iShares Russell Small/Mid-Cap Index Fund - (BSMAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: April 30, 2021

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

OCTOBER 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Dow Jones U.S. ETF | IYY | NYSE Arca

· iShares Transportation Average ETF | IYT | Cboe BZX

· iShares U.S. Energy ETF | IYE | NYSE Arca

· iShares U.S. Healthcare ETF | IYH | NYSE Arca

· iShares U.S. Technology ETF | IYW | NYSE Arca

· iShares U.S. Utilities ETF | IDU | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		13.29	%		9.71	%
U.S. small cap equities (Russell 2000® Index)		18.13			(0.14	)
International equities (MSCI Europe, Australasia, Far East Index)		8.57			(6.86	)
Emerging market equities (MSCI Emerging Markets Index)		20.96			8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06			0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(1.63	)		8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		1.27			6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)		4.87			3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		10.73			3.42
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S   N O T  P A R T  O F  Y O U R  F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
Financial Statements
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	45
Notes to Financial Statements	51
Board Review and Approval of Investment Advisory Contract	60
Supplemental Information	66
General Information	67
Glossary of Terms Used in this Report	68

Fund Summary as of October 31, 2020 iShares^® Dow Jones U.S. ETF

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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.70	%		10.07	%		11.38	%		12.66	%		10.07	%		71.38	%		229.29	%
Fund Market		14.74			10.04			11.38			12.65			10.04			71.38			229.11
Index		14.81			10.29			11.59			12.87			10.29			73.03			235.61

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,147.00	$        1.08			$      1,000.00	$      1,024.20	$        1.02		0.20	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology	27.4%
Health Care	13.9
Consumer Discretionary	12.2
Communication Services	10.6
Financials	10.0
Industrials	8.7
Consumer Staples	6.4
Utilities	3.1
Real Estate	3.1
Materials	2.7
Energy	1.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	5.6%
Microsoft Corp.	4.9
Amazon.com Inc.	4.2
Facebook Inc., Class A	2.0
Alphabet Inc., Class A	1.6
Alphabet Inc., Class C	1.5
Berkshire Hathaway Inc., Class B	1.3
Johnson & Johnson	1.2
Procter & Gamble Co. (The)	1.1
NVIDIA Corp.	1.0

^(a)  Excludes money market funds.

4 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® Transportation Average ETF

Investment Objective

The iShares Transportation Average ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the transportation sector, as represented by the Dow Jones Transportation Average 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		31.84	%(a)		5.67	%		7.41	%		9.91	%		5.67	%		42.98	%		157.34	%
Fund Market		31.80			5.65			7.42			9.91			5.65			43.00			157.33
Index		33.64			7.45			8.08			10.51			7.45			47.49			171.61

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Certain sectors and markets performed exceptionally well based on market conditions during the six months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,318.40	$        2.45			$      1,000.00	$      1,023.10	$        2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Road & Rail	49.7%
Air Freight & Logistics	27.4
Airlines	17.5
Marine	5.4

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
FedEx Corp.	13.2%
Norfolk Southern Corp.	10.4
Union Pacific Corp.	8.7
Kansas City Southern	8.7
Landstar System Inc.	6.2
CSX Corp.	4.9
United Parcel Service Inc., Class B	4.8
CH Robinson Worldwide Inc.	4.7
Expeditors International of Washington Inc.	4.7
JB Hunt Transport Services Inc.	4.7

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of October 31, 2020 iShares^® U.S. Energy ETF

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 Dow Jones U.S. Oil & Gas 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.22	)%		(46.01	)%		(13.37	)%		(4.96	)%		(46.01	)%		(51.21	)%		(39.89	)%
Fund Market		(21.12	)		(46.04	)		(13.39	)		(4.97	)		(46.04	)		(51.28	)		(39.93	)
Index		(21.10	)		(45.82	)		(13.02	)		(4.59	)		(45.82	)		(50.22	)		(37.48	)

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$       787.80	$        1.89			$      1,000.00	$      1,023.10	$        2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Oil, Gas & Consumable Fuels	89.7%
Energy Equipment & Services	7.9
Semiconductors & Semiconductor Equipment	1.3
Electric Utilities	1.1

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Exxon Mobil Corp.	23.3%
Chevron Corp.	22.6
ConocoPhillips	4.7
Williams Companies Inc. (The)	3.9
Kinder Morgan Inc./DE	3.9
Schlumberger Ltd.	3.5
Phillips 66	3.5
EOG Resources Inc.	3.4
Marathon Petroleum Corp.	3.3
Valero Energy Corp.	2.7

^(a)  Excludes money market funds.

6 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® U.S. Healthcare ETF

Investment Objective

The iShares U.S. Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the healthcare sector, as represented by the Dow Jones U.S. Health Care 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.10	%		12.33	%		9.63	%		14.76	%		12.33	%		58.39	%		296.29	%
Fund Market		4.11			12.27			9.64			14.76			12.27			58.42			296.07
Index		4.32			12.80			10.06			15.24			12.80			61.52			313.13

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,041.00	$        2.16			$      1,000.00	$      1,023.10	$        2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Health Care Equipment & Supplies	27.9%
Pharmaceuticals	26.8
Health Care Providers & Services	18.1
Biotechnology	17.0
Life Sciences Tools & Services	9.7
Health Care Technology	0.5

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Johnson & Johnson	8.6%
UnitedHealth Group Inc.	6.9
Pfizer Inc.	4.7
Merck & Co. Inc.	4.5
Thermo Fisher Scientific Inc.	4.4
Abbott Laboratories	4.4
AbbVie Inc.	3.6
Danaher Corp.	3.4
Medtronic PLC	3.2
Bristol-Myers Squibb Co.	3.1

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of October 31, 2020 iShares^® U.S. Technology ETF

Investment Objective

The iShares U.S. Technology ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the technology sector, as represented by the Dow Jones U.S. Technology Capped (TR) 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.25	%		39.15	%		22.95	%		17.98	%		39.15	%		180.99	%		422.61	%
Fund Market		25.40			39.22			22.97			17.98			39.22			181.16			422.71
Index		25.51			39.74			23.50			18.46			39.74			187.30			443.95

Certain sectors and markets performed exceptionally well based on market conditions during the six months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Technology Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Technology Capped (TR) Index^TM.

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,252.50	$        2.38			$      1,000.00	$      1,023.10	$        2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Software	36.7%
Technology Hardware, Storage & Peripherals	20.9
Semiconductors & Semiconductor Equipment	19.8
Interactive Media & Services	12.9
IT Services	4.5
Communications Equipment	2.9
Other (each representing less than 1%)	2.3

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.	19.8%
Microsoft Corp.	17.3
Facebook Inc., Class A	4.4
NVIDIA Corp.	4.0
Alphabet Inc., Class A	3.5
Alphabet Inc., Class C	3.4
Adobe Inc.	2.8
salesforce.com Inc.	2.7
Intel Corp.	2.4
Cisco Systems Inc.	2.0

^(a)  Excludes money market funds.

8 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® U.S. Utilities ETF

Investment Objective

The iShares U.S. Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the utilities sector, as represented by the Dow Jones U.S. Utilities 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.05	%		(2.36	)%		10.20	%		10.58	%		(2.36	)%		62.55	%		173.37	%
Fund Market		9.06			(2.37	)		10.21			10.58			(2.37	)		62.57			173.33
Index		9.28			(1.93	)		10.70			11.08			(1.93	)		66.26			185.95

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 redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,090.50	$        2.21			$      1,000.00	$      1,023.10	$        2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Electric Utilities	60.4%
Multi-Utilities	29.9
Water Utilities	3.8
Gas Utilities	3.6
Independent Power and Renewable Electricity Producers	2.3

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
NextEra Energy Inc.	15.0%
Duke Energy Corp.	7.1
Dominion Energy Inc.	7.0
Southern Co. (The)	6.3
American Electric Power Co. Inc.	4.6
Exelon Corp.	4.0
Xcel Energy Inc.	3.8
Sempra Energy	3.8
WEC Energy Group Inc.	3.3
Eversource Energy	3.1

^(a)  Excludes money market funds.

FUND   SUMMARY 9

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise Inc.(a)(b)		2,596	$	256,744
Boeing Co. (The)		21,205		3,061,790
BWX Technologies Inc.		3,785		208,213
Curtiss-Wright Corp.		1,684		142,062
General Dynamics Corp.		9,302		1,221,632
HEICO Corp.		1,711		179,741
HEICO Corp., Class A		2,961		276,853
Hexcel Corp.		3,436		115,037
Howmet Aerospace Inc.		15,439		266,323
Huntington Ingalls Industries Inc.		1,646		242,752
L3Harris Technologies Inc.		8,624		1,389,413
Lockheed Martin Corp.		9,832		3,442,478
Mercury Systems Inc.(a)		2,221		152,982
Northrop Grumman Corp.		6,185		1,792,537
Raytheon Technologies Corp.		61,054		3,316,453
Teledyne Technologies Inc.(a)		1,468		453,832
Textron Inc.		9,147		327,463
TransDigm Group Inc.		2,176		1,038,844
				17,885,149
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		5,385		476,196
Expeditors International of Washington Inc.		6,757		597,116
FedEx Corp.		9,633		2,499,475
United Parcel Service Inc., Class B		28,259		4,439,771
XPO Logistics Inc.(a)		3,670		330,300
				8,342,858
Airlines — 0.2%
Alaska Air Group Inc.		5,029		190,549
American Airlines Group Inc.		20,652		232,955
Delta Air Lines Inc.		25,602		784,445
JetBlue Airways Corp.(a)		10,864		130,042
Southwest Airlines Co.		23,676		935,912
United Airlines Holdings Inc.(a)		11,680		395,485
				2,669,388
Auto Components — 0.2%
Aptiv PLC		10,804		1,042,478
Autoliv Inc.		3,145		238,391
BorgWarner Inc.		9,701		339,341
Gentex Corp.		9,752		269,838
Lear Corp.		2,224		268,681
				2,158,729
Automobiles — 1.2%
Ford Motor Co.		156,449		1,209,351
General Motors Co.		50,444		1,741,832
Harley-Davidson Inc.		6,248		205,434
Tesla Inc.(a)		29,827		11,574,069
Thor Industries Inc.(b)		2,176		184,046
				14,914,732
Banks — 3.3%
Bank of America Corp.		305,244		7,234,283
Bank OZK		4,989		123,627
BOK Financial Corp.		1,258		73,895
Citigroup Inc.		83,203		3,446,268
Citizens Financial Group Inc.		16,956		462,051
Comerica Inc.		5,463		248,621
Commerce Bancshares Inc.		3,984		248,004
Cullen/Frost Bankers Inc.		2,286		160,637

Security	Shares		Value
Banks (continued)
East West Bancorp. Inc.		5,815	$	212,131
Fifth Third Bancorp.		28,442		660,423
First Citizens BancShares Inc./NC, Class A		290		134,183
First Financial Bankshares Inc.		5,566		165,923
First Horizon National Corp.		22,223		231,342
First Republic Bank/CA		6,908		871,375
FNB Corp.		13,125		99,225
Glacier Bancorp. Inc.		3,908		139,906
Home BancShares Inc./AR		6,167		102,372
Huntington Bancshares Inc./OH		41,148		429,585
JPMorgan Chase & Co.		121,942		11,955,194
KeyCorp.		39,476		512,399
M&T Bank Corp.		5,166		535,094
People’s United Financial Inc.		16,524		176,311
Pinnacle Financial Partners Inc.		3,170		145,154
PNC Financial Services Group Inc. (The)		16,965		1,898,044
Popular Inc.		3,216		135,715
Prosperity Bancshares Inc.		3,792		208,977
Regions Financial Corp.		38,659		514,165
Signature Bank/New York NY		2,157		174,156
SVB Financial Group(a)		2,079		604,365
Synovus Financial Corp.		5,850		152,100
TCF Financial Corp.		6,114		166,362
Truist Financial Corp.		53,858		2,268,499
U.S. Bancorp.		54,784		2,133,837
UMB Financial Corp.		1,719		104,636
Umpqua Holdings Corp.		8,827		110,867
United Bankshares Inc./WV		5,091		133,537
Valley National Bancorp.		15,717		120,078
Webster Financial Corp.		3,683		118,630
Wells Fargo & Co.		164,660		3,531,957
Western Alliance Bancorp.		4,190		172,628
Wintrust Financial Corp.		2,306		113,524
Zions Bancorp NA		6,425		207,335
				41,237,415
Beverages — 1.5%
Boston Beer Co. Inc. (The), Class A, NVS(a)		366		380,340
Brown-Forman Corp., Class B, NVS		7,298		508,743
Coca-Cola Co. (The)		154,762		7,437,862
Constellation Brands Inc., Class A		6,740		1,113,650
Keurig Dr Pepper Inc.		18,651		501,712
Molson Coors Beverage Co., Class B		7,510		264,803
Monster Beverage Corp.(a)		14,818		1,134,614
National Beverage Corp.(a)(b)		479		37,501
PepsiCo Inc.		55,430		7,388,265
				18,767,490
Biotechnology — 2.3%
AbbVie Inc.		70,687		6,015,464
ACADIA Pharmaceuticals Inc.(a)		4,513		209,629
Acceleron Pharma Inc.(a)		2,091		218,677
Agios Pharmaceuticals Inc.(a)		2,371		95,006
Alexion Pharmaceuticals Inc.(a)		8,797		1,012,887
Alkermes PLC(a)		6,116		99,385
Allogene Therapeutics Inc.(a)		2,522		85,546
Alnylam Pharmaceuticals Inc.(a)		4,655		572,425
Amgen Inc.		23,408		5,078,132
Biogen Inc.(a)		6,359		1,602,913
BioMarin Pharmaceutical Inc.(a)		7,215		537,012
Bluebird Bio Inc.(a)(b)		2,564		132,584

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Blueprint Medicines Corp.(a)		2,170	$	221,948
Emergent BioSolutions Inc.(a)		1,805		162,396
Exact Sciences Corp.(a)		6,028		746,447
Exelixis Inc.(a)		12,405		254,054
FibroGen Inc.(a)		3,269		125,464
Gilead Sciences Inc.		50,106		2,913,664
Incyte Corp.(a)		7,461		646,421
Ionis Pharmaceuticals Inc.(a)		5,607		263,249
Moderna Inc.(a)		12,077		814,835
Neurocrine Biosciences Inc.(a)		3,701		365,178
Novavax Inc.(a)		2,263		182,647
Regeneron Pharmaceuticals Inc.(a)		4,174		2,268,819
Sarepta Therapeutics Inc.(a)		3,151		428,252
Seagen Inc.(a)		4,889		815,485
Ultragenyx Pharmaceutical Inc.(a)		2,260		227,130
United Therapeutics Corp.(a)		1,759		236,111
Vertex Pharmaceuticals Inc.(a)		10,397		2,166,319
Vir Biotechnology Inc.(a)(b)		2,601		81,775
				28,579,854
Building Products — 0.5%
A O Smith Corp.		5,502		284,398
Allegion PLC		3,654		359,919
Armstrong World Industries Inc.		1,980		118,602
Carrier Global Corp.		32,498		1,085,108
Fortune Brands Home & Security Inc.		5,584		451,578
Johnson Controls International PLC		29,658		1,251,864
Lennox International Inc.		1,384		375,978
Masco Corp.		10,404		557,654
Owens Corning		4,276		279,950
Trane Technologies PLC		9,616		1,276,524
Trex Co. Inc.(a)		4,626		321,692
				6,363,267
Capital Markets — 2.7%
Affiliated Managers Group Inc.		1,916		144,409
Ameriprise Financial Inc.		4,827		776,326
Apollo Global Management Inc.		8,372		308,592
Ares Management Corp., Class A		3,794		160,486
Bank of New York Mellon Corp. (The)		32,457		1,115,223
BlackRock Inc.(c)		5,668		3,396,322
Blackstone Group Inc. (The), Class A		26,744		1,348,433
Carlyle Group Inc. (The)		4,619		115,105
Cboe Global Markets Inc.		4,413		358,733
Charles Schwab Corp. (The)		59,374		2,440,865
CME Group Inc.		14,370		2,165,846
Eaton Vance Corp., NVS		4,732		282,926
FactSet Research Systems Inc.		1,516		464,654
Federated Hermes Inc.		3,935		94,047
Franklin Resources Inc.		10,701		200,644
Goldman Sachs Group Inc. (The)		13,746		2,598,544
Interactive Brokers Group Inc., Class A		3,237		153,984
Intercontinental Exchange Inc.		22,402		2,114,749
Invesco Ltd.		15,413		202,064
Janus Henderson Group PLC		5,820		141,426
KKR & Co. Inc.		22,442		766,394
Lazard Ltd., Class A		4,504		151,650
LPL Financial Holdings Inc.		3,241		259,053
MarketAxess Holdings Inc.		1,509		813,125
Moody’s Corp.		6,469		1,700,700
Morgan Stanley		57,081		2,748,450

Security	Shares		Value
Capital Markets (continued)
Morningstar Inc.		827	$	157,444
MSCI Inc.		3,357		1,174,413
Nasdaq Inc.		4,603		556,917
Northern Trust Corp.		8,337		652,537
Raymond James Financial Inc.		4,960		379,142
S&P Global Inc.		9,632		3,108,535
SEI Investments Co.		4,872		239,459
State Street Corp.		14,175		834,908
Stifel Financial Corp.		2,698		157,725
T Rowe Price Group Inc.		9,065		1,148,173
Tradeweb Markets Inc., Class A		3,643		198,471
Virtu Financial Inc., Class A		2,969		63,477
				33,693,951
Chemicals — 1.8%
Air Products & Chemicals Inc.		8,857		2,446,658
Albemarle Corp.		4,266		397,634
Ashland Global Holdings Inc.		2,185		152,447
Axalta Coating Systems Ltd.(a)		8,300		208,413
Celanese Corp.		4,728		536,675
CF Industries Holdings Inc.		8,644		238,661
Chemours Co. (The)		6,663		134,193
Corteva Inc.		30,040		990,719
Dow Inc.		29,542		1,343,866
DuPont de Nemours Inc.		29,456		1,675,457
Eastman Chemical Co.		5,406		437,021
Ecolab Inc.		9,903		1,818,092
Element Solutions Inc.(a)		8,264		96,854
FMC Corp.		5,229		537,227
Huntsman Corp.		8,202		199,227
Ingevity Corp.(a)		1,724		94,613
International Flavors & Fragrances Inc.		4,283		439,693
Linde PLC		20,997		4,626,479
LyondellBasell Industries NV, Class A		10,351		708,526
Mosaic Co. (The)		14,018		259,333
NewMarket Corp.		296		105,876
PPG Industries Inc.		9,408		1,220,406
RPM International Inc.		5,213		441,385
Scotts Miracle-Gro Co. (The)		1,606		240,980
Sherwin-Williams Co. (The)		3,271		2,250,383
Valvoline Inc.		7,411		145,774
Westlake Chemical Corp.		1,455		98,387
WR Grace & Co.		2,541		110,508
				21,955,487
Commercial Services & Supplies — 0.5%
ADT Inc.		6,590		43,428
Cimpress PLC(a)		779		57,179
Cintas Corp.		3,489		1,097,465
Clean Harbors Inc.(a)		2,072		109,754
Copart Inc.(a)		8,213		906,387
IAA Inc.(a)		5,305		300,210
MSA Safety Inc.		1,477		194,846
Republic Services Inc.		8,359		737,013
Rollins Inc.		5,920		342,472
Stericycle Inc.(a)		3,708		231,008
Tetra Tech Inc.		2,186		220,589
Waste Management Inc.		15,577		1,680,914
				5,921,265
Communications Equipment — 0.7%
Arista Networks Inc.(a)		2,185		456,446

12 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Ciena Corp.(a)		6,218	$	244,927
Cisco Systems Inc.		169,540		6,086,486
EchoStar Corp., Class A(a)		1,842		42,661
F5 Networks Inc.(a)		2,455		326,368
Juniper Networks Inc.		13,412		264,485
Lumentum Holdings Inc.(a)		2,956		244,432
Motorola Solutions Inc.		6,784		1,072,279
Ubiquiti Inc.(b)		307		56,982
Viavi Solutions Inc.(a)		8,807		108,766
				8,903,832
Construction & Engineering — 0.1%
AECOM(a)		6,555		293,926
EMCOR Group Inc.		2,185		148,995
Jacobs Engineering Group Inc.		5,242		497,990
MasTec Inc.(a)(b)		2,391		118,689
Quanta Services Inc.		5,584		348,609
Valmont Industries Inc.		835		118,529
				1,526,738
Construction Materials — 0.1%
Eagle Materials Inc.		1,651		140,748
Martin Marietta Materials Inc.		2,498		665,342
Vulcan Materials Co.		5,321		770,694
				1,576,784
Consumer Finance — 0.5%
Ally Financial Inc.		14,723		392,810
American Express Co.		26,050		2,376,802
Capital One Financial Corp.		18,338		1,340,141
Credit Acceptance Corp.(a)(b)		489		145,781
Discover Financial Services		12,336		801,963
FirstCash Inc.		1,752		91,174
Green Dot Corp., Class A(a)		2,072		110,479
LendingTree Inc.(a)(b)		307		99,342
OneMain Holdings Inc.		2,943		102,681
Santander Consumer USA Holdings Inc.		2,914		59,271
SLM Corp.		15,108		138,842
Synchrony Financial		21,633		541,258
				6,200,544
Containers & Packaging — 0.4%
Amcor PLC		62,290		649,685
AptarGroup Inc.		2,583		294,694
Avery Dennison Corp.		3,319		459,316
Ball Corp.		13,108		1,166,612
Berry Global Group Inc.(a)		5,304		247,326
Crown Holdings Inc.(a)		5,431		465,980
Graphic Packaging Holding Co.		11,567		153,725
International Paper Co.		15,855		693,656
Packaging Corp. of America		3,764		430,940
Sealed Air Corp.		6,108		241,816
Silgan Holdings Inc.		3,279		112,962
Sonoco Products Co.		3,900		190,671
Westrock Co.		10,327		387,779
				5,495,162
Distributors — 0.1%
Genuine Parts Co.		5,736		518,706
LKQ Corp.(a)		11,237		359,472
Pool Corp.		1,604		561,127
				1,439,305

Security	Shares		Value
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		2,438	$	385,326
Chegg Inc.(a)		4,989		366,392
frontdoor Inc.(a)		3,373		133,638
Grand Canyon Education Inc.(a)		1,935		151,646
H&R Block Inc.		8,032		138,632
Service Corp. International		7,024		325,282
Terminix Global Holdings Inc.(a)(b)		5,351		251,979
				1,752,895
Diversified Financial Services — 1.3%
Berkshire Hathaway Inc., Class B(a)		79,313		16,013,295
Equitable Holdings Inc.		16,078		345,516
Jefferies Financial Group Inc.		8,543		166,674
Voya Financial Inc.		5,082		243,580
				16,769,065
Diversified Telecommunication Services — 1.5%
AT&T Inc.		285,226		7,706,807
CenturyLink Inc.		39,377		339,430
GCI Liberty Inc., Class A(a)		4,067		330,362
Liberty Global PLC, Class A(a)		5,707		108,319
Liberty Global PLC, Class C, NVS(a)		14,887		277,791
Verizon Communications Inc.		165,601		9,437,601
				18,200,310
Electric Utilities — 1.9%
ALLETE Inc.		2,074		106,977
Alliant Energy Corp.		10,048		555,453
American Electric Power Co. Inc.		19,808		1,781,333
Avangrid Inc.		2,194		108,252
Duke Energy Corp.		29,392		2,707,297
Edison International		15,223		853,097
Entergy Corp.		7,978		807,533
Evergy Inc.		9,132		504,086
Eversource Energy		13,754		1,200,312
Exelon Corp.		39,029		1,556,867
FirstEnergy Corp.		21,654		643,557
Hawaiian Electric Industries Inc.		4,477		147,920
IDACORP Inc.		1,992		174,758
NextEra Energy Inc.		78,444		5,742,885
NRG Energy Inc.		9,733		307,758
OGE Energy Corp.		7,970		245,237
PG&E Corp.(a)		58,827		562,386
Pinnacle West Capital Corp.		4,471		364,700
PNM Resources Inc.		3,177		158,850
Portland General Electric Co.		3,521		138,375
PPL Corp.		30,835		847,963
Southern Co. (The)		42,209		2,424,907
Xcel Energy Inc.		21,033		1,472,941
				23,413,444
Electrical Equipment — 0.6%
Acuity Brands Inc.		1,577		140,574
AMETEK Inc.		9,137		897,253
Eaton Corp. PLC		15,986		1,659,187
Emerson Electric Co.		23,876		1,546,926
EnerSys		1,632		116,851
Generac Holdings Inc.(a)		2,536		532,940
Hubbell Inc.		2,211		321,723
nVent Electric PLC		6,820		123,101
Regal Beloit Corp.		1,644		162,181
Rockwell Automation Inc.		4,632		1,098,340

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Sensata Technologies Holding PLC(a)		6,144	$	268,554
				6,867,630
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		11,958		1,349,341
Arrow Electronics Inc.(a)		3,116		242,705
Avnet Inc.		3,742		92,315
CDW Corp./DE		5,691		697,717
Cognex Corp.		6,910		455,369
Coherent Inc.(a)		970		121,386
Corning Inc.		30,542		976,428
Dolby Laboratories Inc., Class A		2,562		192,355
FLIR Systems Inc.		5,121		177,647
IPG Photonics Corp.(a)		1,422		264,435
Itron Inc.(a)		1,631		110,826
Jabil Inc.		5,240		173,654
Keysight Technologies Inc.(a)		7,485		784,952
Littelfuse Inc.		978		193,585
National Instruments Corp.		5,276		165,033
SYNNEX Corp.		1,612		212,204
TE Connectivity Ltd.		13,247		1,283,369
Trimble Inc.(a)		10,052		483,803
Vontier Corp.(a)		5,412		155,541
Zebra Technologies Corp., Class A(a)		2,155		611,244
				8,743,909
Energy Equipment & Services — 0.1%
Baker Hughes Co.		25,948		383,252
Halliburton Co.		35,456		427,600
National Oilwell Varco Inc.		15,443		129,721
Schlumberger Ltd.		55,497		829,125
TechnipFMC PLC		16,770		92,738
				1,862,436
Entertainment — 1.9%
Activision Blizzard Inc.		30,848		2,336,119
Electronic Arts Inc.(a)		11,573		1,386,793
Liberty Media Corp.-Liberty Formula One, Class A(a)		925		30,803
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		8,185		295,724
Live Nation Entertainment Inc.(a)		5,733		279,770
Madison Square Garden Sports Corp.(a)		696		98,581
Netflix Inc.(a)		17,652		8,397,762
Roku Inc.(a)		4,250		860,200
Take-Two Interactive Software Inc.(a)		4,590		711,083
Walt Disney Co. (The)		72,326		8,769,527
Warner Music Group Corp., Class A		3,554		94,288
World Wrestling Entertainment Inc., Class A		1,912		69,520
Zynga Inc., Class A(a)		40,144		360,895
				23,691,065
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		4,707		713,205
American Campus Communities Inc.		5,528		207,079
American Homes 4 Rent, Class A		10,771		304,496
American Tower Corp.		17,727		4,071,006
Americold Realty Trust		8,066		292,231
Apartment Investment & Management Co., Class A		5,933		189,263
AvalonBay Communities Inc.		5,626		782,745
Boston Properties Inc.		5,609		406,148
Brixmor Property Group Inc.		11,921		130,654
Camden Property Trust		3,862		356,231
CoreSite Realty Corp.		1,718		205,061

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Corporate Office Properties Trust		4,290	$	96,225
Cousins Properties Inc.		5,940		151,351
Crown Castle International Corp.		16,785		2,621,817
CubeSmart		7,919		268,692
CyrusOne Inc.		4,684		332,798
Digital Realty Trust Inc.		10,802		1,558,729
Douglas Emmett Inc.		6,671		157,436
Duke Realty Corp.		14,860		564,531
EastGroup Properties Inc.		1,566		208,403
Equinix Inc.		3,550		2,595,902
Equity Commonwealth		4,955		130,911
Equity LifeStyle Properties Inc.		6,800		402,492
Equity Residential		13,744		645,693
Essex Property Trust Inc.		2,598		531,525
Extra Space Storage Inc.		5,212		604,331
Federal Realty Investment Trust		2,798		192,446
First Industrial Realty Trust Inc.		5,035		200,443
Gaming and Leisure Properties Inc.		8,370		304,250
Healthcare Realty Trust Inc.		5,511		153,206
Healthcare Trust of America Inc., Class A(b)		8,798		213,791
Healthpeak Properties Inc.		21,680		584,710
Highwoods Properties Inc.		4,073		121,253
Host Hotels & Resorts Inc.		28,743		301,227
Hudson Pacific Properties Inc.		6,312		121,569
Invitation Homes Inc.		22,499		613,323
Iron Mountain Inc.		11,347		295,703
JBG SMITH Properties		4,325		100,989
Kilroy Realty Corp.		4,264		200,749
Kimco Realty Corp.		17,223		176,708
Lamar Advertising Co., Class A		3,510		217,480
Lexington Realty Trust		11,126		110,481
Life Storage Inc.		1,833		209,237
Medical Properties Trust Inc.		21,337		380,225
Mid-America Apartment Communities Inc.		4,609		537,548
National Health Investors Inc.		1,749		98,031
National Retail Properties Inc.		6,884		220,357
Omega Healthcare Investors Inc.		8,915		256,841
Physicians Realty Trust		8,186		138,016
PotlatchDeltic Corp.		2,804		116,506
Prologis Inc.		29,497		2,926,102
PS Business Parks Inc.		805		91,794
Public Storage		6,104		1,398,243
Rayonier Inc.		5,647		143,321
Realty Income Corp.		13,728		794,302
Regency Centers Corp.		6,332		225,356
Rexford Industrial Realty Inc.		4,944		229,698
Sabra Health Care REIT Inc.		8,446		111,149
SBA Communications Corp.		4,487		1,302,890
Simon Property Group Inc.		12,148		763,016
SL Green Realty Corp.		2,940		125,861
Spirit Realty Capital Inc.		4,002		120,260
STORE Capital Corp.		8,974		230,632
Sun Communities Inc.		3,958		544,740
Taubman Centers Inc.		2,531		84,586
UDR Inc.		11,743		366,851
Ventas Inc.		14,941		589,721
VEREIT Inc.		43,384		268,981
VICI Properties Inc.		21,420		491,589
Vornado Realty Trust		6,349		195,105
Welltower Inc.		16,587		891,883

14 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Weyerhaeuser Co.		29,657	$	809,340
WP Carey Inc.		6,941		434,576
				37,534,040
Food & Staples Retailing — 1.5%
BJ’s Wholesale Club Holdings Inc.(a)		5,537		212,012
Casey’s General Stores Inc.		1,493		251,675
Costco Wholesale Corp.		17,681		6,323,079
Kroger Co. (The)		31,224		1,005,725
Performance Food Group Co.(a)		5,258		176,721
Sprouts Farmers Market Inc.(a)		4,871		92,793
Sysco Corp.		20,385		1,127,494
U.S. Foods Holding Corp.(a)		8,867		185,320
Walgreens Boots Alliance Inc.		28,868		982,667
Walmart Inc.		55,582		7,712,003
				18,069,489
Food Products — 1.1%
Archer-Daniels-Midland Co.		22,278		1,030,135
Beyond Meat Inc.(a)		1,980		282,011
Bunge Ltd.		5,584		316,780
Campbell Soup Co.		8,126		379,240
Conagra Brands Inc.		19,595		687,588
Darling Ingredients Inc.(a)		6,343		272,749
Flowers Foods Inc.		8,088		190,715
General Mills Inc.		24,413		1,443,297
Hain Celestial Group Inc. (The)(a)		3,378		103,873
Hershey Co. (The)		5,883		808,677
Hormel Foods Corp.		11,098		540,362
Ingredion Inc.		2,668		189,134
JM Smucker Co. (The)		4,530		508,266
Kellogg Co.		10,217		642,547
Kraft Heinz Co. (The)		26,008		795,585
Lamb Weston Holdings Inc.		5,715		362,617
Lancaster Colony Corp.		747		124,107
McCormick & Co. Inc./MD, NVS		4,976		898,218
Mondelez International Inc., Class A		57,084		3,032,302
Pilgrim’s Pride Corp.(a)		2,065		34,568
Post Holdings Inc.(a)		2,492		214,063
Seaboard Corp.		10		34,450
TreeHouse Foods Inc.(a)		2,189		85,021
Tyson Foods Inc., Class A		11,816		676,230
				13,652,535
Gas Utilities — 0.1%
Atmos Energy Corp.		4,947		453,492
National Fuel Gas Co.		3,528		140,979
New Jersey Resources Corp.		3,959		115,524
ONE Gas Inc.		2,085		143,948
Southwest Gas Holdings Inc.		2,196		144,321
Spire Inc.		2,052		114,994
UGI Corp.		8,392		271,397
				1,384,655
Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		70,879		7,450,092
ABIOMED Inc.(a)		1,792		451,369
Align Technology Inc.(a)		2,857		1,217,311
Baxter International Inc.		20,324		1,576,533
Becton Dickinson and Co.		11,580		2,676,485
Boston Scientific Corp.(a)		57,177		1,959,456
Cooper Companies Inc. (The)		1,969		628,209
Danaher Corp.		25,287		5,804,378

Security	Shares		Value
Health Care Equipment & Supplies (continued)
DENTSPLY SIRONA Inc.		8,719	$	411,450
DexCom Inc.(a)		3,847		1,229,424
Edwards Lifesciences Corp.(a)		24,849		1,781,425
Globus Medical Inc., Class A(a)		3,119		162,562
Haemonetics Corp.(a)		1,996		201,776
Hill-Rom Holdings Inc.		2,677		243,794
Hologic Inc.(a)		10,401		715,797
ICU Medical Inc.(a)		771		137,076
IDEXX Laboratories Inc.(a)		3,411		1,449,061
Insulet Corp.(a)		2,638		586,295
Integra LifeSciences Holdings Corp.(a)(b)		2,830		124,803
Intuitive Surgical Inc.(a)		4,675		3,118,599
Masimo Corp.(a)		2,014		450,773
Medtronic PLC		53,844		5,415,091
Neogen Corp.(a)		2,046		142,688
Novocure Ltd.(a)		3,368		411,233
NuVasive Inc.(a)		2,015		89,526
Penumbra Inc.(a)		1,361		355,262
Quidel Corp.(a)		1,532		411,020
ResMed Inc.		5,797		1,112,676
STERIS PLC		3,398		602,092
Stryker Corp.		13,055		2,637,240
Tandem Diabetes Care Inc.(a)		2,445		266,505
Teleflex Inc.		1,846		587,453
Varian Medical Systems Inc.(a)		3,676		635,213
West Pharmaceutical Services Inc.		2,938		799,342
Zimmer Biomet Holdings Inc.		8,250		1,089,825
				46,931,834
Health Care Providers & Services — 2.5%
1Life Healthcare Inc.(a)		2,888		81,470
Acadia Healthcare Co. Inc.(a)		3,578		127,556
Amedisys Inc.(a)		1,294		335,146
AmerisourceBergen Corp.		5,899		566,717
Anthem Inc.		10,046		2,740,549
Cardinal Health Inc.		11,719		536,613
Centene Corp.(a)		23,242		1,373,602
Chemed Corp.		648		309,951
Cigna Corp.		14,663		2,448,281
Covetrus Inc.(a)		3,787		93,501
CVS Health Corp.		52,303		2,933,675
DaVita Inc.(a)		3,021		260,561
Encompass Health Corp.		4,018		246,344
Guardant Health Inc.(a)		3,391		361,684
HCA Healthcare Inc.		10,564		1,309,302
HealthEquity Inc.(a)		3,069		158,023
Henry Schein Inc.(a)		5,662		359,990
Humana Inc.		5,274		2,105,803
Laboratory Corp. of America Holdings(a)		3,921		783,298
LHC Group Inc.(a)		1,268		274,585
McKesson Corp.		6,477		955,293
Molina Healthcare Inc.(a)		2,380		443,799
Premier Inc., Class A		2,924		95,703
Quest Diagnostics Inc.		5,385		657,724
Tenet Healthcare Corp.(a)		4,150		101,841
UnitedHealth Group Inc.		38,025		11,602,949
Universal Health Services Inc., Class B		3,119		341,686
				31,605,646
Health Care Technology — 0.3%
Cerner Corp.		12,260		859,303

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Teladoc Health Inc.(a)(b)		4,780	$	939,079
Veeva Systems Inc., Class A(a)		5,385		1,454,219
				3,252,601
Hotels, Restaurants & Leisure — 1.7%
Aramark		10,133		281,089
Boyd Gaming Corp.		3,177		100,774
Carnival Corp.(b)		20,787		284,990
Chipotle Mexican Grill Inc.(a)		1,123		1,349,262
Choice Hotels International Inc.		1,111		97,046
Churchill Downs Inc.		1,392		207,617
Cracker Barrel Old Country Store Inc.		946		107,674
Darden Restaurants Inc.		5,259		483,407
Domino’s Pizza Inc.		1,558		589,423
DraftKings Inc., Class A(a)		12,131		429,437
Dunkin’ Brands Group Inc.		3,239		322,961
Hilton Worldwide Holdings Inc.		11,130		977,325
Hyatt Hotels Corp., Class A		1,377		75,928
Las Vegas Sands Corp.		13,183		633,575
Marriott International Inc./MD, Class A		10,674		991,401
Marriott Vacations Worldwide Corp.		1,648		159,197
McDonald’s Corp.		29,798		6,346,974
MGM Resorts International		16,434		338,047
Norwegian Cruise Line Holdings Ltd.(a)		10,665		177,359
Planet Fitness Inc., Class A(a)		3,101		183,796
Royal Caribbean Cruises Ltd.		7,151		403,459
Starbucks Corp.		46,720		4,062,771
Texas Roadhouse Inc.		2,594		181,658
Vail Resorts Inc.		1,623		376,601
Wendy’s Co. (The)		7,393		161,537
Wyndham Hotels & Resorts Inc.		3,660		170,227
Wynn Resorts Ltd.		3,851		278,928
Yum! Brands Inc.		12,042		1,123,880
				20,896,343
Household Durables — 0.4%
DR Horton Inc.		13,238		884,431
Garmin Ltd.		5,987		622,768
Helen of Troy Ltd.(a)		1,034		196,046
Leggett & Platt Inc.		5,402		225,425
Lennar Corp., Class A		10,977		770,915
Lennar Corp., Class B		652		37,092
Mohawk Industries Inc.(a)		2,371		244,663
Newell Brands Inc.		14,809		261,527
NVR Inc.(a)		140		553,433
PulteGroup Inc.		10,764		438,741
Tempur Sealy International Inc.(a)		1,924		171,236
Toll Brothers Inc.		4,696		198,547
Whirlpool Corp.		2,484		459,441
				5,064,265
Household Products — 1.6%
Church & Dwight Co. Inc.		9,924		877,182
Clorox Co. (The)		5,043		1,045,162
Colgate-Palmolive Co.		34,248		2,701,825
Energizer Holdings Inc.		2,338		92,000
Kimberly-Clark Corp.		13,630		1,807,202
Procter & Gamble Co. (The)		99,616		13,657,353
Reynolds Consumer Products Inc.		2,371		66,957
				20,247,681
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		26,893		524,414

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Vistra Corp.		19,619	$	340,782
				865,196
Industrial Conglomerates — 1.0%
3M Co.		23,021		3,682,439
Carlisle Companies Inc.		2,149		266,197
General Electric Co.		349,830		2,595,738
Honeywell International Inc.		28,047		4,626,353
Roper Technologies Inc.		4,176		1,550,716
				12,721,443
Insurance — 2.0%
Aflac Inc.		26,612		903,478
Alleghany Corp.		568		310,656
Allstate Corp. (The)		12,517		1,110,884
American Financial Group Inc./OH		2,802		209,982
American International Group Inc.		34,518		1,086,972
Aon PLC, Class A		9,245		1,701,173
Arch Capital Group Ltd.(a)		16,410		495,746
Arthur J Gallagher & Co.		7,638		792,137
Assurant Inc.		2,354		292,767
Athene Holding Ltd., Class A(a)		5,068		162,581
Axis Capital Holdings Ltd.		3,289		140,407
Brighthouse Financial Inc.(a)		3,778		125,052
Brown & Brown Inc.		9,470		412,040
Chubb Ltd.		18,107		2,352,280
Cincinnati Financial Corp.		5,957		421,398
CNA Financial Corp.		1,068		31,816
Enstar Group Ltd.(a)		508		87,310
Erie Indemnity Co., Class A, NVS		1,001		233,103
Everest Re Group Ltd.		1,586		312,569
Fidelity National Financial Inc.		11,709		366,375
First American Financial Corp.		4,409		196,597
Globe Life Inc.		3,963		321,360
Hanover Insurance Group Inc. (The)		1,460		139,664
Hartford Financial Services Group Inc. (The)		14,439		556,190
Kemper Corp.		2,370		146,134
Lincoln National Corp.		7,291		255,914
Loews Corp.		9,390		325,645
Markel Corp.(a)		556		518,637
Marsh & McLennan Companies Inc.		20,224		2,092,375
Mercury General Corp.		1,066		43,397
MetLife Inc.		30,967		1,172,101
Old Republic International Corp.		11,704		190,541
Primerica Inc.		1,587		174,951
Principal Financial Group Inc.		10,100		396,122
Progressive Corp. (The)		23,368		2,147,519
Prudential Financial Inc.		15,718		1,006,266
Reinsurance Group of America Inc.		2,730		275,785
RenaissanceRe Holdings Ltd.		2,070		334,760
RLI Corp.		1,636		141,841
Selective Insurance Group Inc.		2,377		123,747
Travelers Companies Inc. (The)		10,171		1,227,741
Unum Group		8,221		145,183
White Mountains Insurance Group Ltd.		117		106,275
Willis Towers Watson PLC		5,145		938,860
WR Berkley Corp.		5,644		339,317
				24,865,648
Interactive Media & Services — 5.6%
Alphabet Inc., Class A(a)		12,023		19,430,491
Alphabet Inc., Class C, NVS(a)		11,747		19,042,004

16 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
ANGI Homeservices Inc., Class A(a)		2,970	$	31,482
Cargurus Inc.(a)		3,435		68,460
Facebook Inc., Class A(a)		96,201		25,311,445
IAC/InterActiveCorp.(a)(b)		3,192		385,338
Match Group Inc.(a)		10,437		1,218,833
Pinterest Inc., Class A(a)		18,571		1,094,760
Snap Inc., Class A, NVS(a)		35,972		1,416,937
TripAdvisor Inc.		3,555		67,936
Twitter Inc.(a)		31,603		1,307,100
Zillow Group Inc., Class A(a)		1,384		123,633
Zillow Group Inc., Class C, NVS(a)(b)		5,743		508,945
				70,007,364
Internet & Direct Marketing Retail — 4.7%
Amazon.com Inc.(a)		17,036		51,723,851
Booking Holdings Inc.(a)		1,635		2,652,788
Chewy Inc., Class A(a)		2,867		176,607
eBay Inc.		26,605		1,267,196
Etsy Inc.(a)		4,810		584,848
Expedia Group Inc.		5,454		513,494
Grubhub Inc.(a)		3,774		279,125
Qurate Retail Inc., Series A		15,962		108,063
Wayfair Inc., Class A(a)(b)		2,725		675,882
				57,981,854
IT Services — 5.4%
Accenture PLC, Class A		25,426		5,515,154
Akamai Technologies Inc.(a)		6,479		616,282
Amdocs Ltd.		5,234		295,093
Automatic Data Processing Inc.		17,163		2,711,067
Black Knight Inc.(a)		6,303		554,349
Booz Allen Hamilton Holding Corp.		5,523		433,555
Broadridge Financial Solutions Inc.		4,583		630,621
CACI International Inc., Class A(a)		994		207,279
Cognizant Technology Solutions Corp., Class A		21,756		1,553,813
DXC Technology Co.		10,351		190,665
EPAM Systems Inc.(a)		2,248		694,520
Euronet Worldwide Inc.(a)		2,052		182,300
Fastly Inc., Class A(a)		2,976		189,006
Fidelity National Information Services Inc.		24,763		3,085,222
Fiserv Inc.(a)		22,184		2,117,906
FleetCor Technologies Inc.(a)		3,376		745,792
Gartner Inc.(a)		3,527		423,593
Genpact Ltd.		7,121		244,749
Global Payments Inc.		11,939		1,883,258
GoDaddy Inc., Class A(a)		6,655		470,775
International Business Machines Corp.		35,592		3,974,203
Jack Henry & Associates Inc.		3,059		453,497
KBR Inc.		5,489		122,350
Leidos Holdings Inc.		5,309		440,647
LiveRamp Holdings Inc.(a)		2,721		179,831
Mastercard Inc., Class A		35,347		10,202,558
MAXIMUS Inc.		2,521		170,369
MongoDB Inc.(a)		2,030		463,794
Okta Inc.(a)		4,671		980,116
Paychex Inc.		12,828		1,055,103
PayPal Holdings Inc.(a)		46,957		8,740,106
Perspecta Inc.		5,596		100,336
Science Applications International Corp.		2,335		178,324
Snowflake Inc., Class A(a)		1,118		279,522
Square Inc., Class A(a)		14,820		2,295,322

Security	Shares		Value
IT Services (continued)
Twilio Inc., Class A(a)		5,482	$	1,529,314
VeriSign Inc.(a)		4,033		769,093
Visa Inc., Class A		67,461		12,258,338
Western Union Co. (The)		16,491		320,585
WEX Inc.(a)		1,754		221,969
				67,480,376
Leisure Products — 0.2%
Brunswick Corp./DE		3,272		208,459
Hasbro Inc.		5,053		417,984
Mattel Inc.(a)		13,906		191,486
Peloton Interactive Inc., Class A(a)		8,271		911,547
Polaris Inc.		2,316		210,432
				1,939,908
Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A(a)		2,597		355,529
Agilent Technologies Inc.		12,286		1,254,278
Avantor Inc.(a)		17,884		416,161
Bio-Rad Laboratories Inc., Class A(a)		859		503,735
Bio-Techne Corp.		1,542		389,216
Bruker Corp.		3,984		169,479
Charles River Laboratories International Inc.(a)		1,967		447,886
Illumina Inc.(a)		5,854		1,713,466
IQVIA Holdings Inc.(a)		7,677		1,182,181
Mettler-Toledo International Inc.(a)		965		962,983
PerkinElmer Inc.		4,471		579,218
PPD Inc.(a)		4,433		145,757
PRA Health Sciences Inc.(a)		2,523		245,841
Repligen Corp.(a)		1,960		326,477
Syneos Health Inc.(a)		2,730		144,908
Thermo Fisher Scientific Inc.		15,837		7,492,802
Waters Corp.(a)		2,496		556,159
				16,886,076
Machinery — 1.7%
AGCO Corp.		2,524		194,424
Allison Transmission Holdings Inc.		4,365		157,795
Caterpillar Inc.		21,642		3,398,876
Colfax Corp.(a)(b)		4,039		109,820
Crane Co.		2,012		102,109
Cummins Inc.		5,880		1,292,953
Deere & Co.		12,552		2,835,622
Donaldson Co. Inc.		5,086		241,585
Dover Corp.		5,739		635,365
Flowserve Corp.		5,317		154,831
Fortive Corp.		13,530		833,448
Gates Industrial Corp. PLC(a)		1,823		20,235
Graco Inc.		6,748		417,701
IDEX Corp.		3,033		516,793
Illinois Tool Works Inc.		11,499		2,252,424
Ingersoll Rand Inc.(a)		14,899		520,571
ITT Inc.		3,448		208,638
Lincoln Electric Holdings Inc.		2,443		248,746
Middleby Corp. (The)(a)		2,231		222,074
Navistar International Corp.(a)		1,997		86,091
Nordson Corp.		2,166		418,969
Oshkosh Corp.		2,677		180,323
Otis Worldwide Corp.		16,244		995,432
PACCAR Inc.		13,808		1,178,927
Parker-Hannifin Corp.		5,162		1,075,554
Pentair PLC		6,741		335,432

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Snap-on Inc.		2,205	$	347,354
Stanley Black & Decker Inc.		6,409		1,065,176
Timken Co. (The)		2,641		157,668
Toro Co. (The)		4,236		347,776
Westinghouse Air Brake Technologies Corp.		7,103		421,208
Woodward Inc.(b)		2,392		190,284
Xylem Inc./NY		7,191		626,624
				21,790,828
Marine — 0.0%
Kirby Corp.(a)		2,400		92,376
Media — 1.4%
Altice USA Inc., Class A(a)		13,270		357,626
Cable One Inc.		214		370,618
Charter Communications Inc., Class A(a)		5,978		3,609,636
Comcast Corp., Class A		182,486		7,708,209
Discovery Inc., Class A(a)(b)		6,192		125,326
Discovery Inc., Class C, NVS(a)		12,135		222,313
DISH Network Corp., Class A(a)		9,902		252,402
Fox Corp., Class A, NVS		13,638		361,680
Fox Corp., Class B(a)		6,468		169,073
Interpublic Group of Companies Inc. (The)		15,376		278,152
Liberty Broadband Corp., Class A(a)		925		130,009
Liberty Broadband Corp., Class C, NVS(a)		6,110		865,848
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		3,343		115,567
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		6,991		241,889
New York Times Co. (The), Class A		5,677		225,150
News Corp., Class A, NVS		15,505		203,581
News Corp., Class B		4,676		60,881
Nexstar Media Group Inc., Class A		1,802		148,485
Omnicom Group Inc.		8,576		404,787
Sirius XM Holdings Inc.(b)		48,778		279,498
TEGNA Inc.		8,491		102,147
ViacomCBS Inc., Class A		419		12,511
ViacomCBS Inc., Class B, NVS		22,628		646,482
				16,891,870
Metals & Mining — 0.4%
Alcoa Corp.(a)		7,337		94,794
Commercial Metals Co.		4,621		95,424
Freeport-McMoRan Inc.		58,103		1,007,506
Newmont Corp.		32,095		2,016,850
Nucor Corp.		12,188		582,099
Reliance Steel & Aluminum Co.		2,556		278,578
Royal Gold Inc.		2,656		315,559
Steel Dynamics Inc.		8,022		252,533
				4,643,343
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		21,778		304,239
Annaly Capital Management Inc.		56,773		402,520
Blackstone Mortgage Trust Inc., Class A		5,966		129,462
New Residential Investment Corp.		17,076		128,070
Starwood Property Trust Inc.		11,365		158,769
				1,123,060
Multi-Utilities — 0.9%
Ameren Corp.		9,900		803,088
Avista Corp.		2,677		88,930
Black Hills Corp.		2,449		138,760
CenterPoint Energy Inc.		21,943		463,656
CMS Energy Corp.		11,422		723,355

Security	Shares		Value
Multi-Utilities (continued)
Consolidated Edison Inc.		13,308	$	1,044,545
Dominion Energy Inc.		33,577		2,697,576
DTE Energy Co.		7,703		950,704
MDU Resources Group Inc.		8,161		193,905
NiSource Inc.		15,418		354,152
NorthWestern Corp.		2,097		109,317
Public Service Enterprise Group Inc.		20,278		1,179,166
Sempra Energy		11,610		1,455,430
WEC Energy Group Inc.		12,619		1,268,840
				11,471,424
Multiline Retail — 0.5%
Dollar General Corp.		9,934		2,073,325
Dollar Tree Inc.(a)		9,507		858,672
Kohl’s Corp.		6,335		134,872
Ollie’s Bargain Outlet Holdings Inc.(a)		2,218		193,166
Target Corp.		20,007		3,045,466
				6,305,501
Oil, Gas & Consumable Fuels — 1.7%
Apache Corp.		14,998		124,483
Cabot Oil & Gas Corp.		15,678		278,912
Cheniere Energy Inc.(a)		9,118		436,479
Chevron Corp.		77,081		5,357,129
Cimarex Energy Co.		4,054		102,850
Concho Resources Inc.		7,922		328,842
ConocoPhillips		42,838		1,226,024
Continental Resources Inc./OK		2,454		29,522
Devon Energy Corp.		15,513		138,531
Diamondback Energy Inc.		6,150		159,654
EOG Resources Inc.		23,306		797,997
EQT Corp.		11,025		166,919
Equitrans Midstream Corp.		16,371		118,853
Exxon Mobil Corp.		168,984		5,512,258
Hess Corp.		10,972		408,378
HollyFrontier Corp.		6,068		112,319
Kinder Morgan Inc./DE		78,274		931,461
Marathon Oil Corp.		31,817		125,995
Marathon Petroleum Corp.		26,013		767,383
Occidental Petroleum Corp.		33,600		306,768
ONEOK Inc.		17,719		513,851
Ovintiv Inc.		10,410		95,772
Parsley Energy Inc., Class A		12,405		124,174
Phillips 66		17,366		810,298
Pioneer Natural Resources Co.		6,588		524,141
Targa Resources Corp.		9,382		150,581
Valero Energy Corp.		16,230		626,640
Williams Companies Inc. (The)		48,237		925,668
WPX Energy Inc.(a)		16,939		78,089
				21,279,971
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		4,508		128,839
Personal Products — 0.2%
Coty Inc., Class A		11,959		34,681
Estee Lauder Companies Inc. (The), Class A		9,051		1,988,143
Herbalife Nutrition Ltd.(a)		3,932		177,490
				2,200,314
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		90,079		5,265,117
Catalent Inc.(a)		6,537		573,752

18 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Elanco Animal Health Inc.(a)		13,129	$	407,130
Eli Lilly & Co.		31,728		4,139,235
Horizon Therapeutics PLC(a)		8,486		635,856
Jazz Pharmaceuticals PLC(a)		2,179		313,994
Johnson & Johnson		105,346		14,443,990
Merck & Co. Inc.		101,246		7,614,712
Mylan NV(a)		20,599		299,509
Nektar Therapeutics(a)		7,290		115,474
Perrigo Co. PLC		5,454		239,267
Pfizer Inc.		222,435		7,891,994
Royalty Pharma PLC, Class A		3,108		114,064
Zoetis Inc.		18,982		3,009,596
				45,063,690
Professional Services — 0.5%
ASGN Inc.(a)		2,065		137,694
CoreLogic Inc.		3,129		240,714
CoStar Group Inc.(a)		1,572		1,294,715
Equifax Inc.		4,894		668,520
FTI Consulting Inc.(a)		1,496		147,296
IHS Markit Ltd.		14,971		1,210,705
Insperity Inc.		1,422		108,897
ManpowerGroup Inc.		2,263		153,590
Nielsen Holdings PLC		14,547		196,530
Robert Half International Inc.		4,523		229,271
TransUnion		7,578		603,663
TriNet Group Inc.(a)		1,693		116,682
Verisk Analytics Inc.(b)		6,494		1,155,737
				6,264,014
Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A(a)		13,491		679,947
Howard Hughes Corp. (The)(a)(b)		1,733		107,775
Jones Lang LaSalle Inc.		2,065		233,056
				1,020,778
Road & Rail — 1.1%
AMERCO		369		128,102
CSX Corp.		30,673		2,421,327
JB Hunt Transport Services Inc.		3,289		400,403
Kansas City Southern		3,758		661,934
Knight-Swift Transportation Holdings Inc.		5,046		191,698
Landstar System Inc.		1,506		187,798
Lyft Inc., Class A(a)		9,738		222,318
Norfolk Southern Corp.		10,180		2,128,842
Old Dominion Freight Line Inc.		3,828		728,736
Uber Technologies Inc.(a)		55,233		1,845,334
Union Pacific Corp.		27,130		4,807,165
				13,723,657
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices Inc.(a)		46,921		3,532,682
Analog Devices Inc.		14,806		1,754,955
Applied Materials Inc.		36,440		2,158,341
Broadcom Inc.		16,074		5,619,953
Cirrus Logic Inc.(a)		2,280		157,024
Cree Inc.(a)		4,398		279,713
Enphase Energy Inc.(a)		5,058		496,139
Entegris Inc.		5,329		398,449
First Solar Inc.(a)		3,427		298,303
Inphi Corp.(a)		2,084		291,260
Intel Corp.		170,255		7,538,891
KLA Corp.		6,244		1,231,192

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.		5,810	$	1,987,485
Marvell Technology Group Ltd.		26,648		999,566
Maxim Integrated Products Inc.		10,651		741,842
Microchip Technology Inc.		10,133		1,064,776
Micron Technology Inc.(a)		44,539		2,242,093
MKS Instruments Inc.		2,218		240,409
Monolithic Power Systems Inc.		1,693		541,083
NVIDIA Corp.		24,688		12,377,576
NXP Semiconductors NV		11,138		1,504,967
ON Semiconductor Corp.(a)		16,579		415,967
Power Integrations Inc.		2,399		144,444
Qorvo Inc.(a)		4,585		583,946
QUALCOMM Inc.		45,194		5,575,132
Semtech Corp.(a)		2,558		140,409
Silicon Laboratories Inc.(a)		1,725		176,743
Skyworks Solutions Inc.		6,720		949,469
SolarEdge Technologies Inc.(a)		2,012		518,472
Teradyne Inc.		6,577		577,789
Texas Instruments Inc.		36,606		5,292,861
Universal Display Corp.		1,712		339,507
Xilinx Inc.		9,795		1,162,569
				61,334,007
Software — 9.7%
ACI Worldwide Inc.(a)(b)		4,628		134,999
Adobe Inc.(a)		19,198		8,583,426
Alteryx Inc., Class A(a)(b)		2,147		269,126
Anaplan Inc.(a)		5,521		305,587
ANSYS Inc.(a)		3,432		1,044,598
Aspen Technology Inc.(a)		2,721		298,793
Autodesk Inc.(a)		8,747		2,060,268
Avalara Inc.(a)		3,350		499,318
Bill.Com Holdings Inc.(a)(b)		2,368		236,800
Blackbaud Inc.		2,048		101,048
Cadence Design Systems Inc.(a)		11,133		1,217,616
CDK Global Inc.		4,972		214,293
Ceridian HCM Holding Inc.(a)		5,211		449,292
Citrix Systems Inc.		4,959		561,706
Cloudflare Inc., Class A(a)		5,802		301,530
Coupa Software Inc.(a)		2,682		717,971
Crowdstrike Holdings Inc., Class A(a)		6,069		751,585
Datadog Inc., Class A(a)		7,085		642,964
DocuSign Inc.(a)		7,363		1,489,167
Dropbox Inc., Class A(a)		11,777		215,048
Dynatrace Inc.(a)		7,339		259,140
Elastic NV(a)		2,396		242,978
Fair Isaac Corp.(a)		1,148		449,385
FireEye Inc.(a)		8,997		124,518
Five9 Inc.(a)		2,623		397,962
Fortinet Inc.(a)		5,406		596,660
Guidewire Software Inc.(a)(b)		3,365		323,410
HubSpot Inc.(a)		1,719		498,630
Intuit Inc.		10,460		3,291,553
j2 Global Inc.(a)		1,842		125,035
Manhattan Associates Inc.(a)(b)		2,524		215,802
Microsoft Corp.		302,800		61,307,916
New Relic Inc.(a)		2,076		125,930
NortonLifeLock Inc.		23,722		487,962
Nuance Communications Inc.(a)(b)		11,266		359,498
Nutanix Inc., Class A(a)		7,404		180,213
Oracle Corp.		77,264		4,335,283

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Palo Alto Networks Inc.(a)		3,871	$	856,226
Paycom Software Inc.(a)		1,962		714,345
Paylocity Holding Corp.(a)		1,496		277,538
Pegasystems Inc.		1,581		183,206
Pluralsight Inc., Class A(a)		4,036		63,365
Proofpoint Inc.(a)		2,254		215,798
PTC Inc.(a)		4,216		353,638
RealPage Inc.(a)		3,630		202,155
RingCentral Inc., Class A(a)		3,103		801,629
salesforce.com Inc.(a)		36,421		8,459,506
ServiceNow Inc.(a)		7,665		3,813,874
Slack Technologies Inc., Class A(a)(b)		17,364		444,171
Smartsheet Inc., Class A(a)		4,501		224,375
SolarWinds Corp.(a)		2,613		53,384
Splunk Inc.(a)		6,386		1,264,683
SS&C Technologies Holdings Inc.		8,899		526,999
Synopsys Inc.(a)		6,077		1,299,627
Trade Desk Inc. (The), Class A(a)		1,670		945,972
Tyler Technologies Inc.(a)(b)		1,604		616,546
Verint Systems Inc.(a)		2,505		121,543
VMware Inc., Class A(a)		3,246		417,858
Workday Inc., Class A(a)		6,984		1,467,478
Zendesk Inc.(a)		4,561		505,997
Zoom Video Communications Inc., Class A(a)		7,278		3,354,503
Zscaler Inc.(a)		2,881		391,096
				120,992,522
Specialty Retail — 2.4%
Aaron’s Holdings Co. Inc.		2,793		145,962
Advance Auto Parts Inc.		2,737		403,105
AutoNation Inc.(a)		2,332		132,294
AutoZone Inc.(a)		930		1,049,951
Best Buy Co. Inc.		9,190		1,025,145
Burlington Stores Inc.(a)(b)		2,614		506,018
CarMax Inc.(a)		6,480		560,131
Carvana Co.(a)(b)		2,226		412,589
Dick’s Sporting Goods Inc.		2,684		152,049
Five Below Inc.(a)		2,236		298,148
Floor & Decor Holdings Inc., Class A(a)		4,164		303,972
Foot Locker Inc.		4,107		151,466
Gap Inc. (The)		8,491		165,150
Home Depot Inc. (The)		43,072		11,487,733
L Brands Inc.		9,510		304,415
Lithia Motors Inc., Class A		1,007		231,177
Lowe’s Companies Inc.		30,204		4,775,253
Murphy USA Inc.(a)		1,083		132,440
National Vision Holdings Inc.(a)		3,141		126,677
O’Reilly Automotive Inc.(a)		2,960		1,292,336
Penske Automotive Group Inc.		1,176		60,164
RH(a)		619		207,507
Ross Stores Inc.		14,175		1,207,285
Tiffany & Co.		4,300		562,612
TJX Companies Inc. (The)		47,921		2,434,387
Tractor Supply Co.		4,619		615,297
Ulta Beauty Inc.(a)		2,235		462,131
Williams-Sonoma Inc.		3,165		288,680
				29,494,074
Technology Hardware, Storage & Peripherals — 5.9%
Apple Inc.		643,255		70,024,739
Dell Technologies Inc., Class C(a)		9,412		567,167

