April

30,

2023

iShares

Trust

iShares

Dow

Jones

U.S.

ETF

|

IYY

|

NYSE

Arca

iShares

MSCI

KLD

400

Social

ETF

|

DSI

|

NYSE

Arca

iShares

MSCI

USA

ESG

Select

ETF

|

SUSA

|

NYSE

Arca

iShares

U.S.

Basic

Materials

ETF

|

IYM

|

NYSE

Arca

iShares

U.S.

Consumer

Discretionary

ETF

|

IYC

|

NYSE

Arca

iShares

U.S.

Consumer

Staples

ETF

|

IYK

|

NYSE

Arca

iShares

U.S.

Energy

ETF

|

IYE

|

NYSE

Arca

iShares

U.S.

Financial

Services

ETF

|

IYG

|

NYSE

Arca

iShares

U.S.

Financials

ETF

|

IYF

|

NYSE

Arca

iShares

U.S.

Healthcare

ETF

|

IYH

|

NYSE

Arca

iShares

U.S.

Industrials

ETF

|

IYJ

|

Cboe

BZX

iShares

U.S.

Technology

ETF

|

IYW

|

NYSE

Arca

iShares

U.S.

Transportation

ETF

|

IYT

|

Cboe

BZX

iShares

U.S.

Utilities

ETF

|

IDU

|

NYSE

Arca

2023

Annual

Report

Dear

Shareholder,

Investors

faced

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

April

30,

2023,

amid

mixed

indicators

and

rapidly

changing

market

conditions.

The

U.S.

economy

returned

to

modest

growth

beginning

in

the

third

quarter

of

2022,

although

the

pace

of

growth

slowed

thereafter.

Inflation

was

elevated,

reaching

a

40-year

high

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

as

the

period

continued,

while

continued

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

varied

substantially,

as

large-capitalization

U.S.

stocks

gained

for

the

period

amid

a

rebound

in

big

tech

stocks,

whereas

small-capitalization

U.S.

stocks

declined.

International

equities

from

developed

markets

advanced

strongly,

while

emerging

market

stocks

declined,

pressured

by

higher

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bonds

posted

a

positive

return

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

In

addition,

the

Fed

added

liquidity

to

markets

amid

the

failure

of

prominent

regional

banks.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

was

modest

in

the

last

year,

we

believe

that

stickiness

in

services

inflation

and

continued

wage

growth

will

keep

inflation

above

central

bank

targets

for

some

time.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

indicated

a

pause

could

be

its

next

step,

we

believe

that

the

Fed

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near

term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

rapid

increase

in

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

could

provide

a

supportive

backdrop.

We

also

see

selective,

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing,

and

higher

yields

offer

attractive

income.

However,

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

significant

opportunities

in

short-term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

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

April

30,

2023

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)

8.63

%

2.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(3.45

)

(3.65

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

24.19

8.42

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

16.36

(6.51

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.09

2.83

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

7.14

(1.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

6.91

(0.43

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.65

2.87

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.21

1.21

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

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

33

Disclosure

of

Expenses

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

33

Schedules

of

Investments

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

34

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

94

Statements

of

Operations

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

98

Statements

of

Changes

in

Net

Assets

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

102

Financial

Highlights

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

109

Notes

to

Financial

Statements

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

123

Report

of

Independent

Registered

Public

Accounting

Firm

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

136

Important

Tax

Information

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

137

Statement

Regarding

Liquidity

Risk

Management

Program

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

138

Supplemental

Information

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

139

Trustee

and

Officer

Information

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

140

General

Information

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

142

Glossary

of

Terms

Used

in

this

Report

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

143

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended

April

30,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

1.50%.

Despite

headwinds,

including

elevated

inflation

and

rapid

tightening

of

monetary

policy,

equities

were

supported

by

the

economy’s

continued

resilience.

While

inflation

was

high

throughout

the

reporting

period,

the

pace

of

inflationary

growth

slackened,

driving

investor

optimism.

