Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares Trust and Shareholders of iShares Asia 50 ETF, iShares Biotechnology ETF, iShares Blockchain and Tech ETF, iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF, iShares Europe ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Factors US Growth Style ETF, iShares Factors US Value Style ETF, iShares Focused Value Factor ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares India 50 ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, iShares Latin America 40 ETF, iShares Micro-Cap ETF, iShares Mortgage Real Estate ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF, iShares Preferred and Income Securities ETF, iShares Residential and Multisector Real Estate ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap Value ETF, iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF, iShares S&P Small-Cap 600 Value ETF, iShares Semiconductor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF, iShares U.S. Telecommunications ETF and iShares US Small Cap Value Factor ETF
In planning and performing our audits of the financial statements of the funds listed in Appendix A, (hereafter collectively referred to as the “Funds”) as of and for the periods ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes
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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of
March 31, 2023.
This report is intended solely for the information and use of the Board of Trustees of iShares Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 25, 2023 3
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iShares Trust
1. iShares Asia 50 ETF
2. iShares Biotechnology ETF
3. iShares Blockchain and Tech ETF*
4. iShares Core S&P 500 ETF
5. iShares Core S&P Mid-Cap ETF
6. iShares Core S&P Small-Cap ETF
7. iShares Core S&P Total U.S. Stock Market ETF
8. iShares Core S&P U.S. Growth ETF
9. iShares Core S&P U.S. Value ETF
10. iShares Emerging Markets Infrastructure ETF
11. iShares Environmental Infrastructure and Industrials ETF**
12. iShares ESG Screened S&P 500 ETF
13. iShares ESG Screened S&P Mid-Cap ETF
14. iShares ESG Screened S&P Small-Cap ETF
15. iShares Europe ETF
16. iShares Expanded Tech Sector ETF
17. iShares Expanded Tech-Software Sector ETF
18. iShares Factors US Growth Style ETF
19. iShares Factors US Value Style ETF
20. iShares Focused Value Factor ETF
21. iShares Future Metaverse Tech and Communications ETF***
22. iShares Global 100 ETF
23. iShares Global Comm Services ETF
24. iShares Global Consumer Discretionary ETF
25. iShares Global Consumer Staples ETF
26. iShares Global Energy ETF
27. iShares Global Financials ETF
28. iShares Global Healthcare ETF
29. iShares Global Industrials ETF
30. iShares Global Infrastructure ETF
31. iShares Global Materials ETF
32. iShares Global Tech ETF
33. iShares Global Timber & Forestry ETF
34. iShares Global Utilities ETF
35. iShares India 50 ETF
36. iShares International Developed Property ETF
37. iShares International Developed Small Cap Value Factor ETF
38. iShares International Dividend Growth ETF
39. iShares JPX-Nikkei 400 ETF
40. iShares Latin America 40 ETF
41. iShares Micro-Cap ETF
42. iShares Mortgage Real Estate ETF
43. iShares North American Natural Resources ETF
44. iShares North American Tech-Multimedia Networking ETF
45. iShares Preferred and Income Securities ETF 4
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47. iShares Russell 1000 ETF
48. iShares Russell 1000 Growth ETF
49. iShares Russell 1000 Value ETF
50. iShares Russell 2000 ETF
51. iShares Russell 2000 Growth ETF
52. iShares Russell 2000 Value ETF
53. iShares Russell 2500 ETF
54. iShares Russell 3000 ETF
55. iShares Russell Mid-Cap ETF
56. iShares Russell Mid-Cap Growth ETF
57. iShares Russell Mid-Cap Value ETF
58. iShares Russell Top 200 ETF
59. iShares Russell Top 200 Growth ETF
60. iShares Russell Top 200 Value ETF
61. iShares S&P 100 ETF
62. iShares S&P 500 Growth ETF
63. iShares S&P 500 Value ETF
64. iShares S&P Mid-Cap 400 Growth ETF
65. iShares S&P Mid-Cap 400 Value ETF
66. iShares S&P Small-Cap 600 Growth ETF
67. iShares S&P Small-Cap 600 Value ETF
68. iShares Semiconductor ETF
69. iShares U.S. Aerospace & Defense ETF
70. iShares U.S. Broker-Dealers & Securities Exchanges ETF
71. iShares U.S. Healthcare Providers ETF
72. iShares U.S. Home Construction ETF
73. iShares U.S. Infrastructure ETF
74. iShares U.S. Insurance ETF
75. iShares U.S. Medical Devices ETF
76. iShares U.S. Oil & Gas Exploration & Production ETF
77. iShares U.S. Oil Equipment & Services ETF
78. iShares U.S. Pharmaceuticals ETF
79. iShares U.S. Real Estate ETF
80. iShares U.S. Regional Banks ETF
81. iShares U.S. Telecommunications ETF
82. iShares US Small Cap Value Factor ETF
* April 25, 2022 (commencement of operations) to March 31, 2023
** November 1, 2022 (commencement of operations) to March 31, 2023
*** February 14, 2023 (commencement of operations) to March 31, 2023
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