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise Co.		50,945	$	440,165
HP Inc.		55,129		990,117
NetApp Inc.		8,860		388,865
Pure Storage Inc., Class A(a)(b)		9,678		155,816
Seagate Technology PLC		8,958		428,372
Western Digital Corp.		12,210		460,683
Xerox Holdings Corp.		6,816		118,462
				73,574,386
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s Inc.		1,746		142,212
Columbia Sportswear Co.		1,179		87,942
Deckers Outdoor Corp.(a)		1,107		280,481
Hanesbrands Inc.		14,267		229,271
Levi Strauss & Co., Class A		2,600		41,028
Lululemon Athletica Inc.(a)		4,756		1,518,543
Nike Inc., Class B		49,855		5,986,588
PVH Corp.		2,926		170,556
Ralph Lauren Corp.		1,943		129,889
Skechers U.S.A. Inc., Class A(a)		5,400		171,234
Tapestry Inc.		11,061		245,886
Under Armour Inc., Class A(a)		7,536		104,298
Under Armour Inc., Class C, NVS(a)		7,769		95,015
VF Corp.		12,843		863,050
				10,065,993
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		4,456		177,571
MGIC Investment Corp.		13,088		131,665
New York Community Bancorp. Inc.		18,494		153,685
Radian Group Inc.		7,940		142,523
Rocket Companies Inc., Class A(a)		4,042		73,686
TFS Financial Corp.		2,091		32,850
				711,980
Tobacco — 0.6%
Altria Group Inc.		74,271		2,679,697
Philip Morris International Inc.		62,238		4,420,143
				7,099,840
Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,163		113,400
Applied Industrial Technologies Inc.		1,606		98,046
Fastenal Co.		22,834		987,114
HD Supply Holdings Inc.(a)		6,411		255,542
MSC Industrial Direct Co. Inc., Class A		1,825		127,130
SiteOne Landscape Supply Inc.(a)(b)		1,807		215,918
United Rentals Inc.(a)		2,902		517,398
Univar Solutions Inc.(a)		6,786		112,580
Watsco Inc.		1,329		297,882
WW Grainger Inc.		1,806		632,136
				3,357,146
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		3,019		77,890
Water Utilities — 0.1%
American Water Works Co. Inc.		7,230		1,088,187
Essential Utilities Inc.		8,980		369,976
				1,458,163
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		23,238		2,546,188

20 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
U.S. Cellular Corp.(a)		593	$	17,268
				2,563,456
Total Common Stocks — 99.9% (Cost: $705,975,445)				1,243,048,780
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		8,935,121		8,941,375
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		2,586,000		2,586,000
				11,527,375
Total Short-Term Investments — 0.9% (Cost: $11,513,079)				11,527,375
Total Investments in Securities — 100.8% (Cost: $717,488,524)				1,254,576,155
Other Assets, Less Liabilities — (0.8)%				(9,567,280	)
Net Assets — 100.0%			$	1,245,008,875

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,108,982	$	—		$	(16,160,674	)(a)	$	21,883	$	(28,816	)	$	8,941,375		8,935,121	$	66,183	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,196,000		390,000	(a)		—			—		—			2,586,000		2,586,000		1,338			—
BlackRock Inc.		2,504,176		799,225			(509,717	)		156,077		446,561			3,396,322		5,668		46,105			—
									$	177,960	$	417,745		$	14,923,697			$	113,626		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		10		12/18/20	$	1,632	$	(70,687	)

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Dow Jones U.S. ETF     

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	70,687

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	598,224
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(377,560	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,702,182

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,243,048,780		$	—	$	—	$	1,243,048,780
Money Market Funds		11,527,375			—		—		11,527,375
	$	1,254,576,155		$	—	$	—	$	1,254,576,155
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(70,687	)	$	—	$	—	$	(70,687	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Transportation Average ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 27.4%
CH Robinson Worldwide Inc.		618,736	$	54,714,825
Expeditors International of Washington Inc.(a)		614,504		54,303,719
FedEx Corp.		592,103		153,632,965
United Parcel Service Inc., Class B		353,293		55,505,863
				318,157,372
Airlines — 17.5%
Alaska Air Group Inc.		1,075,368		40,745,694
American Airlines Group Inc.(a)		2,067,419		23,320,486
Delta Air Lines Inc.		1,165,052		35,697,193
JetBlue Airways Corp.(a)(b)		2,046,859		24,500,902
Southwest Airlines Co.		1,047,368		41,402,457
United Airlines Holdings Inc.(a)(b)		1,117,187		37,827,952
				203,494,684
Marine — 5.4%
Kirby Corp.(b)		766,798		29,514,055
Matson Inc.		636,018		33,041,135
				62,555,190
Road & Rail — 49.7%
Avis Budget Group Inc.(a)(b)		1,082,276		36,440,233
CSX Corp.		721,817		56,980,234
JB Hunt Transport Services Inc.		443,499		53,991,568
Kansas City Southern		570,122		100,421,289
Landstar System Inc.		580,893		72,437,357
Norfolk Southern Corp.		578,376		120,949,989
Ryder System Inc.		688,552		33,918,072
Union Pacific Corp.		570,155		101,025,764
				576,164,506
Total Common Stocks — 100.0% (Cost: $1,127,108,259)				1,160,371,752

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		17,642,517	$	17,654,867
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		2,258,000		2,258,000
				19,912,867
Total Short-Term Investments — 1.7% (Cost: $19,900,342)				19,912,867
Total Investments in Securities — 101.7% (Cost: $1,147,008,601)				1,180,284,619
Other Assets, Less Liabilities — (1.7)%				(19,793,705	)
Net Assets — 100.0%			$	1,160,490,914

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,459,460	$	—		$	(7,791,022	)(a)	$	(2,745	)	$	(10,826	)	$	17,654,867		17,642,517	$	136,469	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		988,000		1,270,000	(a)		—			—			—			2,258,000		2,258,000		902			—
									$	(2,745	)	$	(10,826	)	$	19,912,867			$	137,371		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Transportation Average ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		2		12/18/20	$	379	$	9,083
S&P Select Sector Industrial E-Mini Index		6		12/18/20		457		(7,994	)
							$	1,089

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	9,083
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		7,994

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	199,177
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(24,951	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	664,177

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

24 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Transportation Average ETF     

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,160,371,752		$	—	$	—	$	1,160,371,752
Money Market Funds		19,912,867			—		—		19,912,867
	$	1,180,284,619		$	—	$	—	$	1,180,284,619
Derivative financial instruments(a)
Assets
Futures Contracts	$	9,083		$	—	$	—	$	9,083
Liabilities
Futures Contracts		(7,994	)		—		—		(7,994	)
	$	1,089		$	—	$	—	$	1,089

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 25

Schedule of Investments (unaudited)  October 31, 2020 iShares^® U.S. Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electric Utilities — 1.0%
OGE Energy Corp.		122,885	$	3,781,171
Energy Equipment & Services — 7.9%
Baker Hughes Co.		401,021		5,923,080
Halliburton Co.		536,411		6,469,117
National Oilwell Varco Inc.		241,459		2,028,255
Schlumberger Ltd.		844,221		12,612,662
TechnipFMC PLC(a)		265,260		1,466,888
				28,500,002
Oil, Gas & Consumable Fuels — 89.5%
Apache Corp.		234,710		1,948,093
Cabot Oil & Gas Corp.		244,180		4,343,962
Cheniere Energy Inc.(b)		140,089		6,706,060
Chevron Corp.		1,166,701		81,085,719
Cimarex Energy Co.		63,849		1,619,849
Concho Resources Inc.		120,350		4,995,729
ConocoPhillips		588,845		16,852,744
Continental Resources Inc./OK		41,677		501,374
Devon Energy Corp.		237,887		2,124,331
Diamondback Energy Inc.		97,551		2,532,424
EOG Resources Inc.		354,140		12,125,754
EQT Corp.		170,150		2,576,071
Equitrans Midstream Corp.		253,208		1,838,290
Exxon Mobil Corp.		2,562,519		83,589,370
Hess Corp.		166,922		6,212,837
HollyFrontier Corp.		93,132		1,723,873
Kinder Morgan Inc./DE		1,183,279		14,081,020
Marathon Oil Corp.		490,909		1,944,000
Marathon Petroleum Corp.		395,873		11,678,254
Occidental Petroleum Corp.		512,624		4,680,257
ONEOK Inc.		270,759		7,852,011
Ovintiv Inc.		162,951		1,499,149
Parsley Energy Inc., Class A		185,744		1,859,297
Phillips 66		265,591		12,392,476

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.		100,118	$	7,965,388
Targa Resources Corp.		144,417		2,317,893
Valero Energy Corp.		248,326		9,587,867
Williams Companies Inc. (The)		737,698		14,156,425
WPX Energy Inc.(a)(b)		256,424		1,182,115
				321,972,632
Semiconductors & Semiconductor Equipment — 1.3%
First Solar Inc.(b)		51,926		4,519,899
Total Common Stocks — 99.7% (Cost: $806,881,121)				358,773,704
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		227,479		227,638
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		360,000		360,000
				587,638
Total Short-Term Investments — 0.2% (Cost: $587,351)				587,638
Total Investments in Securities — 99.9% (Cost: $807,468,472)				359,361,342
Other Assets, Less Liabilities — 0.1%				510,155
Net Assets — 100.0%			$	359,871,497

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,665,480	$	—	$	(3,433,627	)(a)	$	(233	)	$	(3,982	)	$	227,638		227,479	$	29,514	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,240,000		—		(880,000	)(a)		—			—			360,000		360,000		425			—
								$	(233	)	$	(3,982	)	$	587,638			$	29,939		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

26 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Energy ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Energy E-Mini Index		37		12/18/20	$	1,096	$	(11,538	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	11,538

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	296,302
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(136,570	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,012,090

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	358,773,704		$	—	$	—	$	358,773,704
Money Market Funds		587,638			—		—		587,638
	$	359,361,342		$	—	$	—	$	359,361,342
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(11,538	)	$	—	$	��  —	$	(11,538	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 27

Schedule of Investments (unaudited) October 31, 2020 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 17.0%
AbbVie Inc.		919,986	$	78,290,809
ACADIA Pharmaceuticals Inc.(a)		60,006		2,787,279
Acceleron Pharma Inc.(a)		27,199		2,844,471
Agios Pharmaceuticals Inc.(a)		29,939		1,199,656
Alexion Pharmaceuticals Inc.(a)		114,232		13,152,673
Alkermes PLC(a)		82,725		1,344,281
Allogene Therapeutics Inc.(a)(b)		33,957		1,151,821
Alnylam Pharmaceuticals Inc.(a)		60,469		7,435,873
Amgen Inc.		305,315		66,235,036
Biogen Inc.(a)		82,526		20,802,329
BioMarin Pharmaceutical Inc.(a)		94,592		7,040,483
Bluebird Bio Inc.(a)		34,254		1,771,274
Blueprint Medicines Corp.(a)		28,837		2,949,448
Emergent BioSolutions Inc.(a)		23,482		2,112,676
Exact Sciences Corp.(a)(b)		78,281		9,693,536
Exelixis Inc.(a)		160,668		3,290,481
FibroGen Inc.(a)		43,388		1,665,231
Gilead Sciences Inc.		653,551		38,003,991
Incyte Corp.(a)		96,904		8,395,763
Ionis Pharmaceuticals Inc.(a)		72,968		3,425,848
Moderna Inc.(a)		156,252		10,542,322
Neurocrine Biosciences Inc.(a)		48,687		4,803,946
Novavax Inc.(a)		29,426		2,374,972
Regeneron Pharmaceuticals Inc.(a)		54,497		29,622,389
Sarepta Therapeutics Inc.(a)		40,828		5,548,933
Seagen Inc.(a)		63,588		10,606,478
Ultragenyx Pharmaceutical Inc.(a)(b)		31,801		3,196,001
United Therapeutics Corp.(a)		23,069		3,096,552
Vertex Pharmaceuticals Inc.(a)		135,778		28,290,704
Vir Biotechnology Inc.(a)(b)		33,822		1,063,364
				372,738,620
Health Care Equipment & Supplies — 27.8%
Abbott Laboratories		922,956		97,011,905
ABIOMED Inc.(a)		23,440		5,904,067
Align Technology Inc.(a)		37,374		15,924,314
Baxter International Inc.		263,893		20,470,180
Becton Dickinson and Co.		151,105		34,924,899
Boston Scientific Corp.(a)		745,794		25,558,360
Cooper Companies Inc. (The)(b)		25,613		8,171,828
Danaher Corp.		329,127		75,547,812
DENTSPLY SIRONA Inc.(b)		114,072		5,383,058
DexCom Inc.(a)		49,909		15,949,918
Edwards Lifesciences Corp.(a)		324,106		23,235,159
Globus Medical Inc., Class A(a)		39,316		2,049,150
Haemonetics Corp.(a)		26,356		2,664,328
Hill-Rom Holdings Inc.		34,765		3,166,049
Hologic Inc.(a)		135,006		9,291,113
ICU Medical Inc.(a)		10,107		1,796,924
IDEXX Laboratories Inc.(a)		44,338		18,835,669
Insulet Corp.(a)(b)		34,232		7,608,062
Integra LifeSciences Holdings Corp.(a)		36,900		1,627,290
Intuitive Surgical Inc.(a)		61,004		40,694,548
Masimo Corp.(a)		26,297		5,885,795
Medtronic PLC		700,723		70,471,712
Neogen Corp.(a)		27,574		1,923,011
Novocure Ltd.(a)		43,764		5,343,584
NuVasive Inc.(a)		26,592		1,181,483
Penumbra Inc.(a)		17,531		4,576,117

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Quidel Corp.(a)		19,909	$	5,341,386
ResMed Inc.		75,526		14,496,460
STERIS PLC		44,348		7,858,022
Stryker Corp.		170,345		34,411,393
Tandem Diabetes Care Inc.(a)(b)		31,790		3,465,110
Teleflex Inc.		24,248		7,716,441
Varian Medical Systems Inc.(a)		47,518		8,211,110
West Pharmaceutical Services Inc.		38,478		10,468,709
Zimmer Biomet Holdings Inc.		107,930		14,257,553
				611,422,519
Health Care Providers & Services — 18.1%
1Life Healthcare Inc.(a)		37,556		1,059,455
Acadia Healthcare Co. Inc.(a)		46,653		1,663,179
Amedisys Inc.(a)		16,946		4,389,014
Anthem Inc.		131,107		35,765,990
Centene Corp.(a)		302,071		17,852,396
Chemed Corp.		8,310		3,974,839
Cigna Corp.		191,418		31,961,063
Covetrus Inc.(a)(b)		51,068		1,260,869
CVS Health Corp.		682,212		38,265,271
DaVita Inc.(a)(b)		39,295		3,389,194
Encompass Health Corp.		51,905		3,182,296
Guardant Health Inc.(a)		44,117		4,705,519
HCA Healthcare Inc.		137,446		17,035,057
HealthEquity Inc.(a)		40,086		2,064,028
Henry Schein Inc.(a)		74,507		4,737,155
Humana Inc.		68,963		27,535,547
Laboratory Corp. of America Holdings(a)		50,760		10,140,325
LHC Group Inc.(a)(b)		16,489		3,570,693
McKesson Corp.		84,521		12,466,002
Molina Healthcare Inc.(a)		30,900		5,761,923
Premier Inc., Class A		36,895		1,207,573
Quest Diagnostics Inc.		70,011		8,551,144
Tenet Healthcare Corp.(a)		54,598		1,339,835
UnitedHealth Group Inc.		495,399		151,166,051
Universal Health Services Inc., Class B		40,554		4,442,691
				397,487,109
Health Care Technology — 0.6%
Teladoc Health Inc.(a)(b)		62,149		12,209,792
Life Sciences Tools & Services — 9.7%
10X Genomics Inc., Class A(a)		33,740		4,619,006
Agilent Technologies Inc.		160,718		16,407,701
Avantor Inc.(a)		230,857		5,372,042
Bio-Rad Laboratories Inc., Class A(a)(b)		11,127		6,525,095
Bio-Techne Corp.		20,045		5,059,558
Bruker Corp.		53,257		2,265,553
Charles River Laboratories International Inc.(a)		25,836		5,882,857
Illumina Inc.(a)		76,108		22,276,812
IQVIA Holdings Inc.(a)		99,707		15,353,881
Mettler-Toledo International Inc.(a)		12,492		12,465,892
PPD Inc.(a)		56,221		1,848,546
PRA Health Sciences Inc.(a)		33,334		3,248,065
Repligen Corp.(a)		25,463		4,241,372
Syneos Health Inc.(a)		36,357		1,929,830
Thermo Fisher Scientific Inc.		206,216		97,564,914
Waters Corp.(a)		32,232		7,181,934
				212,243,058

28 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 26.7%
Bristol-Myers Squibb Co.		1,174,949	$	68,675,769
Catalent Inc.(a)		85,594		7,512,585
Elanco Animal Health Inc.(a)		170,648		5,291,795
Eli Lilly & Co.		413,835		53,988,914
Horizon Therapeutics PLC(a)		110,233		8,259,759
Jazz Pharmaceuticals PLC(a)		28,944		4,170,830
Johnson & Johnson		1,372,460		188,177,991
Merck & Co. Inc.		1,318,463		99,161,602
Mylan NV(a)		269,833		3,923,372
Nektar Therapeutics(a)(b)		92,720		1,468,685
Perrigo Co. PLC		71,237		3,125,167
Pfizer Inc.		2,896,734		102,776,122
Royalty Pharma PLC, Class A		42,016		1,541,987
Zoetis Inc.		247,688		39,270,933
				587,345,511
Total Common Stocks — 99.9% (Cost: $2,062,562,032)				2,193,446,609
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		38,013,755		38,040,365

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		2,427,000	$	2,427,000
				40,467,365
Total Short-Term Investments — 1.8% (Cost: $40,455,197)				40,467,365
Total Investments in Securities — 101.7% (Cost: $2,103,017,229)				2,233,913,974
Other Assets, Less Liabilities — (1.7)%				(37,297,137	)
Net Assets — 100.0%			$	2,196,616,837

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	70,991,917	$	—	$	(32,941,957	)(a)	$	56,565	$	(66,160	)	$	38,040,365		38,013,755	$	90,084	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,207,000		—		(780,000	)(a)		—		—			2,427,000		2,427,000		2,900			—
								$	56,565	$	(66,160	)	$	40,467,365			$	92,984		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Health Care E-Mini Index		29		12/18/20	$	2,969	$	(170,849	)

SCHEDULE  OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Healthcare ETF     

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	170,849

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	582,871
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(634,123	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,326,937

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,193,446,609		$	—	$	—	$	2,193,446,609
Money Market Funds		40,467,365			—		—		40,467,365
	$	2,233,913,974		$	—	$	—	$	2,233,913,974
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(170,849	)	$	—	$	—	$	(170,849	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.    

30 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 2.9%
Arista Networks Inc.(a)(b)		41,161	$	8,598,533
Ciena Corp.(a)		116,012		4,569,713
Cisco Systems Inc.		3,193,478		114,645,860
EchoStar Corp., Class A(a)		38,117		882,790
F5 Networks Inc.(a)		45,975		6,111,916
Juniper Networks Inc.		250,191		4,933,767
Lumentum Holdings Inc.(a)		56,554		4,676,450
Motorola Solutions Inc.		127,984		20,229,151
Ubiquiti Inc.		5,757		1,068,557
Viavi Solutions Inc.(a)		172,135		2,125,867
				167,842,604
Diversified Telecommunication Services — 0.3%
CenturyLink Inc.		745,801		6,428,804
GCI Liberty Inc., Class A(a)		76,751		6,234,484
Liberty Global PLC, Class A(a)(b)		107,460		2,039,591
Liberty Global PLC, Class C, NVS(a)		280,636		5,236,668
				19,939,547
Electronic Equipment, Instruments & Components — 0.3%
CDW Corp./DE		107,460		13,174,596
SYNNEX Corp.(b)		31,095		4,093,346
				17,267,942
Health Care Technology — 0.8%
Cerner Corp.		230,645		16,165,908
Veeva Systems Inc., Class A(a)		101,837		27,501,082
				43,666,990
Household Durables — 0.2%
Garmin Ltd.		112,328		11,684,358
Interactive Media & Services — 12.9%
Alphabet Inc., Class A(a)		124,616		201,393,164
Alphabet Inc., Class C, NVS(a)		121,767		197,385,525
ANGI Homeservices Inc., Class A(a)(b)		56,219		595,921
Cargurus Inc.(a)(b)		64,870		1,292,859
Facebook Inc., Class A(a)		975,784		256,738,528
IAC/InterActiveCorp.(a)(b)		60,252		7,273,621
Match Group Inc.(a)		196,016		22,890,749
Snap Inc., Class A, NVS(a)(b)		676,541		26,648,950
Twitter Inc.(a)		596,079		24,653,827
Zillow Group Inc., Class A(a)		27,263		2,435,404
Zillow Group Inc., Class C, NVS(a)(b)		107,738		9,547,742
				750,856,290
Internet & Direct Marketing Retail — 0.7%
Chewy Inc., Class A(a)(b)		54,177		3,337,303
eBay Inc.		502,146		23,917,214
Etsy Inc.(a)		90,153		10,961,703
Grubhub Inc.(a)		69,435		5,135,413
				43,351,633
IT Services — 4.5%
Akamai Technologies Inc.(a)		122,574		11,659,239
Amdocs Ltd.		100,801		5,683,160
Booz Allen Hamilton Holding Corp.		104,157		8,176,325
CACI International Inc., Class A(a)		18,949		3,951,435
Cognizant Technology Solutions Corp., Class A		408,785		29,195,425
DXC Technology Co.		191,598		3,529,235
EPAM Systems Inc.(a)		42,205		13,039,235
Fastly Inc., Class A(a)(b)		55,989		3,555,861
Gartner Inc.(a)		67,333		8,086,693

Security	Shares		Value
IT Services (continued)
GoDaddy Inc., Class A(a)(b)		125,584	$	8,883,812
International Business Machines Corp.		671,809		75,014,193
KBR Inc.		107,452		2,395,105
Leidos Holdings Inc.		100,849		8,370,467
MongoDB Inc.(a)		38,120		8,709,276
Okta Inc.(a)		87,672		18,396,216
Perspecta Inc.		103,072		1,848,081
Science Applications International Corp.		44,100		3,367,917
Snowflake Inc., Class A(a)		20,947		5,237,169
Twilio Inc., Class A(a)		103,539		28,884,275
VeriSign Inc.(a)		76,218		14,534,773
				262,517,892
Semiconductors & Semiconductor Equipment — 19.8%
Advanced Micro Devices Inc.(a)		885,648		66,680,438
Analog Devices Inc.		278,746		33,039,763
Applied Materials Inc.		689,257		40,824,692
Broadcom Inc.		303,388		106,073,546
Cirrus Logic Inc.(a)		44,086		3,036,203
Cree Inc.(a)		83,039		5,281,280
Enphase Energy Inc.(a)		95,260		9,344,053
Entegris Inc.		101,638		7,599,473
Inphi Corp.(a)		39,157		5,472,582
Intel Corp.		3,208,245		142,061,089
KLA Corp.		117,400		23,148,932
Lam Research Corp.		109,865		37,582,619
Marvell Technology Group Ltd.		502,368		18,843,824
Maxim Integrated Products Inc.		201,315		14,021,590
Microchip Technology Inc.		190,588		20,026,987
Micron Technology Inc.(a)		837,571		42,163,324
MKS Instruments Inc.		41,431		4,490,706
Monolithic Power Systems Inc.		31,967		10,216,653
NVIDIA Corp.(b)		465,434		233,349,990
NXP Semiconductors NV		210,694		28,468,973
ON Semiconductor Corp.(a)		309,593		7,767,688
Power Integrations Inc.		44,589		2,684,704
Qorvo Inc.(a)		86,016		10,954,998
QUALCOMM Inc.		851,107		104,992,560
Semtech Corp.(a)		49,199		2,700,533
Silicon Laboratories Inc.(a)(b)		32,997		3,380,873
Skyworks Solutions Inc.		125,981		17,799,856
SolarEdge Technologies Inc.(a)(b)		37,890		9,763,874
Teradyne Inc.		125,197		10,998,557
Texas Instruments Inc.		690,941		99,903,159
Universal Display Corp.		32,452		6,435,556
Xilinx Inc.		184,362		21,881,926
				1,150,991,001
Software — 36.6%
ACI Worldwide Inc.(a)(b)		87,555		2,553,979
Adobe Inc.(a)		361,835		161,776,428
Alteryx Inc., Class A(a)(b)		40,530		5,080,436
Anaplan Inc.(a)		103,503		5,728,891
ANSYS Inc.(a)		64,669		19,683,304
Aspen Technology Inc.(a)		51,044		5,605,142
Autodesk Inc.(a)		165,314		38,938,060
Avalara Inc.(a)		62,809		9,361,681
Bill.Com Holdings Inc.(a)(b)		44,272		4,427,200
Blackbaud Inc.		37,468		1,848,671
Cadence Design Systems Inc.(a)		210,193		22,988,808
CDK Global Inc.		91,765		3,955,072

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Ceridian HCM Holding Inc.(a)		97,670	$	8,421,107
Citrix Systems Inc.		93,132		10,549,062
Cloudflare Inc., Class A(a)		108,654		5,646,748
Coupa Software Inc.(a)		50,560		13,534,912
Crowdstrike Holdings Inc., Class A(a)		113,904		14,105,871
Datadog Inc., Class A(a)		133,440		12,109,680
DocuSign Inc.(a)		138,449		28,001,310
Dropbox Inc., Class A(a)(b)		222,633		4,065,279
Dynatrace Inc.(a)		137,949		4,870,979
Elastic NV(a)		44,857		4,548,948
Fair Isaac Corp.(a)		21,899		8,572,364
FireEye Inc.(a)(b)		168,266		2,328,801
Five9 Inc.(a)(b)		49,393		7,493,906
Fortinet Inc.(a)		101,340		11,184,896
Guidewire Software Inc.(a)		62,588		6,015,333
HubSpot Inc.(a)		32,238		9,351,277
Intuit Inc.		197,494		62,147,412
j2 Global Inc.(a)		33,385		2,266,174
Manhattan Associates Inc.(a)(b)		47,949		4,099,640
Microsoft Corp.		4,969,432		1,006,160,897
New Relic Inc.(a)		39,453		2,393,219
NortonLifeLock Inc.		444,929		9,152,190
Nuance Communications Inc.(a)(b)		212,402		6,777,748
Nutanix Inc., Class A(a)		139,883		3,404,752
Oracle Corp.		1,458,359		81,828,523
Palo Alto Networks Inc.(a)		72,861		16,116,125
Paycom Software Inc.(a)		36,866		13,422,542
Paylocity Holding Corp.(a)		28,119		5,216,637
Pegasystems Inc.(b)		29,842		3,458,091
Pluralsight Inc., Class A(a)		76,819		1,206,058
Proofpoint Inc.(a)(b)		43,296		4,145,159
PTC Inc.(a)		78,622		6,594,813
RealPage Inc.(a)		67,136		3,738,804
RingCentral Inc., Class A(a)		58,948		15,228,626
salesforce.com Inc.(a)		686,459		159,443,832
ServiceNow Inc.(a)		144,686		71,991,413
Slack Technologies Inc., Class A(a)(b)		327,037		8,365,606
Smartsheet Inc., Class A(a)		85,039		4,239,194
SolarWinds Corp.(a)		54,439		1,112,189
Splunk Inc.(a)		119,876		23,740,243
SS&C Technologies Holdings Inc.		169,556		10,041,106
Synopsys Inc.(a)		114,601		24,508,570
Trade Desk Inc. (The), Class A(a)(b)		31,473		17,827,881
Tyler Technologies Inc.(a)		30,300		11,646,714
Verint Systems Inc.(a)		48,425		2,349,581

Security	Shares		Value
Software (continued)
VMware Inc., Class A(a)(b)		60,955	$	7,846,737
Workday Inc., Class A(a)		131,230		27,574,048
Zendesk Inc.(a)		86,813		9,631,034
Zoom Video Communications Inc., Class A(a)		137,372		63,316,129
Zscaler Inc.(a)		53,966		7,325,884
				2,131,065,716
Technology Hardware, Storage & Peripherals — 20.9%
Apple Inc.		10,556,842		1,149,217,820
Dell Technologies Inc., Class C(a)		177,256		10,681,447
Hewlett Packard Enterprise Co.		970,297		8,383,366
HP Inc.		1,036,076		18,607,925
NetApp Inc.		166,939		7,326,953
Pure Storage Inc., Class A(a)(b)		180,602		2,907,692
Seagate Technology PLC		168,927		8,078,089
Western Digital Corp.		227,567		8,586,103
Xerox Holdings Corp.		135,259		2,350,801
				1,216,140,196
Total Common Stocks — 99.9% (Cost: $3,749,796,555)				5,815,324,169
Short-Term Investments
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		133,960,104		134,053,876
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		7,090,000		7,090,000
				141,143,876
Total Short-Term Investments — 2.4% (Cost: $141,096,395)				141,143,876
Total Investments in Securities — 102.3% (Cost: $3,890,892,950)				5,956,468,045
Other Assets, Less Liabilities — (2.3)%				(135,098,364	)
Net Assets — 100.0%			$	5,821,369,681

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

32 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Technology ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	122,323,942	$	11,763,567	(a)	$	—		$	68,702	$	(102,335	)	$	134,053,876		133,960,104	$	295,438(b	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,244,000		—			(3,154,000	)(a)		—		—			7,090,000		7,090,000		7,575			—
									$	68,702	$	(102,335	)	$	141,143,876			$	303,013		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts							��
S&P Select Sector Communication Services E-Mini Index		11		12/18/20	$	851		$	(5,034	)
S&P Select Sector Technology E-Mini Index		37		12/18/20		4,125			(113,372	)
								$	(118,406	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	118,406

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,157,856
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(731,459	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,710,704

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULE  OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Technology ETF     

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,815,324,169		$	—	$	—	$	5,815,324,169
Money Market Funds		141,143,876			—		—		141,143,876
	$	5,956,468,045		$	—	$	—	$	5,956,468,045
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(118,406	)	$	—	$	—	$	(118,406	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

34 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® U.S. Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electric Utilities — 60.3%
ALLETE Inc.		44,943	$	2,318,160
Alliant Energy Corp.		216,618		11,974,643
American Electric Power Co. Inc.		430,518		38,716,484
Avangrid Inc.		48,184		2,377,399
Duke Energy Corp.		638,141		58,779,168
Edison International		328,185		18,391,487
Entergy Corp.		173,724		17,584,343
Evergy Inc.		196,820		10,864,464
Eversource Energy		297,336		25,948,513
Exelon Corp.		845,586		33,730,426
FirstEnergy Corp.		470,394		13,980,110
Hawaiian Electric Industries Inc.		94,824		3,132,985
IDACORP Inc.		43,810		3,843,451
NextEra Energy Inc.		1,699,488		124,419,516
NRG Energy Inc.		211,841		6,698,412
PG&E Corp.(a)		1,274,680		12,185,941
Pinnacle West Capital Corp.		97,667		7,966,697
PNM Resources Inc.		69,190		3,459,500
Portland General Electric Co.		77,539		3,047,283
PPL Corp.		667,081		18,344,727
Southern Co. (The)		916,415		52,648,042
Xcel Energy Inc.		455,844		31,922,755
				502,334,506
Gas Utilities — 3.6%
Atmos Energy Corp.		107,035		9,811,899
National Fuel Gas Co.		78,991		3,156,480
New Jersey Resources Corp.		83,102		2,424,916
ONE Gas Inc.		45,959		3,173,009
Southwest Gas Holdings Inc.		48,563		3,191,561
Spire Inc.		44,598		2,499,272
UGI Corp.		180,762		5,845,843
				30,102,980
Independent Power and Renewable Electricity Producers — 2.3%
AES Corp. (The)		577,140		11,254,230
Vistra Corp.		424,119		7,366,947
				18,621,177
Multi-Utilities — 29.9%
Ameren Corp.		214,393		17,391,560

Security	Shares		Value
Multi-Utilities (continued)
Avista Corp.		58,831	$	1,954,366
Black Hills Corp.		54,500		3,087,970
CenterPoint Energy Inc.		472,745		9,989,102
CMS Energy Corp.		248,408		15,731,679
Consolidated Edison Inc.		290,246		22,781,409
Dominion Energy Inc.		728,994		58,567,378
DTE Energy Co.		167,165		20,631,504
MDU Resources Group Inc.		174,067		4,135,832
NiSource Inc.		332,353		7,634,148
NorthWestern Corp.		43,810		2,283,815
Public Service Enterprise Group Inc.		438,849		25,519,069
Sempra Energy		250,993		31,464,483
WEC Energy Group Inc.		273,706		27,521,138
				248,693,453
Water Utilities — 3.8%
American Water Works Co. Inc.		157,232		23,664,988
Essential Utilities Inc.		193,577		7,975,373
				31,640,361
Total Common Stocks — 99.9% (Cost: $859,942,232)				831,392,477
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(c)		1,032,000		1,032,000
Total Short-Term Investments — 0.1% (Cost: $1,032,000)				1,032,000
Total Investments in Securities — 100.0% (Cost: $860,974,232)				832,424,477
Other Assets, Less Liabilities — 0.0%				414,796
Net Assets — 100.0%			$	832,839,273

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Utilities ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20	Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	2,148,971	$	—	$	(2,149,176	)(b)	$	4,454	��	$	(4,249	)	$	—	—	$	3,157	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,652,000		—		(1,620,000	)(b)		—			—			1,032,000	1,032,000		1,069			—
								$	4,454		$	(4,249	)	$	1,032,000		$	4,226		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Utilities E-Mini Index		21		12/18/20	$	1,319	$	56,015

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	56,015

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	585,855
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(211,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	1,688,353

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

36 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Utilities ETF     

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	831,392,477	$	—	$	—	$	831,392,477
Money Market Funds		1,032,000		—		—		1,032,000
	$	832,424,477	$	—	$	—	$	832,424,477
Derivative financial instruments(a)
Assets
Futures Contracts	$	56,015	$	—	$	—	$	56,015

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 37

Statements of Assets and Liabilities  (unaudited)

October 31, 2020

	iShares Dow Jones U.S. ETF		iShares Transportation Average ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,239,652,458	$	1,160,371,752		$	358,773,704		$	2,193,446,609
Affiliated(c)		14,923,697		19,912,867			587,638			40,467,365
Cash		170,850		187,901			40,167			80,627
Cash pledged:
Futures contracts		122,000		68,000			54,000			207,999
Receivables:
Investments sold		—		125,456,989			1,698,305			3,375,749
Securities lending income — Affiliated		3,662		7,016			390			7,641
Variation margin on futures contracts		—		—			17,638			—
Dividends		1,113,556		178			850,346			2,366,453
									��
Total assets		1,255,986,223		1,306,004,703			362,022,188			2,239,952,443
LIABILITIES
Collateral on securities loaned, at value		8,932,632		17,667,268			227,413			38,010,811
Payables:
Investments purchased		1,804,437		127,411,400			1,795,312			4,487,226
Variation margin on futures contracts		18,839		3,306			—			4,395
Capital shares redeemed		—		—			—			16,232
Investment advisory fees		221,440		431,815			127,966			816,942
Total liabilities		10,977,348		145,513,789			2,150,691			43,335,606
NET ASSETS	$	1,245,008,875	$	1,160,490,914		$	359,871,497		$	2,196,616,837
NET ASSETS CONSIST OF:
Paid-in capital	$	702,414,799	$	1,209,934,775		$	1,040,620,477		$	1,983,825,983
Accumulated earnings (loss)		542,594,076		(49,443,861	)		(680,748,980	)		212,790,854
NET ASSETS	$	1,245,008,875	$	1,160,490,914		$	359,871,497		$	2,196,616,837
Shares outstanding		7,650,000		5,900,000			23,400,000			10,000,000
Net asset value	$	162.75	$	196.69		$	15.38		$	219.66
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	8,524,202	$	17,140,933		$	221,242		$	36,288,458
(b) Investments, at cost — Unaffiliated	$	704,112,087	$	1,127,108,259		$	806,881,121		$	2,062,562,032
(c)  Investments, at cost — Affiliated	$	13,376,437	$	19,900,342		$	587,351		$	40,455,197

See notes to financial statements.

38 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)  (continued)

October 31, 2020

	iShares U.S. Technology ETF		iShares U.S. Utilities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,815,324,169	$	831,392,477
Affiliated(c)		141,143,876		1,032,000
Cash		101,724		10,079
Cash pledged:
Futures contracts		422,000		106,000
Receivables:
Securities lending income — Affiliated		22,165		77
Dividends		716,886		602,014
Total assets		5,957,730,820		833,142,647
LIABILITIES
Collateral on securities loaned, at value		134,027,385		—
Payables:
Variation margin on futures contracts		112,350		12,154
Capital shares redeemed		50,515		—
Investment advisory fees		2,170,889		291,220
Total liabilities		136,361,139		303,374
NET ASSETS	$	5,821,369,681	$	832,839,273
NET ASSETS CONSIST OF:
Paid-in capital	$	3,339,641,614	$	898,165,645
Accumulated earnings (loss)		2,481,728,067		(65,326,372	)
NET ASSETS	$	5,821,369,681	$	832,839,273
Shares outstanding		19,900,000		5,450,000
Net asset value	$	292.53	$	152.81
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	125,164,278	$	—
(b) Investments, at cost — Unaffiliated	$	3,749,796,555	$	859,942,232
(c)  Investments, at cost — Affiliated	$	141,096,395	$	1,032,000

See notes to financial statements.

FINANCIAL   STATEMENTS 39

Statements of Operations  (unaudited)

Six Months Ended October 31, 2020

	iShares Dow Jones U.S. ETF			iShares Transportation Average ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	10,762,592		$	4,913,221		$	13,100,552		$	18,681,416
Dividends — Affiliated		47,443			902			425			2,900
Securities lending income — Affiliated — net		66,183			136,469			29,514			90,084
Foreign taxes withheld		(955	)		—			(77	)		—
Total investment income		10,875,263			5,050,592			13,130,414			18,774,400
EXPENSES
Investment advisory fees		1,267,354			1,622,265			928,421			5,009,785
Miscellaneous		264			264			264			264
Total expenses		1,267,618			1,622,529			928,685			5,010,049
Net investment income		9,607,645			3,428,063			12,201,729			13,764,351
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,975,143	)		(101,263,490	)		(83,314,444	)		(31,538,207	)
Investments — Affiliated		48,155			(2,745	)		(233	)		56,565
In-kind redemptions — Unaffiliated		44,522,584			64,012,855			17,020,949			180,673,720
In-kind redemptions — Affiliated		129,805			—			—			—
Futures contracts		598,224			199,177			296,302			582,871
Net realized gain (loss)		35,323,625			(37,054,203	)		(65,997,426	)		149,774,949
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		123,190,119			184,786,389			(43,761,579	)		(57,692,055	)
Investments — Affiliated		417,745			(10,826	)		(3,982	)		(66,160	)
Futures contracts		(377,560	)		(24,951	)		(136,570	)		(634,123	)
Net change in unrealized appreciation (depreciation)		123,230,304			184,750,612			(43,902,131	)		(58,392,338	)
Net realized and unrealized gain (loss)		158,553,929			147,696,409			(109,899,557	)		91,382,611
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	168,161,574		$	151,124,472		$	(97,697,828	)	$	105,146,962

See notes to financial statements.

40 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares U.S. Technology ETF			iShares U.S. Utilities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	28,827,882		$	14,260,955
Dividends — Affiliated		7,575			1,069
Securities lending income — Affiliated — net		295,438			3,157
Foreign taxes withheld		(12,206	)		—
Total investment income		29,118,689			14,265,181
EXPENSES
Investment advisory fees		12,225,459			1,706,262
Miscellaneous		264			264
Total expenses		12,225,723			1,706,526
Net investment income		16,892,966			12,558,655
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(23,028,917	)		(7,798,170	)
Investments — Affiliated		68,702			4,454
In-kind redemptions — Unaffiliated		514,731,908			11,247,233
Futures contracts		3,157,856			585,855
Net realized gain		494,929,549			4,039,372
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		726,339,647			52,497,980
Investments — Affiliated		(102,335	)		(4,249	)
Futures contracts		(731,459	)		(211,403	)
Net change in unrealized appreciation (depreciation)		725,505,853			52,282,328
Net realized and unrealized gain		1,220,435,402			56,321,700
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,237,328,368		$	68,880,355

See notes to financial statements.

FINANCIAL   STATEMENTS 41

Statements of Changes in Net Assets

	iShares Dow Jones U.S. ETF							iShares Transportation Average ETF
	Six Months Ended     10/31/20     (unaudited)				Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	9,607,645		$	20,739,023			$	3,428,063		$	7,034,123
Net realized gain (loss)			35,323,625			54,996,995				(37,054,203	)		(20,863,825	)
Net change in unrealized appreciation (depreciation)			123,230,304			(79,362,379	)			184,750,612			(87,219,715	)
Net increase (decrease) in net assets resulting from operations			168,161,574			(3,626,361	)			151,124,472			(101,049,417	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(9,527,121	)		(23,902,996	)			(3,811,994	)		(7,125,758	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(71,901,263	)		(55,335,696	)			556,413,098			(10,503,748	)
NET ASSETS
Total increase (decrease) in net assets			86,733,190			(82,865,053	)			703,725,576			(118,678,923	)
Beginning of period			1,158,275,685			1,241,140,738				456,765,338			575,444,261
End of period		$	1,245,008,875		$	1,158,275,685			$	1,160,490,914		$	456,765,338

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

42 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares U.S. Energy ETF							iShares U.S. Healthcare ETF
	Six Months Ended     10/31/20     (unaudited)				Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	12,201,729		$	19,838,637			$	13,764,351		$	26,463,433
Net realized gain (loss)			(65,997,426	)		(155,428,749	)			149,774,949			79,687,542
Net change in unrealized appreciation (depreciation)			(43,902,131	)		(108,288,972	)			(58,392,338	)		161,740,914
Net increase (decrease) in net assets resulting from operations			(97,697,828	)		(243,879,084	)			105,146,962			267,891,889
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(11,290,041	)		(39,698,179	)			(15,376,955	)		(26,826,547	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			9,403,010			(46,192,009	)			(326,086,148	)		94,049,386
NET ASSETS
Total increase (decrease) in net assets			(99,584,859	)		(329,769,272	)			(236,316,141	)		335,114,728
Beginning of period			459,456,356			789,225,628				2,432,932,978			2,097,818,250
End of period		$	359,871,497		$	459,456,356			$	2,196,616,837		$	2,432,932,978

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 43

Statements of Changes in Net Assets (continued)

	iShares U.S. Technology ETF							iShares U.S. Utilities ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	16,892,966		$	39,449,999			$	12,558,655		$	25,499,373
Net realized gain			494,929,549			359,243,259				4,039,372			21,828,097
Net change in unrealized appreciation (depreciation)			725,505,853			271,248,472				52,282,328			(123,101,621	)
Net increase (decrease) in net assets resulting from operations			1,237,328,368			669,941,730				68,880,355			(75,774,151	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(17,473,188	)		(40,824,092	)			(12,247,963	)		(26,169,725	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(260,626,250	)		(38,410,338	)			(99,465,833	)		167,161,858
NET ASSETS
Total increase (decrease) in net assets			959,228,930			590,707,300				(42,833,441	)		65,217,982
Beginning of period			4,862,140,751			4,271,433,451				875,672,714			810,454,732
End of period		$	5,821,369,681		$	4,862,140,751			$	832,839,273		$	875,672,714

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

44 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Dow Jones U.S. ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	143.00		$	146.88		$	132.49		$	119.45		$	103.06		$	105.32
Net investment income(a)			1.22			2.55			2.40			2.19			2.01			1.92
Net realized and unrealized gain (loss)(b)			19.75			(3.49	)		14.46			13.03			16.40			(2.11	)
Net increase (decrease) from investment operations			20.97			(0.94	)		16.86			15.22			18.41			(0.19	)
Distributions(c)
From net investment income			(1.22	)		(2.94	)		(2.47	)		(2.18	)		(2.02	)		(2.07	)
Total distributions			(1.22	)		(2.94	)		(2.47	)		(2.18	)		(2.02	)		(2.07	)
Net asset value, end of period		$	162.75		$	143.00		$	146.88		$	132.49		$	119.45		$	103.06
Total Return
Based on net asset value			14.70	%(d)		(0.63	)%		12.89	%		12.81	%		18.04	%		(0.14	)%
Ratios to Average Net Assets
Total expenses			0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.52	%(e)		1.72	%		1.74	%		1.70	%		1.82	%		1.88	%
Supplemental Data
Net assets, end of period (000)		$	1,245,009		$	1,158,276		$	1,241,141		$	1,126,170		$	1,110,872		$	917,234
Portfolio turnover rate(f)			3	%(d)		4	%		5	%		4	%		4	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Transportation Average ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	149.76		$	195.07		$	187.76		$	163.83		$	141.18		$	153.92
Net investment income(a)			0.82			2.55			2.12			1.91			1.54			1.50
Net realized and unrealized gain (loss)(b)			46.94			(45.09	)		7.34			24.02			22.75			(12.63	)
Net increase (decrease) from investment operations			47.76			(42.54	)		9.46			25.93			24.29			(11.13	)
Distributions(c)
From net investment income			(0.83	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)		(1.61	)
Total distributions			(0.83	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)		(1.61	)
Net asset value, end of period		$	196.69		$	149.76		$	195.07		$	187.76		$	163.83		$	141.18
Total Return
Based on net asset value			31.96	%(d)		(21.92	)%		5.12	%		15.88	%		17.32	%		(7.24	)%
Ratios to Average Net Assets
Total expenses			0.42	%(e)		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income			0.89	%(e)		1.40	%		1.11	%		1.07	%		0.99	%		1.05	%
Supplemental Data
Net assets, end of period (000)		$	1,160,491		$	456,765		$	575,444		$	807,349		$	966,598		$	564,723
Portfolio turnover rate(f)			39	%(d)		35	%		17	%		5	%		5	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

46 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Energy ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	20.06		$	35.96		$	40.47		$	37.27		$	37.91		$	46.62
Net investment income(a)			0.53			1.02			0.89			1.07			0.84			1.06
Net realized and unrealized gain (loss)(b)			(4.72	)		(14.81	)		(4.43	)		3.25			(0.62	)		(8.66	)
Net increase (decrease) from investment operations			(4.19	)		(13.79	)		(3.54	)		4.32			0.22			(7.60	)
Distributions(c)
From net investment income			(0.49	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)		(1.11	)
Total distributions			(0.49	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)		(1.11	)
Net asset value, end of period		$	15.38		$	20.06		$	35.96		$	40.47		$	37.27		$	37.91
Total Return
Based on net asset value			(21.22	)%(d)		(39.91	)%		(8.83	)%		11.92	%		0.52	%		(16.20	)%
Ratios to Average Net Assets
Total expenses			0.42	%(e)		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income			5.54	%(e)		3.42	%		2.33	%		2.87	%		2.17	%		2.80	%
Supplemental Data
Net assets, end of period (000)		$	359,871		$	459,456		$	789,226		$	1,088,740		$	1,159,125		$	1,249,003
Portfolio turnover rate(f)			9	%(d)		12	%		6	%		6	%		18	%		15	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Healthcare ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	212.48		$	188.15		$	173.95		$	158.62		$	144.67		$	151.70
Net investment income(a)			1.30			2.49			2.26			1.99			1.81			1.70
Net realized and unrealized gain (loss)(b)			7.37			24.38			15.50			15.31			14.07			(5.63	)
Net increase (decrease) from investment operations			8.67			26.87			17.76			17.30			15.88			(3.93	)
Distributions(c)
From net investment income			(1.49	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)		(3.10	)
Total distributions			(1.49	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)		(3.10	)
Net asset value, end of period		$	219.66		$	212.48		$	188.15		$	173.95		$	158.62		$	144.67
Total Return
Based on net asset value			4.10	%(d)		14.44	%		10.27	%		10.93	%		11.06	%		(2.64	)%
Ratios to Average Net Assets
Total expenses			0.42	%(e)		0.43	%		0.43	%		0.43	%		0.44	%		0.44	%
Net investment income			1.16	%(e)		1.25	%		1.19	%		1.16	%		1.21	%		1.13	%
Supplemental Data
Net assets, end of period (000)		$	2,196,617		$	2,432,933		$	2,097,818		$	1,800,336		$	1,911,386		$	1,808,437
Portfolio turnover rate(f)			5	%(d)		5	%		6	%		7	%		6	%		7	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

48 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Technology ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	234.32		$	203.40		$	167.97		$	138.18		$	102.30		$	107.28
Net investment income(a)			0.82			1.91			1.59			1.26			1.33			1.30
Net realized and unrealized gain (loss)(b)			58.25			31.00			35.34			29.88			35.87			(4.97	)
Net increase (decrease) from investment operations			59.07			32.91			36.93			31.14			37.20			(3.67	)
Distributions(c)
From net investment income			(0.86	)		(1.99	)		(1.50	)		(1.35	)		(1.32	)		(1.31	)
Total distributions			(0.86	)		(1.99	)		(1.50	)		(1.35	)		(1.32	)		(1.31	)
Net asset value, end of period		$	292.53		$	234.32		$	203.40		$	167.97		$	138.18		$	102.30
Total Return
Based on net asset value			25.25	%(d)		16.34	%		22.10	%		22.62	%		36.57	%		(3.45	)%
Ratios to Average Net Assets
Total expenses			0.42	%(e)		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income			0.58	%(e)		0.89	%		0.87	%		0.80	%		1.11	%		1.24	%
Supplemental Data
Net assets, end of period (000)		$	5,821,370		$	4,862,141		$	4,271,433		$	4,031,372		$	3,392,234		$	2,393,714
Portfolio turnover rate(f)			7	%(d)		16	%		19	%		15	%		4	%		8	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Utilities ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	142.39		$	148.71		$	130.43		$	129.30		$	121.09		$	111.09
Net investment income(a)			2.29			4.20			4.03			3.79			3.69			3.37
Net realized and unrealized gain (loss)(b)			10.41			(6.12	)		18.12			0.84			8.46			11.18
Net increase (decrease) from investment operations			12.70			(1.92	)		22.15			4.63			12.15			14.55
Distributions(c)
From net investment income			(2.28	)		(4.40	)		(3.87	)		(3.50	)		(3.94	)		(4.55	)
Total distributions			(2.28	)		(4.40	)		(3.87	)		(3.50	)		(3.94	)		(4.55	)
Net asset value, end of period		$	152.81		$	142.39		$	148.71		$	130.43		$	129.30		$	121.09
Total Return
Based on net asset value			9.05	%(d)		(1.39	)%		17.29	%		3.59	%		10.16	%		13.61	%
Ratios to Average Net Assets
Total expenses			0.42	%(e)		0.43	%		0.43	%		0.43	%		0.44	%		0.44	%
Net investment income			3.10	%(e)		2.70	%		2.94	%		2.86	%		2.96	%		3.02	%
Supplemental Data
Net assets, end of period (000)		$	832,839		$	875,673		$	810,455		$	606,486		$	801,673		$	1,065,624
Portfolio turnover rate(f)			3	%(d)		4	%		6	%		5	%		9	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

50 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Dow Jones U.S.		Diversified
Transportation Average		Non-diversified
U.S. Energy		Non-diversified
U.S. Healthcare		Non-diversified
U.S. Technology		Non-diversified
U.S. Utilities		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, if any, are disclosed in the statement of assets and liabilities.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 51

Notes to Financial Statements (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

52 2 0 2 0   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Dow Jones U.S.
Barclays Bank PLC	$	796,193	$	796,193		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		373,140		373,140			—		—
BNP Paribas Securities Corp.		801,084		801,084			—		—
Citigroup Global Markets Inc.		566,278		566,278			—		—
Credit Suisse Securities (USA) LLC		144,290		144,290			—		—
Goldman Sachs & Co.		311,356		305,473			—		(5,883	)(b)
HSBC Bank PLC		1,085,262		1,085,262			—		—
JPMorgan Securities LLC		950,520		950,520			—		—
Morgan Stanley & Co. LLC		1,931,465		1,931,465			—		—
RBC Capital Markets LLC		186,848		186,848			—		—
SG Americas Securities LLC		49,757		49,757			—		—
State Street Bank & Trust Company		12,476		12,476			—		—
TD Prime Services LLC		117,498		117,292			—		(206	)(b)
UBS AG		6,537		6,537			—		—
UBS Securities LLC		347,484		347,484			—		—
Wells Fargo Securities LLC		844,014		844,014			—		—
		8,524,202		8,518,113			—		(6,089	)
Transportation Average
Barclays Bank PLC	$	4,737,014	$	4,737,014		$	—	$	—
BofA Securities, Inc.		3,008,399		3,008,399			—		—
Credit Suisse Securities (USA) LLC		2,590,136		2,590,136			—		—
Goldman Sachs & Co.		2,094,750		2,063,788			—		(30,962	)(b)
HSBC Bank PLC		16,172		16,172			—		—
Jefferies LLC		948		948			—		—
National Financial Services LLC		3,508,414		3,508,414			—		—
UBS AG		1,185,100		1,185,100			—		—
		17,140,933		17,109,971			—		(30,962	)
U.S. Energy
Jefferies LLC	$	116,172	$	113,530			—	$	(2,642	)(b)
RBC Capital Markets LLC		105,070		105,070			—		—
		221,242		218,600			—		(2,642	)
U.S. Healthcare
Barclays Capital Inc.	$	58,642	$	58,000			—	$	(642	)(b)
BNP Paribas Prime Brokerage International Ltd.		370,600		370,600			—		—
Deutsche Bank Securities Inc.		20,039		20,039			—		—
Goldman Sachs & Co.		1,054,469		1,054,469			—		—
Jefferies LLC		20,628		20,628			—		—
JPMorgan Securities LLC		1,222,748		1,222,748			—		—
Morgan Stanley & Co. LLC		7,564,019		7,558,213			—		(5,806	)(b)
National Financial Services LLC		220,080		220,080			—		—
TD Prime Services LLC		2,833,602		2,817,021			—		(16,581	)(b)
UBS AG		5,737,752		5,737,752			—		—
UBS Securities LLC		8,887,409		8,887,409			—		—
Wells Fargo Securities LLC		8,298,470		8,298,470			—		—
		36,288,458		36,265,429			—		(23,029	)

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 53

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Technology
Barclays Bank PLC	$	10,702,969	$	10,702,969		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		15,920,428		15,920,428			—		—
BNP Paribas Securities Corp.		59,473		59,473			—		—
BofA Securities, Inc.		280,260		280,260			—		—
Citigroup Global Markets Inc.		18,585,397		18,585,397			—		—
Credit Suisse Securities (USA) LLC		190,895		190,895			—		—
Goldman Sachs & Co.		1,003,476		1,003,476			—		—
JPMorgan Securities LLC		7,723,143		7,723,143			—		—
Morgan Stanley & Co. LLC		22,286,226		22,286,226			—		—
SG Americas Securities LLC		47,478,792		47,478,792			—		—
State Street Bank & Trust Company		552,352		552,352			—		—
UBS AG		5,184		5,184			—		—
UBS Securities LLC		375,683		375,683			—		—
		125,164,278		125,164,278			—		—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Dow Jones U.S. ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares Transportation Average, iShares U.S. Energy, iShares U.S. Healthcare, iShares U.S. Technology and iShares U.S. Utilities ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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Notes to Financial Statements (unaudited) (continued)

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Dow Jones U.S.	$	26,230
Transportation Average		50,936
U.S. Energy		10,966
U.S. Healthcare		36,937
U.S. Technology		116,438
U.S. Utilities		1,292

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Dow Jones U.S.	$	6,083,685	$	4,083,748	$	(1,718,932	)
U.S. Energy		3,619,402		1,801,210		(1,418,321	)
U.S. Healthcare		22,472,351		16,179,094		(2,842,425	)
U.S. Technology		127,752,148		147,113,649		(13,755,519	)
U.S. Utilities		5,289,765		7,293,381		(3,166,785	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 55

Notes to Financial Statements (unaudited) (continued)

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Dow Jones U.S.	$	41,519,823	$	40,337,750
Transportation Average		298,977,733		300,619,749
U.S. Energy		37,669,357		36,953,955
U.S. Healthcare		119,775,788		121,026,337
U.S. Technology		431,219,428		425,558,178
U.S. Utilities		29,676,720		27,685,807

For the six months ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Dow Jones U.S.	$	—	$	71,667,081
Transportation Average		990,231,653		435,653,218
U.S. Energy		185,204,149		176,038,910
U.S. Healthcare		297,357,975		621,797,169
U.S. Technology		663,806,086		924,012,645
U.S. Utilities		67,149,985		166,392,008

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Dow Jones U.S.	$	10,893,306
Transportation Average		23,150,875
U.S. Energy		132,686,409
U.S. Healthcare		37,339,076
U.S. Technology		19,593,108
U.S. Utilities		34,883,574

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Dow Jones U.S.	$	733,032,844	$	607,887,357	$	(86,414,733	)	$	521,472,624
Transportation Average		1,163,786,578		57,675,272		(41,176,142	)		16,499,130
U.S. Energy		833,987,605		3,460,293		(478,098,094	)		(474,637,801	)
U.S. Healthcare		2,125,668,161		274,379,113		(166,304,149	)		108,074,964
U.S. Technology		3,933,348,089		2,172,363,150		(149,361,600	)		2,023,001,550
U.S. Utilities		865,540,571		46,630,690		(79,690,769	)		(33,060,079	)

56 2 0 2 0  I SHARES  S E M I - ANNUAL   REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
Dow Jones U.S.
Shares sold		—		$	—			350,000		$	45,960,610
Shares redeemed		(450,000	)		(71,901,263	)		(700,000	)		(101,296,306	)
Net decrease		(450,000	)		(71,901,263	)		(350,000	)		(55,335,696	)
Transportation Average
Shares sold		5,350,000			993,251,340			9,150,000			1,664,349,137
Shares redeemed		(2,500,000	)		(436,838,242	)		(9,050,000	)		(1,674,852,885	)
Net increase (decrease)		2,850,000			556,413,098			100,000			(10,503,748	)
U.S. Energy
Shares sold		9,750,000			186,305,543			11,000,000			215,445,547
Shares redeemed		(9,250,000	)		(176,902,533	)		(10,050,000	)		(261,637,556	)
Net increase (decrease)		500,000			9,403,010			950,000			(46,192,009	)
U.S. Healthcare
Shares sold		1,350,000			298,821,009			2,800,000			572,958,479
Shares redeemed		(2,800,000	)		(624,907,157	)		(2,500,000	)		(478,909,093	)
Net increase (decrease)		(1,450,000	)		(326,086,148	)		300,000			94,049,386
U.S. Technology
Shares sold		2,450,000			665,655,215			4,150,000			884,213,107
Shares redeemed		(3,300,000	)		(926,281,465	)		(4,400,000	)		(922,623,445	)
Net decrease		(850,000	)		(260,626,250	)		(250,000	)		(38,410,338	)
U.S. Utilities
Shares sold		450,000			68,100,575			3,950,000			627,020,099
Shares redeemed		(1,150,000	)		(167,566,408	)		(3,250,000	)		(459,858,241	)
Net increase (decrease)		(700,000	)		(99,465,833	)		700,000			167,161,858

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders,

58 2 0 2 0   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

including the Impacted Funds, proceeds received in connection with the LBO. The iShares Dow Jones U.S. ETF received proceeds of $118,354 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On September 17, 2020, the Board approved a stock split for the following Funds, effective after the close of trading on December 4, 2020. The impact of the stock split will be to increase the number of shares outstanding, while decreasing the NAV per share, resulting in no effect on the net assets of the Funds.

iShares ETF	Forward Share Split
Dow Jones U.S.		2 for 1
U.S. Technology		4 for 1
U.S. Utilities		2 for 1

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Board Review and Approval of Investment Advisory Contract

iShares Dow Jones U.S. ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract  (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares Transportation Average ETF, iShares U.S. Technology ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers;

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Board Review and Approval of Investment Advisory Contract  (continued)

risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Utilities ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with

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Board Review and Approval of Investment Advisory Contract  (continued)

independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

64 2 0 2 0   I SHARES   S E M I - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT  ADVISORY  CONTRACT 65

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2020

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Dow Jones U.S.(a)	$	1.196289	$	—	$	0.019841	$	1.216130		98	%		—	%		2	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 67

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-401-1020

OCTOBER 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares U.S. Basic Materials ETF  |  IYM  |  NYSE Arca

· iShares U.S. Consumer Goods ETF  |  IYK  |  NYSE Arca

· iShares U.S. Consumer Services ETF  |  IYC  |  NYSE Arca

· iShares U.S. Financial Services ETF  |  IYG  |  NYSE Arca

· iShares U.S. Financials ETF  |  IYF  |  NYSE Arca

· iShares U.S. Industrials ETF  |  IYJ  |  Cboe BZX

· iShares MSCI KLD 400 Social ETF  |  DSI  |  NYSE Arca

· iShares MSCI USA ESG Select ETF  |  SUSA  |  NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.29%	9.71%
U.S. small cap equities (Russell 2000® Index)	18.13	(0.14)
International equities (MSCI Europe, Australasia, Far East Index)	8.57	(6.86)
Emerging market equities (MSCI Emerging Markets Index)	20.96	8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.63)	8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.27	6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.87	3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	10.73	3.42
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		43
Statements of Operations		45
Statements of Changes in Net Assets		47
Financial Highlights		51
Notes to Financial Statements		59
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		77
General Information		78
Glossary of Terms Used in this Report		79

Fund Summary as of October 31, 2020  iShares^® U.S. Basic Materials ETF

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 Dow Jones U.S. Basic Materials 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.62	%		7.55	%		7.65	%		5.45	%		7.55	%		44.58	%		70.08	%
Fund Market		20.83			7.68			7.68			5.47			7.68			44.75			70.30
Index		20.79			7.92			8.06			5.89			7.92			47.32			77.21

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,206.20	$        2.34			$      1,000.00	$      1,023.10	$       2.14		0.42	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Chemicals	80.1	%
Metals & Mining	19.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Linde PLC	19.2	%
Air Products & Chemicals Inc.	10.1
Newmont Corp.	8.4
Ecolab Inc.	7.6
PPG Industries Inc.	4.9
Dow Inc.	4.7
DuPont de Nemours Inc.	4.7
Freeport-McMoRan Inc.	4.2
Corteva Inc.	4.2
LyondellBasell Industries NV, Class A	3.0

^(a) Excludes money market funds.

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Fund Summary  as of October 31, 2020  iShares^® U.S. Consumer Goods ETF

Investment Objective

The iShares U.S. Consumer Goods ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer goods sector, as represented by the Dow Jones U.S. Consumer Goods 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		22.28	%		16.32	%		8.18	%		11.26	%		16.32	%		48.13	%		190.65	%
Fund Market		22.43			16.38			8.19			11.27			16.38			48.21			190.86
Index		22.57			16.85			8.63			11.75			16.85			51.26			203.65

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,222.80	$        2.35			$      1,000.00	$      1,023.10	$       2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Food, Beverage & Tobacco	38.4	%
Household & Personal Products	21.8
Automobiles & Components	16.6
Consumer Durables & Apparel	15.9
Media & Entertainment	4.7
Retailing	1.1
Capital Goods	1.0
Other (each representing less than 1%)	0.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Procter & Gamble Co. (The)	13.3	%
Tesla Inc.	11.2
Coca-Cola Co. (The)	7.2
PepsiCo Inc.	7.2
Nike Inc., Class B	5.8
Philip Morris International Inc.	4.3
Mondelez International Inc., Class A	2.9
Colgate-Palmolive Co.	2.6
Altria Group Inc.	2.6
Activision Blizzard Inc.	2.3

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary  as of October 31, 2020 iShares^® U.S. Consumer Services ETF

Investment Objective

The iShares U.S. Consumer Services ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the consumer services sector, as represented by the Dow Jones U.S. Consumer Services Capped (TR) IndexTM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.93	%		11.37	%		11.46	%		15.41	%		11.37	%		72.06	%		319.20	%
Fund Market		18.95			11.31			11.46			15.40			11.31			72.03			318.97
Index		19.17			11.85			11.95			15.92			11.85			75.84			338.02

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 reflects the performance of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM.