Markets

endured

in

the

face

of

disruption

from

the

banking

industry

late

in

the

reporting

period.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value

and

leading

to

concern

about

the

stability

of

a

third

bank.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

a

multi-

decade

high.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

The

rate

of

inflation

began

to

decline

beginning

in

July

2022,

continuing

to

decelerate

for

10

consecutive

months.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

contraction

in

the

first

half

of

2022

to

post

modest

growth

in

the

second

half

of

2022

and

the

first

quarter

of

2023.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

posted

level

since

1969.

Furthermore,

the

labor

force

participation

rate

—

which

measures

the

total

proportion

of

working

age

persons

employed

or

looking

for

work

—

rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

Bank

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

as

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

iShares

®

Dow

Jones

U.S.

ETF

5

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

Dow

Jones

U.S.

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

Dow

Jones

U.S.

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.50

%

10.59

%

11.54

%

1.50

%

65.43

%

198.01

%

Fund

Market

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

1.46

10.58

11.54

–

%

1.46

65.36

197.97

Index

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

1.68

10.79

11.75

1.68

66.95

203.61

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,078.80

‌

$

1.03

‌

$

1,000.00

‌

$

1,023.80

‌

$

1.00

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

Dow

Jones

U.S.

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

stocks

gained

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return,

driven

by

strong

gains

in

the

semiconductors

and

semiconductor

equipment

industry.

Optimism

about

the

impact

of

artificial

intelligence

(“AI”)

applications

benefited

the

industry,

as

the

launch

and

rapid

growth

of

a

prominent

consumer-facing

AI

product

captured

investors’

attention.

Because

AI

products

require

substantial

computational

resources,

analysts

considered

certain

semiconductor

makers

to

be

well

positioned

to

benefit

from

continued

AI

growth.

Late

in

the

reporting

period,

a

series

of

partnerships

between

chipmakers

and

companies

entering

the

AI

market

solidified

investors’

optimism

surrounding

industry

growth.

The

energy

sector

also

contributed

to

the

Index’s

return,

despite

lower

oil

prices

and

a

sharp

decline

in

natural

gas

prices.

Prices

surged

following

Russia’s

invasion

of

Ukraine

but

subsequently

fell

as

markets

stabilized.

Nevertheless,

the

relatively

high

average

prices

of

energy

commodities

supported

the

oil,

gas,

and

consumable

fuels

industry.

On

the

downside,

the

consumer

discretionary

sector

detracted

from

the

Index’s

return,

as

consumer

spending

growth

tapered

off.

Stocks

in

the

automobiles

industry

declined

amid

concerns

about

the

electric

vehicles

(“EVs”)

market

in

the

weakening

economy.

While

EV

sales

grew,

production

did

not

meet

analysts’

expectations,

and

price

discounts

on

some

new

models

negatively

impacted

revenues.

Increased

competition

also

weighed

on

the

industry,

as

more

automakers

expanded

their

EV

offerings.

The

real

estate

sector

also

detracted,

as

higher

interest

rates

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

made

financing

more

expensive.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

25.0‌

%

Health

Care

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

14.1‌

Financials

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

13.4‌

Consumer

Discretionary

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

10.2‌

Industrials

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

9.4‌

Communication

Services

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

7.9‌

Consumer

Staples

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

6.9‌

Energy

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

4.5‌

Real

Estate

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

3.0‌

Utilities

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

2.8‌

Materials

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

2.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

6.5‌

%

Microsoft

Corp.

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

5.9‌

Amazon.com,

Inc.

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

2.4‌

NVIDIA

Corp.

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

1.8‌

Alphabet,

Inc.,

Class

A

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

1.7‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1.5‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.5‌

Meta

Platforms,

Inc.,

Class

A

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

1.4‌

Exxon

Mobil

Corp.

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

1.3‌

UnitedHealth

Group,

Inc.

