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OCTOBER 31, 20212021 Annual ReportiShares Trust iShares iBonds Dec 2021 Term Corporate ETF IBDM NYSE Arca iShares iBonds Dec 2022 Term Corporate ETF IBDN NYSE Arca iShares iBonds Dec 2023 Term Corporate ETF IBDO NYSE Arca iShares iBonds Dec 2024 Term Corporate ETF IBDP NYSE Arca iShares iBonds Dec 2025 Term Corporate ETF IBDQ NYSE Arca iShares iBonds Dec 2026 Term Corporate ETF IBDR NYSE Arca iShares iBonds Dec 2027 Term Corporate ETF IBDS NYSE Arca iShares iBonds Dec 2028 Term Corporate ETF IBDT NYSE Arca iShares iBonds Dec 2029 Term Corporate ETF IBDU NYSE Arca iShares iBonds Dec 2030 Term Corporate ETF IBDV NYSE Arca iShares iBonds Dec 2031 Term Corporate ETF IBDW NYSE ArcaNM1221U-1969690-1/152
The Markets in ReviewDear Shareholder,The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation andrecovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic.The United States began the reporting period as the initial reopening-led economic rebound wasbeginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period,eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spendingpushed up against supply constraints and led to elevated inflation.Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns andpassage of two additional fiscal stimulus packages further boosted stocks, and many equity indicesneared or surpassed all-time highs late in the reporting period. In the United States, returns ofsmall-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emergingmarkets continued to recover from the effects of the pandemic.Rob KapitoPresident, BlackRock, Inc.Total Returns as of October 31, 2021The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to thebeginning of the reporting period, which meant bonds were priced for extreme risk avoidance andeconomic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stokinginflation concerns in early 2021, which led to higher yields and a negative overall return for mostU.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”)assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investmentgrade corporate bonds.6-Month12-MonthU.S. large cap equities(S&P 500 Index)10.91%42.91%U.S. small cap equities(Russell 2000 Index)1.8550.80International equities(MSCI Europe, Australasia,Far East Index)4.1434.18Looking ahead, we believe that the global expansion will continue to broaden as Europe and otherdeveloped market economies gain momentum, although the Delta variant of the coronavirus remains athreat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-termas the expansion continues, we believe the recent uptick owes more to temporary supply disruptions thana lasting change in fundamentals. The change in Fed policy also means that moderate inflation is lesslikely to be followed by interest rate hikes that could threaten the economic expansion.Emerging market equities(MSCI Emerging MarketsIndex)(4.87)16.963-month Treasury bills(ICE BofA 3-MonthU.S. Treasury Bill Index)0.010.06Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that arebetter poised to manage the transition to a lower-carbon world, such as technology and health care, areparticularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely tobenefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a moreaccommodative monetary and fiscal environment as the Chinese economy slows. We are underweightlong-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging marketlocal-currency bonds offer potential opportunities. We believe that international diversification and a focuson sustainability can help provide portfolio resilience, and the disruption created by the coronavirusappears to be accelerating the shift toward sustainable investments.U.S. Treasury securities(ICE BofA 10-YearU.S. Treasury Index)1.59(4.77)U.S. investment grade bonds(Bloomberg U.S. AggregateBond Index)1.06(0.48)Tax-exempt municipal bonds(S&P Municipal Bond Index)0.332.76U.S. high yield bonds(Bloomberg U.S. CorporateHigh Yield 2% Issuer CappedIndex)2.3610.53The Fed remained committed to accommodative monetary policy by maintaining near-zero interest ratesand by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rateincrease. In response to rising inflation late in the period, the Fed changed its market guidance, raising thepossibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.In this environment, our view is that investors need to think globally, extend their scope across a broadarray of asset classes, and be nimble as market conditions change. We encourage you to talk with yourfinancial advisor and visit iShares.com for further insight about investing in today’s markets.Sincerely,Past performance is not an indication of future results.Index performance is shown for illustrative purposes only.You cannot invest directly in an index.Rob KapitoPresident, BlackRock, Inc.2TH I SPAG EI SN O TP A RNM1221U-1969690-2/152T O F Y O U R F U N D R EP O R T
Table of ContentsPageThe Markets in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial StatementsStatements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Trustee and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5136144145147