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,189.30	$	2.32		$	1,000.00	$	1,023.10	$	2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Retailing	40.5	%
Media & Entertainment	22.6
Consumer Services	17.5
Food & Staples Retailing	12.3
Transportation	3.9
Commercial & Professional Services	2.2
Other (each representing less than 1%)	1.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Amazon.com Inc.	9.6	%
Home Depot Inc. (The)	8.2
Costco Wholesale Corp.	4.8
Walmart Inc.	4.6
McDonald’s Corp.	4.6
Netflix Inc.	4.4
Comcast Corp., Class A	4.4
Walt Disney Co. (The)	4.2
Lowe’s Companies Inc.	3.8
Starbucks Corp.	3.2

^(a) Excludes money market funds.

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Fund Summary  as of October 31, 2020 iShares^® U.S. Financial Services ETF

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 IndexTM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.48	%		(13.51	)%		7.41	%		10.31	%		(13.51	)%		42.99	%		166.73	%
Fund Market		4.52			(13.56	)		7.40			10.31			(13.56	)		42.91			166.66
Index		4.66			(13.17	)		7.88			10.79			(13.17	)		46.11			178.50

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,044.80	$	2.16		$	1,000.00	$	1,023.10	$	2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Banks	40.2	%
Diversified Financials	37.9
Software & Services	21.5
Insurance	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Visa Inc., Class A	11.8	%
JPMorgan Chase & Co.	11.5
Mastercard Inc., Class A	9.8
Bank of America Corp.	6.9
Wells Fargo & Co.	3.4
Citigroup Inc.	3.3
BlackRock Inc.	3.3
S&P Global Inc.	3.0
Morgan Stanley	2.6
Goldman Sachs Group Inc. (The)	2.5

^(a) Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary  as of October 31, 2020 iShares^® U.S. Financials ETF

Investment Objective

The iShares U.S. Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the financials sector, as represented by the Dow Jones U.S. Financials Capped (TR) IndexTM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.08	%		(13.42	)%		6.40	%		9.54	%		(13.42	)%		36.36	%		148.63	%
Fund Market		5.08			(13.47	)		6.39			9.53			(13.47	)		36.30			148.57
Index		5.29			(13.05	)		6.83			9.99			(13.05	)		39.17			159.23

Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Financials Total Return Index. Index performance beginning on June 24, 2019 reflects the performance of the Dow Jones U.S. Financials Capped (TR) Index^TM.

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,050.80	$	2.17		$	1,000.00	$	1,023.10	$	2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Diversified Financials	31.3	%
Banks	22.8
Real Estate	21.0
Insurance	13.6
Software & Services	10.6
Commercial & Professional Services	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	8.6	%
Visa Inc., Class A	6.5
JPMorgan Chase & Co.	6.4
Mastercard Inc., Class A	4.0
Bank of America Corp.	3.9
American Tower Corp.	2.2
Wells Fargo & Co.	1.9
Citigroup Inc.	1.9
BlackRock Inc.	1.9
S&P Global Inc.	1.7

^(a) Excludes money market funds.

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Fund Summary  as of October 31, 2020 iShares^® U.S. Industrials ETF

Investment Objective

The iShares U.S. Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities in the industrials sector, as represented by the Dow Jones U.S. Industrials IndexTM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		19.72	%		3.83	%		10.88	%		12.27	%		3.83	%		67.60	%		218.12	%
Fund Market		19.95			3.96			10.91			12.28			3.96			67.80			218.52
Index		19.97			4.27			11.37			12.77			4.27			71.31			232.55

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,197.20	$	2.33		$	1,000.00	$	1,023.10	$	2.14		0.42	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Capital Goods	47.4	%
Software & Services	21.1
Transportation	13.7
Materials	6.5
Commercial & Professional Services	5.5
Technology Hardware & Equipment	5.4
Pharmaceuticals, Biotechnology & Life Sciences	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
PayPal Holdings Inc.	6.0	%
Accenture PLC, Class A	3.8
Union Pacific Corp.	3.3
Honeywell International Inc.	3.2
United Parcel Service Inc., Class B	3.0
3M Co.	2.5
Lockheed Martin Corp.	2.4
Caterpillar Inc.	2.3
Raytheon Technologies Corp.	2.3
Fidelity National Information Services Inc.	2.1

^(a) Excludes money market funds.

F U N D  S U M M A R Y

9

Fund Summary  as of October 31, 2020 iShares^® MSCI KLD 400 Social ETF

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 index excludes companies involved in tobacco, alcohol, gambling, controversial weapons, civilian firearms, nuclear weapons, conventional weapons, nuclear power, adult entertainment and genetically modified organisms (GMOs). 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.19	%		12.11	%		11.80	%		12.52	%		12.11	%		74.66	%		225.38	%
Fund Market		14.41			12.23			11.83			12.53			12.23			74.91			225.66
Index		14.33			12.39			12.23			13.03			12.39			78.08			240.22

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,141.90	$	1.35		$	1,000.00	$	1,023.90	$	1.28		0.25	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	31.7	%
Communication Services	13.9
Health Care	10.3
Consumer Discretionary	10.1
Industrials	8.8
Consumer Staples	8.0
Financials	7.6
Real Estate	3.2
Materials	3.1
Utilities	2.0
Energy	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	9.5	%
Facebook Inc., Class A	4.1
Alphabet Inc., Class C	3.2
Alphabet Inc., Class A	3.2
Procter & Gamble Co. (The)	2.2
NVIDIA Corp.	2.0
Visa Inc., Class A	2.0
Tesla Inc.	1.9
Home Depot Inc. (The)	1.9
Mastercard Inc., Class A	1.7

^(a) Excludes money market funds.

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Fund Summary  as of October 31, 2020 iShares^® MSCI USA ESG Select ETF

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 index further excludes companies whose primary revenue is derived from alcohol, gambling, nuclear power, conventional and controversial weapons and civilian firearms. 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.90	%		16.55	%		12.94	%		12.48	%		16.55	%		83.74	%		224.13	%
Fund Market		18.04			16.60			12.95			12.48			16.60			83.85			224.26
Index		18.06			16.86			13.37			12.98			16.86			87.32			238.92

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 redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,179.00	$	1.37		$	1,000.00	$	1,023.90	$	1.28		0.25	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	29.8	%
Health Care	13.0
Industrials	11.6
Consumer Discretionary	9.3
Financials	8.7
Consumer Staples	8.1
Communication Services	8.0
Real Estate	3.9
Utilities	3.6
Materials	2.6
Energy	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	4.9	%
Apple Inc.	4.8
salesforce.com Inc.	3.0
Alphabet Inc., Class A	3.0
Accenture PLC, Class A	2.6
Cummins Inc.	2.3
3M Co.	2.0
BlackRock Inc.	2.0
Home Depot Inc. (The)	2.0
Alphabet Inc., Class C	1.9

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 11

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Basic Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 80.0%
Air Products & Chemicals Inc.		234,973	$	64,908,941
Albemarle Corp.		118,774		11,070,925
Ashland Global Holdings Inc.		66,579		4,645,217
Axalta Coating Systems Ltd.(a)		246,370		6,186,351
Celanese Corp.		130,172		14,775,824
CF Industries Holdings Inc.		243,133		6,712,902
Chemours Co. (The)		204,547		4,119,577
Corteva Inc.		807,996		26,647,708
Dow Inc.		664,838		30,243,481
DuPont de Nemours Inc.		529,404		30,112,499
Eastman Chemical Co.		148,597		12,012,581
Ecolab Inc.		264,921		48,636,846
Element Solutions Inc.(a)		287,052		3,364,249
FMC Corp.		142,593		14,650,005
Huntsman Corp.		236,198		5,737,249
Ingevity Corp.(a)		55,619		3,052,371
International Flavors & Fragrances Inc.(b)		118,793		12,195,289
Linde PLC		556,282		122,571,176
LyondellBasell Industries NV, Class A		279,537		19,134,308
Mosaic Co. (The)		397,960		7,362,260
NewMarket Corp.		9,504		3,399,486
PPG Industries Inc.		240,565		31,206,092
RPM International Inc.		144,335		12,220,844
Scotts Miracle-Gro Co. (The)		47,052		7,060,153
Valvoline Inc.		227,552		4,475,948
Westlake Chemical Corp.		43,035		2,910,027
WR Grace & Co.		80,372		3,495,378
				512,907,687
Metals & Mining — 19.8%
Alcoa Corp.(a)		247,027		3,191,589
Commercial Metals Co.		157,410		3,250,516
Freeport-McMoRan Inc.		1,565,897		27,152,654

Security	Shares		Value
Metals & Mining (continued)
Newmont Corp.		856,413	$	53,816,993
Nucor Corp.		331,194		15,817,825
Reliance Steel & Aluminum Co.		72,982		7,954,308
Royal Gold Inc.		74,438		8,843,979
Steel Dynamics Inc.		230,506		7,256,329
				127,284,193
Total Common Stocks — 99.8% (Cost: $655,768,174)				640,191,880
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		10,893,766		10,901,392
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		1,227,000		1,227,000
				12,128,392
Total Short-Term Investments — 1.9% (Cost: $12,129,481)				12,128,392
Total Investments in Securities — 101.7% (Cost: $667,897,655)				652,320,272
Other Assets, Less Liabilities — (1.7)%				(11,015,554	)
Net Assets — 100.0%			$	641,304,718

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,978,484	$	2,925,315	(a)	$	—	$	13,171	$	(15,578	)	$	10,901,392		10,893,766	$	26,342	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		357,000		870,000	(a)		—		—		—			1,227,000		1,227,000		380			—
								$	13,171	$	(15,578	)	$	12,128,392			$	26,722		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E  O F  I N V E S T M E N  T S 13

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Basic Materials ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		1		12/18/20	$	190	$	(602	)
S&P Select Sector Industrial E-Mini Index		8		12/18/20		609		(14,187	)
							$	(14,789	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	14,789

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	114,274
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(52,747	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	612,987

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	640,191,880		$	—	$	—	$	640,191,880
Money Market Funds		12,128,392			—		—		12,128,392
	$	652,320,272		$	—	$	—	$	652,320,272
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(14,789	)	$	—	$	—	$	(14,789	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

14 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Consumer Goods ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 2.1%
Aptiv PLC		64,400	$	6,213,956
Autoliv Inc.		18,706		1,417,915
BorgWarner Inc.		58,299		2,039,299
Gentex Corp.		58,732		1,625,114
Lear Corp.		13,034		1,574,638
				12,870,922
Automobiles — 14.5%
Ford Motor Co.		931,935		7,203,857
General Motors Co.		300,354		10,371,224
Harley-Davidson Inc.		36,470		1,199,134
Tesla Inc.(a)(b)		177,786		68,988,079
Thor Industries Inc.		13,138		1,111,212
				88,873,506
Beverages — 18.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		2,170		2,255,020
Brown-Forman Corp., Class B, NVS		43,531		3,034,546
Coca-Cola Co. (The)		922,004		44,311,512
Constellation Brands Inc., Class A		40,073		6,621,262
Keurig Dr Pepper Inc.		110,752		2,979,229
Molson Coors Beverage Co., Class B		44,938		1,584,514
Monster Beverage Corp.(a)		88,047		6,741,759
National Beverage Corp.(a)(b)		2,784		217,959
PepsiCo Inc.		330,231		44,016,490
				111,762,291
Distributors — 1.0%
Genuine Parts Co.		34,406		3,111,335
Pool Corp.		9,558		3,343,675
				6,455,010
Diversified Financial Services — 0.2%
Jefferies Financial Group Inc.		51,338		1,001,604
Entertainment — 4.6%
Activision Blizzard Inc.		184,089		13,941,060
Electronic Arts Inc.(a)		68,877		8,253,531
Take-Two Interactive Software Inc.(a)		27,269		4,224,513
Zynga Inc., Class A(a)		238,700		2,145,913
				28,565,017
Food & Staples Retailing — 0.4%
Performance Food Group Co.(a)		31,592		1,061,807
U.S. Foods Holding Corp.(a)(b)		52,512		1,097,501
				2,159,308
Food Products — 13.3%
Archer-Daniels-Midland Co.		132,520		6,127,725
Beyond Meat Inc.(a)		11,774		1,676,971
Bunge Ltd.		33,366		1,892,853
Campbell Soup Co.		48,317		2,254,954
Conagra Brands Inc.		116,501		4,088,020
Darling Ingredients Inc.(a)(b)		38,544		1,657,392
Flowers Foods Inc.		46,834		1,104,346
General Mills Inc.		145,702		8,613,902
Hain Celestial Group Inc. (The)(a)		20,001		615,031
Hershey Co. (The)		35,156		4,832,544
Hormel Foods Corp.		66,922		3,258,432
Ingredion Inc.		15,944		1,130,270
JM Smucker Co. (The)		27,206		3,052,513
Kellogg Co.		60,521		3,806,166
Kraft Heinz Co. (The)		154,538		4,727,317

Security	Shares		Value
Food Products (continued)
Lamb Weston Holdings Inc.		34,674	$	2,200,065
Lancaster Colony Corp.		4,643		771,388
McCormick & Co. Inc./MD, NVS		29,560		5,335,876
Mondelez International Inc., Class A		340,654		18,095,540
Pilgrim’s Pride Corp.(a)(b)		11,682		195,557
Post Holdings Inc.(a)(b)		14,984		1,287,126
Seaboard Corp.		62		213,590
TreeHouse Foods Inc.(a)(b)		13,437		521,893
Tyson Foods Inc., Class A		70,178		4,016,287
				81,475,758
Household Durables — 4.3%
DR Horton Inc.		78,935		5,273,647
Helen of Troy Ltd.(a)		6,027		1,142,719
Leggett & Platt Inc.		31,644		1,320,504
Lennar Corp., Class A		65,495		4,599,714
Lennar Corp., Class B		3,683		209,526
Mohawk Industries Inc.(a)		14,292		1,474,792
Newell Brands Inc.		90,235		1,593,550
NVR Inc.(a)		831		3,285,018
PulteGroup Inc.		63,962		2,607,091
Tempur Sealy International Inc.(a)		11,407		1,015,223
Toll Brothers Inc.		27,329		1,155,470
Whirlpool Corp.		14,857		2,747,951
				26,425,205
Household Products — 19.6%
Church & Dwight Co. Inc.		58,983		5,213,507
Clorox Co. (The)		30,102		6,238,640
Colgate-Palmolive Co.		204,487		16,131,979
Energizer Holdings Inc.		13,943		548,657
Kimberly-Clark Corp.		81,339		10,784,738
Procter & Gamble Co. (The)		593,767		81,405,456
Reynolds Consumer Products Inc.		13,053		368,617
				120,691,594
Leisure Products — 1.9%
Brunswick Corp./DE		18,841		1,200,360
Hasbro Inc.		30,404		2,515,019
Mattel Inc.(a)		82,778		1,139,853
Peloton Interactive Inc., Class A(a)		49,147		5,416,491
Polaris Inc.		13,772		1,251,324
				11,523,047
Machinery — 1.0%
Stanley Black & Decker Inc.		38,084		6,329,561
Personal Products — 2.1%
Coty Inc., Class A		67,763		196,512
Estee Lauder Companies Inc. (The), Class A		53,797		11,817,049
Herbalife Nutrition Ltd.(a)		23,313		1,052,349
				13,065,910
Textiles, Apparel & Luxury Goods — 9.7%
Carter’s Inc.		10,384		845,777
Columbia Sportswear Co.		7,283		543,239
Deckers Outdoor Corp.(a)		6,694		1,696,059
Hanesbrands Inc.		82,859		1,331,544
Levi Strauss & Co., Class A		15,557		245,490
Lululemon Athletica Inc.(a)		28,260		9,023,135
Nike Inc., Class B		296,898		35,651,512
PVH Corp.		16,947		987,841
Ralph Lauren Corp.		11,473		766,970
Skechers U.S.A. Inc., Class A(a)(b)		32,440		1,028,672

S C H E D U L E  O F  I N V E S T M E N  T S 15

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Consumer Goods ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry Inc.		65,741	$	1,461,422
Under Armour Inc., Class A(a)(b)		45,140		624,738
Under Armour Inc., Class C, NVS(a)		46,552		569,331
VF Corp.		76,202		5,120,774
				59,896,504
Tobacco — 6.9%
Altria Group Inc.		443,222		15,991,450
Philip Morris International Inc.		371,408		26,377,396
				42,368,846
Total Common Stocks — 99.8% (Cost: $581,238,045)				613,464,083
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		10,261,242		10,268,425

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		810,000	$	810,000
				11,078,425
Total Short-Term Investments — 1.8% (Cost: $11,078,813)				11,078,425
Total Investments in Securities — 101.6% (Cost: $592,316,858)				624,542,508
Other Assets, Less Liabilities — (1.6)%				(9,661,428	)
Net Assets — 100.0%			$	614,881,080

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,687,862	$	8,581,859	(a)	$	—	$	820	$	(2,116	)	$	10,268,425		10,261,242	$	12,438	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		572,000		238,000	(a)		—		—		—			810,000		810,000		577			—
								$	820	$	(2,116	)	$	11,078,425			$	13,015		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		3		12/18/20	$	569	$	1,883
S&P Select Sector Consumer Staples E-Mini Index		13		12/18/20		810		(16,239	)
							$	(14,356	)

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Consumer Goods ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,883
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		16,239

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	205,084
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(96,912	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,320,137

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	613,464,083		$	—	$	—	$	613,464,083
Money Market Funds		11,078,425			—		—		11,078,425
	$	624,542,508		$	—	$	—	$	624,542,508
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,883		$	—	$	—	$	1,883
Liabilities
Futures Contracts		(16,239	)		—		—		(16,239	)
	$	(14,356	)	$	—	$	—	$	(14,356	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 17

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Consumer Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 2.1%
Alaska Air Group Inc.		40,516	$	1,535,151
American Airlines Group Inc.(a)		165,806		1,870,292
Delta Air Lines Inc.		208,183		6,378,727
JetBlue Airways Corp.(a)(b)		89,271		1,068,574
Southwest Airlines Co.		192,553		7,611,620
United Airlines Holdings Inc.(b)		95,046		3,218,258
				21,682,622
Commercial Services & Supplies — 1.2%
Copart Inc.(b)		67,443		7,443,010
IAA Inc.(b)		43,690		2,472,417
Rollins Inc.		48,134		2,784,552
				12,699,979
Distributors — 0.3%
LKQ Corp.(a)(b)		91,380		2,923,246
Diversified Consumer Services — 1.4%
Bright Horizons Family Solutions Inc.(a)(b)		19,698		3,113,269
Chegg Inc.(a)(b)		40,583		2,980,416
frontdoor Inc.(b)		27,993		1,109,083
Grand Canyon Education Inc.(b)		15,493		1,214,186
H&R Block Inc.		63,212		1,091,039
Service Corp. International		57,488		2,662,269
Terminix Global Holdings Inc.(b)		43,001		2,024,917
				14,195,179
Entertainment — 10.0%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		8,418		280,319
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		66,372		2,398,020
Live Nation Entertainment Inc.(b)		46,380		2,263,344
Madison Square Garden Sports Corp.(a)(b)		5,678		804,232
Netflix Inc.(b)		95,560		45,461,714
Roku Inc.(b)		34,564		6,995,754
Walt Disney Co. (The)		358,415		43,457,819
Warner Music Group Corp., Class A		29,016		769,795
World Wrestling Entertainment Inc., Class A		15,299		556,272
				102,987,269
Food & Staples Retailing — 12.3%
BJ’s Wholesale Club Holdings Inc.(a)(b)		44,940		1,720,753
Casey’s General Stores Inc.		12,035		2,028,740
Costco Wholesale Corp.		137,974		49,342,262
Kroger Co. (The)		253,991		8,181,050
Sprouts Farmers Market Inc.(a)(b)		38,650		736,282
Sysco Corp.		166,060		9,184,778
Walgreens Boots Alliance Inc.		234,821		7,993,307
Walmart Inc.		341,685		47,408,794
				126,595,966
Health Care Providers & Services — 0.9%
AmerisourceBergen Corp.		48,048		4,615,971
Cardinal Health Inc.		95,601		4,377,570
				8,993,541
Hotels, Restaurants & Leisure — 16.1%
Aramark		82,503		2,288,633
Boyd Gaming Corp.		26,280		833,602
Carnival Corp.(a)		168,985		2,316,784
Chipotle Mexican Grill Inc.(b)		9,133		10,973,117
Choice Hotels International Inc.		9,434		824,060
Churchill Downs Inc.		11,568		1,725,367

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store Inc.		7,764	$	883,699
Darden Restaurants Inc.		42,508		3,907,335
Domino’s Pizza Inc.		12,837		4,856,494
DraftKings Inc., Class A(a)(b)		98,574		3,489,520
Dunkin’ Brands Group Inc.		26,826		2,674,821
Hilton Worldwide Holdings Inc.		90,537		7,950,054
Hyatt Hotels Corp., Class A		11,593		639,238
Las Vegas Sands Corp.		107,134		5,148,860
Marriott International Inc./MD, Class A		86,827		8,064,492
Marriott Vacations Worldwide Corp.		13,454		1,299,656
McDonald’s Corp.		221,586		47,197,818
MGM Resorts International(a)		133,676		2,749,715
Norwegian Cruise Line Holdings Ltd.(b)		89,724		1,492,110
Planet Fitness Inc., Class A(b)		26,053		1,544,161
Royal Caribbean Cruises Ltd.		58,155		3,281,105
Starbucks Corp.		381,732		33,195,415
Texas Roadhouse Inc.		21,380		1,497,241
Vail Resorts Inc.(a)		13,099		3,039,492
Wendy’s Co. (The)		58,674		1,282,027
Wyndham Hotels & Resorts Inc.		30,324		1,410,369
Wynn Resorts Ltd.		31,664		2,293,424
Yum! Brands Inc.		98,413		9,184,885
				166,043,494
Interactive Media & Services — 0.9%
Pinterest Inc., Class A(b)		151,002		8,901,568
TripAdvisor Inc.		31,489		601,755
				9,503,323
Internet & Direct Marketing Retail — 12.7%
Amazon.com Inc.(b)		32,497		98,665,767
Booking Holdings Inc.(b)		13,371		21,694,447
Expedia Group Inc.		44,355		4,176,023
Qurate Retail Inc., Series A		126,974		859,614
Wayfair Inc., Class A(a)(b)		22,336		5,539,998
				130,935,849
IT Services — 0.1%
LiveRamp Holdings Inc.(b)		21,588		1,426,751
Media — 11.7%
Altice USA Inc., Class A(b)		107,943		2,909,064
Cable One Inc.		1,770		3,065,392
Charter Communications Inc., Class A(a)(b)		48,843		29,492,380
Comcast Corp., Class A		1,071,710		45,269,030
Discovery Inc., Class A(a)(b)		52,499		1,062,580
Discovery Inc., Class C, NVS(a)(b)		100,931		1,849,056
DISH Network Corp., Class A(b)		80,499		2,051,920
Fox Corp., Class A, NVS		112,234		2,976,446
Fox Corp., Class B(b)		51,332		1,341,818
Interpublic Group of Companies Inc. (The)		127,164		2,300,397
Liberty Broadband Corp., Class A(b)		7,641		1,073,943
Liberty Broadband Corp., Class C, NVS(b)		49,936		7,076,431
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		27,254		942,171
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		56,842		1,966,733
New York Times Co. (The), Class A(a)		47,077		1,867,074
News Corp., Class A, NVS		126,718		1,663,807
News Corp., Class B		39,903		519,537
Nexstar Media Group Inc., Class A		14,841		1,222,898
Omnicom Group Inc.		70,201		3,313,487
Sirius XM Holdings Inc.(a)		396,216		2,270,318
TEGNA Inc.		71,749		863,140

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Consumer Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
ViacomCBS Inc., Class A		3,425	$	102,270
ViacomCBS Inc., Class B, NVS		183,926		5,254,766
				120,454,658
Multiline Retail — 5.0%
Dollar General Corp.		81,321		16,972,506
Dollar Tree Inc.(b)		77,458		6,996,007
Kohl’s Corp.		51,701		1,100,714
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		18,523		1,613,168
Target Corp.		163,474		24,884,012
				51,566,407
Professional Services — 1.0%
IHS Markit Ltd.		121,798		9,849,804
Road & Rail — 1.7%
AMERCO		2,956		1,026,205
Lyft Inc., Class A(a)(b)		79,148		1,806,949
Uber Technologies Inc.(b)		452,126		15,105,529
				17,938,683
Specialty Retail — 22.5%
Aaron’s Holdings Co. Inc.		22,002		1,149,825
Advance Auto Parts Inc.		22,587		3,326,613
AutoNation Inc.(b)		19,148		1,086,266
AutoZone Inc.(b)		7,626		8,609,602
Best Buy Co. Inc.		75,211		8,389,787
Burlington Stores Inc.(b)		21,525		4,166,810
CarMax Inc.(b)		53,196		4,598,262
Carvana Co.(b)		18,141		3,362,434
Dick’s Sporting Goods Inc.		21,348		1,209,364
Five Below Inc.(b)		18,218		2,429,188
Floor & Decor Holdings Inc., Class A(b)		33,849		2,470,977
Foot Locker Inc.		34,157		1,259,710
Gap Inc. (The)		67,333		1,309,627
Home Depot Inc. (The)		316,477		84,407,581
L Brands Inc.		76,141		2,437,273
Lithia Motors Inc., Class A		8,356		1,918,287
Lowe’s Companies Inc.		246,782		39,016,234
Murphy USA Inc.(b)		8,893		1,087,525

Security	Shares		Value
Specialty Retail (continued)
National Vision Holdings Inc.(a)(b)		26,354	$	1,062,857
O’Reilly Automotive Inc.(b)		24,186		10,559,608
Penske Automotive Group Inc.		10,531		538,766
RH(a)(b)		5,027		1,685,201
Ross Stores Inc.		116,225		9,898,883
Tiffany & Co.		35,306		4,619,437
TJX Companies Inc. (The)		391,547		19,890,588
Tractor Supply Co.		37,920		5,051,323
Ulta Beauty Inc.(b)		18,411		3,806,842
Williams-Sonoma Inc.		25,371		2,314,089
				231,662,959
Total Common Stocks — 99.9% (Cost: $925,243,935)				1,029,459,730
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		18,446,636		18,459,549
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		1,473,000		1,473,000
				19,932,549
Total Short-Term Investments — 1.9% (Cost: $19,919,412)				19,932,549
Total Investments in Securities — 101.8% (Cost: $945,163,347)				1,049,392,279
Other Assets, Less Liabilities — (1.8)%				(18,454,600	)
Net Assets — 100.0%			$	1,030,937,679

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,049,903	$	—		$	(2,566,468	)(a)	$	(13,848	)	$	(10,038	)	$	18,459,549		18,446,636	$	164,711	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		943,000		530,000	(a)		—			—			—			1,473,000		1,473,000		785			—
									$	(13,848	)	$	(10,038	)	$	19,932,549			$	165,496		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E  O F  I N V E S T M E N  T S 19

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Consumer Services ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		2		12/18/20	$	326	$	(6,737	)
S&P Select Sector Consumer Discretionary E-Mini Index		7		12/18/20		1,010		(28,256	)
							$	(34,993	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	34,993

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	215,574
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(106,144	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	941,113

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,029,459,730		$	—	$	—	$	1,029,459,730
Money Market Funds		19,932,549			—		—		19,932,549
	$	1,049,392,279		$	—	$	—	$	1,049,392,279
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(34,993	)	$	—	$	—	$	(34,993	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

20 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 39.5%
Bank of America Corp.		2,827,182	$	67,004,213
Bank OZK		44,600		1,105,188
BOK Financial Corp.		11,494		675,158
Citigroup Inc.		771,970		31,974,997
Citizens Financial Group Inc.		158,271		4,312,885
Comerica Inc.		51,435		2,340,807
Commerce Bancshares Inc.		37,157		2,313,023
Cullen/Frost Bankers Inc.		20,744		1,457,681
East West Bancorp. Inc.		52,263		1,906,554
Fifth Third Bancorp.		264,104		6,132,495
First Citizens BancShares Inc./NC, Class A		2,673		1,236,797
First Financial Bankshares Inc.		52,407		1,562,253
First Horizon National Corp.		204,687		2,130,792
First Republic Bank/CA		63,823		8,050,633
FNB Corp.		119,559		903,866
Glacier Bancorp. Inc.		35,448		1,269,038
Home BancShares Inc./AR		56,638		940,191
Huntington Bancshares Inc./OH		377,278		3,938,782
JPMorgan Chase & Co.		1,130,073		110,792,357
KeyCorp.		361,907		4,697,553
M&T Bank Corp.		47,567		4,926,990
People’s United Financial Inc.		156,897		1,674,091
Pinnacle Financial Partners Inc.		28,190		1,290,820
PNC Financial Services Group Inc. (The)		157,409		17,610,919
Popular Inc.		31,328		1,322,042
Prosperity Bancshares Inc.		34,263		1,888,234
Regions Financial Corp.		356,036		4,735,279
Signature Bank/New York NY		19,845		1,602,285
SVB Financial Group(a)		19,171		5,573,010
Synovus Financial Corp.		54,375		1,413,750
TCF Financial Corp.		56,619		1,540,603
Truist Financial Corp.		499,703		21,047,490
U.S. Bancorp.		508,298		19,798,207
UMB Financial Corp.		16,084		979,033
Umpqua Holdings Corp.		81,445		1,022,949
United Bankshares Inc./WV		48,195		1,264,155
Valley National Bancorp.		150,093		1,146,710
Webster Financial Corp.		33,614		1,082,707
Wells Fargo & Co.		1,527,741		32,770,044
Western Alliance Bancorp.		37,503		1,545,124
Wintrust Financial Corp.		21,296		1,048,402
Zions Bancorp NA		60,669		1,957,789
				381,985,896
Capital Markets — 31.5%
Affiliated Managers Group Inc.		17,253		1,300,359
Ameriprise Financial Inc.		44,597		7,172,535
Apollo Global Management Inc.		77,193		2,845,334
Ares Management Corp., Class A		35,111		1,485,195
Bank of New York Mellon Corp. (The)		302,205		10,383,764
BlackRock Inc.(b)		52,584		31,508,859
Blackstone Group Inc. (The), Class A		248,830		12,546,009
Carlyle Group Inc. (The)		42,768		1,065,779
Cboe Global Markets Inc.		40,257		3,272,491
Charles Schwab Corp. (The)		549,585		22,593,439
CME Group Inc.		132,980		20,042,746
Eaton Vance Corp., NVS		42,363		2,532,884
FactSet Research Systems Inc.		14,088		4,317,972
Federated Hermes Inc.		35,497		848,378

Security	Shares		Value
Capital Markets (continued)
Franklin Resources Inc.		98,901	$	1,854,394
Goldman Sachs Group Inc. (The)		127,586		24,118,857
Interactive Brokers Group Inc., Class A		29,403		1,398,701
Intercontinental Exchange Inc.		208,115		19,646,056
Invesco Ltd.		139,696		1,831,415
Janus Henderson Group PLC		56,018		1,361,237
Lazard Ltd., Class A		41,646		1,402,221
LPL Financial Holdings Inc.		29,241		2,337,233
MarketAxess Holdings Inc.		14,080		7,587,008
Moody’s Corp.		59,856		15,736,142
Morgan Stanley		529,456		25,493,306
Morningstar Inc.		8,006		1,524,182
MSCI Inc.		31,013		10,849,588
Nasdaq Inc.		42,636		5,158,530
Northern Trust Corp.		77,162		6,039,470
Raymond James Financial Inc.		45,265		3,460,057
S&P Global Inc.		89,364		28,840,444
SEI Investments Co.		44,955		2,209,538
State Street Corp.		130,666		7,696,227
Stifel Financial Corp.		25,515		1,491,607
T Rowe Price Group Inc.		84,168		10,660,719
Tradeweb Markets Inc., Class A		33,565		1,828,621
Virtu Financial Inc., Class A		30,051		642,490
				305,083,787
Consumer Finance — 5.9%
Ally Financial Inc.		138,630		3,698,649
American Express Co.		241,833		22,064,843
Capital One Financial Corp.		169,324		12,374,198
Credit Acceptance Corp.(a)(c)		4,519		1,347,204
Discover Financial Services		113,623		7,386,631
FirstCash Inc.		15,309		796,680
Green Dot Corp., Class A(a)		19,995		1,066,134
LendingTree Inc.(a)(c)		2,921		945,206
OneMain Holdings Inc.		27,795		969,768
Santander Consumer USA Holdings Inc.		26,973		548,631
SLM Corp.		138,548		1,273,256
Synchrony Financial		201,308		5,036,726
				57,507,926
Diversified Financial Services — 0.3%
Equitable Holdings Inc.		149,607		3,215,054
Insurance — 0.4%
Fidelity National Financial Inc.		109,357		3,421,781
IT Services — 21.5%
Mastercard Inc., Class A		327,555		94,545,475
Visa Inc., Class A		625,183		113,602,003
				208,147,478
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		41,547		1,655,648
MGIC Investment Corp.		125,011		1,257,611
New York Community Bancorp. Inc.		171,315		1,423,628
Radian Group Inc.		71,199		1,278,022
Rocket Companies Inc., Class A(a)(c)		37,394		681,692
TFS Financial Corp.		17,734		278,601
				6,575,202
Total Common Stocks — 99.8% (Cost: $1,173,927,354)				965,937,124

S C H E D U L E  O F  I N V E S T M E N  T S 21

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(b)(d)(e)		3,056,872	$	3,059,011
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(d)		1,119,000		1,119,000
				4,178,011
Total Short-Term Investments — 0.4% (Cost: $4,178,007)				4,178,011
Total Investments in Securities — 100.2% (Cost: $1,178,105,361)				970,115,135
Other Assets, Less Liabilities — (0.2)%				(1,873,538	)
Net Assets — 100.0%			$	968,241,597

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	195,785	$	2,886,701	(a)	$	—		$	(23,114	)	$	(361	)	$	3,059,011		3,056,872	$	58,875	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,109,000		10,000	(a)		—			—			—			1,119,000		1,119,000		1,871			—
BlackRock Inc.		19,996,755		42,076,589			(38,665,276	)		5,796,344			2,304,447			31,508,859		52,584		594,576			—
									$	5,773,230		$	2,304,086		$	35,686,870			$	655,322		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Financial E-Mini Index		30		12/18/20	$	2,196	$	(46,507	)

22 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Financial Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	46,507

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	868,646
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(223,208	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,529,425

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	965,937,124		$	—	$	—	$	965,937,124
Money Market Funds		4,178,011			—		—		4,178,011
	$	970,115,135		$	—	$	—	$	970,115,135
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(46,507	)	$	—	$	—	$	(46,507)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 23

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 22.3%
Bank of America Corp.		1,969,098	$	46,667,623
Bank OZK		30,991		767,957
BOK Financial Corp.		7,993		469,509
Citigroup Inc.		537,668		22,270,209
Citizens Financial Group Inc.		110,327		3,006,411
Comerica Inc.		35,983		1,637,586
Commerce Bancshares Inc.		25,983		1,617,442
Cullen/Frost Bankers Inc.		14,330		1,006,969
East West Bancorp. Inc.		36,315		1,324,771
Fifth Third Bancorp.		183,902		4,270,204
First Citizens BancShares Inc./NC, Class A		1,867		863,861
First Financial Bankshares Inc.		36,454		1,086,694
First Horizon National Corp.		142,387		1,482,249
First Republic Bank/CA		44,406		5,601,373
FNB Corp.		84,064		635,524
Glacier Bancorp. Inc.		24,700		884,260
Home BancShares Inc./AR		39,168		650,189
Huntington Bancshares Inc./OH		263,069		2,746,440
JPMorgan Chase & Co.		769,878		75,478,839
KeyCorp.		252,194		3,273,478
M&T Bank Corp.		33,144		3,433,055
People’s United Financial Inc.		109,023		1,163,275
Pinnacle Financial Partners Inc.		19,638		899,224
PNC Financial Services Group Inc. (The)		109,633		12,265,740
Popular Inc.		21,808		920,298
Prosperity Bancshares Inc.		23,983		1,321,703
Regions Financial Corp.		248,085		3,299,530
Signature Bank/New York NY		13,794		1,113,728
SVB Financial Group(a)		13,371		3,886,950
Synovus Financial Corp.		37,735		981,110
TCF Financial Corp.		39,412		1,072,401
Truist Financial Corp.		348,037		14,659,318
U.S. Bancorp.		354,024		13,789,235
UMB Financial Corp.		11,198		681,622
Umpqua Holdings Corp.		57,092		717,076
United Bankshares Inc./WV		33,588		881,013
Valley National Bancorp.		104,535		798,647
Webster Financial Corp.		23,249		748,850
Wells Fargo & Co.		1,064,054		22,823,958
Western Alliance Bancorp.		26,099		1,075,279
Wintrust Financial Corp.		14,876		732,345
Zions Bancorp NA		42,459		1,370,152
				264,376,097
Capital Markets — 18.4%
Affiliated Managers Group Inc.		11,986		903,385
Ameriprise Financial Inc.		31,033		4,991,037
Apollo Global Management Inc.		53,703		1,979,493
Ares Management Corp., Class A		24,468		1,034,996
Bank of New York Mellon Corp. (The)		210,273		7,224,980
BlackRock Inc.(b)		36,624		21,945,467
Blackstone Group Inc. (The), Class A		173,364		8,741,013
Carlyle Group Inc. (The)		29,788		742,317
Cboe Global Markets Inc.		28,004		2,276,445
Charles Schwab Corp. (The)		382,707		15,733,085
CME Group Inc.		92,619		13,959,536
Eaton Vance Corp., NVS		29,564		1,767,632
FactSet Research Systems Inc.		9,820		3,009,830
Federated Hermes Inc.		24,800		592,720

Security	Shares		Value
Capital Markets (continued)
Franklin Resources Inc.		69,175	$	1,297,031
Goldman Sachs Group Inc. (The)		88,862		16,798,472
Interactive Brokers Group Inc., Class A		20,467		973,615
Intercontinental Exchange Inc.		144,949		13,683,186
Invesco Ltd.		97,517		1,278,448
Janus Henderson Group PLC		38,806		942,986
KKR & Co. Inc.		144,289		4,927,469
Lazard Ltd., Class A		29,194		982,962
LPL Financial Holdings Inc.		20,471		1,636,247
MarketAxess Holdings Inc.		9,800		5,280,730
Moody’s Corp.		41,689		10,960,038
Morgan Stanley		368,760		17,755,794
Morningstar Inc.		5,557		1,057,942
MSCI Inc.		21,582		7,550,247
Nasdaq Inc.		29,703		3,593,766
Northern Trust Corp.		53,719		4,204,586
Raymond James Financial Inc.		31,424		2,402,051
S&P Global Inc.		62,241		20,087,038
SEI Investments Co.		31,460		1,546,259
State Street Corp.		90,914		5,354,835
Stifel Financial Corp.		17,775		1,039,126
T Rowe Price Group Inc.		58,563		7,417,590
Tradeweb Markets Inc., Class A		23,486		1,279,517
Virtu Financial Inc., Class A		20,946		447,825
				217,399,696
Consumer Finance — 3.4%
Ally Financial Inc.		96,688		2,579,636
American Express Co.		168,434		15,367,918
Capital One Financial Corp.		117,977		8,621,759
Credit Acceptance Corp.(a)(c)		3,150		939,078
Discover Financial Services		79,085		5,141,316
FirstCash Inc.		10,734		558,598
Green Dot Corp., Class A(a)		14,376		766,528
LendingTree Inc.(a)(c)		2,031		657,211
OneMain Holdings Inc.		19,405		677,041
Santander Consumer USA Holdings Inc.		18,800		382,392
SLM Corp.		96,912		890,621
Synchrony Financial		140,197		3,507,729
				40,089,827
Diversified Financial Services — 8.9%
Berkshire Hathaway Inc., Class B(a)		500,743		101,100,012
Equitable Holdings Inc.		104,619		2,248,262
Voya Financial Inc.		32,663		1,565,538
				104,913,812
Equity Real Estate Investment Trusts (REITs) — 20.5%
Alexandria Real Estate Equities Inc.		30,274		4,587,117
American Campus Communities Inc.		35,653		1,335,561
American Homes 4 Rent, Class A		68,577		1,938,672
American Tower Corp.		114,558		26,308,245
Americold Realty Trust		52,372		1,897,438
Apartment Investment & Management Co., Class A		38,553		1,229,841
AvalonBay Communities Inc.		36,321		5,053,341
Boston Properties Inc.		36,629		2,652,306
Brixmor Property Group Inc.		76,240		835,590
Camden Property Trust		25,073		2,312,734
CoreSite Realty Corp.		11,001		1,313,079
Corporate Office Properties Trust		28,796		645,894
Cousins Properties Inc.		38,099		970,763
Crown Castle International Corp.		108,385		16,929,737

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CubeSmart		50,142	$	1,701,318
CyrusOne Inc.		30,091		2,137,966
Digital Realty Trust Inc.		69,480		10,025,964
Douglas Emmett Inc.		42,288		997,997
Duke Realty Corp.		95,727		3,636,669
EastGroup Properties Inc.		10,174		1,353,956
Equinix Inc.		22,871		16,724,190
Equity Commonwealth		31,202		824,357
Equity LifeStyle Properties Inc.		43,810		2,593,114
Equity Residential		88,398		4,152,938
Essex Property Trust Inc.		16,852		3,447,751
Extra Space Storage Inc.		33,332		3,864,845
Federal Realty Investment Trust		17,814		1,225,247
First Industrial Realty Trust Inc.		32,940		1,311,341
Gaming and Leisure Properties Inc.		53,659		1,950,505
Healthcare Realty Trust Inc.		35,226		979,283
Healthcare Trust of America Inc., Class A		56,569		1,374,627
Healthpeak Properties Inc.		139,040		3,749,909
Highwoods Properties Inc.		26,759		796,615
Host Hotels & Resorts Inc.		181,430		1,901,386
Hudson Pacific Properties Inc.		39,347		757,823
Invitation Homes Inc.		144,745		3,945,749
Iron Mountain Inc.		74,157		1,932,531
JBG SMITH Properties		29,089		679,228
Kilroy Realty Corp.		26,942		1,268,429
Kimco Realty Corp.		112,071		1,149,848
Lamar Advertising Co., Class A		22,184		1,374,521
Lexington Realty Trust		71,151		706,529
Life Storage Inc.		12,149		1,386,808
Medical Properties Trust Inc.		136,146		2,426,122
Mid-America Apartment Communities Inc.		29,542		3,445,484
National Health Investors Inc.		11,563		648,106
National Retail Properties Inc.		44,582		1,427,070
Omega Healthcare Investors Inc.		58,362		1,681,409
Physicians Realty Trust		53,885		908,501
PotlatchDeltic Corp.		17,218		715,408
Prologis Inc.		190,796		18,926,963
PS Business Parks Inc.		5,180		590,675
Public Storage		39,291		9,000,389
Rayonier Inc.		35,138		891,802
Realty Income Corp.		89,038		5,151,739
Regency Centers Corp.		40,835		1,453,318
Rexford Industrial Realty Inc.		32,035		1,488,346
Sabra Health Care REIT Inc.		52,998		697,454
SBA Communications Corp.		28,917		8,396,629
Simon Property Group Inc.		78,940		4,958,221
SL Green Realty Corp.		18,964		811,849
Spirit Realty Capital Inc.		26,464		795,243
STORE Capital Corp.		59,052		1,517,636
Sun Communities Inc.		25,388		3,494,150
Taubman Centers Inc.		16,032		535,789
UDR Inc.		75,960		2,372,990
Ventas Inc.		96,342		3,802,619
VEREIT Inc.		277,133		1,718,225
VICI Properties Inc.		137,900		3,164,805
Vornado Realty Trust		40,356		1,240,140
Welltower Inc.		107,670		5,789,416
Weyerhaeuser Co.		192,543		5,254,499
WP Carey Inc.		44,966		2,815,321
				242,082,080

Security	Shares		Value
Insurance — 13.6%
Aflac Inc.		171,059	$	5,807,453
Alleghany Corp.		3,686		2,015,984
Allstate Corp. (The)		80,582		7,151,652
American Financial Group Inc./OH		18,569		1,391,561
American International Group Inc.		222,257		6,998,873
Aon PLC, Class A		59,827		11,008,766
Arch Capital Group Ltd.(a)		104,904		3,169,150
Arthur J Gallagher & Co.		49,416		5,124,933
Assurant Inc.		15,341		1,907,960
Athene Holding Ltd., Class A(a)		32,694		1,048,823
Axis Capital Holdings Ltd.		20,739		885,348
Brighthouse Financial Inc.(a)		24,165		799,861
Brown & Brown Inc.		60,703		2,641,187
Chubb Ltd.		116,571		15,143,739
Cincinnati Financial Corp.		38,676		2,735,940
CNA Financial Corp.		6,930		206,445
Enstar Group Ltd.(a)		3,424		588,483
Erie Indemnity Co., Class A, NVS		6,460		1,504,340
Everest Re Group Ltd.		10,288		2,027,559
Fidelity National Financial Inc.		79,014		2,472,348
First American Financial Corp.		28,659		1,277,905
Globe Life Inc.		25,220		2,045,090
Hanover Insurance Group Inc. (The)		9,770		934,598
Hartford Financial Services Group Inc. (The)		92,553		3,565,142
Kemper Corp.		15,745		970,837
Lincoln National Corp.		47,006		1,649,911
Loews Corp.		61,365		2,128,138
Markel Corp.(a)		3,557		3,317,970
Marsh & McLennan Companies Inc.		130,817		13,534,327
Mercury General Corp.		6,845		278,660
MetLife Inc.		199,048		7,533,967
Old Republic International Corp.		73,256		1,192,608
Primerica Inc.		10,232		1,127,976
Principal Financial Group Inc.		66,027		2,589,579
Progressive Corp. (The)		151,186		13,893,993
Prudential Financial Inc.		101,916		6,524,662
Reinsurance Group of America Inc.		17,583		1,776,235
RenaissanceRe Holdings Ltd.		13,186		2,132,440
RLI Corp.		10,127		878,011
Selective Insurance Group Inc.		15,528		808,388
Travelers Companies Inc. (The)		65,418		7,896,607
Unum Group		52,734		931,282
White Mountains Insurance Group Ltd.		800		726,664
Willis Towers Watson PLC		33,247		6,066,912
WR Berkley Corp.		36,202		2,176,464
				160,588,771
IT Services — 10.5%
Mastercard Inc., Class A		164,508		47,483,589
Visa Inc., Class A		425,915		77,393,015
				124,876,604
Mortgage Real Estate Investment — 0.6%
AGNC Investment Corp.		143,628		2,006,483
Annaly Capital Management Inc.		362,820		2,572,394
Blackstone Mortgage Trust Inc., Class A		37,456		812,795
New Residential Investment Corp.		107,058		802,935
Starwood Property Trust Inc.		73,639		1,028,737
				7,223,344
Professional Services — 0.7%
CoStar Group Inc.(a)		10,168		8,374,466

S C H E D U L E  O F  I N V E S T M E N  T S 25

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development — 0.5%
CBRE Group Inc., Class A(a)		86,574	$	4,363,329
Howard Hughes Corp. (The)(a)		11,635		723,581
Jones Lang LaSalle Inc.		13,393		1,511,534
				6,598,444
Thrifts & Mortgage Finance — 0.4%
Essent Group Ltd.		29,100		1,159,635
MGIC Investment Corp.		87,329		878,530
New York Community Bancorp. Inc.		120,098		998,014
Radian Group Inc.		49,310		885,115
Rocket Companies Inc., Class A(a)(c)		26,087		475,566
TFS Financial Corp.		12,328		193,673
				4,590,533
Total Common Stocks — 99.8% (Cost: $1,425,436,691)				1,181,113,674
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(b)(d)(e)		2,058,099		2,059,539

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(d)		1,703,000	$	1,703,000
				3,762,539
Total Short-Term Investments — 0.3% (Cost: $3,762,745)				3,762,539
Total Investments in Securities — 100.1% (Cost: $1,429,199,436)				1,184,876,213
Other Assets, Less Liabilities — (0.1)%				(1,591,666	)
Net Assets — 100.0%			$	1,183,284,547

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,405	$	2,037,648	(a)	$	—		$	(8,308	)	$	(206	)	$	2,059,539		2,058,099	$	25,576	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,623,000		80,000	(a)		—			—			—			1,703,000		1,703,000		1,660			—
BlackRock Inc.		16,255,051		16,950,114			(14,784,237	)		1,205,563			2,318,976			21,945,467		36,624		305,639			—
									$	1,197,255		$	2,318,770		$	25,708,006			$	332,875		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		18		12/18/20	$	546	$	(29,949	)
S&P Select Sector Financial E-Mini Index		21		12/18/20		1,537		(42,310	)
							$	(72,259	)

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Financials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	72,259

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	604,423
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(293,888	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,661,886

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,181,113,674		$	—	$	—	$	1,181,113,674
Money Market Funds		3,762,539			—		—		3,762,539
	$	1,184,876,213		$	—	$	—	$	1,184,876,213
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(72,259	)	$	—	$	—	$	(72,259	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 27

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 12.2%
Axon Enterprise Inc.(a)		16,235	$	1,605,641
Boeing Co. (The)		135,506		19,565,711
BWX Technologies Inc.		24,379		1,341,089
Curtiss-Wright Corp.		10,569		891,601
General Dynamics Corp.		59,385		7,799,032
HEICO Corp.		10,813		1,135,906
HEICO Corp., Class A		18,761		1,754,153
Hexcel Corp.		21,281		712,488
Howmet Aerospace Inc.		100,420		1,732,245
Huntington Ingalls Industries Inc.		10,360		1,527,893
L3Harris Technologies Inc.		55,234		8,898,750
Lockheed Martin Corp.		62,825		21,996,917
Mercury Systems Inc.(a)		14,329		986,982
Northrop Grumman Corp.		39,601		11,477,162
Raytheon Technologies Corp.		390,149		21,192,894
Teledyne Technologies Inc.(a)		9,428		2,914,666
Textron Inc.		58,348		2,088,858
TransDigm Group Inc.		13,851		6,612,606
				114,234,594
Air Freight & Logistics — 5.7%
CH Robinson Worldwide Inc.		34,402		3,042,169
Expeditors International of Washington Inc.		42,782		3,780,645
FedEx Corp.		61,559		15,972,714
United Parcel Service Inc., Class B		180,582		28,371,238
XPO Logistics Inc.(a)		23,358		2,102,220
				53,268,986
Building Products — 4.3%
A O Smith Corp.		34,634		1,790,231
Allegion PLC		23,595		2,324,108
Armstrong World Industries Inc.		12,272		735,093
Carrier Global Corp.		207,794		6,938,242
Fortune Brands Home & Security Inc.		35,228		2,848,888
Johnson Controls International PLC		190,115		8,024,754
Lennox International Inc.		8,872		2,410,168
Masco Corp.		66,742		3,577,371
Owens Corning		27,631		1,809,002
Trane Technologies PLC		61,159		8,118,857
Trex Co. Inc.(a)		29,608		2,058,940
				40,635,654
Chemicals — 1.5%
Sherwin-Williams Co. (The)		20,928		14,398,045
Commercial Services & Supplies — 3.0%
ADT Inc.		38,831		255,896
Cimpress PLC(a)		4,970		364,798
Cintas Corp.		22,191		6,980,179
Clean Harbors Inc.(a)		13,096		693,695
MSA Safety Inc.		9,250		1,220,260
Republic Services Inc.		53,650		4,730,321
Stericycle Inc.(a)		23,401		1,457,882
Tetra Tech Inc.		13,746		1,387,109
Waste Management Inc.		99,279		10,713,197
				27,803,337
Construction & Engineering — 1.0%
AECOM(a)		41,032		1,839,875
EMCOR Group Inc.		14,045		957,728
Jacobs Engineering Group Inc.		33,204		3,154,380
MasTec Inc.(a)		14,353		712,483

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services Inc.		35,311	$	2,204,466
Valmont Industries Inc.		5,424		769,937
				9,638,869
Construction Materials — 1.1%
Eagle Materials Inc.		10,685		910,896
Martin Marietta Materials Inc.		15,884		4,230,704
Vulcan Materials Co.		33,806		4,896,461
				10,038,061
Containers & Packaging — 3.7%
Amcor PLC		400,292		4,175,046
AptarGroup Inc.		16,496		1,882,029
Avery Dennison Corp.		21,345		2,953,935
Ball Corp.		83,449		7,426,961
Berry Global Group Inc.(a)		33,942		1,582,715
Crown Holdings Inc.(a)		34,454		2,956,153
Graphic Packaging Holding Co.		71,508		950,341
International Paper Co.		100,322		4,389,087
Packaging Corp. of America		24,174		2,767,681
Sealed Air Corp.		39,823		1,576,593
Silgan Holdings Inc.		20,143		693,926
Sonoco Products Co.		25,677		1,255,349
Westrock Co.		66,406		2,493,545
				35,103,361
Electrical Equipment — 4.7%
Acuity Brands Inc.		10,096		899,957
AMETEK Inc.		58,604		5,754,913
Eaton Corp. PLC		102,204		10,607,753
Emerson Electric Co.		152,660		9,890,841
EnerSys		10,793		772,779
Generac Holdings Inc.(a)		16,052		3,373,328
Hubbell Inc.		13,872		2,018,515
nVent Electric PLC		43,470		784,633
Regal Beloit Corp.		10,392		1,025,171
Rockwell Automation Inc.		29,599		7,018,515
Sensata Technologies Holding PLC(a)		40,221		1,758,060
				43,904,465
Electronic Equipment, Instruments & Components — 5.3%
Amphenol Corp., Class A		76,234		8,602,245
Arrow Electronics Inc.(a)		19,813		1,543,235
Avnet Inc.		25,044		617,835
Cognex Corp.		44,117		2,907,310
Coherent Inc.(a)		6,225		778,996
Corning Inc.		194,207		6,208,798
Dolby Laboratories Inc., Class A		16,484		1,237,619
FLIR Systems Inc.		33,542		1,163,572
IPG Photonics Corp.(a)		9,128		1,697,443
Itron Inc.(a)		10,322		701,380
Jabil Inc.		34,668		1,148,898
Keysight Technologies Inc.(a)		47,761		5,008,696
Littelfuse Inc.		6,230		1,233,166
National Instruments Corp.		33,625		1,051,790
TE Connectivity Ltd.		84,329		8,169,794
Trimble Inc.(a)		63,818		3,071,560
Vontier Corp.(a)		34,434		989,633
Zebra Technologies Corp., Class A(a)		13,605		3,858,922
				49,990,892
Industrial Conglomerates — 8.7%
3M Co.		147,110		23,531,716
Carlisle Companies Inc.		13,918		1,724,023

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates (continued)
General Electric Co.		2,235,508	$	16,587,469
Honeywell International Inc.		179,229		29,563,823
Roper Technologies Inc.		26,746		9,931,860
				81,338,891
IT Services — 21.1%
Accenture PLC, Class A		162,479		35,243,320
Automatic Data Processing Inc.		109,809		17,345,430
Black Knight Inc.(a)		40,058		3,523,101
Broadridge Financial Solutions Inc.		29,391		4,044,202
Euronet Worldwide Inc.(a)		13,374		1,188,146
Fidelity National Information Services Inc.		158,241		19,715,246
Fiserv Inc.(a)		141,949		13,551,871
FleetCor Technologies Inc.(a)		21,450		4,738,519
Genpact Ltd.		45,387		1,559,951
Global Payments Inc.		76,432		12,056,384
Jack Henry & Associates Inc.		19,544		2,897,398
MAXIMUS Inc.		15,689		1,060,263
Paychex Inc.		81,763		6,725,007
PayPal Holdings Inc.(a)		299,650		55,773,854
Square Inc., Class A(a)		94,825		14,686,496
Western Union Co. (The)		104,724		2,035,835
WEX Inc.(a)		11,281		1,427,610
				197,572,633
Life Sciences Tools & Services — 0.4%
PerkinElmer Inc.		28,524		3,695,284
Machinery — 14.1%
AGCO Corp.		15,626		1,203,671
Allison Transmission Holdings Inc.		28,977		1,047,519
Caterpillar Inc.		138,296		21,719,387
Colfax Corp.(a)(b)		25,745		700,007
Crane Co.		12,500		634,375
Cummins Inc.		37,692		8,288,094
Deere & Co.		80,033		18,080,255
Donaldson Co. Inc.		32,112		1,525,320
Dover Corp.		36,740		4,067,485
Flowserve Corp.		33,351		971,181
Fortive Corp.		86,028		5,299,325
Gates Industrial Corp. PLC(a)		11,158		123,854
Graco Inc.		42,494		2,630,379
IDEX Corp.		19,265		3,282,563
Illinois Tool Works Inc.		73,478		14,392,871
Ingersoll Rand Inc.(a)		94,692		3,308,538
ITT Inc.		22,104		1,337,513
Lincoln Electric Holdings Inc.		15,186		1,546,239
Middleby Corp. (The)(a)		14,175		1,410,979
Navistar International Corp.(a)		12,731		548,833
Nordson Corp.		13,760		2,661,597
Oshkosh Corp.		17,425		1,173,748
Otis Worldwide Corp.		103,892		6,366,502
PACCAR Inc.		88,342		7,542,640
Parker-Hannifin Corp.		32,812		6,836,708
Pentair PLC		42,420		2,110,819
Snap-on Inc.		13,931		2,194,550
Timken Co. (The)		17,319		1,033,944
Toro Co. (The)		27,452		2,253,809
Westinghouse Air Brake Technologies Corp.		45,613		2,704,851
Woodward Inc.		14,841		1,180,602

Security	Shares			Value
Machinery (continued)
Xylem Inc./NY		45,927		$	4,002,079
					132,180,237
Marine — 0.1%
Kirby Corp.(a)		15,229			586,164
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		28,752			821,732
Professional Services — 2.6%
ASGN Inc.(a)		13,466			897,913
CoreLogic Inc.		20,325			1,563,602
Equifax Inc.		30,998			4,234,327
FTI Consulting Inc.(a)		9,340			919,616
Insperity Inc.		9,238			707,446
ManpowerGroup Inc.		14,804			1,004,747
Nielsen Holdings PLC		91,270			1,233,058
Robert Half International Inc.		29,325			1,486,484
TransUnion		48,519			3,865,024
TriNet Group Inc.(a)		10,333			712,150
Verisk Analytics Inc.		41,447			7,376,323
					24,000,690
Road & Rail — 7.9%
CSX Corp.		195,387			15,423,850
JB Hunt Transport Services Inc.		21,249			2,586,853
Kansas City Southern		24,077			4,240,923
Knight-Swift Transportation Holdings Inc.		32,224			1,224,190
Landstar System Inc.		9,817			1,224,180
Norfolk Southern Corp.		65,152			13,624,586
Old Dominion Freight Line Inc.		24,551			4,673,774
Union Pacific Corp.		173,369			30,719,253
					73,717,609
Trading Companies & Distributors — 2.3%
Air Lease Corp.		27,361			745,314
Applied Industrial Technologies Inc.		9,924			605,860
Fastenal Co.		146,395			6,328,656
HD Supply Holdings Inc.(a)		41,446			1,652,037
MSC Industrial Direct Co. Inc., Class A		11,664			812,514
SiteOne Landscape Supply Inc.(a)(b)		11,296			1,349,759
United Rentals Inc.(a)		18,382			3,277,327
Univar Solutions Inc.(a)		43,247			717,468
Watsco Inc.		8,396			1,881,879
WW Grainger Inc.		11,486			4,020,330
					21,391,144
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		18,700			482,460
Total Common Stocks — 99.9% (Cost: $896,871,526)					934,803,108
			��
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		1,621,710			1,622,845

S C H E D U L E  O F  I N V E S T M E N  T S 29

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		1,582,000	$	1,582,000
				3,204,845
Total Short-Term Investments — 0.3% (Cost: $3,202,413)				3,204,845
Total Investments in Securities — 100.2% (Cost: $900,073,939)				938,007,953
Other Assets, Less Liabilities — (0.2)%				(1,896,609	)
Net Assets — 100.0%			$	936,111,344

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,314,249	$	—		$	(5,689,270	)(a)	$	7,658	$	(9,792	)	$	1,622,845		1,621,710	$	19,139	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,102,000		480,000	(a)		—			—		—			1,582,000		1,582,000		1,134			—
									$	7,658	$	(9,792	)	$	3,204,845			$	20,273		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Select Sector Industrial E-Mini Index		13		12/18/20	$	990	$	(16,740	)
S&P Select Sector Technology E-Mini Index		2		12/18/20		223		(11,765	)
							$	(28,505	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	28,505

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

30 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® U.S. Industrials ETF

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	704,832
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(155,103	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,678,490

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	934,803,108		$	—	$	—	$	934,803,108
Money Market Funds		3,204,845			—		—		3,204,845
	$	938,007,953		$	—	$	—	$	938,007,953
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(28,505	)	$	—	$	—	$	(28,505	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 31

Schedule of Investments  (unaudited)  October 31, 2020 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.0%
Spirit AeroSystems Holdings Inc., Class A		15,129	$	275,197
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		19,307		1,707,318
Echo Global Logistics Inc.(a)		3,327		89,729
Expeditors International of Washington Inc.		23,802		2,103,383
United Parcel Service Inc., Class B		100,552		15,797,725
				19,698,155
Airlines — 0.1%
Delta Air Lines Inc.		22,866		700,615
Southwest Airlines Co.		21,074		833,055
				1,533,670
Auto Components — 0.3%
Aptiv PLC		38,345		3,699,909
Autoliv Inc.		11,958		906,416
BorgWarner Inc.		34,860		1,219,403
				5,825,728
Automobiles — 1.9%
Harley-Davidson Inc.		22,081		726,023
Tesla Inc.(a)		105,948		41,112,062
				41,838,085
Banks — 1.5%
Bank of Hawaii Corp.		5,649		342,555
Cathay General Bancorp.		10,787		253,818
CIT Group Inc.		13,779		405,792
Citizens Financial Group Inc.		61,170		1,666,883
Comerica Inc.		19,655		894,499
First Republic Bank/CA		24,386		3,076,050
Heartland Financial USA Inc.		4,342		143,026
International Bancshares Corp.		7,705		213,274
KeyCorp.		138,782		1,801,390
M&T Bank Corp.		18,339		1,899,554
Old National Bancorp./IN		23,338		326,265
People’s United Financial Inc.		60,709		647,765
PNC Financial Services Group Inc. (The)		60,660		6,786,641
Regions Financial Corp.		136,994		1,822,020
Signature Bank/New York NY		7,643		617,096
SVB Financial Group(a)		7,392		2,148,854
Truist Financial Corp.		192,501		8,108,142
Umpqua Holdings Corp.		30,972		389,008
Zions Bancorp NA		23,598		761,508
				32,304,140
Beverages — 2.5%
Coca-Cola Co. (The)		582,664		28,002,832
PepsiCo Inc.		198,142		26,410,347
				54,413,179
Biotechnology — 3.0%
AbbVie Inc.		252,222		21,464,092
Amgen Inc.		84,005		18,224,045
Biogen Inc.(a)		23,338		5,882,809
BioMarin Pharmaceutical Inc.(a)		25,732		1,915,233
Gilead Sciences Inc.		179,228		10,422,108
Vertex Pharmaceuticals Inc.(a)		36,969		7,702,861
				65,611,148
Building Products — 0.8%
A O Smith Corp.		19,445		1,005,112
Allegion PLC		13,259		1,306,012

