

climate-related

disclosures

from

public

companies.

However,

focus

on

ESG-related

policies

continue

to

broadly

support

interest

in

sustainable

investing.

With

a

negative

global

macro

backdrop,

the

Index,

which

includes

the

large-

and

mid-capitalization

U.S.

stocks,

declined

significantly

for

the

reporting

period

The

information

technology

sector

was

the

largest

detractor

from

the

Index’s

return,

as

the

software

industry

faced

significant

challenges.

Lingering

supply

chain

issues

in

China

and

the

wider

economic

downturn

weighed

on

a

large

software

maker.

Slowing

growth

amid

a

return

to

more

in-person

office

work

also

pressured

the

industry.

The

communication

services

sector

also

declined,

as

the

interactive

media

and

services

industry

was

negatively

impacted

by

slowing

demand

for

online

advertisements.

In

terms

of

relative

performance,

the

Index

slightly

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

Relative

to

the

broader

market,

the

ESG

security

selection

process

leads

to

overweight

positions

in

stocks

with

higher

ESG

ratings

and

underweight

positions

in

stocks

with

lower

ESG

characteristics.

Due

to

the

ESG

selection

process,

the

Index

held

an

overweight

to

the

communication

services

and

consumer

discretionary

sector,

which

was

additive

to

the

relative

performance.

Conversely,

underweight

positions

in

the

energy

and

utilities

sectors

detracted

from

the

Index’s

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

28.0‌

%

Health

Care

...................................

14.5‌

Consumer

Discretionary

...........................

11.5‌

Financials

.....................................

11.1‌

Communication

Services

...........................

10.2‌

Industrials

.....................................

8.3‌

Consumer

Staples

...............................

7.0‌

Materials

.....................................

2.9‌

Real

Estate

....................................

2.9‌

Energy

.......................................

2.4‌

Utilities

.......................................

1.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

.................................

10.8‌

%

Tesla,

Inc.

.....................................

4.2‌

Alphabet,

Inc.,

Class

A

............................

3.8‌

Alphabet,

Inc.,

Class

C,

NVS

........................

3.6‌

Johnson

&

Johnson

..............................

2.6‌

NVIDIA

Corp.

..................................

2.1‌

Procter

&

Gamble

Co.

(The)

........................

1.9‌

Visa,

Inc.,

Class

A

...............................

1.9‌

Home

Depot,

Inc.

(The)

...........................

1.7‌

Mastercard,

Inc.,

Class

A

...........................

1.6‌

      aaa

aa

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

11

Fund

Summary

Fund

Summary

as

of

August

31,

2022

Investment

Objective

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

that

is

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement

by,

in

aggregate,

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low-carbon

economy,

as

represented

by

the

MSCI

USA

Climate

Paris

Aligned

Benchmark

Extended

Select

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

February

8,

2022.

The

first

day

of

secondary

market

trading

was

February

10,

2022.

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

.......................................................................................................

(13.42

)

%

Fund

Market

.....................................................................................................

–

%

(13.33

)

Index

..........................................................................................................

(13.38

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

894.10

‌

$

0.53

‌

$

1,000.00

‌

$

1,024.65

‌

$

0.56

‌

0.11

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

August

31,

2022

(continued)

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

12

2022

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

The

2015

Paris

climate

accords

set

emissions

goals

for

its

196

signatories

with

the

goal

of

limiting

climate

change

to

well

below

2

degrees

Celsius,

and

preferably

below

1.5

degrees.

In

2021,

the

U.S.

rejoined

the

Paris

agreement

after

having

withdrawn

from

it

in

2020.

As

the

global

economy

recovered

from

the

initial

disruptions

of

the

COVID-19

pandemic,

rising

economic

activity

drove

higher

energy

use,

and

global

carbon

emissions

increased

by

6%

in

2021.

This

was

the

largest

single-year

increase

on

record,

and

it

more

than

reversed

2020’s

decline.

However,

while

increased

fossil

fuel

use

drove

higher

emissions,

renewable

energy

generation

reached

an

all-time

high

in

2021.

With

a

negative

global

macro

backdrop,

the

Index,

which

includes

U.S.

large-

and

mid-capitalization

stocks

that

are

compatible

with

the

objectives

of

the

Paris

Agreement,

declined

significantly

for

the

reporting

period.

The

information

technology

sector

was

the

largest

detractor

from

the

Index’s

return,

as

the

software

industry

faced

significant

challenges.

Lingering

supply

chain

issues

in

China

and

the

wider

economic

downturn

worked

against

a

large

software

maker.

Slowing

growth

amid

a

shift

back

to

more

in-person

office

work

also

pressured

the

industry.

The

technology

hardware,

storage

and

peripherals

industry

also

declined,

due

in

part

to

investors’

concerns

about

supply

chain

shortages

and

a

slowing

economy.

The

communication

services

sector

further

detracted

from

the

Index’s

return,

as

the

interactive

media

and

services

industry

was

negatively

impacted

by

slowing

demand

for

online

advertisements.

The

consumer

discretionary

sector

also

declined

amid

rising

costs

in

the

retail

industry.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

33.3‌

%

Health

Care

...................................

16.8‌

Consumer

Discretionary

...........................

12.6‌

Financials

.....................................

11.1‌

Real

Estate

....................................

7.6‌

Communication

Services

...........................

7.1‌

Industrials

.....................................

6.0‌

Materials

.....................................

3.7‌

Consumer

Staples

...............................

1.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

8.4‌

%

Microsoft

Corp.

.................................

6.3‌

Amazon.com,

Inc.

...............................

3.3‌

Tesla,

Inc.

.....................................

2.9‌

Alphabet,

Inc.,

Class

C,

NVS

........................

2.2‌

Ecolab,

Inc.

...................................

1.8‌

Sherwin-Williams

Co.

(The)

.........................

1.8‌

Enphase

Energy,

Inc.

.............................

1.6‌

UnitedHealth

Group,

Inc.

...........................

1.4‌

McDonald's

Corp.

...............................

1.4‌

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

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.4

%

Huntington

Ingalls

Industries,

Inc.

...............

254,135

$

58,517,125

L3Harris

Technologies,

Inc.

...................

332,633

75,903,525

Raytheon

Technologies

Corp.

.................

1,653,492

148,400,907

Textron,

Inc.

.............................

357,698

22,313,201

305,134,758

a

Air

Freight

&

Logistics

 — 

1

.0

%

CH

Robinson

Worldwide,

Inc.

.................

298,322

34,053,456

Expeditors

International

of

Washington,

Inc.

........

691,548

71,153,374

FedEx

Corp.

.............................

102,005

21,503,674

United

Parcel

Service,

Inc.

,

Class

B

.............

482,420

93,835,514

220,546,018

a

Auto

Components

 — 

0

.3

%

Aptiv

PLC

(a)

..............................

462,137

43,177,460

Lear

Corp.

..............................

162,685

22,554,648

65,732,108

a

Automobiles

 — 

2

.2

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

..............

686,112

22,442,724

Tesla,

Inc.

(a)

..............................

1,682,881

463,818,832

486,261,556

a

Banks

 — 

3

.6

%

Bank

of

America

Corp.

......................

5,002,652

168,139,134

Citigroup,

Inc.

............................

1,477,358

72,109,844

Huntington

Bancshares,

Inc.

..................

3,322,275

44,518,485

JPMorgan

Chase

&

Co.

.....................

2,071,071

235,542,905

PNC

Financial

Services

Group,

Inc.

(The)

.........

474,086

74,905,588

Regions

Financial

Corp.

.....................

3,330,470

72,171,285

SVB

Financial

Group

(a)

(b)

.....................

54,281

22,066,312

Truist

Financial

Corp.

.......................

1,004,101

47,032,091

Wells

Fargo

&

Co.

.........................

1,359,082

59,405,474

795,891,118

a

Beverages

 — 

2

.3

%

Brown-Forman

Corp.

,

Class

B

,

NVS

.............

306,037

22,248,890

Coca-Cola

Co.

(The)

.......................

3,249,462

200,524,300

Keurig

Dr

Pepper,

Inc.

......................

1,315,374

50,142,057

Molson

Coors

Beverage

Co.

,

Class

B

............

550,277

28,432,813

PepsiCo,

Inc.

............................

1,241,271

213,833,755

515,181,815

a

Biotechnology

 — 

2

.2

%

AbbVie,

Inc.

.............................

919,920

123,692,443

Amgen,

Inc.

.............................

399,928

96,102,698

Biogen,

Inc.

(a)

............................

151,617

29,622,929

Gilead

Sciences,

Inc.

.......................

1,517,627

96,323,786

Horizon

Therapeutics

PLC

(a)

..................

390,998

23,150,991

Moderna,

Inc.

(a)

...........................

166,399

22,009,596

Regeneron

Pharmaceuticals,

Inc.

(a)

..............

52,248

30,359,223

Seagen,

Inc.

(a)

............................

137,571

21,225,830

Vertex

Pharmaceuticals,

Inc.

(a)

.................

172,346

48,560,209

491,047,705

a

Building

Products

 — 

1

.3

%

Allegion

PLC

.............................

222,025

21,114,578

Carrier

Global

Corp.

........................

1,188,096

46,478,316

Fortune

Brands

Home

&

Security,

Inc.

............

349,580

21,474,699

Johnson

Controls

International

PLC

.............

1,689,327

91,460,164

Owens

Corning

...........................

263,050

21,499,076

Trane

Technologies

PLC

.....................

514,084

79,204,922

281,231,755

a

Security

Shares

Value

a

Capital

Markets

 — 

3

.5

%

Bank

of

New

York

Mellon

Corp.

(The)

............

1,013,230

$

42,079,442

BlackRock,

Inc.

(c)

..........................

175,981

117,271,979

Charles

Schwab

Corp.

(The)

..................

718,522

50,979,136

CME

Group,

Inc.

,

Class

A

....................

206,210

40,336,738

FactSet

Research

Systems,

Inc.

................

52,954

22,947,086

Goldman

Sachs

Group,

Inc.

(The)

..............

255,224

84,905,368

Intercontinental

Exchange,

Inc.

................

386,457

38,974,188

LPL

Financial

Holdings,

Inc.

...................

105,348

23,316,673

Moody's

Corp.

............................

226,180

64,352,734

Morgan

Stanley

...........................

1,287,457

109,717,085

Nasdaq,

Inc.

.............................

671,796

39,992,016

Northern

Trust

Corp.

........................

277,338

26,372,070

S&P

Global,

Inc.

..........................

258,678

91,101,218

State

Street

Corp.

.........................

329,859

22,545,863

774,891,596

a

Chemicals

 — 

1

.7

%

Corteva,

Inc.

.............................

385,411

23,675,798

Dow,

Inc.

...............................

817,917

41,713,767

DuPont

de

Nemours,

Inc.

....................

390,748

21,741,219

Ecolab,

Inc.

.............................

609,784

99,900,913

International

Flavors

&

Fragrances,

Inc.

...........

253,687

28,027,340

Linde

PLC

..............................

297,831

84,244,476

Mosaic

Co.

(The)

..........................

495,244

26,678,794

PPG

Industries,

Inc.

........................

299,579

38,040,541

Sherwin-Williams

Co.

(The)

...................

96,512

22,400,435

386,423,283

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Copart,

Inc.

(a)

............................

184,315

22,053,290

Republic

Services,

Inc.

......................

184,874

26,385,217

Waste

Management,

Inc.

.....................

135,480

22,900,184

71,338,691

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(a)

......................

181,665

21,778,000

Cisco

Systems,

Inc.

........................

2,760,830

123,464,318

Motorola

Solutions,

Inc.

.....................

144,381

35,143,779

180,386,097

a

Construction

&

Engineering

 — 

0

.1

%

Quanta

Services,

Inc.

.......................

200,548

28,337,432

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

.................

64,728

22,506,573

a

Consumer

Finance

 — 

0

.7

%

American

Express

Co.

......................

556,977

84,660,504

Discover

Financial

Services

...................

397,484

39,943,167

Synchrony

Financial

(b)

.......................

875,930

28,686,708

153,290,379

a

Containers

&

Packaging

 — 

0

.4

%

Amcor

PLC

..............................

4,129,002

49,589,314

Ball

Corp.

...............................

584,780

32,636,572

82,225,886

a

Distributors

 — 

0

.3

%

LKQ

Corp.

..............................

820,301

43,656,419

Pool

Corp.

..............................

62,132

21,074,553

64,730,972

a

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Diversified

Financial

Services

 — 

0

.5

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.............

349,576

$

98,160,941

Equitable

Holdings,

Inc.

.....................

755,646

22,480,468

120,641,409

a

Diversified

Telecommunication

Services

 — 

0

.8

%

AT&T,

Inc.

...............................

2,922,741

51,264,877

Verizon

Communications,

Inc.

.................

3,239,314

135,435,718

186,700,595

a

Electric

Utilities

 — 

1

.4

%

Entergy

Corp.

............................

295,562

34,078,299

Eversource

Energy

........................

1,005,084

90,145,984

Exelon

Corp.

.............................

1,300,355

57,098,588

NextEra

Energy,

Inc.

.......................

1,613,439

137,239,121

318,561,992

a

Electrical

Equipment

 — 

0

.1

%

Plug

Power,

Inc.

(a)

.........................

880,551

24,690,650

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Keysight

Technologies,

Inc.

(a)

(b)

.................

280,362

45,948,528

TE

Connectivity

Ltd.

........................

175,107

22,100,254

Trimble,

Inc.

(a)

............................

677,692

42,864,019

Zebra

Technologies

Corp.

,

Class

A

(a)

.............

71,965

21,707,523

132,620,324

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

...................

940,063

23,745,991

Halliburton

Co.

...........................

804,030

24,225,424

Schlumberger

NV

.........................

1,192,593

45,497,423

93,468,838

a

Entertainment

 — 

1

.2

%

Activision

Blizzard,

Inc.

......................

294,439

23,110,517

Electronic

Arts,

Inc.

........................

302,512

38,379,697

Netflix,

Inc.

(a)

.............................

195,414

43,686,754

Walt

Disney

Co.

(The)

(a)

(b)

....................

1,234,450

138,357,156

Warner

Bros

Discovery,

Inc.

(a)

(b)

................

1,998,740

26,463,318

269,997,442

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

3

.0

%

Alexandria

Real

Estate

Equities,

Inc.

.............

144,757

22,205,724

American

Tower

Corp.

......................

423,066

107,479,917

Boston

Properties,

Inc.

......................

291,973

23,191,415

Crown

Castle,

Inc.

.........................

450,904

77,027,930

Digital

Realty

Trust,

Inc.

.....................

310,484

38,385,137

Equinix,

Inc.

.............................

104,466

68,672,815

Healthpeak

Properties,

Inc.

...................

1,590,739

41,756,899

Iron

Mountain,

Inc.

.........................

430,689

22,658,548

Prologis,

Inc.

.............................

542,635

67,563,484

SBA

Communications

Corp.

,

Class

A

.............

102,139

33,220,710

Ventas,

Inc.

.............................

1,117,140

53,466,321

Welltower,

Inc.

............................

1,076,845

82,540,169

Weyerhaeuser

Co.

.........................

782,671

26,736,041

664,905,110

a

Food

&

Staples

Retailing

 — 

1

.1

%

Costco

Wholesale

Corp.

.....................

282,629

147,560,601

Kroger

Co.

(The)

..........................

948,881

45,489,355

Sysco

Corp.

.............................

275,164

22,623,984

Walgreens

Boots

Alliance,

Inc.

.................

618,329

21,678,615

237,352,555

a

Food

Products

 — 

1

.8

%

Archer-Daniels-Midland

Co.

...................

640,641

56,305,937

Bunge

Ltd.

..............................

480,675

47,668,540

General

Mills,

Inc.

.........................

1,440,518

110,631,782

Security

Shares

Value

a

Food

Products

(continued)

Hormel

Foods

Corp.

........................

529,198

$

26,608,075

Kellogg

Co.

..............................

1,300,840

94,623,102

McCormick

&

Co.,

Inc.

,

NVS

..................

453,728

38,144,913

Mondelez

International,

Inc.

,

Class

A

.............

489,681

30,291,667

404,274,016

a

Gas

Utilities

 — 

0

.1

%

UGI

Corp.

...............................

682,904

26,974,708

a

Health

Care

Equipment

&

Supplies

 — 

2

.2

%

Abbott

Laboratories

........................

463,106

47,537,831

ABIOMED,

Inc.

(a)

(b)

.........................

91,525

23,730,602

Align

Technology,

Inc.

(a)

......................

87,593

21,346,414

Baxter

International,

Inc.

.....................

385,905

22,174,101

Boston

Scientific

Corp.

(a)

.....................

562,033

22,655,550

Dexcom,

Inc.

(a)

...........................

381,050

31,326,121

Edwards

Lifesciences

Corp.

(a)

.................

755,171

68,040,907

Hologic,

Inc.

(a)

............................

357,030

24,120,947

IDEXX

Laboratories,

Inc.

(a)

....................

118,354

41,142,218

Insulet

Corp.

(a)

............................

129,909

33,187,852

Intuitive

Surgical,

Inc.

(a)

......................

224,421

46,172,377

ResMed,

Inc.

............................

173,383

38,130,389

STERIS

PLC

(b)

...........................

295,579

59,523,699

479,089,008

a

Health

Care

Providers

&

Services

 — 

3

.3

%

Cardinal

Health,

Inc.

........................

405,615

28,685,093

Centene

Corp.

(a)

..........................

243,934

21,890,637

Cigna

Corp.

.............................

248,294

70,378,934

CVS

Health

Corp.

.........................

759,845

74,578,787

DaVita,

Inc.

(a)

(b)

...........................

253,554

21,625,621

Elevance

Health,

Inc.

.......................

178,599

86,640,161

HCA

Healthcare,

Inc.

.......................

160,412

31,740,722

Humana,

Inc.

............................

90,336

43,522,078

Laboratory

Corp.

of

America

Holdings

............

100,777

22,702,035

McKesson

Corp.

..........................

73,793

27,082,031

Quest

Diagnostics,

Inc.

(b)

.....................

215,716

27,031,372

UnitedHealth

Group,

Inc.

.....................

530,653

275,584,022

731,461,493

a

Hotels,

Restaurants

&

Leisure

 — 

1

.4

%

Booking

Holdings,

Inc.

(a)

(b)

....................

24,188

45,372,092

Caesars

Entertainment,

Inc.

(a)

.................

505,961

21,817,039

Hilton

Worldwide

Holdings,

Inc.

................

464,100

59,107,776

Las

Vegas

Sands

Corp.

(a)

....................

628,113

23,635,892

Marriott

International,

Inc.

,

Class

A

..............

146,453

22,515,684

McDonald's

Corp.

.........................

228,028

57,526,904

MGM

Resorts

International

...................

680,525

22,212,336

Starbucks

Corp.

...........................

306,101

25,733,911

Vail

Resorts,

Inc.

..........................

159,922

35,931,275

313,852,909

a

Household

Products

 — 

1

.5

%

Clorox

Co.

(The)

..........................

158,758

22,915,130

Colgate-Palmolive

Co.

......................

799,272

62,511,063

Kimberly-Clark

Corp.

.......................

428,046

54,584,426

Procter

&

Gamble

Co.

(The)

..................

1,404,272

193,705,279

333,715,898

a

Industrial

Conglomerates

 — 

1

.0

%

3M

Co.

(b)

...............................

748,560

93,083,436

General

Electric

Co.

........................

304,172

22,338,392

Honeywell

International,

Inc.

..................

513,391

97,210,586

212,632,414

a

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Insurance

 — 

2

.0

%

Allstate

Corp.

(The)

........................

181,522

$

21,873,401

American

International

Group,

Inc.

..............

810,755

41,956,571

Chubb

Ltd.

..............................

445,701

84,259,774

Marsh

&

McLennan

Companies,

Inc.

.............

499,320

80,575,269

Progressive

Corp.

(The)

.....................

285,886

35,063,918

Prudential

Financial,

Inc.

.....................

1,250,256

119,712,012

Travelers

Companies,

Inc.

(The)

................

348,714

56,366,131

439,807,076

a

Interactive

Media

&

Services

 — 

4

.5

%

Alphabet,

Inc.

,

Class

A

(a)

.....................

3,608,397

390,500,723

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

.................

3,471,945

378,962,797

Meta

Platforms,

Inc.

,

Class

A

(a)

.................

1,234,495

201,136,270

ZoomInfo

Technologies,

Inc.

(a)

(b)

................

544,730

24,741,637

995,341,427

a

Internet

&

Direct

Marketing

Retail

 — 

3

.5

%

Amazon.com,

Inc.

(a)

........................

5,688,660

721,151,428

eBay,

Inc.

...............................

502,115

22,158,335

MercadoLibre,

Inc.

(a)

(b)

.......................

34,901

29,852,920

773,162,683

a

IT

Services

 — 

4

.8

%

Accenture

PLC

,

Class

A

.....................

463,047

133,570,538

Automatic

Data

Processing,

Inc.

................

573,097

140,070,638

Block,

Inc.

,

Class

A

(a)

.......................

317,886

21,905,524

Fidelity

National

Information

Services,

Inc.

.........

584,024

53,362,273

Fiserv,

Inc.

(a)

.............................

373,271

37,771,293

GoDaddy,

Inc.

,

Class

A

(a)

.....................

291,520

22,103,046

International

Business

Machines

Corp.

...........

651,901

83,736,684

Mastercard,

Inc.

,

Class

A

(b)

...................

548,822

178,021,392

MongoDB,

Inc.

,

Class

A

(a)

(b)

...................

70,135

22,643,786

Okta,

Inc.

,

Class

A

(a)

(b)

.......................

245,680

22,455,152

PayPal

Holdings,

Inc.

(a)

......................

706,075

65,975,648

Snowflake,

Inc.

,

Class

A

(a)

(b)

...................

167,126

30,241,450

Twilio,

Inc.

,

Class

A

(a)

.......................

310,790

21,624,768

VeriSign,

Inc.

(a)

...........................

117,224

21,360,557

Visa,

Inc.

,

Class

A

(b)

........................

1,059,092

210,452,171

1,065,294,920

a

Leisure

Products

 — 

0

.3

%

Hasbro,

Inc.

.............................

795,434

62,696,108

a

Life

Sciences

Tools

&

Services

 — 

2

.0

%

Agilent

Technologies,

Inc.

....................

568,486

72,908,329

Danaher

Corp.

...........................

413,998

111,742,200

Illumina,

Inc.

(a)

............................

137,564

27,738,405

Mettler-Toledo

International,

Inc.

(a)

..............

23,724

28,764,401

Thermo

Fisher

Scientific,

Inc.

..................

193,186

105,348,190

Waters

Corp.

(a)

(b)

..........................

140,430

41,932,398

West

Pharmaceutical

Services,

Inc.

.............

178,164

52,859,477

441,293,400

a

Machinery

 — 

1

.5

%

Caterpillar,

Inc.

...........................

342,860

63,329,671

Cummins,

Inc.

............................

170,727

36,769,474

Deere

&

Co.

.............................

180,309

65,857,862

Dover

Corp.

.............................

192,274

24,026,559

IDEX

Corp.

..............................

126,576

25,468,357

Illinois

Tool

Works,

Inc.

......................

118,128

23,014,878

Ingersoll

Rand,

Inc.

........................

455,781

21,590,346

Pentair

PLC

.............................

478,752

21,304,464

Xylem,

Inc.

..............................

607,918

55,381,330

336,742,941

a

Security

Shares

Value

a

Media

 — 

0

.8

%

Cable

One,

Inc.

(b)

..........................

19,436

$

22,059,860

Charter

Communications,

Inc.

,

Class

A

(a)

..........

51,968

21,443,556

Comcast

Corp.

,

Class

A

.....................

2,512,208

90,916,808

Interpublic

Group

of

Companies,

Inc.

(The)

........

783,480

21,655,387

Paramount

Global

,

Class

B

,

NVS

...............

912,475

21,342,790

177,418,401

a

Metals

&

Mining

 — 

0

.5

%

Freeport-McMoRan,

Inc.

.....................

775,580

22,957,168

Newmont

Corp.

...........................

763,846

31,592,670

Nucor

Corp.

.............................

173,369

23,047,675

Steel

Dynamics,

Inc.

........................

288,939

23,323,156

100,920,669

a

Multiline

Retail

 — 

0

.4

%

Dollar

Tree,

Inc.

(a)

(b)

........................

140,972

19,127,081

Target

Corp.

.............................

435,653

69,852,602

88,979,683

a

Multi-Utilities

 — 

1

.0

%

Consolidated

Edison,

Inc.

....................

764,479

74,720,178

Public

Service

Enterprise

Group,

Inc.

............

1,337,667

86,092,248

Sempra

Energy

...........................

370,820

61,174,175

221,986,601

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.3

%

APA

Corp.

..............................

653,711

25,566,637

Cheniere

Energy,

Inc.

.......................

329,586

52,793,086

Chevron

Corp.

............................

1,072,200

169,471,932

ConocoPhillips

...........................

971,828

106,366,575

Devon

Energy

Corp.

........................

355,323

25,092,910

EOG

Resources,

Inc.

.......................

199,104

24,151,315

EQT

Corp.

..............................

495,538

23,686,717

Exxon

Mobil

Corp.

.........................

2,333,539

223,062,993

Hess

Corp.

..............................

598,799

72,322,943

Kinder

Morgan,

Inc.

,

Class

P

..................

1,262,824

23,134,936

Marathon

Petroleum

Corp.

...................

403,587

40,661,390

Occidental

Petroleum

Corp.

(b)

..................

557,113

39,555,023

ONEOK,

Inc.

.............................

824,083

50,458,602

Phillips

66

...............................

271,034

24,246,702

Pioneer

Natural

Resources

Co.

................

97,692

24,737,568

Valero

Energy

Corp.

........................

319,619

37,433,777

962,743,106

a

Personal

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

.......

94,854

24,128,961

a

Pharmaceuticals

 — 

4

.0

%

Bristol-Myers

Squibb

Co.

.....................

1,636,591

110,322,599

Catalent,

Inc.

(a)

(b)

..........................

224,574

19,762,512

Eli

Lilly

&

Co.

............................

488,239

147,072,234

Johnson

&

Johnson

........................

1,203,072

194,103,636

Merck

&

Co.,

Inc.

..........................

1,642,101

140,169,741

Pfizer,

Inc.

..............................

3,606,011

163,099,878

Zoetis,

Inc.

,

Class

A

........................

672,654

105,290,531

879,821,131

a

Professional

Services

 — 

0

.2

%

Jacobs

Solutions,

Inc.

.......................

128

15,946

Leidos

Holdings,

Inc.

.......................

277,006

26,329,420

Robert

Half

International,

Inc.

..................

320,305

24,653,876

50,999,242

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

..................

723,320

57,113,347

a

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Road

&

Rail

 — 

0

.8

%

CSX

Corp.

..............................

698,902

$

22,120,249

Norfolk

Southern

Corp.

......................

120,863

29,385,421

Old

Dominion

Freight

Line,

Inc.

(b)

...............

79,580

21,598,808

Uber

Technologies,

Inc.

(a)

....................

1,281,262

36,849,095

Union

Pacific

Corp.

........................

277,820

62,373,368

172,326,941

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.0

%

Advanced

Micro

Devices,

Inc.

(a)

................

1,005,962

85,375,995

Analog

Devices,

Inc.

........................

140,681

21,317,392

Applied

Materials,

Inc.

......................

833,678

78,424,089

Broadcom,

Inc.

...........................

171,732

85,713,159

Enphase

Energy,

Inc.

(a)

......................

83,356

23,876,493

Intel

Corp.

..............................

3,148,214

100,490,991

Lam

Research

Corp.

.......................

141,385

61,913,905

Marvell

Technology,

Inc.

.....................

604,448

28,300,255

Micron

Technology,

Inc.

......................

687,225

38,848,829

NVIDIA

Corp.

............................

1,737,712

262,290,249

NXP

Semiconductors

NV

....................

297,921

49,031,838

ON

Semiconductor

Corp.

(a)

...................

357,506

24,585,688

QUALCOMM,

Inc.

.........................

708,154

93,667,530

Texas

Instruments,

Inc.

......................

939,434

155,203,891

1,109,040,304

a

Software

 — 

9

.9

%

Adobe,

Inc.

(a)

.............................

416,352

155,482,491

ANSYS,

Inc.

(a)

............................

152,962

37,980,465

Autodesk,

Inc.

(a)

...........................

200,237

40,395,812

Black

Knight,

Inc.

(a)

.........................

351,119

23,230,033

Cadence

Design

Systems,

Inc.

(a)

...............

306,581

53,274,580

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.............

124,076

22,657,518

HubSpot,

Inc.

(a)

...........................

67,227

22,658,188

Intuit,

Inc.

...............................

210,352

90,825,787

Microsoft

Corp.

...........................

4,784,860

1,251,097,344

NortonLifeLock,

Inc.

........................

1,003,975

22,679,795

Oracle

Corp.

.............................

776,530

57,579,700

Palo

Alto

Networks,

Inc.

(a)

....................

46,032

25,631,078

Paycom

Software,

Inc.

(a)

.....................

62,644

22,000,573

PTC,

Inc.

(a)

..............................

197,646

22,707,549

Roper

Technologies,

Inc.

.....................

66,180

26,642,744

Salesforce,

Inc.

(a)

..........................

730,164

113,993,204

ServiceNow,

Inc.

(a)

(b)

........................

183,541

79,770,589

Splunk,

Inc.

(a)

............................

216,421

19,484,383

Synopsys,

Inc.

(a)

..........................

109,526

37,898,187

VMware,

Inc.

,

Class

A

.......................

251,182

29,144,647

Workday,

Inc.

,

Class

A

(a)

.....................

140,527

23,125,123

Zendesk,

Inc.

(a)

...........................

308,687

23,697,901

2,201,957,691

a

Specialty

Retail

 — 

2

.1

%

Best

Buy

Co.,

Inc.

.........................

580,927

41,065,730

Home

Depot,

Inc.

(The)

.....................

770,074

222,104,743

Lowe's

Companies,

Inc.

.....................

569,521

110,566,807

TJX

Companies,

Inc.

(The)

...................

643,414

40,116,863

Tractor

Supply

Co.

.........................

123,557

22,876,578

Ulta

Beauty,

Inc.

(a)

.........................

58,611

24,609,001

461,339,722

a

Technology

Hardware,

Storage

&

Peripherals

 — 

7

.5

%

Apple,

Inc.

..............................

10,065,211

1,582,452,474

Hewlett

Packard

Enterprise

Co.

................

4,191,849

57,009,146

HP,

Inc.

................................

839,499

24,102,016

1,663,563,636

a

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Lululemon

Athletica,

Inc.

(a)

(b)

...................

73,298

$

21,986,468

Nike,

Inc.

,

Class

B

.........................

746,233

79,436,503

VF

Corp.

...............................

768,205

31,842,097

133,265,068

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Fastenal

Co.

