# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001193125-23-067538
**Filing Date:** 2023-3
**Character Count:** 16982
**Document Hash:** 2314cc7c2ec862dcbba59657f663b524
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067538.hdr.sgml**: 20230411

**ACCESSION NUMBER**: 0001193125-23-067538

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663
- **IRS NUMBER:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667
- **IRS NUMBER:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iSHARES INC
- **DATE OF NAME CHANGE:** 20070126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES INC
- **DATE OF NAME CHANGE:** 20000516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBS INDEX FUND INC
- **DATE OF NAME CHANGE:** 19970211

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| | |
|:---|:---|
| ![LOGO](g464029willkiefarrgallagher.jpg) |  |
|  | 1875 K Street, N.W.<br> Washington, DC 20006-1238<br>Tel: 202 303 1000<br> Fax: 202 303 2000 |

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March 10, 2023

**<u>VIA EDGAR</u>**

Mr. David Manion

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re: iShares Trust (the "Trust")

(Securities Act File No. 333-92935 and

Investment Company Act File No. 811-09729)

iShares Inc. (the "Company")

(Securities Act File No. 33-97598 and

Investment Company Act File No. 811-09102)

Dear Mr. Manion:

This letter responds to your comments with respect to certain of the Trust's and the Company's (together, the "Registrant's") annual reports and post-effective amendments to the registration statement, each of which were filed by the Registrant on behalf of the series listed on Appendix A (each, a "Fund," and together, the "Funds"). The comments were provided by the SEC staff (the "Staff") in a telephone conversation on February 2, 2023. For your convenience, the Staff's comments are summarized below, and each comment is followed by the Registrant's response. Capitalized terms have the meanings assigned in each Fund's prospectus unless otherwise defined in this letter. The following responses apply to each Fund unless stated otherwise.

<u>Comment 1</u>: For the ESG Aware ETFs that are fund of funds (e.g., iShares ESG Aware Conservative Allocation ETF), for the stub period ending 7/31/20, the ratios to average net assets have been annualized except for net investment income. Please confirm how the net investment income ratio was calculated (i.e., whether it was annualized or absolute).

<u>Response</u>: The Registrant confirms that, for the stub period ending 7/31/20, the ratio of net investment income to average net assets is annualized. The Registrant will include a footnote indicating that the ratio is annualized in future shareholder reports.

<u>Comment 2</u>: For the ESG Aware ETFs that are fund of funds (e.g., iShares ESG Aware Conservative Allocation ETF), please explain how the Funds' benchmark index has been deemed to be an "appropriate broad-based securities market index" for the Funds in compliance with Form N-1A Item 4(b)(2)(iii) and Instruction 5 of Item 27(b)(7).

BRUSSELS CHICAGO FRANKFURT HOUSTON LONDON LOS ANGELES MILAN

NEW YORK PALO ALTO PARIS ROME SAN FRANCISCO WASHINGTON

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March 10, 2023

<u>Response</u>: The Registrant will add an additional securities market index (that is broad-based under Form N-1A) for the applicable Funds for subsequent filings.

<u>Comment 3</u>: The prospectus for iShares BBB Rated Corporate Bond ETF states that the Fund tracks an index of BBB (or its equivalent) rated bonds. However, the Fund Summary sections of the Fund's shareholder reports uses BAA, which is the Moody standard, as opposed to the BBB S&P standard. Please consider using consistent credit rating standards as indicated in the name of the Fund for the Fund's shareholder reports, or consider adding explanatory language explaining the difference between BAA and BBB.

<u>Response</u>: The Registrant will revise the Fund's shareholder reports in the future to show allocation by credit quality based on the S&P standard.

<u>Comment 4</u>: For iShares Focused Value Factor ETF, information about the index provider for the Fund's Underlying Index has not been provided in the shareholder reports as it is in the Fund's prospectus. Please include additional information such as the provider of the Fund's Underlying Index (FTSE Russell) in future shareholder reports.

<u>Response</u>: The Registrant will include in future shareholder reports the name of the provider of the Fund's Underlying Index.

<u>Comment 5</u>: iShares Cybersecurity and Tech ETF, iShares Genomics Immunology and Healthcare ETF, and iShares Self-Driving EV and Tech ETF have been identified as non-diversified, but they appear to be operating as diversified. Please confirm whether the Funds continue to meet compliance with the non-diversification status. Please confirm that, if the Funds have been operating as diversified for three years, the Funds will receive shareholder approval prior to changing their status back to non-diversified.