Security	Shares		Value
Building Products (continued)
Builders FirstSource Inc.(a)		16,845	$	510,404
Fortune Brands Home & Security Inc.		19,671		1,590,794
Johnson Controls International PLC		106,353		4,489,160
Lennox International Inc.		4,883		1,326,516
Masco Corp.		37,709		2,021,202
Owens Corning		15,475		1,013,148
Trane Technologies PLC		34,082		4,524,385
				17,786,733
Capital Markets — 3.4%
Ameriprise Financial Inc.		17,451		2,806,644
Bank of New York Mellon Corp. (The)		113,945		3,915,150
BlackRock Inc.(b)		21,740		13,026,825
Charles Schwab Corp. (The)		218,384		8,977,766
CME Group Inc.		51,241		7,723,044
FactSet Research Systems Inc.		5,414		1,659,391
Franklin Resources Inc.		42,636		799,425
Intercontinental Exchange Inc.		78,024		7,365,466
Invesco Ltd.		55,697		730,188
Moody’s Corp.		24,050		6,322,745
Northern Trust Corp.		28,170		2,204,866
S&P Global Inc.		34,423		11,109,335
State Street Corp.		50,191		2,956,250
T Rowe Price Group Inc.		32,528		4,119,996
				73,717,091
Chemicals — 2.2%
Air Products & Chemicals Inc.		31,552		8,715,924
Albemarle Corp.		15,194		1,416,233
Axalta Coating Systems Ltd.(a)		30,273		760,155
Ecolab Inc.		36,353		6,674,047
HB Fuller Co.		7,487		338,787
International Flavors & Fragrances Inc.		12,230		1,255,532
Linde PLC		74,999		16,525,280
Minerals Technologies Inc.		4,868		266,231
Mosaic Co. (The)		51,031		944,073
PPG Industries Inc.		33,719		4,374,029
Sherwin-Williams Co. (The)		11,682		8,036,982
				49,307,273
Commercial Services & Supplies — 0.2%
ACCO Brands Corp.		11,937		62,908
Copart Inc.(a)		30,110		3,322,940
Deluxe Corp.		6,371		136,594
HNI Corp.		6,310		205,390
Interface Inc.		8,941		54,808
Knoll Inc.		7,521		86,191
Steelcase Inc., Class A		11,213		117,064
Tetra Tech Inc.		7,726		779,631
				4,765,526
Communications Equipment — 1.2%
Cisco Systems Inc.		602,964		21,646,408
CommScope Holding Co. Inc.(a)(c)		28,484		253,508
F5 Networks Inc.(a)		8,678		1,153,653
Motorola Solutions Inc.		24,251		3,833,113
Plantronics Inc.		4,995		97,502
				26,984,184
Construction & Engineering — 0.1%
EMCOR Group Inc.		7,672		523,154
Granite Construction Inc.		6,894		133,123

32 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services Inc.		19,682	$	1,228,747
				1,885,024
Consumer Finance — 0.5%
Ally Financial Inc.		53,661		1,431,675
American Express Co.		97,799		8,923,181
				10,354,856
Containers & Packaging — 0.4%
Amcor PLC		225,120		2,348,002
Avery Dennison Corp.		11,923		1,650,024
Ball Corp.		46,615		4,148,735
Sealed Air Corp.		22,153		877,037
Sonoco Products Co.		14,423		705,140
				9,728,938
Distributors — 0.2%
LKQ Corp.(a)		40,991		1,311,302
Pool Corp.		5,723		2,002,077
				3,313,379
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		57,982		1,246,033
Voya Financial Inc.		18,031		864,226
				2,110,259
Diversified Telecommunication Services — 1.7%
CenturyLink Inc.		132,614		1,143,133
Liberty Global PLC, Class A(a)		23,231		440,924
Liberty Global PLC, Class C, NVS(a)		55,904		1,043,169
Verizon Communications Inc.		590,926		33,676,873
				36,304,099
Electric Utilities — 0.6%
Alliant Energy Corp.		35,629		1,969,571
Eversource Energy		48,110		4,198,560
FirstEnergy Corp.		77,556		2,304,964
OGE Energy Corp.		28,612		880,391
PPL Corp.		109,869		3,021,398
				12,374,884
Electrical Equipment — 0.5%
Acuity Brands Inc.		5,748		512,377
Eaton Corp. PLC		57,178		5,934,505
Rockwell Automation Inc.		16,516		3,916,274
Sensata Technologies Holding PLC(a)		22,581		987,015
				11,350,171
Electronic Equipment, Instruments & Components — 0.8%
Cognex Corp.		24,662		1,625,226
Corning Inc.		108,499		3,468,713
Flex Ltd.(a)		71,683		1,014,314
Itron Inc.(a)		5,547		376,919
Keysight Technologies Inc.(a)		26,600		2,789,542
TE Connectivity Ltd.		47,154		4,568,279
Trimble Inc.(a)		35,644		1,715,546
Zebra Technologies Corp., Class A(a)		7,598		2,155,097
				17,713,636
Energy Equipment & Services — 0.2%
Baker Hughes Co.		93,523		1,381,335
Core Laboratories NV		6,553		94,691
National Oilwell Varco Inc.		54,284		455,985
Schlumberger Ltd.		197,381		2,948,872
TechnipFMC PLC		61,507		340,134
				5,221,017

Security	Shares		Value
Entertainment — 1.7%
Electronic Arts Inc.(a)		41,164	$	4,932,682
Walt Disney Co. (The)		257,945		31,275,831
				36,208,513
Equity Real Estate Investment Trusts (REITs) — 3.0%
American Tower Corp.		63,311		14,539,371
AvalonBay Communities Inc.		20,006		2,783,435
Boston Properties Inc.		21,048		1,524,086
Corporate Office Properties Trust		15,578		349,414
Digital Realty Trust Inc.		38,359		5,535,204
Duke Realty Corp.		52,715		2,002,643
Equinix Inc.		12,652		9,251,648
Equity Residential		52,898		2,485,148
Federal Realty Investment Trust		10,279		706,990
Healthpeak Properties Inc.		76,967		2,075,800
Host Hotels & Resorts Inc.		101,011		1,058,595
Iron Mountain Inc.		41,046		1,069,659
Macerich Co. (The)(c)		14,634		101,853
PotlatchDeltic Corp.		9,499		394,683
Prologis Inc.		105,535		10,469,072
SBA Communications Corp.		15,913		4,620,658
Simon Property Group Inc.		43,598		2,738,390
UDR Inc.		42,166		1,317,266
Vornado Realty Trust		23,230		713,858
Weyerhaeuser Co.		106,680		2,911,297
				66,649,070
Food & Staples Retailing — 0.3%
Kroger Co. (The)		112,403		3,620,501
Sysco Corp.		68,756		3,802,894
United Natural Foods Inc.(a)		8,067		117,536
				7,540,931
Food Products — 1.7%
Archer-Daniels-Midland Co.		79,207		3,662,532
Bunge Ltd.		20,452		1,160,242
Campbell Soup Co.		25,910		1,209,220
Darling Ingredients Inc.(a)		22,909		985,087
General Mills Inc.		86,585		5,118,905
Hain Celestial Group Inc. (The)(a)		11,951		367,493
Hormel Foods Corp.		42,096		2,049,654
Ingredion Inc.		9,642		683,521
JM Smucker Co. (The)		16,312		1,830,206
Kellogg Co.		36,703		2,308,252
Kraft Heinz Co. (The)		96,123		2,940,403
Lamb Weston Holdings Inc.		20,896		1,325,851
McCormick & Co. Inc./MD, NVS		17,677		3,190,875
Mondelez International Inc., Class A		203,946		10,833,612
				37,665,853
Gas Utilities — 0.1%
Atmos Energy Corp.		17,503		1,604,500
New Jersey Resources Corp.		13,679		399,153
Northwest Natural Holding Co.		4,283		190,337
UGI Corp.		29,757		962,341
				3,156,331
Health Care Equipment & Supplies — 1.9%
ABIOMED Inc.(a)		6,441		1,622,359
Align Technology Inc.(a)		10,688		4,553,943
Becton Dickinson and Co.		41,409		9,570,862
Cooper Companies Inc. (The)		7,631		2,434,671
DENTSPLY SIRONA Inc.		31,242		1,474,310
Edwards Lifesciences Corp.(a)		88,330		6,332,378

S C H E D U L E  O F  I N V E S T M E N  T S 33

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Hologic Inc.(a)		36,920	$	2,540,834
IDEXX Laboratories Inc.(a)		12,104		5,142,021
ResMed Inc.		20,695		3,972,198
Varian Medical Systems Inc.(a)		12,977		2,242,426
West Pharmaceutical Services Inc.		10,489		2,853,742
				42,739,744
Health Care Providers & Services — 1.7%
AmerisourceBergen Corp.		21,812		2,095,479
Cardinal Health Inc.		41,763		1,912,328
Centene Corp.(a)		82,765		4,891,411
Cigna Corp.		52,737		8,805,497
DaVita Inc.(a)		11,385		981,956
HCA Healthcare Inc.		38,506		4,772,434
Henry Schein Inc.(a)		20,512		1,304,153
Humana Inc.		18,851		7,526,827
Laboratory Corp. of America Holdings(a)		13,921		2,780,998
MEDNAX Inc.(a)		12,312		156,978
Patterson Companies Inc.		12,676		315,316
Quest Diagnostics Inc.		19,091		2,331,775
Select Medical Holdings Corp.(a)		15,143		317,700
				38,192,852
Health Care Technology — 0.3%
Cerner Corp.		43,522		3,050,457
Teladoc Health Inc.(a)(c)		16,303		3,202,887
				6,253,344
Hotels, Restaurants & Leisure — 2.4%
Aramark		32,482		901,051
Choice Hotels International Inc.		5,045		440,681
Darden Restaurants Inc.		18,402		1,691,512
Domino’s Pizza Inc.		5,597		2,117,457
Hilton Worldwide Holdings Inc.		39,439		3,463,138
Jack in the Box Inc.		3,114		249,307
Marriott International Inc./MD, Class A		39,441		3,663,280
McDonald’s Corp.		106,184		22,617,192
Royal Caribbean Cruises Ltd.		25,416		1,433,971
Starbucks Corp.		166,810		14,505,797
Vail Resorts Inc.		5,752		1,334,694
				52,418,080
Household Durables — 0.3%
Ethan Allen Interiors Inc.		3,480		55,854
Garmin Ltd.		20,462		2,128,457
La-Z-Boy Inc.		6,331		216,710
Meritage Homes Corp.(a)		5,295		461,141
Mohawk Industries Inc.(a)		8,699		897,650
Newell Brands Inc.		57,235		1,010,770
Whirlpool Corp.		8,861		1,638,931
				6,409,513
Household Products — 3.1%
Clorox Co. (The)		18,012		3,732,987
Colgate-Palmolive Co.		116,227		9,169,148
Kimberly-Clark Corp.		48,541		6,436,051
Procter & Gamble Co. (The)		353,533		48,469,375
				67,807,561
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		95,004		1,852,578
Ormat Technologies Inc.		5,640		399,707
				2,252,285

Security	Shares		Value
Industrial Conglomerates — 0.9%
3M Co.		82,153	$	13,141,194
Roper Technologies Inc.		14,925		5,542,249
				18,683,443
Insurance — 2.2%
Allstate Corp. (The)		44,919		3,986,561
Arthur J Gallagher & Co.		27,156		2,816,349
Chubb Ltd.		64,361		8,361,138
Hartford Financial Services Group Inc. (The)		51,274		1,975,074
Lincoln National Corp.		27,249		956,440
Loews Corp.		36,217		1,256,006
Marsh & McLennan Companies Inc.		72,757		7,527,439
Principal Financial Group Inc.		39,315		1,541,934
Progressive Corp. (The)		83,455		7,669,515
Prudential Financial Inc.		56,322		3,605,734
Travelers Companies Inc. (The)		36,155		4,364,270
Willis Towers Watson PLC		18,427		3,362,559
				47,423,019
Interactive Media & Services — 10.5%
Alphabet Inc., Class A(a)		42,850		69,250,314
Alphabet Inc., Class C, NVS(a)		43,206		70,037,358
Facebook Inc., Class A(a)		343,383		90,347,501
				229,635,173
Internet & Direct Marketing Retail — 0.4%
Booking Holdings Inc.(a)		5,842		9,478,645
IT Services — 7.5%
Accenture PLC, Class A		90,969		19,732,086
Automatic Data Processing Inc.		61,419		9,701,745
Cognizant Technology Solutions Corp., Class A		77,278		5,519,195
International Business Machines Corp.		126,811		14,159,716
Mastercard Inc., Class A		127,631		36,839,412
Okta Inc.(a)		16,602		3,483,598
PayPal Holdings Inc.(a)		159,294		29,649,392
Visa Inc., Class A		240,926		43,778,663
Western Union Co. (The)		59,118		1,149,254
				164,013,061
Leisure Products — 0.1%
Callaway Golf Co.		12,968		200,874
Hasbro Inc.		18,607		1,539,171
Mattel Inc.(a)		49,087		675,928
				2,415,973
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.		44,146		4,506,865
Bio-Techne Corp.		5,498		1,387,750
IQVIA Holdings Inc.(a)		27,311		4,205,621
Mettler-Toledo International Inc.(a)		3,414		3,406,865
Waters Corp.(a)		8,876		1,977,750
				15,484,851
Machinery — 2.8%
AGCO Corp.		8,942		688,802
Caterpillar Inc.		77,317		12,142,635
Cummins Inc.		21,092		4,637,920
Deere & Co.		42,474		9,595,301
Dover Corp.		20,450		2,264,019
Flowserve Corp.		18,146		528,412
Fortive Corp.		43,274		2,665,678
Graco Inc.		23,897		1,479,224
Illinois Tool Works Inc.		45,162		8,846,333
Lincoln Electric Holdings Inc.		8,141		828,917

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Meritor Inc.(a)		10,098	$	245,785
Middleby Corp. (The)(a)		7,975		793,832
PACCAR Inc.		49,263		4,206,075
Parker-Hannifin Corp.		18,252		3,802,987
Snap-on Inc.		7,428		1,170,133
Stanley Black & Decker Inc.		22,050		3,664,710
Tennant Co.		2,529		150,779
Timken Co. (The)		9,446		563,926
Westinghouse Air Brake Technologies Corp.		25,711		1,524,662
Xylem Inc./NY		25,780		2,246,469
				62,046,599
Media — 0.2%
Discovery Inc., Class A(a)(c)		22,327		451,899
Discovery Inc., Class C, NVS(a)		46,200		846,384
John Wiley & Sons Inc., Class A		6,357		196,813
New York Times Co. (The), Class A(c)		20,096		797,007
Omnicom Group Inc.		30,557		1,442,290
Scholastic Corp., NVS		4,345		85,857
				3,820,250
Metals & Mining — 0.4%
Compass Minerals International Inc.		4,997		301,719
Newmont Corp.		114,407		7,189,336
Nucor Corp.		43,196		2,063,041
Schnitzer Steel Industries Inc., Class A		3,645		76,545
				9,630,641
Multi-Utilities — 0.9%
Avista Corp.		9,735		323,397
CenterPoint Energy Inc.		71,865		1,518,507
CMS Energy Corp.		40,954		2,593,617
Consolidated Edison Inc.		47,801		3,751,901
MDU Resources Group Inc.		28,229		670,721
NiSource Inc.		54,610		1,254,392
Sempra Energy		41,809		5,241,176
WEC Energy Group Inc.		44,928		4,517,510
				19,871,221
Multiline Retail — 0.0%
Kohl’s Corp.(c)		22,213		472,915
Nordstrom Inc.(c)		16,060		194,326
				667,241
Oil, Gas & Consumable Fuels — 1.0%
Apache Corp.		53,373		442,996
Cheniere Energy Inc.(a)		32,285		1,545,483
ConocoPhillips		152,698		4,370,217
Devon Energy Corp.		54,490		486,596
EQT Corp.		36,331		550,051
Hess Corp.		39,316		1,463,341
Marathon Oil Corp.		113,099		447,872
Marathon Petroleum Corp.		92,902		2,740,609
Occidental Petroleum Corp.		127,828		1,167,070
ONEOK Inc.		62,656		1,817,024
Phillips 66		62,227		2,903,512
Pioneer Natural Resources Co.		23,476		1,867,750
Southwestern Energy Co.(a)		81,423		217,399
Valero Energy Corp.		58,234		2,248,415
				22,268,335
Paper & Forest Products — 0.0%
Domtar Corp.		7,588		181,201

Security	Shares		Value
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		32,128	$	7,057,237
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		323,124		18,886,598
Jazz Pharmaceuticals PLC(a)(c)		7,870		1,134,067
Merck & Co. Inc.		360,453		27,109,670
Zoetis Inc.		67,855		10,758,410
				57,888,745
Professional Services — 0.4%
ASGN Inc.(a)		7,462		497,566
Exponent Inc.		7,501		521,995
Heidrick & Struggles International Inc.		2,437		55,685
ICF International Inc.		2,610		170,668
IHS Markit Ltd.		54,044		4,370,538
Kelly Services Inc., Class A, NVS		4,701		81,703
ManpowerGroup Inc.		8,350		566,715
Resources Connection Inc.		4,855		52,143
Robert Half International Inc.		16,478		835,270
TransUnion		27,009		2,151,537
TrueBlue Inc.(a)		4,781		74,201
				9,378,021
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		47,900		2,414,160
Jones Lang LaSalle Inc.		7,305		824,442
Realogy Holdings Corp.(a)		17,512		195,434
				3,434,036
Road & Rail — 1.7%
AMERCO		1,403		487,066
ArcBest Corp.		3,832		116,953
Avis Budget Group Inc.(a)		8,212		276,498
CSX Corp.		109,145		8,615,906
Kansas City Southern		13,592		2,394,095
Norfolk Southern Corp.		36,528		7,638,735
Ryder System Inc.		7,841		386,248
Union Pacific Corp.		96,902		17,170,065
				37,085,566
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices Inc.(a)		167,277		12,594,285
Analog Devices Inc.		52,513		6,224,366
Applied Materials Inc.		130,676		7,739,939
Intel Corp.		604,636		26,773,282
Lam Research Corp.		20,701		7,081,398
Microchip Technology Inc.		35,083		3,686,522
NVIDIA Corp.		87,826		44,032,443
Skyworks Solutions Inc.		23,858		3,370,897
Texas Instruments Inc.		131,062		18,950,255
				130,453,387
Software — 15.8%
Adobe Inc.(a)		68,802		30,761,374
ANSYS Inc.(a)		12,248		3,727,924
Autodesk Inc.(a)		31,336		7,380,881
Cadence Design Systems Inc.(a)		39,807		4,353,692
Citrix Systems Inc.		16,819		1,905,088
Fortinet Inc.(a)		19,649		2,168,660
Intuit Inc.		37,240		11,718,683
Microsoft Corp.		1,028,805		208,302,148
NortonLifeLock Inc.		79,771		1,640,889
Oracle Corp.		292,726		16,424,856
Paycom Software Inc.(a)		7,132		2,596,690

S C H E D U L E  O F  I N V E S T M E N T  S 35

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
salesforce.com Inc.(a)		128,440	$	29,832,759
ServiceNow Inc.(a)		27,232		13,549,826
Slack Technologies Inc., Class A(a)(c)		54,759		1,400,735
Splunk Inc.(a)		22,718		4,499,073
Teradata Corp.(a)(c)		15,780		289,879
VMware Inc., Class A(a)		11,985		1,542,829
Workday Inc., Class A(a)		24,871		5,225,895
				347,321,881
Specialty Retail — 3.3%
AutoNation Inc.(a)		7,990		453,273
Best Buy Co. Inc.		33,121		3,694,648
Buckle Inc. (The)		4,495		107,700
CarMax Inc.(a)		23,161		2,002,037
Foot Locker Inc.		14,858		547,963
GameStop Corp., Class A(a)(c)		8,488		88,869
Gap Inc. (The)		32,478		631,697
Home Depot Inc. (The)		153,589		40,963,722
Lowe’s Companies Inc.		107,817		17,045,868
ODP Corp. (The)		7,401		144,320
Signet Jewelers Ltd.		7,604		169,417
Tiffany & Co.		15,495		2,027,366
Tractor Supply Co.		16,533		2,202,361
Ulta Beauty Inc.(a)		7,633		1,578,275
				71,657,516
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C(a)		34,240		2,063,303
Hewlett Packard Enterprise Co.		182,670		1,578,269
HP Inc.		203,821		3,660,625
Xerox Holdings Corp.		25,898		450,107
				7,752,304
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.(a)		20,313		431,042
Columbia Sportswear Co.		4,251		317,082
Deckers Outdoor Corp.(a)		3,983		1,009,173
Hanesbrands Inc.		49,756		799,579
Nike Inc., Class B		177,080		21,263,766
PVH Corp.		10,148		591,527
Under Armour Inc., Class A(a)		27,794		384,669
Under Armour Inc., Class C, NVS(a)		28,498		348,530
VF Corp.		47,254		3,175,469
Wolverine World Wide Inc.		11,833		315,586
				28,636,423

Security	Shares		Value
Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		66,413	$	551,892
Trading Companies & Distributors — 0.4%
Air Lease Corp.		15,622		425,543
Applied Industrial Technologies Inc.		5,366		327,595
Fastenal Co.		81,642		3,529,384
H&E Equipment Services Inc.		4,676		98,383
HD Supply Holdings Inc.(a)		23,207		925,031
United Rentals Inc.(a)		10,297		1,835,852
WW Grainger Inc.		6,460		2,261,129
				9,402,917
Water Utilities — 0.2%
American Water Works Co. Inc.		25,901		3,898,360
Essential Utilities Inc.		33,291		1,371,589
				5,269,949
Total Common Stocks — 99.8% (Cost: $1,691,383,232)				2,193,219,976
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(b)(d)(e)		4,421,967		4,425,062
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(d)		6,170,000		6,170,000
				10,595,062
Total Short-Term Investments — 0.5% (Cost: $10,592,145)				10,595,062
Total Investments in Securities — 100.3% (Cost: $1,701,975,377)				2,203,815,038
Other Assets, Less Liabilities — (0.3)%				(6,633,613	)
Net Assets — 100.0%			$	2,197,181,425

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

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Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,130,304	$	—		$	(12,700,632	)(a)	$	18,616		$  (23,226)	$	4,425,062		4,421,967	$	50,524	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,660,000		3,510,000	(a)		—			—		—		6,170,000		6,170,000		2,373			—
BlackRock Inc.		7,853,412		3,650,258			(414,547	)		68,599		1,869,103		13,026,825		21,740		149,153			—
									$	87,215	$	1,845,877	$	23,621,887			$	202,050		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		22		12/18/20	$	3,591	$	(170,329	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	170,329

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,034,419
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(541,842	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,101,900

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E  O F  I N V E S T M E N  T S 37

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI KLD 400 Social ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,193,219,976		$	—	$	—	$	2,193,219,976
Money Market Funds		10,595,062			—		—		10,595,062
	$	2,203,815,038		$	—	$	—	$	2,203,815,038
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(170,329	)	$	—	$	—	$	(170,329	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments  (unaudited)  October 31, 2020 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.9%
CH Robinson Worldwide Inc.		34,076	$	3,013,341
Expeditors International of Washington Inc.		360,169		31,828,134
				34,841,475
Auto Components �� 0.4%
Aptiv PLC		84,270		8,131,212
Automobiles — 1.3%
Tesla Inc.(a)		59,153		22,953,730
Banks — 0.6%
KeyCorp.		168,480		2,186,871
PNC Financial Services Group Inc. (The)		41,958		4,694,261
SVB Financial Group(a)		14,826		4,309,918
				11,191,050
Beverages — 2.3%
Coca-Cola Co. (The)		313,848		15,083,535
PepsiCo Inc.		198,334		26,435,939
				41,519,474
Biotechnology — 2.9%
AbbVie Inc.		105,916		9,013,452
Amgen Inc.		70,631		15,322,689
Biogen Inc.(a)		15,706		3,959,011
Gilead Sciences Inc.		194,104		11,287,148
Vertex Pharmaceuticals Inc.(a)		57,837		12,050,917
				51,633,217
Building Products — 2.4%
Johnson Controls International PLC		662,885		27,980,376
Owens Corning		50,994		3,338,577
Trane Technologies PLC		91,165		12,102,154
				43,421,107
Capital Markets — 4.6%
Bank of New York Mellon Corp. (The)		261,254		8,976,687
BlackRock Inc.(b)		60,286		36,123,974
FactSet Research Systems Inc.		6,696		2,052,324
Franklin Resources Inc.		129,721		2,432,269
Invesco Ltd.		215,553		2,825,900
Moody’s Corp.		9,659		2,539,351
Northern Trust Corp.		197,068		15,424,512
S&P Global Inc.		8,202		2,647,032
State Street Corp.		111,792		6,584,549
T Rowe Price Group Inc.		33,143		4,197,892
				83,804,490
Chemicals — 2.4%
Axalta Coating Systems Ltd.(a)		152,937		3,840,248
Ecolab Inc.		143,926		26,423,374
International Flavors & Fragrances Inc.(c)		52,817		5,422,193
Linde PLC		16,660		3,670,865
Mosaic Co. (The)		148,178		2,741,293
PPG Industries Inc.		15,436		2,002,358
				44,100,331
Communications Equipment — 1.0%
Cisco Systems Inc.		494,851		17,765,151
Consumer Finance — 1.3%
Ally Financial Inc.		233,320		6,224,977
American Express Co.		186,503		17,016,534
				23,241,511

Security	Shares		Value
Containers & Packaging — 0.2%
Amcor PLC		330,685	$	3,449,045
Diversified Telecommunication Services — 0.6%
Liberty Global PLC, Class C, NVS(a)		218,286		4,073,217
Verizon Communications Inc.		115,512		6,583,029
				10,656,246
Electric Utilities — 2.1%
Eversource Energy		223,688		19,521,252
Southern Co. (The)		35,006		2,011,095
Xcel Energy Inc.		236,014		16,528,060
				38,060,407
Electronic Equipment, Instruments & Components — 1.1%
Cognex Corp.		26,945		1,775,675
Keysight Technologies Inc.(a)		46,487		4,875,092
TE Connectivity Ltd.		65,602		6,355,522
Trimble Inc.(a)		109,635		5,276,732
Zebra Technologies Corp., Class A(a)		7,687		2,180,341
				20,463,362
Energy Equipment & Services — 0.4%
Baker Hughes Co.		524,763		7,750,749
Entertainment — 0.9%
Electronic Arts Inc.(a)		21,982		2,634,103
Netflix Inc.(a)		9,895		4,707,447
Walt Disney Co. (The)		75,691		9,177,534
				16,519,084
Equity Real Estate Investment Trusts (REITs) — 3.0%
American Tower Corp.		21,551		4,949,187
Equinix Inc.		18,794		13,742,925
Healthpeak Properties Inc.		363,545		9,804,809
Iron Mountain Inc.		148,578		3,871,943
Prologis Inc.		165,227		16,390,518
Ventas Inc.		69,604		2,747,270
Welltower Inc.		34,525		1,856,409
				53,363,061
Food Products — 2.7%
Bunge Ltd.		267,616		15,181,856
Campbell Soup Co.		152,765		7,129,542
General Mills Inc.		197,834		11,695,946
Kellogg Co.		224,254		14,103,334
				48,110,678
Health Care Equipment & Supplies — 2.1%
DENTSPLY SIRONA Inc.		43,220		2,039,552
DexCom Inc.(a)		9,715		3,104,720
Edwards Lifesciences Corp.(a)		137,954		9,889,922
Hologic Inc.(a)		51,073		3,514,844
IDEXX Laboratories Inc.(a)		25,137		10,678,700
ResMed Inc.		20,679		3,969,127
West Pharmaceutical Services Inc.		14,789		4,023,643
				37,220,508
Health Care Providers & Services — 2.8%
Cardinal Health Inc.		140,433		6,430,427
DaVita Inc.(a)		35,464		3,058,770
HCA Healthcare Inc.		38,579		4,781,481
Henry Schein Inc.(a)		333,292		21,190,705
Humana Inc.		13,895		5,547,996
Quest Diagnostics Inc.		75,139		9,177,478
				50,186,857

S C H E D U L E  O F  I N V E S T M E N  T S 39

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology — 0.4%
Cerner Corp.		29,825	$	2,090,434
Teladoc Health Inc.(a)(c)		22,163		4,354,143
				6,444,577
Hotels, Restaurants & Leisure — 0.9%
Darden Restaurants Inc.		50,363		4,629,367
Hilton Worldwide Holdings Inc.		36,498		3,204,889
Royal Caribbean Cruises Ltd.		50,357		2,841,142
Vail Resorts Inc.(c)		20,743		4,813,206
				15,488,604
Household Products — 3.1%
Clorox Co. (The)		45,287		9,385,731
Colgate-Palmolive Co.		106,254		8,382,378
Kimberly-Clark Corp.		68,871		9,131,606
Procter & Gamble Co. (The)		209,445		28,714,909
				55,614,624
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		232,955		4,542,622
Industrial Conglomerates — 2.0%
3M Co.		226,108		36,168,236
Insurance — 2.1%
Marsh & McLennan Companies Inc.		241,803		25,016,939
Prudential Financial Inc.		98,818		6,326,328
Travelers Companies Inc. (The)		52,334		6,317,237
				37,660,504
Interactive Media & Services — 6.4%
Alphabet Inc., Class A(a)		32,968		53,279,914
Alphabet Inc., Class C, NVS(a)		21,565		34,957,081
Facebook Inc., Class A(a)(c)		105,545		27,769,945
				116,006,940
Internet & Direct Marketing Retail — 0.3%
MercadoLibre Inc.(a)		3,584		4,351,155
Wayfair Inc., Class A(a)(c)		7,683		1,905,615
				6,256,770
IT Services — 5.8%
Accenture PLC, Class A		218,045		47,296,141
International Business Machines Corp.		135,418		15,120,774
Mastercard Inc., Class A		47,642		13,751,387
Okta Inc.(a)		16,390		3,439,114
PayPal Holdings Inc.(a)		63,701		11,856,667
Square Inc., Class A(a)		19,697		3,050,671
Twilio Inc., Class A(a)		9,991		2,787,189
Visa Inc., Class A		38,985		7,083,964
				104,385,907
Leisure Products — 0.3%
Hasbro Inc.		76,516		6,329,404
Life Sciences Tools & Services — 3.2%
Agilent Technologies Inc.		278,676		28,450,033
Illumina Inc.(a)		10,389		3,040,860
Mettler-Toledo International Inc.(a)		14,892		14,860,876
Waters Corp.(a)		49,103		10,941,130
				57,292,899
Machinery — 4.1%
Caterpillar Inc.		66,723		10,478,847
Cummins Inc.		187,402		41,207,826
Xylem Inc./NY		265,726		23,155,364
				74,842,037

Security	Shares		Value
Media — 0.1%
Omnicom Group Inc.		34,204	$	1,614,429
Multi-Utilities — 1.3%
CMS Energy Corp.		170,111		10,773,130
Consolidated Edison Inc.		46,978		3,687,303
Public Service Enterprise Group Inc.		91,525		5,322,179
Sempra Energy		26,072		3,268,386
				23,050,998
Multiline Retail — 0.3%
Target Corp.		30,338		4,618,050
Oil, Gas & Consumable Fuels — 0.9%
ConocoPhillips		265,845		7,608,484
Hess Corp.		161,925		6,026,848
ONEOK Inc.		109,567		3,177,443
				16,812,775
Pharmaceuticals — 1.7%
Merck & Co. Inc.		214,617		16,141,344
Zoetis Inc.		90,783		14,393,645
				30,534,989
Professional Services — 0.3%
IHS Markit Ltd.		42,677		3,451,289
Robert Half International Inc.		34,026		1,724,778
				5,176,067
Real Estate Management & Development — 0.9%
CBRE Group Inc., Class A(a)		319,275		16,091,460
Road & Rail — 0.7%
CSX Corp.		24,818		1,959,133
Kansas City Southern		35,594		6,269,527
Norfolk Southern Corp.		19,373		4,051,282
				12,279,942
Semiconductors & Semiconductor Equipment — 4.5%
Advanced Micro Devices Inc.(a)		22,775		1,714,730
Applied Materials Inc.		191,788		11,359,603
Intel Corp.		282,334		12,501,749
Lam Research Corp.		10,799		3,694,122
NVIDIA Corp.		69,067		34,627,431
Texas Instruments Inc.		123,713		17,887,663
				81,785,298
Software — 11.9%
Adobe Inc.(a)		47,202		21,104,014
Autodesk Inc.(a)		62,534		14,729,258
Cadence Design Systems Inc.(a)		77,673		8,495,096
Intuit Inc.		42,139		13,260,301
Microsoft Corp.		437,702		88,621,524
salesforce.com Inc.(a)		236,128		54,845,451
ServiceNow Inc.(a)		9,313		4,633,869
Slack Technologies Inc., Class A(a)		64,066		1,638,808
Splunk Inc.(a)		11,897		2,356,082
VMware Inc., Class A(a)		21,738		2,798,333
Workday Inc., Class A(a)		10,152		2,133,138
				214,615,874
Specialty Retail — 4.7%
Best Buy Co. Inc.		197,866		22,071,952
Home Depot Inc. (The)		135,210		36,061,859
Lowe’s Companies Inc.		63,290		10,006,149
Tiffany & Co.		120,685		15,790,426

40 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		12,894	$	1,717,610
				85,647,996
Technology Hardware, Storage & Peripherals — 5.5%
Apple Inc.		793,259		86,354,175
Hewlett Packard Enterprise Co.		928,988		8,026,456
HP Inc.		233,915		4,201,113
				98,581,744
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica Inc.(a)(c)		10,459		3,339,454
Nike Inc., Class B		66,737		8,013,779
VF Corp.		113,888		7,653,274
				19,006,507
Trading Companies & Distributors — 0.2%
WW Grainger Inc.		8,342		2,919,867
Total Common Stocks — 99.8% (Cost: $1,484,332,316)				1,802,151,865
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(b)(d)(e)		14,332,244		14,342,277

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(d)		4,020,000	$	4,020,000
				18,362,277
Total Short-Term Investments — 1.0% (Cost: $18,360,962)				18,362,277
Total Investments in Securities — 100.8% (Cost: $1,502,693,278)				1,820,514,142
Other Assets, Less Liabilities — (0.8)%				(14,850,542	)
Net Assets — 100.0%			$	1,805,663,600

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,720,423	$	—		$	(8,375,408	)(a)	$	31,168	$	(33,906	)	$	14,342,277		14,332,244	$	62,560	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,410,000		1,610,000	(a)		—			—		—			4,020,000		4,020,000		2,149			—
BlackRock Inc.		29,633,413		7,476,700			(6,417,678	)		363,546		5,067,993			36,123,974		60,286		392,668			—
									$	394,714	$	5,034,087		$	54,486,251			$	457,377		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		19		12/18/20	$	3,101	$	(128,324	)

S C H  E D U L E  O F  I N V E S T M E  N T S 41

Schedule of Investments  (unaudited) (continued) October 31, 2020 iShares^® MSCI USA ESG Select ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	128,324

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	976,785
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(463,245	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,995,725

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,802,151,865		$	—	$	—	$	1,802,151,865
Money Market Funds		18,362,277			—		—		18,362,277
	$	1,820,514,142		$	—	$	—	$	1,820,514,142
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(128,324	)	$	—	$	—	$	(128,324	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

42 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Statements of Assets and Liabilities  (unaudited) 

October 31, 2020

	iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF		iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	640,191,880		$	613,464,083	$	1,029,459,730		$	934,428,265
Affiliated(c)		12,128,392			11,078,425		19,932,549			35,686,870
Cash		20,650			8,489		17,553			250,086
Cash pledged:
Futures contracts		116,000			103,000		101,000	��		163,000
Receivables:
Investments sold		19,981,234			—		—			—
Securities lending income — Affiliated		9,435			587		6,898			1,664
Variation margin on futures contracts		—			—		—			9,681
Dividends		368,422			738,951		298,662			3,221,355
Total assets		672,816,013			625,393,535		1,049,816,392			973,760,921
LIABILITIES
Collateral on securities loaned, at value		10,902,549			10,275,417		18,452,387			3,039,351
Payables:
Investments purchased		20,352,401			—		—			2,023,507
Variation margin on futures contracts		10,574			8,193		27,380			—
Capital shares redeemed		22,747			—		18,811			—
Investment advisory fees		223,024			228,845		380,135			456,466
Total liabilities		31,511,295			10,512,455		18,878,713			5,519,324
NET ASSETS	$	641,304,718		$	614,881,080	$	1,030,937,679		$	968,241,597
NET ASSETS CONSIST OF:
Paid-in capital	$	810,219,928		$	568,794,678	$	944,803,492		$	1,106,282,017
Accumulated earnings (loss)		(168,915,210	)		46,086,402		86,134,187			(138,040,420	)
NET ASSETS	$	641,304,718		$	614,881,080	$	1,030,937,679		$	968,241,597
Shares outstanding		6,600,000			4,250,000		4,250,000			8,100,000
Net asset value	$	97.17		$	144.68	$	242.57		$	119.54
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Securities loaned, at value	$	10,659,496		$	9,629,385	$	17,843,739		$	2,803,247
(b) Investments, at cost — Unaffiliated	$	655,768,174		$	581,238,045	$	925,243,935		$	1,145,003,095
(c) Investments, at cost — Affiliated	$	12,129,481		$	11,078,813	$	19,919,412		$	33,102,266

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 43

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2020

	iShares U.S. Financials ETF			iShares U.S. Industrials ETF		iShares MSCI KLD 400 Social ETF		iShares MSCI USA ESG Select ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,159,168,207		$	934,803,108	$	2,180,193,151	$	1,766,027,891
Affiliated(c)		25,708,006			3,204,845		23,621,887		54,486,251
Cash		35,457			28,906		409,514		174,128
Cash pledged:
Futures contracts		302,000			151,000		267,000		254,000
Receivables:
Securities lending income — Affiliated		1,496			1,189		5,783		6,575
Capital shares sold		54,154			—		48,255		—
Dividends		1,885,910			557,466		2,169,691		1,698,058
Total assets		1,187,155,230			938,746,514		2,206,715,281		1,822,646,903
LIABILITIES
Collateral on securities loaned, at value		2,068,053			1,625,547		4,438,581		14,321,814
Payables:
Investments purchased		1,019,668			659,907		4,577,386		2,236,047
Variation margin on futures contracts		5,038			14,566		41,368		35,720
Capital shares redeemed		324,927			—		—		—
Investment advisory fees		452,997			335,150		476,521		389,722
Total liabilities		3,870,683			2,635,170		9,533,856		16,983,303
NET ASSETS	$	1,183,284,547		$	936,111,344	$	2,197,181,425	$	1,805,663,600
NET ASSETS CONSIST OF:
Paid-in capital	$	1,456,323,870		$	929,914,963	$	1,728,454,025	$	1,478,392,541
Accumulated earnings (loss)		(273,039,323	)		6,196,381		468,727,400		327,271,059
NET ASSETS	$	1,183,284,547		$	936,111,344	$	2,197,181,425	$	1,805,663,600
Shares outstanding		10,650,000			5,700,000		17,600,000		12,500,000
Net asset value	$	111.11		$	164.23	$	124.84	$	144.45
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Securities loaned, at value	$	1,939,642		$	1,544,241	$	4,123,948	$	13,418,207
(b) Investments, at cost — Unaffiliated	$	1,405,547,963		$	896,871,526	$	1,681,796,343	$	1,458,019,296
(c)  Investments, at cost — Affiliated	$	23,651,473		$	3,202,413	$	20,179,034	$	44,673,982

See notes to financial statements.

44 2 0 2 0  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Statements of Operations  (unaudited)

Six Months Ended October 31, 2020

	iShares U.S. Basic Materials ETF			iShares U.S. Consumer Goods ETF			iShares U.S. Consumer Services ETF			iShares U.S. Financial Services ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	3,687,893		$	6,185,868		$	5,150,965		$	18,299,518
Dividends — Affiliated		380			577			785			596,447
Securities lending income — Affiliated — net		26,342			12,438			164,711			58,875
Foreign taxes withheld		—			—			—			(3,711	)
Total investment income		3,714,615			6,198,883			5,316,461			18,951,129
EXPENSES
Investment advisory fees		768,570			1,208,251			2,095,229			3,199,386
Miscellaneous		264			264			264			264
Total expenses		768,834			1,208,515			2,095,493			3,199,650
Net investment income		2,945,781			4,990,368			3,220,968			15,751,479
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(33,045,083	)		(7,470,171	)		(25,583,340	)		(27,685,767	)
Investments — Affiliated		13,171			820			(13,848	)		(191,789	)
In-kind redemptions — Unaffiliated		6,779,526			35,627,991			63,125,818			118,950,197
In-kind redemptions — Affiliated		—			—			—			5,965,019
Futures contracts		114,274			205,084			215,574			868,646
Net realized gain (loss)		(26,138,112	)		28,363,724			37,744,204			97,906,306
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		68,272,242			72,461,839			123,007,699			(62,333,537	)
Investments — Affiliated		(15,578	)		(2,116	)		(10,038	)		2,304,086
Futures contracts		(52,747	)		(96,912	)		(106,144	)		(223,208	)
Net change in unrealized appreciation (depreciation)		68,203,917			72,362,811			122,891,517			(60,252,659	)
Net realized and unrealized gain		42,065,805			100,726,535			160,635,721			37,653,647
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,011,586		$	105,716,903		$	163,856,689		$	53,405,126

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 45

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares U.S. Financials ETF			iShares U.S. Industrials ETF			iShares MSCI KLD 400 Social ETF			iShares MSCI USA ESG Select ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	16,151,307		$	6,246,682		$	16,580,390		$	13,146,696
Dividends — Affiliated		307,299			1,134			151,526			394,817
Securities lending income — Affiliated — net		25,576			19,139			50,524			62,560
Foreign taxes withheld		(2,002	)		—			(28	)		—
Total investment income		16,482,180			6,266,955			16,782,412			13,604,073
EXPENSES
Investment advisory fees		2,742,309			1,734,541			2,583,321			1,992,979
Miscellaneous		264			264			264			264
Total expenses		2,742,573			1,734,805			2,583,585			1,993,243
Net investment income		13,739,607			4,532,150			14,198,827			11,610,830
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(49,323,966	)		(14,909,813	)		(8,586,647	)		(6,426,209	)
Investments — Affiliated		(139,898	)		7,658			19,290			214,085
In-kind redemptions — Unaffiliated		44,411,029			2,935,303			12,095,288			44,649,008
In-kind redemptions — Affiliated		1,337,153			—			67,925			180,629
Futures contracts		604,423			704,832			1,034,419			976,785
Net realized gain (loss)		(3,111,259	)		(11,262,020	)		4,630,275			39,594,298
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		33,943,065			136,528,054			233,621,946			180,185,124
Investments — Affiliated		2,318,770			(9,792	)		1,845,877			5,034,087
Futures contracts		(293,888	)		(155,103	)		(541,842	)		(463,245	)
Net change in unrealized appreciation (depreciation)		35,967,947			136,363,159			234,925,981			184,755,966
Net realized and unrealized gain		32,856,688			125,101,139			239,556,256			224,350,264
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,596,295		$	129,633,289		$	253,755,083		$	235,961,094

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares U.S. Basic Materials ETF						iShares U.S. Consumer Goods ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,945,781		$	6,349,921		$	4,990,368		$	10,544,365
Net realized gain (loss)		(26,138,112	)		(28,145,031	)		28,363,724			421,508
Net change in unrealized appreciation (depreciation)		68,203,917			(19,027,794	)		72,362,811			(15,357,429	)
Net increase (decrease) in net assets resulting from operations		45,011,586			(40,822,904	)		105,716,903			(4,391,556	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,938,434	)		(7,577,750	)		(4,990,314	)		(11,302,181	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		343,224,971			(118,721,092	)		42,599,750			18,205,109
NET ASSETS
Total increase (decrease) in net assets		385,298,123			(167,121,746	)		143,326,339			2,511,372
Beginning of period		256,006,595			423,128,341			471,554,741			469,043,369
End of period	$	641,304,718		$	256,006,595		$	614,881,080		$	471,554,741

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 47

Statements of Changes in Net Assets  (continued)

	iShares U.S. Consumer Services ETF						iShares U.S. Financial Services ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,220,968		$	8,656,080		$	15,751,479		$	23,842,473
Net realized gain		37,744,204			107,770,104			97,906,306			71,649,477
Net change in unrealized appreciation (depreciation)		122,891,517			(159,825,374	)		(60,252,659	)		(279,190,436	)
Net increase (decrease) in net assets resulting from operations		163,856,689			(43,399,190	)		53,405,126			(183,698,486	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,298,298	)		(8,919,976	)		(14,168,913	)		(24,215,553	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		72,208,765			(83,629,948	)		63,839,306			(362,442,550	)
NET ASSETS
Total increase (decrease) in net assets		232,767,156			(135,949,114	)		103,075,519			(570,356,589	)
Beginning of period		798,170,523			934,119,637			865,166,078			1,435,522,667
End of period	$	1,030,937,679		$	798,170,523		$	968,241,597		$	865,166,078

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares U.S. Financials ETF						iShares U.S. Industrials ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,739,607		$	30,198,746		$	4,532,150		$	11,751,643
Net realized gain (loss)		(3,111,259	)		119,069,177			(11,262,020	)		35,954,515
Net change in unrealized appreciation (depreciation)		35,967,947			(372,277,282	)		136,363,159			(152,444,786	)
Net increase (decrease) in net assets resulting from operations		46,596,295			(223,009,359	)		129,633,289			(104,738,628	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,369,907	)		(30,056,151	)		(4,486,952	)		(11,834,973	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(84,176,636	)		(207,435,608	)		128,116,753			(142,125,596	)
NET ASSETS
Total increase (decrease) in net assets		(49,950,248	)		(460,501,118	)		253,263,090			(258,699,197	)
Beginning of period		1,233,234,795			1,693,735,913			682,848,254			941,547,451
End of period	$	1,183,284,547		$	1,233,234,795		$	936,111,344		$	682,848,254

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 49

Statements of Changes in Net Assets  (continued)

	iShares MSCI KLD 400 Social ETF						iShares MSCI USA ESG Select ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,198,827		$	26,125,276		$	11,610,830		$	17,972,264
Net realized gain		4,630,275			20,291,343			39,594,298			68,148,911
Net change in unrealized appreciation (depreciation)		234,925,981			(25,418,001	)		184,755,966			(52,171,262	)
Net increase in net assets resulting from operations		253,755,083			20,998,618			235,961,094			33,949,913
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(13,204,599	)		(25,894,221	)		(10,528,909	)		(18,600,809	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		162,807,258			382,766,640			291,175,985			271,991,315
NET ASSETS
Total increase in net assets		403,357,742			377,871,037			516,608,170			287,340,419
Beginning of period		1,793,823,683			1,415,952,646			1,289,055,430			1,001,715,011
End of period	$	2,197,181,425		$	1,793,823,683		$	1,805,663,600		$	1,289,055,430

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares U.S. Basic Materials ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	81.27		$	94.03		$	97.37		$	89.37		$	77.65		$	84.59
Net investment income(a)		0.77			1.65			1.63			1.39			1.34			1.39
Net realized and unrealized gain (loss)(b)		15.95			(12.42	)		(3.49	)		8.16			11.62			(6.93	)
Net increase (decrease) from investment operations		16.72			(10.77	)		(1.86	)		9.55			12.96			(5.54	)
Distributions(c)
From net investment income		(0.82	)		(1.99	)		(1.48	)		(1.55	)		(1.24	)		(1.40	)
Total distributions		(0.82	)		(1.99	)		(1.48	)		(1.55	)		(1.24	)		(1.40	)
Net asset value, end of period	$	97.17		$	81.27		$	94.03		$	97.37		$	89.37		$	77.65
Total Return
Based on net asset value		20.62	%(d)		(11.59	)%		(1.89	)%		10.74	%		16.88	%		(6.42	)%
Ratios to Average Net Assets
Total expenses		0.42	%(e)		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		1.61	%(e)		1.83	%		1.71	%		1.44	%		1.62	%		1.88	%
Supplemental Data
Net assets, end of period (000)	$	641,305		$	256,007		$	423,128		$	632,934		$	960,747		$	551,283
Portfolio turnover rate(f)		15	%(d)		11	%		28	%		6	%		13	%		13	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 51

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Goods ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	119.38		$	123.43		$	114.08		$	119.04		$	111.98		$	105.19
Net investment income(a)		1.21			2.77			3.04			2.50			2.32			2.31
Net realized and unrealized gain (loss)(b)		25.32			(3.83	)		9.24			(5.24	)		7.66			6.90
Net increase (decrease) from investment operations		26.53			(1.06	)		12.28			(2.74	)		9.98			9.21
Distributions(c)
From net investment income		(1.23	)		(2.99	)		(2.93	)		(2.22	)		(2.92	)		(2.42	)
				��
Total distributions		(1.23	)		(2.99	)		(2.93	)		(2.22	)		(2.92	)		(2.42	)
Net asset value, end of period	$	144.68		$	119.38		$	123.43		$	114.08		$	119.04		$	111.98
Total Return
Based on net asset value		22.28	%(d)		(0.86	)%		10.95	%		(2.41	)%		9.04	%		8.88	%
Ratios to Average Net Assets
Total expenses		0.42	%(e)		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		1.73	%(e)		2.22	%		2.61	%		2.05	%		2.03	%		2.15	%
Supplemental Data
Net assets, end of period (000)	$	614,881		$	471,555		$	469,043		$	433,499		$	720,184		$	951,869
Portfolio turnover rate(f)		3	%(d)		5	%		4	%		7	%		7	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Services ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	204.66		$	217.24		$	185.42		$	165.24		$	144.34		$	142.60
Net investment income(a)		0.76			2.07			1.60			1.81			1.52			1.42
Net realized and unrealized gain (loss)(b)		37.94			(12.46	)		31.79			20.10			20.99			1.74
Net increase (decrease) from investment operations		38.70			(10.39	)		33.39			21.91			22.51			3.16
Distributions(c)
From net investment income		(0.79	)		(2.19	)		(1.57	)		(1.73	)		(1.61	)		(1.42	)
Total distributions		(0.79	)		(2.19	)		(1.57	)		(1.73	)		(1.61	)		(1.42	)
Net asset value, end of period	$	242.57		$	204.66		$	217.24		$	185.42		$	165.24		$	144.34
Total Return
Based on net asset value		18.93	%(d)		(4.79	)%		18.09	%		13.35	%		15.71	%		2.23	%
Ratios to Average Net Assets
Total expenses		0.42	%(e)		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		0.65	%(e)		0.96	%		0.81	%		1.04	%		1.01	%		0.99	%
Supplemental Data
Net assets, end of period (000)	$	1,030,938		$	798,171		$	934,120		$	741,682		$	669,218		$	959,877
Portfolio turnover rate(f)		11	%(d)		31	%		15	%		10	%		8	%		9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e) Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 53

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financial Services ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	115.36		$	136.07		$	130.98		$	108.38		$	85.36		$	91.03
Net investment income(a)		1.28			2.58			2.17			1.73			1.47			1.28
Net realized and unrealized gain (loss)(b)		3.88			(20.69	)		5.12			22.56			22.88			(5.66	)
Net increase (decrease) from investment operations		5.16			(18.11	)		7.29			24.29			24.35			(4.38	)
Distributions(c)
From net investment income		(0.98	)		(2.60	)		(2.20	)		(1.69	)		(1.33	)		(1.29	)
Total distributions		(0.98	)		(2.60	)		(2.20	)		(1.69	)		(1.33	)		(1.29	)
Net asset value, end of period	$	119.54		$	115.36		$	136.07		$	130.98		$	108.38		$	85.36
Total Return
Based on net asset value		4.48	%(d)		(13.46	)%		5.72	%		22.53	%		28.74	%		(4.85	)%
Ratios to Average Net Assets
Total expenses		0.42	%(e)		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		2.07	%(e)		1.90	%		1.68	%		1.40	%		1.49	%		1.44	%
Supplemental Data
Net assets, end of period (000)	$	968,242		$	865,166		$	1,435,523		$	1,643,780		$	1,430,646		$	567,660
Portfolio turnover rate(f)		5	%(d)		7	%		4	%		4	%		4	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financials ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	106.77		$	125.93		$	117.71		$	103.79		$	86.91		$	88.81
Net investment income(a)		1.20			2.33			2.07			1.82			1.64			1.44
Net realized and unrealized gain (loss)(b)		4.22			(19.10	)		8.33			13.89			16.91			(1.81	)
Net increase (decrease) from investment operations		5.42			(16.77	)		10.40			15.71			18.55			(0.37	)
Distributions(c)
From net investment income		(1.08	)		(2.39	)		(2.18	)		(1.79	)		(1.67	)		(1.53	)
Total distributions		(1.08	)		(2.39	)		(2.18	)		(1.79	)		(1.67	)		(1.53	)
Net asset value, end of period	$	111.11		$	106.77		$	125.93		$	117.71		$	103.79		$	86.91
Total Return
Based on net asset value		5.08	%(d)		(13.47	)%		9.01	%		15.21	%		21.52	%		(0.41	)%
Ratios to Average Net Assets
Total expenses		0.42	%(e)		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		2.11	%(e)		1.85	%		1.75	%		1.59	%		1.70	%		1.64	%
Supplemental Data
Net assets, end of period (000)	$	1,183,285		$	1,233,235		$	1,693,736		$	2,295,315		$	1,681,324		$	1,173,295
Portfolio turnover rate(f)		8	%(d)		6	%		8	%		6	%		6	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 55

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Industrials ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	137.95			$	158.24		$	141.60		$	128.60		$	108.65		$	107.35
Net investment income(a)		0.88				2.06			1.89			1.78			1.82			1.59
Net realized and unrealized gain (loss)(b)		26.27				(20.24	)		16.79			13.06			19.89			1.35
Net increase (decrease) from investment operations		27.15				(18.18	)		18.68			14.84			21.71			2.94
Distributions(c)
From net investment income		(0.87	)	��		(2.11	)		(2.04	)		(1.84	)		(1.76	)		(1.64	)
Total distributions		(0.87	)			(2.11	)		(2.04	)		(1.84	)		(1.76	)		(1.64	)
Net asset value, end of period	$	164.23			$	137.95		$	158.24		$	141.60		$	128.60		$	108.65
Total Return
Based on net asset value		19.72	%(d)			(11.57	)%		13.34	%		11.57	%		20.13	%		2.83	%
Ratios to Average Net Assets
Total expenses		0.42	%(e)			0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		1.10	%(e)			1.32	%		1.29	%		1.27	%		1.55	%		1.54	%
Supplemental Data
Net assets, end of period (000)	$	936,111			$	682,848		$	941,547		$	1,033,654		$	983,820		$	733,417
Portfolio turnover rate(f)		2	%(d)			4	%		5	%		7	%		10	%		7	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI KLD 400 Social ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	110.05		$	109.76		$	98.14		$	88.02		$	76.44		$	77.09
Net investment income(a)			0.85			1.80			1.65			1.36			1.22			1.17
Net realized and unrealized gain (loss)(b)			14.73			0.26			11.64			10.01			11.54			(0.62	)
Net increase from investment operations			15.58			2.06			13.29			11.37			12.76			0.55
Distributions(c)
From net investment income			(0.79	)		(1.77	)		(1.67	)		(1.25	)		(1.18	)		(1.20	)
Total distributions			(0.79	)		(1.77	)		(1.67	)		(1.25	)		(1.18	)		(1.20	)
Net asset value, end of period		$	124.84		$	110.05		$	109.76		$	98.14		$	88.02		$	76.44
Total Return
Based on net asset value			14.19	%(d)		1.95	%		13.70	%		12.99	%		16.83	%		0.75	%
Ratios to Average Net Assets
Total expenses			0.25	%(e)		0.25	%		0.28	%		0.50	%		0.50	%		0.50	%
Total expenses after fees waived			0.25	%(e)		0.25	%		0.25	%		0.48	%		0.50	%		0.50	%
Net investment income			1.37	%(e)		1.61	%		1.61	%		1.43	%		1.49	%		1.55	%
Supplemental Data
Net assets, end of period (000)		$	2,197,181		$	1,793,824		$	1,415,953		$	1,035,423		$	822,945		$	500,677
Portfolio turnover rate(f)			3	%(d)		6	%		13	%		11	%		10	%		16	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA ESG Select ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	123.35		$	122.16		$	110.83		$	99.72		$	85.12		$	86.39
Net investment income(a)			1.03			2.00			1.95			1.68			1.41			1.32
Net realized and unrealized gain (loss)(b)			21.00			1.29			11.26			10.98			14.57			(1.29	)
Net increase from investment operations			22.03			3.29			13.21			12.66			15.98			0.03
Distributions(c)
From net investment income			(0.93	)		(2.10	)		(1.88	)		(1.55	)		(1.38	)		(1.30	)
Total distributions			(0.93	)		(2.10	)		(1.88	)		(1.55	)		(1.38	)		(1.30	)
Net asset value, end of period		$	144.45		$	123.35		$	122.16		$	110.83		$	99.72		$	85.12
Total Return
Based on net asset value			17.90	%(d)		2.76	%		12.07	%		12.76	%		18.92	%		0.07	%
Ratios to Average Net Assets
Total expenses			0.25	%(e)		0.25	%		0.28	%		0.50	%		0.50	%		0.50	%
Total expenses after fees waived			0.25	%(e)		0.25	%		0.25	%		0.48	%		0.50	%		0.50	%
Net investment income			1.46	%(e)		1.61	%		1.71	%		1.56	%		1.53	%		1.58	%
Supplemental Data
Net assets, end of period (000)		$	1,805,664		$	1,289,055		$	1,001,715		$	681,607		$	528,509		$	357,511
Portfolio turnover rate(f)			14	%(d)		13	%		21	%		13	%		19	%		20	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
U.S. Basic Materials		Non-diversified
U.S. Consumer Goods		Non-diversified
U.S. Consumer Services		Diversified
U.S. Financial Services		Non-diversified
U.S. Financials		Diversified
U.S. Industrials		Diversified
MSCI KLD 400 Social		Diversified
MSCI USA ESG Select		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, if any, are disclosed in the statement of assets and liabilities.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using

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Notes to Financial Statements (unaudited) (continued)

various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value

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Notes to Financial Statements (unaudited) (continued)

of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Net Amount
U.S. Basic Materials
Barclays Bank PLC	$	10,659,496	$	10,659,496	$	—	$	—
U.S. Consumer Goods
Barclays Bank PLC	$	99,854	$	99,854	$	—	$	—
Barclays Capital Inc.		93,744		93,744		—		—
BNP Paribas Prime Brokerage International Ltd.		6,724,464		6,724,464		—		—
Goldman Sachs & Co.		859,000		859,000		—		—
ING Financial Markets LLC		582,110		582,110		—		—
JPMorgan Securities LLC		663,913		663,913		—		—
SG Americas Securities LLC		606,300		606,300		—		—
		9,629,385		9,629,385		—		—
U.S. Consumer Services
BNP Paribas Prime Brokerage International Ltd.	$	1,082,826	$	1,082,826	$	—	$	—
BNP Paribas Securities Corp.		29,516		29,516		—		—
BofA Securities, Inc.		20,614		20,614		—		—
Citigroup Global Markets Inc.		1,175,326		1,175,326		—		—
Goldman Sachs & Co.		1,864,322		1,864,322		—		—
JPMorgan Securities LLC		2,976,137		2,976,137		—		—
Mizuho Securities USA Inc.		1,240,351		1,240,351		—		—
Morgan Stanley & Co. LLC		3,179,844		3,179,844		—		—
National Financial Services LLC		1,570,428		1,570,428		—		—
SG Americas Securities LLC		708,601		708,601		—		—
UBS AG		884,475		884,475		—		—
UBS Securities LLC		3,111,299		3,111,299		—		—
		17,843,739		17,843,739		—		—
U.S. Financial Services
BofA Securities, Inc.	$	1,311,430	$	1,311,430	$	—	$	—
Morgan Stanley & Co. LLC		673,781		673,781		—		—
UBS Securities LLC		818,036		818,036		—		—
		2,803,247		2,803,247		—		—
U.S. Financials
BofA Securities, Inc.	$	536,616	$	536,616	$	—	$	—
Citigroup Global Markets Inc.		296,331		296,331		—		—
Jefferies LLC		210,557		210,557		—		—
Morgan Stanley & Co. LLC		252,194		252,194		—		—
UBS Securities LLC		643,944		643,944		—		—
		1,939,642		1,939,642		—		—
U.S. Industrials
JPMorgan Securities LLC	$	486,157	$	486,157	$	—	$	—
Morgan Stanley & Co. LLC		1,058,084		1,058,084		—		—
		1,544,241		1,544,241		—		—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Net Amount
MSCI KLD 400 Social
Barclays Bank PLC	$	182,081	$	182,081	$	—	$	—
Barclays Capital Inc.		35,552		35,552		—		—
BNP Paribas Prime Brokerage International Ltd.		225,718		225,718		—		—
BofA Securities, Inc.		2,733		2,733		—		—
Citigroup Global Markets Inc.		87,252		87,252		—		—
Credit Suisse Securities (USA) LLC		1,100,636		1,100,636		—		—
Deutsche Bank Securities Inc.		503		503		—		—
Goldman Sachs & Co.		5,100		5,075		—		(25	)(b)
JPMorgan Securities LLC		9,109		9,109		—		—
Morgan Stanley & Co. LLC		137,406		137,406		—		—
UBS AG		430,821		428,685		—		(2,136	)(b)
Wells Fargo Securities LLC		1,907,037		1,907,037		—		—
		4,123,948		4,121,787		—		(2,161	)
MSCI USA ESG Select
Barclays Bank PLC	$	5,132,076	$	5,132,076	$	—	$	—
BNP Paribas Securities Corp.		110,125		110,125		—		—
Credit Suisse Securities (USA) LLC		31,929		31,929		—		—
Deutsche Bank Securities Inc.		4,310,529		4,310,529		—		—
Goldman Sachs & Co.		1,730,753		1,730,753		—		—
JPMorgan Securities LLC		2,102,795		2,102,795		—		—
		13,418,207		13,418,207		—		—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

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Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the iShares U.S. Basic Materials, iShares U.S. Consumer Goods, iShares U.S. Consumer Services, iShares U.S. Financial Services, iShares U.S. Financials and iShares U.S. Industrials ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI KLD 400 Social		0.25	%
MSCI USA ESG Select		0.25

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
U.S. Basic Materials	$	9,588
U.S. Consumer Goods		5,140
U.S. Consumer Services		63,081
U.S. Financial Services		24,475
U.S. Financials		9,993
U.S. Industrials		7,911
MSCI KLD 400 Social		20,630
MSCI USA ESG Select		23,484

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 63

Notes to Financial Statements (unaudited) (continued)

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Basic Materials	$	10,563,954	$	980,718	$	(1,059,977	)
U.S. Consumer Goods		2,905,845		1,992,385		(1,514,587	)
U.S. Consumer Services		17,707,969		20,210,435		(8,860,479	)
U.S. Financial Services		15,822,786		3,991,353		(2,353,417	)
U.S. Financials		37,436,973		15,870,694		(6,400,908	)
U.S. Industrials		5,421,128		1,851,815		(3,045,288	)
MSCI KLD 400 Social		26,065,878		20,264,846		(3,640,389	)
MSCI USA ESG Select		137,790,657		89,315,220		5,726,254

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
U.S. Basic Materials	$	52,892,557	$	52,311,819
U.S. Consumer Goods		16,521,605		16,406,048
U.S. Consumer Services		110,157,097		111,058,288
U.S. Financial Services		67,822,362		82,492,355
U.S. Financials		100,430,827		102,655,629
U.S. Industrials		19,876,756		18,684,425
MSCI KLD 400 Social		70,897,354		68,375,713
MSCI USA ESG Select		217,609,215		214,647,881

For the six months ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
U.S. Basic Materials	$	386,821,735	$	44,662,706
U.S. Consumer Goods		165,097,842		122,621,712
U.S. Consumer Services		243,383,362		171,140,549
U.S. Financial Services		1,166,481,125		1,086,216,552
U.S. Financials		667,441,072		747,509,145
U.S. Industrials		150,348,848		22,653,114
MSCI KLD 400 Social		190,978,300		28,677,422
MSCI USA ESG Select		370,538,296		80,586,525

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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Notes to Financial Statements (unaudited) (continued)

iShares ETF	Non-Expiring
U.S. Basic Materials	$	116,107,099
U.S. Consumer Goods		11,570,227
U.S. Consumer Services		41,922,026
U.S. Financial Services		19,322,487
U.S. Financials		14,442,779
U.S. Industrials		13,608,711
MSCI KLD 400 Social		6,886,000
MSCI USA ESG Select		10,341,796

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
U.S. Basic Materials	$	679,071,191	$	25,025,374	$	(51,791,082	)	$	(26,765,708	)
U.S. Consumer Goods		595,049,659		104,525,942		(75,047,449	)		29,478,493
U.S. Consumer Services		955,145,065		179,699,363		(85,487,142	)		94,212,221
U.S. Financial Services		1,184,850,263		6,397,102		(221,178,737	)		(214,781,635	)
U.S. Financials		1,434,642,047		19,696,401		(269,534,494	)		(249,838,093	)
U.S. Industrials		904,528,415		149,889,475		(116,438,442	)		33,451,033
MSCI KLD 400 Social		1,709,965,184		593,537,108		(99,857,583	)		493,679,525
MSCI USA ESG Select		1,507,921,708		365,801,302		(53,337,192	)		312,464,110

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

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Notes to Financial Statements (unaudited) (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
U.S. Basic Materials
Shares sold		3,950,000		$	388,013,883			500,000		$	42,812,086
Shares redeemed		(500,000	)		(44,788,912	)		(1,850,000	)		(161,533,178	)
Net increase (decrease)		3,450,000			343,224,971			(1,350,000	)		(118,721,092	)
U.S. Consumer Goods
Shares sold		1,150,000			165,536,517			600,000			74,072,202
Shares redeemed		(850,000	)		(122,936,767	)		(450,000	)		(55,867,093	)
Net increase		300,000			42,599,750			150,000			18,205,109
U.S. Consumer Services
Shares sold		1,050,000			243,769,226			1,750,000			369,991,124
Shares redeemed		(700,000	)		(171,560,461	)		(2,150,000	)		(453,621,072	)
Net increase (decrease)		350,000			72,208,765			(400,000	)		(83,629,948	)
U.S. Financial Services
Shares sold		9,400,000			1,172,288,565			2,250,000			313,792,935
Shares redeemed		(8,800,000	)		(1,108,449,259	)		(5,300,000	)		(676,235,485	)
Net increase (decrease)		600,000			63,839,306			(3,050,000	)		(362,442,550	)
U.S. Financials
Shares sold		5,950,000			670,491,611			7,650,000			923,744,884
Shares redeemed		(6,850,000	)		(754,668,247	)		(9,550,000	)		(1,131,180,492	)
Net decrease		(900,000	)		(84,176,636	)		(1,900,000	)		(207,435,608	)
U.S. Industrials
Shares sold		900,000			150,840,410			800,000			127,906,850
Shares redeemed		(150,000	)		(22,723,657	)		(1,800,000	)		(270,032,446	)
Net increase (decrease)		750,000			128,116,753			(1,000,000	)		(142,125,596	)

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI KLD 400 Social
Shares sold		1,550,000		$	191,557,543			4,150,000			463,954,811
Shares redeemed		(250,000	)		(28,750,285	)		(750,000	)		(81,188,171	)
Net increase		1,300,000			162,807,258			3,400,000			382,766,640
MSCI USA ESG Select
Shares sold		2,600,000			371,644,167			4,150,000			507,863,039
Shares redeemed		(550,000	)		(80,468,182	)		(1,900,000	)		(235,871,724	)
Net increase		2,050,000			291,175,985			2,250,000			271,991,315

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares U.S. Consumer Services ETF and iShares MSCI KLD 400 Social ETF received proceeds of $336,974 and $23,018, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

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Notes to Financial Statements (unaudited) (continued)

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On September 17, 2020, the Board approved a stock split for the following Funds, effective after the close of trading on December 4, 2020. The impact of the stock split will be to increase the number of shares outstanding, while decreasing the NAV per share, resulting in no effect on the net assets of the Funds.

iShares ETF	Forward Share Split
U.S. Consumer Services		4 for 1
U.S. Financials		2 for 1
U.S. Industrials		2 for 1
MSCI KLD 400 Social		2 for 1
MSCI USA ESG Select		2 for 1

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Board Review and Approval of Investment Advisory Contract

iShares U.S. Basic Materials ETF, iShares U.S. Consumer Goods ETF, iShares U.S. Consumer Services ETF, iShares U.S. Industrials ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract  (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares U.S. Financial Services ETF, iShares U.S. Financials ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers;

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Board Review and Approval of Investment Advisory Contract  (continued)

risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares MSCI KLD 400 Social ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with

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Board Review and Approval of Investment Advisory Contract  (continued)

independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares MSCI USA ESG Select ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the

74 2 0 2 0  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through

BOARD   REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 75

Board Review and Approval of Investment Advisory Contract  (continued)

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

76 2 0 2 0  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2020

	Total Cumulative  Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
U.S. Consumer Services(a)	$	0.785955	$	—	$	0.000646	$	0.786601		100	%		—	%		0	%(b)		100	%
U.S. Financials(a)		0.887039		—		0.190987		1.078026		82			—			18			100
MSCI KLD 400 Social(a)		0.784201		—		0.009799		0.794000		99			—			1			100
MSCI USA ESG Select(a)		0.916723		—		0.010016		0.926739		99			—			1			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

SUPPLEMENTAL  INFORMATION 77

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

78 2 0 2 0  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

GLOSSARY  OF  TERMS   USED   IN  THIS  REPORT 79

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-402-1020

OCTOBER 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Dividend Growth ETF | DGRO | NYSE Arca

· iShares Core High Dividend ETF | HDV | NYSE Arca

· iShares International Select Dividend ETF | IDV | Cboe BZX

· iShares Select Dividend ETF | DVY | NASDAQ

· iShares U.S. Dividend and Buyback ETF | DIVB | Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.29%		9.71%
U.S. small cap equities (Russell 2000® Index)		18.13		(0.14)
International equities (MSCI Europe, Australasia, Far East Index)		8.57		(6.86)
Emerging market equities (MSCI Emerging Markets Index)		20.96		8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06		0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(1.63)		8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		1.27		6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)		4.87		3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		10.73		3.42

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		60
General Information		61
Glossary of Terms Used in this Report		62

Fund Summary as of October 31, 2020 iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. Dividend Growth Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		8.39	%		0.22	%		10.93	%		9.73	%		0.22	%		67.94	%		81.07	%
Fund Market		8.59			0.32			10.93			9.75			0.32			67.98			81.25
Index		8.42			0.27			11.01			9.80			0.27			68.58			81.70

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

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 redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,083.90	$        0.42			$        1,000.00	$        1,024.80	$        0.41		0.08	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		18.7%
Information Technology		18.4
Health Care		16.2
Consumer Staples		11.3
Industrials		11.3
Consumer Discretionary		6.9
Utilities		6.1
Communication Services		4.6
Energy		3.9
Materials		2.6
Real Estate		0.0(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		3.0%
JPMorgan Chase & Co.		3.0
Verizon Communications Inc.		2.9
Apple Inc.		2.9
Johnson & Johnson		2.8
Chevron Corp.		2.6
Pfizer Inc.		2.6
Procter & Gamble Co. (The)		2.4
Home Depot Inc. (The)		2.0
Coca-Cola Co. (The)		1.9

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Fund Summary as of October 31, 2020 iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.87	)%		(14.26	)%		4.42	%		8.30	%		(14.26	)%		24.14	%		114.95	%
Fund Market		(2.76	)		(14.27	)		4.42			8.30			(14.27	)		24.12			114.98
Index		(2.87	)		(14.21	)		4.50			8.53			(14.21	)		24.65			119.18

The inception date of the Fund was 3/29/11. The first day of secondary market trading was 3/31/11.