.............................

428,236

21,553,118

United

Rentals,

Inc.

(a)

.......................

92,166

26,916,158

WW

Grainger,

Inc.

.........................

132,186

73,355,299

121,824,575

a

Water

Utilities

 — 

0

.3

%

American

Water

Works

Co.,

Inc.

................

230,304

34,188,629

Essential

Utilities,

Inc.

.......................

539,766

26,529,499

60,718,128

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

(a)

........................

161,534

23,254,435

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

21,952,005,118

)

..............................

22,101,837,299

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

2.45

%

(c)

(d)

(e)

............................

182,732,999

182,787,820

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.10

%

(c)

(d)

.............................

92,176,498

92,176,498

a

Total

Short-Term

Securities — 1.2%

(Cost:

$

274,865,774

)

................................

274,964,318

Total

Investments

—

100.8%

(Cost:

$

22,226,870,892

)

..............................

22,376,801,617

Liabilities

in

Excess

of

Other

Assets

—

(

0

.8

)

%

...............

(

182,373,414

)

Net

Assets

—

100.0%

.................................

$

22,194,428,203

(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)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

ETF

18

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

August

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

August

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

08/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/22

  Shares

Held

at

08/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

47,556,080

‌

$

135,211,744

(a)

$

—

‌

$

(

77,534

)

$

97,530

‌

$

182,787,820

‌

182,732,999

‌

$

705,591

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

84,248,000

‌

7,928,498

(a)

—

‌

—

‌

—

‌

92,176,498

‌

92,176,498

‌

282,234

‌

—

‌

BlackRock,

Inc.

...

124,336,941

‌

49,427,843

‌

(

13,145,489

)

4,479,209

‌

(

47,826,525

)

117,271,979

‌

175,981

‌

2,789,272

‌

—

‌

$

4,401,675

‌

$

(

47,728,995

)

$

392,236,297

‌

$

3,777,097

‌

$

—

‌

(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

S&P

500

E-Mini

Index

..................................................................

451

09/16/22

$

89,219

$

(

1,153,375

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,153,375

$

—

$

—

$

—

$

1,153,375

(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

.................................

$

—

$

—

$

(

7,680,475

)

$

—

$

—

$

—

$

(

7,680,475

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

4,061,228

)

$

—

$

—

$

—

$

(

4,061,228

)

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

19

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

...................................................................................

$

95,177,740

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

.............................................

$

22,101,837,299

$

—

$

—

$

22,101,837,299

Short-Term

Securities

Money

Market

Funds

..........................................

274,964,318

—

—

274,964,318

$

22,376,801,617

$

—

$

—

$

22,376,801,617

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(

1,153,375

)

$

—

$

—

$

(

1,153,375

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.6%

AAR

Corp.

(a)

.............................

17,128

$

734,449

AeroVironment,

Inc.

(a)(b)

......................

10,249

908,574

Axon

Enterprise,

Inc.

(a)

......................

28,888

3,370,652

BWX

Technologies,

Inc.

.....................

55,620

2,899,471

Curtiss-Wright

Corp.

........................

19,097

2,810,887

Ducommun,

Inc.

(a)

.........................

17,488

769,472

Hexcel

Corp.

(b)

............................

38,868

2,280,386

Kaman

Corp.,

Class

A

.......................

27,656

877,248

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

........

63,544

796,842

Maxar

Technologies,

Inc.

.....................

35,823

853,662

Mercury

Systems,

Inc.

(a)

.....................

38,676

1,861,476

Moog,

Inc.,

Class

A

........................

22,015

1,650,685

Triumph

Group,

Inc.

(a)

.......................

54,894

713,073

V2X,

Inc.

(a)

..............................

23,862

827,057

Virgin

Galactic

Holdings,

Inc.

(a)(b)

................

124,905

738,188

Woodward,

Inc.

...........................

17,150

1,596,150

23,688,272

a

Air

Freight

&

Logistics

 — 0.2%

GXO

Logistics,

Inc.

(a)

.......................

46,243

2,052,264

Hub

Group,

Inc.,

Class

A

(a)

....................

10,626

848,061

2,900,325

a

Airlines

 — 0.2%

Alaska

Air

Group,

Inc.

(a)

......................

47,208

2,056,381

JetBlue

Airways

Corp.

(a)

.....................

93,546

728,723

2,785,104

a

Auto

Components

 — 1.1%

Adient

PLC

(a)

.............................

22,021

731,097

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

.....

71,573

740,780

Autoliv,

Inc.

..............................

23,134

1,799,594

Dana,

Inc.

...............................

68,903

1,065,929

Dorman

Products,

Inc.

(a)

.....................

9,200

833,980

Fox

Factory

Holding

Corp.

(a)

...................

9,213

858,744

Gentex

Corp.

............................

26,860

733,009

Gentherm,

Inc.

(a)

..........................

19,771

1,184,283

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.............

63,782

894,861

LCI

Industries

............................

14,903

1,726,811

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

...........

82,182

708,409

Modine

Manufacturing

Co.

(a)

..................

48,559

727,414

Tenneco,

Inc.,

Class

A

(a)

.....................

41,180

776,655

Visteon

Corp.

(a)

...........................

17,578

2,106,372

XPEL,

Inc.

(a)

.............................

12,537

859,161

15,747,099

a

Automobiles

 — 0.5%

Canoo,

Inc.,

Class

A

(a)(b)

.....................

214,777

685,139

Fisker,

Inc.,

Class

A

(a)(b)

......................

88,053

795,119

Harley-Davidson,

Inc.

.......................

64,204

2,476,348

Thor

Industries,

Inc.

........................

24,974

2,023,144

Winnebago

Industries,

Inc.

...................

23,694

1,364,300

Workhorse

Group,

Inc.

(a)

.....................

227,319

706,962

8,051,012

a

Banks

 — 8.1%

Amalgamated

Financial

Corp.

.................

54,148

1,218,330

Amerant

Bancorp,

Inc.,

Class

A

................

28,535

747,332

Ameris

Bancorp

...........................

38,897

1,815,712

Associated

Banc-Corp.

......................

46,886

939,595

Atlantic

Union

Bankshares

Corp.

...............

72,349

2,347,725

Bank

of

Hawaii

Corp.

.......................

53,000

4,135,060

Bank

OZK

..............................

109,116

4,422,472

Banner

Corp.

............................

26,994

1,640,155

Security

Shares

Value

a

Banks

(continued)

Berkshire

Hills

Bancorp,

Inc.

..................

20,745

$

585,216

BOK

Financial

Corp.

........................

21,228

1,886,532

Byline

Bancorp,

Inc.

........................

37,023

807,472

Cadence

Bank

...........................

55,935

1,425,224

Camden

National

Corp.

.....................

29,599

1,338,763

Columbia

Banking

System,

Inc.

................

17,293

517,925

Comerica,

Inc.

............................

91,757

7,368,088

Commerce

Bancshares,

Inc.

..................

53,569

3,683,940

Community

Bank

System,

Inc.

.................

25,545

1,670,132

Community

Trust

Bancorp,

Inc.

................

29,256

1,236,066

Customers

Bancorp,

Inc.

(a)

....................

18,200

631,358

East

West

Bancorp,

Inc.

.....................

44,819

3,234,587

Eastern

Bankshares,

Inc.

....................

101,701

1,972,999

First

Busey

Corp.

..........................

50,456

1,160,488

First

Financial

Bancorp

......................

45,995

992,572

First

Hawaiian,

Inc.

........................

84,027

2,160,334

First

Horizon

Corp.

.........................

210,412

4,759,519

First

Interstate

BancSystem,

Inc.,

Class

A

.........

58,929

2,372,482

First

of

Long

Island

Corp.

(The)

................

44,585

820,810

FNB

Corp.

..............................

147,091

1,753,325

Fulton

Financial

Corp.

.......................

124,061

2,013,510

Glacier

Bancorp,

Inc.

.......................

47,952

2,430,207

Hancock

Whitney

Corp.

.....................

58,616

2,827,050

HomeStreet,

Inc.

..........................

21,869

761,260

Independent

Bank

Corp.

.....................

61,051

2,243,936

International

Bancshares

Corp.

................

58,986

2,461,486

National

Bank

Holdings

Corp.,

Class

A

...........

46,837

1,879,569

OceanFirst

Financial

Corp.

...................

50,546

982,614

Old

National

Bancorp

.......................

117,447

1,960,190

Park

National

Corp.

........................

7,794

1,027,483

Pinnacle

Financial

Partners,

Inc.

................

38,134

3,077,795

Popular,

Inc.

.............................

25,008

1,931,118

Premier

Financial

Corp.

.....................

33,854

914,735

Prosperity

Bancshares,

Inc.

...................

13,927

987,146

QCR

Holdings,

Inc.

........................

17,092

954,588

Sandy

Spring

Bancorp,

Inc.

...................

41,267

1,589,605

Seacoast

Banking

Corp.

of

Florida

..............

37,290

1,205,213

ServisFirst

Bancshares,

Inc.

..................

22,720

1,916,659

Silvergate

Capital

Corp.,

Class

A

(a)(b)

.............

11,924

1,086,515

Southside

Bancshares,

Inc.

...................

16,956

638,902

SouthState

Corp.

..........................

29,442

2,297,654

Synovus

Financial

Corp.

.....................

121,130

4,864,581

Texas

Capital

Bancshares,

Inc.

(a)

...............

15,692

926,299

Trustmark

Corp.

..........................

23,223

732,453

UMB

Financial

Corp.

.......................

29,133

2,606,530

Umpqua

Holdings

Corp.

.....................

162,186

2,877,180

United

Community

Banks,

Inc.

.................

29,831

1,000,233

Valley

National

Bancorp

.....................

258,017

2,998,158

Western

Alliance

Bancorp

....................

45,950

3,525,284

Wintrust

Financial

Corp.

.....................

35,286

2,976,021

Zions

Bancorp.

NA

.........................

68,988

3,796,410

119,134,597

a

Beverages

 — 0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)

........

2,141

721,688

Celsius

Holdings,

Inc.

(a)

......................

14,164

1,465,833

MGP

Ingredients,

Inc.

.......................

9,794

1,072,051

3,259,572

a

Biotechnology

 — 5.1%

ACADIA

Pharmaceuticals,

Inc.

(a)

................

50,413

828,286

Agios

Pharmaceuticals,

Inc.

(a)

.................

30,766

784,533

Alector,

Inc.

(a)

............................

68,060

704,421

Alkermes

PLC

(a)

...........................

68,685

1,625,774

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Biotechnology

(continued)

Allogene

Therapeutics,

Inc.

(a)(b)

.................

60,048

$

823,258

AnaptysBio,

Inc.

(a)(b)

........................

31,244

725,486

Anavex

Life

Sciences

Corp.

(a)(b)

................

77,565

743,848

Apellis

Pharmaceuticals,

Inc.

(a)

.................

28,777

1,741,296

Arcutis

Biotherapeutics,

Inc.

(a)(b)

................

30,688

827,042

Arrowhead

Pharmaceuticals,

Inc.

(a)

..............

40,287

1,599,797

Atara

Biotherapeutics,

Inc.

(a)

..................

175,694

704,533

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

...............

98,234

723,002

Avidity

Biosciences,

Inc.

(a)

....................

37,807

741,773

Beam

Therapeutics,

Inc.

(a)

....................

24,732

1,350,367

BioCryst

Pharmaceuticals,

Inc.

(a)

................

80,545

1,119,576

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(a)

.......

20,207

3,017,915

Blueprint

Medicines

Corp.

(a)(b)

..................

13,034

954,349

Bridgebio

Pharma,

Inc.

(a)

.....................

76,100

799,050

Caribou

Biosciences,

Inc.

(a)

...................

77,947

769,337

Celldex

Therapeutics,

Inc.

(a)

...................

23,809

723,794

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

...........

30,714

893,777

ChemoCentryx,

Inc.

(a)

.......................

25,520

1,301,010

Chinook

Therapeutics,

Inc.

(a)

..................

35,469

736,336

Crinetics

Pharmaceuticals,

Inc.

(a)

...............

37,590

709,699

CRISPR

Therapeutics

AG

(a)(b)

..................

25,170

1,638,315

Cytokinetics,

Inc.

(a)(b)

........................

29,617

1,568,516

Denali

Therapeutics,

Inc.

(a)

...................

37,853

1,047,393

Dynavax

Technologies

Corp.

(a)

.................

65,935

756,274

Erasca,

Inc.

(a)(b)

...........................

93,225

840,890

Exelixis,

Inc.

(a)

............................

69,354

1,230,340

Fate

Therapeutics,

Inc.

(a)

.....................

28,970

757,276

Global

Blood

Therapeutics,

Inc.

(a)

...............

23,488

1,594,835

Halozyme

Therapeutics,

Inc.

(a)(b)

................

43,659

1,778,231

Immunovant,

Inc.

(a)

.........................

127,433

656,280

Inovio

Pharmaceuticals,

Inc.

(a)(b)

................

330,859

757,667

Insmed,

Inc.

(a)

............................

37,899

933,073

Intellia

Therapeutics,

Inc.

(a)

...................

26,332

1,581,500

Ionis

Pharmaceuticals,

Inc.

(a)(b)

.................

41,287

1,755,523

Iovance

Biotherapeutics,

Inc.

(a)

.................

65,353

700,584

IVERIC

Bio,

Inc.

(a)

.........................

61,641

605,931

Karuna

Therapeutics,

Inc.

(a)

...................

8,473

2,161,123

Kezar

Life

Sciences,

Inc.

(a)

....................

76,826

789,003

Krystal

Biotech,

Inc.

(a)

.......................

13,348

935,828

Kura

Oncology,

Inc.

(a)

.......................

51,701

716,576

Kymera

Therapeutics,

Inc.

(a)

...................

24,314

687,357

Merus

NV

(a)(b)

.............................

34,044

806,162

Mirati

Therapeutics,

Inc.

(a)(b)

...................

19,837

1,607,392

Myovant

Sciences,

Ltd.

(a)

.....................

44,299

757,070

Myriad

Genetics,

Inc.

(a)

......................

31,708

708,357

Natera,

Inc.

(a)

............................

30,668

1,510,706

Novavax,

Inc.

(a)(b)

..........................

26,835

886,628

Nurix

Therapeutics,

Inc.

(a)

....................

49,870

782,460

Prothena

Corp.

PLC

(a)

.......................

26,004

716,930

PTC

Therapeutics,

Inc.

(a)

.....................

15,005

749,200

Rhythm

Pharmaceuticals,

Inc.

(a)

................

31,199

703,537

Sana

Biotechnology,

Inc.

(a)(b)

..................

117,533

800,400

Sarepta

Therapeutics,

Inc.

(a)

..................

30,739

3,362,232

SpringWorks

Therapeutics,

Inc.

(a)

...............

31,284

868,757

Travere

Therapeutics,

Inc.

(a)

...................

29,167

780,509

Twist

Bioscience

Corp.

(a)

.....................

18,908

758,589

Ultragenyx

Pharmaceutical,

Inc.

(a)

...............

32,517

1,550,736

uniQure

NV

(a)

............................

44,305

865,720

United

Therapeutics

Corp.

(a)

...................

16,099

3,648,355

Vaxcyte,

Inc.

(a)

............................

29,900

779,792

Verve

Therapeutics,

Inc.

(a)(b)

...................

23,518

902,151

Vir

Biotechnology,

Inc.

(a)

.....................

34,316

815,005

Viridian

Therapeutics,

Inc.

(a)

...................

32,904

730,469

Xencor,

Inc.

(a)

............................

32,653

861,713

Security

Shares

Value

a

Biotechnology

(continued)

Xenon

Pharmaceuticals,

Inc.

(a)(b)

................

29,477

$

1,144,002

75,537,646

a

Building

Products

 — 1.2%

AAON,

Inc.

..............................

30,181

1,734,804

Advanced

Drainage

Systems,

Inc.

..............

29,822

4,046,845

Armstrong

World

Industries,

Inc.

................

28,731

2,413,117

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

...............

39,671

723,996

Builders

FirstSource,

Inc.

(a)

...................

64,268

3,766,748

JELD-WEN

Holding,

Inc.

(a)

....................

62,379

695,526

Resideo

Technologies,

Inc.

(a)

..................

60,198

1,253,322

Trex

Co.,

Inc.

(a)

...........................

46,276

2,165,254

Zurn

Elkay

Water

Solutions

Corp.

...............

48,961

1,350,344

18,149,956

a

Capital

Markets

 — 1.9%

Affiliated

Managers

Group,

Inc.

................

21,697

2,763,330

Ares

Management

Corp.,

Class

A

...............

46,480

3,446,027

Artisan

Partners

Asset

Management,

Inc.,

Class

A

....

35,677

1,204,456

Cohen

&

Steers,

Inc.

.......................

16,742

1,195,044

Cowen,

Inc.,

Class

A

.......................

22,308

857,743

Diamond

Hill

Investment

Group,

Inc.

.............

4,693

802,738

Donnelley

Financial

Solutions,

Inc.

(a)

.............

27,030

1,147,424

Evercore,

Inc.,

Class

A

......................

7,696

721,038

Houlihan

Lokey,

Inc.,

Class

A

..................

9,494

745,279

Interactive

Brokers

Group,

Inc.,

Class

A

...........

25,858

1,592,594

Janus

Henderson

Group

PLC

.................

153,757

3,597,914

Jefferies

Financial

Group,

Inc.

.................

46,870

1,504,058

Morningstar,

Inc.

..........................

11,728

2,673,867

Open

Lending

Corp.,

Class

A

(a)(b)

...............

76,279

740,669

Perella

Weinberg

Partners,

Class

A

..............

103,444

743,762

PJT

Partners,

Inc.,

Class

A

...................

11,048

764,743

Stifel

Financial

Corp.

.......................

13,253

786,035

StoneX

Group,

Inc.

(a)

.......................

10,798

1,002,486

Victory

Capital

Holdings,

Inc.,

Class

A

............

29,372

786,582

Virtu

Financial,

Inc.,

Class

A

...................

31,546

724,296

Virtus

Investment

Partners,

Inc.

................

4,170

797,512

28,597,597

a

Chemicals

 — 2.2%

AdvanSix,

Inc.

............................

20,474

742,387

Ashland,

Inc.

.............................

10,501

1,068,582

Avient

Corp.

.............................

35,454

1,553,949

Axalta

Coating

Systems

Ltd.

(a)

.................

159,475

4,106,481

Balchem

Corp.

...........................

15,443

2,035,696

Cabot

Corp.

.............................

16,455

1,184,266

Chemours

Co.

(The)

........................

58,889

1,986,326

Element

Solutions,

Inc.

......................

38,402

716,965

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)

.........

273,032

734,456

Hawkins,

Inc.

............................

19,005

728,272

HB

Fuller

Co.

(b)

...........................

17,701

1,148,087

Ingevity

Corp.

(a)

...........................

14,530

1,019,134

Innospec,

Inc.

............................

21,586

2,017,428

Koppers

Holdings,

Inc.

......................

32,012

730,834

Livent

Corp.

(a)

............................

61,008

1,963,237

Minerals

Technologies,

Inc.

...................

24,391

1,421,020

Orion

Engineered

Carbons

SA

.................

73,648

1,241,705

Scotts

Miracle-Gro

Co.

(The),

Class

A

............

10,297

689,384

Sensient

Technologies

Corp.

..................

15,575

1,240,860

Stepan

Co.

..............................

17,076

1,779,832

Trinseo

PLC

.............................

31,717

841,452

Tronox

Holdings

PLC,

Class

A

.................

52,088

762,048

Valvoline,

Inc.

............................

84,918

2,468,566

32,180,967

a

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Commercial

Services

&

Supplies

 — 1.1%

ABM

Industries,

Inc.

........................

43,754

$

2,030,186

ACCO

Brands

Corp.

........................

117,824

698,696

Deluxe

Corp.

.............................

35,198

677,209

Healthcare

Services

Group,

Inc.

................

52,613

740,265

IAA,

Inc.

(a)

...............................

77,299

2,880,161

KAR

Auction

Services,

Inc.

(a)

..................

86,155

1,257,863

Matthews

International

Corp.,

Class

A

............

53,389

1,335,259

MillerKnoll,

Inc.

...........................

44,962

1,244,548

Montrose

Environmental

Group,

Inc.

(a)

............

19,275

775,048

MSA

Safety,

Inc.

..........................

10,920

1,297,951

Pitney

Bowes,

Inc.

.........................

26,949

77,883

Steelcase,

Inc.,

Class

A

.....................

74,796

836,219

Tetra

Tech,

Inc.

...........................

18,305

2,486,002

16,337,290

a

Communications

Equipment

 — 0.8%

ADTRAN

Holdings,

Inc.

.....................

41,468

963,716

Calix,

Inc.

(a)

..............................

22,491

1,323,596

Ciena

Corp.

(a)

............................

59,230

3,005,330

CommScope

Holding

Co.,

Inc.

(a)

................

108,933

1,230,943

Harmonic,

Inc.

(a)

...........................

94,673

1,066,018

Infinera

Corp.

(a)(b)

..........................

171,662

940,708

Lumentum

Holdings,

Inc.

(a)

...................

28,462

2,378,000

Viasat,

Inc.

(a)

.............................

21,043

799,213

11,707,524

a

Construction

&

Engineering

 — 2.5%

AECOM

................................

65,540

4,794,251

Ameresco,

Inc.,

Class

A

(a)

....................

11,941

822,138

API

Group

Corp.

(a)

.........................

57,156

888,776

Arcosa,

Inc.

.............................

18,623

1,088,514

Argan,

Inc.

..............................

21,618

747,767

Comfort

Systems

USA,

Inc.

...................

27,641

2,773,498

Dycom

Industries,

Inc.

(a)

.....................

9,234

1,035,316

EMCOR

Group,

Inc.

........................

37,167

4,419,900

Fluor

Corp.

(a)

.............................

41,000

1,084,040

Granite

Construction,

Inc.

....................

26,022

780,139

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.............

77,437

741,072

MasTec,

Inc.

(a)(b)

...........................

20,669

1,663,854

MDU

Resources

Group,

Inc.

..................

182,331

5,497,280

MYR

Group,

Inc.

(a)

.........................

23,347

2,169,870

NV5

Global,

Inc.

(a)

.........................

6,330

891,011

Primoris

Services

Corp.

.....................

39,505

800,766

Sterling

Infrastructure,

Inc.

(a)

..................

30,342

767,349

Valmont

Industries,

Inc.

......................

8,550

2,366,811

WillScot

Mobile

Mini

Holdings

Corp.,

Class

A

(a)

......

88,156

3,538,582

36,870,934

a

Construction

Materials

 — 0.2%

Summit

Materials,

Inc.,

Class

A

(a)

...............

82,759

2,352,011

a

Consumer

Finance

 — 0.8%

Bread

Financial

Holdings,

Inc.

.................

18,136

696,966

Credit

Acceptance

Corp.

(a)

....................

1,339

712,455

Encore

Capital

Group,

Inc.

(a)

..................

15,310

837,151

Green

Dot

Corp.,

Class

A

(a)

...................

13,074

265,271

LendingClub

Corp.

(a)

........................

54,353

710,394

OneMain

Holdings,

Inc.

......................

39,213

1,369,710

Oportun

Financial

Corp.

(a)

....................

117,518

600,517

PRA

Group,

Inc.

(a)

.........................

39,502

1,459,204

PROG

Holdings,

Inc.

(a)

......................

37,842

701,591

SLM

Corp.

..............................

161,763

2,471,739

SoFi

Technologies,

Inc.

(a)

.....................

176,374

1,044,134

Upstart

Holdings,

Inc.

(a)

......................

27,637

715,798

11,584,930

a

Security

Shares

Value

a

Containers

&

Packaging

 — 0.9%

AptarGroup,

Inc.

..........................

34,004

$

3,495,951

Berry

Global

Group,

Inc.

(a)

....................

36,497

1,982,882

Graphic

Packaging

Holding

Co.

................

173,268

3,858,679

Greif,

Inc.,

Class

A,

NVS

.....................

10,803

724,341

Greif,

Inc.,

Class

B

.........................

11,391

743,491

Myers

Industries,

Inc.

.......................

42,084

813,063

Sonoco

Products

Co.

.......................

28,565

1,800,166

13,418,573

a

Diversified

Consumer

Services

 — 1.6%

2U,

Inc.

(a)

...............................

104,011

740,558

ADT,

Inc.

...............................

109,902

801,186

Adtalem

Global

Education,

Inc.

(a)

...............

19,968

752,594

American

Public

Education,

Inc.

(a)

...............

64,708

668,434

Bright

Horizons

Family

Solutions,

Inc.

(a)

...........

30,801

2,100,628

Carriage

Services,

Inc.

......................

19,360

685,538

Chegg,

Inc.

(a)

.............................

39,234

772,125

Coursera,

Inc.

(a)

...........................

64,972

747,178

European

Wax

Center,

Inc.,

Class

A

.............

34,762

751,902

Frontdoor,

Inc.

(a)

...........................

30,317

711,843

Graham

Holdings

Co.,

Class

B

.................

1,911

1,080,537

Grand

Canyon

Education,

Inc.

(a)

................

13,166

1,071,449

H&R

Block,

Inc.

...........................

66,609

2,997,405

Rover

Group,

Inc.,

Class

A

(a)

..................

194,116

739,582

Service

Corp.

International

...................

61,475

3,793,622

Strategic

Education,

Inc.

.....................

11,242

727,357

Stride,

Inc.

(a)

.............................

21,537

821,421

Terminix

Global

Holdings,

Inc.

(a)

................

80,126

3,417,374

23,380,733

a

Diversified

Financial

Services

 — 0.3%

A-Mark

Precious

Metals,

Inc.

..................

22,123

683,822

Jackson

Financial,

Inc.,

Class

A

................

22,695

709,446

Voya

Financial,

Inc.

........................

54,851

3,374,982

4,768,250

a

Diversified

Telecommunication

Services

 — 0.5%

Bandwidth,

Inc.,

Class

A

(a)

....................

43,662

676,761

Cogent

Communications

Holdings,

Inc.

...........

27,871

1,484,131

Frontier

Communications

Parent,

Inc.

(a)

...........

62,463

1,609,047

Globalstar,

Inc.

(a)(b)

.........................

457,367

914,734

Iridium

Communications,

Inc.

(a)(b)

................

52,807

2,344,103

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)

........

55,620

765,887

7,794,663

a

Electric

Utilities

 — 0.2%

Hawaiian

Electric

Industries,

Inc.

...............

73,152

2,861,706

a

Electrical

Equipment

 — 1.7%

Acuity

Brands,

Inc.

.........................

18,921

3,101,719

Array

Technologies,

Inc.

(a)

....................

41,819

874,017

Atkore,

Inc.

(a)(b)

............................

19,469

1,643,378

Blink

Charging

Co.

(a)(b)

.......................

34,800

743,676

Bloom

Energy

Corp.,

Class

A

(a)

.................

60,805

1,545,055

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

...........

86,222

1,402,832

FREYR

Battery

SA

(a)(b)

......................

76,957

1,095,868

FuelCell

Energy,

Inc.

(a)

......................

184,593

773,445

Hubbell,

Inc.

.............................

20,252

4,177,988

Regal

Rexnord

Corp.

.......................

27,144

3,734,743

Shoals

Technologies

Group,

Inc.,

Class

A

(a)

........

44,009

1,160,517

Stem,

Inc.

(a)

..............................

53,882

847,025

SunPower

Corp.

(a)

.........................

32,940

790,560

Sunrun,

Inc.

(a)

............................

73,407

2,424,633

Vertiv

Holdings

Co.,

Class

A

(b)

.................

111,919

1,290,426

25,605,882

a

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 3.2%

Advanced

Energy

Industries,

Inc.

...............

11,159

$

1,001,967

Avnet,

Inc.

..............................

65,214

2,862,242

Badger

Meter,

Inc.

.........................

38,292

3,625,870

Belden,

Inc.

.............................

13,352

874,289

Benchmark

Electronics,

Inc.

..................

38,703

1,062,397

Coherent

Corp.

(a)(b)

.........................

42,576

2,010,865

CTS

Corp.

..............................

29,665

1,255,423

ePlus,

Inc.

(a)

.............................

16,680

785,962

Fabrinet

(a)

...............................

8,679

892,548

Flex

Ltd.

(a)(b)

.............................

244,968

4,362,880

Insight

Enterprises,

Inc.

(a)

....................

20,958

1,909,693

IPG

Photonics

Corp.

(a)

......................

7,981

722,999

Itron,

Inc.

(a)

..............................

34,605

1,646,506

Jabil,

Inc.

...............................

36,801

2,219,100

Kimball

Electronics,

Inc.

(a)

....................

41,707

898,369

Knowles

Corp.

(a)

..........................

63,109

956,101

Littelfuse,

Inc.

............................

7,914

1,877,359

Methode

Electronics,

Inc.

....................

29,922

1,210,644

Mirion

Technologies,

Inc.,

Class

A

(a)

.............

105,102

794,571

National

Instruments

Corp.

...................

71,024

2,823,914

Novanta,

Inc.

(a)

...........................

19,359

2,588,105

OSI

Systems,

Inc.

(a)

........................

17,195

1,432,687

PAR

Technology

Corp.

(a)(b)

....................

20,517

722,198

Plexus

Corp.

(a)

............................

21,659

2,030,098

Rogers

Corp.

(a)

...........................

12,007

3,007,994

TD

SYNNEX

Corp.

.........................

10,461

1,007,185

Vishay

Precision

Group,

Inc.

(a)

.................

22,947

787,312

Vontier

Corp.

.............................

60,202

1,319,628

46,688,906

a

Energy

Equipment

&

Services

 — 1.1%

Archrock,

Inc.

............................

122,818

907,625

Cactus,

Inc.,

Class

A

.......................

27,580

1,101,821

ChampionX

Corp.

.........................

93,236

2,033,477

Core

Laboratories

NV

(b)

......................

48,356

780,949

Dril-Quip,

Inc.

(a)

...........................

33,254

735,911

Helmerich

&

Payne,

Inc.

.....................

17,908

765,567

Liberty

Energy,

Inc.,

Class

A

(a)

.................

53,746

806,190

NexTier

Oilfield

Solutions,

Inc.

(a)

................

86,239

808,059

NOV,

Inc.

...............................

172,389

3,046,114

Oceaneering

International,

Inc.

(a)

...............

86,437

764,968

Patterson-UTI

Energy,

Inc.

...................

61,305

913,445

TechnipFMC

PLC

(a)

........................

250,572

2,049,679

Transocean,

Ltd.

(a)(b)

........................

213,841

774,104

Weatherford

International

PLC

(a)(b)

...............

33,928

954,734

16,442,643

a

Entertainment

 — 0.2%

Cinemark

Holdings,

Inc.

(a)(b)

...................

50,480

710,758

IMAX

Corp.

(a)

............................

54,556

855,438

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

.........