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

1.2‌

aaa

aa

iShares

®

MSCI

KLD

400

Social

ETF

7

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

MSCI

KLD

400

Social

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

represented

by

the

MSCI

KLD

400

Social

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.03

%

11.37

%

11.75

%

1.03

%

71.30

%

203.78

%

Fund

Market

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

1.09

11.37

11.76

–

%

1.09

71.30

203.90

Index

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

1.27

11.65

12.18

1.27

73.50

215.53

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,099.80

‌

$

1.30

‌

$

1,000.00

‌

$

1,023.55

‌

$

1.25

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

MSCI

KLD

400

Social

ETF

8

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

equity

funds

that

consider

companies’

environmental,

social,

and

governance

(“ESG”)

characteristics

experienced

net

investment

outflows

throughout

the

reporting

period,

even

as

the

government

continued

to

implement

climate-related

initiatives.

In

August

2022,

the

U.S.

passed

its

largest

ever

climate

appropriation

bill,

designed

to

encourage

clean

energy

adoption

with

spending

and

tax

credits.

The

Securities

and

Exchange

Commission

continued

to

consider

a

rule

that

would

require

disclosure

of

climate-related

information

for

public

companies.

However,

some

states

sought

to

limit

state

investment

funds

to

traditional

strategies

without

explicit

ESG

considerations.

During

this

period,

the

stocks

of

U.S.

companies

with

positive

ESG

characteristics,

as

represented

by

the

benchmark,

advanced

slightly

for

the

reporting

period.

The

information

technology

sector

contributed

the

most

to

the

performance,

led

by

the

software

industry.

The

announcement

of

a

new

feature

using

artificial

intelligence

(“AI”)

to

augment

business

software

drove

gains

in

the

industry.

Stocks

in

the

healthcare

sector

also

advanced,

driven

primarily

by

strength

in

the

biotechnology

industry.

Strong

sales

of

cancer

drugs

boosted

revenues

and

regulatory

approval

of

personalized

oncology

treatments

supported

the

industry’s

strength.

On

the

downside,

the

consumer

discretionary

sector

detracted

from

the

benchmark’s

performance,

as

the

automobiles

industry

faced

concerns

about

the

market

for

electric

vehicles

in

the

weakening

economy.

The

communication

services

sector

also

declined

amid

slowing

demand

for

online

advertisements.

In

terms

of

relative

performance,

the

benchmark

slightly

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Investable

Market

Index.

Relative

to

the

broader

market,

the

ESG

selection

process

lead

to

elimination

of

stocks

with

lower

ESG

characteristics,

respectively.

The

benchmark

held

overweight

positions

in

the

information

technology

and

consumer

staples

sectors

and

underweight

positions

in

the

energy

and

healthcare

sectors.

Security

selection

in

the

communication

services

sector

was

the

largest

detractor

from

the

benchmark’s

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

29.4‌

%

Financials

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

12.8‌

Health

Care

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

12.2‌

Consumer

Discretionary

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

10.0‌

Industrials

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

9.1‌

Communication

Services

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

8.8‌

Consumer

Staples

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

8.6‌

Real

Estate

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

3.4‌

Materials

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

2.8‌

Energy

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

1.7‌

Utilities

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

1.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

11.3‌

%

NVIDIA

Corp.

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

3.5‌

Alphabet,

Inc.,

Class

A

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

3.3‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.1‌

Tesla,

Inc.

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

2.3‌

Visa,

Inc.,

Class

A

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

2.0‌

Procter

&

Gamble

Co.

(The)

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

1.9‌

Mastercard,

Inc.,

Class

A

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

1.7‌

Home

Depot,

Inc.

(The)

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

1.6‌

Merck

&

Co.,

Inc.