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 redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$         971.30	$        0.40			$        1,000.00	$        1,024.80	$        0.41		0.08	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Health Care		20.1%
Energy		18.0
Communication Services		15.7
Consumer Staples		13.2
Utilities		11.0
Information Technology		6.9
Financials		6.8
Industrials		6.7
Other (each representing less than 1%)		1.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
AT&T Inc.		9.1%
Exxon Mobil Corp.		8.5
Johnson & Johnson		6.5
Verizon Communications Inc.		6.5
Chevron Corp.		5.6
Pfizer Inc.		5.6
Coca-Cola Co. (The)		4.1
PepsiCo Inc.		3.7
Cisco Systems Inc.		3.7
Merck & Co. Inc.		3.7

F U N D   S U M M A R Y 5

Fund Summary as of October 31, 2020 iShares^® International Select Dividend ETF

Investment Objective

The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in non-U.S. developed markets, as represented by the Dow Jones EPAC Select Dividend 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.67	%		(18.36	)%		1.21	%		2.19	%		(18.36	)%		6.21	%		24.17	%
Fund Market		3.86			(18.35	)		1.31			2.13			(18.35	)		6.73			23.52
Index		2.90			(18.06	)		1.39			2.34			(18.06	)		7.13			26.03

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 redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,026.70	$        2.50			$        1,000.00	$        1,022.70	$        2.50		0.49	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		31.9%
Utilities		20.4
Materials		12.7
Communication Services		9.0
Energy		7.1
Industrials		7.0
Real Estate		4.6
Consumer Staples		4.4
Health Care		1.7
Other (each representing less than 1%)		1.2

^(a) Excludes money market funds

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United Kingdom		23.6%
Hong Kong		11.4
Spain		10.5
Canada		8.1
Australia		8.0
Italy		7.3
Finland		5.0
Switzerland		4.6
Japan		3.4
South Korea		3.3

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Fund Summary as of October 31, 2020 iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.02	%		(15.14	)%		5.17	%		9.34	%		(15.14	)%		28.67	%		144.30	%
Fund Market		5.19			(15.07	)		5.19			9.35			(15.07	)		28.79			144.55
Index		5.23			(14.86	)		5.58			9.76			(14.86	)		31.17			153.73

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 redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,050.20	$        2.02			$        1,000.00	$        1,023.20	$        1.99		0.39	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	25.6	%
Utilities	23.7
Materials	8.2
Communication Services	7.8
Consumer Staples	7.3
Energy	7.2
Information Technology	6.9
Consumer Discretionary	6.2
Industrials	5.0
Health Care	2.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Altria Group Inc.	2.3	%
International Paper Co.	2.2
Prudential Financial Inc.	2.1
LyondellBasell Industries NV, Class A	1.9
Philip Morris International Inc.	1.8
PPL Corp.	1.8
Fifth Third Bancorp.	1.8
AT&T Inc.	1.7
Wells Fargo & Co.	1.7
ViacomCBS Inc., Class B	1.7

F U N D   S U M M A R Y 7

Fund Summary as of October 31, 2020 iShares^® U.S. Dividend and Buyback ETF

Investment Objective

The iShares U.S. Dividend and Buyback ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback Index^SM (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

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.63	%		(1.13	)%		6.13	%		(1.13	)%		19.41	%
Fund Market		8.28			(1.49	)		6.01			(1.49	)		19.02
Index		8.77			(0.93	)		6.41			(0.93	)		20.33

The inception date of the Fund was 11/7/17. The first day of secondary market trading was 11/9/17.

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 redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,086.30	$        1.31			$        1,000.00	$        1,023.90	$        1.28		0.25	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	24.9	%
Financials	21.1
Health Care	12.5
Industrials	8.9
Consumer Discretionary	8.4
Consumer Staples	7.0
Communication Services	6.7
Energy	4.8
Materials	2.4
Real Estate	1.7
Utilities	1.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	4.8	%
Microsoft Corp.	3.4
JPMorgan Chase & Co.	3.1
Bank of America Corp.	2.4
Wells Fargo & Co.	2.3
Cisco Systems Inc.	1.8
Oracle Corp.	1.8
AT&T Inc.	1.7
QUALCOMM Inc.	1.6
Johnson & Johnson	1.6

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T   F U N D   P E R F O R  M A N C E / S H A R E H O L D E R   E X P E N S E S 9

Schedule of Investments (unaudited) October 31, 2020 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.3%
BWX Technologies Inc.		45,563	$	2,506,420
General Dynamics Corp.		255,578		33,565,059
HEICO Corp.		1,893		198,860
HEICO Corp., Class A		4,594		429,539
Huntington Ingalls Industries Inc.		43,208		6,372,316
L3Harris Technologies Inc.		148,527		23,929,185
Lockheed Martin Corp.		224,710		78,677,712
Northrop Grumman Corp.		96,839		28,065,879
Raytheon Technologies Corp.		1,713,832		93,095,354
				266,840,324
Air Freight & Logistics — 1.2%
CH Robinson Worldwide Inc.		100,577		8,894,024
Expeditors International of Washington Inc.		70,891		6,264,638
FedEx Corp.		101,252		26,271,856
United Parcel Service Inc., Class B		650,454		102,192,828
				143,623,346
Auto Components — 0.1%
BorgWarner Inc.		122,173		4,273,612
Gentex Corp.		161,390		4,465,661
				8,739,273
Automobiles — 0.0%
Harley-Davidson Inc.		16,738		550,345
Thor Industries Inc.		34,350		2,905,323
				3,455,668
Banks — 10.6%
Associated Banc-Corp.		308,597		4,224,693
Atlantic Union Bankshares Corp.		127,683		3,229,103
BancorpSouth Bank		125,738		2,943,527
Bank of America Corp.		8,052,518		190,844,677
Bank OZK		217,707		5,394,779
BOK Financial Corp.		43,339		2,545,733
Cathay General Bancorp.		146,121		3,438,227
Citigroup Inc.		3,019,081		125,050,335
Citizens Financial Group Inc.		897,603		24,459,682
Columbia Banking System Inc.		111,706		3,173,567
Comerica Inc.		348,958		15,881,079
Commerce Bancshares Inc.		70,370		4,380,533
Community Bank System Inc.		52,740		3,058,393
Cullen/Frost Bankers Inc.		86,611		6,086,155
CVB Financial Corp.		195,441		3,420,218
First Financial Bankshares Inc.		91,646		2,731,967
First Horizon National Corp.		1,279,066		13,315,077
First Merchants Corp.		83,632		2,183,632
First Midwest Bancorp. Inc.		191,653		2,405,245
First Republic Bank/CA		45,973		5,799,034
Fulton Financial Corp.		318,238		3,497,436
Glacier Bancorp. Inc.		109,838		3,932,200
Home BancShares Inc./AR		181,719		3,016,535
Huntington Bancshares Inc./OH		2,274,791		23,748,818
Independent Bank Corp.		37,810		2,166,135
Investors Bancorp. Inc.		453,628		3,837,693
JPMorgan Chase & Co.		3,514,250		344,537,070
KeyCorp		2,103,271		27,300,458
PNC Financial Services Group Inc. (The)		648,813		72,589,198
Popular Inc.		140,399		5,924,838
Prosperity Bancshares Inc.		118,018		6,503,972
Regions Financial Corp.		1,894,064		25,191,051

Security	Shares		Value
Banks (continued)
ServisFirst Bancshares Inc.		34,277	$	1,264,821
Simmons First National Corp., Class A		159,887		2,716,480
South State Corp.		92,616		5,686,622
Synovus Financial Corp.		324,380		8,433,880
TCF Financial Corp.		297,613		8,098,050
Truist Financial Corp.		2,342,726		98,675,619
U.S. Bancorp.		2,303,437		89,718,871
UMB Financial Corp.		36,809		2,240,564
United Community Banks Inc./GA		114,960		2,407,262
Webster Financial Corp.		193,879		6,244,843
Wells Fargo & Co.		2,284,124		48,994,460
WesBanco Inc.		136,181		3,307,836
Westamerica Bancorp.		27,736		1,452,534
Wintrust Financial Corp.		55,909		2,752,400
Zions Bancorp NA		254,305		8,206,422
				1,237,011,724
Beverages — 3.8%
Brown-Forman Corp., Class A		19,447		1,220,299
Brown-Forman Corp., Class B, NVS		57,513		4,009,231
Coca-Cola Co. (The)		4,615,177		221,805,407
Constellation Brands Inc., Class A		96,571		15,956,426
PepsiCo Inc.		1,512,358		201,582,198
				444,573,561
Biotechnology — 2.0%
Amgen Inc.		560,185		121,526,534
Gilead Sciences Inc.		1,931,997		112,345,626
				233,872,160
Building Products — 0.4%
A O Smith Corp.		98,482		5,090,535
AAON Inc.		10,198		595,665
Advanced Drainage Systems Inc.		12,700		805,561
Allegion PLC		43,801		4,314,399
Fortune Brands Home & Security Inc.		59,584		4,818,558
Lennox International Inc.		14,324		3,891,258
Masco Corp.		90,125		4,830,700
Owens Corning		57,812		3,784,952
Simpson Manufacturing Co. Inc.		13,495		1,197,276
Trane Technologies PLC		158,578		21,051,229
UFP Industries Inc.		19,557		976,090
				51,356,223
Capital Markets — 4.1%
Ameriprise Financial Inc.		123,492		19,861,218
Bank of New York Mellon Corp. (The)		1,017,226		34,951,885
BlackRock Inc.(a)		146,104		87,546,978
CME Group Inc.		265,157		39,964,463
Cohen & Steers Inc.		21,476		1,209,314
Eaton Vance Corp., NVS		162,779		9,732,556
Evercore Inc., Class A		56,114		4,463,308
FactSet Research Systems Inc.		12,835		3,933,928
Franklin Resources Inc.		538,694		10,100,513
Goldman Sachs Group Inc. (The)		279,229		52,785,450
Intercontinental Exchange Inc.		237,412		22,411,693
MarketAxess Holdings Inc.		7,243		3,902,891
Moody’s Corp.		45,645		12,000,071
Morgan Stanley		1,200,356		57,797,141
MSCI Inc.		27,931		9,771,381
Nasdaq Inc.		63,236		7,650,924
Northern Trust Corp.		261,595		20,475,041
Raymond James Financial Inc.		89,951		6,875,854

10 2 0 2 0    I S H A R E S  S E M I - A N N U A L  R E P O R T  T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
S&P Global Inc.		67,155	$	21,672,933
SEI Investments Co.		62,343		3,064,158
State Street Corp.		407,155		23,981,429
T Rowe Price Group Inc.		231,605		29,335,089
				483,488,218
Chemicals — 1.9%
Air Products & Chemicals Inc.		142,630		39,400,111
Albemarle Corp.		62,845		5,857,783
Ashland Global Holdings Inc.		33,245		2,319,504
Avient Corp.		98,660		3,065,366
Balchem Corp.		5,832		582,908
Cabot Corp.		75,488		2,869,299
Celanese Corp.		101,016		11,466,326
Eastman Chemical Co.		163,648		13,229,304
Ecolab Inc.		83,371		15,306,082
HB Fuller Co.		24,992		1,130,888
Innospec Inc.		13,196		872,783
International Flavors & Fragrances Inc.		95,352		9,788,836
Linde PLC		294,329		64,852,452
NewMarket Corp.		5,485		1,961,930
PPG Industries Inc.		148,060		19,206,343
Quaker Chemical Corp.		3,854		735,305
RPM International Inc.		81,597		6,908,818
Scotts Miracle-Gro Co. (The)		22,436		3,366,522
Sensient Technologies Corp.		43,755		2,862,890
Sherwin-Williams Co. (The)		22,724		15,633,658
Stepan Co.		6,852		797,847
Valvoline Inc.		153,578		3,020,879
Westlake Chemical Corp.		21,152		1,430,298
				226,666,132
Commercial Services & Supplies — 0.5%
ABM Industries Inc.		46,619		1,618,612
Brady Corp., Class A, NVS		33,363		1,258,452
Cintas Corp.		24,170		7,602,674
Healthcare Services Group Inc.		107,809		2,466,670
MSA Safety Inc.		18,499		2,440,388
Republic Services Inc.		129,922		11,455,223
Rollins Inc.		29,797		1,723,756
Tetra Tech Inc.		14,651		1,478,432
Waste Management Inc.		274,898		29,664,243
				59,708,450
Communications Equipment — 1.9%
Cisco Systems Inc.		5,560,533		199,623,135
Motorola Solutions Inc.		103,188		16,309,895
				215,933,030
Construction Materials — 0.1%
Vulcan Materials Co.		53,783		7,789,930
Consumer Finance — 0.5%
American Express Co.		399,739		36,472,186
Discover Financial Services		358,396		23,299,324
				59,771,510
Containers & Packaging — 0.3%
AptarGroup Inc.		28,183		3,215,398
Avery Dennison Corp.		60,864		8,422,969
Packaging Corp. of America		105,049		12,027,060
Silgan Holdings Inc.		37,777		1,301,418
Sonoco Products Co.		118,156		5,776,647
				30,743,492

Security	Shares		Value
Distributors — 0.2%
Genuine Parts Co.		166,505	$	15,057,047
Pool Corp.		11,249		3,935,238
				18,992,285
Diversified Consumer Services — 0.0%
Service Corp. International		111,309		5,154,720
Diversified Telecommunication Services — 2.9%
Verizon Communications Inc.		5,879,763		335,087,693
Electric Utilities — 3.2%
ALLETE Inc.		89,990		4,641,684
Alliant Energy Corp.		258,306		14,279,156
American Electric Power Co. Inc.		634,911		57,097,546
Edison International		683,261		38,289,946
Entergy Corp.		276,715		28,009,092
Evergy Inc.		316,241		17,456,503
Eversource Energy		325,405		28,398,094
IDACORP Inc.		57,730		5,064,653
MGE Energy Inc.		30,773		2,000,861
NextEra Energy Inc.		1,418,747		103,866,468
OGE Energy Corp.		365,550		11,247,974
Otter Tail Corp.		57,914		2,221,002
Pinnacle West Capital Corp.		177,419		14,472,068
PNM Resources Inc.		83,474		4,173,700
Portland General Electric Co.		132,427		5,204,381
Xcel Energy Inc.		467,450		32,735,524
				369,158,652
Electrical Equipment — 1.0%
Eaton Corp. PLC		416,133		43,190,444
Emerson Electric Co.		635,565		41,178,256
Hubbell Inc.		51,232		7,454,768
nVent Electric PLC		216,029		3,899,324
Regal Beloit Corp.		17,979		1,773,628
Rockwell Automation Inc.		76,615		18,166,949
				115,663,369
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		101,530		11,456,645
Badger Meter Inc.		12,529		918,877
CDW Corp./DE		71,732		8,794,343
Cognex Corp.		22,375		1,474,512
Corning Inc.		739,025		23,626,629
Dolby Laboratories Inc., Class A		31,245		2,345,875
FLIR Systems Inc.		96,300		3,340,647
Littelfuse Inc.		9,421		1,864,793
TE Connectivity Ltd.		236,326		22,895,263
				76,717,584
Entertainment — 0.1%
Activision Blizzard Inc.		145,538		11,021,593
Food & Staples Retailing — 2.2%
Casey’s General Stores Inc.		9,869		1,663,617
Costco Wholesale Corp.		130,396		46,632,218
Kroger Co. (The)		585,840		18,869,906
Sysco Corp.		543,696		30,071,826
Walgreens Boots Alliance Inc.		1,422,453		48,420,300
Walmart Inc.		798,896		110,846,820
				256,504,687
Food Products — 1.7%
Archer-Daniels-Midland Co.		634,718		29,349,360
Bunge Ltd.		226,726		12,862,166

S C H E D U L E    O F   I N V E  S T M E N T S 11

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Flowers Foods Inc.		237,986	$	5,611,710
Hershey Co. (The)		116,776		16,052,029
Hormel Foods Corp.		188,726		9,189,069
Ingredion Inc.		75,511		5,352,975
J&J Snack Foods Corp.		8,653		1,173,087
JM Smucker Co. (The)		128,960		14,469,312
Kellogg Co.		312,101		19,628,032
Lancaster Colony Corp.		11,416		1,896,654
McCormick & Co. Inc./MD, NVS		55,454		10,010,002
Mondelez International Inc., Class A		1,034,643		54,960,236
Tyson Foods Inc., Class A		293,943		16,822,358
				197,376,990
Gas Utilities — 0.4%
Atmos Energy Corp.		106,720		9,783,022
National Fuel Gas Co.		136,329		5,447,707
New Jersey Resources Corp.		150,942		4,404,488
ONE Gas Inc.		58,772		4,057,619
South Jersey Industries Inc.		189,482		3,651,318
Southwest Gas Holdings Inc.		72,595		4,770,943
Spire Inc.		84,166		4,716,663
UGI Corp.		300,457		9,716,779
				46,548,539
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		879,615		92,456,333
Baxter International Inc.		219,160		17,000,241
Becton Dickinson and Co.		144,536		33,406,606
Danaher Corp.		81,728		18,759,845
DENTSPLY SIRONA Inc.		72,615		3,426,702
Hill-Rom Holdings Inc.		24,101		2,194,878
Medtronic PLC		1,065,876		107,195,149
ResMed Inc.		46,817		8,986,055
STERIS PLC		30,554		5,413,863
Stryker Corp.		131,986		26,662,492
West Pharmaceutical Services Inc.		6,328		1,721,659
				317,223,823
Health Care Providers & Services — 2.3%
AmerisourceBergen Corp.		95,080		9,134,336
Anthem Inc.		130,905		35,710,884
Cardinal Health Inc.		417,000		19,094,430
Chemed Corp.		1,612		771,052
Encompass Health Corp.		64,098		3,929,848
Ensign Group Inc. (The)		7,416		436,357
Humana Inc.		29,398		11,738,034
McKesson Corp.		65,456		9,654,105
Quest Diagnostics Inc.		102,519		12,521,671
UnitedHealth Group Inc.		555,312		169,447,904
				272,438,621
Hotels, Restaurants & Leisure — 2.2%
Aramark		142,749		3,959,857
Domino’s Pizza Inc.		11,718		4,433,154
McDonald’s Corp.		629,768		134,140,584
Royal Caribbean Cruises Ltd.		278,136		15,692,433
Starbucks Corp.		815,267		70,895,618
Wendy’s Co. (The)		57,659		1,259,849
Wyndham Destinations Inc.		197,166		6,433,527
Wyndham Hotels & Resorts Inc.		20,852		969,827
Yum! Brands Inc.		220,619		20,590,371
				258,375,220

Security	Shares		Value
Household Durables — 0.2%
DR Horton Inc.		121,157	$	8,094,499
Leggett & Platt Inc.		179,792		7,502,720
Whirlpool Corp.		63,084		11,668,017
				27,265,236
Household Products — 3.6%
Church & Dwight Co. Inc.		91,996		8,131,526
Clorox Co. (The)		92,431		19,156,325
Colgate-Palmolive Co.		710,574		56,057,183
Energizer Holdings Inc.		64,268		2,528,946
Kimberly-Clark Corp.		351,216		46,567,729
Procter & Gamble Co. (The)		2,070,980		283,931,358
WD-40 Co.		6,834		1,663,259
				418,036,326
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		790,468		15,414,126
Ormat Technologies Inc.		13,410		950,367
				16,364,493
Industrial Conglomerates — 1.9%
3M Co.		745,826		119,302,327
Carlisle Companies Inc.		34,052		4,218,021
Honeywell International Inc.		557,005		91,877,975
Roper Technologies Inc.		19,582		7,271,580
				222,669,903
Insurance — 3.4%
Aflac Inc.		793,320		26,933,214
Allstate Corp. (The)		268,195		23,802,306
American Equity Investment Life Holding Co.		42,261		1,048,918
American Financial Group Inc./OH		72,616		5,441,843
Aon PLC, Class A		72,618		13,362,438
Arthur J Gallagher & Co.		121,195		12,569,134
Assurant Inc.		45,159		5,616,425
Assured Guaranty Ltd.		121,901		3,112,133
Axis Capital Holdings Ltd.		108,256		4,621,449
Brown & Brown Inc.		64,173		2,792,167
Chubb Ltd.		421,017		54,694,319
Cincinnati Financial Corp.		166,891		11,805,869
CNO Financial Group Inc.		148,897		2,642,922
Erie Indemnity Co., Class A, NVS		11,856		2,760,907
Everest Re Group Ltd.		42,540		8,383,783
Fidelity National Financial Inc.		406,322		12,713,815
First American Financial Corp.		136,095		6,068,476
Globe Life Inc.		32,926		2,669,969
Hanover Insurance Group Inc. (The)		36,882		3,528,132
Hartford Financial Services Group Inc. (The)		428,916		16,521,844
Lincoln National Corp.		316,991		11,126,384
Marsh & McLennan Companies Inc.		297,018		30,729,482
MetLife Inc.		1,354,943		51,284,593
Old Republic International Corp.		561,548		9,142,002
Primerica Inc.		19,835		2,186,610
Principal Financial Group Inc.		496,351		19,466,886
Reinsurance Group of America Inc.		68,058		6,875,219
RenaissanceRe Holdings Ltd.		14,363		2,322,784
RLI Corp.		16,020		1,388,934
Selective Insurance Group Inc.		34,698		1,806,378
Travelers Companies Inc. (The)		276,434		33,368,348
Unum Group		455,395		8,042,276
WR Berkley Corp.		39,170		2,354,901
				401,184,860

12 2 0 2 0    I S H A R E S  S E M I - A N N U A L  R E P O R T  T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 2.6%
Accenture PLC, Class A		311,774	$	67,626,898
Automatic Data Processing Inc.		416,521		65,793,657
Booz Allen Hamilton Holding Corp.		72,381		5,681,909
Broadridge Financial Solutions Inc.		66,658		9,172,141
CSG Systems International Inc.		29,237		1,107,498
Fidelity National Information Services Inc.		212,899		26,525,086
Jack Henry & Associates Inc.		30,053		4,455,357
Mastercard Inc., Class A		151,894		43,842,684
TTEC Holdings Inc.		8,622		472,313
Visa Inc., Class A		362,522		65,873,873
Western Union Co. (The)		592,178		11,511,940
				302,063,356
Leisure Products — 0.2%
Brunswick Corp./DE		45,692		2,911,037
Hasbro Inc.		161,995		13,400,226
Polaris Inc.		55,688		5,059,812
				21,371,075
Machinery — 2.4%
AGCO Corp.		19,428		1,496,539
Barnes Group Inc.		30,893		1,133,773
Caterpillar Inc.		533,633		83,807,063
Cummins Inc.		133,338		29,319,693
Donaldson Co. Inc.		81,761		3,883,647
Dover Corp.		93,757		10,379,837
Franklin Electric Co. Inc.		14,099		842,133
Graco Inc.		72,303		4,475,556
Hillenbrand Inc.		77,914		2,278,985
IDEX Corp.		30,746		5,238,811
Illinois Tool Works Inc.		230,409		45,132,515
ITT Inc.		33,626		2,034,709
Lincoln Electric Holdings Inc.		45,400		4,622,628
Mueller Water Products Inc., Class A		119,137		1,234,259
Nordson Corp.		15,519		3,001,840
Oshkosh Corp.		39,191		2,639,906
Otis Worldwide Corp.		190,675		11,684,564
PACCAR Inc.		189,587		16,186,938
Pentair PLC		102,921		5,121,349
Snap-on Inc.		56,770		8,942,978
Stanley Black & Decker Inc.		99,687		16,567,979
Timken Co. (The)		49,642		2,963,627
Toro Co. (The)		48,193		3,956,645
Trinity Industries Inc.		129,302		2,436,050
Watts Water Technologies Inc., Class A		9,250		1,024,623
Woodward Inc.		7,934		631,150
Xylem Inc./NY		82,293		7,171,012
				278,208,809
Media — 1.6%
Cable One Inc.		1,034		1,790,743
Comcast Corp., Class A		3,433,057		145,012,328
Interpublic Group of Companies Inc. (The)		846,526		15,313,655
John Wiley & Sons Inc., Class A		66,383		2,055,218
Nexstar Media Group Inc., Class A		38,206		3,148,174
Omnicom Group Inc.		382,734		18,065,045
				185,385,163
Metals & Mining — 0.3%
Nucor Corp.		383,233		18,303,208
Reliance Steel & Aluminum Co.		55,104		6,005,785
Royal Gold Inc.		20,647		2,453,070
Steel Dynamics Inc.		263,215		8,286,008

Security	Shares		Value
Metals & Mining (continued)
Worthington Industries Inc.		30,437	$	1,497,805
				36,545,876
Multi-Utilities — 2.1%
Ameren Corp.		227,083		18,420,973
Black Hills Corp.		89,747		5,085,065
CMS Energy Corp.		275,303		17,434,939
Consolidated Edison Inc.		512,366		40,215,607
DTE Energy Co.		238,248		29,404,568
MDU Resources Group Inc.		254,053		6,036,299
NiSource Inc.		532,855		12,239,679
NorthWestern Corp.		86,172		4,492,147
Public Service Enterprise Group Inc.		677,745		39,410,872
Sempra Energy		369,413		46,309,614
WEC Energy Group Inc.		298,393		30,003,416
				249,053,179
Multiline Retail — 0.6%
Dollar General Corp.		66,818		13,945,585
Target Corp.		336,327		51,195,696
				65,141,281
Oil, Gas & Consumable Fuels — 3.9%
Chevron Corp.		4,398,488		305,694,916
Marathon Petroleum Corp.		1,735,104		51,185,568
Phillips 66		992,600		46,314,716
Valero Energy Corp.		1,222,980		47,219,258
				450,414,458
Personal Products — 0.0%
Nu Skin Enterprises Inc., Class A		57,434		2,834,368
Pharmaceuticals — 9.2%
Bristol-Myers Squibb Co.		2,518,977		147,234,206
Eli Lilly & Co.		599,395		78,197,072
Johnson & Johnson		2,363,928		324,118,168
Merck & Co. Inc.		2,651,296		199,403,972
Perrigo Co. PLC		92,157		4,042,928
Pfizer Inc.		8,527,332		302,549,739
Zoetis Inc.		87,617		13,891,675
				1,069,437,760
Professional Services — 0.1%
Exponent Inc.		19,176		1,334,458
Insperity Inc.		33,984		2,602,495
ManpowerGroup Inc.		65,173		4,423,291
Robert Half International Inc.		108,993		5,524,855
				13,885,099
Real Estate Management & Development — 0.0%
Jones Lang LaSalle Inc.		15,815		1,784,881
Road & Rail — 1.1%
CSX Corp.		379,596		29,965,308
JB Hunt Transport Services Inc.		24,193		2,945,256
Landstar System Inc.		8,655		1,079,278
Union Pacific Corp.		498,827		88,387,156
Werner Enterprises Inc.		16,288		619,270
				122,996,268
Semiconductors & Semiconductor Equipment — 6.4%
Analog Devices Inc.		289,159		34,274,016
Broadcom Inc.		527,478		184,422,133
Intel Corp.		4,115,618		182,239,565
KLA Corp.		117,047		23,079,327
Lam Research Corp.		81,085		27,737,557

S C H E D U L E    O F   I N V E  S T M E N T S 13

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology Inc.		129,356	$	13,592,728
MKS Instruments Inc.		14,884		1,613,277
NVIDIA Corp.		28,191		14,133,840
Power Integrations Inc.		17,968		1,081,853
QUALCOMM Inc.		937,312		115,626,808
Skyworks Solutions Inc.		88,881		12,557,997
Texas Instruments Inc.		864,312		124,970,872
Xilinx Inc.		134,724		15,990,392
				751,320,365
Software — 3.8%
Intuit Inc.		61,661		19,403,483
Microsoft Corp.		1,717,121		347,665,489
Oracle Corp.		1,282,014		71,933,806
				439,002,778
Specialty Retail — 2.8%
Best Buy Co. Inc.		167,278		18,659,861
Home Depot Inc. (The)		851,129		227,004,616
Lithia Motors Inc., Class A		4,111		943,762
Lowe’s Companies Inc.		380,474		60,152,939
Monro Inc.		23,293		979,704
Tiffany & Co.		81,555		10,670,656
Tractor Supply Co.		47,454		6,321,347
Williams-Sonoma Inc.		61,143		5,576,853
				330,309,738
Technology Hardware, Storage & Peripherals — 3.0%
Apple Inc.		3,059,262		333,031,261
NetApp Inc.		331,441		14,546,946
Xerox Holdings Corp.		353,180		6,138,268
				353,716,475
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		386,457		46,405,757
VF Corp.		329,516		22,143,475
				68,549,232
Thrifts & Mortgage Finance — 0.0%
Washington Federal Inc.		107,487		2,288,398
WSFS Financial Corp.		31,804		1,007,869
				3,296,267

Security	Shares		Value
Trading Companies & Distributors — 0.4%
Air Lease Corp.		74,192	$	2,020,990
Applied Industrial Technologies Inc.		30,509		1,862,574
Fastenal Co.		461,095		19,933,137
GATX Corp.		38,446		2,625,093
MSC Industrial Direct Co. Inc., Class A		77,402		5,391,823
WW Grainger Inc.		26,835		9,392,787
				41,226,404
Water Utilities — 0.2%
American States Water Co.		23,950		1,788,825
American Water Works Co. Inc.		101,141		15,222,732
California Water Service Group		33,839		1,508,204
Essential Utilities Inc.		205,175		8,453,210
SJW Group		19,885		1,206,821
				28,179,792
Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		10,380		452,776
Total Common Stocks — 99.8% (Cost: $10,923,170,796)				11,654,533,035
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(a)(b)		30,350,000		30,350,000
Total Short-Term Investments — 0.3% (Cost: $30,350,000)				30,350,000
Total Investments in Securities — 100.1% (Cost: $10,953,520,796)				11,684,883,035
Other Assets, Less Liabilities — (0.1)%				(6,439,301	)
Net Assets — 100.0%			$	11,678,443,734

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	23,342,000	$	7,008,000	(a)	$	—		$	—	$	—	$	30,350,000		30,350,000	$	16,074	$	—
BlackRock Inc.		46,150,027		32,827,239			(2,629,227	)		408,210		10,790,729		87,546,978		146,104		849,522		—
									$	408,210	$	10,790,729	$	117,896,978			$	865,596	$	—

^(a) Represents net amount purchased (sold).

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core Dividend Growth ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		127		12/18/20	$	20,731	$	(311,901	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	311,901

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	8,910,802
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,706,324	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,592,392

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,654,533,035		$	—	$	—	$	11,654,533,035
Money Market Funds		30,350,000			—		—		30,350,000
	$	11,684,883,035		$	—	$	—	$	11,684,883,035
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(311,901	)	$	—	$	—	$	(311,901	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E    O F   I N V E  S T M E N T S 15

Schedule of Investments (unaudited) October 31, 2020 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.9%
United Parcel Service Inc., Class B		605,463	$	95,124,292
Beverages — 7.8%
Coca-Cola Co. (The)		4,295,935		206,462,636
PepsiCo Inc.		1,407,746		187,638,464
				394,101,100
Biotechnology — 4.3%
Amgen Inc.		521,437		113,120,543
Gilead Sciences Inc.		1,798,356		104,574,401
				217,694,944
Capital Markets — 4.6%
Ares Management Corp., Class A		102,686		4,343,618
BlackRock Inc.(a)		136,000		81,492,560
Blackstone Group Inc. (The), Class A		653,371		32,942,966
Eaton Vance Corp., NVS		150,565		9,002,281
Evercore Inc., Class A		52,170		4,149,602
Franklin Resources Inc.		498,479		9,346,481
Janus Henderson Group PLC		380,205		9,238,981
Moelis & Co., Class A		58,342		2,170,322
Morgan Stanley		1,116,758		53,771,898
T Rowe Price Group Inc.		215,586		27,306,123
				233,764,832
Chemicals — 0.3%
Eastman Chemical Co.		152,516		12,329,393
Sensient Technologies Corp.		40,027		2,618,967
				14,948,360
Communications Equipment — 3.6%
Cisco Systems Inc.		5,175,896		185,814,666
Consumer Finance — 0.4%
Discover Financial Services		333,135		21,657,106
Containers & Packaging — 0.5%
Amcor PLC		2,237,341		23,335,467
Distributors — 0.3%
Genuine Parts Co.		155,685		14,078,595
Diversified Telecommunication Services — 15.7%
AT&T Inc.		17,162,495		463,730,615
Cogent Communications Holdings Inc.		61,332		3,422,325
Verizon Communications Inc.		5,766,614		328,639,332
				795,792,272
Electric Utilities — 6.7%
Alliant Energy Corp.		240,068		13,270,959
American Electric Power Co. Inc.		590,623		53,114,726
Avangrid Inc.		68,004		3,355,317
Duke Energy Corp.		1,168,145		107,597,836
IDACORP Inc.		53,161		4,663,815
Pinnacle West Capital Corp.		165,033		13,461,742
PPL Corp.		1,564,136		43,013,740
Southern Co. (The)		1,739,711		99,946,397
				338,424,532
Electrical Equipment — 1.7%
Eaton Corp. PLC		387,351		40,203,160
Emerson Electric Co.		591,602		38,329,894
Hubbell Inc.		47,487		6,909,833
				85,442,887

Security	Shares		Value
Energy Equipment & Services — 0.4%
Schlumberger Ltd.		1,268,212	$	18,947,087
Food Products — 1.1%
General Mills Inc.		673,689		39,828,494
Kellogg Co.		291,579		18,337,403
				58,165,897
Gas Utilities — 0.1%
National Fuel Gas Co.		126,685		5,062,333
Household Products — 0.8%
Kimberly-Clark Corp.		327,333		43,401,082
Industrial Conglomerates — 2.2%
3M Co.		694,238		111,050,311
Insurance — 1.7%
Aflac Inc.		737,924		25,052,520
Axis Capital Holdings Ltd.		100,571		4,293,376
Cincinnati Financial Corp.		155,808		11,021,858
Everest Re Group Ltd.		39,468		7,778,353
First American Financial Corp.		126,439		5,637,915
Mercury General Corp.		52,078		2,120,095
Travelers Companies Inc. (The)		257,314		31,060,373
				86,964,490
IT Services — 0.6%
Paychex Inc.		355,365		29,228,771
Machinery — 0.7%
Cummins Inc.		124,078		27,283,511
Snap-on Inc.		53,086		8,362,638
				35,646,149
Metals & Mining — 0.1%
Southern Copper Corp.		98,752		5,168,680
Multi-Utilities — 4.3%
CMS Energy Corp.		257,269		16,292,846
Dominion Energy Inc.		1,347,676		108,272,290
DTE Energy Co.		221,640		27,354,809
Public Service Enterprise Group Inc.		630,865		36,684,800
WEC Energy Group Inc.		277,628		27,915,495
				216,520,240
Oil, Gas & Consumable Fuels — 17.6%
Chevron Corp.		4,094,233		284,549,194
ConocoPhillips		1,778,270		50,894,087
EOG Resources Inc.		709,392		24,289,582
Exxon Mobil Corp.		13,187,434		430,174,097
Phillips 66		923,941		43,111,087
Williams Companies Inc. (The)		3,140,908		60,274,025
				893,292,072
Pharmaceuticals — 15.7%
Johnson & Johnson		2,418,298		331,572,839
Merck & Co. Inc.		2,467,900		185,610,759
Pfizer Inc.		7,937,474		281,621,577
				798,805,175
Semiconductors & Semiconductor Equipment — 2.6%
Maxim Integrated Products Inc.		260,031		18,111,159
Texas Instruments Inc.		804,528		116,326,704
				134,437,863
Textiles, Apparel & Luxury Goods — 0.4%
VF Corp.		306,219		20,577,917

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance — 0.1%
Capitol Federal Financial Inc.		174,226	$	2,000,115
TFS Financial Corp.		130,641		2,052,370
				4,052,485
Tobacco — 3.4%
Altria Group Inc.		4,849,895		174,984,212
Trading Companies & Distributors — 0.2%
MSC Industrial Direct Co. Inc., Class A		71,917		5,009,738
Watsco Inc.		33,400		7,486,276
				12,496,014
Total Common Stocks — 99.8% (Cost: $5,645,627,295)				5,068,979,831
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(a)(b)		7,900,000		7,900,000
Total Short-Term Investments — 0.2% (Cost: $7,900,000)				7,900,000
Total Investments in Securities — 100.0% (Cost: $5,653,527,295)				5,076,879,831
Other Assets, Less Liabilities — 0.0%				801,553
Net Assets — 100.0%			$	5,077,681,384

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,280,000	$	—	$	(12,380,000	)(a)	$	—	$	—	$	7,900,000		7,900,000	$	7,090	$	—
BlackRock Inc.		70,357,894		15,297,206		(17,295,102	)		1,815,506		11,317,056		81,492,560		136,000		1,023,148		—
								$	1,815,506	$	11,317,056	$	89,392,560			$	1,030,238	$	—

^(a) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		48		12/18/20	$	7,835	$	(37,802	)

S C H E D U L E    O F   I N V E  S T M E N T S 17

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	37,802

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	6,394,266
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,560,635	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,131,660

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,068,979,831		$	—	$	—	$	5,068,979,831
Money Market Funds		7,900,000			—		—		7,900,000
	$	5,076,879,831		$	—	$	—	$	5,076,879,831
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(37,802	)	$	—	$	—	$	(37,802	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited)  October 31, 2020 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.9%
APA Group		3,192,862	$	23,520,550
AusNet Services		4,938,221		6,935,733
Bendigo & Adelaide Bank Ltd.		3,286,653		15,440,872
Commonwealth Bank of Australia		2,351,964		113,998,061
Fortescue Metals Group Ltd.		5,066,783		61,805,050
Perpetual Ltd.		481,825		9,203,438
Suncorp Group Ltd.		2,578,691		14,867,375
				245,771,079
Austria — 0.4%
Oesterreichische Post AG(a)		358,372		11,375,497
Belgium — 2.5%
Ageas SA/NV		1,102,865		44,385,409
Proximus SADP		1,659,166		32,266,070
				76,651,479
Canada — 8.0%
Bank of Montreal		737,376		43,871,480
Bank of Nova Scotia (The)		815,192		33,840,235
Canadian Imperial Bank of Commerce		786,597		58,628,275
Emera Inc.		1,185,150		47,242,451
Great-West Lifeco Inc.		923,859		18,811,844
IGM Financial Inc.		840,571		18,439,796
Manulife Financial Corp.		708,019		9,589,997
Power Corp. of Canada		915,718		17,423,606
				247,847,684
China — 0.0%
Gemdale Properties & Investment Corp. Ltd.		9,256,000		1,432,291
Finland — 5.0%
Fortum OYJ		2,490,440		46,850,953
Sampo OYJ, Class A		911,628		34,405,865
UPM-Kymmene OYJ		1,890,054		53,411,506
Wartsila OYJ Abp		2,356,202		18,723,803
				153,392,127
France — 2.9%
Nexity SA		513,260		14,408,683
Orange SA		1,251,337		14,036,874
TOTAL SE		1,994,227		59,979,197
				88,424,754
Hong Kong — 11.3%
BOC Hong Kong Holdings Ltd.		6,653,000		18,445,167
CK Hutchison Holdings Ltd.		11,364,500		68,437,449
CK Infrastructure Holdings Ltd.		8,195,500		38,574,021
Hang Seng Bank Ltd.		5,801,100		89,168,858
Henderson Land Development Co. Ltd.		11,890,000		42,087,274
Hysan Development Co. Ltd.		6,112,000		19,427,945
Kerry Properties Ltd.		6,058,000		14,811,335
New World Development Co. Ltd.		2,683,750		12,770,121
PCCW Ltd.		15,833,000		9,514,276
Swire Pacific Ltd., Class A		4,954,000		22,550,559
VTech Holdings Ltd.		1,931,100		12,811,994
				348,598,999
Italy — 7.3%
A2A SpA		4,850,566		6,167,171
Assicurazioni Generali SpA		2,975,861		39,898,612
Azimut Holding SpA		1,148,557		19,392,803
Banca Generali SpA(b)		616,521		17,522,962

Security	Shares		Value
Italy (continued)
Enel SpA		3,902,241	$	31,064,107
Eni SpA		8,015,806		56,125,955
Italgas SpA		4,378,471		25,307,489
Snam SpA		4,532,324		22,121,002
UnipolSai Assicurazioni SpA		3,154,246		7,326,398
				224,926,499
Japan — 3.4%
Idemitsu Kosan Co. Ltd.		2,889,000		58,172,422
Sojitz Corp.		3,082,200		6,751,710
Sumitomo Mitsui Financial Group Inc.		1,425,100		39,274,088
				104,198,220
New Zealand — 2.0%
Spark New Zealand Ltd.		20,386,768		60,496,540
Portugal — 1.3%
EDP - Energias de Portugal SA		8,205,910		40,452,208
Singapore — 1.7%
BOC Aviation Ltd.(c)		1,974,200		12,181,470
ComfortDelGro Corp. Ltd.		3,856,700		3,812,922
DBS Group Holdings Ltd.		1,768,200		26,351,424
Oversea-Chinese Banking Corp. Ltd.		1,765,200		10,884,646
				53,230,462
South Korea — 2.8%
KB Financial Group Inc., ADR		1,206,913		43,123,002
Shinhan Financial Group Co. Ltd., ADR		1,145,344		30,821,207
Woori Financial Group Inc., SP ADR NVS(b)		504,865		12,081,419
				86,025,628
Spain — 10.4%
ACS Actividades de Construccion y Servicios SA		3,143,225		74,692,235
Bankia SA		8,661,637		10,614,158
Bankinter SA		3,677,826		13,781,994
Cia. de Distribucion Integral Logista Holdings SA		1,044,885		17,624,097
Enagas SA		2,488,715		53,718,070
Mapfre SA		6,273,690		9,456,429
Naturgy Energy Group SA		4,012,327		74,546,426
Red Electrica Corp. SA		2,504,113		44,118,336
Telefonica SA		7,417,605		24,244,944
				322,796,689
Sweden — 1.6%
Telia Co. AB		12,928,559		49,557,915
Switzerland — 4.5%
Swiss Prime Site AG, Registered		152,900		12,861,917
Swiss Re AG		134,216		9,626,709
Swisscom AG, Registered		161,019		81,919,327
Zurich Insurance Group AG		108,439		35,966,893
				140,374,846
United Kingdom — 23.4%
BP PLC		6,162,848		15,666,198
British American Tobacco PLC		4,245,806		134,391,005
Centamin PLC		3,242,003		5,195,874
Drax Group PLC		4,424,987		16,924,226
GlaxoSmithKline PLC		3,028,537		50,585,588
IG Group Holdings PLC		1,752,113		17,240,323
Legal & General Group PLC		2,781,054		6,645,230
National Grid PLC		3,346,035		39,759,840
Phoenix Group Holdings PLC		2,211,146		18,938,099
Rio Tinto PLC		4,793,153		270,027,187

S C H E D U L E   O F   I N V E S  T M E N T S 19

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Royal Dutch Shell PLC, Class A		2,290,796	$	28,595,148
SSE PLC		4,707,387		76,387,495
Standard Life Aberdeen PLC		2,657,627		7,714,522
United Utilities Group PLC		2,895,908		32,329,236
Vodafone Group PLC		3,491,655		4,650,153
				725,050,124
Total Common Stocks — 96.4% (Cost: $3,329,475,756)				2,980,603,041
Investment Companies
Exchange Traded Funds — 2.0%
iShares MSCI South Korea ETF(d)		954,949		61,976,190
Total Investment Companies — 2.0% (Cost: $56,027,823)				61,976,190
				��
Preferred Stocks
Germany — 0.4%
Schaeffler AG, Preference Shares, NVS		1,907,165		11,607,652
South Korea — 0.4%
Hyundai Motor Co., Preference Shares, GDR(e)		409,163		13,706,961
Total Preferred Stocks — 0.8% (Cost: $25,600,225)				25,314,613

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(d)(f)(g)		6,610,585	$	6,615,212
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(d)(f)		1,260,000		1,260,000
				7,875,212
Total Short-Term Investments — 0.2% (Cost: $ 7,877,558)				7,875,212
Total Investments in Securities — 99.4% (Cost: $ 3,418,981,362)				3,075,769,056
Other Assets, Less Liabilities — 0.6%				17,111,320
Net Assets — 100.0%			$	3,092,880,376

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
Aareal Bank AG(a)	$	48,909,055	$	674,953		$	(60,089,453	)	$	(51,750,660)	$	62,256,105		$	—		—	$	—		$	—
Azimut Holding SpA(b)		122,413,895		3,146,341			(108,155,972	)		1,730,852		(472,030	)		N/A		N/A		7,702,637			—
BlackRock Cash Funds: Institutional, SL Agency Shares		—		6,621,791	(c)		—			(4,233)		(2,346	)		6,615,212		6,610,585		187,673	(d)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		—			(30,000	)(c)		—		—			1,260,000		1,260,000		1,492			—
Galliford Try Holding PLC(a)		13,165,757		56,422			(11,213,142	)		(63,983,704)		61,974,667			—		—		—			—
iShares MSCI South Korea ETF		—		64,796,547			(9,755,884	)		987,161		5,948,366			61,976,190		954,949		—			—
Perpetual Ltd.(b)		70,831,011		1,142,274			(61,809,943	)		(30,686,221)		34,586,789			N/A		N/A		195,945			—
									$	(143,706,805)	$	164,291,551		$	69,851,402			$	8,087,747		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  As of period end, the entity is no longer an affiliate.

^(c)  Represents net amount purchased (sold).