76,316

751,713

World

Wrestling

Entertainment,

Inc.,

Class

A

.......

19,914

1,354,351

3,672,260

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 6.4%

Acadia

Realty

Trust

........................

46,525

741,143

Agree

Realty

Corp.

........................

13,672

1,029,775

Alexander

&

Baldwin,

Inc.

....................

77,984

1,460,640

American

Assets

Trust,

Inc.

...................

42,063

1,167,669

Americold

Realty

Trust,

Inc.

...................

74,471

2,190,937

Apartment

Income

REIT

Corp.

.................

59,583

2,433,966

Apple

Hospitality

REIT,

Inc.

...................

46,196

734,978

Brandywine

Realty

Trust

.....................

263,698

2,117,495

Brixmor

Property

Group,

Inc.

..................

169,389

3,638,476

City

Office

REIT,

Inc.

.......................

63,175

729,671

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Corporate

Office

Properties

Trust

...............

161,119

$

4,163,315

Cousins

Properties,

Inc.

.....................

63,415

1,702,693

CubeSmart

..............................

82,062

3,778,955

DiamondRock

Hospitality

Co.

(a)

................

92,613

808,511

Douglas

Emmett,

Inc.

.......................

121,405

2,369,826

Easterly

Government

Properties,

Inc.

............

71,894

1,290,497

Empire

State

Realty

Trust,

Inc.,

Class

A

...........

109,175

760,950

EPR

Properties

...........................

16,342

710,714

Essential

Properties

Realty

Trust,

Inc.

............

70,505

1,596,233

Federal

Realty

Investment

Trust

................

40,180

4,069,029

First

Industrial

Realty

Trust,

Inc.

................

19,212

973,664

Four

Corners

Property

Trust,

Inc.

...............

34,674

932,384

Highwoods

Properties,

Inc.

...................

35,672

1,084,786

Hudson

Pacific

Properties,

Inc.

.................

99,904

1,319,732

Independence

Realty

Trust,

Inc.

................

36,894

717,588

Innovative

Industrial

Properties,

Inc.

.............

7,670

703,492

iStar,

Inc.

...............................

55,473

763,863

JBG

SMITH

Properties

......................

108,483

2,383,371

Kilroy

Realty

Corp.

.........................

64,035

3,122,987

Kite

Realty

Group

Trust

......................

80,489

1,558,267

Lamar

Advertising

Co.,

Class

A

................

7,730

725,770

Life

Storage,

Inc.

..........................

30,603

3,894,232

Macerich

Co.

(The)

........................

100,469

961,488

National

Retail

Properties,

Inc.

.................

77,613

3,484,824

National

Storage

Affiliates

Trust

................

14,985

757,042

Omega

Healthcare

Investors,

Inc.

...............

99,938

3,263,975

Outfront

Media,

Inc.

........................

77,950

1,379,715

Park

Hotels

&

Resorts,

Inc.

...................

89,989

1,259,846

Pebblebrook

Hotel

Trust

.....................

40,899

720,640

Phillips

Edison

&

Co.,

Inc.

(b)

...................

26,520

866,408

Physicians

Realty

Trust

......................

168,397

2,805,494

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

.........

113,092

1,332,224

PotlatchDeltic

Corp.

........................

37,667

1,748,502

Rayonier,

Inc.

............................

30,332

1,077,393

Rexford

Industrial

Realty,

Inc.

.................

61,150

3,804,141

Ryman

Hospitality

Properties,

Inc.

(a)

.............

24,928

2,049,580

Sabra

Health

Care

REIT,

Inc.

..................

99,567

1,490,518

SITE

Centers

Corp.

........................

63,856

827,574

SL

Green

Realty

Corp.

......................

30,695

1,355,798

STAG

Industrial,

Inc.

.......................

37,895

1,167,166

STORE

Capital

Corp.

.......................

96,538

2,604,595

Sunstone

Hotel

Investors,

Inc.

(a)

................

67,967

740,161

Tanger

Factory

Outlet

Centers,

Inc.

..............

46,304

714,008

Uniti

Group,

Inc.

..........................

215,325

2,021,902

Washington

Real

Estate

Investment

Trust

.........

82,041

1,608,824

Xenia

Hotels

&

Resorts,

Inc.

(a)

.................

67,022

1,062,969

94,780,396

a

Food

&

Staples

Retailing

 — 1.2%

Andersons,

Inc.

(The)

.......................

21,612

800,292

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.............

51,517

3,837,501

Casey's

General

Stores,

Inc.

..................

13,412

2,867,083

Chef's

Warehouse,

Inc.

(The)

(a)

................

23,057

768,721

Grocery

Outlet

Holding

Corp.

(a)

.................

31,910

1,280,229

PriceSmart,

Inc.

...........................

19,534

1,235,916

SpartanNash

Co.

..........................

25,765

784,029

Sprouts

Farmers

Market,

Inc.

(a)

.................

108,802

3,144,378

U.S.

Foods

Holding

Corp.

(a)

...................

83,697

2,562,802

United

Natural

Foods,

Inc.

(a)

...................

27,480

1,211,319

18,492,270

a

Food

Products

 — 1.9%

B&G

Foods,

Inc.

..........................

32,902

712,657

Beyond

Meat,

Inc.

(a)(b)

.......................

27,110

661,484

Cal-Maine

Foods,

Inc.

(b)

.....................

15,420

826,666

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Food

Products

(continued)

Darling

Ingredients,

Inc.

(a)

....................

65,733

$

4,999,652

Flowers

Foods,

Inc.

........................

127,178

3,471,959

Fresh

Del

Monte

Produce,

Inc.

.................

27,609

754,830

Freshpet,

Inc.

(a)(b)

..........................

26,674

1,161,119

Hain

Celestial

Group,

Inc.

(The)

(a)

...............

69,922

1,416,620

Hostess

Brands,

Inc.,

Class

A

(a)

................

34,059

789,488

Ingredion,

Inc.

............................

48,335

4,208,528

Lamb

Weston

Holdings,

Inc.

..................

63,066

5,015,639

Post

Holdings,

Inc.

(a)

........................

12,047

1,069,292

Simply

Good

Foods

Co.

(The)

(a)

................

23,812

727,457

TreeHouse

Foods,

Inc.

(a)(b)

....................

30,078

1,401,635

Vital

Farms,

Inc.

(a)

.........................

55,052

712,923

27,929,949

a

Gas

Utilities

 — 1.4%

Chesapeake

Utilities

Corp.

...................

5,003

631,879

National

Fuel

Gas

Co.

......................

38,162

2,719,806

New

Jersey

Resources

Corp.

..................

77,205

3,407,829

Northwest

Natural

Holding

Co.

.................

38,234

1,820,321

ONE

Gas,

Inc.

............................

48,304

3,780,754

South

Jersey

Industries,

Inc.

..................

108,953

3,688,059

Southwest

Gas

Holdings,

Inc.

.................

32,254

2,510,974

Spire,

Inc.

...............................

31,549

2,204,959

20,764,581

a

Health

Care

Equipment

&

Supplies

 — 3.1%

Alphatec

Holdings,

Inc.

(a)

.....................

91,992

698,219

AngioDynamics,

Inc.

(a)

......................

34,093

754,819

Artivion,

Inc.

(a)(b)

...........................

35,343

783,201

AtriCure,

Inc.

(a)

...........................

26,393

1,204,049

Cardiovascular

Systems,

Inc.

(a)

.................

52,491

693,406

Cerus

Corp.

(a)

............................

167,060

686,617

CONMED

Corp.

...........................

11,848

1,049,377

CryoPort,

Inc.

(a)(b)

..........................

22,216

725,575

Embecta

Corp.

...........................

24,434

779,933

Envista

Holdings

Corp.

(a)

.....................

53,541

1,985,836

Establishment

Labs

Holdings,

Inc.

(a)(b)

............

11,751

730,677

Glaukos

Corp.

(a)

...........................

19,021

923,469

Globus

Medical,

Inc.,

Class

A

(a)

................

18,880

1,117,507

Haemonetics

Corp.

(a)

.......................

23,760

1,782,713

Heska

Corp.

(a)

............................

8,523

776,190

Inari

Medical,

Inc.

(a)

........................

20,298

1,407,666

Inogen,

Inc.

(a)

............................

26,154

748,789

Inspire

Medical

Systems,

Inc.

(a)

................

7,512

1,438,473

Integer

Holdings

Corp.

(a)

.....................

11,495

724,990

Integra

LifeSciences

Holdings

Corp.

(a)

............

15,165

723,522

iRhythm

Technologies,

Inc.

(a)

..................

11,280

1,663,236

Lantheus

Holdings,

Inc.

(a)

....................

21,322

1,680,174

LivaNova

PLC

(a)(b)

..........................

17,985

1,011,656

Meridian

Bioscience,

Inc.

(a)

...................

24,007

782,388

Merit

Medical

Systems,

Inc.

(a)

..................

29,895

1,770,681

Nevro

Corp.

(a)

............................

16,342

740,619

NuVasive,

Inc.

(a)(b)

..........................

15,859

674,166

Omnicell,

Inc.

(a)

...........................

9,165

937,488

Orthofix

Medical,

Inc.

(a)

......................

44,524

886,028

Outset

Medical,

Inc.

(a)

.......................

40,476

740,306

Penumbra,

Inc.

(a)

..........................

14,575

2,392,778

QuidelOrtho

Corp.

(a)

........................

16,898

1,339,335

Shockwave

Medical,

Inc.

(a)

....................

13,831

4,105,871

SI-BONE,

Inc.

(a)

...........................

43,064

710,556

Silk

Road

Medical,

Inc.

(a)

.....................

18,000

716,940

STAAR

Surgical

Co.

(a)

.......................

16,148

1,527,439

Tandem

Diabetes

Care,

Inc.

(a)(b)

................

30,732

1,405,682

TransMedics

Group,

Inc.

(a)

....................

17,031

886,123

Treace

Medical

Concepts,

Inc.

(a)(b)

...............

40,057

802,342

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Varex

Imaging

Corp.

(a)

......................

33,095

$

697,973

45,206,809

a

Health

Care

Providers

&

Services

 — 3.5%

1Life

Healthcare,

Inc.

(a)

......................

55,397

953,382

Acadia

Healthcare

Co.,

Inc.

(a)(b)

.................

30,951

2,535,815

Accolade,

Inc.

(a)

...........................

68,450

696,821

AdaptHealth

Corp.

(a)

........................

37,979

682,483

Addus

HomeCare

Corp.

(a)

....................

8,404

749,805

Agiliti,

Inc.

(a)(b)

............................

45,518

731,019

agilon

health,

Inc.

(a)

........................

68,447

1,422,329

Amedisys,

Inc.

(a)

..........................

14,477

1,714,801

AMN

Healthcare

Services,

Inc.

(a)

................

22,756

2,335,676

Apollo

Medical

Holdings,

Inc.

(a)(b)

................

16,842

726,396

Brookdale

Senior

Living,

Inc.

(a)

.................

168,518

741,479

Castle

Biosciences,

Inc.

(a)(b)

...................

24,772

718,388

Chemed

Corp.

............................

4,476

2,131,426

CorVel

Corp.

(a)

............................

7,460

1,159,135

Covetrus,

Inc.

(a)

...........................

48,368

1,009,440

Cross

Country

Healthcare,

Inc.

(a)

...............

33,989

862,641

Encompass

Health

Corp.

....................

47,613

2,312,563

Enhabit,

Inc.

(a)

............................

53,827

893,528

Ensign

Group,

Inc.

(The)

.....................

18,591

1,585,812

Fulgent

Genetics,

Inc.

(a)(b)

....................

16,065

698,346

Guardant

Health,

Inc.

(a)(b)

.....................

24,824

1,242,690

Hanger,

Inc.

(a)

............................

42,479

791,384

HealthEquity,

Inc.

(a)

.........................

20,926

1,382,790

LHC

Group,

Inc.

(a)

.........................

15,211

2,456,120

ModivCare,

Inc.

(a)

..........................

7,141

773,513

National

Research

Corp.

.....................

34,308

1,170,246

Oak

Street

Health,

Inc.

(a)(b)

....................

34,272

897,926

OPKO

Health,

Inc.

(a)

........................

309,162

673,973

Option

Care

Health,

Inc.

(a)

....................

45,767

1,416,946

Owens

&

Minor,

Inc.

........................

33,352

984,218

Patterson

Companies,

Inc.

...................

48,318

1,347,589

Pediatrix

Medical

Group,

Inc.

(a)

.................

39,683

707,151

PetIQ,

Inc.,

Class

A

(a)(b)

......................

59,066

551,676

Premier,

Inc.,

Class

A

.......................

83,593

2,945,817

Privia

Health

Group,

Inc.

(a)

....................

38,944

1,549,582

Progyny,

Inc.

(a)

............................

24,697

993,066

R1

RCM,

Inc.

(a)

...........................

81,941

1,790,411

RadNet,

Inc.

(a)

............................

36,554

734,370

Select

Medical

Holdings

Corp.

.................

29,961

768,200

Signify

Health,

Inc.,

Class

A

(a)

..................

39,090

1,090,611

Surgery

Partners,

Inc.

(a)

.....................

22,906

630,602

Tenet

Healthcare

Corp.

(a)

.....................

26,848

1,516,912

U.S.

Physical

Therapy,

Inc.

...................

9,385

775,295

51,852,373

a

Health

Care

Technology

 — 0.1%

Allscripts

Healthcare

Solutions,

Inc.

(a)

............

45,313

770,321

NextGen

Healthcare,

Inc.

(a)

...................

45,251

775,602

1,545,923

a

Hotels,

Restaurants

&

Leisure

 — 2.4%

Accel

Entertainment,

Inc.,

Class

A

(a)

.............

107,530

1,011,857

Boyd

Gaming

Corp.

........................

14,068

765,721

Brinker

International,

Inc.

(a)

...................

40,598

995,057

Churchill

Downs,

Inc.

(b)

......................

10,157

2,001,843

Dave

&

Buster's

Entertainment,

Inc.

(a)

............

20,837

861,402

DraftKings,

Inc.,

Class

A

(a)(b)

...................

133,585

2,145,375

Everi

Holdings,

Inc.

(a)

.......................

54,700

1,011,950

Hilton

Grand

Vacations,

Inc.

(a)

.................

67,934

2,770,349

Hyatt

Hotels

Corp.,

Class

A

(a)

..................

18,035

1,616,297

Light

&

Wonder,

Inc.

(a)

.......................

27,136

1,335,905

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Marriott

Vacations

Worldwide

Corp.

..............

18,988

$

2,704,271

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

............

122,268

1,599,265

Penn

Entertainment,

Inc.

(a)(b)

..................

54,949

1,716,057

Planet

Fitness,

Inc.,

Class

A

(a)

.................

43,670

2,958,643

Playa

Hotels

&

Resorts

NV

(a)

..................

109,823

719,341

SeaWorld

Entertainment,

Inc.

(a)(b)

...............

31,303

1,572,976

Shake

Shack,

Inc.,

Class

A

(a)

..................

16,028

763,894

Six

Flags

Entertainment

Corp.

(a)

................

37,079

821,300

Travel

+

Leisure

Co.

........................

41,857

1,774,737

Wendy's

Co.

(The)

.........................

93,566

1,794,596

Wingstop,

Inc.

............................

11,913

1,356,414

Wyndham

Hotels

&

Resorts,

Inc.

...............

45,688

2,985,254

35,282,504

a

Household

Durables

 — 1.4%

Cavco

Industries,

Inc.

(a)

......................

3,230

755,852

Century

Communities,

Inc.

...................

17,518

817,915

Ethan

Allen

Interiors,

Inc.

....................

35,660

847,638

Helen

of

Troy

Ltd.

(a)

........................

12,431

1,536,845

Installed

Building

Products,

Inc.

................

7,686

696,044

iRobot

Corp.

(a)

............................

20,520

1,208,218

KB

Home

...............................

37,407

1,071,711

Leggett

&

Platt,

Inc.

........................

55,819

2,133,402

LGI

Homes,

Inc.

(a)

.........................

10,081

956,788

MDC

Holdings,

Inc.

........................

22,269

692,121

Meritage

Homes

Corp.

(a)

.....................

16,935

1,326,857

Skyline

Champion

Corp.

(a)

....................

18,412

1,043,408

Sonos,

Inc.

(a)

.............................

55,734

838,239

Taylor

Morrison

Home

Corp.

(a)

.................

45,468

1,141,701

Tempur

Sealy

International,

Inc.

................

32,269

807,048

Toll

Brothers,

Inc.

..........................

15,639

684,832

TopBuild

Corp.

(a)

..........................

12,342

2,267,966

Traeger,

Inc.

(a)

............................

248,048

654,847

Tri

Pointe

Homes,

Inc.

(a)

.....................

44,283

767,424

20,248,856

a

Household

Products

 — 0.1%

Spectrum

Brands

Holdings,

Inc.

................

13,318

838,901

a

Independent

Power

and

Renewable

Electricity

Producers

 — 0.7%

Clearway

Energy,

Inc.,

Class

C

................

73,472

2,725,811

Montauk

Renewables,

Inc.

(a)

..................

44,049

781,429

NextEra

Energy

Partners,

LP

(b)

.................

47,789

3,922,999

Ormat

Technologies,

Inc.

.....................

23,879

2,232,209

Sunnova

Energy

International,

Inc.

(a)

.............

55,445

1,398,323

11,060,771

a

Insurance

 — 2.3%

American

Equity

Investment

Life

Holding

Co.

.......

22,950

872,100

Assured

Guaranty

Ltd.

......................

17,736

905,778

Axis

Capital

Holdings

Ltd.

....................

40,375

2,145,931

CNO

Financial

Group,

Inc.

....................

161,785

2,978,462

Employers

Holdings,

Inc.

.....................

8,950

350,482

First

American

Financial

Corp.

.................

61,587

3,294,905

Genworth

Financial,

Inc.,

Class

A

(a)

..............

111,625

471,058

Hanover

Insurance

Group,

Inc.

(The)

............

23,051

2,982,569

Horace

Mann

Educators

Corp.

.................

23,179

829,113

Kemper

Corp.

............................

26,742

1,230,132

Kinsale

Capital

Group,

Inc.

...................

5,128

1,300,358

Primerica,

Inc.

............................

19,835

2,514,086

ProAssurance

Corp.

........................

30,564

653,764

Reinsurance

Group

of

America,

Inc.

.............

28,540

3,577,774

RenaissanceRe

Holdings

Ltd.

.................

14,339

1,939,493

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)

..........

30,533

1,293,378

Selective

Insurance

Group,

Inc.

(b)

...............

36,213

2,876,036

Security

Shares

Value

a

Insurance

(continued)

Trupanion,

Inc.

(a)

..........................

12,736

$

898,907

Unum

Group

.............................

72,086

2,728,455

33,842,781

a

Interactive

Media

&

Services

 — 0.3%

Bumble,

Inc.,

Class

A

(a)

......................

27,781

695,914

Cargurus,

Inc.,

Class

A

(a)

.....................

40,851

763,914

TripAdvisor,

Inc.

(a)

.........................

30,243

719,783

Vimeo,

Inc.

(a)(b)

............................

120,711

714,609

Yelp,

Inc.

(a)

..............................

24,965

853,054

3,747,274

a

Internet

&

Direct

Marketing

Retail

 — 0.1%

Overstock.com,

Inc.

(a)(b)

......................

27,688

722,657

RealReal,

Inc.

(The)

(a)

.......................

300,813

643,740

1,366,397

a

IT

Services

 — 1.7%

BigCommerce

Holdings,

Inc.,

Series

1

(a)

..........

43,189

719,960

Concentrix

Corp.

..........................

17,959

2,258,883

CSG

Systems

International,

Inc.

................

24,834

1,436,647

Cyxtera

Technologies,

Inc.,

Class

A

(a)

............

84,848

536,239

DigitalOcean

Holdings,

Inc.

(a)

..................

19,287

811,790

DXC

Technology

Co.

(a)

......................

93,504

2,317,029

Euronet

Worldwide,

Inc.

(a)

....................

10,923

968,433

EVERTEC,

Inc.

...........................

22,715

763,224

ExlService

Holdings,

Inc.

(a)

...................

15,870

2,661,558

Kyndryl

Holdings,

Inc.

(a)

......................

70,080

730,233

Marqeta,

Inc.,

Class

A

(a)

.....................

103,405

805,525

Maximus,

Inc.

............................

12,518

758,465

Perficient,

Inc.

(a)

...........................

11,867

926,813

Rackspace

Technology,

Inc.

(a)(b)

................

145,613

649,434

Sabre

Corp.

(a)

............................

107,043

769,639

Shift4

Payments,

Inc.,

Class

A

(a)

................

17,137

776,135

Switch,

Inc.,

Class

A

........................

64,285

2,182,476

Unisys

Corp.

(a)

............................

77,915

725,389

Verra

Mobility

Corp.,

Class

A

(a)

.................

48,387

771,289

WEX,

Inc.

(a)(b)

.............................

21,815

3,364,964

24,934,125

a

Leisure

Products

 — 0.8%

Brunswick

Corp.

..........................

25,030

1,869,991

Johnson

Outdoors,

Inc.,

Class

A

................

11,566

707,145

Malibu

Boats,

Inc.,

Class

A

(a)

..................

14,407

864,852

Mattel,

Inc.

(a)

.............................

132,982

2,941,562

Peloton

Interactive,

Inc.,

Class

A

(a)

..............

66,431

676,932

Polaris,

Inc.

..............................

15,429

1,747,643

Topgolf

Callaway

Brands

Corp.

(a)

...............

84,707

1,874,566

YETI

Holdings,

Inc.

(a)

.......................

42,584

1,570,924

12,253,615

a

Life

Sciences

Tools

&

Services

 — 0.8%

10X

Genomics,

Inc.,

Class

A

(a)

.................

25,479

840,552

Adaptive

Biotechnologies

Corp.

(a)

...............

74,977

668,795

Azenta,

Inc.

.............................

23,997

1,264,882

Bruker

Corp.

.............................

13,051

730,856

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

......

31,882

665,377

Medpace

Holdings,

Inc.

(a)

....................

6,858

1,012,309

NeoGenomics,

Inc.

(a)

.......................

76,084

764,644

Repligen

Corp.

(a)(b)

.........................

19,681

4,317,421

Syneos

Health,

Inc.,

Class

A

(a)

.................

19,432

1,168,058

11,432,894

a

Machinery

 — 3.9%

AGCO

Corp.

.............................

24,989

2,716,554

Alamo

Group,

Inc.

.........................

8,776

1,147,550

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Machinery

(continued)

Allison

Transmission

Holdings,

Inc.

..............

54,175

$

1,964,385

Altra

Industrial

Motion

Corp.

..................

20,887

792,662

Astec

Industries,

Inc.

.......................

18,578

709,308

Chart

Industries,

Inc.

(a)

......................

13,797

2,674,686

Columbus

McKinnon

Corp.

...................

23,769

728,044

Donaldson

Co.,

Inc.

........................

42,372

2,175,802

Energy

Recovery,

Inc.

(a)

.....................

50,222

1,152,093

Enerpac

Tool

Group

Corp.,

Class

A

(b)

.............

35,844

695,374

EnPro

Industries,

Inc.

.......................

12,274

1,111,533

Evoqua

Water

Technologies

Corp.

(a)

.............

59,396

2,083,612

Federal

Signal

Corp.

.......................

37,654

1,501,265

Flowserve

Corp.

..........................

58,909

1,794,957

Franklin

Electric

Co.,

Inc.

....................

15,994

1,389,079

Graco,

Inc.

..............................

67,917

4,335,821

Hillenbrand,

Inc.

..........................

19,681

820,107

ITT,

Inc.

................................

20,144

1,461,044

John

Bean

Technologies

Corp.

(b)

................

14,341

1,480,852

Lincoln

Electric

Holdings,

Inc.

.................

6,830

933,593

Lindsay

Corp.

............................

7,431

1,191,635

Luxfer

Holdings

PLC

.......................

54,780

901,131

Manitowoc

Co.,

Inc.

(The)

(a)

...................

76,727

732,743

Middleby

Corp.

(The)

(a)

......................

13,387

1,925,318

Mueller

Water

Products,

Inc.,

Class

A

............

145,988

1,646,745

Nikola

Corp.

(a)(b)

...........................

130,491

699,432

Oshkosh

Corp.

...........................

41,992

3,349,282

Proterra,

Inc.

(a)(b)

..........................

123,858

748,102

Proto

Labs,

Inc.

(a)

..........................

18,047

693,005

SPX

Technologies,

Inc.

(a)

.....................

16,577

945,884

Tennant

Co.

.............................

34,474

2,080,506

Terex

Corp.

..............................

21,802

724,262

Timken

Co.

(The)

..........................

22,946

1,445,369

Toro

Co.

(The)

............................

58,486

4,850,244

Wabash

National

Corp.

......................

48,100

791,245

Watts

Water

Technologies,

Inc.,

Class

A

...........

23,207

3,214,634

57,607,858

a

Media

 — 0.8%

Altice

USA,

Inc.,

Class

A

(a)(b)

...................

73,647

736,470

Cardlytics,

Inc.

(a)

..........................

49,862

660,173

EW

Scripps

Co.

(The),

Class

A

(a)

...............

56,601

846,185

Gray

Television,

Inc.

........................

50,706

968,485

iHeartMedia,

Inc.,

Class

A

(a)

...................

84,316

746,197

John

Wiley

&

Sons,

Inc.,

Class

A

...............

23,921

1,101,084

New

York

Times

Co.

(The),

Class

A

..............

56,860

1,733,661

Nexstar

Media

Group,

Inc.

....................

13,622

2,606,161

TEGNA,

Inc.

.............................

110,638

2,367,653

WideOpenWest,

Inc.

(a)

......................

41,433

737,507

12,503,576

a

Metals

&

Mining

 — 1.5%

Alpha

Metallurgical

Resources,

Inc.

.............

5,033

790,936

Arconic

Corp.

(a)

...........................

39,698

1,000,787

ATI,

Inc.

(a)

...............................

44,774

1,340,086

Commercial

Metals

Co.

......................

61,064

2,473,703

Compass

Minerals

International,

Inc.

.............

24,093

975,525

Hecla

Mining

Co.

..........................

191,503

754,522

Materion

Corp.

...........................

11,002

949,583

MP

Materials

Corp.,

Class

A

(a)(b)

................

22,809

798,087

Piedmont

Lithium,

Inc.

(a)(b)

....................

14,192

867,841

Reliance

Steel

&

Aluminum

Co.

................

27,990

5,261,560

Royal

Gold,

Inc.

...........................

36,039

3,311,984

Ryerson

Holding

Corp.

......................

25,281

720,508

Schnitzer

Steel

Industries,

Inc.,

Class

A

...........

22,015

727,376

Security

Shares

Value

a

Metals

&

Mining

(continued)

United

States

Steel

Corp.

....................

68,996

$

1,577,938

21,550,436

a

Mortgage

Real

Estate

Investment

 — 0.5%

AGNC

Investment

Corp.

.....................

160,730

1,920,723

Apollo

Commercial

Real

Estate

Finance,

Inc.

.......

61,520

716,708

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.................................

42,106

1,664,029

KKR

Real

Estate

Finance

Trust,

Inc.

.............

40,303

776,236

Starwood

Property

Trust,

Inc.

..................

134,945

3,094,289

8,171,985

a

Multiline

Retail

 — 0.5%

Big

Lots,

Inc.

.............................

32,655

671,713

Dillard's,

Inc.,

Class

A

.......................

2,425

718,382

Franchise

Group,

Inc.,

Class

A

.................

23,120

783,537

Kohl's

Corp.

.............................

49,593

1,409,433

Macy's,

Inc.

.............................

98,364

1,703,665

Nordstrom,

Inc.

...........................

51,367

878,889

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

...........

17,272

955,314

7,120,933

a

Multi-Utilities

 — 0.3%

Avista

Corp.

.............................

76,478

3,107,301

Unitil

Corp.

..............................

15,338

798,957

3,906,258

a

Oil,

Gas

&

Consumable

Fuels

 — 4.4%

Antero

Midstream

Corp.

.....................

188,689

1,900,098

Antero

Resources

Corp.

(a)

....................

113,826

4,562,146

Archaea

Energy,

Inc.,

Class

A

(a)

................

39,720

784,867

Berry

Corp.

..............................

82,719

756,879

California

Resources

Corp.

...................

25,347

1,266,336

Callon

Petroleum

Co.

(a)

......................

19,150

815,024

Chesapeake

Energy

Corp.

...................

37,888

3,807,365

Chord

Energy

Corp.

........................

15,421

2,182,843

Civitas

Resources,

Inc.

......................

21,254

1,428,056

Clean

Energy

Fuels

Corp.

(a)

...................

121,376

815,647

CNX

Resources

Corp.

(a)

.....................

113,860

2,011,906

Comstock

Resources,

Inc.

(a)

...................

42,304

829,158

Delek

U.S.

Holdings,

Inc.

....................

39,287

1,109,858

Denbury,

Inc.

(a)

...........................

15,100

1,342,843

DT

Midstream,

Inc.

.........................

36,794

2,031,397

EnLink

Midstream

LLC

(a)

.....................

137,359

1,395,567

Enviva,

Inc.

..............................

26,625

1,850,970

Equitrans

Midstream

Corp.

...................

190,490

1,765,842

Green

Plains,

Inc.

(a)

........................

13,938

510,549

HF

Sinclair

Corp.

..........................

66,864

3,519,052

Kinetik

Holdings,

Inc.,

Class

A

.................

19,750

728,183

Kosmos

Energy

Ltd.

(a)(b)

......................

252,076

1,782,177

Matador

Resources

Co.

.....................

30,595

1,823,462

Murphy

Oil

Corp.

..........................

60,597

2,361,465

New

Fortress

Energy,

Inc.,

Class

A

..............

17,444

1,000,413

Ovintiv,

Inc.

..............................

134,157

7,129,103

PBF

Energy,

Inc.,

Class

A

(a)

...................

40,270

1,375,623

PDC

Energy,

Inc.

..........................

27,706

1,881,514

Permian

Resources

Corp.,

Class

A

(a)

.............

106,016

872,512

Range

Resources

Corp.

(a)

....................

111,718

3,671,054

SM

Energy

Co.

...........................

43,925

1,935,775

Southwestern

Energy

Co.

(a)

...................

367,303

2,751,100

Talos

Energy,

Inc.

(a)

........................

40,331

836,062

Tellurian,

Inc.

(a)(b)

..........................

178,076

712,304

World

Fuel

Services

Corp.

....................

38,911

1,003,904

64,551,054

a

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Paper

&

Forest

Products

 — 0.2%

Glatfelter

Corp.

...........................

148,890

$

725,094

Louisiana-Pacific

Corp.

......................

38,440

2,084,601

Sylvamo

Corp.

...........................

17,390

772,812

3,582,507

a

Personal

Products

 — 0.4%

Beauty

Health

Co.

(The),

Class

A

(a)

..............