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

1.5‌

      aaa

aa

iShares

®

MSCI

USA

ESG

Select

ETF

9

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

MSCI

USA

ESG

Select

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

represented

by

the

MSCI

USA

Extended

ESG

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

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.30

%

11.41

%

11.73

%

1.30

%

71.61

%

203.21

%

Fund

Market

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

1.27

11.39

11.73

–

%

1.27

71.47

203.16

Index

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

1.55

11.69

12.15

1.55

73.78

214.91

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,078.90

‌

$

1.29

‌

$

1,000.00

‌

$

1,023.55

‌

$

1.25

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

MSCI

USA

ESG

Select

ETF

10

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

equity

funds

that

consider

companies’

environmental,

social,

and

governance

(“ESG”)

characteristics

experienced

net

investment

outflows

throughout

the

reporting

period,

even

as

the

government

continued

to

implement

climate-related

initiatives.

In

August

2022

the

U.S.

passed

its

largest

ever

climate

appropriations

bill,

designed

to

encourage

clean

energy

adoption

with

spending

and

tax

credits.

The

Securities

and

Exchange

Commission

continued

to

consider

a

rule

that

would

require

disclosure

of

climate-related

information

for

public

companies.

However,

some

states

sought

to

limit

state

investment

funds

to

traditional

strategies

without

explicit

ESG

considerations.

During

this

period,

the

stocks

of

U.S.

companies

with

positive

ESG

characteristics,

as

represented

by

the

Index,

advanced

for

the

reporting

period.

The

information

technology

sector

contributed

the

most

to

the

benchmark

return,

driven

by

advances

in

artificial

intelligence

(“AI”)

technology.

Industrials

stocks

also

advanced,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

On

the

downside,

the

consumer

discretionary

sector

detracted

from

the

benchmark

performance,

as

the

automobiles

industry

faced

concerns

about

the

market

for

electric

vehicles

in

the

weakening

economy.

Increased

competition

from

both

domestic

and

international

manufacturers

weighed

on

the

industry,

as

more

automakers

expanded

their

EV

offerings.

The

communication

services

sector

also

declined

amid

slowing

demand

for

online

advertisements.

In

terms

of

relative

performance,

the

benchmark

slightly

outperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

Relative

to

the

broader

market,

the

ESG

selection

process

lead

to

overweight

and

underweight

positions

in

stocks

with

higher

or

lower

ESG

characteristics,

respectively.

The

benchmark

held

overweight

positions

in

the

consumer

staples

and

industrials

sectors

and

underweight

positions

in

the

communication

services

and

consumer

discretionary

sectors.

Security

selection

in

both

industrials

and

healthcare

sectors

contributed

to

the

benchmark’s

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

28.7‌

%

Health

Care

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

13.4‌

Industrials

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

12.7‌

Consumer

Staples

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

10.6‌

Financials

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

10.1‌

Consumer

Discretionary

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

7.3‌

Communication

Services

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

5.0‌

Energy

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

4.3‌

Real

Estate

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

3.3‌

Materials

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

3.3‌

Utilities

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

1.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

5.8‌

%

Apple,

Inc.

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

5.4‌

NVIDIA

Corp.

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

2.6‌

Coca-Cola

Co.

(The)

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

2.0‌

PepsiCo,

Inc.

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

1.7‌

Home

Depot,

Inc.

(The)

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

1.7‌

Alphabet,

Inc.,

Class

A

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

1.7‌

ONEOK,

Inc.

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

1.5‌

Texas

Instruments,

Inc.

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

1.5‌

Johnson

Controls

International

PLC

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

1.4‌

      aaa

aa

iShares

®

U.S.

Basic

Materials

ETF

11

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

U.S.

Basic

Materials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

basic

materials

sector,

as

represented

by

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Basic

Materials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(5.07

)

%

8.04

%

8.38

%

(5.07

)

%

47.19

%

123.61

%

Fund

Market

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

(5.06

)

8.04

8.38

–

%

(5.06

)

47.21

123.71

Index

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

(4.71

)

8.46

8.81

(4.71

)

50.08

132.59

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,113.60

‌

$

2.10

‌

$

1,000.00

‌

$

1,022.81

‌

$

2.01

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

U.S.