^(d)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Select Dividend ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		46		12/17/20	$	4,757	$	(26,475	)
Euro STOXX 50 Index		156		12/18/20		5,377		(457,175	)
FTSE 100 Index		170		12/18/20		12,229		(786,378	)
								(1,270,028	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,270,028

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,822,649
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,078,753	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	27,270,830

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,980,603,041		$	—	$	—	$	2,980,603,041
Investment Companies		61,976,190			—		—		61,976,190
Preferred Stocks		25,314,613			—		—		25,314,613
Money Market Funds		7,875,212			—		—		7,875,212
	$	3,075,769,056		$	—	$	—	$	3,075,769,056
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,270,028	)	$	—	$	—	$	(1,270,028)

S C H E D U L E   O F   I N V E S  T M E N T S 21

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Select Dividend ETF

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited)  October 31, 2020 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
Lockheed Martin Corp.		230,758	$	80,795,299
Banks — 15.6%
Bank of Hawaii Corp.		643,649		39,030,875
Citizens Financial Group Inc.		6,429,089		175,192,675
Comerica Inc.		2,096,260		95,400,793
Fifth Third Bancorp.		9,374,361		217,672,662
FNB Corp.		4,862,178		36,758,066
Huntington Bancshares Inc./OH		14,762,366		154,119,101
KeyCorp		14,061,668		182,520,451
PacWest Bancorp		1,655,665		31,854,995
People’s United Financial Inc.		6,648,588		70,940,434
Regions Financial Corp.		14,410,663		191,661,818
TCF Financial Corp.		2,234,578		60,802,867
Truist Financial Corp.		4,444,795		187,214,765
U.S. Bancorp.		4,529,787		176,435,204
United Bankshares Inc./WV		2,100,053		55,084,390
Valley National Bancorp		6,081,502		46,462,675
Wells Fargo & Co.		9,779,515		209,770,597
				1,930,922,368
Beverages — 1.1%
Coca-Cola Co. (The)		2,724,218		130,925,917
Capital Markets — 2.3%
Federated Hermes Inc.		1,433,077		34,250,540
Franklin Resources Inc.		3,904,691		73,212,956
Invesco Ltd.		4,806,591		63,014,408
Janus Henderson Group PLC		2,263,142		54,994,351
Lazard Ltd., Class A		1,704,793		57,400,380
				282,872,635
Chemicals — 3.3%
CF Industries Holdings Inc.		3,458,122		95,478,748
Huntsman Corp.		3,178,606		77,208,340
LyondellBasell Industries NV, Class A		3,375,546		231,056,124
				403,743,212
Containers & Packaging — 4.9%
International Paper Co.		6,071,952		265,647,900
Packaging Corp. of America		1,115,422		127,704,665
Sonoco Products Co.		1,623,703		79,382,840
Westrock Co.		3,538,004		132,852,050
				605,587,455
Distributors — 1.2%
Genuine Parts Co.		1,613,691		145,926,077
Diversified Consumer Services — 0.4%
H&R Block Inc.		2,932,497		50,614,898
Diversified Telecommunication Services — 4.1%
AT&T Inc.		7,906,154		213,624,281
CenturyLink Inc.		15,059,638		129,814,080
Verizon Communications Inc.		2,784,300		158,677,257
				502,115,618
Electric Utilities — 13.3%
Alliant Energy Corp.		2,288,932		126,532,161
American Electric Power Co. Inc.		1,450,448		130,438,789
Edison International		2,741,750		153,647,670
Entergy Corp.		1,347,861		136,430,490
Eversource Energy		1,185,318		103,442,702

Security	Shares		Value
Electric Utilities (continued)
Exelon Corp.		3,764,116	$	150,150,587
FirstEnergy Corp.		3,293,913		97,895,094
IDACORP Inc.		850,497		74,614,102
NextEra Energy Inc.		1,286,829		94,208,751
OGE Energy Corp.		3,203,156		98,561,110
Pinnacle West Capital Corp.		1,874,212		152,879,473
PPL Corp.		8,039,783		221,094,033
Xcel Energy Inc.		1,489,833		104,333,005
				1,644,227,967
Electrical Equipment — 2.2%
Eaton Corp. PLC		1,409,696		146,312,348
Emerson Electric Co.		1,875,634		121,522,327
				267,834,675
Energy Equipment & Services — 0.2%
Helmerich & Payne Inc.		1,477,554		21,971,228
Food Products — 0.9%
General Mills Inc.		1,867,078		110,381,651
Gas Utilities — 0.4%
New Jersey Resources Corp.		1,623,712		47,379,916
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Corp.		516,703		110,057,739
Household Durables — 2.2%
Garmin Ltd.		983,363		102,289,419
Leggett & Platt Inc.		1,871,002		78,076,914
Newell Brands Inc.		5,260,094		92,893,260
				273,259,593
Household Products — 0.9%
Kimberly-Clark Corp.		823,634		109,205,632
Insurance — 7.1%
Cincinnati Financial Corp.		2,296,109		162,426,751
MetLife Inc.		4,876,872		184,589,605
Old Republic International Corp.		4,345,295		70,741,402
Principal Financial Group Inc.		3,761,160		147,512,695
Prudential Financial Inc.		4,008,756		256,640,559
Unum Group		2,876,401		50,797,242
				872,708,254
IT Services — 2.3%
International Business Machines Corp.		1,515,375		169,206,773
Western Union Co. (The)		5,919,732		115,079,590
				284,286,363
Machinery — 1.2%
Caterpillar Inc.		976,271		153,323,361
Media — 3.7%
Interpublic Group of Companies Inc. (The)		5,945,115		107,547,130
Omnicom Group Inc.		3,078,153		145,288,822
ViacomCBS Inc., Class B, NVS		7,271,014		207,732,870
				460,568,822
Multi-Utilities — 9.9%
Avista Corp.		1,130,439		37,553,184
Black Hills Corp.		1,052,191		59,617,142
CenterPoint Energy Inc.		6,918,015		146,177,657
CMS Energy Corp.		1,751,279		110,908,499
Dominion Energy Inc.		1,916,648		153,983,500
DTE Energy Co.		1,256,782		155,112,034

S C H E D U L E   O F   I N V E S  T M E N T S 23

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
NiSource Inc.		5,444,165	$	125,052,470
NorthWestern Corp.		836,262		43,594,338
Public Service Enterprise Group Inc.		2,773,439		161,275,478
Sempra Energy		970,457		121,656,489
WEC Energy Group Inc.		1,109,601		111,570,381
				1,226,501,172
Multiline Retail — 0.8%
Target Corp.		678,006		103,206,073
Oil, Gas & Consumable Fuels — 7.0%
Chevron Corp.		2,174,018		151,094,251
Exxon Mobil Corp.		5,696,638		185,824,332
HollyFrontier Corp.		2,277,118		42,149,454
Marathon Petroleum Corp.		6,351,184		187,359,928
ONEOK Inc.		6,037,191		175,078,539
Valero Energy Corp.		3,211,672		124,002,656
				865,509,160
Personal Products — 0.4%
Nu Skin Enterprises Inc., Class A		897,584		44,295,770
Pharmaceuticals — 2.0%
Merck & Co. Inc.		1,393,665		104,817,545
Pfizer Inc.		4,177,354		148,212,520
				253,030,065
Semiconductors & Semiconductor Equipment — 1.8%
Intel Corp.		1,238,121		54,823,998
QUALCOMM Inc.		1,331,640		164,271,110
				219,095,108
Technology Hardware, Storage & Peripherals — 2.8%
HP Inc.		10,390,923		186,620,977
Seagate Technology PLC		3,340,050		159,721,191
				346,342,168

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands Inc.		4,740,579	$	76,181,105
Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp. Inc.		7,252,221		60,265,956
Tobacco — 4.1%
Altria Group Inc.		7,756,718		279,862,386
Philip Morris International Inc.		3,200,804		227,321,100
				507,183,486
Trading Companies & Distributors — 1.0%
Watsco Inc.		536,860		120,331,800
Total Common Stocks — 99.8% (Cost: $12,948,891,053)				12,310,650,543
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(a)(b)		36,700,000		36,700,000
Total Short-Term Investments — 0.3% (Cost: $36,700,000)				36,700,000
Total Investments in Securities — 100.1% (Cost: $12,985,591,053)				12,347,350,543
Other Assets, Less Liabilities — (0.1)%				(10,682,701	)
Net Assets — 100.0%			$	12,336,667,842

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	51,930,000	$	—	$	(15,230,000	)(a)	$	—	$	—	$	36,700,000		36,700,000	$	18,369	$	—

^(a) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		152		12/18/20	$	24,812	$	(227,562	)

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	227,562

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	10,803,875
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,052,135)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	28,835,157

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	12,310,650,543		$	—	$	—	$	12,310,650,543
Money Market Funds		36,700,000			—		—		36,700,000
	$	12,347,350,543		$	—	$	—	$	12,347,350,543
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(227,562	)	$	—	$	—	$	(227,562	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 25

Schedule of Investments (unaudited) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
Boeing Co. (The)		1,249	$	180,343
General Dynamics Corp.		418		54,896
Huntington Ingalls Industries Inc.		120		17,698
L3Harris Technologies Inc.		145		23,361
Lockheed Martin Corp.		324		113,442
Northrop Grumman Corp.		198		57,384
Raytheon Technologies Corp.		2,127		115,539
Textron Inc.		636		22,769
			585,432
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		193		17,067
Expeditors International of Washington Inc.		191		16,879
FedEx Corp.		141		36,585
United Parcel Service Inc., Class B		721		113,276
XPO Logistics Inc.(a)		382		34,380
				218,187
Airlines — 0.3%
American Airlines Group Inc.		53		598
Delta Air Lines Inc.		2,130		65,263
Southwest Airlines Co.		699		27,632
United Airlines Holdings Inc.(a)		457		15,474
				108,967
Auto Components — 0.1%
Aptiv PLC		13		1,254
Gentex Corp.		610		16,879
Lear Corp.		146		17,638
				35,771
Automobiles — 0.4%
Ford Motor Co.		9,199		71,108
General Motors Co.		1,507		52,037
				123,145
Banks — 12.3%
Bank of America Corp.		33,977		805,255
CIT Group Inc.		1,227		36,135
Citigroup Inc.		12,608		522,223
Citizens Financial Group Inc.		2,147		58,506
Comerica Inc.		1,392		63,350
Fifth Third Bancorp.		3,263		75,767
Huntington Bancshares Inc./OH		4,483		46,803
JPMorgan Chase & Co.		10,412		1,020,792
KeyCorp		4,229		54,892
M&T Bank Corp.		638		66,084
PNC Financial Services Group Inc. (The)		1,535		171,736
Regions Financial Corp.		5,755		76,542
Synovus Financial Corp.		925		24,050
Truist Financial Corp.		2,400		101,088
U.S. Bancorp.		5,276		205,500
Wells Fargo & Co.		35,102		752,938
Zions Bancorp NA		1,064		34,335
				4,115,996
Beverages — 1.5%
Coca-Cola Co. (The)		4,011		192,769
Constellation Brands Inc., Class A		98		16,193
Monster Beverage Corp.(a)		243		18,606
PepsiCo Inc.		1,946		259,382
				486,950

Security	Shares		Value
Biotechnology — 2.9%
AbbVie Inc.		3,758	$	319,806
Amgen Inc.		1,391		301,763
Biogen Inc.(a)		753		189,809
Gilead Sciences Inc.		2,739		159,273
				970,651
Building Products — 0.7%
Johnson Controls International PLC		3,668		154,826
Masco Corp.		629		33,714
Trane Technologies PLC		310		41,153
				229,693
Capital Markets — 4.1%
Ameriprise Financial Inc.		496		79,772
Apollo Global Management Inc.		422		15,555
Bank of New York Mellon Corp. (The)		3,576		122,871
BlackRock Inc.(b)		269		161,187
Blackstone Group Inc. (The), Class A		1,273		64,185
Charles Schwab Corp. (The)		2,140		87,975
CME Group Inc.		229		34,515
Franklin Resources Inc.		1,071		20,081
Goldman Sachs Group Inc. (The)		980		185,259
Intercontinental Exchange Inc.		724		68,346
Invesco Ltd.		1,937		25,394
LPL Financial Holdings Inc.		217		17,345
Moody’s Corp.		109		28,656
Morgan Stanley		3,626		174,592
MSCI Inc.		90		31,486
Northern Trust Corp.		627		49,075
Raymond James Financial Inc.		291		22,244
S&P Global Inc.		199		64,223
State Street Corp.		652		38,403
T Rowe Price Group Inc.		503		63,710
				1,354,874
Chemicals — 1.9%
Air Products & Chemicals Inc.		122		33,701
Celanese Corp.		386		43,815
CF Industries Holdings Inc.		753		20,790
Dow Inc.		1,574		71,601
DuPont de Nemours Inc.		1,895		107,788
Eastman Chemical Co.		261		21,099
Ecolab Inc.		134		24,601
Linde PLC		587		129,340
LyondellBasell Industries NV, Class A		1,407		96,309
PPG Industries Inc.		253		32,819
Sherwin-Williams Co. (The)		61		41,967
				623,830
Commercial Services & Supplies — 0.3%
Cintas Corp.		89		27,995
Republic Services Inc.		207		18,251
Waste Management Inc.		394		42,517
				88,763
Communications Equipment — 1.9%
Cisco Systems Inc.		16,855		605,095
Juniper Networks Inc.		849		16,742
Motorola Solutions Inc.		141		22,286
				644,123
Construction & Engineering — 0.1%
Jacobs Engineering Group Inc.		220		20,900

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance — 1.2%
Ally Financial Inc.		1,567	$	41,808
American Express Co.		1,303		118,886
Capital One Financial Corp.		915		66,868
Discover Financial Services		1,248		81,132
Synchrony Financial		3,965		99,204
				407,898
Containers & Packaging — 0.3%
Ball Corp.		402		35,778
International Paper Co.		1,125		49,219
				84,997
Distributors — 0.0%
Genuine Parts Co.		179		16,187
Diversified Financial Services — 0.7%
Berkshire Hathaway Inc., Class B(a)		787		158,895
Equitable Holdings Inc.		2,115		45,452
Voya Financial Inc.		742		35,564
				239,911
Diversified Telecommunication Services — 2.7%
AT&T Inc.		20,492		553,694
CenturyLink Inc.		3,018		26,015
Verizon Communications Inc.		5,669		323,076
				902,785
Electric Utilities — 1.3%
American Electric Power Co. Inc.		540		48,562
Duke Energy Corp.		837		77,096
Evergy Inc.		976		53,875
Exelon Corp.		1,336		53,293
FirstEnergy Corp.		967		28,739
NextEra Energy Inc.		756		55,347
NRG Energy Inc.		1,462		46,229
Southern Co. (The)		1,120		64,344
				427,485
Electrical Equipment — 0.6%
Eaton Corp. PLC		868		90,090
Emerson Electric Co.		1,118		72,435
Rockwell Automation Inc.		194		46,001
				208,526
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		273		30,805
CDW Corp./DE		239		29,302
Corning Inc.		1,559		49,841
TE Connectivity Ltd.		531		51,443
				161,391
Energy Equipment & Services — 0.3%
Baker Hughes Co.		2,832		41,828
Halliburton Co.		1,464		17,656
Schlumberger Ltd.		1,685		25,174
				84,658
Entertainment — 0.2%
Electronic Arts Inc.(a)		267		31,995
Walt Disney Co. (The)		401		48,621
				80,616
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.		256		58,790
AvalonBay Communities Inc.		138		19,200
Crown Castle International Corp.		421		65,760
Digital Realty Trust Inc.		135		19,481

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equity Residential		484	$	22,738
Essex Property Trust Inc.		98		20,050
Healthpeak Properties Inc.		960		25,891
Host Hotels & Resorts Inc.		2,123		22,249
Iron Mountain Inc.		750		19,545
Prologis Inc.		545		54,064
Public Storage		185		42,378
SBA Communications Corp.		81		23,520
Simon Property Group Inc.		1,291		81,088
SL Green Realty Corp.		570		24,402
Ventas Inc.		443		17,485
Weyerhaeuser Co.		1,139		31,083
				547,724
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		135		48,279
Kroger Co. (The)		868		27,958
Sysco Corp.		985		54,480
Walgreens Boots Alliance Inc.		3,654		124,382
Walmart Inc.		1,541		213,814
				468,913
Food Products — 0.8%
Archer-Daniels-Midland Co.		701		32,414
General Mills Inc.		659		38,960
Hershey Co. (The)		194		26,667
Kellogg Co.		338		21,257
Kraft Heinz Co. (The)		1,058		32,364
Mondelez International Inc., Class A		1,832		97,316
Tyson Foods Inc., Class A		412		23,579
				272,557
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		953		100,170
Baxter International Inc.		787		61,048
Edwards Lifesciences Corp.(a)		263		18,854
Medtronic PLC		1,286		129,333
Stryker Corp.		139		28,079
				337,484
Health Care Providers & Services — 2.3%
AmerisourceBergen Corp.		265		25,459
Anthem Inc.		309		84,295
Cardinal Health Inc.		703		32,190
Cigna Corp.		277		46,251
CVS Health Corp.		1,470		82,452
DaVita Inc.(a)		405		34,931
HCA Healthcare Inc.		288		35,695
Humana Inc.		111		44,320
Laboratory Corp. of America Holdings(a)		105		20,976
McKesson Corp.		403		59,439
Quest Diagnostics Inc.		201		24,550
UnitedHealth Group Inc.		795		242,586
Universal Health Services Inc., Class B		197		21,581
				754,725
Health Care Technology — 0.1%
Cerner Corp.		638		44,718
Hotels, Restaurants & Leisure — 2.5%
Carnival Corp.		1,709		23,430
Darden Restaurants Inc.		94		8,640
Domino’s Pizza Inc.		56		21,186
Hilton Worldwide Holdings Inc.		439		38,549

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hyatt Hotels Corp., Class A		261	$	14,392
Las Vegas Sands Corp.		732		35,180
Marriott International Inc./MD, Class A		612		56,843
McDonald’s Corp.		1,184		252,192
Royal Caribbean Cruises Ltd.		233		13,146
Starbucks Corp.		3,562		309,751
Yum! Brands Inc.		560		52,265
				825,574
Household Durables — 0.3%
DR Horton Inc.		283		18,907
Lennar Corp., Class A		327		22,965
Newell Brands Inc.		717		12,662
NVR Inc.(a)		5		19,766
Whirlpool Corp.		97		17,941
				92,241
Household Products — 1.9%
Clorox Co. (The)		151		31,295
Colgate-Palmolive Co.		1,070		84,412
Kimberly-Clark Corp.		476		63,113
Procter & Gamble Co. (The)		3,342		458,188
				637,008
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		1,561		27,115
Industrial Conglomerates — 1.1%
3M Co.		996		159,320
Honeywell International Inc.		1,312		216,415
				375,735
Insurance — 2.7%
Aflac Inc.		2,009		68,205
Allstate Corp. (The)		968		85,910
American International Group Inc.		2,171		68,365
Aon PLC, Class A		306		56,307
Assured Guaranty Ltd.		961		24,534
Chubb Ltd.		724		94,055
Cincinnati Financial Corp.		213		15,067
Hartford Financial Services Group Inc. (The)		536		20,647
Lincoln National Corp.		1,024		35,942
Loews Corp.		1,366		47,373
Marsh & McLennan Companies Inc.		321		33,211
MetLife Inc.		2,929		110,863
Principal Financial Group Inc.		720		28,238
Prudential Financial Inc.		1,753		112,227
Travelers Companies Inc. (The)		628		75,806
Unum Group		901		15,912
Willis Towers Watson PLC		87		15,876
				908,538
Interactive Media & Services — 2.5%
Alphabet Inc., Class A(a)		191		308,677
Alphabet Inc., Class C, NVS(a)		186		301,508
Facebook Inc., Class A(a)		890		234,168
				844,353
Internet & Direct Marketing Retail — 1.2%
Booking Holdings Inc.(a)		121		196,323
eBay Inc.		3,581		170,563
Expedia Group Inc.		321		30,222
Qurate Retail Inc., Series A		1,440		9,749
				406,857

Security	Shares		Value
IT Services — 4.1%
Accenture PLC, Class A		539	$	116,914
Akamai Technologies Inc.(a)		155		14,744
Alliance Data Systems Corp.		476		24,533
Automatic Data Processing Inc.		606		95,724
Broadridge Financial Solutions Inc.		118		16,237
Cognizant Technology Solutions Corp., Class A		1,028		73,420
DXC Technology Co.		1,738		32,014
Fidelity National Information Services Inc.		322		40,118
Fiserv Inc.(a)		436		41,625
FleetCor Technologies Inc.(a)		110		24,300
Global Payments Inc.		122		19,244
International Business Machines Corp.		2,200		245,652
Leidos Holdings Inc.		208		17,264
Mastercard Inc., Class A		569		164,236
Paychex Inc.		423		34,792
PayPal Holdings Inc.(a)		287		53,419
VeriSign Inc.(a)		116		22,121
Visa Inc., Class A		1,708		310,361
Western Union Co. (The)		1,211		23,542
				1,370,260
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.		339		34,609
IQVIA Holdings Inc.(a)		195		30,028
Mettler-Toledo International Inc.(a)		21		20,956
Thermo Fisher Scientific Inc.		166		78,538
Waters Corp.(a)		277		61,721
				225,852
Machinery — 1.6%
Allison Transmission Holdings Inc.		455		16,448
Caterpillar Inc.		1,304		204,793
Cummins Inc.		326		71,684
Deere & Co.		282		63,707
Dover Corp.		137		15,167
Illinois Tool Works Inc.		452		88,538
PACCAR Inc.		256		21,857
Parker-Hannifin Corp.		160		33,338
Stanley Black & Decker Inc.		26		4,321
				519,853
Media — 1.2%
Altice USA Inc., Class A(a)		1,478		39,832
Charter Communications Inc., Class A(a)		248		149,747
Comcast Corp., Class A		2,999		126,678
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		833		28,822
Omnicom Group Inc.		646		30,491
Sirius XM Holdings Inc.		3,649		20,909
ViacomCBS Inc., Class B, NVS		725		20,713
				417,192
Metals & Mining — 0.3%
Newmont Corp.		470		29,535
Nucor Corp.		715		34,148
Reliance Steel & Aluminum Co.		173		18,855
Steel Dynamics Inc.		728		22,918
				105,456
Mortgage Real Estate Investment — 0.0%
Starwood Property Trust Inc.		1,188		16,596
Multi-Utilities — 0.2%
Public Service Enterprise Group Inc.		610		35,472

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
WEC Energy Group Inc.		311	$	31,271
				66,743
Multiline Retail — 0.5%
Dollar General Corp.		272		56,769
Kohl’s Corp.		1,173		24,973
Target Corp.		633		96,356
				178,098
Oil, Gas & Consumable Fuels — 4.5%
Cabot Oil & Gas Corp.		1,280		22,771
Chevron Corp.		4,460		309,970
ConocoPhillips		4,671		133,684
Devon Energy Corp.		8,104		72,369
EOG Resources Inc.		642		21,982
Exxon Mobil Corp.		13,454		438,869
Hess Corp.		338		12,580
HollyFrontier Corp.		933		17,270
Kinder Morgan Inc./DE		5,110		60,809
Marathon Oil Corp.		5,147		20,382
Marathon Petroleum Corp.		3,138		92,571
ONEOK Inc.		1,439		41,731
Ovintiv Inc.		2,659		24,463
Phillips 66		1,695		79,089
Pioneer Natural Resources Co.		279		22,197
Valero Energy Corp.		2,126		82,085
Williams Companies Inc. (The)		2,984		57,263
				1,510,085
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		252		55,354
Pharmaceuticals — 5.5%
Bristol-Myers Squibb Co.		4,343		253,848
Eli Lilly & Co.		1,047		136,592
Johnson & Johnson		3,815		523,075
Merck & Co. Inc.		4,924		370,334
Pfizer Inc.		14,644		519,569
Zoetis Inc.		200		31,710
				1,835,128
Professional Services — 0.2%
IHS Markit Ltd.		399		32,267
Verisk Analytics Inc.		105		18,687
				50,954
Road & Rail — 1.5%
CSX Corp.		1,814		143,197
Norfolk Southern Corp.		528		110,415
Union Pacific Corp.		1,350		239,207
				492,819
Semiconductors & Semiconductor Equipment — 6.2%
Analog Devices Inc.		404		47,886
Applied Materials Inc.		1,525		90,326
Broadcom Inc.		873		305,227
Intel Corp.		11,387		504,216
KLA Corp.		274		54,027
Lam Research Corp.		355		121,438
Maxim Integrated Products Inc.		502		34,964
NVIDIA Corp.		56		28,076
QUALCOMM Inc.		4,438		547,472
Skyworks Solutions Inc.		240		33,910
Teradyne Inc.		257		22,578
Texas Instruments Inc.		1,727		249,707

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx Inc.		335	$	39,761
			2,079,588
Software — 5.8%
Adobe Inc.(a)		175		78,242
Citrix Systems Inc.		278		31,489
Intuit Inc.		102		32,097
Microsoft Corp.		5,607		1,135,249
NortonLifeLock Inc.		1,610		33,118
Oracle Corp.		10,472		587,584
Palo Alto Networks Inc.(a)		108		23,889
VMware Inc., Class A(a)		215		27,677
				1,949,345
Specialty Retail — 2.6%
AutoZone Inc.(a)		46		51,933
Best Buy Co. Inc.		379		42,277
CarMax Inc.(a)		173		14,954
Home Depot Inc. (The)		1,593		424,869
Lowe’s Companies Inc.		1,027		162,369
O’Reilly Automotive Inc.(a)		95		41,477
Ross Stores Inc.		523		44,544
TJX Companies Inc. (The)		1,352		68,682
Tractor Supply Co.		119		15,852
Ulta Beauty Inc.(a)		80		16,542
				883,499
Technology Hardware, Storage & Peripherals — 6.3%
Apple Inc.		14,604		1,589,791
Dell Technologies Inc., Class C(a)		2,728		164,389
Hewlett Packard Enterprise Co.		9,515		82,210
HP Inc.		5,364		96,337
NetApp Inc.		1,385		60,788
Seagate Technology PLC		1,002		47,916
Western Digital Corp.		671		25,317
Xerox Holdings Corp.		1,310		22,768
				2,089,516
Textiles, Apparel & Luxury Goods — 0.7%
Nike Inc., Class B		1,374		164,990
Ralph Lauren Corp.		296		19,787
Tapestry Inc.		1,103		24,520
VF Corp.		464		31,181
				240,478
Tobacco — 1.2%
Altria Group Inc.		5,367		193,641
Philip Morris International Inc.		3,031		215,262
				408,903
Trading Companies & Distributors — 0.2%
Fastenal Co.		456		19,713
United Rentals Inc.(a)		149		26,565
WW Grainger Inc.		62		21,701
				67,979
Total Common Stocks — 99.8% (Cost: $32,525,186)				33,328,976

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.04%(b)(c)		40,000	$	40,000
Total Short-Term Investments — 0.1% (Cost: $40,000)				40,000
Total Investments in Securities — 99.9% (Cost: $32,565,186)				33,368,976
Other Assets, Less Liabilities — 0.1%				40,510
Net Assets — 100.0%			$	33,409,486

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	—		$(30,000	)(a)	$	—	$	—	$	40,000		40,000	$	38	$	—
BlackRock Inc.		76,310		87,021		(20,423	)		4,178		14,101		161,187		269		1,209		—
								$	4,178	$	14,101	$	201,187			$	1,247	$	—

^(a) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 Micro E-Mini Index		4		12/18/20	$	65	$	(2,911	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,911

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® U.S. Dividend and Buyback ETF

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	16,774
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,055	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	53,196

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	33,328,976		$	—	$	—	$	33,328,976
Money Market Funds		40,000			—		—		40,000
	$	33,368,976		$	—	$	—	$	33,368,976
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,911	)	$	—	$	—	$	(2,911	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 31

Statements of Assets and Liabilities (unaudited)

October 31, 2020

	iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	11,566,986,057	$	4,987,487,271		$	3,005,917,654		$	12,310,650,543
Affiliated(c)		117,896,978		89,392,560			69,851,402			36,700,000
Cash		—		46,098			2,671			19,438
Foreign currency, at value(d)		—		—			9,605,884			—
Cash pledged:
Futures contracts		1,539,400		582,600			—			1,237,200
Foreign currency collateral pledged:
Futures contracts(e)		—		—			2,982,163			—
Receivables:
Investments sold		—		—			15,970,460			—
Securities lending income — Affiliated		—		—			29,377			—
Dividends		18,330,393		15,531,494			7,210,912			23,355,231
Tax reclaims		—		—			9,504,356			—
Total assets		11,704,752,828		5,093,040,023			3,121,074,879			12,371,962,412
LIABILITIES
Bank overdraft		69,042		—			—			—
Collateral on securities loaned, at value		—		—			6,618,967			—
Payables:
Investments purchased		25,180,157		14,843,341			19,422,792			30,931,996
Variation margin on futures contracts		238,600		90,235			98,417			153,249
Capital shares redeemed		—		61,665			707,771			8,684
Investment advisory fees		821,295		363,398			1,346,556			4,200,641
Total liabilities		26,309,094		15,358,639			28,194,503			35,294,570
NET ASSETS	$	11,678,443,734	$	5,077,681,384		$	3,092,880,376		$	12,336,667,842
NET ASSETS CONSIST OF:
Paid-in capital	$	11,373,352,565	$	6,604,443,442		$	4,777,931,941		$	14,705,821,174
Accumulated earnings (loss)		305,091,169		(1,526,762,058	)		(1,685,051,565	)		(2,369,153,332	)
NET ASSETS	$	11,678,443,734	$	5,077,681,384		$	3,092,880,376		$	12,336,667,842
Shares outstanding		300,050,000		65,250,000			127,800,000			148,800,000
Net asset value	$	38.92	$	77.82		$	24.20		$	82.91
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	—	$	—		$	6,309,323		$	—
(b) Investments, at cost — Unaffiliated	$	10,852,578,539	$	5,583,492,357		$	3,355,075,980		$	12,948,891,053
(c)  Investments, at cost — Affiliated	$	100,942,257	$	70,034,938		$	63,905,382		$	36,700,000
(d) Foreign currency, at cost	$	—	$	—		$	9,744,382		$	—
(e) Foreign currency collateral pledged, at cost	$	—	$	—		$	2,985,755		$	—

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2020

	iShares U.S. Dividend and Buyback ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	33,167,789
Affiliated(b)		201,187
Cash		3,020
Cash pledged:
Futures contracts		5,000
Receivables:
Dividends		60,266
Total assets		33,437,262
LIABILITIES
Payables:
Investments purchased		19,616
Variation margin on futures contracts		738
Investment advisory fees		7,422
Total liabilities		27,776
NET ASSETS	$	33,409,486
NET ASSETS CONSIST OF:
Paid-in capital	$	32,251,649
Accumulated earnings		1,157,837
NET ASSETS	$	33,409,486
Shares outstanding		1,200,000
Net asset value	$	27.84
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Unaffiliated	$	32,385,583
(b) Investments, at cost — Affiliated	$	179,603

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 33

Statements of Operations (unaudited) 

Six Months Ended October 31, 2020

	iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	154,157,368		$	126,712,323		$	80,421,877		$	305,290,561
Dividends — Affiliated		865,596			1,030,238			7,900,074			18,369
Non-cash dividends — Unaffiliated		—			—			5,740,094			—
Securities lending income — Affiliated — net		—			—			187,673			—
Foreign taxes withheld		(8,177	)		—			(7,245,175	)		—
Total investment income		155,014,787			127,742,561			87,004,543			305,308,930
EXPENSES
Investment advisory fees		4,460,773			2,266,170			8,471,488			25,303,638
Miscellaneous		264			264			264			264
Total expenses		4,461,037			2,266,434			8,471,752			25,303,902
Less:
Investment advisory fees waived		—			—			(122,337	)		—
Total expenses after fees waived		4,461,037			2,266,434			8,349,415			25,303,902
Net investment income		150,553,750			125,476,127			78,655,128			280,005,028
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(256,218,131	)		(221,102,356	)		(582,810,706	)		(501,754,693	)
Investments — Affiliated		(74,601	)		(20,268	)		(141,934,974	)		—
In-kind redemptions — Unaffiliated		169,850,205			97,966,376			847,116			145,466,816
In-kind redemptions — Affiliated		482,811			1,835,774			(1,771,831	)		—
Futures contracts		8,910,802			6,394,266			2,822,649			10,803,875
Foreign currency transactions		—			—			(397,894	)		—
Net realized loss		(77,048,914	)		(114,926,208	)		(723,245,640	)		(345,484,002	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		724,711,812			(164,907,529	)		577,187,065			690,132,694
Investments — Affiliated		10,790,729			11,317,056			164,291,551			—
Futures contracts		(3,706,324	)		(1,560,635	)		(3,078,753	)		(2,052,135	)
Foreign currency translations		—			—			149,443			—
Net change in unrealized appreciation (depreciation)		731,796,217			(155,151,108	)		738,549,306			688,080,559
Net realized and unrealized gain (loss)		654,747,303			(270,077,316	)		15,303,666			342,596,557
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	805,301,053		$	(144,601,189	)	$	93,958,794		$	622,601,585

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares U.S. Dividend and Buyback ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	421,217
Dividends — Affiliated		1,247
Total investment income		422,464
EXPENSES
Investment advisory fees		39,044
Miscellaneous		264
Total expenses		39,308
Net investment income		383,156
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(361,068	)
In-kind redemptions — Unaffiliated		1,409,627
In-kind redemptions — Affiliated		4,178
Futures contracts		16,774
Net realized gain		1,069,511
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		222,502
Investments — Affiliated		14,101
Futures contracts		(4,055	)
Net change in unrealized appreciation (depreciation)		232,548
Net realized and unrealized gain		1,302,059
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,685,215

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 35

Statements of Changes in Net Assets  

	iShares Core Dividend Growth ETF						iShares Core High Dividend ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	150,553,750		$	226,381,053		$	125,476,127		$	253,913,943
Net realized gain (loss)		(77,048,914	)		277,885,766			(114,926,208	)		85,382,007
Net change in unrealized appreciation (depreciation)		731,796,217			(835,980,096	)		(155,151,108	)		(1,173,584,989	)
Net increase (decrease) in net assets resulting from operations		805,301,053			(331,713,277	)		(144,601,189	)		(834,289,039	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(146,402,432	)		(221,736,445	)		(117,699,478	)		(259,253,409	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,663,817,652			2,824,367,946			(696,815,745	)		(45,400,695	)
NET ASSETS
Total increase (decrease) in net assets		2,322,716,273			2,270,918,224			(959,116,412	)		(1,138,943,143	)
Beginning of period		9,355,727,461			7,084,809,237			6,036,797,796			7,175,740,939
End of period	$	11,678,443,734		$	9,355,727,461		$	5,077,681,384		$	6,036,797,796

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares International Select Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	78,655,128		$	261,599,199		$	280,005,028		$	612,609,601
Net realized loss		(723,245,640	)		(250,334,852	)		(345,484,002	)		(473,988,522	)
Net change in unrealized appreciation (depreciation)		738,549,306			(905,770,366	)		688,080,559			(3,140,919,614	)
Net increase (decrease) in net assets resulting from operations		93,958,794			(894,506,019	)		622,601,585			(3,002,298,535	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(79,208,178	)		(314,179,411	)		(270,560,886	)		(641,877,784	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(342,993,658	)		252,390,701			(1,272,396,087	)		(684,495,870	)
NET ASSETS
Total decrease in net assets		(328,243,042	)		(956,294,729	)		(920,355,388	)		(4,328,672,189	)
Beginning of period		3,421,123,418			4,377,418,147			13,257,023,230			17,585,695,419
End of period	$	3,092,880,376		$	3,421,123,418		$	12,336,667,842		$	13,257,023,230

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 37

Statements of Changes in Net Assets (continued)

	iShares U.S. Dividend and Buyback ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	383,156		$	264,084
Net realized gain (loss)		1,069,511			(613,589	)
Net change in unrealized appreciation (depreciation)		232,548			272,449
Net increase (decrease) in net assets resulting from operations		1,685,215			(77,056	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(317,841	)		(269,870	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,396,857			16,603,236
NET ASSETS
Total increase in net assets		8,764,231			16,256,310
Beginning of period		24,645,255			8,388,945
End of period	$	33,409,486		$	24,645,255

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	36.39		$	38.13		$	33.86		$	30.75		$	26.72		$	26.35
Net investment income(a)			0.53			0.99			0.91			0.78			0.71			0.67
Net realized and unrealized gain (loss)(b)			2.51			(1.77	)		4.20			3.07			3.98			0.34
Net increase (decrease) from investment operations			3.04			(0.78	)		5.11			3.85			4.69			1.01
Distributions(c)
From net investment income			(0.51	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)		(0.64	)
Total distributions			(0.51	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)		(0.64	)
Net asset value, end of period		$	38.92		$	36.39		$	38.13		$	33.86		$	30.75		$	26.72
Total Return
Based on net asset value			8.39	%(d)		(2.05	)%		15.30	%		12.59	%		17.78	%		3.95	%
Ratios to Average Net Assets
Total expenses			0.08	%(e)		0.08	%		0.08	%		0.08	%		0.09	%		0.12	%
Total expenses after fees waived			0.08	%(e)		0.08	%		0.08	%		0.08	%		0.09	%		0.10	%
Net investment income			2.70	%(e)		2.55	%		2.55	%		2.32	%		2.46	%		2.62	%
Supplemental Data
Net assets, end of period (000)		$	11,678,444		$	9,355,727		$	7,084,809		$	3,343,410		$	1,429,997		$	476,955
Portfolio turnover rate(f)			13	%(d)		24	%		26	%		24	%		27	%		45	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	81.85		$	95.42		$	84.44		$	83.27		$	78.83		$	77.18
Net investment income(a)			1.84			3.24			3.09			2.99			2.85			2.70
Net realized and unrealized gain (loss)(b)			(4.14	)		(13.51	)		11.01			1.20			4.34			1.79
Net increase (decrease) from investment operations			(2.30	)		(10.27	)		14.10			4.19			7.19			4.49
Distributions(c)
From net investment income			(1.73	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)		(2.84	)
Total distributions			(1.73	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)		(2.84	)
Net asset value, end of period		$	77.82		$	81.85		$	95.42		$	84.44		$	83.27		$	78.83
Total Return
Based on net asset value			(2.87	)%(d)		(10.86	)%		17.05	%		5.03	%		9.22	%		6.12	%
Ratios to Average Net Assets
Total expenses			0.08	%(e)		0.08	%		0.08	%		0.08	%		0.10	%		0.12	%
Net investment income			4.43	%(e)		3.53	%		3.48	%		3.47	%		3.49	%		3.63	%
Supplemental Data
Net assets, end of period (000)		$	5,077,681		$	6,036,798		$	7,175,741		$	6,007,744		$	6,632,679		$	5,076,953
Portfolio turnover rate(f)			30	%(d)		62	%		57	%		46	%		49	%		74	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Select Dividend ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	24.14		$	31.59		$	34.11		$	31.78		$	29.85		$	35.09
Net investment income(a)			0.59			1.83			1.71			1.43			1.42	(b)		1.51
Net realized and unrealized gain (loss)(c)			0.07			(7.10	)		(2.48	)		2.41			1.88			(5.18	)
Net increase (decrease) from investment operations			0.66			(5.27	)		(0.77	)		3.84			3.30			(3.67	)
Distributions(d)
From net investment income			(0.60	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)		(1.57	)
Total distributions			(0.60	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)		(1.57	)
Net asset value, end of period		$	24.20		$	24.14		$	31.59		$	34.11		$	31.78		$	29.85
Total Return
Based on net asset value			2.67	%(e)		(17.15	)%		(2.13	)%		12.35	%		11.47	%(b)		(10.37	)%
Ratios to Average Net Assets
Total expenses(f)			0.50	%(g)		0.49	%		0.49	%		0.49	%		0.50	%		0.50	%
Total expenses after fees waived(f)			0.49	%(g)		0.49	%		0.49	%		0.49	%		0.50	%		0.50	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			N/A			0.49	%		N/A			0.50	%		N/A
Net investment income			4.62	%(g)		6.06	%		5.39	%		4.27	%		4.75	%(b)		4.97	%
Supplemental Data
Net assets, end of period (000)		$	3,092,880		$	3,421,123		$	4,377,418		$	4,922,792		$	4,010,716		$	2,737,391
Portfolio turnover rate(h)(i)			61	%(e)		12	%		35	%		24	%		29	%		27	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

• Net investment income per share by $0.04.

• Total return by 0.10%.

• Ratio of net investment income to average net assets by 0.13%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period		$	80.66		$	101.13		$	96.31		$	91.51		$	82.05		$	78.32
Net investment income(a)			1.80			3.51			3.31			3.08			2.82			2.57
Net realized and unrealized gain (loss)(b)			2.20			(20.30	)		4.80			4.76			9.41			3.78
Net increase (decrease) from investment operations			4.00			(16.79	)		8.11			7.84			12.23			6.35
Distributions(c)
From net investment income			(1.75	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)		(2.62	)
Total distributions			(1.75	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)		(2.62	)
Net asset value, end of period		$	82.91		$	80.66		$	101.13		$	96.31		$	91.51		$	82.05
Total Return
Based on net asset value			5.02	%(d)		(16.96	)%		8.63	%		8.65	%		15.12	%		8.42	%
Ratios to Average Net Assets
Total expenses			0.39	%(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income			4.31	%(e)		3.60	%		3.40	%		3.24	%		3.23	%		3.36	%
Supplemental Data
Net assets, end of period (000)		$	12,336,668		$	13,257,023		$	17,585,695		$	16,714,032		$	17,200,059		$	14,645,360
Portfolio turnover rate(f)			28	%(d)		6	%		21	%		28	%		19	%		21	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Dividend and Buyback ETF
	Six Months Ended															Period From
		10/31/20					Year Ended					Year Ended						11/07/17	(a)
	(unaudited)					04/30/20					04/30/19					to 04/30/18
Net asset value, beginning of period			$	25.94				$	27.96				$	25.30			$	24.99
Net investment income(b)				0.35					0.64					0.61				0.26
Net realized and unrealized gain (loss)(c)				1.88					(2.02	)				2.67				0.28
Net increase (decrease) from investment operations				2.23					(1.38	)				3.28				0.54
Distributions(d)
From net investment income				(0.33	)				(0.64	)				(0.58	)			(0.23	)
From net realized gain				—					—					(0.04	)			—
Total distributions				(0.33	)				(0.64	)				(0.62	)			(0.23	)
Net asset value, end of period			$	27.84				$	25.94				$	27.96			$	25.30
Total Return
Based on net asset value				8.63	%(e)				(4.95	)%				13.21	%			2.16	%(e)
Ratios to Average Net Assets
Total expenses				0.25	%(f)				0.25	%				0.25	%			0.25	%(f)
Net investment income				2.45	%(f)				2.31	%				2.34	%			2.07	%(f)
Supplemental Data
Net assets, end of period (000)			$	33,409				$	24,645				$	8,389			$	7,591
Portfolio turnover rate(g)				19	%(e)				33	%				31	%			14	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 43

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Core Dividend Growth	Diversified
Core High Dividend	Non-diversified
International Select Dividend	Diversified
Select Dividend	Diversified
U.S. Dividend and Buyback	Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement of operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, if any, are disclosed in the statement of assets and liabilities.

Taxes withheld that are reclaimable under applicable foreign tax treaties are reflected in tax reclaims receivable. Reclaim amounts for which collection is uncertain are recorded upon receipt. Tax reclaims recorded or received during the period along with applicable fees associated with the filings of tax claims that result in the recovery of foreign withholding taxes, if any, are included in the statement of operations.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S.

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Notes to Financial Statements (unaudited) (continued)

exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
International Select Dividend
Morgan Stanley & Co. LLC	$	6,309,323	$	6,309,323		$	—	$	—
		6,309,323		6,309,323		$	—		—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

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Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core Dividend Growth		0.08	%
Core High Dividend		0.08
U.S. Dividend and Buyback		0.25

For its investment advisory services to the iShares International Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.5000	%
Over $12 billion, up to and including $18 billion		0.4750
Over $18 billion, up to and including $24 billion		0.4513
Over $24 billion, up to and including $30 billion		0.4287
Over $30 billion		0.4073

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion		0.3259

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Expense Waivers: For the six months ended October 31, 2020, BFA has voluntarily waived a portion of its investment advisory fees for the iShares International Select Dividend ETF in the amount of $122,337.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Core Dividend Growth ETF , iShares Core High Dividend ETF, iShares Select Dividend ETF and iShares U.S. Dividend and Buyback ETF (the “Group 1 Funds”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, the iShares International Select Dividend ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
International Select Dividend	$	42,717

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend Growth	$	446,987,863	$	350,642,990	$	(63,808,155	)
Core High Dividend		413,048,224		623,143,642		(157,199,535	)
International Select Dividend		45,436,826		18,555,478		(5,540,299	)
Select Dividend		669,017,188		631,434,153		(93,046,804	)
U.S. Dividend and Buyback		1,467,223		717,856		(6,785	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Dividend Growth	$	1,400,815,752	$	1,375,223,704
Core High Dividend		1,653,786,396		1,646,034,040
International Select Dividend		2,000,244,079		2,022,871,263
Select Dividend		3,634,981,962		3,630,951,518
U.S. Dividend and Buyback		5,915,108		5,743,529

For the six months ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend Growth	$	2,280,880,089	$	621,727,087
Core High Dividend		53,601,837		743,680,165
International Select Dividend		34,291,240		355,199,430
Select Dividend		108,830,186		1,375,302,305
U.S. Dividend and Buyback		13,637,291		6,369,432

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Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core Dividend Growth	$	166,629,089
Core High Dividend		696,756,118
International Select Dividend		508,491,487
Select Dividend		1,148,517,692
U.S. Dividend and Buyback		143,479

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend Growth	$	10,987,860,411	$	1,409,150,651	$	(712,439,928	)	$	696,710,723
Core High Dividend		5,683,789,546		344,522,316		(951,469,833	)		(606,947,517	)
International Select Dividend		3,480,732,135		141,445,832		(547,678,939	)		(406,233,107	)
Select Dividend		13,120,876,916		1,304,059,896		(2,077,813,831	)		(773,753,935	)
U.S. Dividend and Buyback		32,747,573		3,209,387		(2,590,895	)		618,492

9. LINE OF CREDIT

The iShares International Select Dividend ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended October 31, 2020, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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Notes to Financial Statements (unaudited) (continued)

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		59,850,000		$	2,295,505,924			124,600,000		$	4,863,403,424
Shares redeemed		(16,900,000	)		(631,688,272	)		(53,300,000	)		(2,039,035,478	)
Net increase		42,950,000			1,663,817,652			71,300,000			2,824,367,946

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/20					Year Ended 04/30/20
iShares ETF	Shares			Amount		Shares			Amount
Core High Dividend
Shares sold	650,000		$	53,972,138		32,500,000		$	3,055,557,360
Shares redeemed	(9,150,000	)		(750,787,883	)	(33,950,000	)		(3,100,958,055	)
Net decrease	(8,500,000	)		(696,815,745	)	(1,450,000	)		(45,400,695	)
International Select Dividend
Shares sold	1,450,000			36,253,091		20,900,000			681,516,303
Shares redeemed	(15,350,000	)		(379,246,749	)	(17,750,000	)		(429,125,602	)
Net increase (decrease)	(13,900,000	)		(342,993,658	)	3,150,000			252,390,701
Select Dividend
Shares sold	1,300,000			109,388,965		16,550,000			1,640,928,759
Shares redeemed	(16,850,000	)		(1,381,785,052	)	(26,100,000	)		(2,325,424,629	)
Net decrease	(15,550,000	)		(1,272,396,087	)	(9,550,000	)		(684,495,870	)
U.S. Dividend and Buyback
Shares sold	500,000			13,890,359		650,000			16,603,236
Shares redeemed	(250,000	)		(6,493,502	)	—			—
Net increase	250,000			7,396,857		650,000			16,603,236

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Core Dividend Growth ETF, iShares U.S. Dividend and Buyback ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract  (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares Core High Dividend ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers;

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Board Review and Approval of Investment Advisory Contract  (continued)

risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares International Select Dividend ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with

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Board Review and Approval of Investment Advisory Contract  (continued)

independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares Select Dividend ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the

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Board Review and Approval of Investment Advisory Contract  (continued)

extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through

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Board Review and Approval of Investment Advisory Contract  (continued)

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 59

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2020

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core Dividend Growth(a)	$	0.507374	$	—	$	0.001924	$	0.509298		100	%		—	%		0	%(b)		100	%
Core High Dividend(a)		1.695036		—		0.035226		1.730262		98			—			2			100
International Select Dividend(a)		0.553532		—		0.045166		0.598698		92			—			8			100
Select Dividend(a)		1.678856		—		0.067059		1.745915		96			—			4			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 61

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVS	Non-Voting Shares

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Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-406-1020

OCTOBER 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Morningstar Large-Cap ETF | JKD | NYSE Arca

· iShares Morningstar Large-Cap Growth ETF | JKE | NYSE Arca

· iShares Morningstar Large-Cap Value ETF | JKF | NYSE Arca

· iShares Morningstar Mid-Cap ETF | JKG | NYSE Arca

· iShares Morningstar Mid-Cap Growth ETF | JKH | NYSE Arca

· iShares Morningstar Mid-Cap Value ETF | JKI | NASDAQ

· iShares Morningstar Small-Cap ETF | JKJ | NYSE Arca

· iShares Morningstar Small-Cap Growth ETF | JKK | NYSE Arca

· iShares Morningstar Small-Cap Value ETF | JKL | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.29%	9.71%
U.S. small cap equities (Russell 2000® Index)	18.13	(0.14)
International equities (MSCI Europe, Australasia, Far East Index)	8.57	(6.86)
Emerging market equities (MSCI Emerging Markets Index)	20.96	8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.63)	8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.27	6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.87	3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	10.73	3.42
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		50
Statements of Operations		53
Statements of Changes in Net Assets		56
Financial Highlights		61
Notes to Financial Statements		70
Board Review and Approval of Investment Advisory Contract		80
Supplemental Information		84
General Information		85
Glossary of Terms Used in this Report		86

Fund Summary as of October 31, 2020 iShares^® Morningstar Large-Cap ETF

Investment Objective

The iShares Morningstar Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Morningstar^® Large Core Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.79	%		11.10	%		11.49	%		13.29	%		11.10	%		72.27	%		248.26	%
Fund Market		15.96			11.19			11.51			13.29			11.19			72.38			248.42
Index		15.92			11.33			11.72			13.53			11.33			74.00			255.79

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,157.90	$       1.09			$      1,000.00	$      1,024.20	$         1.02		0.20	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	26.3	%
Health Care	25.4
Consumer Discretionary	11.3
Financials	11.1
Industrials	7.2
Consumer Staples	7.0
Communication Services	4.5
Materials	2.9
Utilities	2.3
Real Estate	1.6
Energy	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	15.9	%
Berkshire Hathaway Inc., Class B	3.9
UnitedHealth Group Inc.	2.9
Home Depot Inc. (The)	2.9
Walt Disney Co. (The)	2.2
Thermo Fisher Scientific Inc.	2.0
Merck & Co. Inc.	2.0
Abbott Laboratories	2.0
PepsiCo Inc.	1.9
Coca-Cola Co. (The)	1.9

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 2020 iShares^® Morningstar Large-Cap Growth ETF

Investment Objective

The iShares Morningstar Large-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® Large Growth Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		19.51	%		31.51	%		16.60	%		16.17	%		31.51	%		115.56	%		347.71	%
Fund Market		19.61			31.58			16.62			16.17			31.58			115.73			347.77
Index		19.66			31.85			17.06			16.55			31.85			119.82			362.42

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,195.10	$       1.38			$      1,000.00	$      1,023.90	$         1.28		0.25	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	37.7	%
Communication Services	16.3
Consumer Discretionary	11.7
Health Care	9.8
Real Estate	8.5
Consumer Staples	4.1
Financials	4.0
Materials	4.0
Industrials	3.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	7.0	%
Amazon.com Inc.	6.2
Facebook Inc., Class A	4.0
NVIDIA Corp.	3.1
Tesla Inc.	3.0
Visa Inc., Class A	2.8
PayPal Holdings Inc.	2.7
Alphabet Inc., Class A	2.7
Netflix Inc.	2.6
Alphabet Inc., Class C	2.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary  as of October 31, 2020     iShares^® Morningstar Large-Cap Value ETF

Investment Objective

The iShares Morningstar Large-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® Large Value Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.51	%		(11.63	)%		6.01	%		8.57	%		(11.63	)%		33.89	%		127.61	%
Fund Market		1.25			(11.97	)		5.93			8.53			(11.97	)		33.36			126.69
Index		1.61			(11.43	)		6.28			8.85			(11.43	)		35.58			133.43

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,015.10	$        1.27			$      1,000.00	$      1,023.90	$        1.28		0.25	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Financials		19.0%
Consumer Staples		16.7
Industrials		13.7
Health Care		12.9
Information Technology		10.5
Communication Services		10.3
Utilities		6.2
Energy		5.7
Consumer Discretionary		3.2
Materials		1.2
Real Estate		0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Johnson & Johnson		6.0%
Procter & Gamble Co. (The)		5.7
JPMorgan Chase & Co.		5.0
Verizon Communications Inc.		3.9
Pfizer Inc.		3.3
Walmart Inc.		3.2
Comcast Corp., Class A		3.2
AT&T Inc.		3.2
Intel Corp.		3.1
Bank of America Corp.		3.0

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Fund Summary as of October 31, 2020     iShares^® Morningstar Mid-Cap ETF

Investment Objective

The iShares Morningstar Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Morningstar^® Mid Core Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.18	%		0.24	%		7.83	%		11.45	%		0.24	%		45.77	%		195.72	%
Fund Market		15.74			(0.10	)		7.75			11.41			(0.10	)		45.26			194.72
Index		16.33			0.49			8.10			11.71			0.49			47.58			202.72

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,161.80	$      1.36			$      1,000.00	$      1,023.90	$      1.28		0.25	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Industrials		18.3%
Real Estate		14.5
Consumer Discretionary		12.7
Information Technology		12.6
Financials		11.2
Health Care		8.7
Materials		8.2
Communication Services		4.5
Consumer Staples		4.4
Utilities		3.7
Energy		1.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Twitter Inc.		1.5%
TE Connectivity Ltd.		1.4
Trane Technologies PLC		1.4
PPG Industries Inc.		1.4
Ball Corp.		1.3
T Rowe Price Group Inc.		1.3
Rockwell Automation Inc.		1.2
American Water Works Co. Inc.		1.2
Motorola Solutions Inc.		1.2
Parker-Hannifin Corp.		1.2

F U N D   S U M M A R Y 7

Fund Summary as of October 31, 2020 iShares^® Morningstar Mid-Cap Growth ETF

Investment Objective

The iShares Morningstar Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® Mid Growth Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		27.02	%		31.10	%		15.79	%		14.42	%		31.10	%		108.18	%		284.62	%
Fund Market		26.95			31.07			15.79			14.42			31.07			108.13			284.48
Index		27.32			31.57			16.09			14.70			31.57			110.89			294.09

Certain sectors and markets performed exceptionally well based on market conditions during the six months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,270.20	$1.72			$      1,000.00	$      1,023.70	$      1.53		0.30	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Information Technology		41.2%
Health Care		22.8
Industrials		13.2
Consumer Discretionary		9.5
Communication Services		5.2
Financials		3.5
Materials		1.9
Consumer Staples		1.1
Energy		1.0
Real Estate		0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Zoom Video Communications Inc., Class A		3.2%
Square Inc., Class A		2.2
MercadoLibre Inc.		2.1
Twilio Inc., Class A		1.5
Lululemon Athletica Inc.		1.4
DocuSign Inc.		1.4
Workday Inc., Class A		1.4
Veeva Systems Inc., Class A		1.4
IDEXX Laboratories Inc.		1.4
Snap Inc., Class A		1.4

8 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020     iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® Mid Value Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.05	%		(14.42	)%		4.50	%		9.00	%		(14.42	)%		24.60	%		136.70	%
Fund Market		12.20			(14.33	)		4.53			9.02			(14.33	)		24.77			137.07
Index		12.18			(14.23	)		4.77			9.30			(14.23	)		26.25			143.27

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,120.50	$      1.60			$      1,000.00	$      1,023.70	$      1.53		0.30	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Financials		19.0%
Utilities		14.2
Industrials		14.0
Consumer Discretionary		8.6
Consumer Staples		7.6
Health Care		7.3
Materials		7.1
Information Technology		6.6
Energy		6.3
Real Estate		5.0
Communication Services		4.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Cummins Inc.		1.6%
Johnson Controls International PLC		1.6
Travelers Companies Inc. (The)		1.5
Ford Motor Co.		1.5
Eversource Energy		1.5
PACCAR Inc.		1.5
Public Service Enterprise Group Inc.		1.5
Zimmer Biomet Holdings Inc.		1.4
Carrier Global Corp.		1.4
American International Group Inc.		1.4

F U N D   S U M M A R Y 9

Fund Summary as of October 31, 2020     iShares^® Morningstar Small-Cap ETF

Investment Objective

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar^® Small Core Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.04	%		(9.85	)%		5.25	%		8.66	%		(9.85	)%		29.13	%		129.50	%
Fund Market		12.09			(10.13	)		5.19			8.64			(10.13	)		28.81			129.03
Index		13.08			(9.79	)		5.41			8.82			(9.79	)		30.11			132.76

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,130.40	$      1.34			$      1,000.00	$      1,023.90	$      1.28		0.25	%

^(a) 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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of   Total Investments(a)
Industrials		21.3%
Financials		16.8
Consumer Discretionary		14.3
Real Estate		13.4
Information Technology		12.6
Materials		7.0
Consumer Staples		4.8
Health Care		4.0
Utilities		2.9
Communication Services		2.4
Energy		0.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Nuance Communications Inc.		1.3%
Dunkin’ Brands Group Inc.		1.2
Sunrun Inc.		1.2
Williams-Sonoma Inc.		1.0
Cree Inc.		1.0
Darling Ingredients Inc.		1.0
Eaton Vance Corp.		1.0
CubeSmart		1.0
HD Supply Holdings Inc.		0.9
Mosaic Co. (The)		0.9

10 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF

Investment Objective

The iShares Morningstar Small-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® Small Growth Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		27.41	%		22.60	%		13.05	%		13.08	%		22.60	%		84.66	%		241.97	%
Fund Market		27.44			22.68			13.08			13.10			22.68			84.88			242.46
Index		27.51			22.76			13.22			13.18			22.76			86.03			245.05

Certain sectors and markets performed exceptionally well based on market conditions during the six months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,274.10	$       1.72			$      1,000.00	$      1,023.70	$         1.53		0.30	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.0	%
Health Care	25.7
Consumer Discretionary	15.5
Industrials	10.9
Communication Services	5.1
Financials	4.7
Real Estate	4.3
Consumer Staples	3.5
Materials	1.1
Other (each representing less than 1%)	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Match Group Inc.	3.4	%
Datadog Inc., Class A	1.8
SolarEdge Technologies Inc.	1.4
Enphase Energy Inc.	1.4
MyoKardia Inc.	1.3
Carvana Co.	1.1
Quidel Corp.	1.1
Five9 Inc.	1.1
Mirati Therapeutics Inc.	1.1
Boston Beer Co. Inc. (The), Class A	1.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 11

Fund Summary  as of October 31, 2020 iShares^® Morningstar Small-Cap Value ETF

Investment Objective

The iShares Morningstar Small-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® Small Value Index^SM (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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.53	%		(16.79	)%		0.78	%		6.38	%		(16.79	)%		3.98	%		85.63	%
Fund Market		12.26			(17.11	)		0.73			6.36			(17.11	)		3.70			85.18
Index		12.76			(16.50	)		1.05			6.64			(16.50	)		5.38			90.20

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 redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,125.30	$       1.61			$      1,000.00	$      1,023.70	$       1.53		0.30	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	25.4	%
Consumer Discretionary	18.7
Industrials	13.3
Information Technology	8.4
Materials	7.2
Real Estate	6.3
Utilities	6.1
Energy	5.3
Health Care	4.9
Consumer Staples	3.4
Communication Services	1.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Quanta Services Inc.	1.3	%
Penn National Gaming Inc.	1.1
L Brands Inc.	1.1
First Solar Inc.	1.1
Flex Ltd.	1.0
Owens Corning	1.0
Comerica Inc.	0.9
Steel Dynamics Inc.	0.9
Sealed Air Corp.	0.9
Tapestry Inc.	0.9

^(a)  Excludes money market funds.

12 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T   F U N D  P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 13

Schedule of Investments (unaudited) October 31, 2020 iShares^® Morningstar Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.3%
L3Harris Technologies Inc.		27,495	$	4,429,720
Lockheed Martin Corp.		22,629		7,923,092
Northrop Grumman Corp.		17,365		5,032,724
				17,385,536
Air Freight & Logistics — 0.9%
FedEx Corp.		26,322		6,829,769
Beverages — 5.2%
Brown-Forman Corp., Class A		10,866		681,841
Brown-Forman Corp., Class B, NVS		35,398		2,467,595
Coca-Cola Co. (The)		307,345		14,771,001
Constellation Brands Inc., Class A		23,745		3,923,386
Keurig Dr Pepper Inc.		112,431		3,024,394
PepsiCo Inc.		110,894		14,781,061
				39,649,278
Biotechnology — 3.8%
AbbVie Inc.		145,477		12,380,093
Amgen Inc.		49,244		10,682,993
Regeneron Pharmaceuticals Inc.(a)		11,352		6,170,493
				29,233,579
Capital Markets — 4.2%
BlackRock Inc.(b)		13,902		8,330,217
Blackstone Group Inc. (The), Class A		90,664		4,571,279
Charles Schwab Corp. (The)		184,777		7,596,183
CME Group Inc.		38,546		5,809,653
Intercontinental Exchange Inc.		61,703		5,824,763
				32,132,095
Chemicals — 2.9%
Air Products & Chemicals Inc.		22,707		6,272,582
Linde PLC		44,896		9,892,385
Sherwin-Williams Co. (The)		8,833		6,076,927
				22,241,894
Commercial Services & Supplies — 0.7%
Waste Management Inc.		46,888		5,059,684
Consumer Finance — 0.8%
American Express Co.		66,677		6,083,609
Diversified Financial Services — 3.8%
Berkshire Hathaway Inc., Class B(a)		144,857		29,246,628
Electric Utilities — 1.6%
NextEra Energy Inc.		166,133		12,162,597
Electrical Equipment — 0.6%
Emerson Electric Co.		74,846		4,849,272
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		42,592		4,806,081
Entertainment — 3.7%
Activision Blizzard Inc.		82,120		6,218,948
Electronic Arts Inc.(a)		38,026		4,556,655
Walt Disney Co. (The)		140,007		16,975,849
				27,751,452
Equity Real Estate Investment Trusts (REITs) — 1.6%
Digital Realty Trust Inc.		34,201		4,935,204
Prologis Inc.		73,244		7,265,805
				12,201,009

Security	Shares		Value
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		36,765	$	13,147,899
Health Care Equipment & Supplies — 8.2%
Abbott Laboratories		142,115		14,937,708
Baxter International Inc.		62,380		4,838,817
Becton Dickinson and Co.		29,498		6,817,873
Boston Scientific Corp.(a)		154,644		5,299,650
Danaher Corp.		54,125		12,423,852
Medtronic PLC		113,265		11,391,061
Stryker Corp.		33,648		6,797,232
				62,506,193
Health Care Providers & Services — 6.1%
Anthem Inc.		26,050		7,106,440
Centene Corp.(a)		80,606		4,763,814
Cigna Corp.		38,608		6,446,378
Humana Inc.		14,906		5,951,668
UnitedHealth Group Inc.		72,055		21,986,863
				46,255,163
Hotels, Restaurants & Leisure — 3.5%
McDonald’s Corp.		61,069		13,007,697
Starbucks Corp.		106,513		9,262,370
Yum! Brands Inc.		45,717		4,266,768
				26,536,835
Industrial Conglomerates — 1.3%
Honeywell International Inc.		61,530		10,149,374
Insurance — 2.2%
Aon PLC, Class A		27,235		5,011,512
Marsh & McLennan Companies Inc.		54,403		5,628,534
Progressive Corp. (The)		64,146		5,895,018
				16,535,064
Internet & Direct Marketing Retail — 0.9%
Booking Holdings Inc.(a)		4,078		6,616,555
IT Services — 4.6%
Accenture PLC, Class A		53,005		11,497,315
Cognizant Technology Solutions Corp., Class A		70,962		5,068,106
Fidelity National Information Services Inc.		58,081		7,236,312
Fiserv Inc.(a)		62,654		5,981,577
Global Payments Inc.		34,265		5,404,961
				35,188,271
Life Sciences Tools & Services — 2.6%
IQVIA Holdings Inc.(a)		27,589		4,248,430
Thermo Fisher Scientific Inc.		32,186		15,227,840
				19,476,270
Multi-Utilities — 0.7%
Sempra Energy		39,406		4,939,936
Multiline Retail — 0.8%
Dollar General Corp.		28,474		5,942,809
Oil, Gas & Consumable Fuels — 0.4%
EOG Resources Inc.		99,221		3,397,327
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		192,136		11,230,349
Eli Lilly & Co.		69,509		9,068,144
Merck & Co. Inc.		198,801		14,951,824
				35,250,317

14 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 1.4%
Union Pacific Corp.		57,866	$	10,253,277
Semiconductors & Semiconductor Equipment — 3.8%
Analog Devices Inc.		45,478		5,390,508
Applied Materials Inc.		104,171		6,170,048
Lam Research Corp.		17,802		6,089,708
Texas Instruments Inc.		79,114		11,439,093
				29,089,357
Software — 1.3%
Oracle Corp.		171,827		9,641,213
Specialty Retail — 6.2%
Home Depot Inc. (The)		81,294		21,681,923
Lowe’s Companies Inc.		65,575		10,367,408
O’Reilly Automotive Inc.(a)		9,934		4,337,184
Ross Stores Inc.		49,989		4,257,563
TJX Companies Inc. (The)		124,173		6,307,988
				46,952,066
Technology Hardware, Storage & Peripherals — 15.9%
Apple Inc.		1,108,850		120,709,411
Wireless Telecommunication Services — 0.9%
T-Mobile U.S. Inc.(a)		60,252		6,601,812
Total Common Stocks — 99.8% (Cost: $602,309,082)				758,821,632

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(c)		773,000	$	773,000
Total Short-Term Investments — 0.1% (Cost: $773,000)				773,000
Total Investments in Securities — 99.9% (Cost: $603,082,082)				759,594,632
Other Assets, Less Liabilities — 0.1%				550,099
Net Assets — 100.0%			$	760,144,731

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	3,078,621	$	—	$	(3,077,446	)(b)	$	923	$	(2,098	)	$	—		—	$	4,835	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,933,000		—		(1,160,000	)(b)		—		—			773,000		773,000		937			—
BlackRock Inc.		7,133,988		2,263,328		(2,649,817	)		450,542		1,132,176			8,330,217		13,902		117,844			—
								$	451,465	$	1,130,078		$	9,103,217			$	123,616		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		7		12/18/20	$	1,143	$	(28,333	)

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	28,333

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	450,900
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(316,939	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,958,693

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	758,821,632		$	—	$	—	$	758,821,632
Money Market Funds		773,000			—		—		773,000
	$	759,594,632		$	—	$	—	$	759,594,632
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(28,333	)	$	—	$	—	$	(28,333	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

16 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Morningstar Large-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 3.0%
Tesla Inc.(a)		132,548	$	51,433,926
Beverages — 2.0%
Monster Beverage Corp.(a)		435,632		33,356,342
Biotechnology — 1.8%
Vertex Pharmaceuticals Inc.(a)		145,534		30,323,464
Capital Markets — 4.1%
Moody’s Corp.		127,481		33,514,755
S&P Global Inc.		110,270		35,587,437
				69,102,192
Chemicals — 1.9%
Ecolab Inc.		179,748		32,999,935
Entertainment — 2.6%
Netflix Inc.(a)		94,859		45,128,221
Equity Real Estate Investment Trusts (REITs) — 8.4%
American Tower Corp.		160,121		36,771,787
Crown Castle International Corp.		236,494		36,940,363
Equinix Inc.		50,088		36,626,349
SBA Communications Corp.		117,097		34,001,456
				144,339,955
Health Care Equipment & Supplies — 4.0%
Edwards Lifesciences Corp.(a)		447,637		32,091,097
Intuitive Surgical Inc.(a)		54,625		36,439,245
				68,530,342
Industrial Conglomerates — 2.0%
Roper Technologies Inc.		90,340		33,546,856
Interactive Media & Services — 9.3%
Alphabet Inc., Class A(a)		28,178		45,538,748
Alphabet Inc., Class C, NVS(a)		27,533		44,631,268
Facebook Inc., Class A(a)		262,085		68,957,184
				159,127,200
Internet & Direct Marketing Retail — 6.2%
Amazon.com Inc.(a)		34,827		105,739,996
IT Services — 10.6%
Automatic Data Processing Inc.		277,285		43,799,939
Mastercard Inc., Class A		151,995		43,871,837
PayPal Holdings Inc.(a)		249,516		46,442,413
Visa Inc., Class A		263,081		47,804,448
				181,918,637
Life Sciences Tools & Services — 1.8%
Illumina Inc.(a)		104,653		30,631,933
Media — 4.4%
Charter Communications Inc., Class A(a)		64,525		38,961,486
Sirius XM Holdings Inc.(b)		6,230,076		35,698,335
				74,659,821

Security	Shares		Value
Metals & Mining — 2.0%
Newmont Corp.		554,806	$	34,864,009
Personal Products — 2.2%
Estee Lauder Companies Inc. (The), Class A		169,779		37,293,655
Pharmaceuticals — 2.2%
Zoetis Inc.		239,543		37,979,543
Road & Rail — 1.9%
Uber Technologies Inc.(a)		990,239		33,083,885
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices Inc.(a)		508,172		38,260,270
NVIDIA Corp.		104,124		52,203,609
QUALCOMM Inc.		361,092		44,544,309
				135,008,188
Software — 19.1%
Adobe Inc.(a)		98,623		44,094,343
Autodesk Inc.(a)		160,690		37,848,923
Intuit Inc.		121,874		38,351,310
Microsoft Corp.		591,957		119,853,534
salesforce.com Inc.(a)		190,093		44,152,901
ServiceNow Inc.(a)		86,482		43,030,849
				327,331,860
Textiles, Apparel & Luxury Goods — 2.5%
Nike Inc., Class B		356,118		42,762,649
Total Common Stocks — 99.9% (Cost: $1,247,867,237)				1,709,162,609
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		3,356,871		3,359,221
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		1,827,000		1,827,000
				5,186,221
Total Short-Term Investments — 0.3% (Cost: $5,181,903)				5,186,221
Total Investments in Securities — 100.2% (Cost: $1,253,049,140)				1,714,348,830
Other Assets, Less Liabilities — (0.2)%				(3,533,086	)
Net Assets — 100.0%			$	1,710,815,744

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,714,086	$	—	$	(30,348,057	)(a)	$	16,805	$	(23,613	)	$	3,359,221		3,356,871	$	80,681	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,337,000		—		(510,000	)(a)		—		—			1,827,000		1,827,000		1,350			—
								$	16,805	$	(23,613	)	$	5,186,221			$	82,031		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		4		12/18/20	$	653	$	5,018
S&P Select Sector Consumer Discretionary E-Mini Index		2		12/18/20		288		(1,824	)
S&P Select Sector Technology E-Mini Index		5		12/18/20		558		(5,782	)
								(2,588	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	5,018
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		7,606

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	633,310
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(377,462	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