Market OverviewiShares TrustU.S. Corporate Bond Market OverviewU.S. investment-grade corporate bonds advanced for the 12 months ended October 31, 2021 (“reporting period”). The Markit iBoxx USD Liquid Investment Grade Index,a broad measure of U.S. investment-grade corporate bond performance, returned 2.28%.The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumerspending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helpedaccelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-personshopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, inthe labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employmentremained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production,although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant,which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuriesand mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activitieslate in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investorsto anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.Investment-grade bond yields rose only slightly during the reporting period, even as yields rose more quickly on intermediate- and long-term U.S. Treasuries. A narrowingyield spread (the difference between yields on investment-grade corporate bonds and U.S. Treasuries) buoyed the performance of investment grade bonds compared toU.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported investment-grade bond prices.Issuance remained elevated by historical standards, as companies took the opportunity to refinance and lock in low borrowing costs.From a sector perspective, investment-grade bonds issued by energy companies posted solid returns, supported by rising prices for energy commodities. The prices of oil,natural gas, and coal all increased substantially during the reporting period as the global economic rebound led to higher demand for energy. At the beginning of thepandemic, oil prices declined rapidly, and investment in new projects decreased significantly. As oil prices rose during the reporting period, energy companies issued debt,primarily to refinance at lower borrowing costs.Bonds issued by financial companies also advanced, as banks remained relatively financially healthy during the pandemic, supported by economic stimulus, strong balancesheets, and diverse revenue streams. Non-bank finance company bonds also gained, including aircraft leasing companies, which benefited from the improving financialenvironment of their lessees. Consumer non-cyclical company bonds gained as food and beverage companies were able to adjust pricing to increase revenues despitehigher costs and supply chain difficulties.42021 ISHA R E SANN U A LRNM1221U-1969690-4/152E P O R T T O S H A R E H OL D E R S
Fund Summary as of October 31, 2021iShares iBonds Dec 2021 Term Corporate ETFInvestment ObjectiveThe iShares iBonds Dec 2021 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing in 2021, as represented by the Bloomberg December 2021 Maturity Corporate Index (the "Index") (formerly the Bloomberg Barclays December2021 Maturity Corporate Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to theIndex. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.PerformanceAverage Annual Total Returns1 YearFund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Years0.29%0.210.401.99%1.922.10Cumulative Total ReturnsSinceInception1 Year2.33%2.322.475 58%16.4717.59GROWTH OF 10,000 INVESTMENT(SINCE INCEPTION AT NET ASSET VALUE) 11,800 11,759 ,20010,0009,800Oct 15Oct 16Oct 17Oct 18FundOct 19Oct 20Oct 21IndexThe inception date of the Fund was 3/10/15. The first day of secondary market trading was 3/12/15.Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 26 for more information.Expense ExampleActualEndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a)BeginningAccount Value(05/01/21)EndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a) (a)FHypothetical 5% ReturnBeginningAccount Value(05/01/21)U N dExpenseRatio0.08%Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.SUM M A R YNM1221U-1969690-5/1525
Fund Summary as of October 31, 2021iShares iBonds Dec 2021 Term Corporate ETF(continued)Portfolio InformationALLOCATION BY CREDIT QUALITYMoody's Credit Ratings*Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .*(a)6FIVE LARGEST HOLDINGSPercent ofNet Assets0.1%0.413.912.473.2Percent ofNet AssetsSecurity(a)Citigroup Inc., 2.90%, 12/08/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Morgan Stanley, 2.63%, 11/17/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Motors Financial Co. Inc., 4.20%, 11/06/21 . . . . . . . . . . . . . . . . .AbbVie Inc., 2.15%, 11/19/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Eastman Chemical Co., 3.50%, 12/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . .3.0%2.82.82.72.2Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization.Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher.Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.Excludes money market funds.2021 ISHA R E SANN U A LRNM1221U-1969690-6/152E P O R T T O S H A R E H OL D E R S