Basic

Materials

ETF

12

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Stocks

of

U.S.

basic

materials

companies

declined

during

the

reporting

period.

Rising

interest

rates

and

the

slowing

global

economic

outlook

weakened

metals

prices

from

the

high

levels

reached

in

the

months

after

Russia’s

invasion

of

Ukraine

disrupted

world

markets.

Rising

expenses

for

mining

extraction

and

production

pressured

profit

margins

for

mining

companies,

as

the

cost

of

labor,

diesel,

explosives,

and

raw

materials

increased.

In

addition,

extreme

weather

led

to

floods

and

droughts,

disrupting

mining

operations

and

reducing

output.

The

metals

and

mining

industry

detracted

the

most

from

the

Index’s

performance,

driven

by

gold

and

steel

mining

companies.

Amid

geopolitical

uncertainties

stemming

from

the

war

in

Ukraine,

gold

prices

began

the

reporting

period

at

historically

high

levels.

Subsequently,

rising

interest

rates

and

a

stronger

U.S.

dollar

sent

gold

prices

lower,

weighing

on

gold

mining

companies.

While

gold

prices

rose

by

the

end

of

the

reporting

period,

high

production

costs

stemming

from

increased

prices

for

diesel,

electricity,

and

key

mining

consumables

such

as

cyanide

and

explosives

pressured

the

profit

margins

of

gold

mining

companies.

The

steel

industry

declined,

as

the

weakening

economic

outlook

and

falling

steel

prices

diminished

earnings

for

steel

companies.

Falling

demand

for

steel-intensive

household

durable

goods,

such

as

stoves

and

refrigerators,

offset

increased

sales

for

automobiles

and

pressured

steel

prices.

Despite

this,

U.S.

steel

producers

added

more

steel

production

capacity

at

new

and

existing

mills,

putting

further

downward

pressure

on

prices.

Companies

in

the

containers

and

packaging

industry

also

detracted

from

the

Index’s

performance,

as

higher

prices

for

raw

materials,

logistics,

freight,

and

energy

increased

expenses.

Weakening

online

sales

reduced

demand

for

cardboard

products,

such

as

boxes

used

in

delivery

packages.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Chemicals

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

63.2‌

%

Metals

&

Mining

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

26.2‌

Trading

Companies

&

Distributors

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

4.7‌

Containers

&

Packaging

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

3.6‌

Other

(each

representing

less

than

1%)

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

2.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Linde

PLC

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

21.7‌

%

Air

Products

and

Chemicals,

Inc.

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

8.0‌

Freeport-McMoRan,

Inc.

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

6.7‌

Ecolab,

Inc.

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

5.3‌

Nucor

Corp.

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

4.8‌

Newmont

Corp.

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

4.6‌

Dow,

Inc.

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

4.5‌

Fastenal

Co.

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

3.9‌

International

Flavors

&

Fragrances,

Inc.

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

3.4‌

LyondellBasell

Industries

NV,

Class

A

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

3.3‌

      aaa

aa

iShares

®

U.S.

Consumer

Discretionary

ETF

13

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

U.S.

Consumer

Discretionary

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

discretionary

sector,

as

represented

by

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(2.75

)

%

7.57

%

10.87

%

(2.75

)

%

44.04

%

180.52

%

Fund

Market

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

(2.70

)

7.58

10.87

–

%

(2.70

)

44.11

180.63

Index

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

(2.44

)

8.0

3

11.33

(2.44

)

47.16

192.46

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,055.10

‌

$

2.04

‌

$

1,000.00

‌

$

1,022.81

‌

$

2.01

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

U.S.

Consumer

Discretionary

ETF

14

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

consumer

discretionary

stocks

declined

for

the

reporting

period,

as

continued

supply

chain

disruptions

diminished

inventories

and

rising

inflation

led

consumers

to

focus

their

spending

more

on

essentials

than

on

discretionary

items.