65,992

765,507

BellRing

Brands,

Inc.

(a)

......................

29,745

704,659

Coty,

Inc.,

Class

A

(a)

........................

103,708

778,847

Edgewell

Personal

Care

Co.

..................

29,005

1,130,035

Herbalife

Nutrition

Ltd.

(a)

.....................

29,046

757,810

Medifast,

Inc.

............................

5,867

736,191

Nu

Skin

Enterprises,

Inc.,

Class

A

...............

17,454

714,567

Veru,

Inc.

(a)

..............................

44,986

688,286

6,275,902

a

Pharmaceuticals

 — 1.5%

Aclaris

Therapeutics,

Inc.

(a)

...................

47,591

757,173

Amphastar

Pharmaceuticals,

Inc.

(a)

..............

26,842

794,523

Arvinas,

Inc.

(a)

............................

22,842

967,130

ATAI

Life

Sciences

NV

(a)

.....................

171,507

771,782

Atea

Pharmaceuticals,

Inc.

(a)

..................

95,729

717,968

Axsome

Therapeutics,

Inc.

(a)

..................

15,504

989,155

Cassava

Sciences,

Inc.

(a)(b)

...................

30,428

782,912

CinCor

Pharma,

Inc.

(a)

.......................

23,359

787,665

Collegium

Pharmaceutical,

Inc.

(a)(b)

..............

44,463

781,660

Corcept

Therapeutics,

Inc.

(a)(b)

.................

39,083

1,009,123

Harmony

Biosciences

Holdings,

Inc.

(a)

............

16,683

732,551

Intra-Cellular

Therapies,

Inc.

(a)

.................

34,882

1,753,169

NGM

Biopharmaceuticals,

Inc.

(a)

................

47,275

667,050

Nuvation

Bio,

Inc.,

Class

A

(a)(b)

.................

276,289

773,609

Organon

&

Co.

...........................

83,609

2,385,365

Pacira

BioSciences,

Inc.

(a)(b)

...................

13,674

717,612

Perrigo

Co.

PLC

..........................

60,416

2,260,767

Provention

Bio,

Inc.

(a)

.......................

160,867

694,945

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)

...........

37,988

908,293

Relmada

Therapeutics,

Inc.

(a)

..................

30,122

877,755

Revance

Therapeutics,

Inc.

(a)(b)

.................

47,530

945,847

Tilray

Brands,

Inc.

(a)(b)

.......................

210,208

798,790

21,874,844

a

Professional

Services

 — 2.2%

ASGN,

Inc.

(a)

.............................

26,932

2,604,324

CACI

International,

Inc.,

Class

A

(a)

..............

7,442

2,090,235

Exponent,

Inc.

............................

12,710

1,192,961

First

Advantage

Corp.

(a)

......................

51,832

717,355

FTI

Consulting,

Inc.

(a)

.......................

21,757

3,494,174

Heidrick

&

Struggles

International,

Inc.

...........

25,371

722,059

ICF

International,

Inc.

.......................

15,849

1,609,625

Insperity,

Inc.

.............................

13,387

1,459,451

KBR,

Inc.

...............................

34,964

1,688,761

Kelly

Services,

Inc.,

Class

A,

NVS

..............

58,149

936,780

Kforce,

Inc.

..............................

13,483

737,790

Korn

Ferry

..............................

24,820

1,512,034

ManpowerGroup,

Inc.

.......................

31,860

2,335,975

Nielsen

Holdings

PLC

.......................

151,832

4,227,003

Science

Applications

International

Corp.

..........

12,849

1,170,158

Skillsoft

Corp.,

Class

A

(a)

.....................

179,662

578,512

Sterling

Check

Corp.

(a)

......................

41,851

887,660

TriNet

Group,

Inc.

(a)

........................

33,636

2,771,606

TrueBlue,

Inc.

(a)

...........................

66,786

1,371,784

Upwork,

Inc.

(a)(b)

...........................

51,800

901,320

33,009,567

a

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 0.7%

Anywhere

Real

Estate,

Inc.

(a)

..................

69,364

$

677,686

Cushman

&

Wakefield

PLC

(a)

..................

83,667

1,251,658

DigitalBridge

Group,

Inc.,

Class

A

(a)

..............

45,000

801,000

Howard

Hughes

Corp.

(The)

(a)

.................

24,747

1,574,652

Jones

Lang

LaSalle,

Inc.

(a)

....................

22,820

3,947,860

Kennedy-Wilson

Holdings,

Inc.

.................

39,060

685,894

Marcus

&

Millichap,

Inc.

.....................

19,506

729,134

Opendoor

Technologies,

Inc.

(a)(b)

................

165,426

716,295

St.

Joe

Co.

(The)

..........................

19,121

730,422

11,114,601

a

Road

&

Rail

 — 1.2%

ArcBest

Corp.

............................

14,834

1,194,582

Avis

Budget

Group,

Inc.

(a)(b)

...................

13,920

2,329,930

Hertz

Global

Holdings,

Inc.

(a)(b)

.................

85,352

1,575,598

Landstar

System,

Inc.

.......................

22,919

3,360,613

Ryder

System,

Inc.

.........................

27,595

2,109,362

Saia,

Inc.

(a)

..............................

10,385

2,147,929

Schneider

National,

Inc.,

Class

B

...............

41,353

945,329

Werner

Enterprises,

Inc.

(b)

....................

53,139

2,114,401

XPO

Logistics,

Inc.

(a)(b)

......................

30,673

1,607,879

17,385,623

a

Semiconductors

&

Semiconductor

Equipment

 — 2.5%

Ambarella,

Inc.

(a)

..........................

11,000

746,680

Amkor

Technology,

Inc.

......................

35,324

711,072

Axcelis

Technologies,

Inc.

(a)(b)

..................

14,455

967,618

Cirrus

Logic,

Inc.

(a)

.........................

35,253

2,703,553

First

Solar,

Inc.

(a)

..........................

40,374

5,149,704

Ichor

Holdings,

Ltd.

(a)

.......................

25,828

793,436

Kulicke

&

Soffa

Industries,

Inc.

.................

32,717

1,375,423

Lattice

Semiconductor

Corp.

(a)

.................

53,067

2,860,311

MaxLinear,

Inc.

(a)

..........................

19,771

710,372

MKS

Instruments,

Inc.

......................

19,725

1,964,807

Onto

Innovation,

Inc.

(a)

......................

28,861

2,048,842

Power

Integrations,

Inc.

.....................

24,813

1,774,874

Rambus,

Inc.

(a)

...........................

51,031

1,316,089

Semtech

Corp.

(a)

..........................

15,548

718,162

Silicon

Laboratories,

Inc.

(a)

....................

14,878

1,864,660

SiTime

Corp.

(a)

............................

6,418

682,939

Synaptics,

Inc.

(a)

..........................

15,231

1,760,856

Universal

Display

Corp.

.....................

22,855

2,553,589

Veeco

Instruments,

Inc.

(a)

....................

51,405

1,086,702

Wolfspeed,

Inc.

(a)(b)

.........................

51,815

5,879,448

37,669,137

a

Software

 — 5.2%

A10

Networks,

Inc.

.........................

49,954

694,361

ACI

Worldwide,

Inc.

(a)(b)

......................

71,043

1,683,719

Alarm.com

Holdings,

Inc.

(a)

...................

11,005

732,933

Altair

Engineering,

Inc.,

Class

A

(a)(b)

..............

24,012

1,248,864

Alteryx,

Inc.,

Class

A

(a)

......................

13,726

855,404

Appian

Corp.,

Class

A

(a)

.....................

16,327

765,736

Asana,

Inc.,

Class

A

(a)

.......................

35,763

684,861

Aspen

Technology,

Inc.

(a)

.....................

12,323

2,595,224

Benefitfocus,

Inc.

(a)

.........................

103,449

766,557

Blackbaud,

Inc.

(a)

..........................

14,069

735,809

Blackline,

Inc.

(a)

...........................

27,851

1,892,197

Box,

Inc.,

Class

A

(a)

........................

80,126

2,063,244

BTRS

Holdings,

Inc.

(a)(b)

......................

113,166

765,002

Cerence,

Inc.

(a)

...........................

38,535

771,085

CommVault

Systems,

Inc.

(a)

...................

18,858

1,023,801

Digital

Turbine,

Inc.

(a)

.......................

35,419

654,189

Dolby

Laboratories,

Inc.,

Class

A

...............

34,582

2,532,786

DoubleVerify

Holdings,

Inc.

(a)

..................

31,925

825,261

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

Duck

Creek

Technologies,

Inc.

(a)(b)

...............

60,497

$

719,914

E2open

Parent

Holdings,

Inc.,

Class

A

(a)

..........

105,374

723,919

Elastic

NV

(a)

.............................

32,525

2,729,173

Envestnet,

Inc.

(a)

..........................

13,019

681,805

Everbridge,

Inc.

(a)

..........................

22,919

911,718

Five9,

Inc.

(a)

.............................

28,475

2,793,682

Gitlab,

Inc.,

Class

A

(a)

.......................

14,763

883,861

Intapp,

Inc.

(a)(b)

............................

53,009

768,100

InterDigital,

Inc.

...........................

14,721

738,405

Jamf

Holding

Corp.

(a)

.......................

38,988

933,763

KnowBe4,

Inc.,

Class

A

(a)

....................

40,073

770,203

LivePerson,

Inc.

(a)

.........................

65,359

758,164

Mandiant,

Inc.

(a)

...........................

87,757

2,006,125

Manhattan

Associates,

Inc.

(a)

..................

21,560

3,045,566

MicroStrategy,

Inc.,

Class

A

(a)(b)

.................

3,042

704,406

Model

N,

Inc.

(a)

...........................

37,397

1,118,170

Momentive

Global,

Inc.

(a)

.....................

107,795

764,267

N-able,

Inc.

(a)

.............................

78,481

781,671

nCino,

Inc.

(a)(b)

............................

29,666

935,666

NCR

Corp.

(a)

.............................

44,734

1,388,991

New

Relic,

Inc.

(a)

..........................

29,804

1,809,401

Nutanix,

Inc.,

Class

A

(a)

......................

82,205

1,422,146

OneSpan,

Inc.

(a)

...........................

66,624

766,842

PagerDuty,

Inc.

(a)

..........................

40,683

1,059,385

Paycor

HCM,

Inc.

(a)

........................

24,886

737,372

Paylocity

Holding

Corp.

(a)

....................

15,070

3,631,870

Pegasystems,

Inc.

.........................

20,273

742,195

Progress

Software

Corp.

.....................

53,401

2,570,190

PROS

Holdings,

Inc.

(a)

......................

33,398

696,348

Qualys,

Inc.

(a)

............................

10,133

1,539,203

Rapid7,

Inc.

(a)

............................

19,877

1,142,928

Samsara,

Inc.,

Class

A

(a)

.....................

48,915

727,366

Smartsheet,

Inc.,

Class

A

(a)(b)

..................

50,153

1,668,590

Sprinklr,

Inc.,

Class

A

(a)

......................

66,927

793,754

Sprout

Social,

Inc.,

Class

A

(a)(b)

.................

20,814

1,249,673

SPS

Commerce,

Inc.

(a)

......................

17,999

2,198,038

Sumo

Logic,

Inc.

(a)

.........................

97,193

851,411

Tenable

Holdings,

Inc.

(a)

.....................

38,843

1,538,571

Teradata

Corp.

(a)(b)

.........................

50,764

1,670,136

Varonis

Systems,

Inc.

(a)

......................

32,624

892,266

Workiva,

Inc.,

Class

A

(a)

......................

30,172

2,048,377

Xperi

Holding

Corp.

........................

51,338

816,788

Zuora,

Inc.,

Class

A

(a)

.......................

88,987

683,420

76,704,872

a

Specialty

Retail

 — 3.2%

Aaron's

Co.,

Inc.

(The)

......................

55,726

663,139

American

Eagle

Outfitters,

Inc.

.................

60,313

679,124

America's

Car-Mart,

Inc.

(a)

....................

9,908

798,684

Arko

Corp.

..............................

79,041

753,261

Asbury

Automotive

Group,

Inc.

(a)(b)

...............

7,367

1,285,394

AutoNation,

Inc.

(a)(b)

........................

13,424

1,672,630

Boot

Barn

Holdings,

Inc.

(a)

....................

10,694

712,434

Caleres,

Inc.

(b)

............................

26,271

670,436

Camping

World

Holdings,

Inc.,

Class

A

...........

24,336

733,000

Carvana

Co.,

Class

A

(a)

......................

26,218

864,932

Chico's

FAS,

Inc.

(a)

.........................

113,305

643,572

Five

Below,

Inc.

(a)

..........................

21,153

2,705,046

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)

...........

31,653

2,575,288

Foot

Locker,

Inc.

..........................

43,396

1,598,709

GameStop

Corp.,

Class

A

(a)(b)

..................

93,901

2,689,325

Gap,

Inc.

(The)

...........................

141,121

1,289,846

Genesco,

Inc.

(a)

...........................

12,306

696,273

Group

1

Automotive,

Inc.

.....................

8,347

1,490,691

Hibbett,

Inc.

.............................

13,603

797,136

Security

Shares

Value

a

Specialty

Retail

(continued)

Leslie's,

Inc.

(a)(b)

...........................

68,995

$

978,349

Lithia

Motors,

Inc.

.........................

11,693

3,103,790

MarineMax,

Inc.

(a)

..........................

18,348

666,766

Monro,

Inc.

..............................

23,393

1,083,330

Murphy

USA,

Inc.

(b)

........................

12,483

3,622,192

National

Vision

Holdings,

Inc.

(a)

................

34,037

1,131,050

ODP

Corp.

(The)

(a)

.........................

21,090

753,967

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

(a)(b)

......

49,263

735,004

Rent-A-Center,

Inc.

........................

32,580

841,867

RH

(a)

..................................

4,148

1,061,515

Sally

Beauty

Holdings,

Inc.

(a)

..................

55,021

818,712

Signet

Jewelers

Ltd.

........................

23,053

1,506,975

Sleep

Number

Corp.

(a)

......................

18,071

748,682

TravelCenters

of

America,

Inc.

(a)

................

13,696

740,680

Victoria's

Secret

&

Co.

(a)

.....................

30,536

1,021,124

Williams-Sonoma,

Inc.

......................

31,393

4,669,709

46,802,632

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.4%

3D

Systems

Corp.

(a)(b)

.......................

72,055

729,917

Pure

Storage,

Inc.,

Class

A

(a)

..................

96,459

2,794,417

Xerox

Holdings

Corp.

.......................

130,806

2,173,996

5,698,330

a

Textiles,

Apparel

&

Luxury

Goods

 — 1.7%

Allbirds,

Inc.,

Class

A

(a)

......................

176,349

721,267

Capri

Holdings

Ltd.

(a)

.......................

39,787

1,877,151

Carter's,

Inc.

.............................

19,282

1,423,976

Columbia

Sportswear

Co.

....................

23,804

1,695,797

Crocs,

Inc.

(a)

.............................

23,014

1,696,132

Deckers

Outdoor

Corp.

(a)

.....................

12,519

4,025,735

Hanesbrands,

Inc.

.........................

222,174

1,935,135

Kontoor

Brands,

Inc.

........................

22,064

821,443

Movado

Group,

Inc.

........................

23,140

737,935

PVH

Corp.

(b)

.............................

35,185

1,979,156

Ralph

Lauren

Corp.,

Class

A

..................

18,549

1,694,080

Steven

Madden,

Ltd.

.......................

43,824

1,275,717

Tapestry,

Inc.

.............................

90,116

3,129,729

Under

Armour,

Inc.,

Class

A

(a)(b)

................

84,639

712,660

Wolverine

World

Wide,

Inc.

...................

42,336

827,245

24,553,158

a

Thrifts

&

Mortgage

Finance

 — 1.1%

Capitol

Federal

Financial,

Inc.

.................

78,833

714,227

Essent

Group

Ltd.

.........................

27,150

1,085,729

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

...

15,715

1,716,707

Flagstar

Bancorp,

Inc.

......................

25,065

965,754

MGIC

Investment

Corp.

.....................

215,284

3,076,408

Mr

Cooper

Group,

Inc.

(a)

.....................

33,127

1,401,272

New

York

Community

Bancorp,

Inc.

.............

78,533

768,838

PennyMac

Financial

Services,

Inc.

..............

24,343

1,293,100

Radian

Group,

Inc.

.........................

98,446

2,078,195

TFS

Financial

Corp.

........................

70,621

1,009,880

Walker

&

Dunlop,

Inc.

.......................

9,980

1,002,591

WSFS

Financial

Corp.

......................

11,514

556,702

15,669,403

a

Trading

Companies

&

Distributors

 — 1.6%

Air

Lease

Corp.,

Class

A

.....................

30,754

1,118,215

Beacon

Roofing

Supply,

Inc.

(a)(b)

................

21,401

1,175,129

Boise

Cascade

Co.

........................

26,751

1,667,390

Core

&

Main,

Inc.,

Class

A

(a)(b)

.................

31,624

745,378

GATX

Corp.

.............................

16,627

1,606,335

GMS,

Inc.

(a)

..............................

23,401

1,127,928

Herc

Holdings,

Inc.

.........................

10,773

1,212,286

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

McGrath

RentCorp

.........................

21,917

$

1,852,425

MRC

Global,

Inc.

(a)

.........................

81,039

788,510

NOW,

Inc.

(a)

.............................

70,601

855,684

Rush

Enterprises,

Inc.,

Class

A

................

15,107

710,935

SiteOne

Landscape

Supply,

Inc.

(a)(b)

..............

24,452

3,060,412

Triton

International,

Ltd.,

Class

A

...............

33,119

1,973,561

Univar

Solutions,

Inc.

(a)

......................

37,606

948,423

Veritiv

Corp.

(a)

............................

7,615

907,632

Watsco,

Inc.

.............................

5,137

1,397,418

WESCO

International,

Inc.

(a)

..................

22,824

3,005,464

24,153,125

a

Water

Utilities

 — 0.2%

American

States

Water

Co.

...................

30,986

2,570,908

Middlesex

Water

Co.

.......................

7,796

692,051

3,262,959

a

Wireless

Telecommunication

Services

 — 0.1%

Gogo,

Inc.

(a)

.............................

46,071

684,615

Shenandoah

Telecommunications

Co.

............

33,322

742,747

Telephone

and

Data

Systems,

Inc.

..............

51,173

832,585

2,259,947

a

Total

Common

Stocks — 99.7%

(Cost:

$1,532,792,620)

...............................

1,474,527,578

Security

Shares

Value

a

Rights

Pharmaceuticals

 — 0.0%

Zogenix,

Inc.,

CVR

(Expires

01/01/25)

(a)(c)

..........

29,896

$

20,329

a

Total

Rights — 0.0%

(Cost:

$20,329)

....................................

20,329

Total

Long-Term

Investments — 99.7%

(Cost:

$1,532,812,949)

...............................

1,474,547,907

a

Short-Term

Securities

Money

Market

Funds

 — 

6.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

2.45%

(d)(e)(f)

............................

85,549,488

85,575,153

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.10%

(d)(e)

.............................

4,174,100

4,174,100

a

Total

Short-Term

Securities — 6.1%

(Cost:

$89,704,872)

.................................

89,749,253

Total

Investments

—

105.8%

(Cost:

$1,622,517,821)

...............................

1,564,297,160

Liabilities

in

Excess

of

Other

Assets

—

(5.8)%

...............

(85,200,023)

Net

Assets

—

100.0%

.................................

$

1,479,097,137

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

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

August

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

08/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/22

  Shares

Held

at

08/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

43,548,786

$

42,013,172

(a)

$

—

$

(26,857

)

$

40,052

$

85,575,153

85,549,488

$

787,977

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

1,390,000

2,784,100

(a)

—

—

—

4,174,100

4,174,100

16,214

—

$

(26,857

)

$

40,052

$

89,749,253

$

804,191

$

—

(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)

August

31,

2022

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

30

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

August

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

Russell

2000

E-Mini

Index

...............................................................

27

09/16/22

$

2,490

$

(149,308

)

S&P

MidCap

400

E-Mini

Index

............................................................

6

09/16/22

1,458

(101,318

)

$

(250,626

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

250,626

$

—

$

—

$

—

$

250,626

(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

..................................

$

—

$

—

$

(187,438

)

$

—

$

—

$

—

$

(187,438

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(287,452

)

$

—

$

—

$

—

$

(287,452

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,080,546

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2022

31

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

.............................................

$

1,474,527,578

$

—

$

—

$

1,474,527,578

Rights

....................................................

—

—

20,329

20,329

Short-Term

Securities

Money

Market

Funds

..........................................

89,749,253

—

—

89,749,253

$

1,564,276,831

$

—

$

20,329

$

1,564,297,160

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(250,626)

$

—

$

—

$

(250,626)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2022

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

1

.0

%

CH

Robinson

Worldwide,

Inc.

.................

22,825

$

2,605,474

Expeditors

International

of

Washington,

Inc.

(a)

.......

30,272

3,114,686

United

Parcel

Service,

Inc.

,

Class

B

.............

131,723

25,621,441

31,341,601

a

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

(b)

.......................

28,671

890,808

a

Auto

Components

 — 

0

.2

%

Aptiv

PLC

(b)

..............................

48,592

4,539,951

BorgWarner,

Inc.

..........................

42,932

1,618,536

Lear

Corp.

..............................

10,634

1,474,298

7,632,785

a

Automobiles

 — 

4

.2

%

Rivian

Automotive,

Inc.

,

Class

A

(b)

...............

56,046

1,833,264

Tesla,

Inc.

(a)

(b)

............................

473,816

130,588,428

132,421,692

a

Banks

 — 

1

.9

%

Citizens

Financial

Group,

Inc.

.................

88,583

3,249,224

First

Republic

Bank

........................

32,220

4,891,963

Huntington

Bancshares,

Inc.

..................

258,434

3,463,016

KeyCorp

................................

166,355

2,942,820

PNC

Financial

Services

Group,

Inc.

(The)

.........

74,176

11,719,808

Regions

Financial

Corp.

.....................

167,463

3,628,923

SVB

Financial

Group

(b)

......................

10,503

4,269,679

Truist

Financial

Corp.

.......................

238,792

11,185,017

U.S.

Bancorp

............................

253,147

11,546,035

Webster

Financial

Corp.

.....................

31,983

1,504,800

58,401,285

a

Beverages

 — 

3

.0

%

Coca-Cola

Co.

(The)

.......................

738,621

45,580,302

Keurig

Dr

Pepper,

Inc.

......................

139,930

5,334,132

PepsiCo,

Inc.

............................

247,987

42,720,720

93,635,154

a

Biotechnology

 — 

1

.9

%

Amgen,

Inc.

.............................

95,810

23,023,143

Biogen,

Inc.

(b)

............................

26,235

5,125,794

BioMarin

Pharmaceutical,

Inc.

(b)

................

33,179

2,959,567

Gilead

Sciences,

Inc.

.......................

224,964

14,278,465

Vertex

Pharmaceuticals,

Inc.

(b)

.................

45,870

12,924,331

58,311,300

a

Building

Products

 — 

0

.9

%

A

O

Smith

Corp.

..........................

23,405

1,321,212

Allegion

PLC

.............................

15,730

1,495,923

Carrier

Global

Corp.

........................

152,876

5,980,509

Fortune

Brands

Home

&

Security,

Inc.

............

23,461

1,441,209

Johnson

Controls

International

PLC

.............

125,209

6,778,816

Lennox

International,

Inc.

....................

5,901

1,416,948

Masco

Corp.

.............................

42,777

2,176,066

Owens

Corning

...........................

17,411

1,423,001

Trane

Technologies

PLC

.....................

41,943

6,462,158

28,495,842

a

Capital

Markets

 — 

5

.0

%

Ameriprise

Financial,

Inc.

....................

19,791

5,304,186

Bank

of

New

York

Mellon

Corp.

(The)

............

137,636

5,716,023

BlackRock,

Inc.

(c)

..........................

27,159

18,098,486

Carlyle

Group,

Inc.

(The)

.....................

35,676

1,160,540

Cboe

Global

Markets,

Inc.

....................

19,049

2,247,211

Security

Shares

Value

a

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The)

..................

260,714

$

18,497,658

CME

Group,

Inc.

,

Class

A

....................

64,462

12,609,412

FactSet

Research

Systems,

Inc.

................

6,797

2,945,412

Franklin

Resources,

Inc.

.....................

53,789

1,402,279

Intercontinental

Exchange,

Inc.

................

100,400

10,125,340

Invesco

Ltd.

.............................

61,889

1,019,312

LPL

Financial

Holdings,

Inc.

...................

14,306

3,166,347

MarketAxess

Holdings,

Inc.

...................

6,810

1,692,898

Moody's

Corp.

............................

29,785

8,474,428

Morgan

Stanley

...........................

235,303

20,052,522

Nasdaq,

Inc.

.............................

61,683

3,671,989

Northern

Trust

Corp.

........................

35,505

3,376,170

Raymond

James

Financial,

Inc.

................

34,738

3,625,605

S&P

Global,

Inc.

..........................

62,253

21,924,262

State

Street

Corp.

.........................

65,843

4,500,369

T

Rowe

Price

Group,

Inc.

....................

40,760

4,891,200

154,501,649

a

Chemicals

 — 

1

.9

%

Celanese

Corp.

...........................

19,304

2,140,041

Ecolab,

Inc.

.............................

46,117

7,555,348

International

Flavors

&

Fragrances,

Inc.

...........

45,706

5,049,599

Linde

PLC

..............................

90,165

25,504,072

Mosaic

Co.

(The)

..........................

64,924

3,497,456

PPG

Industries,

Inc.

........................

42,172

5,355,001

Sherwin-Williams

Co.

(The)

...................

44,322

10,287,136

59,388,653

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Copart,

Inc.

(b)

............................

38,364

4,590,253

Republic

Services,

Inc.

......................

39,581

5,649,000

Rollins,

Inc.

..............................

39,432

1,331,224

11,570,477

a

Communications

Equipment

 — 

1

.3

%

Cisco

Systems,

Inc.

........................

742,690

33,213,097

Motorola

Solutions,

Inc.

.....................

30,058

7,316,418

40,529,515

a

Construction

&

Engineering

 — 

0

.1

%

Quanta

Services,

Inc.

.......................

25,691

3,630,138

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

.................

11,149

3,876,619

a

Consumer

Finance

 — 

0

.9

%

Ally

Financial,

Inc.

.........................

57,939

1,923,575

American

Express

Co.

......................

114,803

17,450,056

Discover

Financial

Services

...................

50,392

5,063,892

Synchrony

Financial

........................

89,943

2,945,633

27,383,156

a

Containers

&

Packaging

 — 

0

.4

%

Amcor

PLC

..............................

270,496

3,248,657

Ball

Corp.

...............................

57,450

3,206,284

International

Paper

Co.

......................

63,748

2,653,192

Westrock

Co.

............................

45,708

1,855,288

10,963,421

a

Distributors

 — 

0

.3

%

Genuine

Parts

Co.

.........................

25,441

3,969,050

LKQ

Corp.

..............................

48,275

2,569,196

Pool

Corp.

..............................

7,178

2,434,706

8,972,952

a

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Diversified

Financial

Services

 — 

0

.1

%

Equitable

Holdings,

Inc.

.....................

68,334

$

2,032,936

a

Diversified

Telecommunication

Services

 — 

1

.1

%

Lumen

Technologies,

Inc.

....................

166,752

1,660,850

Verizon

Communications,

Inc.

.................

753,214

31,491,877

33,152,727

a

Electric

Utilities

 — 

0

.3

%

Edison

International

........................

68,369

4,633,367

Eversource

Energy

........................

61,855

5,547,775

10,181,142

a

Electrical

Equipment

 — 

0

.6

%

Eaton

Corp.

PLC

..........................

71,561

9,778,095

Generac

Holdings,

Inc.

(b)

.....................

11,397

2,512,013

Plug

Power,

Inc.

(a)

(b)

........................

92,378

2,590,279

Rockwell

Automation,

Inc.

....................

20,764

4,919,822

19,800,209

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.4

%

Cognex

Corp.

............................

31,573

1,329,539

Keysight

Technologies,

Inc.

(b)

..................

32,659

5,352,483

Trimble,

Inc.

(b)

............................

44,851

2,836,826

Zebra

Technologies

Corp.

,

Class

A

(b)

.............

9,462

2,854,118

12,372,966

a

Energy

Equipment

&

Services

 — 

0

.6

%

Baker

Hughes

Co.

,

Class

A

...................

176,586

4,460,563

Halliburton

Co.

...........................

161,771

4,874,160

Schlumberger

NV

.........................

253,507

9,671,292

19,006,015

a

Entertainment

 — 

1

.7

%

Electronic

Arts,

Inc.

........................

50,253

6,375,598

Take-Two

Interactive

Software,

Inc.

(b)

.............

29,077

3,563,677

Walt

Disney

Co.

(The)

(b)

.....................

326,687

36,615,079

Warner

Bros

Discovery,

Inc.

(b)

.................

413,496

5,474,687

52,029,041

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.8

%

American

Tower

Corp.

......................

81,835

20,790,182

Boston

Properties,

Inc.

......................

26,515

2,106,086

Crown

Castle,

Inc.

.........................

77,665

13,267,512

Equinix,

Inc.

.............................

16,325

10,731,565

Healthpeak

Properties,

Inc.

...................

96,331

2,528,689

Prologis,

Inc.

.............................

132,768

16,530,944

SBA

Communications

Corp.

,

Class

A

.............

19,339

6,290,010

Ventas,

Inc.

.............................

71,388

3,416,630

Welltower,

Inc.

............................

81,420

6,240,843

Weyerhaeuser

Co.

.........................

133,527

4,561,282

86,463,743

a

Food

&

Staples

Retailing

 — 

0

.2

%

Kroger

Co.

(The)

..........................

123,998

5,944,464

a

Food

Products

 — 

0

.8

%

Bunge

Ltd.

..............................

27,213

2,698,713

Campbell

Soup

Co.

........................

37,653

1,896,958

Conagra

Brands,

Inc.

.......................

85,699

2,946,332

General

Mills,

Inc.

.........................

107,790

8,278,272

Hormel

Foods

Corp.

........................

53,760

2,703,053

Kellogg

Co.

..............................

45,792

3,330,910

McCormick

&

Co.,

Inc.

,

NVS

..................

44,878

3,772,893

25,627,131

a

Security

Shares

Value

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

........................

24,933

$

2,826,904

UGI

Corp.

...............................

37,441

1,478,919

4,305,823

a

Health

Care

Equipment

&

Supplies

 — 

1

.7

%

ABIOMED,

Inc.

(b)

..........................

8,125

2,106,650

Align

Technology,

Inc.

(b)

......................

13,372

3,258,756

Baxter

International,

Inc.

.....................

90,309

5,189,155

Dentsply

Sirona,

Inc.

.......................