18 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap Growth ETF

Futures contracts:
Average notional value of contracts — long	$	1,680,573

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,709,162,609		$	—	$	—	$	1,709,162,609
Money Market Funds		5,186,221			—		—		5,186,221
	$	1,714,348,830		$	—	$	—	$	1,714,348,830
Derivative financial instruments(a)
Assets
Futures Contracts	$	5,018		$	—	$	—	$	5,018
Liabilities
Futures Contracts		(7,606	)		—		—		(7,606	)
	$	(2,588	)	$	—	$	—	$	(2,588	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
Boeing Co. (The)		38,705	$	5,588,615
General Dynamics Corp.		16,934		2,223,942
Raytheon Technologies Corp.		111,436		6,053,204
				13,865,761
Air Freight & Logistics — 1.8%
United Parcel Service Inc., Class B		51,571		8,102,320
Automobiles — 0.7%
General Motors Co.		91,790		3,169,509
Banks — 13.4%
Bank of America Corp.		556,084		13,179,190
Citigroup Inc.		151,862		6,290,124
JPMorgan Chase & Co.		222,276		21,791,939
PNC Financial Services Group Inc. (The)		30,943		3,461,903
Truist Financial Corp.		98,232		4,137,532
U.S. Bancorp		99,921		3,891,923
Wells Fargo & Co.		300,531		6,446,390
				59,199,001
Biotechnology — 1.9%
Biogen Inc.(a)		11,540		2,908,888
Gilead Sciences Inc.		91,463		5,318,573
				8,227,461
Capital Markets — 2.7%
Bank of New York Mellon Corp. (The)		59,495		2,044,248
Goldman Sachs Group Inc. (The)		25,104		4,745,660
Morgan Stanley		104,174		5,015,978
				11,805,886
Chemicals — 1.2%
Dow Inc.		54,010		2,456,915
DuPont de Nemours Inc.		53,490		3,042,511
				5,499,426
Communications Equipment — 2.5%
Cisco Systems Inc.		308,764		11,084,628
Consumer Finance — 0.5%
Capital One Financial Corp.		33,277		2,431,883
Diversified Telecommunication Services — 7.1%
AT&T Inc.		519,660		14,041,213
Verizon Communications Inc.		301,808		17,200,038
				31,241,251
Electric Utilities — 4.1%
American Electric Power Co. Inc.		36,166		3,252,408
Duke Energy Corp.		53,657		4,942,346
Exelon Corp.		71,018		2,832,908
Southern Co. (The)		77,060		4,427,097
Xcel Energy Inc.		38,287		2,681,239
				18,135,998
Electrical Equipment — 0.7%
Eaton Corp. PLC		29,165		3,027,035
Equity Real Estate Investment Trusts (REITs) — 0.6%
Public Storage		11,083		2,538,783
Food & Staples Retailing — 4.0%
Sysco Corp.		37,053		2,049,401
Walgreens Boots Alliance Inc.		52,506		1,787,304

Security	Shares		Value
Food & Staples Retailing (continued)
Walmart Inc.		101,273	$	14,051,629
				17,888,334
Food Products — 2.2%
General Mills Inc.		44,526		2,632,377
Kraft Heinz Co. (The)		47,304		1,447,029
Mondelez International Inc., Class A		104,198		5,534,998
				9,614,404
Health Care Providers & Services — 1.7%
CVS Health Corp.		95,474		5,355,137
HCA Healthcare Inc.		19,213		2,381,259
				7,736,396
Hotels, Restaurants & Leisure — 0.7%
Las Vegas Sands Corp.		23,978		1,152,383
Marriott International Inc./MD, Class A		19,415		1,803,265
				2,955,648
Household Products — 7.5%
Colgate-Palmolive Co.		62,557		4,935,122
Kimberly-Clark Corp.		24,860		3,296,187
Procter & Gamble Co. (The)		181,580		24,894,618
				33,125,927
Industrial Conglomerates — 2.6%
3M Co.		42,016		6,720,879
General Electric Co.		638,690		4,739,080
				11,459,959
Insurance — 2.3%
Aflac Inc.		48,402		1,643,248
Allstate Corp. (The)		22,802		2,023,678
Chubb Ltd.		32,902		4,274,299
MetLife Inc.		56,324		2,131,863
				10,073,088
Internet & Direct Marketing Retail — 0.5%
eBay Inc.		48,451		2,307,721
IT Services — 1.6%
International Business Machines Corp.		64,958		7,253,210
Machinery — 3.5%
Caterpillar Inc.		39,501		6,203,632
Deere & Co.		22,863		5,164,980
Illinois Tool Works Inc.		20,972		4,107,996
				15,476,608
Media — 3.2%
Comcast Corp., Class A		332,484		14,044,124
Multi-Utilities — 2.1%
Consolidated Edison Inc.		24,419		1,916,647
Dominion Energy Inc.		61,295		4,924,440
WEC Energy Group Inc.		23,025		2,315,164
				9,156,251
Multiline Retail — 1.3%
Target Corp.		36,521		5,559,227
Oil, Gas & Consumable Fuels — 5.7%
Chevron Corp.		140,403		9,758,008
ConocoPhillips		78,167		2,237,140
Exxon Mobil Corp.		308,385		10,059,519
Kinder Morgan Inc./DE		142,114		1,691,157
Phillips 66		31,881		1,487,567
				25,233,391

20 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 9.2%
Johnson & Johnson		192,024	$	26,328,411
Pfizer Inc.		405,290		14,379,689
				40,708,100
Road & Rail — 1.9%
CSX Corp.		55,825		4,406,825
Norfolk Southern Corp.		18,596		3,888,796
				8,295,621
Semiconductors & Semiconductor Equipment — 6.4%
Broadcom Inc.		29,333		10,255,697
Intel Corp.		310,191		13,735,257
Micron Technology Inc.(a)		80,984		4,076,735
				28,067,689
Tobacco — 2.9%
Altria Group Inc.		135,587		4,891,979
Philip Morris International Inc.		113,580		8,066,452
				12,958,431
Total Common Stocks — 99.6% (Cost: $443,795,116)				440,243,071

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(c)		420,000	$	420,000
Total Short-Term Investments — 0.1% (Cost: $420,000)				420,000
Total Investments in Securities — 99.7% (Cost: $444,215,116)				440,663,071
Other Assets, Less Liabilities — 0.3%				1,257,045
Net Assets — 100.0%			$	441,920,116

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	0	(b)	$	—	$	—	$	—		—	$	88	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,210,000		—		(790,000	)(b)		—		—		420,000		420,000		571			—
								$	—	$	—	$	420,000			$	659		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		2		12/18/20	$	327	$	(9,098	)
S&P Select Sector Consumer Staples E-Mini Index		8		12/18/20		499		(16,038	)
S&P Select Sector Financial E-Mini Index		11		12/18/20		805		(27,487	)
								(52,623	)

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Large-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	52,623

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	409,359
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(81,580	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,194,314

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	440,243,071		$	—	$	—	$	440,243,071
Money Market Funds		420,000			—		—		420,000
	$	440,663,071		$	—	$	—	$	440,663,071
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(52,623	)	$	—	$	—	$	(52,623	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Huntington Ingalls Industries Inc.		11,775	$	1,736,577
Air Freight & Logistics — 1.6%
CH Robinson Worldwide Inc.		39,200		3,466,456
Expeditors International of Washington Inc.		48,747		4,307,772
XPO Logistics Inc.(a)(b)		26,553		2,389,770
				10,163,998
Auto Components — 1.5%
Aptiv PLC		78,510		7,575,430
Gentex Corp.		71,461		1,977,326
				9,552,756
Banks — 2.1%
Commerce Bancshares Inc.		29,185		1,816,766
First Republic Bank/CA		50,043		6,312,424
Signature Bank/New York NY		15,515		1,252,681
SVB Financial Group(a)		15,050		4,375,035
				13,756,906
Biotechnology — 2.0%
Alexion Pharmaceuticals Inc.(a)		63,725		7,337,297
Moderna Inc.(a)		87,192		5,882,844
				13,220,141
Building Products — 3.2%
A O Smith Corp.		39,360		2,034,518
Allegion PLC		26,817		2,641,474
Lennox International Inc.		10,121		2,749,471
Masco Corp.		76,041		4,075,798
Trane Technologies PLC		69,592		9,238,338
				20,739,599
Capital Markets — 5.2%
Ameriprise Financial Inc.		34,968		5,623,903
Apollo Global Management Inc.		60,651		2,235,596
KKR & Co. Inc.		162,571		5,551,800
Nasdaq Inc.		33,431		4,044,817
Northern Trust Corp.		60,503		4,735,570
Raymond James Financial Inc.		35,493		2,713,085
T Rowe Price Group Inc.		65,996		8,359,053
				33,263,824
Chemicals — 4.3%
CF Industries Holdings Inc.		62,186		1,716,955
Corteva Inc.		217,647		7,177,998
FMC Corp.		37,671		3,870,319
International Flavors & Fragrances Inc.(b)		31,091		3,191,802
PPG Industries Inc.		68,611		8,900,219
RPM International Inc.		37,789		3,199,595
				28,056,888
Commercial Services & Supplies — 0.8%
Republic Services Inc.		61,117		5,388,686
Communications Equipment — 1.6%
F5 Networks Inc.(a)		17,786		2,364,471
Motorola Solutions Inc.		49,366		7,802,790
				10,167,261
Construction & Engineering — 0.6%
Jacobs Engineering Group Inc.		37,858		3,596,510
Containers & Packaging — 2.4%
AptarGroup Inc.		18,746		2,138,731

Security	Shares		Value
Containers & Packaging (continued)
Avery Dennison Corp.		24,267	$	3,358,310
Ball Corp.		94,950		8,450,550
Berry Global Group Inc.(a)		38,554		1,797,773
				15,745,364
Distributors — 0.4%
LKQ Corp.(a)		81,396		2,603,858
Diversified Consumer Services — 0.4%
Service Corp. International		51,236		2,372,739
Diversified Financial Services — 0.3%
Voya Financial Inc.		36,689		1,758,504
Diversified Telecommunication Services — 0.4%
GCI Liberty Inc., Class A(a)		29,460		2,393,036
Electric Utilities — 0.3%
NRG Energy Inc.		70,983		2,244,482
Electrical Equipment — 2.2%
Generac Holdings Inc.(a)		18,256		3,836,499
Hubbell Inc.		15,767		2,294,256
Rockwell Automation Inc.		33,718		7,995,212
				14,125,967
Electronic Equipment, Instruments & Components — 2.2%
FLIR Systems Inc.		37,982		1,317,595
TE Connectivity Ltd.		95,959		9,296,508
Trimble Inc.(a)		72,751		3,501,506
				14,115,609
Energy Equipment & Services — 0.4%
Baker Hughes Co.		190,827		2,818,515
Equity Real Estate Investment Trusts (REITs) — 13.7%
Alexandria Real Estate Equities Inc.		34,101		5,166,983
Americold Realty Trust		59,204		2,144,961
Apartment Investment & Management Co., Class A		43,328		1,382,163
AvalonBay Communities Inc.		40,921		5,693,339
Boston Properties Inc.		41,178		2,981,699
Camden Property Trust		28,318		2,612,052
Douglas Emmett Inc.		47,752		1,126,947
Duke Realty Corp.		107,741		4,093,081
Equity LifeStyle Properties Inc.		49,254		2,915,344
Equity Residential		99,563		4,677,470
Essex Property Trust Inc.		18,960		3,879,026
Extra Space Storage Inc.		37,527		4,351,256
Federal Realty Investment Trust		20,013		1,376,494
Gaming and Leisure Properties Inc.		60,299		2,191,869
Healthpeak Properties Inc.		156,517		4,221,263
Invitation Homes Inc.		162,975		4,442,698
Kilroy Realty Corp.		30,500		1,435,940
Mid-America Apartment Communities Inc.		33,252		3,878,181
Realty Income Corp.		100,320		5,804,515
Regency Centers Corp.		45,879		1,632,834
Sun Communities Inc.		28,573		3,932,502
UDR Inc.		85,791		2,680,111
VEREIT Inc.		313,413		1,943,161
VICI Properties Inc.		155,165		3,561,037
Vornado Realty Trust		45,573		1,400,458
Weyerhaeuser Co.		216,978		5,921,330
WP Carey Inc.		50,564		3,165,812
				88,612,526

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing — 0.3%
Casey’s General Stores Inc.		10,731	$	1,808,925
Food Products — 3.0%
Hershey Co. (The)		42,859		5,891,398
Hormel Foods Corp.		81,584		3,972,325
Lamb Weston Holdings Inc.		42,250		2,680,762
McCormick & Co. Inc./MD, NVS		36,037		6,505,039
				19,049,524
Gas Utilities — 0.5%
Atmos Energy Corp.		35,866		3,287,836
Health Care Equipment & Supplies — 2.3%
DENTSPLY SIRONA Inc.		63,528		2,997,886
Hill-Rom Holdings Inc.		19,366		1,763,662
Hologic Inc.(a)		75,300		5,182,146
Varian Medical Systems Inc.(a)		26,496		4,578,509
				14,522,203
Health Care Providers & Services — 1.5%
DaVita Inc.(a)		21,877		1,886,891
Encompass Health Corp.		28,914		1,772,718
Molina Healthcare Inc.(a)		17,328		3,231,152
Universal Health Services Inc., Class B		22,591		2,474,844
				9,365,605
Hotels, Restaurants & Leisure — 2.3%
Darden Restaurants Inc.		37,821		3,476,506
Hilton Worldwide Holdings Inc.		80,628		7,079,945
MGM Resorts International		119,040		2,448,653
Wynn Resorts Ltd.		28,221		2,044,047
				15,049,151
Household Durables — 3.2%
DR Horton Inc.		96,230		6,429,126
Garmin Ltd.		43,370		4,511,348
Lennar Corp., Class A		79,845		5,607,514
Lennar Corp., Class B		4,465		254,014
NVR Inc.(a)		1,012		4,000,527
				20,802,529
Household Products — 1.2%
Clorox Co. (The)		36,697		7,605,453
Independent Power and Renewable Electricity Producers — 0.4%
Vistra Corp.		142,113		2,468,503
Industrial Conglomerates — 0.3%
Carlisle Companies Inc.		15,869		1,965,693
Insurance — 3.6%
Arch Capital Group Ltd.(a)		118,037		3,565,898
Arthur J Gallagher & Co.		55,679		5,774,469
Loews Corp.		69,308		2,403,601
RenaissanceRe Holdings Ltd.		14,891		2,408,173
Willis Towers Watson PLC		37,466		6,836,796
WR Berkley Corp.		40,886		2,458,066
				23,447,003
Interactive Media & Services — 2.2%
Twitter Inc.(a)		229,969		9,511,518
Zillow Group Inc., Class A(a)		10,468		935,106
Zillow Group Inc., Class C, NVS(a)(b)		41,601		3,686,681
				14,133,305
Internet & Direct Marketing Retail — 0.8%
Wayfair Inc., Class A(a)(b)		19,897		4,935,053

Security	Shares		Value
IT Services — 2.4%
CACI International Inc., Class A(a)		7,303	$	1,522,895
Genpact Ltd.		51,584		1,772,942
Leidos Holdings Inc.		38,862		3,225,546
Paychex Inc.		93,151		7,661,670
WEX Inc.(a)(b)		12,821		1,622,497
				15,805,550
Leisure Products — 0.5%
Hasbro Inc.		37,051		3,064,859
Life Sciences Tools & Services — 2.5%
Mettler-Toledo International Inc.(a)(b)		6,970		6,955,433
PerkinElmer Inc.		32,510		4,211,670
PPD Inc.(a)		31,302		1,029,210
Waters Corp.(a)		18,005		4,011,874
				16,208,187
Machinery — 5.3%
Donaldson Co. Inc.		36,672		1,741,920
Dover Corp.		41,859		4,634,210
Fortive Corp.		98,004		6,037,046
Ingersoll Rand Inc.(a)		107,922		3,770,795
Otis Worldwide Corp.		118,363		7,253,284
Parker-Hannifin Corp.		37,380		7,788,497
Westinghouse Air Brake Technologies Corp.		52,010		3,084,193
				34,309,945
Media — 1.9%
Altice USA Inc., Class A(a)		96,128		2,590,649
Liberty Broadband Corp., Class A(a)		6,782		953,210
Liberty Broadband Corp., Class C, NVS(a)		44,480		6,303,261
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		24,181		835,937
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		50,651		1,752,525
				12,435,582
Metals & Mining — 1.3%
Freeport-McMoRan Inc.		422,234		7,321,537
Southern Copper Corp.		24,632		1,289,239
				8,610,776
Multi-Utilities — 0.8%
CMS Energy Corp.		83,236		5,271,336
Oil, Gas & Consumable Fuels — 0.8%
Diamondback Energy Inc.		45,716		1,186,788
Pioneer Natural Resources Co.		47,763		3,800,024
				4,986,812
Pharmaceuticals — 0.5%
Elanco Animal Health Inc.(a)		95,104		2,949,175
Professional Services — 0.7%
Equifax Inc.		35,314		4,823,892
Real Estate Management & Development — 0.8%
CBRE Group Inc., Class A(a)		97,482		4,913,093
Road & Rail — 1.7%
JB Hunt Transport Services Inc.		24,234		2,950,247
Kansas City Southern		27,432		4,831,873
Knight-Swift Transportation Holdings Inc.		36,653		1,392,447
Lyft Inc., Class A(a)(b)		70,567		1,611,045
				10,785,612
Semiconductors & Semiconductor Equipment — 5.1%
Marvell Technology Group Ltd.		193,437		7,255,822
Maxim Integrated Products Inc.		77,624		5,406,512

24 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology Inc.		73,401	$	7,712,977
MKS Instruments Inc.		16,029		1,737,383
Qorvo Inc.(a)		33,214		4,230,135
Skyworks Solutions Inc.		48,566		6,861,890
				33,204,719
Software — 1.2%
Citrix Systems Inc.		35,917		4,068,318
NortonLifeLock Inc.		171,835		3,534,646
SolarWinds Corp.(a)		20,749		423,902
				8,026,866
Specialty Retail — 3.6%
Advance Auto Parts Inc.		20,102		2,960,623
AutoZone Inc.(a)		6,792		7,668,032
CarMax Inc.(a)		47,415		4,098,553
Tiffany & Co.		31,406		4,109,161
Tractor Supply Co.		33,792		4,501,432
				23,337,801
Trading Companies & Distributors — 1.6%
United Rentals Inc.(a)		20,957		3,736,423
Watsco Inc.		9,543		2,138,968
WW Grainger Inc.		13,084		4,579,662
				10,455,053
Water Utilities — 1.6%
American Water Works Co. Inc.		52,685		7,929,619
Essential Utilities Inc.		64,864		2,672,397
				10,602,016
Total Common Stocks — 99.8% (Cost: $552,542,090)				644,665,803

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		6,639,928	$	6,644,576
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		822,000		822,000
				7,466,576
Total Short-Term Investments — 1.2% (Cost: $7,465,914)				7,466,576
Total Investments in Securities — 101.0% (Cost: $560,008,004)				652,132,379
Other Assets, Less Liabilities — (1.0)%				(6,463,185	)
Net Assets — 100.0%			$	645,669,194

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,992,505	$	—	$	(8,345,151	)(a)	$	20,361	$	(23,139	)	$	6,644,576		6,639,928	$	32,235	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		822,000		—		0	(a)		—		—			822,000		822,000		730			—
								$	20,361	$	(23,139	)	$	7,466,576			$	32,965		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		2		12/18/20	$	326	$	(7,982	)
S&P MidCap 400 E-Mini Index		3		12/18/20		569		(30,922	)
							$	(38,904	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	38,904

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	292,758
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(129,732	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,141,620

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	644,665,803		$	—	$	—	$	644,665,803
Money Market Funds		7,466,576			—		—		7,466,576
	$	652,132,379		$	—	$	—	$	652,132,379
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(38,904	)	$	—	$	—	$	(38,904	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

26 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
HEICO Corp.		18,462	$	1,939,433
HEICO Corp., Class A(a)		31,975		2,989,663
Teledyne Technologies Inc.(b)		16,103		4,978,242
TransDigm Group Inc.		23,679		11,304,591
				21,211,929
Biotechnology — 4.6%
ACADIA Pharmaceuticals Inc.(b)		50,283		2,335,645
Alnylam Pharmaceuticals Inc.(b)		50,660		6,229,660
BioMarin Pharmaceutical Inc.(b)		79,221		5,896,419
Exact Sciences Corp.(a)(b)		65,599		8,123,124
Exelixis Inc.(b)		134,840		2,761,523
Incyte Corp.(b)		81,206		7,035,688
Ionis Pharmaceuticals Inc.(b)		60,886		2,858,598
Neurocrine Biosciences Inc.(b)		40,738		4,019,619
Sarepta Therapeutics Inc.(b)		34,294		4,660,898
Seagen Inc.(b)		53,369		8,901,949
				52,823,123
Capital Markets — 2.7%
FactSet Research Systems Inc.		16,597		5,086,980
MarketAxess Holdings Inc.		16,588		8,938,444
Morningstar Inc.		9,366		1,783,099
MSCI Inc.		36,536		12,781,754
SEI Investments Co.		53,217		2,615,616
				31,205,893
Chemicals — 0.2%
Scotts Miracle-Gro Co. (The)		17,816		2,673,291
Commercial Services & Supplies — 2.2%
Cintas Corp.		37,979		11,946,294
Copart Inc.(b)		90,253		9,960,321
Rollins Inc.		64,427		3,727,102
				25,633,717
Communications Equipment — 1.0%
Arista Networks Inc.(b)		23,912		4,995,217
Ciena Corp.(a)(b)		67,243		2,648,702
Lumentum Holdings Inc.(b)		32,902		2,720,666
Ubiquiti Inc.		3,359		623,464
				10,988,049
Construction Materials — 1.4%
Martin Marietta Materials Inc.		27,202		7,245,253
Vulcan Materials Co.		57,859		8,380,297
				15,625,550
Consumer Finance — 0.1%
Credit Acceptance Corp.(a)(b)		5,315		1,584,508
Distributors — 0.5%
Pool Corp.		17,507		6,124,474
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions Inc.(b)		26,389		4,170,781
Electrical Equipment — 0.9%
AMETEK Inc.		100,312		9,850,638
Electronic Equipment, Instruments & Components — 2.7%
CDW Corp./DE		62,324		7,640,922
Cognex Corp.		75,594		4,981,645
IPG Photonics Corp.(a)(b)		15,614		2,903,579
Keysight Technologies Inc.(b)		81,750		8,573,123

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A(b)		23,301	$	6,609,096
				30,708,365
Entertainment — 2.1%
Live Nation Entertainment Inc.(a)(b)		62,041		3,027,601
Roku Inc.(b)		46,257		9,362,417
Take-Two Interactive Software Inc.(b)		49,948		7,737,944
Zynga Inc., Class A(b)		436,909		3,927,812
				24,055,774
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Homes 4 Rent, Class A		116,340		3,288,932
CyrusOne Inc.		51,055		3,627,458
				6,916,390
Food Products — 0.3%
Beyond Meat Inc.(b)		21,543		3,068,369
Health Care Equipment & Supplies — 9.6%
ABIOMED Inc.(b)		19,678		4,957,438
Align Technology Inc.(a)(b)		31,320		13,344,826
Cooper Companies Inc. (The)		21,463		6,847,770
DexCom Inc.(a)(b)		41,824		13,366,114
Haemonetics Corp.(b)		22,147		2,238,840
IDEXX Laboratories Inc.(b)		37,155		15,784,187
Insulet Corp.(b)		28,679		6,373,908
Masimo Corp.(b)		22,083		4,942,617
Novocure Ltd.(a)(b)		36,651		4,475,087
Penumbra Inc.(b)		14,647		3,823,306
ResMed Inc.		63,299		12,149,610
STERIS PLC		37,155		6,583,494
Teleflex Inc.		20,320		6,466,434
West Pharmaceutical Services Inc.		32,257		8,776,162
				110,129,793
Health Care Providers & Services — 0.6%
Chemed Corp.		6,946		3,322,410
Guardant Health Inc.(b)		36,883		3,933,941
				7,256,351
Health Care Technology — 3.1%
Cerner Corp.		133,403		9,350,216
Teladoc Health Inc.(a)(b)		52,065		10,228,690
Veeva Systems Inc., Class A(b)		58,968		15,924,309
				35,503,215
Hotels, Restaurants & Leisure — 2.2%
Chipotle Mexican Grill Inc.(b)		12,218		14,679,683
Domino’s Pizza Inc.		17,188		6,502,564
Vail Resorts Inc.		17,527		4,066,965
				25,249,212
Household Products — 0.8%
Church & Dwight Co. Inc.		108,036		9,549,302
Insurance — 0.6%
Brown & Brown Inc.		102,542		4,461,602
Erie Indemnity Co., Class A, NVS		10,908		2,540,146
				7,001,748
Interactive Media & Services — 2.8%
IAC/InterActiveCorp.(b)		34,741		4,193,934
Pinterest Inc., Class A(b)		202,115		11,914,679
Snap Inc., Class A, NVS(b)		391,496		15,421,027
				31,529,640

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 3.2%
Etsy Inc.(b)		52,127	$	6,338,122
Expedia Group Inc.		59,281		5,581,306
MercadoLibre Inc.(b)		19,978		24,254,291
				36,173,719
IT Services — 10.6%
Akamai Technologies Inc.(b)		71,076		6,760,749
Black Knight Inc.(b)		68,597		6,033,106
Booz Allen Hamilton Holding Corp.		60,197		4,725,465
Broadridge Financial Solutions Inc.		50,307		6,922,243
EPAM Systems Inc.(b)		24,399		7,538,071
FleetCor Technologies Inc.(b)		36,717		8,111,152
Gartner Inc.(b)		38,981		4,681,618
GoDaddy Inc., Class A(b)		72,875		5,155,178
Jack Henry & Associates Inc.		33,480		4,963,410
MongoDB Inc.(b)		22,087		5,046,217
Okta Inc.(b)		50,732		10,645,096
Square Inc., Class A(b)		162,196		25,120,917
Twilio Inc., Class A(b)		60,022		16,744,337
VeriSign Inc.(b)		44,152		8,419,786
				120,867,345
Life Sciences Tools & Services — 3.6%
Agilent Technologies Inc.		134,682		13,749,685
Avantor Inc.(b)		193,958		4,513,403
Bio-Rad Laboratories Inc., Class A(b)		9,344		5,479,509
Bio-Techne Corp.		16,840		4,250,584
Bruker Corp.		44,795		1,905,579
Charles River Laboratories International Inc.(b)		21,702		4,941,546
PRA Health Sciences Inc.(b)		27,885		2,717,114
Repligen Corp.(b)		21,319		3,551,106
				41,108,526
Machinery — 2.2%
Graco Inc.		72,826		4,507,929
IDEX Corp.		32,986		5,620,485
Nordson Corp.		23,577		4,560,499
Toro Co. (The)		46,872		3,848,191
Xylem Inc./NY		78,613		6,850,337
				25,387,441
Media — 0.4%
Cable One Inc.		2,367		4,099,313
Metals & Mining — 0.3%
Royal Gold Inc.		28,641		3,402,837
Oil, Gas & Consumable Fuels — 1.0%
Cabot Oil & Gas Corp.		173,968		3,094,890
Cheniere Energy Inc.(b)		100,277		4,800,260
Concho Resources Inc.		85,929		3,566,913
				11,462,063
Pharmaceuticals — 1.2%
Catalent Inc.(b)		71,702		6,293,285
Horizon Therapeutics PLC(b)		92,351		6,919,860
				13,213,145
Professional Services — 4.3%
Clarivate PLC, NVS(a)(b)		115,005		3,191,389
CoStar Group Inc.(b)		17,197		14,163,621
IHS Markit Ltd.		162,942		13,177,120
TransUnion		83,043		6,615,205
Verisk Analytics Inc.		70,937		12,624,658
				49,771,993

Security	Shares		Value
Road & Rail — 0.7%
Old Dominion Freight Line Inc.		42,029	$	8,001,061
Semiconductors & Semiconductor Equipment — 4.1%
Entegris Inc.		58,894		4,403,504
KLA Corp.		67,912		13,390,888
Monolithic Power Systems Inc.		18,443		5,894,383
Teradyne Inc.		72,529		6,371,673
Universal Display Corp.(a)		18,714		3,711,173
Xilinx Inc.		106,726		12,667,309
				46,438,930
Software — 22.9%
Anaplan Inc.(b)		60,049		3,323,712
ANSYS Inc.(b)		37,476		11,406,570
Aspen Technology Inc.(b)		29,576		3,247,741
Avalara Inc.(b)		36,466		5,435,257
Cadence Design Systems Inc.(b)		121,788		13,319,954
Ceridian HCM Holding Inc.(b)		56,710		4,889,536
Coupa Software Inc.(b)		29,301		7,843,878
Crowdstrike Holdings Inc., Class A(b)		66,056		8,180,375
DocuSign Inc.(b)		80,164		16,213,169
Dynatrace Inc.(b)		79,683		2,813,607
Fair Isaac Corp.(b)		12,668		4,958,889
Fortinet Inc.(b)		58,677		6,476,180
Guidewire Software Inc.(a)(b)		36,335		3,492,157
HubSpot Inc.(b)		18,710		5,427,210
Palo Alto Networks Inc.(b)		42,140		9,320,947
Paycom Software Inc.(b)		21,389		7,787,521
Paylocity Holding Corp.(b)		16,189		3,003,383
Pegasystems Inc.		17,213		1,994,642
Proofpoint Inc.(b)		25,200		2,412,648
PTC Inc.(b)		45,652		3,829,290
RealPage Inc.(a)(b)		38,733		2,157,041
RingCentral Inc., Class A(b)		34,138		8,819,211
Slack Technologies Inc., Class A(a)(b)		188,977		4,834,032
Smartsheet Inc., Class A(b)		49,054		2,445,342
Splunk Inc.(b)		69,400		13,743,976
SS&C Technologies Holdings Inc.		97,893		5,797,223
Synopsys Inc.(b)		66,296		14,178,063
Trade Desk Inc. (The), Class A(b)		18,230		10,326,383
Tyler Technologies Inc.(b)		17,579		6,757,016
VMware Inc., Class A(b)		35,173		4,527,820
Workday Inc., Class A(b)		76,010		15,971,221
Zendesk Inc.(b)		50,423		5,593,928
Zoom Video Communications Inc., Class A(b)		79,551		36,665,851
Zscaler Inc.(b)		31,359		4,256,984
				261,450,757
Specialty Retail — 0.9%
Burlington Stores Inc.(b)		28,765		5,568,329
Ulta Beauty Inc.(b)		24,604		5,087,369
				10,655,698
Textiles, Apparel & Luxury Goods — 2.3%
Lululemon Athletica Inc.(b)		51,760		16,526,451
VF Corp.		139,576		9,379,507
				25,905,958
Trading Companies & Distributors — 0.9%
Fastenal Co.		250,583		10,832,703
Total Common Stocks — 99.9% (Cost: $921,378,227)				1,141,631,601

28 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		35,133,847	$	35,158,441
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		1,160,000		1,160,000
				36,318,441
Total Short-Term Investments — 3.2% (Cost: $36,298,291)				36,318,441
Total Investments in Securities — 103.1% (Cost: $957,676,518)				1,177,950,042
Other Assets, Less Liabilities — (3.1)%				(35,073,401	)
Net Assets — 100.0%			$	1,142,876,641

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	50,439,366	$	—		$	(15,255,755	)(a)	$	5,484	$	(30,654	)	$	35,158,441		35,133,847	$	126,292	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		1,160,000	(a)		—			—		—			1,160,000		1,160,000		408			—
									$	5,484	$	(30,654	)	$	36,318,441			$	126,700		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		6		12/18/20	$	461	$	(14,428	)
S&P Select Sector Technology E-Mini Index		5		12/18/20		557		(32,862	)
							$	(47,290	)

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	47,290

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	157,305
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(96,122	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	722,093

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,141,631,601		$	—	$	—	$	1,141,631,601
Money Market Funds		36,318,441			—		—		36,318,441
	$	1,177,950,042		$	—	$	—	$	1,177,950,042
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(47,290	)	$	—	$	—	$	(47,290	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

30 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Howmet Aerospace Inc.		64,470	$	1,112,108
Textron Inc.		37,454		1,340,853
				2,452,961
Airlines — 3.0%
American Airlines Group Inc.(a)		83,527		942,185
Delta Air Lines Inc.		104,909		3,214,412
Southwest Airlines Co.		97,017		3,835,082
United Airlines Holdings Inc.(a)(b)		47,890		1,621,555
				9,613,234
Auto Components — 1.1%
Autoliv Inc.		12,910		978,578
BorgWarner Inc.		40,224		1,407,035
Lear Corp.		8,959		1,082,337
				3,467,950
Automobiles — 1.5%
Ford Motor Co.		642,674		4,967,870
Banks — 4.4%
Citizens Financial Group Inc.		70,229		1,913,740
Fifth Third Bancorp		117,143		2,720,060
Huntington Bancshares Inc./OH		167,419		1,747,854
KeyCorp.		160,565		2,084,134
M&T Bank Corp.		21,103		2,185,849
People’s United Financial Inc.		69,767		744,414
Regions Financial Corp.		157,958		2,100,841
Zions Bancorp NA		26,932		869,096
				14,365,988
Beverages — 0.3%
Molson Coors Beverage Co., Class B		30,887		1,089,076
Building Products — 3.5%
Carrier Global Corp.		133,911		4,471,288
Fortune Brands Home & Security Inc.		22,731		1,838,256
Johnson Controls International PLC		122,374		5,165,407
				11,474,951
Capital Markets — 1.4%
Carlyle Group Inc. (The)		18,935		471,860
Franklin Resources Inc.		43,934		823,763
State Street Corp.		57,957		3,413,667
				4,709,290
Chemicals — 2.7%
Albemarle Corp.		17,503		1,631,455
Celanese Corp.		19,458		2,208,677
Eastman Chemical Co.		22,271		1,800,388
LyondellBasell Industries NV, Class A		42,278		2,893,929
Westlake Chemical Corp.		5,685		384,420
				8,918,869
Communications Equipment — 0.3%
Juniper Networks Inc.		54,488		1,074,503
Construction & Engineering — 0.4%
AECOM(a)(b)		26,342		1,181,175
Consumer Finance — 2.2%
Ally Financial Inc.		61,522		1,641,407
Discover Financial Services		50,397		3,276,309
Synchrony Financial		89,293		2,234,111
				7,151,827

Security	Shares		Value
Containers & Packaging — 3.3%
Amcor PLC		257,969	$	2,690,617
Crown Holdings Inc.(b)		22,172		1,902,357
International Paper Co.		64,652		2,828,525
Packaging Corp. of America		15,606		1,786,731
Westrock Co.		42,731		1,604,549
				10,812,779
Distributors — 0.7%
Genuine Parts Co.		23,730		2,145,904
Diversified Financial Services — 0.4%
Equitable Holdings Inc.		66,431		1,427,602
Diversified Telecommunication Services — 0.4%
CenturyLink Inc.		162,607		1,401,672
Electric Utilities — 8.4%
Alliant Energy Corp.		41,060		2,269,797
Avangrid Inc.		9,153		451,609
Edison International		62,206		3,486,024
Entergy Corp.		32,929		3,333,073
Evergy Inc.		37,314		2,059,733
Eversource Energy		56,359		4,918,450
FirstEnergy Corp.		89,161		2,649,865
OGE Energy Corp.		32,877		1,011,625
PG&E Corp.(a)(b)		239,489		2,289,515
Pinnacle West Capital Corp.		18,526		1,511,166
PPL Corp.		126,442		3,477,155
				27,458,012
Electrical Equipment — 0.3%
Sensata Technologies Holding PLC(b)		25,821		1,128,636
Electronic Equipment, Instruments & Components — 1.2%
Corning Inc.		125,153		4,001,141
Energy Equipment & Services — 1.6%
Halliburton Co.		144,547		1,743,237
Schlumberger Ltd.		228,302		3,410,832
				5,154,069
Entertainment — 0.4%
Liberty Media Corp.-Liberty Formula One, Class A(b)		4,238		141,125
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		33,414		1,207,248
				1,348,373
Equity Real Estate Investment Trusts (REITs) — 4.7%
Host Hotels & Resorts Inc.		115,835		1,213,951
Iron Mountain Inc.		47,326		1,233,315
Medical Properties Trust Inc.		87,041		1,551,071
National Retail Properties Inc.		28,502		912,349
Omega Healthcare Investors Inc.		37,278		1,073,979
Simon Property Group Inc.		50,311		3,160,034
Ventas Inc.		61,362		2,421,958
Welltower Inc.		68,634		3,690,450
				15,257,107
Food & Staples Retailing — 1.3%
Kroger Co. (The)		127,946		4,121,141
Food Products — 5.7%
Archer-Daniels-Midland Co.		91,388		4,225,781
Bunge Ltd.		22,936		1,301,159
Campbell Soup Co.		33,320		1,555,045
Conagra Brands Inc.		80,341		2,819,166
JM Smucker Co. (The)		18,766		2,105,545

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kellogg Co.		41,736	$	2,624,777
Pilgrim’s Pride Corp.(b)		8,181		136,950
Post Holdings Inc.(b)		10,342		888,378
Tyson Foods Inc., Class A		48,396		2,769,703
				18,426,504
Gas Utilities — 0.3%
UGI Corp.		34,216		1,106,545
Health Care Equipment & Supplies — 1.4%
Zimmer Biomet Holdings Inc.		34,054		4,498,533
Health Care Providers & Services — 4.9%
AmerisourceBergen Corp.		24,175		2,322,492
Cardinal Health Inc.		48,102		2,202,591
Henry Schein Inc.(b)		23,499		1,494,066
Laboratory Corp. of America Holdings(b)		16,019		3,200,116
McKesson Corp.		26,675		3,934,296
Quest Diagnostics Inc.		22,089		2,697,950
				15,851,511
Hotels, Restaurants & Leisure — 1.2%
Aramark		41,550		1,152,597
Carnival Corp.		85,060		1,166,173
Royal Caribbean Cruises Ltd.		29,322		1,654,347
				3,973,117
Household Durables — 1.8%
Mohawk Industries Inc.(b)		9,823		1,013,635
Newell Brands Inc.		62,022		1,095,309
PulteGroup Inc.		44,127		1,798,616
Whirlpool Corp.		10,248		1,895,470
				5,803,030
Household Products — 0.1%
Reynolds Consumer Products Inc.		9,018		254,668
Independent Power and Renewable Electricity Producers — 0.7%
AES Corp. (The)		109,407		2,133,436
Insurance — 9.5%
Alleghany Corp.		2,351		1,285,832
American Financial Group Inc./OH		11,779		882,718
American International Group Inc.		141,680		4,461,503
Assurant Inc.		9,797		1,218,453
Cincinnati Financial Corp.		24,615		1,741,265
Everest Re Group Ltd.		6,582		1,297,181
Fidelity National Financial Inc.		48,274		1,510,493
Globe Life Inc.		16,095		1,305,144
Hartford Financial Services Group Inc. (The)		58,920		2,269,598
Lincoln National Corp.		29,835		1,047,209
Markel Corp.(b)		2,267		2,114,658
Principal Financial Group Inc.		42,017		1,647,907
Prudential Financial Inc.		64,966		4,159,123
Reinsurance Group of America Inc.		11,158		1,127,181
Travelers Companies Inc. (The)		41,642		5,026,606
				31,094,871
IT Services — 0.4%
Western Union Co. (The)		67,663		1,315,369
Machinery — 5.3%
Cummins Inc.		24,288		5,340,688
PACCAR Inc.		56,931		4,860,769
Pentair PLC		27,317		1,359,294

Security	Shares		Value
Machinery (continued)
Snap-on Inc.		8,966	$	1,412,414
Stanley Black & Decker Inc.		26,263		4,364,911
				17,338,076
Media — 3.5%
Discovery Inc., Class A(a)(b)		26,337		533,061
Discovery Inc., Class C, NVS(b)		50,842		931,425
DISH Network Corp., Class A(a)(b)		40,520		1,032,855
Fox Corp., Class A, NVS		56,574		1,500,342
Fox Corp., Class B(b)		25,728		672,530
Interpublic Group of Companies Inc. (The)		64,042		1,158,520
News Corp., Class A, NVS		63,890		838,876
News Corp., Class B		20,200		263,004
Omnicom Group Inc.		35,359		1,668,945
ViacomCBS Inc., Class A		1,714		51,180
ViacomCBS Inc., Class B, NVS		92,724		2,649,125
				11,299,863
Metals & Mining — 1.1%
Nucor Corp.		49,653		2,371,428
Reliance Steel & Aluminum Co.		10,472		1,141,343
				3,512,771
Mortgage Real Estate Investment — 0.9%
AGNC Investment Corp.		91,473		1,277,878
Annaly Capital Management Inc.		230,873		1,636,889
				2,914,767
Multi-Utilities — 4.7%
Ameren Corp.		40,637		3,296,473
CenterPoint Energy Inc.		89,632		1,893,924
DTE Energy Co.		31,685		3,910,563
NiSource Inc.		63,046		1,448,167
Public Service Enterprise Group Inc.		83,182		4,837,033
				15,386,160
Multiline Retail — 1.1%
Dollar Tree Inc.(b)		39,030		3,525,190
Oil, Gas & Consumable Fuels — 4.7%
Continental Resources Inc./OK		10,403		125,148
Hess Corp.		44,987		1,674,416
HollyFrontier Corp.		24,527		453,995
Marathon Petroleum Corp.		107,020		3,157,090
Occidental Petroleum Corp.		137,493		1,255,311
ONEOK Inc.		73,070		2,119,030
Valero Energy Corp.		67,064		2,589,341
Williams Companies Inc. (The)		199,595		3,830,228
				15,204,559
Personal Products — 0.2%
Herbalife Nutrition Ltd.(b)		16,090		726,303
Pharmaceuticals — 1.1%
Jazz Pharmaceuticals PLC(b)		9,132		1,315,921
Mylan NV(b)		84,905		1,234,519
Perrigo Co. PLC		22,416		983,390
				3,533,830
Professional Services — 0.5%
Nielsen Holdings PLC		58,594		791,605
Robert Half International Inc.		18,828		954,391
				1,745,996
Real Estate Management & Development — 0.3%
Jones Lang LaSalle Inc.		8,504		959,761

32 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 0.2%
AMERCO		1,487	$	516,227
Semiconductors & Semiconductor Equipment — 0.5%
ON Semiconductor Corp.(b)		67,607		1,696,260
Specialty Retail — 1.3%
Best Buy Co. Inc.		37,887		4,226,295
Technology Hardware, Storage & Peripherals — 4.1%
Dell Technologies Inc., Class C(a)(b)		38,570		2,324,228
Hewlett Packard Enterprise Co.		211,657		1,828,717
HP Inc.		225,900		4,057,164
NetApp Inc.		36,539		1,603,697
Seagate Technology PLC		36,726		1,756,237
Western Digital Corp.		49,771		1,877,860
				13,447,903
Total Common Stocks — 99.8% (Cost: $337,028,018)				325,215,675
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		5,384,035		5,387,804

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		345,000	$	345,000
				5,732,804
Total Short-Term Investments — 1.8% (Cost: $5,728,951)				5,732,804
Total Investments in Securities — 101.6% (Cost: $342,756,969)				330,948,479
Other Assets, Less Liabilities — (1.6)%				(5,057,455	)
Net Assets — 100.0%			$	325,891,024

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,269,938	$	—	$	(1,879,527	)(a)	$	2,437	$	(5,044	)	$	5,387,804		5,384	$	45,875	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		525,000		—		(180,000	)(a)		—		—			345,000		345		478			—
								$	2,437	$	(5,044	)	$	5,732,804			$	46,353		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		3		12/18/20	$	568	$	7,013
S&P Select Sector Utilities E-Mini Index		1		12/18/20		63		(552	)
							$	6,461

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Mid-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	7,013
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		552

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	227,675
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(59,315	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	859,473

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	325,215,675		$	—	$	—	$	325,215,675
Money Market Funds		5,732,804			—		—		5,732,804
	$	330,948,479		$	—	$	—	$	330,948,479
Derivative financial instruments(a)
Assets
Futures Contracts	$	7,013		$	—	$	—	$	7,013
Liabilities
Futures Contracts		(552	)		—		—		(552	)
	$	6,461		$	—	$	—	$	6,461

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

34 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Aerojet Rocketdyne Holdings Inc.(a)		19,524	$	632,968
Curtiss-Wright Corp.		11,102		936,565
Moog Inc., Class A		8,012		499,869
Spirit AeroSystems Holdings Inc., Class A(b)		28,205		513,049
Virgin Galactic Holdings Inc.(a)(b)		34,425		599,683
				3,182,134
Auto Components — 0.8%
LCI Industries		6,717		736,586
Visteon Corp.(a)		7,431		666,189
				1,402,775
Banks — 10.2%
Ameris Bancorp		18,555		543,661
Atlantic Union Bankshares Corp.		21,018		531,545
BancorpSouth Bank		25,746		602,714
Bank of Hawaii Corp.		10,694		648,484
Columbia Banking System Inc.		19,124		543,313
Community Bank System Inc.		14,293		828,851
Cullen/Frost Bankers Inc.		14,901		1,047,093
CVB Financial Corp.		34,016		595,280
East West Bancorp. Inc.		37,781		1,378,251
First Citizens BancShares Inc./NC, Class A		1,929		892,548
Glacier Bancorp. Inc.		25,477		912,077
Independent Bank Corp.		8,798		504,037
Investors Bancorp. Inc.		60,726		513,742
Pinnacle Financial Partners Inc.		20,252		927,339
Popular Inc.		22,488		948,994
Prosperity Bancshares Inc.		24,743		1,363,587
Simmons First National Corp., Class A		29,110		494,579
South State Corp.		18,938		1,162,793
Sterling Bancorp./DE		51,931		694,837
United Bankshares Inc./WV		34,648		908,817
United Community Banks Inc./GA		22,953		480,636
Westamerica Bancorp		7,191		376,593
Western Alliance Bancorp		26,926		1,109,351
Wintrust Financial Corp.		15,381		757,207
				18,766,329
Biotechnology — 1.7%
Alkermes PLC(a)		42,469		690,121
Apellis Pharmaceuticals Inc.(a)(b)		14,737		470,111
Bluebird Bio Inc.(a)		17,683		914,388
Inovio Pharmaceuticals Inc.(a)(b)		44,732		440,610
Kodiak Sciences Inc.(a)		6,932		629,495
				3,144,725
Building Products — 0.4%
UFP Industries Inc.		16,413		819,173
Capital Markets — 2.0%
Ares Management Corp., Class A		25,239		1,067,609
Eaton Vance Corp., NVS		30,487		1,822,818
Houlihan Lokey Inc.		13,547		849,397
				3,739,824
Chemicals — 4.8%
Ashland Global Holdings Inc.		14,532		1,013,898
Avient Corp.		24,416		758,605
Axalta Coating Systems Ltd.(a)		55,934		1,404,503
HB Fuller Co.		13,770		623,093
Innospec Inc.		6,558		433,746

Security	Shares		Value
Chemicals (continued)
Mosaic Co. (The)		92,117	$	1,704,164
NewMarket Corp.		1,954		698,926
Sensient Technologies Corp.		11,310		740,013
Stepan Co.		5,686		662,078
WR Grace & Co.		16,614		722,543
				8,761,569
Commercial Services & Supplies — 2.3%
ABM Industries Inc.		17,802		618,085
Brady Corp., Class A, NVS		12,930		487,720
Brink’s Co. (The)(b)		13,491		577,820
Casella Waste Systems Inc., Class A(a)		12,020		648,960
Healthcare Services Group Inc.		19,873		454,694
Stericycle Inc.(a)(b)		24,428		1,521,864
				4,309,143
Communications Equipment — 0.5%
InterDigital Inc.		8,226		460,492
NetScout Systems Inc.(a)		19,347		397,000
				857,492
Construction & Engineering — 1.7%
Arcosa Inc.		12,908		595,962
EMCOR Group Inc.		14,661		999,734
MasTec Inc.(a)		14,981		743,657
Valmont Industries Inc.		5,704		809,683
				3,149,036
Construction Materials — 0.5%
Eagle Materials Inc.		11,150		950,537
Consumer Finance — 0.5%
SLM Corp.		100,198		920,820
Containers & Packaging — 0.9%
Graphic Packaging Holding Co.		74,458		989,547
Silgan Holdings Inc.		21,023		724,242
				1,713,789
Diversified Consumer Services — 0.8%
Adtalem Global Education Inc.(a)		13,911		326,074
H&R Block Inc.		51,509		889,045
WW International Inc.(a)(b)		12,589		266,383
				1,481,502
Diversified Telecommunication Services — 1.1%
Iridium Communications Inc.(a)(b)		31,142		822,460
Liberty Latin America Ltd., Class A(a)		12,992		127,322
Liberty Latin America Ltd., Class C, NVS(a)		40,451		393,184
Vonage Holdings Corp.(a)(b)		61,635		652,098
				1,995,064
Electric Utilities — 1.2%
MGE Energy Inc.		9,657		627,898
Otter Tail Corp.		10,914		418,552
PNM Resources Inc.		21,270		1,063,500
				2,109,950
Electrical Equipment — 2.1%
Acuity Brands Inc.		10,584		943,458
EnerSys		11,343		812,159
Sunrun Inc.(a)		41,331		2,150,038
				3,905,655
Electronic Equipment, Instruments & Components — 2.6%
II-VI Inc.(a)		27,682		1,258,700
Insight Enterprises Inc.(a)		9,365		499,623

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
National Instruments Corp.		35,097	$	1,097,834
Plexus Corp.(a)		7,809		543,038
SYNNEX Corp.		11,000		1,448,040
				4,847,235
Entertainment — 0.5%
Madison Square Garden Entertainment Corp.(a)		4,680		304,200
Madison Square Garden Sports Corp.(a)		4,626		655,227
				959,427
Equity Real Estate Investment Trusts (REITs) — 13.2%
Agree Realty Corp.		14,380		892,567
Alexander’s Inc.		578		140,564
American Assets Trust Inc.		13,385		280,148
American Campus Communities Inc.		36,752		1,376,730
Brandywine Realty Trust		45,552		399,035
CareTrust REIT Inc.		25,564		437,144
Corporate Office Properties Trust		29,955		671,891
Cousins Properties Inc.		39,672		1,010,843
CubeSmart		51,736		1,755,402
Four Corners Property Trust Inc.		18,781		475,911
Healthcare Realty Trust Inc.		36,329		1,009,946
Healthcare Trust of America Inc., Class A		58,358		1,418,099
Highwoods Properties Inc.		27,743		825,909
Hudson Pacific Properties Inc.		40,951		788,716
JBG SMITH Properties		30,010		700,733
Lexington Realty Trust		73,908		733,906
Life Storage Inc.		12,528		1,430,071
National Storage Affiliates Trust		16,532		560,269
Outfront Media Inc.		38,561		505,535
Paramount Group Inc.		44,954		259,834
Pebblebrook Hotel Trust		34,945		418,641
Physicians Realty Trust		55,580		937,079
Piedmont Office Realty Trust Inc., Class A		33,659		384,386
PotlatchDeltic Corp.		17,856		741,917
PS Business Parks Inc.		5,357		610,859
Rayonier Inc.		36,452		925,152
Spirit Realty Capital Inc.		27,515		826,826
STAG Industrial Inc.		39,825		1,239,354
STORE Capital Corp.		60,909		1,565,361
Taubman Centers Inc.		16,480		550,762
Washington REIT		21,995		384,473
				24,258,063
Food & Staples Retailing — 1.7%
BJ’s Wholesale Club Holdings Inc.(a)		36,835		1,410,412
Performance Food Group Co.(a)		35,445		1,191,307
PriceSmart Inc.		6,220		429,180
				3,030,899
Food Products — 2.7%
Cal-Maine Foods Inc.(a)(b)		9,922		380,509
Darling Ingredients Inc.(a)		43,248		1,859,664
Flowers Foods Inc.		52,549		1,239,105
Hain Celestial Group Inc. (The)(a)(b)		22,309		686,002
J&J Snack Foods Corp.		3,986		540,382
Seaboard Corp.		69		237,705
				4,943,367
Gas Utilities — 0.8%
ONE Gas Inc.		14,131		975,604
South Jersey Industries Inc.		26,860		517,592
				1,493,196

Security	Shares		Value
Health Care Equipment & Supplies — 0.4%
LivaNova PLC(a)		12,995	$	654,168
Health Care Providers & Services — 1.1%
AMN Healthcare Services Inc.(a)		12,547		819,068
Premier Inc., Class A		18,875		617,779
Select Medical Holdings Corp.(a)(b)		28,620		600,448
				2,037,295
Hotels, Restaurants & Leisure — 3.7%
Boyd Gaming Corp.		21,415		679,284
Dunkin’ Brands Group Inc.		21,980		2,191,626
Hilton Grand Vacations Inc.(a)(b)		22,718		467,991
Hyatt Hotels Corp., Class A		9,448		520,963
Marriott Vacations Worldwide Corp.		10,964		1,059,122
Papa John’s International Inc.		8,762		671,169
Texas Roadhouse Inc.		17,421		1,219,992
				6,810,147
Household Durables — 2.2%
Helen of Troy Ltd.(a)		6,762		1,282,075
iRobot Corp.(a)		7,446		592,553
Leggett & Platt Inc.		35,353		1,475,281
LGI Homes Inc.(a)		5,896		630,164
				3,980,073
Household Products — 0.3%
Central Garden & Pet Co.(a)		2,596		101,140
Central Garden & Pet Co., Class A, NVS(a)		10,373		367,101
				468,241
Independent Power and Renewable Electricity Producers — 0.4%
Clearway Energy Inc., Class A		8,452		221,527
Clearway Energy Inc., Class C		20,232		569,733
				791,260
Insurance — 2.5%
Axis Capital Holdings Ltd.		21,387		913,011
Kemper Corp.		16,398		1,011,101
Primerica Inc.		10,553		1,163,363
Selective Insurance Group Inc.		15,971		831,450
White Mountains Insurance Group Ltd.		830		753,914
				4,672,839
Interactive Media & Services — 0.3%
TripAdvisor Inc.		25,660		490,363
IT Services — 1.8%
CSG Systems International Inc.		8,874		336,147
EVERTEC Inc.		15,927		530,050
KBR Inc.		38,013		847,310
ManTech International Corp./VA, Class A		7,249		470,315
MAXIMUS Inc.		16,372		1,106,420
				3,290,242
Leisure Products — 1.6%
Acushnet Holdings Corp.		9,172		313,040
Mattel Inc.(a)		92,631		1,275,529
Polaris Inc.		15,396		1,398,881
				2,987,450
Life Sciences Tools & Services — 0.5%
Syneos Health Inc.(a)		18,657		990,314
Machinery — 7.1%
Altra Industrial Motion Corp.		16,229		693,952
Barnes Group Inc.		12,413		455,557
Colfax Corp.(a)		26,871		730,622

36 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Flowserve Corp.		34,756	$	1,012,095
ITT Inc.		23,071		1,396,026
John Bean Technologies Corp.		8,472		711,394
Lincoln Electric Holdings Inc.		15,853		1,614,152
Middleby Corp. (The)(a)		14,852		1,478,368
Mueller Industries Inc.		15,165		438,723
Mueller Water Products Inc., Class A		42,141		436,581
Rexnord Corp.		32,219		1,033,586
SPX Corp.(a)		11,933		505,840
Trinity Industries Inc.		23,765		447,733
Watts Water Technologies Inc., Class A		7,329		811,833
Woodward Inc.		15,492		1,232,389
				12,998,851
Marine — 0.3%
Kirby Corp.(a)		16,032		617,072
Media — 0.5%
Nexstar Media Group Inc., Class A		12,093		996,463
Metals & Mining — 0.3%
Compass Minerals International Inc.		9,064		547,284
Mortgage Real Estate Investment — 0.5%
Hannon Armstrong Sustainable Infrastructure Capital Inc.		19,785		828,002
Oil, Gas & Consumable Fuels — 0.5%
CNX Resources Corp.(a)(b)		59,967		581,680
Murphy Oil Corp.		38,748		299,134
				880,814
Paper & Forest Products — 0.5%
Louisiana-Pacific Corp.		29,989		857,086
Pharmaceuticals — 0.3%
Axsome Therapeutics Inc.(a)		7,069		468,745
Professional Services — 1.5%
CoreLogic Inc.		21,218		1,632,301
Insperity Inc.		9,636		737,925
Korn Ferry		15,024		453,574
				2,823,800
Real Estate Management & Development — 0.2%
Cushman & Wakefield PLC(a)(b)		28,986		339,716
Road & Rail — 1.3%
Heartland Express Inc.		13,338		244,219
Landstar System Inc.		10,248		1,277,925
Schneider National Inc., Class B		9,813		216,475
Werner Enterprises Inc.		15,499		589,272
				2,327,891
Semiconductors & Semiconductor Equipment — 3.6%
Amkor Technology Inc.(a)		28,488		337,583
Cirrus Logic Inc.(a)		15,593		1,073,890
CMC Materials Inc.		7,762		1,103,679
Cree Inc.(a)		29,288		1,862,717
Diodes Inc.(a)		11,211		648,332
MACOM Technology Solutions Holdings Inc.(a)		12,145		443,292
Onto Innovation Inc.(a)		13,035		418,032
Synaptics Inc.(a)		9,140		700,764
				6,588,289
Software — 4.1%
Blackbaud Inc.		13,238		653,163

Security	Shares		Value
Software (continued)
CDK Global Inc.		32,455	$	1,398,810
CommVault Systems Inc.(a)		12,388		490,441
j2 Global Inc.(a)		11,949		811,098
Nuance Communications Inc.(a)(b)		75,383		2,405,471
Progress Software Corp.		12,026		437,386
Teradata Corp.(a)		29,106		534,677
Verint Systems Inc.(a)		17,230		836,000
				7,567,046
Specialty Retail — 3.1%
Lithia Motors Inc., Class A		6,842		1,570,718
Murphy USA Inc.(a)		7,246		886,113
RH(a)		4,121		1,381,483
Williams-Sonoma Inc.		20,774		1,894,797
				5,733,111
Textiles, Apparel & Luxury Goods — 2.1%
Columbia Sportswear Co.		8,125		606,044
Crocs Inc.(a)		18,014		942,673
Skechers U.S.A. Inc., Class A(a)		36,396		1,154,117
Steven Madden Ltd.		20,649		495,782
Wolverine World Wide Inc.		21,863		583,086
				3,781,702
Thrifts & Mortgage Finance — 1.0%
Essent Group Ltd.		30,020		1,196,297
TFS Financial Corp.		12,810		201,245
WSFS Financial Corp.		13,528		428,702
				1,826,244
Tobacco — 0.2%
Vector Group Ltd.		34,130		313,655
Trading Companies & Distributors — 2.7%
Applied Industrial Technologies Inc.		10,337		631,074
Beacon Roofing Supply Inc.(a)		14,530		446,071
GATX Corp.(b)		9,346		638,145
HD Supply Holdings Inc.(a)		43,257		1,724,224
MSC Industrial Direct Co. Inc., Class A		12,156		846,787
Univar Solutions Inc.(a)		45,144		748,939
				5,035,240
Water Utilities — 0.6%
California Water Service Group		13,191		587,923
SJW Group		7,010		425,437
				1,013,360
Total Common Stocks — 99.9% (Cost: $179,807,998)				183,458,467
Short-Term Investments
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		7,253,417		7,258,495

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		910,000	$	910,000
				8,168,495
Total Short-Term Investments — 4.4% (Cost: $8,165,728)				8,168,495
Total Investments in Securities — 104.3% (Cost: $187,973,726)				191,626,962
Other Assets, Less Liabilities — (4.3)%				(7,952,664	)
Net Assets — 100.0%			$	183,674,298

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,032,962	$	—		$	(4,770,971	)(a)	$	5,769	$	(9,265	)	$	7,258,495		7,253,417	$	51,967	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		104,000		806,000	(a)		—			—		—			910,000		910,000		196			—
									$	5,769	$	(9,265	)	$	8,168,495			$	52,163		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		2		12/18/20	$	154	$	20

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	20

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

38 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap ETF

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	107,225
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,577	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	165,822

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	183,458,467	$	—	$	—	$	183,458,467
Money Market Funds		8,168,495		—		—		8,168,495
	$	191,626,962	$	—	$	—	$	191,626,962
Derivative financial instruments(a)
Assets
Futures Contracts	$	20	$	—	$	—	$	20

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Axon Enterprise Inc.(a)		19,853	$	1,963,462
BWX Technologies Inc.		29,792		1,638,858
Kratos Defense & Security Solutions Inc.(a)(b)		38,436		726,056
Mercury Systems Inc.(a)		17,499		1,205,331
				5,533,707
Auto Components — 0.7%
Dorman Products Inc.(a)		9,042		807,180
Fox Factory Holding Corp.(a)		12,978		1,091,190
				1,898,370
Banks — 0.7%
First Financial Bankshares Inc.		44,389		1,323,236
ServisFirst Bancshares Inc.		14,682		541,766
				1,865,002
Beverages — 1.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		2,850		2,961,663
Coca-Cola Consolidated Inc.		1,446		331,062
National Beverage Corp.(a)(b)		3,631		284,271
				3,576,996
Biotechnology — 11.1%
Acceleron Pharma Inc.(a)		16,294		1,704,027
Agios Pharmaceuticals Inc.(a)		17,966		719,898
Alector Inc.(a)		16,296		153,345
Amicus Therapeutics Inc.(a)(b)		80,897		1,442,394
Arrowhead Pharmaceuticals Inc.(a)		31,988		1,832,912
Blueprint Medicines Corp.(a)		17,284		1,767,808
ChemoCentryx Inc.(a)		15,536		745,728
CRISPR Therapeutics AG(a)(b)		18,871		1,732,735
Deciphera Pharmaceuticals Inc.(a)		12,360		717,745
Eidos Therapeutics Inc.(a)(b)		3,364		238,575
Emergent BioSolutions Inc.(a)		14,058		1,264,798
Fate Therapeutics Inc.(a)		22,848		1,014,451
FibroGen Inc.(a)		26,035		999,223
Global Blood Therapeutics Inc.(a)(b)		19,218		1,016,248
Halozyme Therapeutics Inc.(a)		40,243		1,126,804
Insmed Inc.(a)		31,784		1,046,965
Intercept Pharmaceuticals Inc.(a)		8,218		228,378
Invitae Corp.(a)(b)		41,209		1,615,805
Iovance Biotherapeutics Inc.(a)(b)		43,034		1,535,453
Ligand Pharmaceuticals Inc.(a)(b)		5,036		415,218
Mirati Therapeutics Inc.(a)		13,655		2,965,047
Natera Inc.(a)		23,915		1,608,523
PTC Therapeutics Inc.(a)		21,152		1,103,923
REVOLUTION Medicines Inc.(a)(b)		12,802		386,492
Sage Therapeutics Inc.(a)(b)		16,239		1,191,618
Ultragenyx Pharmaceutical Inc.(a)(b)		19,124		1,921,962
Xencor Inc.(a)		17,929		688,115
				31,184,190
Building Products — 2.3%
AAON Inc.(b)		12,767		745,720
Advanced Drainage Systems Inc.		15,289		969,781
Armstrong World Industries Inc.		14,990		897,901
Simpson Manufacturing Co. Inc.		13,583		1,205,084
Trex Co. Inc.(a)		36,212		2,518,183
				6,336,669
Capital Markets — 2.1%
Assetmark Financial Holdings Inc.(a)		5,415		114,527
Cohen & Steers Inc.		7,343		413,484