Elevated

inflation

drove

up

raw

material

and

transportation

costs

for

companies,

and

consumers

increasingly

sought

bargains

as

higher

prices

eroded

personal

spending

power.

Individual

savings

rates

declined

while

credit

card

debt

and

interest

rates

rose,

further

pressuring

consumers.

A

tight

labor

market

amid

historically

low

unemployment

also

meant

higher

labor

costs

for

the

sector.

Stocks

in

the

automobiles

industry

detracted

the

most

from

the

Index’s

return

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

While

EV

sales

continued

to

grow,

production

did

not

meet

analysts’

expectations,

and

price

discounts

on

some

new

models

negatively

impacted

revenues.

Increased

competition

from

both

domestic

and

international

manufacturers

also

weighed

on

the

industry,

as

more

automakers

expanded

their

EV

offerings.

The

internet

and

direct

marketing

retail

industry

also

detracted

from

the

Index’s

return.

The

sharp

rise

in

e-commerce

that

boosted

the

industry

early

in

the

pandemic

waned

as

more

workers

returned

to

the

office

and

brick-and-mortar

retailers

gained

market

share.

Overbuilding

of

warehouses

during

the

online

shopping

surge

created

excess

capacity,

which

weighed

on

industry

cash

flow.

On

the

upside,

the

restaurants

industry

contributed

to

the

Index’s

performance,

as

higher

pricing

and

production

efficiency

gains

supported

profitability.

Improved

staffing

and

measures

to

improve

the

accuracy

and

speed

of

fast-food

ordering

also

benefited

stocks

in

the

industry.

The

specialty

retail

industry

also

gained,

as

increasingly

cost-

conscious

consumers

patronized

discount

retailers

of

clothing

and

home

goods,

leading

to

sales

and

profits

that

exceeded

analysts’

expectations.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Consumer

Discretionary

Distribution

&

Retail

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

31.9‌

%

Consumer

Services

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

18.4‌

Media

&

Entertainment

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

13.8‌

Consumer

Staples

Distribution

&

Retail

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

11.4‌

Automobiles

&

Components

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

10.3‌

Consumer

Durables

&

Apparel

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

8.7‌

Transportation

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

3.1‌

Household

&

Personal

Products

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

1.3‌

Commercial  &

Professional

Services

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

1.0‌

Capital

Goods

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

0.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Amazon.com,

Inc.

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

14.3‌

%

Tesla,

Inc.

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

6.9‌

Home

Depot,

Inc.

(The)

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

4.5‌

McDonald's

Corp.

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

4.2‌

Walmart,

Inc.

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

4.1‌

Costco

Wholesale

Corp.

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

4.0‌

Walt

Disney

Co.

(The)

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

3.8‌

Nike,

Inc.,

Class

B

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

3.1‌

Netflix,

Inc.

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

3.0‌

Starbucks

Corp.

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

2.7‌

      aaa

aa

iShares

®

U.S.

Consumer

Staples

ETF

15

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

U.S.

Consumer

Staples

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

staples

sector,

as

represented

by

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

Dow

Jones

U.S.

Consumer

Goods

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

2.65

%

15.06

%

11.31

%

2.65

%

101.68

%

191.98

%

Fund

Market

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

2.69

15.08

11.32

–

%

2.69

101.84

192.15

Index

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

3.05

15.55

11.78

3.05

105.95

204.4

6

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,061.50

‌

$

2.04

‌

$

1,000.00

‌

$

1,022.81

‌

$

2.01

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

U.S.

Consumer

Staples

ETF

16

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Despite

higher

interest

rates

and

concerns

about

an

economic

slowdown,

U.S.

consumer

staples

stocks

advanced

for

the

reporting

period.

Because

consumer

staples

products

are

typically

in

high

demand

regardless

of

the

economic

environment,

consumer

staples

stocks

are

often

less

impacted

by

negative

economic

trends.