39,050

1,279,669

Dexcom,

Inc.

(a)

(b)

..........................

70,396

5,787,255

Edwards

Lifesciences

Corp.

(b)

.................

111,364

10,033,896

Hologic,

Inc.

(b)

............................

44,927

3,035,268

IDEXX

Laboratories,

Inc.

(b)

....................

15,054

5,233,072

Insulet

Corp.

(b)

............................

12,436

3,177,025

Novocure

Ltd.

(a)

(b)

..........................

16,793

1,379,209

ResMed,

Inc.

............................

26,236

5,769,821

STERIS

PLC

.............................

17,893

3,603,292

Teleflex,

Inc.

.............................

8,376

1,895,154

51,748,222

a

Health

Care

Providers

&

Services

 — 

2

.3

%

AmerisourceBergen

Corp.

....................

28,176

4,129,475

Cardinal

Health,

Inc.

........................

48,860

3,455,379

Cigna

Corp.

.............................

56,904

16,129,439

DaVita,

Inc.

(a)

(b)

...........................

10,302

878,658

Elevance

Health,

Inc.

.......................

43,239

20,975,671

HCA

Healthcare,

Inc.

.......................

42,397

8,389,094

Humana,

Inc.

............................

22,675

10,924,361

Laboratory

Corp.

of

America

Holdings

............

16,690

3,759,756

Quest

Diagnostics,

Inc.

......................

21,296

2,668,602

71,310,435

a

Health

Care

Technology

 — 

0

.0

%

Teladoc

Health,

Inc.

(a)

(b)

......................

28,579

887,664

a

Hotels,

Restaurants

&

Leisure

 — 

1

.3

%

Hilton

Worldwide

Holdings,

Inc.

................

49,881

6,352,844

McDonald's

Corp.

.........................

132,639

33,462,167

Vail

Resorts,

Inc.

..........................

7,238

1,626,234

41,441,245

a

Household

Durables

 — 

0

.0

%

Newell

Brands,

Inc.

........................

72,064

1,286,342

a

Household

Products

 — 

2

.6

%

Clorox

Co.

(The)

..........................

22,075

3,186,305

Colgate-Palmolive

Co.

......................

142,681

11,159,081

Kimberly-Clark

Corp.

.......................

60,428

7,705,779

Procter

&

Gamble

Co.

(The)

..................

430,318

59,358,065

81,409,230

a

Industrial

Conglomerates

 — 

0

.4

%

3M

Co.

(a)

...............................

102,015

12,685,565

a

Insurance

 — 

3

.3

%

Aflac,

Inc.

...............................

109,756

6,521,702

Allstate

Corp.

(The)

........................

49,319

5,942,940

American

International

Group,

Inc.

..............

142,082

7,352,743

Arch

Capital

Group

Ltd.

(b)

....................

67,733

3,096,753

Arthur

J

Gallagher

&

Co.

.....................

37,676

6,840,831

Assurant,

Inc.

............................

9,781

1,550,191

Chubb

Ltd.

..............................

76,445

14,451,927

Hartford

Financial

Services

Group,

Inc.

(The)

.......

59,264

3,811,268

Lincoln

National

Corp.

......................

29,211

1,345,459

Loews

Corp.

.............................

37,613

2,080,375

Marsh

&

McLennan

Companies,

Inc.

.............

90,019

14,526,366

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Insurance

(continued)

Principal

Financial

Group,

Inc.

.................

45,319

$

3,388,048

Progressive

Corp.

(The)

.....................

104,899

12,865,862

Prudential

Financial,

Inc.

.....................

67,189

6,433,347

Travelers

Companies,

Inc.

(The)

................

43,155

6,975,574

Willis

Towers

Watson

PLC

....................

19,996

4,135,773

101,319,159

a

Interactive

Media

&

Services

 — 

7

.4

%

Alphabet,

Inc.

,

Class

A

(b)

.....................

1,078,851

116,753,255

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

.................

1,011,684

110,425,309

ZoomInfo

Technologies,

Inc.

(a)

(b)

................

46,685

2,120,433

229,298,997

a

Internet

&

Direct

Marketing

Retail

 — 

0

.4

%

eBay,

Inc.

...............................

100,409

4,431,049

MercadoLibre,

Inc.

(a)

(b)

.......................

8,110

6,936,970

11,368,019

a

IT

Services

 — 

5

.8

%

Accenture

PLC

,

Class

A

.....................

113,602

32,769,633

Automatic

Data

Processing,

Inc.

................

75,336

18,412,872

International

Business

Machines

Corp.

...........

161,315

20,720,912

Mastercard,

Inc.

,

Class

A

.....................

155,754

50,521,925

Visa,

Inc.

,

Class

A

.........................

295,163

58,651,840

Western

Union

Co.

(The)

....................

69,236

1,026,077

182,103,259

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

.............................

23,590

1,859,364

a

Life

Sciences

Tools

&

Services

 — 

2

.1

%

Agilent

Technologies,

Inc.

....................

53,674

6,883,690

Bio-Techne

Corp.

..........................

7,016

2,327,979

Illumina,

Inc.

(b)

............................

28,176

5,681,409

Mettler-Toledo

International,

Inc.

(b)

..............

4,075

4,940,775

Thermo

Fisher

Scientific,

Inc.

..................

70,209

38,286,372

Waters

Corp.

(b)

...........................

10,814

3,229,060

West

Pharmaceutical

Services,

Inc.

.............

13,261

3,934,406

65,283,691

a

Machinery

 — 

2

.5

%

Caterpillar,

Inc.

...........................

95,725

17,681,365

Cummins,

Inc.

............................

25,306

5,450,153

Deere

&

Co.

.............................

52,060

19,014,915

Dover

Corp.

.............................

25,731

3,215,346

Fortive

Corp.

.............................

60,850

3,853,630

IDEX

Corp.

..............................

13,580

2,732,432

Illinois

Tool

Works,

Inc.

......................

55,918

10,894,504

Ingersoll

Rand,

Inc.

(a)

.......................

72,834

3,450,146

Otis

Worldwide

Corp.

.......................

75,939

5,484,315

Pentair

PLC

.............................

29,579

1,316,265

Snap-on,

Inc.

............................

9,588

2,088,842

Xylem,

Inc.

..............................

32,228

2,935,971

78,117,884

a

Media

 — 

0

.1

%

Cable

One,

Inc.

...........................

978

1,110,030

Interpublic

Group

of

Companies,

Inc.

(The)

........

70,515

1,949,035

Sirius

XM

Holdings,

Inc.

(a)

....................

140,813

857,551

3,916,616

a

Metals

&

Mining

 — 

0

.5

%

Newmont

Corp.

...........................

142,498

5,893,717

Nucor

Corp.

.............................

47,719

6,343,764

Steel

Dynamics,

Inc.

........................

34,106

2,753,036

14,990,517

a

Security

Shares

Value

a

Mortgage

Real

Estate

Investment

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

...............

307,457

$

1,983,098

a

Multiline

Retail

 — 

0

.4

%

Target

Corp.

.............................

83,165

13,334,676

a

Multi-Utilities

 — 

0

.5

%

Consolidated

Edison,

Inc.

....................

63,543

6,210,693

Sempra

Energy

...........................

56,406

9,305,298

15,515,991

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.7

%

Cheniere

Energy,

Inc.

.......................

40,914

6,553,604

Kinder

Morgan,

Inc.

,

Class

P

..................

366,008

6,705,267

Marathon

Petroleum

Corp.

...................

97,028

9,775,571

ONEOK,

Inc.

.............................

80,101

4,904,584

Phillips

66

...............................

86,286

7,719,146

Targa

Resources

Corp.

......................

38,750

2,643,912

Valero

Energy

Corp.

........................

73,134

8,565,454

Williams

Companies,

Inc.

(The)

................

218,453

7,433,956

54,301,494

a

Personal

Products

 — 

0

.3

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

.......

41,533

10,565,165

a

Pharmaceuticals

 — 

6

.5

%

Bristol-Myers

Squibb

Co.

.....................

381,852

25,740,643

Catalent,

Inc.

(a)

(b)

..........................

30,603

2,693,064

Elanco

Animal

Health,

Inc.

(b)

...................

75,842

1,147,489

Eli

Lilly

&

Co.

............................

144,851

43,633,467

Jazz

Pharmaceuticals

PLC

(b)

..................

11,177

1,734,894

Johnson

&

Johnson

........................

471,947

76,143,929

Merck

&

Co.,

Inc.

..........................

453,546

38,714,687

Zoetis,

Inc.

,

Class

A

........................

84,408

13,212,384

203,020,557

a

Professional

Services

 — 

0

.0

%

Robert

Half

International,

Inc.

..................

19,883

1,530,394

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(b)

..................

58,623

4,628,872

a

Road

&

Rail

 — 

1

.9

%

AMERCO

...............................

1,753

921,499

CSX

Corp.

..............................

390,864

12,370,846

JB

Hunt

Transport

Services,

Inc.

...............

14,937

2,599,337

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

...

28,118

1,420,240

Norfolk

Southern

Corp.

......................

42,847

10,417,391

Old

Dominion

Freight

Line,

Inc.

................

17,281

4,690,236

Union

Pacific

Corp.

........................

112,702

25,302,726

57,722,275

a

Semiconductors

&

Semiconductor

Equipment

 — 

4

.9

%

Applied

Materials,

Inc.

......................

156,027

14,677,460

Intel

Corp.

..............................

733,370

23,409,170

Lam

Research

Corp.

.......................

24,859

10,886,005

NVIDIA

Corp.

............................

449,100

67,787,154

NXP

Semiconductors

NV

....................

46,914

7,721,106

Texas

Instruments,

Inc.

......................

165,386

27,323,421

151,804,316

a

Software

 — 

15

.2

%

Adobe,

Inc.

(b)

.............................

84,744

31,646,799

ANSYS,

Inc.

(b)

............................

15,592

3,871,494

Autodesk,

Inc.

(b)

...........................

39,014

7,870,684

Cadence

Design

Systems,

Inc.

(b)

...............

49,558

8,611,694

Citrix

Systems,

Inc.

........................

22,702

2,333,084

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

Guidewire

Software,

Inc.

(a)

(b)

...................

14,093

$

1,010,609

HubSpot,

Inc.

(a)

(b)

..........................

8,139

2,743,169

Intuit,

Inc.

...............................

48,053

20,748,324

Microsoft

Corp.

...........................

1,274,310

333,193,836

NortonLifeLock,

Inc.

........................

103,621

2,340,798

Roper

Technologies,

Inc.

.....................

18,996

7,647,410

Salesforce,

Inc.

(b)

..........................

178,261

27,830,107

ServiceNow,

Inc.

(b)

.........................

35,953

15,625,893

Splunk,

Inc.

(a)

(b)

...........................

28,858

2,598,086

VMware,

Inc.

,

Class

A

.......................

37,789

4,384,658

Zendesk,

Inc.

(b)

...........................

21,704

1,666,216

474,122,861

a

Specialty

Retail

 — 

3

.4

%

Advance

Auto

Parts,

Inc.

.....................

10,893

1,836,995

Best

Buy

Co.,

Inc.

.........................

36,314

2,567,037

Burlington

Stores,

Inc.

(b)

.....................

11,931

1,672,607

CarMax,

Inc.

(b)

............................

28,954

2,560,692

Home

Depot,

Inc.

(The)

.....................

184,330

53,164,458

Lowe's

Companies,

Inc.

.....................

114,629

22,254,074

TJX

Companies,

Inc.

(The)

...................

210,135

13,101,917

Tractor

Supply

Co.

.........................

20,152

3,731,143

Ulta

Beauty,

Inc.

(b)

.........................

9,294

3,902,272

104,791,195

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.3

%

Hewlett

Packard

Enterprise

Co.

................

233,702

3,178,347

HP,

Inc.

................................

188,923

5,423,980

8,602,327

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.1

%

Lululemon

Athletica,

Inc.

(b)

....................

20,926

6,276,963

Nike,

Inc.

,

Class

B

.........................

227,555

24,223,230

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

VF

Corp.

...............................

58,934

$

2,442,814

32,943,007

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Fastenal

Co.

.............................

102,782

5,173,018

United

Rentals,

Inc.

(a)

(b)

......................

12,940

3,778,998

WW

Grainger,

Inc.

.........................

8,249

4,577,700

13,529,716

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

................

32,598

4,839,173

Essential

Utilities,

Inc.

.......................

44,652

2,194,646

7,033,819

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

2,812,753,224

)

...............................

3,107,319,216

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

2.45

%

(c)

(d)

(e)

............................

40,567,684

40,579,854

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.10

%

(c)

(d)

.............................

5,325,318

5,325,318

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

45,893,933

)

.................................

45,905,172

Total

Investments

—

101.2%

(Cost:

$

2,858,647,157

)

...............................

3,153,224,388

Liabilities

in

Excess

of

Other

Assets

—

(

1

.2

)

%

...............

(

36,574,145

)

Net

Assets

—

100.0%

.................................

$

3,116,650,243

(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

August

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

08/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/22

  Shares

Held

at

08/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,691,739

$

29,885,319

(a)

$

—

$

(

7,734

)

$

10,530

$

40,579,854

40,567,684

$

56,440

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

6,176,000

—

(

850,682

)

(a)

—

—

5,325,318

5,325,318

22,958

—

BlackRock,

Inc.

..

28,721,294

3,868,059

(

6,439,194

)

2,517,698

(

10,569,371

)

18,098,486

27,159

528,109

—

$

2,509,964

$

(

10,558,841

)

$

64,003,658

$

607,507

$

—

(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)

August

31,

2022

iShares

®

ESG

MSCI

USA

Leaders

ETF

36

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

August

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

..................................................................

45

09/16/22

$

8,902

$

(

48,211

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

48,211

$

—

$

—

$

—

$

48,211

(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

.................................

$

—

$

—

$

245,260

$

—

$

—

$

—

$

245,260

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

268,585

)

$

—

$

—

$

—

$

(

268,585

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,899,020

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2022

37

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

.............................................

$

3,107,319,216

$

—

$

—

$

3,107,319,216

Short-Term

Securities

Money

Market

Funds

..........................................

45,905,172

—

—

45,905,172

$

3,153,224,388

$

—

$

—

$

3,153,224,388

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(

48,211

)

$

—

$

—

$

(

48,211

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2022

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.6

%

HEICO

Corp.

............................

12,128

$

1,847,094

HEICO

Corp.

,

Class

A

.......................

2,518

308,657

L3Harris

Technologies,

Inc.

...................

5,628

1,284,253

TransDigm

Group,

Inc.

......................

2,079

1,248,211

4,688,215

a

Automobiles

 — 

3

.2

%

Ford

Motor

Co.

...........................

118,919

1,812,325

Lucid

Group,

Inc.

(a)

(b)

........................

43,144

661,829

Tesla,

Inc.

(a)

..............................

79,860

22,010,215

24,484,369

a

Banks

 — 

2

.4

%

Bank

of

America

Corp.

......................

36,438

1,224,681

First

Republic

Bank

........................

13,398

2,034,218

JPMorgan

Chase

&

Co.

.....................

67,680

7,697,247

KeyCorp

................................

47,035

832,049

M&T

Bank

Corp.

..........................

5,123

931,259

PNC

Financial

Services

Group,

Inc.

(The)

.........

6,569

1,037,902

SVB

Financial

Group

(a)

......................

4,307

1,750,882

Truist

Financial

Corp.

.......................

21,692

1,016,053

U.S.

Bancorp

............................

38,265

1,745,267

18,269,558

a

Beverages

 — 

1

.3

%

Brown-Forman

Corp.

,

Class

B

,

NVS

.............

35,771

2,600,552

Coca-Cola

Co.

(The)

.......................

92,324

5,697,314

Keurig

Dr

Pepper,

Inc.

......................

25,752

981,666

Monster

Beverage

Corp.

(a)

....................

8,587

762,783

10,042,315

a

Biotechnology

 — 

2

.0

%

AbbVie,

Inc.

.............................

38,405

5,163,936

Alnylam

Pharmaceuticals,

Inc.

(a)

................

4,416

912,655

Amgen,

Inc.

.............................

7,793

1,872,658

Biogen,

Inc.

(a)

............................

3,857

753,581

BioMarin

Pharmaceutical,

Inc.

(a)

................

8,922

795,842

Exact

Sciences

Corp.

(a)

......................

4,627

164,490

Horizon

Therapeutics

PLC

(a)

..................

1,459

86,387

Moderna,

Inc.

(a)

...........................

6,555

867,030

Neurocrine

Biosciences,

Inc.

(a)

.................

3,420

357,835

Regeneron

Pharmaceuticals,

Inc.

(a)

..............

2,794

1,623,482

Seagen,

Inc.

(a)

............................

2,088

322,157

Vertex

Pharmaceuticals,

Inc.

(a)

.................

6,425

1,810,308

14,730,361

a

Building

Products

 — 

0

.1

%

A

O

Smith

Corp.

..........................

5,320

300,314

Fortune

Brands

Home

&

Security,

Inc.

............

4,872

299,287

Masco

Corp.

.............................

7,208

366,671

966,272

a

Capital

Markets

 — 

4

.3

%

Ameriprise

Financial,

Inc.

....................

1,000

268,010

Bank

of

New

York

Mellon

Corp.

(The)

............

32,715

1,358,654

BlackRock,

Inc.

(c)

..........................

5,590

3,725,120

Blackstone,

Inc.

,

NVS

.......................

16,605

1,559,874

Cboe

Global

Markets,

Inc.

....................

6,031

711,477

Charles

Schwab

Corp.

(The)

..................

57,493

4,079,128

CME

Group,

Inc.

,

Class

A

....................

11,194

2,189,658

FactSet

Research

Systems,

Inc.

................

2,327

1,008,382

Intercontinental

Exchange,

Inc.

................

19,602

1,976,862

Invesco

Ltd.

.............................

51,589

849,671

KKR

&

Co.,

Inc.

...........................

12,080

610,765

Security

Shares

Value

a

Capital

Markets

(continued)

MarketAxess

Holdings,

Inc.

...................

1,798

$

446,965

Moody's

Corp.

............................

11,246

3,199,712

Nasdaq,

Inc.

.............................

17,481

1,040,644

Northern

Trust

Corp.

........................

10,028

953,563

Raymond

James

Financial,

Inc.

................

1,448

151,128

S&P

Global,

Inc.

..........................

17,247

6,074,048

SEI

Investments

Co.

........................

15,312

837,566

T

Rowe

Price

Group,

Inc.

....................

9,850

1,182,000

Tradeweb

Markets,

Inc.

,

Class

A

................

1,638

113,988

32,337,215

a

Chemicals

 — 

3

.7

%

Albemarle

Corp.

..........................

2,530

677,939

Ecolab,

Inc.

.............................

81,768

13,396,051

International

Flavors

&

Fragrances,

Inc.

...........

1,090

120,423

PPG

Industries,

Inc.

........................

622

78,982

Sherwin-Williams

Co.

(The)

...................

57,311

13,301,883

27,575,278

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Cintas

Corp.

.............................

2,496

1,015,473

Copart,

Inc.

(a)

............................

7,183

859,446

Rollins,

Inc.

..............................

37,879

1,278,795

3,153,714

a

Communications

Equipment

 — 

1

.5

%

Cisco

Systems,

Inc.

........................

128,231

5,734,490

Juniper

Networks,

Inc.

......................

99,112

2,816,763

Motorola

Solutions,

Inc.

.....................

11,780

2,867,370

11,418,623

a

Consumer

Finance

 — 

0

.4

%

American

Express

Co.

......................

15,798

2,401,296

Discover

Financial

Services

...................

7,722

775,984

3,177,280

a

Distributors

 — 

0

.0

%

Pool

Corp.

..............................

451

152,975

a

Diversified

Financial

Services

 — 

0

.1

%

Equitable

Holdings,

Inc.

.....................

14,557

433,071

a

Diversified

Telecommunication

Services

 — 

0

.2

%

Verizon

Communications,

Inc.

.................

32,821

1,372,246

a

Electrical

Equipment

 — 

1

.0

%

Eaton

Corp.

PLC

..........................

24,932

3,406,709

Generac

Holdings,

Inc.

(a)

.....................

3,259

718,316

Plug

Power,

Inc.

(a)

.........................

71,068

1,992,747

Rockwell

Automation,

Inc.

....................

6,264

1,484,192

7,601,964

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.1

%

Amphenol

Corp.

,

Class

A

....................

12,068

887,360

CDW

Corp.

..............................

10,926

1,865,068

Cognex

Corp.

............................

5,568

234,469

Keysight

Technologies,

Inc.

(a)

..................

10,089

1,653,486

TE

Connectivity

Ltd.

........................

3,525

444,890

Teledyne

Technologies,

Inc.

(a)

..................

4,624

1,703,297

Trimble,

Inc.

(a)

............................

21,228

1,342,671

Zebra

Technologies

Corp.

,

Class

A

(a)

.............

1,110

334,820

8,466,061

a

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Entertainment

 — 

1

.2

%

Activision

Blizzard,

Inc.

......................

3,899

$

306,032

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

................................

9,048

576,177

Live

Nation

Entertainment,

Inc.

(a)

...............

6,545

591,406

Netflix,

Inc.

(a)

.............................

10,710

2,394,328

Roku,

Inc.

,

Class

A

(a)

(b)

......................

980

66,640

Take-Two

Interactive

Software,

Inc.

(a)

.............

1,476

180,899

Walt

Disney

Co.

(The)

(a)

.....................

44,126

4,945,642

9,061,124

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

7

.3

%

Alexandria

Real

Estate

Equities,

Inc.

.............

14,498

2,223,993

American

Tower

Corp.

......................

12,449

3,162,668

AvalonBay

Communities,

Inc.

.................

23,931

4,807,977

Boston

Properties,

Inc.

......................

48,605

3,860,695

Crown

Castle,

Inc.

.........................

16,237

2,773,767

Digital

Realty

Trust,

Inc.

.....................

32,388

4,004,128

Duke

Realty

Corp.

.........................

62,209

3,661,000

Equinix,

Inc.

.............................

7,067

4,645,634

Equity

Residential

.........................

16,603

1,215,008

Extra

Space

Storage,

Inc.

....................

6,514

1,294,527

Healthpeak

Properties,

Inc.

...................

105,776

2,776,620

Medical

Properties

Trust,

Inc.

..................

75,568

1,104,049

Prologis,

Inc.

.............................

50,139

6,242,807

Public

Storage

............................

8,669

2,867,965

Realty

Income

Corp.

........................

49,483

3,378,699

Regency

Centers

Corp.

.....................

16,356

995,099

SBA

Communications

Corp.

,

Class

A

.............

3,149

1,024,212

Simon

Property

Group,

Inc.

...................

9,744

993,693

Sun

Communities,

Inc.

......................

939

144,334

Ventas,

Inc.

.............................

14,366

687,557

Vornado

Realty

Trust

.......................

68,813

1,804,277

Welltower,

Inc.

............................

17,749

1,360,461

WP

Carey,

Inc.

...........................

4,872

409,394

55,438,564

a

Food

Products

 — 

0

.1

%

Hershey

Co.

(The)

.........................

3,132

703,666

a

Health

Care

Equipment

&

Supplies

 — 

3

.5

%

ABIOMED,

Inc.

(a)

..........................

2,527

655,201

Align

Technology,

Inc.

(a)

......................

1,392

339,230

Baxter

International,

Inc.

.....................

1,392

79,984

Becton

Dickinson

and

Co.

....................

5,059

1,276,993

Boston

Scientific

Corp.

(a)

.....................

40,258

1,622,800

Cooper

Companies,

Inc.

(The)

.................

2,784

800,233

Dexcom,

Inc.

(a)

...........................

10,263

843,721

Edwards

Lifesciences

Corp.

(a)

.................

71,896

6,477,830

Hologic,

Inc.

(a)

............................

11,742

793,290

IDEXX

Laboratories,

Inc.

(a)

....................

9,352

3,250,942

Insulet

Corp.

(a)

(b)

...........................

1,869

477,473

Intuitive

Surgical,

Inc.

(a)

......................

7,725

1,589,341

Masimo

Corp.

(a)

...........................

1,281

188,166

Medtronic

PLC

...........................

39,179

3,444,618

Novocure

Ltd.

(a)

(b)

..........................

1,856

152,433

ResMed,

Inc.

............................

6,591

1,449,493

Stryker

Corp.

............................

9,907

2,032,916

Teleflex,

Inc.

.............................

2,088

472,431

Zimmer

Biomet

Holdings,

Inc.

.................

7,356

782,090

26,729,185

a

Health

Care

Providers

&

Services

 — 

2

.1

%

Elevance

Health,

Inc.

.......................

6,183

2,999,435

Humana,

Inc.

............................

3,578

1,723,809

Laboratory

Corp.

of

America

Holdings

............

918

206,798

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Molina

Healthcare,

Inc.

(a)

.....................

451

$

152,154

Quest

Diagnostics,

Inc.

......................

2,128

266,660

UnitedHealth

Group,

Inc.

.....................

20,447

10,618,740

15,967,596

a

Health

Care

Technology

 — 

0

.1

%

Teladoc

Health,

Inc.

(a)

(b)

......................

2,342

72,742

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

...............

3,724

742,268

815,010

a

Hotels,

Restaurants

&

Leisure

 — 

2

.3

%

Booking

Holdings,

Inc.

(a)

.....................

632

1,185,512

Caesars

Entertainment,

Inc.

(a)

.................

4,176

180,069

Chipotle

Mexican

Grill,

Inc.

(a)

..................

480

766,464

Hilton

Worldwide

Holdings,

Inc.

................

2,481

315,980

Marriott

International,

Inc.

,

Class

A

..............

1,909

293,490

McDonald's

Corp.

.........................

40,957

10,332,632

Starbucks

Corp.

...........................

33,394

2,807,434

Vail

Resorts,

Inc.

..........................

327

73,470

Wynn

Resorts

Ltd.

(a)

........................

2,436

147,597

Yum!

Brands,

Inc.

.........................

14,316

1,592,512

17,695,160

a

Household

Durables

 — 

0

.3

%

DR

Horton,

Inc.

...........................

4,254

302,672

Garmin

Ltd.

..............................

13,510

1,195,500

NVR,

Inc.

(a)

..............................

207

856,992

2,355,164

a

Household

Products

 — 

0

.3

%

Church

&

Dwight

Co.,

Inc.

....................

6,612

553,490

Clorox

Co.

(The)

..........................

1,433

206,839

Colgate-Palmolive

Co.

......................

23,217

1,815,802

2,576,131

a

Industrial

Conglomerates

 — 

0

.7

%

General

Electric

Co.

........................

69,025

5,069,196

a

Insurance

 — 

3

.8

%

Aflac,

Inc.

...............................

58,976

3,504,354

Alleghany

Corp.

(a)

..........................

2,356

1,981,820

Allstate

Corp.

(The)

........................

9,263

1,116,192

American

Financial

Group,

Inc.

................

16,172

2,064,841

Aon

PLC

,

Class

A

.........................

5,828

1,627,527

Arch

Capital

Group

Ltd.

(a)

....................

29,004

1,326,063

Arthur

J

Gallagher

&

Co.

.....................

2,198

399,091

Assurant,

Inc.

............................

5,272

835,559

Brown

&

Brown,

Inc.

........................

21,799

1,374,209

Chubb

Ltd.

..............................

15,448

2,920,444

Cincinnati

Financial

Corp.

....................

10,651

1,032,721

Erie

Indemnity

Co.

,

Class

A

,

NVS

...............

2,475

531,952

Globe

Life,

Inc.

...........................

5,130

498,585

Hartford

Financial

Services

Group,

Inc.

(The)

.......

17,748

1,141,374

Markel

Corp.

(a)

............................

1,085

1,295,609

Marsh

&

McLennan

Companies,

Inc.

.............

16,485

2,660,184

MetLife,

Inc.

.............................

21,576

1,387,984

Progressive

Corp.

(The)

.....................

16,326

2,002,384

Willis

Towers

Watson

PLC

....................

5,007

1,035,598

28,736,491

a

Interactive

Media

&

Services

 — 

4

.5

%

Alphabet,

Inc.

,

Class

A

(a)

.....................

58,960

6,380,651

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

.................

151,560

16,542,774

IAC,

Inc.

(a)

...............................

2,088

134,196

Match

Group,

Inc.

(a)

........................

6,889

389,435

Meta

Platforms,

Inc.

,

Class

A

(a)

.................

56,156

9,149,497

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Interactive

Media

&

Services

(continued)

Pinterest,

Inc.

,

Class

A

(a)

(b)

....................

8,011

$

184,574

Snap,

Inc.

,

Class

A

,

NVS

(a)

...................

17,748

193,098

Twitter,

Inc.

(a)

.............................

23,664

916,980

33,891,205

a

Internet

&

Direct

Marketing

Retail

 — 

3

.8

%

Amazon.com,

Inc.

(a)

........................

199,387

25,276,290

eBay,

Inc.

...............................

30,657

1,352,893

Etsy,

Inc.

(a)

(b)

.............................

8,004

845,303

MercadoLibre,

Inc.

(a)

........................

1,691

1,446,414

Wayfair,

Inc.

,

Class

A

(a)

(b)

.....................

1,740

91,715

29,012,615

a

IT

Services

 — 

4

.1

%

Accenture

PLC

,

Class

A

.....................

12,169

3,510,270

Automatic

Data

Processing,

Inc.

................

11,144

2,723,705

Fidelity

National

Information

Services,

Inc.

.........

6,459

590,159

Fiserv,

Inc.

(a)

.............................

17,297

1,750,283

FleetCor

Technologies,

Inc.

(a)

..................

3,029

643,753

Gartner,

Inc.

(a)

............................

517

147,511

Global

Payments,

Inc.

......................

6,568

815,943

Jack

Henry

&

Associates,

Inc.

.................

739

142,036

Mastercard,

Inc.

,

Class

A

.....................

18,029

5,848,067

Okta,

Inc.

,

Class

A

(a)

........................

1,810

165,434

Paychex,

Inc.

............................

19,257

2,375,158

PayPal

Holdings,

Inc.

(a)

......................

21,535

2,012,230

Snowflake,

Inc.

,

Class

A

(a)

....................

509

92,104

SS&C

Technologies

Holdings,

Inc.

..............

1,158

64,570

VeriSign,

Inc.

(a)

...........................

5,220

951,188

Visa,

Inc.

,

Class

A

.........................

45,011

8,944,136

30,776,547

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

.............................

6,032

475,442

a

Life

Sciences

Tools

&

Services

 — 

2

.8

%

Avantor,

Inc.

(a)

............................

3,828

95,355

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.............

1,206

584,958

Bio-Techne

Corp.

..........................

8,099

2,687,329

Danaher

Corp.

...........................

15,451

4,170,379

Illumina,

Inc.

(a)

............................

6,729

1,356,836

IQVIA

Holdings,

Inc.

(a)

.......................

951

202,240

Mettler-Toledo

International,

Inc.