<u>Response</u>: The Registrant confirms that the Funds operate as diversified and that, in future prospectuses and shareholder reports, the Registrant will identify the Funds as such after three years. The Registrant confirms that if the Funds were to change to non-diversified after operating as diversified for at least three years, the Registrant will seek shareholder approval prior to changing the status to non-diversified.

\*\*\*\*

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March 10, 2023

If you have any questions or need further information, please call me at (202) 303-1124.

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| |
|:---|
|  Sincerely, |
| /s/ Benjamin J. Haskin |
|  Benjamin J. Haskin |

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cc: Marissa Rolland

Adithya Attawar

Jennifer Kerslake

Jakob Edson

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**APPENDIX A** 

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| | | | |
|:---|:---|:---|:---|
| **File No** | **Registrant Name** | **Series Name** | **Year End Date** |
| 811-09102  | iShares, Inc. | iShares International High Yield Bond ETF | 10/31/2022 |
| 811-09102 | iShares, Inc. | iShares J.P. Morgan EM Corporate Bond ETF | 10/31/2022 |
| 811-09102 | iShares, Inc. | iShares J.P. Morgan EM High Yield Bond ETF | 10/31/2022 |
| 811-09102 | iShares, Inc. | iShares J.P. Morgan EM Local Currency Bond ETF | 10/31/2022 |
| 811-09102 | iShares, Inc. | iShares US & Intl High Yield Corp Bond ETF | 10/31/2022 |
| 811-09729 | iSHARES TRUST | iShares 10+ Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 10-20 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 1-3 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 1-5 Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 3-7 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 5-10 Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Agency Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Broad USD Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares California Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Core 10+ Year USD Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Core 5-10 Year USD Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware 1-5 Year USD Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware USD Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Government/Credit Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |

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| | | | |
|:---|:---|:---|:---|
| 811-09729  | iSHARES TRUST | iShares High Yield Bond Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Intermediate Government/Credit Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Investment Grade Bond Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares MBS ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares National Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares New York Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Short Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Short-Term National Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | 25+ Year Treasury STRIPS Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | BBB Rated Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | USD Bond Factor | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | 0-3 Months Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | iShares Factors US Growth Style ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Factors US Value Style ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Focused Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Broker-Dealers & Securities Exchanges ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Healthcare Providers ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Home Construction ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Infrastructure ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Insurance ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Medical Devices ETF  | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |

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| | | | |
|:---|:---|:---|:---|
| 811-09729  | iSHARES TRUST | iShares U.S. Oil & Gas Exploration & Production ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Oil Equipment & Services ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Pharmaceuticals ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Regional Banks ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares U.S. Telecommunications ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares US Small Cap Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware Aggressive Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware Conservative Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware Growth Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares ESG Aware Moderate Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares China Large-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core Aggressive Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core Conservative Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core Growth Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core Moderate Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core MSCI Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core MSCI International Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core MSCI Pacific ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Core MSCI Total International Stock ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares Morningstar Multi-Asset Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI ACWI ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI ACWI Low Carbon Target ETF  | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |

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| | | | |
|:---|:---|:---|:---|
| 811-09729  | iSHARES TRUST | iShares MSCI All Country Asia ex Japan ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI China A ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Europe Financials ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Europe Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Intl Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Intl Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Intl Size Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Intl Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI Kokusai ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI USA Quality Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI USA Size Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | iShares MSCI USA Value Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Cloud 5G and Tech ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Cybersecurity and Tech ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Exponential Technologies ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Genomic Immunology and Healthcare ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Robotics and Artificial Intelligence Multisector ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Self-Driving EV and Tech ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | U.S. Tech Breakthrough and Multisector ETF | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | Virtual Work and Life Multisector ETC | &nbsp;&nbsp;&nbsp;&nbsp;7/31/2022 |
| 811-09729 | iSHARES TRUST | ESG Advanced Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | ESG Advanced Total USD Bond Market ETF | &nbsp;&nbsp;&nbsp;&nbsp;2/28/2022 |
| 811-09729 | iSHARES TRUST | ESG Screened S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | ESG Screened S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |
| 811-09729 | iSHARES TRUST | ESG Screened S&P Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2022 |

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