Nonetheless,

in

an

environment

of

elevated

inflation,

consumers

reduced

their

purchases

of

some

goods

and

increasingly

sought

bargains

and

purchased

off-brand

products.

The

soft

drinks

and

non-alcoholic

beverages

industry

contributed

the

most

to

the

Index’s

performance.

Nominal

consumer

spending

grew

notably

amid

low

unemployment

and

rising

wages.

Sales

and

profits

were

higher

as

grocery

shoppers

responded

to

inflation

by

increasing

their

purchases

of

packaged

products

relative

to

fresh

foods

such

as

meat

and

produce.

Consumers’

willingness

to

tolerate

price

increases

for

the

convenience

of

pre-packaged

foods

and

beverages

allowed

companies

in

the

industry

to

offset

higher

costs

of

inputs

and

transportation.

Consequently,

the

industry’s

profit

margins

remained

healthy

despite

the

economic

headwinds.

The

relative

affordability

of

snacks

and

other

packaged

foods

compared

to

larger,

more

expensive

items

also

helped

their

resilience

among

consumers

in

an

inflationary

environment.

Sales

of

energy

drinks

also

grew,

as

new

varieties

with

vitamins

and

alternative

sweeteners

boosted

sales.

Stocks

in

the

food

products

industry

also

contributed

to

the

Index’s

return,

as

sustained

demand

led

the

industry

to

increase

pricing

while

growing

sales.

Higher

prices

more

than

offset

increased

costs

due

to

inflation,

driving

earnings

gains.

Continued

brand

loyalty

from

customers,

even

in

the

face

of

price

increases,

sustained

revenue

and

led

companies

in

the

industry

to

increase

their

sales

and

profit

outlooks.

Diversification

into

different

snack-food

categories

and

a

focus

on

domestic

expansion

also

supported

the

industry.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Food,

Beverage

&

Tobacco

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

60.2‌

%

Household

&

Personal

Products

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

23.9‌

Health

Care

Equipment

&

Services

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

7.6‌

Consumer

Staples

Distribution

&

Retail

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

6.2‌

Materials

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

2.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Procter

&

Gamble

Co.

(The)

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

16.2‌

%

PepsiCo,

Inc.

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

11.6‌

Coca-Cola

Co.

(The)

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

11.0‌

Philip

Morris

International,

Inc.

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

6.9‌

Mondelez

International,

Inc.,

Class

A

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

4.4‌

CVS

Health

Corp.

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

3.9‌

Altria

Group,

Inc.

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

3.6‌

Colgate-Palmolive

Co.

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

3.1‌

General

Mills,

Inc.

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

2.5‌

McKesson

Corp.

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

2.4‌

      aaa

aa

iShares

®

U.S.

Energy

ETF

17

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

U.S.

Energy

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

energy

sector,

as

represented

by

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Oil

&

Gas

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Energy

RIC

22.5/45

Capped

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

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

15.97

%

6.42

%

3.36

%

15.97

%

36.47

%

39.17

%

Fund

Market

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

15.96

6.42

3.37

–

%

15.96

36.47

39.36

Index

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

16.44

6

.

8

3

3.77

16.44

39.17

44.84

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

938.60

‌

$

1.92

‌

$

1,000.00

‌

$

1,022.81

‌

$

2.01

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

U.S.

Energy

ETF

18

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

energy

stocks

advanced

during

the

reporting

period.

Oil

and

natural

gas

prices

surged

in

the

aftermath

of

Russia’s

invasion

of

Ukraine,

beginning

the

reporting

period

at

historically

high

levels.

While

prices

subsequently

fell

as

markets

stabilized,

the

relatively

high

average

prices

of

energy

commodities

supported

profitability

among

energy

producers.

Sanctions

imposed

on

Russia

led

to

a

sharp

reduction

in

Russian

gas

exports

to

Europe,

and

North

American

gas

producers

increased

their

European

exports

to

partially

make

up

for

this

disruption.