(a)

..............

1,749

2,120,593

PerkinElmer,

Inc.

..........................

12,967

1,751,323

Thermo

Fisher

Scientific,

Inc.

..................

11,084

6,044,327

Waters

Corp.

(a)

...........................

260

77,636

West

Pharmaceutical

Services,

Inc.

.............

6,273

1,861,136

20,952,112

a

Machinery

 — 

1

.9

%

Deere

&

Co.

.............................

572

208,923

Fortive

Corp.

.............................

19,380

1,227,335

IDEX

Corp.

..............................

6,142

1,235,832

Illinois

Tool

Works,

Inc.

......................

13,053

2,543,116

Ingersoll

Rand,

Inc.

........................

14,268

675,875

Pentair

PLC

.............................

25,058

1,115,081

Stanley

Black

&

Decker,

Inc.

..................

3,776

332,666

Westinghouse

Air

Brake

Technologies

Corp.

........

1,740

152,511

Xylem,

Inc.

..............................

76,010

6,924,511

14,415,850

a

Media

 — 

1

.1

%

Cable

One,

Inc.

...........................

156

177,060

Charter

Communications,

Inc.

,

Class

A

(a)

..........

3,733

1,540,348

Comcast

Corp.

,

Class

A

.....................

60,271

2,181,208

Fox

Corp.

,

Class

A

,

NVS

.....................

6,960

237,893

Security

Shares

Value

a

Media

(continued)

Fox

Corp.

,

Class

B

.........................

11,136

$

352,120

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

.........

21,150

2,150,955

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

.

21,454

887,337

Paramount

Global

,

Class

B

,

NVS

...............

11,832

276,750

Sirius

XM

Holdings,

Inc.

(b)

....................

115,186

701,483

8,505,154

a

Mortgage

Real

Estate

Investment

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

...............

87,655

565,375

a

Multiline

Retail

 — 

0

.2

%

Dollar

General

Corp.

.......................

7,633

1,812,227

a

Personal

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

.......

2,530

643,581

a

Pharmaceuticals

 — 

6

.3

%

Bristol-Myers

Squibb

Co.

.....................

57,172

3,853,965

Catalent,

Inc.

(a)

...........................

7,372

648,736

Elanco

Animal

Health,

Inc.

(a)

...................

28,188

426,485

Eli

Lilly

&

Co.

............................

27,025

8,140,741

Jazz

Pharmaceuticals

PLC

(a)

..................

5,714

886,927

Johnson

&

Johnson

........................

53,363

8,609,586

Merck

&

Co.,

Inc.

..........................

75,208

6,419,755

Pfizer,

Inc.

..............................

156,913

7,097,175

Royalty

Pharma

PLC

,

Class

A

.................

59,741

2,497,771

Zoetis,

Inc.

,

Class

A

........................

58,614

9,174,849

47,755,990

a

Professional

Services

 — 

0

.5

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

........

3,828

366,339

CoStar

Group,

Inc.

(a)

........................

12,273

854,692

Equifax,

Inc.

.............................

4,205

793,694

Robert

Half

International,

Inc.

..................

4,056

312,190

Verisk

Analytics,

Inc.

........................

5,854

1,095,635

3,422,550

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

..................

23,036

1,818,923

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

.............

2,313

77,393

1,896,316

a

Road

&

Rail

 — 

0

.5

%

AMERCO

...............................

2,394

1,258,454

Lyft,

Inc.

,

Class

A

(a)

.........................

3,891

57,314

Old

Dominion

Freight

Line,

Inc.

................

5,219

1,416,489

Uber

Technologies,

Inc.

(a)

....................

31,304

900,303

3,632,560

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.1

%

Advanced

Micro

Devices,

Inc.

(a)

................

36,125

3,065,929

Analog

Devices,

Inc.

........................

32,287

4,892,449

Applied

Materials,

Inc.

......................

9,334

878,049

Broadcom,

Inc.

...........................

2,327

1,161,429

Enphase

Energy,

Inc.

(a)

......................

41,183

11,796,459

Intel

Corp.

..............................

88,598

2,828,048

KLA

Corp.

...............................

3,365

1,157,997

Marvell

Technology,

Inc.

.....................

44,844

2,099,596

NVIDIA

Corp.

............................

68,365

10,319,013

QUALCOMM,

Inc.

.........................

31,565

4,175,103

Skyworks

Solutions,

Inc.

.....................

3,301

325,314

SolarEdge

Technologies,

Inc.

(a)

.................

19,323

5,332,568

Texas

Instruments,

Inc.

......................

35,548

5,872,885

53,904,839

a

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

41

Schedule

of

Investments

Security

Shares

Value

a

Software

 — 

11

.0

%

Adobe,

Inc.

(a)

.............................

17,418

$

6,504,578

ANSYS,

Inc.

(a)

............................

1,823

452,651

Autodesk,

Inc.

(a)

...........................

4,872

982,877

Citrix

Systems,

Inc.

........................

40,160

4,127,243

Fortinet,

Inc.

(a)

............................

15,995

778,797

Intuit,

Inc.

...............................

12,249

5,288,873

Microsoft

Corp.

...........................

180,792

47,271,684

Oracle

Corp.

.............................

44,373

3,290,258

Palo

Alto

Networks,

Inc.

(a)

....................

2,465

1,372,537

Paycom

Software,

Inc.

(a)

.....................

348

122,218

RingCentral,

Inc.

,

Class

A

(a)

...................

4,095

176,249

Roper

Technologies,

Inc.

.....................

3,160

1,272,153

Salesforce,

Inc.

(a)

..........................

23,690

3,698,483

ServiceNow,

Inc.

(a)

.........................

13,281

5,772,188

Splunk,

Inc.

(a)

............................

4,809

432,954

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

..............

7,046

441,784

Tyler

Technologies,

Inc.

(a)

....................

825

306,496

Workday,

Inc.

,

Class

A

(a)

.....................

3,168

521,326

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.......

5,568

447,667

83,261,016

a

Specialty

Retail

 — 

2

.0

%

Burlington

Stores,

Inc.

(a)

(b)

....................

2,681

375,849

Home

Depot,

Inc.

(The)

.....................

25,297

7,296,161

Lowe's

Companies,

Inc.

.....................

17,748

3,445,597

Ross

Stores,

Inc.

..........................

11,543

995,814

TJX

Companies,

Inc.

(The)

...................

38,066

2,373,415

Ulta

Beauty,

Inc.

(a)

.........................

2,102

882,567

15,369,403

a

Technology

Hardware,

Storage

&

Peripherals

 — 

8

.4

%

Apple,

Inc.

..............................

404,764

63,636,996

a

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Lululemon

Athletica,

Inc.

(a)

(b)

...................

8,133

$

2,439,574

Nike,

Inc.

,

Class

B

.........................

10,440

1,111,338

VF

Corp.

...............................

10,195

422,583

3,973,495

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Fastenal

Co.

.............................

33,672

1,694,712

WW

Grainger,

Inc.

.........................

751

416,760

2,111,472

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

(a)

........................

5,270

758,669

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

825,932,250

)

................................

754,790,218

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

2.45

%

(c)

(d)

(e)

............................

3,188,754

3,189,711

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.10

%

(c)

(d)

.............................

1,301,375

1,301,375

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

4,490,010

)

..................................

4,491,086

Total

Investments

—

100.3%

(Cost:

$

830,422,260

)

................................

759,281,304

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

...............

(

2,399,647

)

Net

Assets

—

100.0%

.................................

$

756,881,657

(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

August

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

02/08/22

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/22

  Shares

Held

at

08/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

3,188,516

(b)

$

—

$

119

$

1,076

$

3,189,711

3,188,754

$

32,061

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

—

1,301,375

(b)

—

—

—

1,301,375

1,301,375

3,448

—

BlackRock,

Inc.

....

—

4,129,767

—

—

(

404,647

)

3,725,120

5,590

39,430

—

$

119

$

(

403,571

)

$

8,216,206

$

74,939

$

—

(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.

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

42

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

.........................................

$

754,790,218

‌

$

—

‌

$

—

‌

$

754,790,218

‌

Short-Term

Securities

Money

Market

Funds

......................................

4,491,086

‌

—

‌

—

‌

4,491,086

‌

$

759,281,304

‌

$

—

‌

$

—

‌

$

759,281,304

‌

43

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2022

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

21,984,565,320

‌

$

1,474,547,907

‌

$

3,089,220,730

‌

$

751,065,098

‌

Investments,

at

value

—

affiliated

(c)

........................................

392,236,297

‌

89,749,253

‌

64,003,658

‌

8,216,206

‌

Cash

............................................................

136

‌

—

‌

3,092

‌

2,529

‌

Cash

pledged:

Futures

contracts

..................................................

6,666,000

‌

232,000

‌

485,000

‌

—

‌

Receivables:

Investments

sold

..................................................

1,092,929,891

‌

74,124,371

‌

8,659,245

‌

—

‌

Securities

lending

income

—

affiliated

....................................

32,215

‌

137,942

‌

10,490

‌

11,319

‌

Capital

shares

sold

.................................................

—

‌

256,705

‌

—

‌

—

‌

Dividends

—

unaffiliated

.............................................

34,124,917

‌

1,148,135

‌

5,066,229

‌

841,378

‌

Dividends

—

affiliated

...............................................

162,552

‌

10,425

‌

14,152

‌

1,962

‌

Total

assets

.......................................................

23,510,717,328

‌

1,640,206,738

‌

3,167,462,596

‌

760,138,492

‌

LIABILITIES

Bank

overdraft

......................................................

—

‌

92,481

‌

—

‌

—

‌

Collateral

on

securities

loaned

...........................................

182,738,839

‌

85,569,571

‌

40,579,992

‌

3,188,515

‌

Payables:

Investments

purchased

..............................................

1,129,555,239

‌

75,200,500

‌

9,872,792

‌

—

‌

Capital

shares

redeemed

.............................................

81,687

‌

—

‌

—

‌

—

‌

Investment

advisory

fees

.............................................

2,978,181

‌

220,934

‌

280,267

‌

68,320

‌

Variation

margin

on

futures

contracts

.....................................

935,179

‌

26,115

‌

79,302

‌

—

‌

Total

liabilities

......................................................

1,316,289,125

‌

161,109,601

‌

50,812,353

‌

3,256,835

‌

NET

ASSETS

......................................................

$

22,194,428,203

‌

$

1,479,097,137

‌

$

3,116,650,243

‌

$

756,881,657

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

22,984,860,696

‌

$

1,606,564,355

‌

$

2,862,028,011

‌

$

829,801,401

‌

Accumulated

earnings

(loss)

............................................

(

790,432,493

)

(

127,467,218

)

254,622,232

‌

(

72,919,744

)

NET

ASSETS

......................................................

$

22,194,428,203

‌

$

1,479,097,137

‌

$

3,116,650,243

‌

$

756,881,657

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

251,850,000

‌

43,700,000

‌

45,700,000

‌

17,400,000

‌

Net

asset

value

.....................................................

$

88.13

‌

$

33.85

‌

$

68.20

‌

$

43.50

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

178,264,231

‌

$

83,209,442

‌

$

39,452,384

‌

$

3,115,306

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

21,824,184,486

‌

$

1,532,812,949

‌

$

2,795,741,063

‌

$

821,802,483

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

402,686,406

‌

$

89,704,872

‌

$

62,906,094

‌

$

8,619,777

‌

44

2022

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

Year

Ended

August

31,

2022

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(a)

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

341,535,851

‌

$

17,501,099

‌

$

51,802,319

‌

$

4,758,781

‌

Dividends

—

affiliated

..............................................

3,071,506

‌

16,214

‌

551,067

‌

42,878

‌

Interest

—

unaffiliated

..............................................

455

‌

85

‌

10

‌

2

‌

Securities

lending

income

—

affiliated

—

net

...............................

705,591

‌

787,977

‌

56,440

‌

32,061

‌

Foreign

taxes

withheld

.............................................

(

118,877

)

(

7,623

)

(

5,940

)

(

1,135

)

Total

investment

income

..............................................

345,194,526

‌

18,297,752

‌

52,403,896

‌

4,832,587

‌

EXPENSES

Investment

advisory

...............................................

35,182,083

‌

2,347,485

‌

3,702,887

‌

387,920

‌

Professional

fees

.................................................

217

‌

217

‌

—

‌

—

‌

Total

expenses

....................................................

35,182,300

‌

2,347,702

‌

3,702,887

‌

387,920

‌

Less:

—

‌

—

‌

—

‌

(

34,364

)

Investment

advisory

fees

waived

.......................................

—

‌

—

‌

—

‌

(

34,364

)

Net

investment

income

...............................................

310,012,226

‌

15,950,050

‌

48,701,009

‌

4,479,031

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

774,667,021

)

(

51,337,939

)

(

6,867,005

)

(

4,078,491

)

Investments

—

affiliated

...........................................

(

77,534

)

(

26,857

)

(

48,401

)

119

‌

Futures

contracts

...............................................

(

7,680,475

)

(

187,438

)

245,260

‌

—

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................

1,174,971,227

‌

38,209,912

‌

402,194,360

‌

—

‌

In-kind

redemptions

—

affiliated

(b)

....................................

4,479,209

‌

—

‌

2,558,365

‌

—

‌

397,025,406

‌

(

13,342,322

)

398,082,579

‌

(

4,078,372

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

4,298,911,837

)

(

239,854,701

)

(

918,432,654

)

(

70,737,385

)

Investments

—

affiliated

...........................................

(

47,728,995

)

40,052

‌

(

10,558,841

)

(

403,571

)

Futures

contracts

...............................................

(

4,061,228

)

(

287,452

)

(

268,585

)

—

‌

(

4,350,702,060

)

(

240,102,101

)

(

929,260,080

)

(

71,140,956

)

Net

realized

and

unrealized

loss

.........................................

(

3,953,676,654

)

(

253,444,423

)

(

531,177,501

)

(

75,219,328

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(

3,643,664,428

)

$

(

237,494,373

)

$

(

482,476,492

)

$

(

70,740,297

)

(a)

For

the

period

from

February

8,

2022

(commencement

of

operations)

to

August

31,

2022.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

45

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/22

Year

Ended

08/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

310,012,226

‌

$

192,764,401

‌

$

15,950,050

‌

$

6,566,761

‌

Net

realized

gain

(loss)

.........................................

397,025,406

‌

992,792,215

‌

(

13,342,322

)

58,637,182

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

4,350,702,060

)

3,120,431,446

‌

(

240,102,101

)

145,119,975

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

3,643,664,428

)

4,305,988,062

‌

(

237,494,373

)

210,323,918

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

290,135,112

)

(

167,851,349

)

(

14,247,210

)

(

6,491,221

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..............

3,865,597,340

‌

9,133,348,336

‌

631,800,423

‌

528,866,554

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

68,202,200

)

13,271,485,049

‌

380,058,840

‌

732,699,251

‌

Beginning

of

year

...............................................

22,262,630,403

‌

8,991,145,354

‌

1,099,038,297

‌

366,339,046

‌

End

of

year

...................................................

$

22,194,428,203

‌

$

22,262,630,403

‌

$

1,479,097,137

‌

$

1,099,038,297

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

46

2022

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Period

From

02/08/22

(a)

to

08/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

48,701,009

‌

$

43,173,611

‌

$

4,479,031

‌

Net

realized

gain

(loss)

...........................................................

398,082,579

‌

98,846,411

‌

(

4,078,372

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

(

929,260,080

)

787,905,029

‌

(

71,140,956

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

(

482,476,492

)

929,925,051

‌

(

70,740,297

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

(

48,112,074

)

(

41,279,956

)

(

2,179,447

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................

(

430,723,595

)

625,089,662

‌

829,801,401

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................

(

961,312,161

)

1,513,734,757

‌

756,881,657

‌

Beginning

of

period

...............................................................

4,077,962,404

‌

2,564,227,647

‌

—

‌

End

of

period

...................................................................

$

3,116,650,243

‌

$

4,077,962,404

‌

$

756,881,657

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

47

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Year

Ended

08/31/18

Net

asset

value,

beginning

of

year

..........................

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

$

54.15

‌

Net

investment

income

(a)

................................

1

.29

‌

1

.18

‌

1

.22

‌

1

.17

‌

1

.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

(

15.62

)

23.87

‌

15.13

‌

0

.40

‌

9

.52

‌

Net

increase

(decrease)

from

investment

operations

...............

(

14.33

)

25.05

‌

16.35

‌

1

.57

‌

10.61

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.............................

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

(

0

.80

)

From

net

realized

gains

.................................

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

Total

distributions

......................................

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

(

0

.91

)

Net

asset

value,

end

of

year

..............................

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

.................................

(

13.96

)

%

31.71

%

25.79

%

2

.59

%

19.79

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

........................................

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

...................................

1

.32

%

1

.30

%

1

.76

%

1

.88

%

1

.83

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

22,194,428

‌

$

22,262,630

‌

$

8,991,145

‌

$

295,905

‌

$

98,974

‌

Portfolio

turnover

rate

(f)

...................................

22

%

21

%

38

%

27

%

28

%

(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.

48

2022

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Period

From

04/10/18

(a)

to

08/31/18

Net

asset

value,

beginning

of

period

......................

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

$

25.47

‌

Net

investment

income

(b)

..............................

0

.42

‌

0

.35

‌

0

.33

‌

0

.36

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................

(

6

.43

)

12.95

‌

1

.10

‌

(

2

.58

)

3

.23

‌

Net

increase

(decrease)

from

investment

operations

.............

(

6

.01

)

13.30

‌

1

.43

‌

(

2

.22

)

3

.35

‌

Distributions

from

net

investment

income

(d)

....................

(

0

.40

)

(

0

.38

)

(

0

.30

)

(

0

.33

)

(

0

.06

)

Net

asset

value,

end

of

period

...........................

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

...............................

(

15.03

)

%

48.95

%

5

.57

%

(

7

.69

)

%

13.16

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

Total

expenses

......................................

0

.17

%

0

.17

%

0

.17

%

0

.17

%

0

.17

%

(h)

Net

investment

income

.................................

1

.15

%

0

.96

%

1

.32

%

1

.35

%

1

.17

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................

$

1,479,097

‌

$

1,099,038

‌

$

366,339

‌

$

57,664

‌

$

11,506

‌

Portfolio

turnover

rate

(i)

.................................

37

%

33

%

50

%

34

%

15

%

(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.

49

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Period

From

05/07/19

(a)

to

08/31/19

Net

asset

value,

beginning

of

period

......................................

$

79.65

‌

$

60.55

‌

$

50.77

‌

$

49.23

‌

Net

investment

income

(b)

..............................................

1

.00

‌

0

.94

‌

0

.94

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................

(

11.48

)

19.08

‌

9

.75

‌

1

.34

‌

Net

increase

(decrease)

from

investment

operations

.............................

(

10.48

)

20.02

‌

10.69

‌

1

.66

‌

Distributions

from

net

investment

income

(d)

....................................

(

0

.97

)

(

0

.92

)

(

0

.91

)

(

0

.12

)

Net

asset

value,

end

of

period

...........................................

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

Total

Return

(e)

–

–

–

–

Based

on

net

asset

value

...............................................

(

13.29

)

%

33.44

%

21.45

%

3

.38

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

Total

expenses

......................................................

0

.10

%

0

.10

%

0

.10

%

0

.11

%

(h)

Total

expenses

after

fees

waived

..........................................

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(h)

Net

investment

income

.................................................

1

.32

%

1

.38

%

1

.77

%

2

.00

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

3,116,650

‌

$

4,077,962

‌

$

2,564,228

‌

$

1,579,065

‌

Portfolio

turnover

rate

(i)

.................................................

10

%

12

%

9

%

4

%

(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.

50

2022

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Paris-

Aligned

Climate

MSCI

USA

ETF

Period

From

02/08/22

(a)

to

08/31/22

Net

asset

value,

beginning

of

period

......................................................................................

$

50.43

‌

Net

investment

income

(b)

..............................................................................................

0

.32

‌

Net

realized

and

unrealized

loss

(c)

........................................................................................

(

7

.08

)

Net

decrease

from

investment

operations

....................................................................................

(

6

.76

)

Distributions

from

net

investment

income

(d)

....................................................................................

(

0

.17

)

Net

asset

value,

end

of

period

...........................................................................................

$

43.50

‌

Total

Return

(e)

–

Based

on

net

asset

value

...............................................................................................

(

13.42

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................................

0

.11

%

(h)

Total

expenses

after

fees

waived

..........................................................................................

0

.10

%

(h)

Net

investment

income

.................................................................................................

1

.26

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................................

$

756,882

‌

Portfolio

turnover

rate

(i)

.................................................................................................

6

%

(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.

Notes

to

Financial

Statements

51

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

August

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.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

iShares

ETF

Diversification

Classification

ESG

Aware

MSCI

USA

.................................................................................................

Diversified

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

Diversified

ESG

MSCI

USA

Leaders

................................................................................................

Non-diversified

Paris-Aligned

Climate

MSCI

USA

(a)

.........................................................................................

Non-diversified

(a)

The

Fund

commenced

operations

on

February

8,

2022.

Notes

to

Financial

Statements

(continued)

52

2022

iShares

Annual

Report

to

Shareholders

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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 BFA’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

BFA,

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

Notes

to

Financial

Statements

(

continued)

53

Notes

to

Financial

Statements

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

ESG

Aware

MSCI

USA

BMO

Capital

Markets

Corp.

.........................................

$

385,807‌

$

(385,807‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

........................................

111,008,536‌

(111,008,536‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

150,936‌

(150,936‌)

—‌

—‌

HSBC

Bank

PLC

................................................

16,008,733‌

(16,008,733‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

19,417,819‌

(19,417,819‌)

—‌

—‌

Jefferies

LLC

...................................................

567,138‌

(567,138‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

795,244‌

(795,244‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

19,978,482‌

(19,978,482‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

128,981‌

(128,981‌)

—‌

—‌

UBS

AG

......................................................

7,383,892‌

(7,383,892‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,653,400‌

(1,653,400‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

631,338‌

(631,338‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

153,925‌

(153,925‌)

—‌

—‌

$

178,264,231‌

$

(178,264,231‌)

$

—‌

$

—‌

a

ESG

Aware

MSCI

USA

Small-Cap

Barclays

Capital,

Inc.

.............................................

1,014,719‌

(1,014,719‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

9,080,007‌

(9,080,007‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

1,036,242‌

(1,019,505‌)

—‌

16,737‌

(b)

Citigroup

Global

Markets,

Inc.

........................................

8,240,925‌

(8,240,925‌)

—‌

—‌

HSBC

Bank

PLC

................................................

3,950,404‌

(3,919,391‌)

—‌

31,013‌

(b)

ING

Financial

Markets

LLC

.........................................

189,183‌

(189,183‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

18,711,226‌

(18,711,226‌)

—‌

—‌

Jefferies

LLC

...................................................

6,994,233‌

(6,994,233‌)

—‌

—‌

Morgan

Stanley

.................................................

11,105,285‌

(11,105,285‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,202,860‌

(2,202,860‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

1,842,486‌

(1,842,486‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

7,991,794‌

(7,991,794‌)

—‌

—‌

Toronto

Dominion

Bank

............................................

219,856‌

(219,856‌)

—‌

—‌

UBS

AG

......................................................

7,034,467‌

(7,034,467‌)

—‌

—‌

UBS

Securities

LLC

..............................................

3,127,047‌

(3,127,047‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

468,708‌

(468,708‌)

—‌

—‌

$

83,209,442‌

$

(83,161,692‌)

$

—‌

$

47,750‌

a

ESG

MSCI

USA

Leaders

BNP

Paribas

SA

.................................................

16,772,427‌

(16,772,427‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,697,059‌

(2,697,059‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,713,477‌

(1,713,477‌)

—‌

—‌

HSBC

Bank

PLC

................................................

88,618‌

(88,618‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,621,201‌

(2,621,201‌)

—‌

—‌

Jefferies

LLC

...................................................

2,326‌

(2,326‌)

—‌

—‌

Morgan

Stanley

.................................................

12,533,408‌

(12,533,408‌)

—‌

—‌

Toronto

Dominion

Bank

............................................

30,093‌

(30,093‌)

—‌

—‌

UBS

AG

......................................................

2,520,390‌

(2,520,390‌)

—‌

—‌

UBS

Securities

LLC

..............................................

200,457‌

(200,457‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

272,928‌

(272,928‌)

—‌

—‌

$

39,452,384‌

$

(39,452,384‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(continued)

54

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. 

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:

Effective

March

31,

2022,

for

its

investment

advisory

services

to

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.10%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund.

Prior

to

March

31,

2022,

BFA

was

entitled

to

an

annual

investment

advisory

fee

of

0.15%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund. 

Expense

Waivers:

The

total

of

the

investment

advisory

fees

and

any

fund

other

expenses

are

a

fund’s

total

annual

operating

expenses.

For

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF,

BFA

had

contractually

agreed

to

waive

a

portion

of

its

management

fee

so

that

the

Fund’s

total

annual

fund

operating

expenses

after

the

fee

waiver

will

not

exceed

0.10%

through

February

28,

2023.

The

contractual

waiver

was

discontinued

on

March

31,

2022.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Paris-Aligned

Climate

MSCI

USA

Barclays

Capital,

Inc.

.............................................

$

200,113‌

$

(200,113‌)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

421,971‌

(421,971‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

738,924‌

(738,924‌)

—‌

—‌

Jefferies

LLC

...................................................

329,933‌

(329,933‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

300,023‌

(300,023‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

182,707‌

(178,492‌)

—‌

4,215‌

(b)

UBS

Securities

LLC

..............................................

31,683‌

(31,683‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

909,952‌

(909,952‌)

—‌

—‌

$

3,115,306‌

$

(3,111,091‌)

$

—‌

$

4,215‌

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.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

August

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.

iShares

ETF

Investment

Advisory

Fees

ESG

Aware

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

ESG

Aware

MSCI

USA

Small-Cap

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.17

ESG

MSCI

USA

Leaders

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10

Notes

to

Financial

Statements

(

continued)

55

Notes

to

Financial

Statements

These

amounts

are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the year

ended

August

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. Each

Fund

does

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 August

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

August

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.

iShares

ETF

Amounts

Waived

Paris-Aligned

Climate

MSCI

USA

.......................................................................................................................................

$

34,364

‌

iShares

ETF

Fees

Paid

to

BTC

ESG

Aware

MSCI

USA

................................................................................................

$

212,715

‌

ESG

Aware

MSCI

USA

Small-Cap

........................................................................................

210,861

‌

ESG

MSCI

USA

Leaders

...............................................................................................

19,438

‌

Paris-Aligned

Climate

MSCI

USA

.........................................................................................

8,204

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Aware

MSCI

USA

............................................................

$

1,397,278,647

‌

$

1,586,361,636

‌

$

(214,235,007

)

ESG

Aware

MSCI

USA

Small-Cap

....................................................

84,509,971

‌

132,629,816

‌

12,424,042

‌

ESG

MSCI

USA

Leaders

...........................................................

88,186,394

‌

72,206,439

‌

(7,836,740

)

Paris-Aligned

Climate

MSCI

USA

.....................................................

12,185,606

‌

13,651,322

‌

(2,002,689

)

Notes

to

Financial

Statements

(continued)

56

2022

iShares

Annual

Report

to

Shareholders

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

August

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the year

ended

August

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

August

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

August

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

Purchases

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

5,177,640,546

‌

$

5,159,570,457

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

524,605,809

‌

511,543,170

‌

ESG

MSCI

USA

Leaders

.............................................................................

373,750,455

‌

375,570,793

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

36,728,180

‌

33,530,681

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

7,616,917,177

‌

$

3,753,162,485

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

735,041,144

‌

119,471,861

‌

ESG

MSCI

USA

Leaders

.............................................................................

607,292,381

‌

1,035,076,078

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

826,813,243

‌

—

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

ESG

Aware

MSCI

USA

..............................................................................

$

1,178,373,635

‌

$

(1,178,373,635

)

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

37,890,758

‌

(37,890,758

)

ESG

MSCI

USA

Leaders

.............................................................................

403,895,254

‌

(403,895,254

)

iShares

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

ESG

Aware

MSCI

USA

Ordinary

income

..........................................................................................

$

290,135,112

‌

$

167,851,349

‌

ESG

Aware

MSCI

USA

Small-Cap

Ordinary

income

..........................................................................................

$

14,247,210

‌

$

6,491,221

‌

ESG

MSCI

USA

Leaders

Ordinary

income

..........................................................................................

$

48,112,074

‌

$

41,279,956

‌

Paris-Aligned

Climate

MSCI

USA

(a)

Ordinary

income

..........................................................................................

$

2,179,447

‌

$

—

‌

(a)

The

Fund

commenced

operations

on

February

8,

2022.

Notes

to

Financial

Statements

(

continued)

57

Notes

to

Financial

Statements

As

of

August

31,

2022,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

For

the

year

ended

August

31,

2022,

the

Fund

listed

below

utilized

the

following

amount

of its

respective

capital

loss

carryforwards.

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

August

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. 

iShares

ETF

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

ESG

Aware

MSCI

USA

.........................................

$

69,385,428

‌

$

(1,004,082,875

)

$

144,264,954

‌

$

(790,432,493

)

ESG

Aware

MSCI

USA

Small-Cap

.................................

4,532,198

‌

(65,584,944

)

(66,414,472

)

(127,467,218

)

ESG

MSCI

USA

Leaders

........................................

9,604,412

‌

(38,766,242

)

283,784,062

‌

254,622,232

‌

Paris-Aligned

Climate

MSCI

USA

..................................

2,251,348

‌

(3,737,069

)

(71,434,023

)

(72,919,744

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

and

the

characterization

of

corporate

actions.

iShares

ETF

Utilized

ESG

MSCI

USA

Leaders

...............................................................................................

$

2,071,255

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

MSCI

USA

..........................................

$

22,232,536,663

‌

$

1,845,468,437

‌

$

(1,701,203,483

)

$

144,264,954

‌

ESG

Aware

MSCI

USA

Small-Cap

..................................

1,630,711,632

‌

119,934,176

‌

(186,348,648

)

(66,414,472

)

ESG

MSCI

USA

Leaders

.........................................

2,869,440,326

‌

430,342,235

‌

(146,558,173

)

283,784,062

‌

Paris-Aligned

Climate

MSCI

USA

...................................

830,715,327

‌

14,295,161

‌

(85,729,184

)

(71,434,023

)

Notes

to

Financial

Statements

(continued)

58

2022

iShares

Annual

Report

to

Shareholders

The

price

the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

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

08/31/22

‌

Year

Ended

08/31/21

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

Aware

MSCI

USA

Shares

sold

...............................................

76,150,000

‌

$

7,652,118,218

‌

141,600,000

‌

$

12,751,408,984

‌

Shares

redeemed

...........................................