Fund Summary as of October 31, 2021iShares iBonds Dec 2022 Term Corporate ETFInvestment ObjectiveThe iShares iBonds Dec 2022 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated,investment-grade corporate bonds maturing in 2022, as represented by the Bloomberg December 2022 Maturity Corporate Index (the "Index") (formerly the BloombergBarclays December 2022 Maturity Corporate Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investmentprofile 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.PerformanceAverage Annual Total Returns1 YearFund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Years0.52%0.360.632.54%2.452.62Cumulative Total ReturnsSinceInception1 Year2.94%2.933.055 .26%21.1822.07GROWTH OF 10,000 INVESTMENT(SINCE INCEPTION AT NET ASSET VALUE) 12,500 12,207 12,12612,00011,50011,00010,50010,0009,500Oct 15Oct 16Oct 17Oct 18FundOct 19Oct 20Oct 21IndexThe inception date of the Fund was 3/10/15. The first day of secondary market trading was 3/12/15.Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 26 for more information.Expense ExampleActualEndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a)BeginningAccount Value(05/01/21)EndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a) (a)FHypothetical 5% ReturnBeginningAccount Value(05/01/21)U N dExpenseRatio0.10%Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.SUM M A R YNM1221U-1969690-7/1527
Fund Summary as of October 31, 2021iShares iBonds Dec 2022 Term Corporate ETF(continued)Portfolio InformationALLOCATION BY CREDIT QUALITYMoody's Credit Ratings*Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Ba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .*(a)8FIVE LARGEST HOLDINGSPercent ofNet Assets1.2%10.547.334.91.11.83.2Percent ofNet AssetsSecurity(a)Wells Fargo & Co., 3.50%, 03/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Goldman Sachs Group Inc. (The), 5.75%, 01/24/22 . . . . . . . . . . . . . . . . .AbbVie Inc., 3.25%, 10/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .JPMorgan Chase & Co., 3.25%, 09/23/22 . . . . . . . . . . . . . . . . . . . . . . . . . .AbbVie Inc., 2.90%, 11/06/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.0%1.30.90.90.8Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization.Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher.Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.Excludes money market funds.2021 ISHA R E SANN U A LRNM1221U-1969690-8/152E P O R T T O S H A R E H OL D E R S
Fund Summary as of October 31, 2021iShares iBonds Dec 2023 Term Corporate ETFInvestment ObjectiveThe iShares iBonds Dec 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated,investment-grade corporate bonds maturing in 2023, as represented by the Bloomberg December 2023 Maturity Corporate Index (the "Index") (formerly the BloombergBarclays December 2023 Maturity Corporate Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investmentprofile 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.PerformanceAverage Annual Total Returns1 YearFund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Years0.72%0.560.813.21%3.123.31Cumulative Total ReturnsSinceInception1 Year3.49%3.483.555 .60%25.5126.04GROWTH OF 10,000 INVESTMENT(SINCE INCEPTION AT NET ASSET VALUE) 13,000 12,604 12,56012,50012,00011,50011,00010,50010,0009,500Oct 15Oct 16Oct 17Oct 18FundOct 19Oct 20Oct 21IndexThe inception date of the Fund was 3/11/15. The first day of secondary market trading was 3/12/15.Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 26 for more information.Expense ExampleActualEndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a)BeginningAccount Value(05/01/21)EndingAccount Value(10/31/21)ExpensesPaid Duringthe Period (a) (a)FHypothetical 5% ReturnBeginningAccount Value(05/01/21)U N xpenseRatio0.10%Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 26 for more information.SUM M A R YNM1221U-1969690-9/1529
Fund Summary as of October 31, 2021iShares iBonds Dec 2023 Term Corporate ETF(continued)Portfolio InformationALLOCATION BY CREDIT QUALITYMoody's Credit Ratings*Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A.Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Ba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .*(a)10FIVE LARGEST HOLDINGSPercent ofNet Assets1.2%9.643.840.10.71.23.4Percent ofNet AssetsSecurity(a)Apple Inc., 2.40%, 05/03/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Bank of America Corp., 3.30%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . .Dell International LLC/EMC Corp., 5.45%, 06/15/23 . . . . . . . . . . . . . . . . .AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%,10/29/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Natwest Group PLC, 3.88%, 09/12/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.9%0.80.80.70.7Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization.Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issu
The prices of oil , natural gas, and coal all increased substantially during the reporting period as the global economic rebound led to higher demand for energy. At the beginning of the pandemic, oil prices declined rapidl y,