However,

an

unseasonably

warm

winter

weakened

demand

for

natural

gas,

sending

prices

for

the

fuel

sharply

lower

during

the

first

quarter

of

2023.

U.S.

supplies

of

natural

gas

uncharacteristically

outstripped

demand

during

the

winter

months.

U.S.

oil,

gas,

and

consumable

fuels

companies

contributed

the

most

to

the

Index’s

performance

as

high

energy

prices

sent

stocks

climbing

to

record

highs.

Companies

in

the

industry

posted

record

profits

and,

flush

with

excess

cash,

rewarded

shareholders

by

buying

back

their

own

stock

and

raising

dividends

The

industry

also

posted

strong

refining

performance

and

made

progress

on

some

environmental

goals.

Despite

record

profits,

relatively

strong

oil

prices,

and

political

pressure

to

increase

production,

oil

and

gas

companies

focused

on

returning

cash

to

shareholders

rather

than

investing

heavily

in

new

drilling

operations.

This

constrained

supply,

putting

upward

pressure

on

prices.

U.S.

companies

in

the

energy

equipment

and

services

industry

also

contributed

to

the

Index’s

performance

as

oil

exploration

companies

invested

in

new

equipment

to

expand

their

output,

particularly

in

the

Middle

East

and

offshore.

In

the

information

technology

sector,

the

semiconductors

and

semiconductor

equipment

industry

also

contributed

modestly,

as

investors

expected

that

the

massive

government

investment

into

renewable

energy

from

the

Inflation

Reduction

Act

would

increase

earnings

of

solar

panel

companies.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

89.1‌

%

Energy

Equipment

&

Services

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

8.0‌

Semiconductors

&

Semiconductor

Equipment

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

2.5‌

Electrical

Equipment

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

0.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exxon

Mobil

Corp.

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

24.2‌

%

Chevron

Corp.

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

16.3‌

ConocoPhillips

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

6.6‌

EOG

Resources,

Inc.

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

4.2‌

Schlumberger

Ltd.

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

4.2‌

Marathon

Petroleum

Corp.

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

3.3‌

Pioneer

Natural

Resources

Co.

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

3.1‌

Occidental

Petroleum

Corp.

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

2.9‌

Phillips

66

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

2.8‌

Valero

Energy

Corp.

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

2.6‌

aaa

aa

iShares

®

U.S.

Financial

Services

ETF

19

Fund

Summary

Fund

Summary

as

of

April

30,

2023

Investment

Objective

The

iShares

U.S.

Financial

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financial

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Financial

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(3.29

)

%

5.22

%

10.42

%

(3.29

)

%

28.95

%

169.50

%

Fund

Market

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

(3.31

)

5.21

10.42

–

%

(3.31

)

28.89

169.55

Index

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

(2.91

)

5.63

10

.87

(2.91

)

31.52

180.74

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

981.50

‌

$

1.97

‌

$

1,000.00

‌

$

1,022.81

‌

$

2.01

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

iShares

®

U.S.

Financial

Services

ETF

20

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

U.S.

financial

services

stocks

declined

during

the

reporting

period

amid

tightening

financial

conditions.

Regional

banks

detracted

the

most

from

the

Index’s

return.

Toward

the

end

of

the

reporting

period,

the

failure

of

three

banks,

including

two

included

in

the

Index,

sent

bank

stocks

sharply

lower.

One

of

the

banks

in

the

Index

failed

to

raise

equity

capital

to

shore

up

its

balance

sheet

after

higher

interest

rates

led

to

large

losses

on

its

long-term

bond

investments.

Thereafter,

that

bank

and

a

second

bank

in

the

Index

failed,

marking

the

largest

collapse

for

the

industry

since

2008.

The

banks,

which

both

had

a

high

percentage

of

uninsured

deposits,

were

unable

to

meet

the

surge

in

customer

withdrawals,

particularly

from

wealthier

customers

who

held

accounts

above

the

government

insurance

threshold.

The

government

intervened

to

help

depositors

and

provide