(39,000,000

)

(3,786,520,878

)

(39,650,000

)

(3,618,060,648

)

37,150,000

‌

$

3,865,597,340

‌

101,950,000

‌

$

9,133,348,336

‌

ESG

Aware

MSCI

USA

Small-Cap

Shares

sold

...............................................

19,800,000

‌

$

755,585,893

‌

18,850,000

‌

$

703,868,475

‌

Shares

redeemed

...........................................

(3,400,000

)

(123,785,470

)

(4,950,000

)

(175,001,921

)

16,400,000

‌

$

631,800,423

‌

13,900,000

‌

$

528,866,554

‌

Notes

to

Financial

Statements

(

continued)

59

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

08/31/22

‌

Year

Ended

08/31/21

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

MSCI

USA

Leaders

Shares

sold

...............................................

7,950,000

‌

$

610,710,681

‌

13,950,000

‌

$

981,902,059

‌

Shares

redeemed

...........................................

(13,450,000

)

(1,041,434,276

)

(5,100,000

)

(356,812,397

)

(5,500,000

)

$

(430,723,595

)

8,850,000

‌

$

625,089,662

‌

Paris-Aligned

Climate

MSCI

USA

(a)

Shares

sold

...............................................

17,400,000

‌

$

829,801,401

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

17,400,000

‌

$

829,801,401

‌

—

‌

$

—

‌

(a)

The

Fund

commenced

operations

on

February

8,

2022.

Report

of

Independent

Registered

Public

Accounting

Firm

60

2022

iShares

Annual

Report

to

Shareholders

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the four 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

(four

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

August

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

August

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

August

31,

2022 by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

October

21,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

    iShares

ESG

Aware

MSCI

USA

ETF

(1)

    iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(1)

    iShares

ESG

MSCI

USA

Leaders

ETF

(1)

    iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(2)

(1)

Statements

of

operations

for

the

year

ended

August

31,

2022

and

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2022.

(2)

Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

February

8,

2022

(commencement

of

operations)

to

August

31,

2022.

Important

Tax

Information

(unaudited)

61

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

August

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

August

31,

2022:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended August

31,

2022

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

ESG

Aware

MSCI

USA

.................................................................................................

$

326,057,708‌

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

14,643,042‌

ESG

MSCI

USA

Leaders

................................................................................................

50,194,636‌

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

3,805,458‌

iShares

ETF

Qualified

Business

Income

ESG

Aware

MSCI

USA

.................................................................................................

$

3,405,717‌

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

515,914‌

ESG

MSCI

USA

Leaders

................................................................................................

629,040‌

iShares

ETF

Dividends-Received

Deduction

ESG

Aware

MSCI

USA

.................................................................................................

100.00‌

%

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

85.02‌

ESG

MSCI

USA

Leaders

................................................................................................

98.48‌

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

81.75‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

62

2022

iShares

Annual

Report

to

Shareholders

iShares

ESG

Aware

MSCI

USA

ETF,

iShares

ESG

MSCI

USA

Leaders

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

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

63

Board

Review

and

Approval

of

Investment

Advisory

Contract

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.

iShares

ESG

Aware

MSCI

USA

Small-Cap

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

64

2022

iShares

Annual

Report

to

Shareholders

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

within

range

of

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

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

65

Board

Review

and

Approval

of

Investment

Advisory

Contract

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.

iShares

Paris-Aligned

Climate

MSCI

USA

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

66

2022

iShares

Annual

Report

to

Shareholders

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

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.

Supplemental

Information

(unaudited)

67

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.

August

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

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive

and

the

Alternative

Investment

Fund

Managers

Regulations

2013

(as

amended)

and

the

“Guidelines

on

sound

remuneration

policies

under

the

AIMFD”

issued

by

the

European

Securities

and

Markets

Authority

(together

the

“Regulations”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as

BFA

(the

“Company”).

Rather,

non-EU

and

non-UK

managers

are

only

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

the

Regulations

if

such

managers

market

a

fund

to

EU

investors.

The

Company

has

registered

the

iShares ESG

MSCI

USA

Leaders ETF

to

be

marketed

to

EU

investors

in

the

Netherlands,

Finland,

and Sweden.

The

Company

has

registered

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

to

be

marketed

to

EU

investors

in

the

Finland

and

Sweden.

Report

on

Remuneration

The

Company is

required

under

the

Regulations

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

iShares

ESG

MSCI

USA

Leaders

ETF.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

iShares

ESG

MSCI

USA

Leaders

ETF

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well

defined

pay-for-performance

philosophy,

and

compensation

programmes

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

claw-back

policy. 

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.  Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.  No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock’s

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organisational

structures

which

are

independent

of

the

business

units.  Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock’s

independent

remuneration

committee.

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

Aware

MSCI

USA

...............

$

1.225117

‌

$

—

‌

$

—

‌

$

1.225117

‌

100

%

—

%

—

%

100

%

ESG

Aware

MSCI

USA

Small-Cap

.......

0.401763

‌

—

‌

—

‌

0.401763

‌

100

—

—

100

ESG

MSCI

USA

Leaders

..............

0.972880

‌

—

‌

—

‌

0.972880

‌

100

—

—

100

Supplemental

Information

(unaudited)

(continued)

68

2022

iShares

Annual

Report

to

Shareholders

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Therefore,

the

figures

disclosed

are

a

sum

of

each

individual’s

portion

of

remuneration

attributable

to

the

iShares

ESG

MSCI

USA

Leaders

ETF

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company.

Accordingly

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

total

&

aggregate

remuneration

awarded

by

the

Company

to

its

staff

which

has

been

attributed

to

the following

fund

in

respect

of

the

Company’s

financial

year

ending

December

31,

2021

were

as

follows:

The

December

31,

2021

remuneration

data

is

not

applicable

to

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

which

commenced

operations

on

February

8,

2022.

Disclosures

under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

ESG

MSCI

USA

Leaders

ETF

and

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Funds”)

are

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

EU

investors

as

noted

above.

As

a

result,

each

Fund

is

subject

to

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”), which

incorporates

disclosures

prescribed

by

the

EU’s

taxonomy

for

environmentally

sustainable

(“Taxonomy

Regulation”).

The

iShares

ESG

MSCI

USA

Leaders

ETF

is

categorized

under

the

SFDR

as

an

“Article

8”

fund

–

i.e.,

a

fund

that

promotes

environmental

or

social

characteristics.

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

is

categorized

under

the

SFDR

as

an

“Article

9”

fund

–

i.e.,

a

fund

that

has

sustainable

investment

as

its

objective.

Further

detail

about each

Fund’s

Article

8

and

Article

9

status,

respectively,

for

the

period

under

review

is

included

below.

The

Taxonomy

Regulation

establishes

a

framework

for

defining

“technical

screening

criteria”

(“TSC”)

which

set

out

the

conditions

that

an

economic

activity

has

to

meet

in

order

to

qualify

as

environmentally

sustainable.

The

TSC

for

two

of

the

Taxonomy

Regulation

environmental

objectives,

climate

change

mitigation

and

climate

change

adaptation,

came

into

effect

on

January

1,

2022,

while

the

TSC

for

the

other

four

objectives

are

not

yet

in

force.

The

assessment

of

investments

against

the

TSC

requires

the

availability

of

multiple,

specific

data

points.

During

the

reporting

period,

there

was

insufficient

reliable,

timely

and

verifiable

data

available

for

BlackRock

to

be

able

to

assess

each

Fund’s

investments

using

the

TSC;

therefore,

BlackRock

cannot

state

that

more

than

zero

percent

of

each

Fund’s

investments

are

aligned

with

the

environmental

objectives

set

out

in

the

Taxonomy

Regulation.

BlackRock

is

keeping

this

situation

under

active

review

and

where,

in

its

discretion,

it

has

assessed

that

it

has

sufficient

reliable,

timely

and

verifiable

data

to

evaluate

each

Fund’s

investments

against

the

TSC,

BlackRock

will

update

each

Fund’s

prospectus

with

the

descriptions

referred

to

above.

For

further

information,

please

refer

to

BlackRock’s

corporate

website.

iShares

ESG

MSCI

USA

Leaders

ETF

For

the

fiscal

year

ended

August

31,

2022,

certain

environmental

and

social

characteristics

were

promoted

by

the

Fund

through

its

investments

in

a

portfolio

that

is

primarily

made

up

of

component

securities

of

the

Fund’s

underlying

index.

The

underlying

index

applies

exclusionary

screens

based

on

certain

environmental-

and

social-related

characteristics

and

ratings.

In

addition,

only

securities

of

companies

with

an

MSCI

ESG

Rating

of

“BB”

or

higher

and

an

MSCI

ESG

Controversies

Score

of

three

or

higher,

both

as

determined

by

the

index

provider,

are

eligible

for

inclusion

in

the

underlying

index.

Please

refer

to

the

Fund’s

prospectus

for

additional

information

regarding

the

Fund’s

investment

strategy

and

the

methodology

of

the

underlying

index.

BFA

or

its

affiliates

carry

out

due

diligence

on

index

providers

and

engage

with

them

on

an

ongoing

basis

with

regard

to

index

methodologies,

including

their

assessment

of

good

governance

criteria

set

out

by

SFDR.

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

For

the

fiscal

year

ended

August

31,

2022,

the

Fund’s

sustainable

investment

objective

was

met

through

the

Fund’s

investments

in

a

portfolio

that

is

primarily

made

up

of

securities

of

the

underlying

index.

BFA

or

its

affiliates

carry

out

due

diligence

on

index

providers

and

engage

with

them

on

an

ongoing

basis

regarding

index

methodologies,

including

their

assessment

of

good

governance

criteria

set

out in

the SFDR

and

whether

index

constituents

do

no

significant

harm

to

environmental

or

social

factors.

The

table

below

shows

the

alignment

of

the

Fund’s

investments

with

regard

to

the

components

of

the

Fund’s

underlying

index

and

the

parent

index

of

the

underlying

index

(as

defined

in

the

Fund’s

prospectus)

as

of

August

31,

2022.

The

underlying

index

is

a

subset

of

equity

securities

of

companies

included

in

the

parent

index,

which

are

selected

and

weighted

in

accordance

with

the

underlying

index

methodology

so

that,

in

aggregate,

the

portfolio

is

compatible

with

the

objectives

of

the

Paris

Agreement

by

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low

carbon

economy.

The

underlying

index

aims

to

meet

or

exceed

the

minimum

requirements

for

a

“Paris-Aligned

Benchmark”

(“PAB”)

under

the

European

Union’s

Low

Carbon

Benchmark

Regulation.

PABs

are

designed

to

align

with

the

principal

objective

of

the

Paris

Agreement,

which

is

to

limit

global

warming

in

this

century

to

well

below

2

degrees

Celsius,

preferably

to

1.5

degrees

Celsius,

above

pre-industrial

levels.

Further

details

on

the

index

provider's

methodology

are

set

out

in

the

Fund’s

prospectus.

iShares

ETF

Total

Remuneration

Fixed

Remuneration

Variable

Remuneration

No.

of

Beneficiaries

Senior

Management

Remuneration

Risk

Taker

Remuneration

ESG

MSCI

USA

Leaders

...................

$

383,760

‌

$

179,433

‌

$

204,327

‌

661

‌

$

46,973

‌

$

4,855

‌

%

of

Total

Assets

As

of

August

31,

2022

Underlying

Index

Parent

Index

Alignment

of

Fund’s

investments

as

a

%

of

total

assets

..........................................................

99.85‌%

62.00‌%

Trustee

and

Officer

Information

(unaudited)

69

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”). 

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

378

funds

as

of

August

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

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

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)

70

2022

iShares

Annual

Report

to

Shareholders

Officers

Name

(Age)

Position(s)

Principal

Occupation(s)

During

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

(58)

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

(55)

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

(42)

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

71

General

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.

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each

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the

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proxies

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information

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how

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ending

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(2)

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;

and

(3)

on

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SEC

website

at

sec.gov

.

A

description

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policies

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fact

sheets

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.

Glossary

of

Terms

Used

in

this

Report

72

2022

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

iS-AR-822-0822

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know

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|

1-800-474-2737

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report

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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

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advisability

of

investing

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the

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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.

August

31,

2022

iShares

Trust

iShares

ESG

Advanced

MSCI

USA

ETF

|

USXF

|

NASDAQ

2022

Annual

Report

Dear

Shareholder,

The

12-month

reporting

period

as

of

August

31,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

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.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

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

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

August

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)

(8.84%)

(11.23%)

U.S.

small

cap

equities

(Russell

2000

®

Index)

(9.31)

(17.88)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(13.97)

(19.80)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(13.30)

(21.80)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.36

0.39

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.71)

(13.27)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(7.76)

(11.52)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(5.72)

(8.63)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(7.78)

(10.61)

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

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedule

of

Investments

..................................................................................................

8

Financial

Statements:

Statement

of

Assets

and

Liabilities

..........................................................................................

14

Statement

of

Operations

................................................................................................

15

Statements

of

Changes

in

Net

Assets

........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

18

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

25

Important

Tax

Information

(Unaudited)

.................................................................................................

26

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

27

Supplemental

Information

.................................................................................................

29

Trustee

and

Officer

Information

..............................................................................................

30

General

Information

.....................................................................................................

32

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

33

Market

Overview

4

2022

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

declined

for

the

12

months

ended

August

31,

2022

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

-13.28%.

Significant

challenges

emerged

during

the

reporting

period,

including

high

inflation,

rising

interest

rates,

slower

economic

growth,

and

the

impacts

of

Russia’s

invasion

of

Ukraine.

Investors’

expectations

that

interest

rates

are

likely

to

continue

to

rise

in

the

near-term

fueled

pessimism

about

the

economic

outlook.

These

factors

drove

stock

prices

sharply

lower,

leading

to

negative

performance

for

the

reporting

period.

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,

economic

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

3.7%

in

August

2022

while

the

number

of

long-

term

unemployed

dropped

below

the

pre-pandemic

level.

Although

high

inflation

negatively

impacted

consumer

sentiment,

which

declined

significantly,

consumer

spending

continued

to

grow.

However,

the

rapid

increase

in

consumer

spending

drove

a

significant

rise

in

inflation.

Supply

chains

for

many

goods

were

disrupted

by

the

pandemic

and

were

unable

to

adapt

quickly

to

the

rapid

rebound

and

shifting

composition

of

demand.

Oil

prices

also

rose

as

demand

increased

and

a

lack

of

investment

constrained

the

supply

of

oil.

The

strong

job

market

led

to

higher

wages,

particularly

for

lower-wage

jobs.

These

factors

drove

prices

higher

in

many

areas

of

the

economy.

Rising

inflation

led

to

a

significant

shift

in

policy

from

the

U.S.

Federal

Reserve

(“the

Fed”).

As

the

reporting

period

began,

the

Fed

was

still

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

that

environment,

the

U.S.

dollar

rose

relative

to

most

foreign

currencies.

In

March

2022,

the

Fed

began

to

raise

short-term

interest

rates,

followed

by

three

more

increases

for

a

total

of

225

basis

points

(or

2.25%),

the

most

rapid

increase

in

decades.

Interest

rates

rose

significantly

in

response,

leading

to

higher

borrowing

costs

for

businesses.

Late

in

the

reporting

period,

the

Fed

indicated

that

its

continued

efforts

to

counter

inflation

were

likely

to

negatively

affect

the

broader

economy.

The

impact

of

higher

inflation

and

interest

rates

on

equities

varied

substantially.

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

considerable

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

Advanced

MSCI

USA

ETF

5

Fund

Summary

Fund

Summary

as

of

August

31,

2022

Investment

Objective

The

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

companies

that

have

a

favorable

environmental,

social

and

governance

rating

while

applying

extensive

screens

for

company

involvement

in

controversial

activities,

as

represented

by

the

MSCI

USA

Choice

ESG

Screened

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

June

16,

2020.

The

first

day

of

secondary

market

trading

was

June

18,

2020.

The

performance

for

the

Index

shown

is

calculated

with

gross

dividends

reinvested

since

inception.

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

Since

Inception

1

Year

Since

Inception

Fund

NAV

.............................................................

(17.95

)

%

10.29

%

(17.95

)

%

24.18

%

Fund

Market

...........................................................

(18.22

)

10.15

–

%

(18.22

)

23.83

Index

................................................................

(17.88

)

10.48

‌

(17.88

)

24.59

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/22)

Ending

Account

Value

(08/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

889.60

‌

$

0.48

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

August

31,

2022

(continued)

iShares

®

ESG

Advanced

MSCI

USA

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.

The

COVID-19

pandemic

served

as

a

motivating

factor

for

many

businesses

to

reexamine

their

ESG

policies,

while

fund

flows

reached

a

record

level

in

2021.

However,

net

inflows

to

ESG-focused

investments

slowed

in

2022

as

markets

faced

broad-based

headwinds.

The

overall

rise

in

ESG

investing

in

recent

years

has

also

led

to

increased

regulation

and

investor

scrutiny.

A

rule

proposed

by

the

U.S.

Department

of

Labor

(“DOL”)

in

October

2021

would

expand

the

ability

of

retirement

plan

sponsors

to

offer

ESG

products.

In

March

2022,

the

U.S.

Security

and

Exchange

Commission

(“SEC”)

also

proposed

a

rule

to

require

climate-related

disclosures

from

public

companies.

However,

focus

on

ESG-related

policies

continue

to

broadly

support

interest

in

sustainable

investing.

With

a

negative

global

macro

backdrop,

the

Index,

which

includes

the

stocks

of

U.S.

companies,

declined

significantly

for

the

reporting

period.

The

information

technology

sector

was

the

largest

detractor

from

the

Index’s

return,

as

the

software

industry

faced

significant

challenges.

Lingering

supply

chain

issues

in

China

and

the

wider

economic

downturn

weighed

on

a

large

software

maker.

Slowing

growth

amid

a

shift

back

to

more

in-person

office

work

also

pressured

the

industry.

The

consumer

discretionary

sector

also

declined,

driven

primarily

by

weakness

in

the

retail

industry.

Stiff

competition

from

a

recent

entrant

to

the

Latin

American

market

and

rising

costs

domestically

weighed

on

retailers.

In

terms

of

relative

performance,

the

Index

significantly

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

Relative

to

the

broader

market,

the

ESG

security

selection

process

leads

to

overweights

in

stocks

with

higher

ESG

ratings

and

underweights

in

stocks

with

lower

ESG

characteristics.

For

example,

significant

overweights

to

the

information

technology

sector

detracted

from

performance,

while

an

underweight

to

communication

services

was

additive.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

41.4‌

%

Health

Care

...................................

12.7‌

Financials

.....................................

11.5‌

Consumer

Discretionary

...........................

9.0‌

Industrials

.....................................

8.0‌

Consumer

Staples

...............................

5.7‌

Real

Estate

....................................

4.9‌

Materials

.....................................

3.7‌

Communication

Services

...........................

2.9‌

Utilities

.......................................

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

.................................

11.8‌

%

NVIDIA

Corp.

..................................

2.4‌

Visa,

Inc.,

Class

A

...............................

2.1‌

Home

Depot,

Inc.

(The)

...........................

1.9‌

Mastercard

,

Inc.,

Class

A

...........................

1.8‌

Coca-Cola

Co.

(The)

.............................

1.6‌

Eli

Lilly

&

Co.

..................................

1.5‌

PepsiCo,

Inc.

..................................

1.5‌

Thermo

Fisher

Scientific,

Inc.

........................

1.4‌

Broadcom,

Inc.

.................................

1.3‌

aaa

aa

About

Fund

Performance

7

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

the

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

the

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

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides

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

example

also

provides

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

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example

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

example

is

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

August

31,

2022

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.2%

HEICO

Corp.

............................

1,630

$

248,249

HEICO

Corp.,

Class

A

.......................

2,742

336,114

Howmet

Aerospace,

Inc.

.....................

14,069

498,465

1,082,828

a

Air

Freight

&

Logistics

 — 0.2%

CH

Robinson

Worldwide,

Inc.

.................

4,761

543,468

Expeditors

International

of

Washington,

Inc.

........

6,275

645,635

1,189,103

a

Auto

Components

 — 0.3%

Aptiv

PLC

(a)

..............................

10,134

946,820

BorgWarner,

Inc.

..........................

8,962

337,867

Lear

Corp.

..............................

2,236

309,999

1,594,686

a

Automobiles

 — 0.1%

Lucid

Group,

Inc.

(a)(b)

........................

15,510

237,924

Rivian

Automotive,

Inc.,

Class

A

(a)

...............

11,689

382,347

620,271

a

Banks

 — 2.1%

Citizens

Financial

Group,

Inc.

.................

18,533

679,790

First

Republic

Bank

........................

6,720

1,020,298

Huntington

Bancshares,

Inc.

..................

53,834

721,376

KeyCorp

................................

34,880

617,027

PNC

Financial

Services

Group,

Inc.

(The)

.........

15,470

2,444,260

Regions

Financial

Corp.

.....................

34,956

757,497

SVB

Financial

Group

(a)

......................

2,201

894,751

Truist

Financial

Corp.

.......................

49,803

2,332,772

U.S.

Bancorp

............................

52,797

2,408,071

Webster

Financial

Corp.

.....................

6,662

313,447

12,189,289

a

Beverages

 — 3.3%

Coca-Cola

Co.

(The)

.......................

154,049

9,506,364

Keurig

Dr

Pepper,

Inc.

......................

29,184

1,112,494

PepsiCo,

Inc.

............................

51,721

8,909,977

19,528,835

a

Biotechnology

 — 2.5%

Alnylam

Pharmaceuticals,

Inc.

(a)

................

4,519

933,942

Amgen,

Inc.

.............................

19,982

4,801,675

Biogen,

Inc.

(a)

............................

5,478

1,070,292

BioMarin

Pharmaceutical,

Inc.

(a)

................

6,920

617,264

Exact

Sciences

Corp.

(a)

......................

6,526

231,999

Horizon

Therapeutics

PLC

(a)

..................

8,169

483,686

Incyte

Corp.

(a)

............................

7,043

496,038

Neurocrine

Biosciences,

Inc.

(a)

.................

3,575

374,052

Regeneron

Pharmaceuticals,

Inc.

(a)

..............

4,041

2,348,063

Seagen,

Inc.

(a)

............................

5,164

796,754

Vertex

Pharmaceuticals,

Inc.

(a)

.................

9,567

2,695,598

14,849,363

a

Building

Products

 — 0.9%

A

O

Smith

Corp.

..........................

4,864

274,573

Allegion

PLC

.............................

3,284

312,308

Carlisle

Companies,

Inc.

.....................

1,934

571,806

Carrier

Global

Corp.

........................

31,730

1,241,278

Fortune

Brands

Home

&

Security,

Inc.

............

4,893

300,577

Lennox

International,

Inc.

....................

1,209

290,305

Masco

Corp.

.............................

8,826

448,979

Owens

Corning

...........................

3,631

296,762

Security

Shares

Value

a

Building

Products

(continued)

Trane

Technologies

PLC

.....................

8,748

$

1,347,804

5,084,392

a

Capital

Markets

 — 4.9%

Ameriprise

Financial,

Inc.

....................

4,111

1,101,789

Bank

of

New

York

Mellon

Corp.

(The)

............

28,706

1,192,160

Carlyle

Group,

Inc.

(The)

.....................

7,531

244,983

Cboe

Global

Markets,

Inc.

....................

3,972

468,577

Charles

Schwab

Corp.

(The)

..................

54,375

3,857,906

CME

Group,

Inc.,

Class

A

....................

13,444

2,629,781

Coinbase

Global,

Inc.,

Class

A

(a)

................

4,510

301,268

FactSet

Research

Systems,

Inc.

................

1,418

614,476

Franklin

Resources,

Inc.

.....................

11,220

292,505

Intercontinental

Exchange,

Inc.

................

20,883

2,106,051

Invesco

Ltd.

.............................

12,766

210,256

LPL

Financial

Holdings,

Inc.

...................

2,991

661,998

MarketAxess

Holdings,

Inc.

...................

1,412

351,009

Moody's

Corp.

............................

6,211

1,767,154

Morgan

Stanley

...........................

49,076

4,182,257

Nasdaq,

Inc.

.............................

12,936

770,080

Northern

Trust

Corp.

........................

7,405

704,142

Raymond

James

Financial,

Inc.

................

7,272

758,979

S&P

Global,

Inc.

..........................

12,984

4,572,705

State

Street

Corp.

.........................

13,732

938,582

T

Rowe

Price

Group,

Inc.

....................

8,502

1,020,240

28,746,898

a

Chemicals

 — 2.7%

Air

Products

and

Chemicals,

Inc.

...............

8,296

2,094,325

Albemarle

Corp.

..........................

4,381

1,173,933

CF

Industries

Holdings,

Inc.

...................

7,803

807,298

Ecolab,

Inc.

.............................

9,617

1,575,553

FMC

Corp.

..............................

4,711

509,165

International

Flavors

&

Fragrances,

Inc.

...........

9,533

1,053,206

Linde

PLC

..............................

18,805

5,319,182

PPG

Industries,

Inc.

........................

8,833

1,121,614

Sherwin-Williams

Co.

(The)

...................

9,244

2,145,533

15,799,809

a

Commercial

Services

&

Supplies

 — 1.3%

Cintas

Corp.

.............................

3,445

1,401,564

Copart,

Inc.

(a)

............................

8,001

957,320

Republic

Services,

Inc.

......................

8,271

1,180,437

Rollins,

Inc.

..............................

8,289

279,837

Waste

Connections,

Inc.

.....................

9,620

1,338,911

Waste

Management,

Inc.

.....................

15,530

2,625,036

7,783,105

a

Communications

Equipment

 — 1.7%

Arista

Networks,

Inc.

(a)

......................

9,225

1,105,893

Cisco

Systems,

Inc.

........................

154,898

6,927,038

F5,

Inc.

(a)

...............................

2,262

355,270

Juniper

Networks,

Inc.

......................

12,086

343,484

Motorola

Solutions,

Inc.

.....................

6,258

1,523,260

10,254,945

a

Construction

&

Engineering

 — 0.1%

Quanta

Services,

Inc.

(b)

......................

5,376

759,629

a

Construction

Materials

 — 0.3%

Martin

Marietta

Materials,

Inc.

.................

2,333

811,207

Vulcan

Materials

Co.

.......................

4,971

827,622

1,638,829

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Consumer

Finance

 — 1.0%

Ally

Financial,

Inc.

.........................

12,084

$

401,189

American

Express

Co.

......................

23,944

3,639,488

Discover

Financial

Services

...................

10,510

1,056,150

Synchrony

Financial

........................

18,759

614,357

5,711,184

a

Containers

&

Packaging

 — 0.4%

Avery

Dennison

Corp.

.......................

3,057

561,326

Ball

Corp.

...............................

11,962

667,599

International

Paper

Co.

......................

13,171

548,177

Sealed

Air

Corp.

..........................

5,464

294,018

Westrock

Co.

............................

9,533

386,945

2,458,065

a

Distributors

 — 0.3%

Genuine

Parts

Co.

.........................

5,297

826,385

LKQ

Corp.

..............................

10,051

534,914

Pool

Corp.

..............................

1,497

507,768

1,869,067

a

Diversified

Telecommunication

Services

 — 1.2%

Lumen

Technologies,

Inc.

....................

34,778

346,389

Verizon

Communications,

Inc.

.................

157,093

6,568,058

6,914,447

a

Electrical

Equipment

 — 0.7%

Eaton

Corp.

PLC

..........................

14,925

2,039,352

Generac

Holdings,

Inc.

(a)

.....................

2,388

526,339

Plug

Power,

Inc.

(a)(b)

........................

19,462

545,714

Rockwell

Automation,

Inc.

....................

4,349

1,030,452

Sensata

Technologies

Holding

PLC

.............

5,870

236,444

4,378,301

a

Electronic

Equipment,

Instruments

&

Components

 — 1.4%

Amphenol

Corp.,

Class

A

....................

22,337

1,642,439

Arrow

Electronics,

Inc.

(a)

.....................

2,507

262,759

CDW

Corp.

..............................

5,054

862,718

Cognex

Corp.

............................

6,499

273,673

Corning,

Inc.

.............................

30,014

1,030,080

Keysight

Technologies,

Inc.

(a)

..................

6,807

1,115,599

TE

Connectivity

Ltd.

........................

12,051

1,520,957

Teledyne

Technologies,

Inc.

(a)

..................

1,752

645,367

Trimble,

Inc.

(a)

............................

9,357

591,830

Zebra

Technologies

Corp.,

Class

A

(a)

.............

1,964

592,421

8,537,843

a

Entertainment

 — 0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)

.......

19,332

176,308

Electronic

Arts,

Inc.

........................

10,470

1,328,329

Warner

Bros

Discovery,

Inc.

(a)

.................

86,240

1,141,817

2,646,454

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 4.7%

Alexandria

Real

Estate

Equities,

Inc.

.............

5,800

889,720

American

Tower

Corp.

......................

17,068

4,336,125

AvalonBay

Communities,

Inc.

.................

5,230

1,050,759

Boston

Properties,

Inc.

......................

5,569

442,346

Camden

Property

Trust

......................

3,775

485,125

Crown

Castle,

Inc.

.........................

16,198

2,767,104

Digital

Realty

Trust,

Inc.

.....................

10,649

1,316,536

Duke

Realty

Corp.

.........................

14,381

846,322

Equinix,

Inc.

.............................

3,405

2,238,345

Equity

Residential

.........................

13,363

977,904

Healthpeak

Properties,

Inc.

...................

20,183

529,804

Host

Hotels

&

Resorts,

Inc.

...................

26,737

475,117

Iron

Mountain,

Inc.

.........................

10,869

571,818

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Kimco

Realty

Corp.

........................

23,117

$

487,306

Prologis,

Inc.

.............................

27,691

3,447,806

Realty

Income

Corp.

........................

22,504

1,536,573

Regency

Centers

Corp.

.....................

5,803

353,055

SBA

Communications

Corp.,

Class

A

.............

4,033

1,311,733

Ventas,

Inc.

.............................

14,951

715,555

VICI

Properties,

Inc.

........................

36,022

1,188,366

Welltower,

Inc.

............................

16,981

1,301,594

WP

Carey,

Inc.

...........................

7,215

606,277

27,875,290

a

Food

&

Staples

Retailing

 — 0.2%

Walgreens

Boots

Alliance,

Inc.

.................

27,464

962,888

a

Food

Products

 — 1.0%

Campbell

Soup

Co.

........................

7,900

398,002

Conagra

Brands,

Inc.

.......................

17,950

617,121

General

Mills,

Inc.

.........................

22,526

1,729,997

Hormel

Foods

Corp.

........................

11,212

563,739

JM

Smucker

Co.

(The)

......................

4,057

567,940

Kraft

Heinz

Co.

(The)

.......................

27,470

1,027,378

McCormick

&

Co.,

Inc.,

NVS

..................

9,360

786,895

5,691,072

a

Health

Care

Equipment

&

Supplies

 — 1.7%

ABIOMED,

Inc.

(a)

..........................

1,704

441,813

Align

Technology,

Inc.

(a)

......................

2,800

682,360

Cooper

Companies,

Inc.

(The)

.................

1,844

530,039

Dentsply

Sirona,

Inc.

.......................

8,059

264,094

Dexcom,

Inc.

(a)

...........................

14,682

1,207,007

Edwards

Lifesciences

Corp.

(a)

.................

23,257

2,095,456

Hologic,

Inc.

(a)

............................

9,328

630,200

IDEXX

Laboratories,

Inc.

(a)

....................

3,142

1,092,222

Insulet

Corp.

(a)

............................

2,594

662,689

Novocure

Ltd.

(a)

...........................

3,521

289,180

ResMed,

Inc.

............................

5,472

1,203,402

STERIS

PLC

.............................

3,745

754,168

Teleflex,

Inc.

.............................

1,754

396,860

10,249,490

a

Health

Care

Providers

&

Services

 — 2.2%

Centene

Corp.

(a)(b)

.........................

21,878

1,963,332

DaVita,

Inc.

(a)

.............................

2,123

181,071

Elevance

Health,

Inc.

.......................

9,019

4,375,207

HCA

Healthcare,

Inc.

.......................

8,842

1,749,567

Henry

Schein,

Inc.

(a)

........................

5,164

379,089

Humana,

Inc.

............................

4,732

2,279,783

Laboratory

Corp.

of

America

Holdings

............

3,468

781,236

Molina

Healthcare,

Inc.

(a)

.....................

2,196

740,864

Quest

Diagnostics,

Inc.

......................

4,390

550,111

13,000,260

a

Health

Care

Technology

 — 0.0%

Teladoc

Health,

Inc.

(a)

.......................

6,156

191,205

a

Hotels,

Restaurants

&

Leisure

 — 1.7%

Booking

Holdings,

Inc.

(a)

.....................

1,520

2,851,231

Domino's

Pizza,

Inc.

........................

1,348

501,267

Hilton

Worldwide

Holdings,

Inc.

................

10,411

1,325,945

Starbucks

Corp.

...........................

42,901

3,606,687

Vail

Resorts,

Inc.

..........................

1,517

340,840

Yum!

Brands,

Inc.

.........................

10,667

1,186,597

9,812,567

a

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2022

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Household

Durables

 — 0.5%

DR

Horton,

Inc.

...........................

12,510

$

890,086

Garmin

Ltd.

..............................

5,779

511,384

Newell

Brands,

Inc.

........................

14,694

262,288

NVR,

Inc.

(a)

..............................

117

484,387

PulteGroup,

Inc.

..........................

8,889

361,427

Whirlpool

Corp.

...........................

2,102

329,173

2,838,745

a

Household

Products

 — 0.9%

Church

&

Dwight

Co.,

Inc.

....................

9,081

760,171

Clorox

Co.

(The)

..........................

4,604

664,541

Colgate-Palmolive

Co.

......................

29,777

2,328,859

Kimberly-Clark

Corp.

.......................

12,603

1,607,135

5,360,706

a

Insurance

 — 3.5%

Aflac,

Inc.

...............................

22,891

1,360,183

Allstate

Corp.

(The)

........................

10,286

1,239,463

American

International

Group,

Inc.

..............

29,633

1,533,508

Arch

Capital

Group

Ltd.

(a)

....................

14,052

642,457

Arthur

J

Gallagher

&

Co.

.....................

7,858

1,426,777

Assurant,

Inc.

............................

2,027

321,259

Chubb

Ltd.

..............................

15,944

3,014,213

Hartford

Financial

Services

Group,

Inc.

(The)

.......

12,302

791,142

Lincoln

National

Corp.

......................

6,110

281,427

Marsh

&

McLennan

Companies,

Inc.

.............

18,775

3,029,722

Principal

Financial

Group,

Inc.

.................

9,452

706,631

Progressive

Corp.

(The)

.....................

21,878

2,683,337

Prudential

Financial,

Inc.

.....................

14,028

1,343,181

Travelers

Companies,

Inc.

(The)

................

8,976

1,450,881

Willis

Towers

Watson

PLC

....................

4,171

862,688

20,686,869

a

Interactive

Media

&

Services

 — 0.1%

ZoomInfo

Technologies,

Inc.

(a)(b)

................

9,808

445,479

a

Internet

&

Direct

Marketing

Retail

 — 0.6%

DoorDash,

Inc.,

Class

A

(a)

....................

7,203

431,460

eBay,

Inc.

...............................

20,942

924,170

Etsy,

Inc.

(a)

..............................

4,755

502,175

MercadoLibre,

Inc.

(a)

........................

1,696

1,450,691

Wayfair,

Inc.,

Class

A

(a)

......................

2,827

149,011

3,457,507

a

IT

Services

 — 8.0%

Akamai

Technologies,

Inc.

(a)

...................

5,996

541,319

Automatic

Data

Processing,

Inc.

................

15,712

3,840,170

Block,

Inc.,

Class

A

(a)

.......................

19,407

1,337,336

Broadridge

Financial

Solutions,

Inc.

.............

4,385

750,580

Cognizant

Technology

Solutions

Corp.,

Class

A

......

19,495

1,231,499

EPAM

Systems,

Inc.

(a)

.......................

2,138

911,857

Fidelity

National

Information

Services,

Inc.

.........

22,847

2,087,530

Fiserv,

Inc.

(a)

.............................

22,970

2,324,334

Gartner,

Inc.

(a)

............................

3,013

859,669

GoDaddy,

Inc.,

Class

A

(a)

.....................

6,051

458,787

Jack

Henry

&

Associates,

Inc.

.................

2,725

523,745

Mastercard,

Inc.,

Class

A

.....................

32,485

10,537,159

MongoDB,

Inc.,

Class

A

(a)(b)

...................

2,546

822,002

Okta,

Inc.,

Class

A

(a)

........................

5,639

515,405

Paychex,

Inc.

............................

12,154

1,499,074

PayPal

Holdings,

Inc.

(a)

......................

41,152

3,845,243

Snowflake,

Inc.,

Class

A

(a)

....................

8,329

1,507,133

Twilio,

Inc.,

Class

A

(a)

.......................

6,429

447,330

VeriSign,

Inc.

(a)

...........................

3,688

672,027

Visa,

Inc.,

Class

A

.........................

61,560

12,232,588

Security

Shares

Value

a

IT

Services

(continued)

Western

Union

Co.

(The)

....................

14,440

$

214,001

47,158,788

a

Leisure

Products

 — 0.1%

Hasbro,

Inc.

.............................

4,955

390,553

a

Life

Sciences

Tools

&

Services

 — 4.0%

Agilent

Technologies,

Inc.

....................

11,184

1,434,348

Avantor,

Inc.

(a)

............................

22,830

568,695

Bio-Techne

Corp.

..........................

1,468

487,097

Danaher

Corp.

...........................

25,837

6,973,665

Illumina,

Inc.

(a)

............................

5,877

1,185,038

IQVIA

Holdings,

Inc.

(a)

.......................

7,080

1,505,633

Mettler-Toledo

International,

Inc.

(a)

..............

848

1,028,166

PerkinElmer,

Inc.

(b)

.........................

4,719

637,348

Thermo

Fisher

Scientific,

Inc.

..................

14,643

7,985,121

Waters

Corp.

(a)

...........................

2,253

672,746

West

Pharmaceutical

Services,

Inc.

.............

2,771

822,128

23,299,985

a

Machinery

 — 3.4%

Caterpillar,

Inc.

...........................

19,952

3,685,334

Cummins,

Inc.

............................

5,278

1,136,723

Deere

&

Co.

.............................

10,861

3,966,980

Dover

Corp.

.............................

5,393

673,909

Fortive

Corp.

.............................

12,738

806,698

IDEX

Corp.

..............................

2,843

572,040

Illinois

Tool

Works,

Inc.

......................

11,650

2,269,770

Ingersoll

Rand,

Inc.

........................

15,184

719,266

Nordson

Corp.

............................

1,936

439,801

Otis

Worldwide

Corp.

.......................

15,815

1,142,159

PACCAR,

Inc.

............................

13,006

1,138,155

Parker-Hannifin

Corp.

.......................

4,802

1,272,530

Pentair

PLC

.............................

6,187

275,321

Snap-on,

Inc.

............................

1,997

435,066

Stanley

Black

&

Decker,

Inc.

..................

5,647

497,501

Westinghouse

Air

Brake

Technologies

Corp.

........

6,491

568,936

Xylem,

Inc.

..............................

6,737

613,741

20,213,930

a

Media

 — 1.2%

Cable

One,

Inc.

...........................

202

229,270

Comcast

Corp.,

Class

A

.....................

167,227

6,051,945

Interpublic

Group

of

Companies,

Inc.

(The)

........

14,725

406,999

Sirius

XM

Holdings,

Inc.

(b)

....................

29,356

178,778

6,866,992

a

Metals

&

Mining

 — 0.4%

Cleveland-Cliffs,

Inc.

(a)

......................

19,628

338,976

Newmont

Corp.

...........................

29,687

1,227,854

Steel

Dynamics,

Inc.

........................

7,058

569,722

2,136,552

a

Mortgage

Real

Estate

Investment

 — 0.1%

Annaly

Capital

Management,

Inc.

...............

64,500

416,025

a

Multiline

Retail

 — 1.0%

Dollar

General

Corp.

.......................

8,491

2,015,933

Dollar

Tree,

Inc.

(a)

..........................

8,400

1,139,712

Target

Corp.

.............................

17,345

2,781,097

5,936,742

a

Personal

Products

 — 0.4%

Estee

Lauder

Companies,

Inc.

(The),

Class

A

.......

8,671

2,205,729

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Pharmaceuticals

 — 2.2%

Catalent,

Inc.

(a)

...........................

6,369

$

560,472

Elanco

Animal

Health,

Inc.

(a)

...................

15,961

241,490

Eli

Lilly

&

Co.

............................

30,211

9,100,460

Jazz

Pharmaceuticals

PLC

(a)

..................

2,319

359,955

Zoetis,

Inc.,

Class

A

........................

17,604

2,755,554

13,017,931

a

Professional

Services

 — 0.4%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

........

4,945

473,237

Clarivate

PLC

(a)

...........................

11,321

132,116

Robert

Half

International,

Inc.

..................

4,134

318,194

TransUnion

..............................

7,197

531,642

Verisk

Analytics,

Inc.

........................

5,907

1,105,554

2,560,743

a

Real

Estate

Management

&

Development

 — 0.2%

CBRE

Group,

Inc.,

Class

A

(a)

..................

12,227

965,444

a

Road

&

Rail

 — 0.3%

AMERCO

...............................

366

192,395

JB

Hunt

Transport

Services,

Inc.

...............

3,136

545,727

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

...

5,813

293,614

Old

Dominion

Freight

Line,

Inc.

(b)

...............

3,604

978,162

2,009,898

a

Semiconductors

&

Semiconductor

Equipment

 — 10.1%

Advanced

Micro

Devices,

Inc.

(a)

................

60,617

5,144,565

Analog

Devices,

Inc.

........................

19,444

2,946,349

Applied

Materials,

Inc.

......................

32,541

3,061,132

Broadcom,

Inc.

...........................

15,105

7,539,057

Enphase

Energy,

Inc.

(a)

......................

5,051

1,446,808

Entegris,

Inc.

.............................

5,565

528,007

KLA

Corp.

(b)

.............................

5,582

1,920,934

Lam

Research

Corp.

.......................

5,189

2,272,315

Marvell

Technology,

Inc.

.....................

31,792

1,488,501

Microchip

Technology,

Inc.

....................

20,742

1,353,415

Micron

Technology,

Inc.

......................

41,770

2,361,258

NVIDIA

Corp.

............................

93,666

14,137,946

NXP

Semiconductors

NV

....................

9,822

1,616,505

ON

Semiconductor

Corp.

(a)

...................

16,253

1,117,719

Qorvo,

Inc.

(a)

.............................

3,966

356,067

QUALCOMM,

Inc.

.........................

41,895

5,541,452

Skyworks

Solutions,

Inc.

.....................

6,020

593,271

SolarEdge

Technologies,

Inc.

(a)

.................

2,072

571,810

Texas

Instruments,

Inc.

......................

34,494

5,698,754

59,695,865

a

Software

 — 19.3%

Adobe,

Inc.

(a)

.............................

17,674

6,600,178

ANSYS,

Inc.

(a)

............................

3,254

807,968

Autodesk,

Inc.

(a)

...........................

8,137

1,641,558

Avalara,

Inc.

(a)

............................

3,286

300,965

Bentley

Systems,

Inc.,

Class

B

.................

7,158

263,200

Bill.com

Holdings,

Inc.

(a)

.....................

3,510

568,199

Black

Knight,

Inc.

(a)

.........................

5,834

385,977

Cadence

Design

Systems,

Inc.

(a)

...............

10,315

1,792,437

Ceridian

HCM

Holding,

Inc.

(a)

..................

5,139

306,490

Citrix

Systems,

Inc.

........................

4,735

486,616

Coupa

Software,

Inc.

(a)

......................

2,772

161,885

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

.............

7,598

1,387,471

Datadog,

Inc.,

Class

A

(a)

.....................

9,001

944,655

DocuSign,

Inc.

(a)

..........................

7,478

435,369

Dropbox,

Inc.,

Class

A

(a)

.....................

11,068

236,744

Dynatrace,

Inc.

(a)

..........................

7,511

286,770

Fair

Isaac

Corp.

(a)

..........................

970

435,918

Fortinet,

Inc.

(a)

............................

25,520

1,242,569

Security

Shares

Value

a

Software

(continued)

Guidewire

Software,

Inc.

(a)

....................

2,956

$

211,975

HubSpot,

Inc.

(a)

...........................

1,698

572,294

Intuit,

Inc.

...............................

10,024

4,328,163

Microsoft

Corp.

...........................

265,774

69,491,928

NortonLifeLock,

Inc.

........................

21,698

490,158

Palo

Alto

Networks,

Inc.

(a)

....................

3,727

2,075,231

Paycom

Software,

Inc.

(a)

.....................

1,916

672,899

PTC,

Inc.

(a)

..............................

4,157

477,598

RingCentral,

Inc.,

Class

A

(a)

...................

3,076

132,391

Roper

Technologies,

Inc.

.....................

3,962

1,595,022

Salesforce,

Inc.

(a)

..........................

37,179

5,804,385

ServiceNow,

Inc.

(a)

.........................

7,498

3,258,781

Splunk,

Inc.

(a)(b)

...........................

6,019

541,891

Synopsys,

Inc.

(a)

..........................

5,722

1,979,926

Tyler

Technologies,

Inc.

(a)

....................

1,551

576,212

Unity

Software,

Inc.

(a)

.......................

7,197

307,456

VMware,

Inc.,

Class

A

.......................

7,881

914,432

Workday,

Inc.,

Class

A

(a)

.....................

7,444

1,224,985

Zendesk,

Inc.

(a)

...........................

4,584

351,914

Zscaler,

Inc.

(a)

............................

3,166

504,154

113,796,764

a

Specialty

Retail

 — 4.2%

Advance

Auto

Parts,

Inc.

.....................

2,268

382,475

AutoZone,

Inc.

(a)

..........................

732

1,551,262

Best

Buy

Co.,

Inc.

.........................

7,574

535,406

Burlington

Stores,

Inc.

(a)(b)

....................

2,472

346,550

CarMax,

Inc.

(a)

............................

5,991

529,844

Home

Depot,

Inc.

(The)

.....................

38,444

11,088,018

Lowe's

Companies,

Inc.

.....................

23,907

4,641,305

Ross

Stores,

Inc.

..........................

13,144

1,133,933

TJX

Companies,

Inc.

(The)

...................

43,826

2,732,551

Tractor

Supply

Co.

.........................

4,185

774,853

Ulta

Beauty,

Inc.

(a)

.........................

1,938

813,708

24,529,905

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.6%

Dell

Technologies,

Inc.,

Class

C

................

10,261

392,894

Hewlett

Packard

Enterprise

Co.

................

48,633

661,409

HP,

Inc.

................................

39,402

1,131,231

NetApp,

Inc.

.............................

8,324

600,410

Seagate

Technology

Holdings

PLC

..............

7,635

511,239

Western

Digital

Corp.

(a)

......................

11,714

495,034

3,792,217

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.3%

Lululemon

Athletica,

Inc.

(a)

....................

4,364

1,309,026

VF

Corp.

...............................

12,347

511,783

1,820,809

a

Trading

Companies

&

Distributors

 — 0.3%

United

Rentals,

Inc.

(a)

.......................

2,679

782,375

WW

Grainger,

Inc.

.........................

1,720

954,497

1,736,872

a

Water

Utilities

 — 0.2%

American

Water

Works

Co.,

Inc.

................

6,799

1,009,312

a

Total

Long-Term

Investments — 99.8%

(Cost:

$674,778,378)

................................

587,770,477

Schedule

of

Investments

(continued)

August

31,

2022

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

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

Statement

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

2.45%

(c)(d)(e)

............................

9,391,157

$

9,393,974

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.10%

(c)(d)

.............................

746,046

746,046

a

Total

Short-Term

Securities — 1.7%

(Cost:

$10,137,000)

.................................

10,140,020

Total

Investments

—

101.5%

(Cost:

$684,915,378)

................................

597,910,497

Liabilities

in

Excess

of

Other

Assets

—

(1.5)%

...............

(8,728,073)

Net

Assets

—

100.0%

.................................

$

589,182,424

(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

August

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

08/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/22

  Shares

Held

at

08/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

603,291

$

8,788,165

(a)

$

—

$

(502

)

$

3,020

$

9,393,974

9,391,157

$

29,320

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

740,000

6,046

(a)

—

—

—

746,046

746,046

3,171

—

$

(502

)

$

3,020

$

10,140,020

$

32,491

$

—

(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

E-Mini

Technology

Select

Sector

Index

......................................................

1

09/16/22

$

136

$

(9,572

)

S&P

500

E-Mini

Index

..................................................................

5

09/16/22

989

(30,077

)

$

(39,649

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

39,649

$

—

$

—

$

—

$

39,649

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2022

13

Schedule

of

Investments

For

the

period

ended

August

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statement

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.

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

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

..................................

$

—

$

—

$

16,546

$

—

$

—

$

—

$

16,546

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(62,392

)

$

—

$

—

$

—

$

(62,392

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

898,872

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

.............................................

$

587,770,477

$

—

$

—

$

587,770,477

Short-Term

Securities

Money

Market

Funds

..........................................

10,140,020

—

—

10,140,020

$

597,910,497

$

—

$

—

$

597,910,497

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(39,649)

$

—

$

—

$

(39,649)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

14

2022

iShares

Annual

Report

to

Shareholders

Statement

of

Assets

and

Liabilities

August

31,

2022

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)(b)

....................................................................................

$

587,770,477

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

10,140,020

‌

Cash

...........................................................................................................

663

‌

Cash

pledged:

Futures

contracts

.................................................................................................

71,000

‌

Receivables:

Investments

sold

.................................................................................................

19,184,005

‌

Securities

lending

income

—

affiliated

...................................................................................

4,891

‌

Dividends

—

unaffiliated

............................................................................................

778,913

‌

Dividends

—

affiliated

..............................................................................................

1,724

‌

Total

assets

......................................................................................................

617,951,693

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

9,391,663

‌

Payables:

Investments

purchased

.............................................................................................

19,314,313

‌

Investment

advisory

fees

............................................................................................

52,964

‌

Variation

margin

on

futures

contracts

....................................................................................

10,329

‌

Total

liabilities

.....................................................................................................

28,769,269

‌

NET

ASSETS

.....................................................................................................

$

589,182,424

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

695,463,840

‌

Accumulated

loss

..................................................................................................

(106,281,416

)

NET

ASSETS

.....................................................................................................

$

589,182,424

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

19,050,000

‌

Net

asset

value

....................................................................................................

$

30.93

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

9,006,238

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

674,778,378

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

10,137,000

‌

15

Financial

Statements

Statement

of

Operations

Year

Ended

August

31,

2022

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

7,539,191

‌

Dividends

—

affiliated

..............................................................................................

3,171

‌

Interest

—

unaffiliated

..............................................................................................

6

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

29,320

‌

Foreign

taxes

withheld

.............................................................................................

(

5,220

)

Total

investment

income

..............................................................................................

7,566,468

‌

EXPENSES

Investment

advisory

...............................................................................................

570,078

‌

Total

expenses

....................................................................................................

570,078

‌

Net

investment

income

...............................................................................................

6,996,390

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

19,291,429

)

Investments

—

affiliated

...........................................................................................

(

502

)

Futures

contracts

...............................................................................................

16,546

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

16,128,189

‌

(

3,147,196

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

(

128,272,113

)

Investments

—

affiliated

...........................................................................................

3,020

‌

Futures

contracts

...............................................................................................

(

62,392

)

(

128,331,485

)

Net

realized

and

unrealized

loss

.........................................................................................

(

131,478,681

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................................

$

(

124,482,291

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

16

2022

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

6,996,390

‌

$

1,703,346

‌

Net

realized

gain

(loss)

............................................................................

(

3,147,196

)

7,473,003

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

128,331,485

)

40,595,547

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................................

(

124,482,291

)

49,771,896

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

6,071,436

)

(

978,561

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................................................

300,630,783

‌

364,504,490

‌

NET

ASSETS

Total

increase

in

net

assets

...........................................................................

170,077,056

‌

413,297,825

‌

Beginning

of

year

..................................................................................

419,105,368

‌

5,807,543

‌

End

of

year

......................................................................................

$

589,182,424

‌

$

419,105,368

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

17

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

Period

From

06/16/20

(a)

to

08/31/20

Net

asset

value,

beginning

of

period

......................................................

$

38.10

‌

$

29.04

‌

$

25.43

‌

Net

investment

income

(b)

..............................................................

0

.42

‌

0

.38

‌

0

.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................................

(

7

.20

)

8

.99

‌

3

.55

‌

Net

increase

(decrease)

from

investment

operations

.............................................

(

6

.78

)

9

.37

‌

3

.61

‌

Distributions

(d)

–

–

–

From

net

investment

income

...........................................................

(

0

.39

)

(

0

.30

)

—

‌

From

net

realized

gains

...............................................................

—

‌

(

0

.01

)

—

‌

Total

distributions

....................................................................

(

0

.39

)

(

0

.31

)

—

‌

Net

asset

value,

end

of

period

...........................................................

$

30.93

‌

$

38.10

‌

$

29.04

‌

Total

Return

(e)

–

–

–

Based

on

net

asset

value

...............................................................

(

17.95

)

%

32.53

%

14.20

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

Total

expenses

......................................................................

0

.10

%

0

.10

%

0

.10

%

(h)

Net

investment

income

.................................................................

1

.23

%

1

.09

%

1

.16

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................

$

589,182

‌

$

419,105

‌

$

5,808

‌

Portfolio

turnover

rate

(i)

.................................................................

24

%

29

%

4

%

(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.

Notes

to

Financial

Statements

18

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

fund

(the

“Fund”):

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. The

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

Fund

is

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

Fund

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

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

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

August

31,

2022,

if

any,

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

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

Fund

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

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

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 Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by the

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

Fund.

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,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

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.

The

Board

of Trustees of

the

Trust (the

“Board”) of

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser, as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

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

BFA’s

policies

and

procedures

as

reflecting

fair

value.

BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities:

iShares

ETF

Diversification

Classification

ESG

Advanced

MSCI

USA

..............................................................................................

Non-diversified

Notes

to

Financial

Statements

(

continued)

19

Notes

to

Financial

Statements

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 BFA’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 the

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 the

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:

The

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

the

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,

the

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 BFA,

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

the

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

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

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

Fund,

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 Fund

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)

20

2022

iShares

Annual

Report

to

Shareholders

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,

the

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.

The

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

the

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

Fund

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

Fund

is

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

Statement

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

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

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

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

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

the

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

Fund,

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 the

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of the

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund. 

ETF

Servicing

Fees:

The

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

Fund

does

not

pay

BRIL

for

ETF

Services. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

ESG

Advanced

MSCI

USA

Barclays

Bank

PLC

...........................................

$

6,617

‌

$

(6,617

)

$

—

‌

$

—

‌

Barclays

Capital,

Inc.

.........................................

3,942

‌

(3,942

)

—

‌

—

‌

Citigroup

Global

Markets,

Inc.

....................................

3,161,705

‌

(3,161,705

)

—

‌

—

‌

HSBC

Bank

PLC

............................................

1,826,298

‌

(1,826,298

)

—

‌

—

‌

J.P.

Morgan

Securities

LLC

.....................................

975,373

‌

(975,373

)

—

‌

—

‌

Jefferies

LLC

...............................................

17,241

‌

(17,241

)

—

‌

—

‌

Morgan

Stanley

.............................................

382,932

‌

(382,932

)

—

‌

—

‌

RBC

Capital

Markets

LLC

......................................

343,045

‌

(343,045

)

—

‌

—

‌

UBS

AG

..................................................

2,289,085

‌

(2,289,085

)

—

‌

—

‌

$

9,006,238

‌

$

(9,006,238

)

$

—

‌

$

—

‌

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.

iShares

ETF

Investment

Advisory

Fees

ESG

Advanced

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10%

Notes

to

Financial

Statements

(

continued)

21

Notes

to

Financial

Statements

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

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

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 the

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. 

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

the

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, the

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,

the

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,

the

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

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the year

ended

August

31,

2022,

the

Fund

paid

BTC

the

following

amount

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

August

31,

2022,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

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

Statement

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

August

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the year

ended

August

31,

2022,

in-kind

transactions

were

as

follows:

iShares

ETF

Fees

Paid

to

BTC

ESG

Advanced

MSCI

USA

.............................................................................................

$

8,678

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Advanced

MSCI

USA

.........................................................

$

90,555,998

‌

$

70,805,968

‌

$

(9,566,142

)

iShares

ETF

Purchases

Sales

ESG

Advanced

MSCI

USA

...........................................................................

$

137,929,605

‌

$

136,312,361

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Advanced

MSCI

USA

...........................................................................

$

413,609,239

‌

$

114,136,628

‌

Notes

to

Financial

Statements

(continued)

22

2022

iShares

Annual

Report

to

Shareholders

8.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

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

Fund

as

of

August

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

Fund’s

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

August

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:

As

of

August

31,

2022,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

As

of

August

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,

the

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

Fund

and

its

investments. The

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

the

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

Fund

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

Paid-in

Capital

Accumulated

Earnings

(Loss)

ESG

Advanced

MSCI

USA

...........................................................................

$

16,070,013

‌

$

(16,070,013

)

iShares

ETF

Year

Ended

08/31/22

Year

Ended

08/31/21

ESG

Advanced

MSCI

USA

Ordinary

income

..........................................................................................

$

6,071,436

‌

$

978,561

‌

iShares

ETF

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

ESG

Advanced

MSCI

USA

......................................

$

1,731,866

‌

$

(19,923,087

)

$

(88,090,195

)

$

(106,281,416

)

(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

Advanced

MSCI

USA

.......................................

$

686,000,692

‌

$

13,789,868

‌

$

(101,880,063

)

$

(88,090,195

)

Notes

to

Financial

Statements

(

continued)

23

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

Fund

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

Fund

manages

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

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

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

Fund

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

Fund.

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

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

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

Fund

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

Fund

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by the

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

the

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

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Year

Ended

08/31/22

Year

Ended

08/31/21

iShares

ETF

Shares

Amount

Shares

Amount

ESG

Advanced

MSCI

USA

Shares

sold

...............................................

11,500,000

‌

$

415,134,537

‌

12,450,000

‌

$

422,115,232

‌

Shares

redeemed

...........................................

(3,450,000

)

(114,503,754

)

(1,650,000

)

(57,610,742

)

8,050,000

‌

$

300,630,783

‌

10,800,000

‌

$

364,504,490

‌

Notes

to

Financial

Statements

(continued)

24

2022

iShares

Annual

Report

to

Shareholders

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

Statement

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

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.

Report

of

Independent

Registered

Public

Accounting

Firm

25

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of iShares

ESG

Advanced

MSCI

USA

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of iShares

ESG

Advanced

MSCI

USA

ETF

(one

of

the

funds

constituting

iShares

Trust,

referred

to

hereafter as

the

“Fund”)

as

of

August

31,

2022,

the

related

statement

of

operations

for

the

year ended

August

31,

2022,

the

statements

of changes

in

net

assets

for

each

of

the two

years

in

the

period

ended August

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the two

years

in

the

period

ended

August

31,

2022 and

for

the

period June

16,

2020

(commencement

of

operations)

to August

31,

2020 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

August

31,

2022,

the

results

of

its

operations

for

the

year

then ended,

the

changes

in its

net

assets

for

each

of

the two

years

in the

period

ended

August

31,

2022,

and the

financial

highlights

for

each

of

the

two

years in

the

period

ended August 31,

2022

and

for

the

period

June

16,

2020

(commencement

of

operations) to

August

31,

2020 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

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

Fund

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

August

31,

2022 by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing procedures. We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

October

21,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

26

2022

iShares

Annual

Report

to

Shareholders

The

following

amount,

or

maximum

amount

allowable

by

law,

is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

August

31,

2022:

The

following

amount,

or

maximum

amount

allowable

by

law,

is

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

August

31,

2022:

The

following

percentage,

or

maximum

percentage

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended August

31,

2022

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

ESG

Advanced

MSCI

USA

..............................................................................................

$

6,767,103‌

iShares

ETF

Qualified

Business

Income

ESG

Advanced

MSCI

USA

..............................................................................................

$

150,675‌

iShares

ETF

Dividends-Received

Deduction

ESG

Advanced

MSCI

USA

..............................................................................................

92.39‌

%

Board

Review

and

Approval

of

Investment

Advisory

Contract

27

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

ESG

Advanced

MSCI

USA

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

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

28

2022

iShares

Annual

Report

to

Shareholders

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)

29

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

the

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.

August

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

Advanced

MSCI

USA

............

$

0

.385011

‌

$

—

‌

$

—

‌

$

0

.385011

‌

100

%

—

%

—

%

100

%

Trustee

and

Officer

Information

(unaudited)

30

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

378

funds

as

of

August

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

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

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)

31

Trustee

and

Officer

Information

Officers

Name

(Age)

Position(s)

Principal

Occupation(s)

During

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

(58)

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

(55)

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

(42)

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

32

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

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

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

33

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-AR-824-0822

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

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

five

series of the registrant for which the fiscal year-end is

August 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 $52,000 for the fiscal year ended

August 31, 2021

and $62,200  for the fiscal year ended

August 31, 2022

.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed August 31, 2021

and

August 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 $48,500 for the fiscal year ended

August 31, 2021

and $48,500 for the fiscal year ended

August 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 August 31, 2021 and

August 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

August 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 $48,500 for the fiscal year ended

August 31, 2021

and $48,500 for the fiscal year ended

August 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:	October 21, 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:		October 21, 2022
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		October 21, 2022