Security	Shares		Value
Capital Markets (continued)
Hamilton Lane Inc., Class A		9,729	$	678,111
Interactive Brokers Group Inc., Class A		24,699		1,174,932
LPL Financial Holdings Inc.		24,734		1,976,989
Tradeweb Markets Inc., Class A		28,375		1,545,870
				5,903,913
Chemicals — 0.9%
Balchem Corp.		10,131		1,012,593
Ingevity Corp.(a)		12,928		709,489
Quaker Chemical Corp.		4,125		787,009
				2,509,091
Commercial Services & Supplies — 2.7%
Cimpress PLC(a)(b)		6,086		446,712
Clean Harbors Inc.(a)		16,032		849,215
IAA Inc.(a)		41,902		2,371,234
MSA Safety Inc.		11,304		1,491,224
Tetra Tech Inc.		16,849		1,700,233
UniFirst Corp./MA		4,776		782,356
				7,640,974
Communications Equipment — 0.8%
Acacia Communications Inc.(a)		12,041		815,657
ViaSat Inc.(a)(b)		20,085		680,882
Viavi Solutions Inc.(a)		71,510		883,148
				2,379,687
Construction Materials — 0.2%
Summit Materials Inc., Class A(a)		35,741		632,258
Consumer Finance — 0.5%
FirstCash Inc.		12,979		675,427
LendingTree Inc.(a)(b)		2,465		797,650
				1,473,077
Diversified Consumer Services — 2.7%
Chegg Inc.(a)		38,889		2,856,008
frontdoor Inc.(a)(b)		26,756		1,060,073
Grand Canyon Education Inc.(a)		14,772		1,157,681
Strategic Education Inc.		7,645		634,994
Terminix Global Holdings Inc.(a)		41,279		1,943,828
				7,652,584
Diversified Financial Services — 0.4%
Cannae Holdings Inc.(a)(b)		26,984		997,868
Diversified Telecommunication Services — 0.3%
Cogent Communications Holdings Inc.		13,182		735,556
Electronic Equipment, Instruments & Components — 2.9%
Badger Meter Inc.		9,120		668,861
Coherent Inc.(a)		7,597		950,689
Dolby Laboratories Inc., Class A		20,122		1,510,760
Fabrinet(a)		11,508		690,710
Itron Inc.(a)		12,632		858,344
Littelfuse Inc.		7,609		1,506,125
Novanta Inc.(a)		10,985		1,194,289
Rogers Corp.(a)		5,849		709,016
				8,088,794
Entertainment — 0.2%
World Wrestling Entertainment Inc., Class A		14,623		531,692
Equity Real Estate Investment Trusts (REITs) — 3.5%
CoreSite Realty Corp.		13,297		1,587,130
Easterly Government Properties Inc.		24,958		521,622
EastGroup Properties Inc.		12,297		1,636,485

40 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
First Industrial Realty Trust Inc.		39,770	$	1,583,244
QTS Realty Trust Inc., Class A		19,154		1,178,162
Rexford Industrial Realty Inc.		38,710		1,798,467
Safehold Inc.(b)		4,299		295,857
Terreno Realty Corp.		21,349		1,201,522
				9,802,489
Food & Staples Retailing — 0.4%
Grocery Outlet Holding Corp.(a)		26,043		1,146,413
Food Products — 1.3%
Freshpet Inc.(a)		12,652		1,448,654
Lancaster Colony Corp.		6,121		1,016,943
Sanderson Farms Inc.		6,199		793,286
Simply Good Foods Co. (The)(a)		26,288		494,214
				3,753,097
Health Care Equipment & Supplies — 7.4%
AtriCure Inc.(a)		14,073		486,363
Avanos Medical Inc.(a)		14,981		529,578
Cantel Medical Corp.		11,750		562,120
CONMED Corp.		8,948		697,675
Glaukos Corp.(a)(b)		13,992		782,433
Globus Medical Inc., Class A(a)		23,538		1,226,800
ICU Medical Inc.(a)		6,083		1,081,497
Integer Holdings Corp.(a)		10,288		601,334
Integra LifeSciences Holdings Corp.(a)		22,171		977,741
iRhythm Technologies Inc.(a)		8,963		1,895,226
Merit Medical Systems Inc.(a)(b)		15,292		765,365
Neogen Corp.(a)		16,568		1,155,452
Nevro Corp.(a)		10,727		1,600,576
NuVasive Inc.(a)		16,053		713,235
Quidel Corp.(a)(b)		11,942		3,203,919
STAAR Surgical Co.(a)		14,347		1,040,157
Tandem Diabetes Care Inc.(a)		19,050		2,076,450
Wright Medical Group NV(a)(b)		40,274		1,231,982
				20,627,903
Health Care Providers & Services — 2.9%
1Life Healthcare Inc.(a)		22,536		635,741
Amedisys Inc.(a)		10,157		2,630,663
Ensign Group Inc. (The)		15,831		931,496
HealthEquity Inc.(a)		23,963		1,233,855
LHC Group Inc.(a)		9,880		2,139,514
Option Care Health Inc.(a)(b)		16,867		224,837
Progyny Inc.(a)(b)		11,249		274,138
				8,070,244
Health Care Technology — 1.2%
HMS Holdings Corp.(a)		27,724		738,013
Inspire Medical Systems Inc.(a)(b)		8,394		1,002,495
Omnicell Inc.(a)(b)		13,360		1,156,308
Schrodinger Inc.(a)(b)		10,269		500,922
				3,397,738
Hotels, Restaurants & Leisure — 3.5%
Caesars Entertainment Inc.(a)		62,386		2,796,140
Choice Hotels International Inc.		9,017		787,635
Churchill Downs Inc.		11,097		1,655,118
Planet Fitness Inc., Class A(a)		25,011		1,482,402
Shake Shack Inc., Class A(a)		11,138		752,038
Wendy’s Co. (The)		55,951		1,222,529
Wingstop Inc.		9,270		1,078,379
				9,774,241

Security	Shares		Value
Household Durables — 1.3%
Installed Building Products Inc.(a)		7,093	$	642,200
Tempur Sealy International Inc.(a)		14,986		1,333,754
TopBuild Corp.(a)(b)		10,342		1,584,498
				3,560,452
Household Products — 0.4%
WD-40 Co.		4,280		1,041,666
Independent Power and Renewable Electricity Producers — 0.3%
Ormat Technologies Inc.(b)		12,476		884,174
Insurance — 1.0%
eHealth Inc.(a)(b)		8,065		541,242
Kinsale Capital Group Inc.(b)		6,632		1,243,301
RLI Corp.		12,390		1,074,213
				2,858,756
Interactive Media & Services — 3.7%
Cargurus Inc.(a)		26,798		534,084
Match Group Inc.(a)(b)		81,339		9,498,768
Yelp Inc.(a)(b)		21,573		424,341
				10,457,193
Internet & Direct Marketing Retail — 1.7%
Chewy Inc., Class A(a)(b)		22,338		1,376,021
Grubhub Inc.(a)		28,863		2,134,707
Stamps.com Inc.(a)(b)		5,492		1,226,034
				4,736,762
IT Services — 1.4%
Euronet Worldwide Inc.(a)(b)		16,344		1,452,001
ExlService Holdings Inc.(a)		10,704		810,721
LiveRamp Holdings Inc.(a)		20,590		1,360,793
TTEC Holdings Inc.		5,679		311,096
				3,934,611
Leisure Products — 0.4%
YETI Holdings Inc.(a)(b)		23,382		1,156,941
Life Sciences Tools & Services — 1.2%
Adaptive Biotechnologies Corp.(a)		25,463		1,173,335
Medpace Holdings Inc.(a)		8,539		947,317
NeoGenomics Inc.(a)		34,517		1,354,102
				3,474,754
Machinery — 1.8%
Albany International Corp., Class A		9,621		490,094
ESCO Technologies Inc.		8,155		682,492
Evoqua Water Technologies Corp.(a)(b)		28,998		664,924
Federal Signal Corp.		18,925		542,769
Franklin Electric Co. Inc.		12,008		717,238
Proto Labs Inc.(a)(b)		8,365		987,739
RBC Bearings Inc.(a)		7,853		934,900
				5,020,156
Media — 0.6%
New York Times Co. (The), Class A(b)		45,148		1,790,570
Multiline Retail — 0.6%
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		17,782		1,548,634
Oil, Gas & Consumable Fuels — 0.5%
Parsley Energy Inc., Class A		93,451		935,444
WPX Energy Inc.(a)		126,506		583,193
				1,518,637
Personal Products — 0.1%
USANA Health Sciences Inc.(a)		3,730		282,175

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 1.9%
Arvinas Inc.(a)		7,579	$	158,477
MyoKardia Inc.(a)		16,581		3,706,351
Pacira BioSciences Inc.(a)(b)		13,387		700,140
Theravance Biopharma Inc.(a)(b)		15,432		291,819
Zogenix Inc.(a)(b)		17,277		368,346
				5,225,133
Professional Services — 1.1%
Exponent Inc.		16,128		1,122,348
FTI Consulting Inc.(a)		11,432		1,125,595
TriNet Group Inc.(a)(b)		12,646		871,562
				3,119,505
Real Estate Management & Development — 0.8%
Howard Hughes Corp. (The)(a)		14,115		877,812
Redfin Corp.(a)		31,092		1,298,713
				2,176,525
Road & Rail — 0.4%
Saia Inc.(a)		8,170		1,206,382
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Energy Industries Inc.(a)		12,005		809,977
Ambarella Inc.(a)(b)		10,758		588,140
Brooks Automation Inc.		23,102		1,078,863
Enphase Energy Inc.(a)		39,419		3,866,610
FormFactor Inc.(a)		24,135		684,227
Inphi Corp.(a)(b)		16,244		2,270,262
Lattice Semiconductor Corp.(a)		42,296		1,476,130
Power Integrations Inc.		18,721		1,127,191
Semtech Corp.(a)		20,357		1,117,396
Silicon Laboratories Inc.(a)		13,689		1,402,575
SolarEdge Technologies Inc.(a)		15,679		4,040,322
				18,461,693
Software — 15.8%
8x8 Inc.(a)(b)		32,646		564,123
ACI Worldwide Inc.(a)(b)		36,453		1,063,334
Alarm.com Holdings Inc.(a)(b)		13,956		814,053
Alteryx Inc., Class A(a)(b)		16,734		2,097,607
Appfolio Inc., Class A(a)(b)		4,868		695,491
Bill.Com Holdings Inc.(a)(b)		18,443		1,844,300
Blackline Inc.(a)		15,830		1,546,274
Bottomline Technologies DE Inc.(a)		12,123		481,526
Box Inc., Class A(a)(b)		43,736		677,908
Cloudera Inc.(a)(b)		63,837		620,496
Cloudflare Inc., Class A(a)(b)		45,219		2,350,031
Cornerstone OnDemand Inc.(a)(b)		18,943		719,645
Datadog Inc., Class A(a)		55,218		5,011,033
Dropbox Inc., Class A(a)		91,747		1,675,300
Elastic NV(a)		18,670		1,893,325
Envestnet Inc.(a)(b)		16,804		1,289,539
Everbridge Inc.(a)(b)		10,805		1,131,175
FireEye Inc.(a)(b)		70,634		977,575
Five9 Inc.(a)		20,439		3,101,005
LivePerson Inc.(a)		19,275		1,030,442
Manhattan Associates Inc.(a)		19,862		1,698,201
Medallia Inc.(a)(b)		24,311		691,648
Mimecast Ltd.(a)		18,039		689,270
New Relic Inc.(a)(b)		16,227		984,330
Nutanix Inc., Class A(a)(b)		57,660		1,403,444
Pagerduty Inc.(a)(b)		17,255		467,611
Ping Identity Holding Corp.(a)(b)		11,394		315,500

Security	Shares		Value
Software (continued)
Pluralsight Inc., Class A(a)(b)		31,199	$	489,824
Q2 Holdings Inc.(a)		15,714		1,433,745
Qualys Inc.(a)		10,571		928,662
Rapid7 Inc.(a)		15,975		989,332
SailPoint Technologies Holding Inc.(a)		28,334		1,176,144
SPS Commerce Inc.(a)		11,002		941,661
SVMK Inc.(a)		36,906		772,443
Tenable Holdings Inc.(a)		20,615		703,178
Varonis Systems Inc.(a)		9,856		1,139,058
				44,408,233
Specialty Retail — 3.3%
Carvana Co.(a)		17,377		3,220,827
Five Below Inc.(a)		17,468		2,329,183
Floor & Decor Holdings Inc., Class A(a)		32,451		2,368,923
Monro Inc.		10,439		439,064
National Vision Holdings Inc.(a)(b)		25,189		1,015,873
				9,373,870
Technology Hardware, Storage & Peripherals — 0.4%
Pure Storage Inc., Class A(a)(b)		74,536		1,200,030
Textiles, Apparel & Luxury Goods — 1.4%
Deckers Outdoor Corp.(a)		8,764		2,220,535
Under Armour Inc., Class A(a)		59,049		817,238
Under Armour Inc., Class C, NVS(a)		60,907		744,892
				3,782,665
Thrifts & Mortgage Finance — 0.1%
Columbia Financial Inc.(a)(b)		15,052		183,484
Trading Companies & Distributors — 0.6%
SiteOne Landscape Supply Inc.(a)		13,807		1,649,798
Water Utilities — 0.3%
American States Water Co.		11,552		862,819
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co.		15,614		681,083
Total Common Stocks — 99.9% (Cost: $218,798,342)				280,109,254
Short-Term Investments
Money Market Funds — 14.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		41,064,599		41,093,344
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		290,000		290,000
				41,383,344
Total Short-Term Investments — 14.8% (Cost: $41,359,407)				41,383,344
Total Investments in Securities — 114.7% (Cost: $260,157,749)				321,492,598
Other Assets, Less Liabilities — (14.7)%				(41,091,041	)
Net Assets — 100.0%			$	280,401,557

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

42 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	44,610,732	$	—	$	(3,505,891	)(a)	$	14,659	$	(26,156	)	$	41,093,344		41,064,599	$	121,695	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		—		(20,000	)(a)		—		—			290,000		290,000		149			—
								$	14,659	$	(26,156	)	$	41,383,344			$	121,844		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		3		12/18/20	$	231	$	6,579

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,579

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	37,382
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,361	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	243,890

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Growth ETF

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	280,109,254	$	—	$	—	$	280,109,254
Money Market Funds		41,383,344		—		—		41,383,344
	$	321,492,598	$	—	$	—	$	321,492,598
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,579	$	—	$	—	$	6,579

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

44 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2020 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Hexcel Corp.		31,533	$	1,055,725
Parsons Corp.(a)		8,761		276,147
				1,331,872
Airlines — 1.4%
Alaska Air Group Inc.		46,643		1,767,303
JetBlue Airways Corp.(a)		102,830		1,230,875
SkyWest Inc.		18,901		548,696
				3,546,874
Auto Components — 0.6%
Dana Inc.		54,419		761,322
Goodyear Tire & Rubber Co. (The)		87,763		726,678
				1,488,000
Automobiles — 1.4%
Harley-Davidson Inc.		57,810		1,900,793
Thor Industries Inc.(b)		20,824		1,761,294
				3,662,087
Banks — 10.7%
Associated Banc-Corp.		57,885		792,446
Bank OZK		45,641		1,130,984
BankUnited Inc.		34,802		878,750
BOK Financial Corp.		11,652		684,438
Cathay General Bancorp		28,189		663,287
CIT Group Inc.		37,172		1,094,715
Comerica Inc.		52,452		2,387,091
First Financial Bancorp		36,968		528,642
First Hawaiian Inc.		48,921		844,376
First Horizon National Corp.		208,722		2,172,796
First Merchants Corp.		20,412		532,957
First Midwest Bancorp. Inc.		43,121		541,169
FNB Corp.		122,093		923,023
Fulton Financial Corp.		61,070		671,159
Hancock Whitney Corp.		32,524		743,824
Hilltop Holdings Inc.		26,871		612,928
Home BancShares Inc./AR		57,406		952,940
International Bancshares Corp.		20,983		580,809
Old National Bancorp./IN		62,181		869,290
PacWest Bancorp		43,974		846,060
Renasant Corp.		21,194		604,241
Synovus Financial Corp.		55,590		1,445,340
TCF Financial Corp.		57,436		1,562,834
Trustmark Corp.		23,913		559,325
UMB Financial Corp.		16,326		993,764
Umpqua Holdings Corp.		83,156		1,044,439
Valley National Bancorp		152,437		1,164,619
Webster Financial Corp.		34,056		1,096,944
WesBanco Inc.		25,331		615,290
				27,538,480
Biotechnology — 1.6%
Arena Pharmaceuticals Inc.(a)(b)		21,747		1,864,153
United Therapeutics Corp.(a)		16,754		2,248,889
				4,113,042
Building Products — 1.6%
Builders FirstSource Inc.(a)	��	44,047		1,334,624
Owens Corning		40,748		2,667,772
				4,002,396
Capital Markets — 3.7%
Affiliated Managers Group Inc.(b)		17,569		1,324,176

Security	Shares		Value
Capital Markets (continued)
Evercore Inc., Class A		15,321	$	1,218,632
Federated Hermes Inc.		35,848		856,767
Invesco Ltd.		142,040		1,862,144
Janus Henderson Group PLC		56,885		1,382,306
Moelis & Co., Class A		20,808		774,058
Stifel Financial Corp.		25,865		1,512,068
Virtu Financial Inc., Class A		30,467		651,384
				9,581,535
Chemicals — 3.1%
Cabot Corp.		21,266		808,321
Chemours Co. (The)		61,989		1,248,459
Element Solutions Inc.(a)		82,727		969,560
Huntsman Corp.		74,907		1,819,491
Minerals Technologies Inc.		12,851		702,821
Olin Corp.		53,670		888,239
PQ Group Holdings Inc.(a)		14,913		172,394
Valvoline Inc.		69,832		1,373,595
				7,982,880
Commercial Services & Supplies — 0.4%
ADT Inc.		57,334		377,831
KAR Auction Services Inc.		48,673		708,679
				1,086,510
Communications Equipment — 0.4%
CommScope Holding Co. Inc.(a)		74,129		659,748
EchoStar Corp., Class A(a)(b)		18,982		439,623
				1,099,371
Construction & Engineering — 1.5%
Fluor Corp.		47,056		534,086
Quanta Services Inc.		52,068		3,250,605
				3,784,691
Consumer Finance — 0.8%
Navient Corp.		73,042		585,066
OneMain Holdings Inc.		28,404		991,016
Santander Consumer USA Holdings Inc.		27,381		556,930
				2,133,012
Containers & Packaging — 1.8%
Greif Inc., Class A, NVS		9,987		405,372
Sealed Air Corp.		58,729		2,325,081
Sonoco Products Co.		37,867		1,851,318
				4,581,771
Diversified Consumer Services — 0.2%
Graham Holdings Co., Class B		1,562		594,091
Diversified Financial Services — 0.6%
Jefferies Financial Group Inc.		81,477		1,589,616
Electric Utilities — 2.1%
ALLETE Inc.		19,589		1,010,401
Hawaiian Electric Industries Inc.		41,200		1,361,248
IDACORP Inc.		19,036		1,670,028
Portland General Electric Co.		33,778		1,327,475
				5,369,152
Electrical Equipment — 1.1%
GrafTech International Ltd.		35,366		238,721
nVent Electric PLC		64,144		1,157,799
Regal Beloit Corp.		15,312		1,510,529
				2,907,049

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components — 3.7%
Arrow Electronics Inc.(a)		29,285	$	2,281,009
Avnet Inc.		37,305		920,314
Belden Inc.		16,783		518,259
Flex Ltd.(a)		188,960		2,673,784
Jabil Inc.		51,123		1,694,216
Sanmina Corp.(a)		25,523		623,782
Vishay Intertechnology Inc.		49,929		809,849
				9,521,213
Energy Equipment & Services — 0.7%
Helmerich & Payne Inc.		40,481		601,952
National Oilwell Varco Inc.		146,552		1,231,037
				1,832,989
Entertainment — 0.1%
Cinemark Holdings Inc.		40,490		331,613
Equity Real Estate Investment Trusts (REITs) — 6.1%
Apple Hospitality REIT Inc.		78,191		774,091
Brixmor Property Group Inc.		111,905		1,226,479
Columbia Property Trust Inc.		43,180		456,844
CoreCivic Inc.		45,226		289,899
Empire State Realty Trust Inc., Class A		53,203		286,232
EPR Properties		28,102		669,952
Equity Commonwealth		45,871		1,211,912
GEO Group Inc. (The)		45,766		405,487
Kimco Realty Corp.		163,162		1,674,042
Lamar Advertising Co., Class A		32,591		2,019,338
National Health Investors Inc.		16,864		945,227
Park Hotels & Resorts Inc.		89,005		883,820
RLJ Lodging Trust(b)		62,241		509,131
Ryman Hospitality Properties Inc.		20,708		825,214
Sabra Health Care REIT Inc.		77,616		1,021,427
SL Green Realty Corp.		27,651		1,183,739
Sunstone Hotel Investors Inc.		81,219		602,645
Weingarten Realty Investors		45,355		719,330
				15,704,809
Food & Staples Retailing — 1.0%
Sprouts Farmers Market Inc.(a)(b)		44,552		848,716
U.S. Foods Holding Corp.(a)(b)		83,237		1,739,653
				2,588,369
Food Products — 1.0%
Ingredion Inc.		25,271		1,791,461
TreeHouse Foods Inc.(a)(b)		21,281		826,554
				2,618,015
Gas Utilities — 2.1%
National Fuel Gas Co.		34,322		1,371,507
New Jersey Resources Corp.		36,219		1,056,870
Northwest Natural Holding Co.		11,520		511,949
Southwest Gas Holdings Inc.		21,099		1,386,626
Spire Inc.		19,437		1,089,250
				5,416,202
Health Care Equipment & Supplies — 0.6%
Envista Holdings Corp.(a)		60,071		1,587,076
Health Care Providers & Services — 1.2%
Acadia Healthcare Co. Inc.(a)		33,595		1,197,662
Patterson Companies Inc.		32,662		812,467
Tenet Healthcare Corp.(a)		39,797		976,618
				2,986,747

Security	Shares		Value
Health Care Technology — 0.5%
Change Healthcare Inc.(a)		86,138	$	1,218,853
Hotels, Restaurants & Leisure — 3.7%
Cracker Barrel Old Country Store Inc.		8,946		1,018,234
Extended Stay America Inc.		60,166		682,884
Norwegian Cruise Line Holdings Ltd.(a)(b)		103,977		1,729,137
Penn National Gaming Inc.(a)		54,342		2,933,381
Six Flags Entertainment Corp.		28,414		614,311
Wyndham Destinations Inc.		32,189		1,050,327
Wyndham Hotels & Resorts Inc.		35,145		1,634,594
				9,662,868
Household Durables — 2.6%
KB Home		33,244		1,072,119
MDC Holdings Inc.		18,865		821,005
Meritage Homes Corp.(a)		14,192		1,235,981
Taylor Morrison Home Corp.(a)		48,962		1,057,579
Toll Brothers Inc.		43,318		1,831,485
TRI Pointe Group Inc.(a)(b)		49,087		806,500
				6,824,669
Household Products — 0.7%
Energizer Holdings Inc.		22,001		865,739
Spectrum Brands Holdings Inc.		14,639		832,520
				1,698,259
Insurance — 5.7%
American Equity Investment Life Holding Co.		34,634		859,616
American National Group Inc.		3,436		236,397
Assured Guaranty Ltd.		31,223		797,123
Athene Holding Ltd., Class A(a)		47,640		1,528,291
Brighthouse Financial Inc.(a)		35,126		1,162,671
CNO Financial Group Inc.		53,524		950,051
Enstar Group Ltd.(a)(b)		4,995		858,491
First American Financial Corp.		42,070		1,875,901
Genworth Financial Inc., Class A(a)		190,587		749,007
Hanover Insurance Group Inc. (The)		14,235		1,361,720
Mercury General Corp.		10,037		408,606
National General Holdings Corp.		25,201		856,078
Old Republic International Corp.		106,668		1,736,555
Unum Group		76,813		1,356,518
				14,737,025
Internet & Direct Marketing Retail — 0.4%
Qurate Retail Inc., Series A		146,305		990,485
IT Services — 2.3%
Alliance Data Systems Corp.		17,972		926,277
DXC Technology Co.		95,895		1,766,386
Perspecta Inc.		51,614		925,439
Sabre Corp.		117,366		765,226
Science Applications International Corp.		21,943		1,675,787
				6,059,115
Leisure Products — 0.7%
Brunswick Corp./DE		29,864		1,902,635
Machinery — 4.3%
AGCO Corp.		23,169		1,784,708
Allison Transmission Holdings Inc.		42,708		1,543,894
Crane Co.		18,627		945,320
Gates Industrial Corp. PLC(a)		16,473		182,850
Hillenbrand Inc.		28,147		823,300
Kennametal Inc.		31,318		970,858
Meritor Inc.(a)		27,235		662,900

46 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Navistar International Corp.(a)		18,739	$	807,838
Oshkosh Corp.		25,693		1,730,681
Timken Co. (The)		25,502		1,522,470
				10,974,819
Media — 0.6%
John Wiley & Sons Inc., Class A		16,457		509,509
TEGNA Inc.		82,681		994,652
				1,504,161
Metals & Mining — 2.4%
Alcoa Corp.(a)		70,230		907,372
Cleveland-Cliffs Inc.(b)		150,672		1,247,564
Commercial Metals Co.		44,975		928,734
Steel Dynamics Inc.		75,392		2,373,340
Worthington Industries Inc.		13,588		668,665
				6,125,675
Mortgage Real Estate Investment — 1.5%
Blackstone Mortgage Trust Inc., Class A		55,186		1,197,536
New Residential Investment Corp.		156,929		1,176,968
Starwood Property Trust Inc.		107,320		1,499,260
				3,873,764
Multi-Utilities — 1.9%
Avista Corp.		25,657		852,326
Black Hills Corp.		23,678		1,341,595
MDU Resources Group Inc.		75,647		1,797,373
NorthWestern Corp.		19,096		995,474
				4,986,768
Multiline Retail — 1.0%
Kohl’s Corp.		59,544		1,267,692
Macy’s Inc.(b)		116,004		720,385
Nordstrom Inc.(b)		40,877		494,611
				2,482,688
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp.		107,705		617,150
Apache Corp.		142,484		1,182,617
Cimarex Energy Co.		38,538		977,709
CVR Energy Inc.		10,948		120,537
Delek U.S. Holdings Inc.		23,370		235,102
Devon Energy Corp.		144,483		1,290,233
EQT Corp.		103,921		1,573,364
Equitrans Midstream Corp.		153,451		1,114,054
Marathon Oil Corp.		297,976		1,179,985
Ovintiv Inc.		98,160		903,072
Southwestern Energy Co.(a)(b)		228,056		608,910
Targa Resources Corp.		87,995		1,412,320
World Fuel Services Corp.		23,938		503,895
				11,718,948
Personal Products — 0.7%
Coty Inc., Class A		106,828		309,801
Edgewell Personal Care Co.(a)		20,473		536,802
Nu Skin Enterprises Inc., Class A		19,406		957,686
				1,804,289
Pharmaceuticals — 1.1%
Nektar Therapeutics(a)(b)		67,542		1,069,865
Prestige Consumer Healthcare Inc.(a)		18,904		624,399
Reata Pharmaceuticals Inc., Class A(a)(b)		9,059		1,057,276
				2,751,540
Professional Services — 1.1%
ASGN Inc.(a)		19,813		1,321,131

Security	Shares		Value
Professional Services (continued)
ManpowerGroup Inc.		21,910	$	1,487,032
				2,808,163
Real Estate Management & Development — 0.2%
Kennedy-Wilson Holdings Inc.		47,019		619,710
Road & Rail — 0.4%
Ryder System Inc.		20,324		1,001,160
Semiconductors & Semiconductor Equipment — 1.1%
First Solar Inc.(a)		31,980		2,783,699
Specialty Retail — 4.2%
Aaron’s Holdings Co. Inc.		25,335		1,324,007
AutoNation Inc.(a)(b)		22,055		1,251,180
Dick’s Sporting Goods Inc.		24,583		1,392,627
Foot Locker Inc.		39,328		1,450,417
Gap Inc. (The)		77,522		1,507,803
L Brands Inc.		88,060		2,818,800
Penske Automotive Group Inc.		12,104		619,241
Urban Outfitters Inc.(a)		25,798		576,327
				10,940,402
Technology Hardware, Storage & Peripherals — 0.8%
NCR Corp.(a)(b)		48,481		985,134
Xerox Holdings Corp.		67,536		1,173,776
				2,158,910
Textiles, Apparel & Luxury Goods — 3.8%
Capri Holdings Ltd.(a)(b)		56,744		1,204,108
Carter’s Inc.		16,466		1,341,156
Hanesbrands Inc.		131,343		2,110,682
PVH Corp.		26,762		1,559,957
Ralph Lauren Corp.		18,176		1,215,065
Tapestry Inc.		104,212		2,316,633
				9,747,601
Thrifts & Mortgage Finance — 2.3%
Capitol Federal Financial Inc.		49,650		569,982
MGIC Investment Corp.		127,785		1,285,517
New York Community Bancorp. Inc.		175,046		1,454,632
PennyMac Financial Services Inc.		15,542		789,845
Radian Group Inc.		72,296		1,297,713
Washington Federal Inc.		28,514		607,063
				6,004,752
Trading Companies & Distributors — 0.8%
Air Lease Corp.		40,373		1,099,760
Triton International Ltd.		25,687		947,337
				2,047,097
Transportation Infrastructure — 0.3%
Macquarie Infrastructure Corp.		27,532		710,326
Wireless Telecommunication Services — 0.3%
Telephone and Data Systems Inc.		37,492		637,364
U.S. Cellular Corp.(a)		5,605		163,218
				800,582
Total Common Stocks — 99.9% (Cost: $275,706,474)				257,918,425

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 5.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(c)(d)(e)		14,019,891	$	14,029,705
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(c)(d)		290,000		290,000
				14,319,705
Total Short-Term Investments — 5.5% (Cost: $14,316,341)				14,319,705
Total Investments in Securities — 105.4% (Cost: $290,022,815)				272,238,130
Other Assets, Less Liabilities — (5.4)%				(14,040,040	)
Net Assets — 100.0%			$	258,198,090

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,494,125	$	—	$	(459,536	)(a)	$	7,676		$	(12,560	)	$	14,029,705		14,019,891	$	59,811	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		663,000		—		(373,000	)(a)		—			—			290,000		290,000		286			—
PennyMac Financial Services Inc.(c)		—		698,716		(53,451	)		9,097			—			N/A		N/A		2,415			—
PennyMac Mortgage Investment Trust(c)		544,804		—		(856,948	)		(329,294	)		641,438			N/A		N/A		—			—
								$	(312,521	)	$	628,878		$	14,319,705			$	62,512		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer an affiliate.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		3		12/18/20	$	231	$	(4,007	)

48 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Morningstar Small-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,007

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	166,544
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(92,962	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	471,763

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	257,918,425		$	—	$	—	$	257,918,425
Money Market Funds		14,319,705			—		—		14,319,705
	$	272,238,130		$	—	$	—	$	272,238,130
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,007	)	$	—	$	—	$	(4,007	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 49

Statements of Assets and Liabilities(unaudited)

October 31, 2020

	iShares Morningstar Large-Cap ETF		iShares Morningstar Large-Cap Growth ETF		iShares Morningstar Large-Cap Value ETF			iShares Morningstar Mid-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	750,491,415	$	1,709,162,609	$	440,243,071		$	644,665,803
Affiliated(c)		9,103,217		5,186,221		420,000			7,466,576
Cash		14,463		24,694		14,563			15,397
Cash pledged:
Futures contracts		85,000		116,000		127,000			54,000
Receivables:
Securities lending income — Affiliated		51		3,328		—			1,145
Dividends		600,036		108,376		1,216,328			240,244
Total assets		760,294,182		1,714,601,228		442,020,962			652,443,165
LIABILITIES
Collateral on securities loaned, at value		—		3,375,601		—			6,626,124
Payables:
Variation margin on futures contracts		13,192		27,504		2,970			5,052
Investment advisory fees		136,259		382,379		97,876			142,795
Total liabilities		149,451		3,785,484		100,846			6,773,971
NET ASSETS	$	760,144,731	$	1,710,815,744	$	441,920,116		$	645,669,194
NET ASSETS CONSIST OF:
Paid-in capital	$	628,799,183	$	1,023,888,340	$	474,213,225		$	616,114,856
Accumulated earnings (loss)		131,345,548		686,927,404		(32,293,109	)		29,554,338
NET ASSETS	$	760,144,731	$	1,710,815,744	$	441,920,116		$	645,669,194
Shares outstanding		4,050,000		6,700,000		4,600,000			3,250,000
Net asset value	$	187.69	$	255.35	$	96.07		$	198.67
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Securities loaned, at value	$	—	$	3,223,010	$	—		$	6,450,252
(b) Investments, at cost — Unaffiliated	$	596,930,390	$	1,247,867,237	$	443,795,116		$	552,542,090
(c)  Investments, at cost — Affiliated	$	6,151,692	$	5,181,903	$	420,000		$	7,465,914

See notes to financial statements.

50 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities(unaudited)(continued)

October 31, 2020

	iShares Morningstar Mid-Cap Growth ETF		iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,141,631,601	$	325,215,675		$	183,458,467		$	280,109,254
Affiliated(c)		36,318,441		5,732,804			8,168,495			41,383,344
Cash		7,424		5,392			1,037			—
Cash pledged:
Futures contracts		97,000		33,000			15,000			22,000
Receivables:
Investments sold		3,734,132		—			—			3,120,110
Securities lending income — Affiliated		11,780		1,685			13,194			8,750
Dividends		108,215		384,333			65,931			1,136
Total assets		1,181,908,593		331,372,889			191,722,124			324,644,594
LIABILITIES
Bank overdraft		—		—			—			9,141
Collateral on securities loaned, at value		35,155,693		5,392,956			7,252,395			41,068,671
Payables:
Investments purchased		3,552,391		—			752,959			3,089,927
Variation margin on futures contracts		19,739		2,555			2,175			3,266
Investment advisory fees		304,129		86,354			40,297			72,032
Total liabilities		39,031,952		5,481,865			8,047,826			44,243,037
NET ASSETS	$	1,142,876,641	$	325,891,024		$	183,674,298		$	280,401,557
NET ASSETS CONSIST OF:
Paid-in capital	$	926,364,659	$	405,009,496		$	218,781,999		$	227,192,959
Accumulated earnings (loss)		216,511,982		(79,118,472	)		(35,107,701	)		53,208,598
NET ASSETS	$	1,142,876,641	$	325,891,024		$	183,674,298		$	280,401,557
Shares outstanding		3,550,000		2,450,000			1,150,000			1,150,000
Net asset value	$	321.94	$	133.02		$	159.72		$	243.83
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	33,080,301	$	5,272,662		$	6,984,514		$	39,145,712
(b) Investments, at cost — Unaffiliated	$	921,378,227	$	337,028,018		$	179,807,998		$	218,798,342
(c)  Investments, at cost — Affiliated	$	36,298,291	$	5,728,951		$	8,165,728		$	41,359,407

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 51

Statements of Assets and Liabilities(unaudited)(continued)

October 31, 2020

	iShares Morningstar Small-Cap Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	257,918,425
Affiliated(c)		14,319,705
Cash		9,127
Cash pledged:
Futures contracts		22,000
Receivables:
Securities lending income — Affiliated		3,723
Dividends		137,284
Total assets		272,410,264
LIABILITIES
Collateral on securities loaned, at value		14,023,612
Payables:
Investments purchased		117,578
Variation margin on futures contracts		3,268
Investment advisory fees		67,716
Total liabilities		14,212,174
NET ASSETS	$	258,198,090
NET ASSETS CONSIST OF:
Paid-in capital	$	379,814,283
Accumulated loss		(121,616,193	)
NET ASSETS	$	258,198,090
Shares outstanding		2,350,000
Net asset value	$	109.87
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	13,691,131
(b) Investments, at cost — Unaffiliated	$	275,706,474
(c)  Investments, at cost — Affiliated	$	14,316,341

See notes to financial statements.

52 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2020

	iShares Morningstar Large-Cap ETF			iShares Morningstar Large-Cap Growth ETF			iShares Morningstar Large-Cap Value ETF			iShares Morningstar Mid-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	6,254,151		$	4,660,028		$	8,248,045		$	4,673,355
Dividends — Affiliated		118,781			1,350			571			730
Securities lending income — Affiliated — net		4,835			80,681			88			32,235
Total investment income		6,377,767			4,742,059			8,248,704			4,706,320
EXPENSES
Investment advisory fees		785,117			2,194,228			563,499			803,751
Miscellaneous		—			264			264			—
Total expenses		785,117			2,194,492			563,763			803,751
Net investment income		5,592,650			2,547,567			7,684,941			3,902,569
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		6,565,510			(20,258,960	)		(9,166,791	)		(21,323,810	)
Investments — Affiliated		156,143			16,805			—			20,361
In-kind redemptions — Unaffiliated		20,685,520			283,499,871			3,362,409			5,433,385
In-kind redemptions — Affiliated		295,322			—			—			—
Futures contracts		450,900			633,310			409,359			292,758
Net realized gain (loss)		28,153,395			263,891,026			(5,395,023	)		(15,577,306	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		75,891,621			35,760,277			3,499,702			104,109,310
Investments — Affiliated		1,130,078			(23,613	)		—			(23,139	)
Futures contracts		(316,939	)		(377,462	)		(81,580	)		(129,732	)
Net change in unrealized appreciation (depreciation)		76,704,760			35,359,202			3,418,122			103,956,439
Net realized and unrealized gain (loss)		104,858,155			299,250,228			(1,976,901	)		88,379,133
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	110,450,805		$	301,797,795		$	5,708,040		$	92,281,702

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 53

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares Morningstar Mid-Cap Growth ETF			iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,711,260		$	5,278,990		$	1,471,313		$	370,365
Dividends — Affiliated		408			478			196			149
Securities lending income — Affiliated — net		126,292			45,875			51,967			121,695
Foreign taxes withheld		—			(739	)		(1,293	)		(21	)
Total investment income		1,837,960			5,324,604			1,522,183			492,188
EXPENSES
Investment advisory fees		1,423,983			505,975			232,091			363,734
Miscellaneous		264			264			—			264
Total expenses		1,424,247			506,239			232,091			363,998
Net investment income		413,713			4,818,365			1,290,092			128,190
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,648,813	)		(34,165,235	)		(9,772,058	)		(9,447,972	)
Investments — Affiliated		5,484			2,437			5,769			14,659
In-kind redemptions — Unaffiliated		20,861,482			(577,660	)		(1,151,827	)		12,125,431
Futures contracts		157,305			227,675			107,225			37,382
Net realized gain (loss)		16,375,458			(34,512,783	)		(10,810,891	)		2,729,500
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		165,797,534			66,711,709			31,477,991			49,922,234
Investments — Affiliated		(30,654	)		(5,044	)		(9,265	)		(26,156	)
Futures contracts		(96,122	)		(59,315	)		(16,577	)		(16,361	)
Net change in unrealized appreciation (depreciation)		165,670,758			66,647,350			31,452,149			49,879,717
Net realized and unrealized gain		182,046,216			32,134,567			20,641,258			52,609,217
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	182,459,929		$	36,952,932		$	21,931,350		$	52,737,407

See notes to financial statements.

54 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares Morningstar Small-Cap Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	3,249,279
Dividends — Affiliated		2,701
Securities lending income — Affiliated — net		59,811
Total investment income		3,311,791
EXPENSES
Investment advisory fees		390,851
Miscellaneous		264
Total expenses		391,115
Net investment income		2,920,676
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(43,538,709	)
Investments — Affiliated		(281,998	)
In-kind redemptions — Unaffiliated		(3,019,815	)
In-kind redemptions — Affiliated		(30,523	)
Futures contracts		166,544
Net realized loss		(46,704,501	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		73,597,703
Investments — Affiliated		628,878
Futures contracts		(92,962	)
Net change in unrealized appreciation (depreciation)		74,133,619
Net realized and unrealized gain		27,429,118
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,349,794

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 55

Statements of Changes in Net Assets

	iShares Morningstar Large-Cap ETF							iShares Morningstar Large-Cap Growth ETF
	Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	5,592,650		$	15,605,819		$	2,547,567		$	6,468,239
Net realized gain			28,153,395			69,701,863			263,891,026			86,230,545
Net change in unrealized appreciation (depreciation)			76,704,760			(85,548,713	)		35,359,202			41,247,095
Net increase (decrease) in net assets resulting from operations			110,450,805			(241,031	)		301,797,795			133,945,879
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,157,084	)		(20,017,376	)		(2,624,088	)		(6,545,139	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(63,214,136	)		(124,847,974	)		(107,732,430	)		287,700,863
NET ASSETS
Total increase (decrease) in net assets			42,079,585			(145,106,381	)		191,441,277			415,101,603
Beginning of period			718,065,146			863,171,527			1,519,374,467			1,104,272,864
End of period		$	760,144,731		$	718,065,146		$	1,710,815,744		$	1,519,374,467

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

56 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Morningstar Large-Cap Value ETF						iShares Morningstar Mid-Cap ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,684,941		$	15,483,963		$	3,902,569		$	9,795,166
Net realized gain (loss)		(5,395,023	)		22,452,095			(15,577,306	)		45,717,609
Net change in unrealized appreciation (depreciation)		3,418,122			(79,584,801	)		103,956,439			(139,210,542	)
Net increase (decrease) in net assets resulting from operations		5,708,040			(41,648,743	)		92,281,702			(83,697,767	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,363,065	)		(15,607,286	)		(4,034,347	)		(10,156,866	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,907,505	)		11,742,819			(10,483,583	)		(54,773,831	)
NET ASSETS
Total increase (decrease) in net assets		(5,562,530	)		(45,513,210	)		77,763,772			(148,628,464	)
Beginning of period		447,482,646			492,995,856			567,905,422			716,533,886
End of period	$	441,920,116		$	447,482,646		$	645,669,194		$	567,905,422

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 57

Statements of Changes in Net Assets (continued)

	iShares Morningstar Mid-Cap Growth ETF							iShares Morningstar Mid-Cap Value ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	413,713		$	1,689,566			$	4,818,365		$	13,200,591
Net realized gain (loss)		16,375,458			80,743,013				(34,512,783	)		7,386,597
Net change in unrealized appreciation (depreciation)		165,670,758			(61,398,189	)			66,647,350			(121,181,532	)
Net increase (decrease) in net assets resulting from operations		182,459,929			21,034,390				36,952,932			(100,594,344	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(621,489	)		(1,606,525	)			(4,601,723	)		(13,689,233	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		428,405,059			37,481,148				(37,508,104	)		(18,192,795	)
NET ASSETS
Total increase (decrease) in net assets		610,243,499			56,909,013				(5,156,895	)		(132,476,372	)
Beginning of period		532,633,142			475,724,129				331,047,919			463,524,291
End of period	$	1,142,876,641		$	532,633,142			$	325,891,024		$	331,047,919

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

58 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Morningstar Small-Cap ETF						iShares Morningstar Small-Cap Growth ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,290,092		$	3,040,136		$	128,190		$	521,216
Net realized gain (loss)		(10,810,891	)		17,783,994			2,729,500			8,121,255
Net change in unrealized appreciation (depreciation)		31,452,149			(60,283,790	)		49,879,717			(21,553,768	)
Net increase (decrease) in net assets resulting from operations		21,931,350			(39,459,660	)		52,737,407			(12,911,297	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,384,573	)		(3,363,152	)		(155,909	)		(599,016	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(21,987,812	)		(9,094,043	)		36,307,958			(10,228,865	)
NET ASSETS
Total increase (decrease) in net assets		(1,441,035	)		(51,916,855	)		88,889,456			(23,739,178	)
Beginning of period		185,115,333			237,032,188			191,512,101			215,251,279
End of period	$	183,674,298		$	185,115,333		$	280,401,557		$	191,512,101

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 59

Statements of Changes in Net Assets (continued)

	iShares   Morningstar Small-Cap Value ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,920,676		$	8,831,055
Net realized loss		(46,704,501	)		(28,001,959	)
Net change in unrealized appreciation (depreciation)		74,133,619			(103,996,055	)
Net increase (decrease) in net assets resulting from operations		30,349,794			(123,166,959	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,103,747	)		(10,178,053	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(26,060,395	)		(40,323,939	)
NET ASSETS
Total increase (decrease) in net assets		1,185,652			(173,668,951	)
Beginning of period		257,012,438			430,681,389
End of period	$	258,198,090		$	257,012,438

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

60 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Large-Cap ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	163.20			$	167.61			$	152.32			$	142.88			$	120.58			$	122.54
Net investment income(a)				1.32				3.22				3.24				2.93				2.57				2.27
Net realized and unrealized gain (loss)(b)				24.39				(3.51	)			15.28				9.42				22.44				(1.27	)
Net increase (decrease) from investment operations				25.71				(0.29	)			18.52				12.35				25.01				1.00
Distributions(c)
From net investment income				(1.22	)			(4.12	)			(3.23	)			(2.91	)			(2.71	)			(2.96	)
Total distributions				(1.22	)			(4.12	)			(3.23	)			(2.91	)			(2.71	)			(2.96	)
Net asset value, end of period			$	187.69			$	163.20			$	167.61			$	152.32			$	142.88			$	120.58
Total Return
Based on net asset value				15.79	%(d)			(0.13	)%			12.33	%			8.66	%			20.97	%			0.87	%
Ratios to Average Net Assets
Total expenses				0.20	%(e)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income				1.42	%(e)			1.90	%			2.05	%			1.91	%			1.96	%			1.91	%
Supplemental Data
Net assets, end of period (000)			$	760,145			$	718,065			$	863,172			$	944,382			$	814,433			$	608,927
Portfolio turnover rate(f)				33	%(d)			49	%			38	%			46	%			45	%			39	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Large-Cap Growth ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	214.00			$	190.39			$	165.01			$	136.27			$	116.36			$	118.09
Net investment income(a)				0.36				1.07				1.16				1.48				1.12				1.13
Net realized and unrealized gain (loss)(b)				41.37				23.64				25.47				28.70				19.88				(1.64	)
Net increase (decrease) from investment operations				41.73				24.71				26.63				30.18				21.00				(0.51	)
Distributions(c)
From net investment income				(0.38	)			(1.10	)			(1.25	)			(1.44	)			(1.09	)			(1.22	)
Total distributions				(0.38	)			(1.10	)			(1.25	)			(1.44	)			(1.09	)			(1.22	)
Net asset value, end of period			$	255.35			$	214.00			$	190.39			$	165.01			$	136.27			$	116.36
Total Return
Based on net asset value				19.51	%(d)			13.04	%			16.21	%			22.26	%			18.15	%			(0.44	)%
Ratios to Average Net Assets
Total expenses				0.25	%(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income				0.29	%(e)			0.54	%			0.66	%			0.97	%			0.91	%			0.96	%
Supplemental Data
Net assets, end of period (000)			$	1,710,816			$	1,519,374			$	1,104,273			$	932,317			$	729,026			$	791,246
Portfolio turnover rate(f)				26	%(d)			28	%			23	%			48	%			31	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

62 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Large-Cap Value ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	96.23			$	108.35			$	101.09			$	95.07			$	85.03			$	86.04
Net investment income(a)				1.70				3.29				2.97				2.55				2.53				2.56
Net realized and unrealized gain (loss)(b)				(0.23	)			(12.07	)			7.17				6.02				10.03				(1.03	)
Net increase (decrease) from investment operations				1.47				(8.78	)			10.14				8.57				12.56				1.53
Distributions(c)
From net investment income				(1.63	)			(3.34	)			(2.88	)			(2.55	)			(2.52	)			(2.54	)
Total distributions				(1.63	)			(3.34	)			(2.88	)			(2.55	)			(2.52	)			(2.54	)
Net asset value, end of period			$	96.07			$	96.23			$	108.35			$	101.09			$	95.07			$	85.03
Total Return
Based on net asset value				1.51	%(d)			(8.23	)%			10.22	%			9.07	%			14.95	%			1.92	%
Ratios to Average Net Assets
Total expenses				0.25	%(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income				3.41	%(e)			3.06	%			2.86	%			2.54	%			2.78	%			3.10	%
Supplemental Data
Net assets, end of period (000)			$	441,920			$	447,483			$	492,996			$	374,024			$	380,268			$	289,101
Portfolio turnover rate(f)				22	%(d)			36	%			24	%			24	%			31	%			27	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 63

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	172.09			$	196.31			$	180.21			$	168.00			$	145.96			$	151.49
Net investment income(a)				1.18				2.69				2.99				2.48				2.01				2.30
Net realized and unrealized gain (loss)(b)				26.61				(24.12	)			16.17				12.13				22.68				(5.42	)
Net increase (decrease) from investment operations				27.79				(21.43	)			19.16				14.61				24.69				(3.12	)
Distributions(c)
From net investment income				(1.21	)			(2.79	)			(3.06	)			(2.40	)			(2.65	)			(2.41	)
Total distributions				(1.21	)			(2.79	)			(3.06	)			(2.40	)			(2.65	)			(2.41	)
Net asset value, end of period			$	198.67			$	172.09			$	196.31			$	180.21			$	168.00			$	145.96
Total Return
Based on net asset value				16.18	%(d)			(10.99	)%			10.79	%			8.73	%			17.06	%			(2.03	)%
Ratios to Average Net Assets
Total expenses				0.25	%(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income				1.21	%(e)			1.39	%			1.63	%			1.40	%			1.28	%			1.59	%
Supplemental Data
Net assets, end of period (000)			$	645,669			$	567,905			$	716,534			$	747,858			$	747,607			$	540,062
Portfolio turnover rate(f)				29	%(d)			55	%			60	%			50	%			56	%			51	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

64 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Growth ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	253.63			$	243.96			$	207.31			$	177.31			$	153.60			$	165.11
Net investment income(a)				0.14				0.78				0.55				0.75				0.84				0.60
Net realized and unrealized gain (loss)(b)				68.37				9.66				36.74				30.14				23.76				(11.46	)
Net increase (decrease) from investment operations				68.51				10.44				37.29				30.89				24.60				(10.86	)
Distributions(c)
From net investment income				(0.20	)			(0.77	)			(0.64	)			(0.89	)			(0.89	)			(0.65	)
Total distributions				(0.20	)			(0.77	)			(0.64	)			(0.89	)			(0.89	)			(0.65	)
Net asset value, end of period			$	321.94			$	253.63			$	243.96			$	207.31			$	177.31			$	153.60
Total Return
Based on net asset value				27.02	%(d)			4.29	%			18.03	%			17.46	%			16.06	%			(6.58	)%
Ratios to Average Net Assets
Total expenses				0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income				0.09	%(e)			0.31	%			0.25	%			0.38	%			0.52	%			0.39	%
Supplemental Data
Net assets, end of period (000)			$	1,142,877			$	532,633			$	475,724			$	259,139			$	212,773			$	207,355
Portfolio turnover rate(f)				20	%(d)			26	%			30	%			43	%			47	%			44	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Value ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	120.38			$	159.84			$	157.66			$	147.89			$	125.61			$	125.84
Net investment income(a)				1.87				4.51				3.69				3.26				2.87				2.86
Net realized and unrealized gain (loss)(b)				12.56				(39.25	)			2.18				9.65				22.21				(0.12	)
Net increase (decrease) from investment operations				14.43				(34.74	)			5.87				12.91				25.08				2.74
Distributions(c)
From net investment income				(1.79	)			(4.72	)			(3.69	)			(3.14	)			(2.80	)			(2.97	)
Total distributions				(1.79	)			(4.72	)			(3.69	)			(3.14	)			(2.80	)			(2.97	)
Net asset value, end of period			$	133.02			$	120.38			$	159.84			$	157.66			$	147.89			$	125.61
Total Return
Based on net asset value				12.05	%(d)			(22.07	)%			3.83	%			8.81	%			20.15	%			2.29	%
Ratios to Average Net Assets
Total expenses				0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income				2.86	%(e)			2.95	%			2.36	%			2.13	%			2.06	%			2.37	%
Supplemental Data
Net assets, end of period (000)			$	325,891			$	331,048			$	463,524			$	417,801			$	384,524			$	194,702
Portfolio turnover rate(f)				36	%(d)			51	%			35	%			45	%			38	%			38	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

66 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	142.40			$	175.58			$	170.30			$	161.10			$	134.45			$	140.33
Net investment income(a)				1.09				2.29				2.30				1.96				1.67				2.05
Net realized and unrealized gain (loss)(b)				17.41				(32.93	)			5.37				9.40				27.48				(5.99	)
Net increase (decrease) from investment operations				18.50				(30.64	)			7.67				11.36				29.15				(3.94	)
Distributions(c)
From net investment income				(1.18	)			(2.54	)			(2.39	)			(2.16	)			(2.50	)			(1.94	)
Total distributions				(1.18	)			(2.54	)			(2.39	)			(2.16	)			(2.50	)			(1.94	)
Net asset value, end of period			$	159.72			$	142.40			$	175.58			$	170.30			$	161.10			$	134.45
Total Return
Based on net asset value				13.04	%(d)			(17.58	)%			4.56	%			7.09	%			21.86	%			(2.78	)%
Ratios to Average Net Assets
Total expenses				0.25	%(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income				1.39	%(e)			1.34	%			1.33	%			1.18	%			1.13	%			1.53	%
Supplemental Data
Net assets, end of period (000)			$	183,674			$	185,115			$	237,032			$	246,938			$	241,644			$	194,947
Portfolio turnover rate(f)				43	%(d)			62	%			67	%			56	%			66	%			65	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap Growth ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	191.51			$	205.00			$	183.04			$	154.83			$	130.57			$	139.32
Net investment income(a)				0.12				0.49				0.24				0.72				0.86				0.83
Net realized and unrealized gain (loss)(b)				52.36				(13.42	)			22.31				28.26				25.25				(8.79	)
Net increase (decrease) from investment operations				52.48				(12.93	)			22.55				28.98				26.11				(7.96	)
Distributions(c)
From net investment income				(0.16	)			(0.56	)			(0.59	)			(0.77	)			(1.85	)			(0.79	)
Total distributions				(0.16	)			(0.56	)			(0.59	)			(0.77	)			(1.85	)			(0.79	)
Net asset value, end of period			$	243.83			$	191.51			$	205.00			$	183.04			$	154.83			$	130.57
Total Return
Based on net asset value				27.41	%(d)			(6.32	)%			12.35	%			18.75	%			20.10	%			(5.73	)%
Ratios to Average Net Assets
Total expenses				0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income				0.11	%(e)			0.24	%			0.12	%			0.42	%			0.60	%			0.62	%
Supplemental Data
Net assets, end of period (000)			$	280,402			$	191,512			$	215,251			$	164,737			$	116,125			$	110,984
Portfolio turnover rate(f)				31	%(d)			57	%			55	%			51	%			63	%			59	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

68 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap Value ETF
		Six Months Ended
	10/31/20 (unaudited)					Year Ended 04/30/20				Year Ended 04/30/19				Year Ended 04/30/18				Year Ended 04/30/17				Year Ended 04/30/16
Net asset value, beginning of period			$	98.85			$	143.56			$	144.25			$	143.75			$	122.26			$	128.47
Net investment income(a)				1.21				3.05				3.25				2.58				3.08				3.04
Net realized and unrealized gain (loss)(b)				11.11				(44.22	)			(0.69	)			0.61				21.83				(6.28	)
Net increase (decrease) from investment operations				12.32				(41.17	)			2.56				3.19				24.91				(3.24	)
Distributions(c)
From net investment income				(1.30	)			(3.54	)			(3.25	)			(2.69	)			(3.42	)			(2.97	)
Total distributions				(1.30	)			(3.54	)			(3.25	)			(2.69	)			(3.42	)			(2.97	)
Net asset value, end of period			$	109.87			$	98.85			$	143.56			$	144.25			$	143.75			$	122.26
Total Return
Based on net asset value				12.53	%(d)			(29.05	)%			1.83	%			2.23	%			20.58	%			(2.42	)%
Ratios to Average Net Assets
Total expenses				0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Net investment income				2.24	%(e)			2.34	%			2.24	%			1.78	%			2.29	%			2.56	%
Supplemental Data
Net assets, end of period (000)			$	258,198			$	257,012			$	430,681			$	447,161			$	481,551			$	379,000
Portfolio turnover rate(f)				50	%(d)			65	%			48	%			54	%			48	%			51	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 69

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification       Classification
Morningstar Large-Cap	Diversified
Morningstar Large-Cap Growth	Diversified
Morningstar Large-Cap Value	Diversified
Morningstar Mid-Cap	Diversified
Morningstar Mid-Cap Growth	Diversified
Morningstar Mid-Cap Value	Diversified
Morningstar Small-Cap	Diversified
Morningstar Small-Cap Growth	Diversified
Morningstar Small-Cap Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, if any, are disclosed in the statement of assets and liabilities.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

70 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement, or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral

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Notes to Financial Statements (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Large-Cap Growth
Goldman Sachs & Co.	$	1,889,754	$	1,889,754		$	—	$	—
Morgan Stanley & Co. LLC		1,333,256		1,333,256			—		—
		3,223,010		3,223,010			—	$	—
Morningstar Mid-Cap
Barclays Bank PLC	$	15,194	$	15,194		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,272,235		1,272,235			—		—
BNP Paribas Securities Corp.		13,394		13,394			—		—
Credit Suisse Securities (USA) LLC		1,594,927		1,594,927			—		—
JPMorgan Securities LLC		2,357,010		2,357,010			—		—
UBS Securities LLC		1,197,492		1,197,492			—		—
		6,450,252		6,450,252			—		—
Morningstar Mid-Cap Growth
Barclays Bank PLC	$	23,253	$	23,253		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		897,832		897,832			—		—
BofA Securities, Inc.		381,295		381,295			—		—
Citigroup Global Markets Inc.		210,094		210,094			—		—
Credit Suisse Securities (USA) LLC		1,414,386		1,414,386			—		—
Goldman Sachs & Co.		6,156,828		6,116,881			—		(39,947	)(b)
Jefferies LLC		6,955,470		6,955,470			—		—
JPMorgan Securities LLC		13,232,210		13,232,210			—		—
Morgan Stanley & Co. LLC		2,328,893		2,328,893			—		—
RBC Capital Markets LLC		113,775		113,775			—		—
State Street Bank & Trust Company		165,920		165,920			—		—
UBS Securities LLC		836,820		836,820			—		—
Virtu Americas LLC		363,525		363,525			—		—
		33,080,301		33,040,354			—		(39,947	)
Morningstar Mid-Cap Value
Goldman Sachs & Co.	$	459,829		459,829		$	—	$	—
HSBC Bank PLC		362		362			—		—
JPMorgan Securities LLC		9,391		9,391			—		—
Morgan Stanley & Co. LLC		518,326		518,134			—		(192	)(b)
SG Americas Securities LLC		2,263,454		2,263,454			—		—
State Street Bank & Trust Company		1,618,558		1,618,558			—		—
Wells Fargo Bank, National Association		402,742		402,742			—		—
		5,272,662		5,272,470			—		(192	)

72 2 0 2 0   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Small-Cap
Barclays Bank PLC	$	2,871,838	$	2,871,838		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		174,134		174,134			—		—
BNP Paribas Securities Corp.		352,170		352,170			—		—
Citigroup Global Markets Inc.		13,069		13,069			—		—
Credit Suisse Securities (USA) LLC		87,312		87,312			—		—
Goldman Sachs & Co.		918,777		883,462			—		(35,315	)(b)
Jefferies LLC		3,802		3,802			—		—
JPMorgan Securities LLC		3,170		3,170			—		—
Morgan Stanley & Co. LLC		724,865		724,865			—		—
National Financial Services LLC		841,489		841,489			—		—
Nomura Securities International Inc.		10,564		10,564			—		—
State Street Bank & Trust Company		355,522		355,522			—		—
UBS Securities LLC		505,582		505,582			—		—
Wells Fargo Bank, National Association		122,220		122,220			—		—
		6,984,514		6,949,199			—		(35,315	)
Morningstar Small-Cap Growth
Barclays Bank PLC	$	784,974	$	784,974		$	—	$	—
Barclays Capital Inc.		366,900		366,900			—		—
BMO Capital Markets		36,985		36,985			—		—
BNP Paribas Prime Brokerage International Ltd.		3,519,036		3,519,036			—		—
BNP Paribas Securities Corp.		214,309		214,309			—		—
BofA Securities, Inc.		2,123,340		2,123,340			—		—
Citadel Clearing LLC		1,681,941		1,681,941			—		—
Citigroup Global Markets Inc.		3,096,798		3,096,798			—		—
Credit Suisse Securities (USA) LLC		686,726		686,726			—		—
Deutsche Bank Securities Inc.		90,672		90,672			—		—
Goldman Sachs & Co.		4,636,173		4,636,173			—		—
HSBC Bank PLC		12,132		12,132			—		—
Jefferies LLC		1,095,267		1,095,267			—		—
JPMorgan Securities LLC		5,015,171		5,015,171			—		—
Morgan Stanley & Co. LLC		11,087,062		11,087,062			—		—
National Financial Services LLC		330,747		327,010			—		(3,737	)(b)
Natixis Securities Americas LLC		23,526		23,526			—		—
Nomura Securities International Inc.		26,109		26,109			—		—
SG Americas Securities LLC		356,480		356,480			—		—
State Street Bank & Trust Company		630,881		630,881			—		—
UBS AG		789,741		789,741			—		—
UBS Securities LLC		1,180,141		1,180,141			—		—
Virtu Americas LLC		653,968		653,968			—		—
Wells Fargo Bank, National Association		180,163		180,163			—		—
Wells Fargo Securities LLC		526,470		526,470			—		—
		39,145,712		39,141,975			—		(3,737	)
Morningstar Small-Cap Value
Barclays Bank PLC	$	995,851	$	995,851		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,829,779		1,829,779			—		—
Citigroup Global Markets Inc.		3,220,120		3,191,846			—		(28,274	)(b)
Goldman Sachs & Co.		1,694,853		1,694,853			—		—
HSBC Bank PLC		415,063		415,063			—		—
JPMorgan Securities LLC		1,841,207		1,841,207			—		—
Morgan Stanley & Co. LLC		2,422,762		2,422,762			—		—
National Financial Services LLC		281,396		281,396			—		—
RBC Capital Markets LLC		13,896		13,896			—		—
SG Americas Securities LLC		34,374		34,374			—		—
State Street Bank & Trust Company		233,853		233,853			—		—
Wells Fargo Bank, National Association		707,977		707,977			—		—
		13,691,131		13,662,857			—		(28,274	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 73

Notes to Financial Statements (unaudited) (continued)

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Morningstar Large-Cap		0.20%
Morningstar Large-Cap Growth		0.25
Morningstar Large-Cap Value		0.25
Morningstar Mid-Cap		0.25
Morningstar Mid-Cap Growth		0.30
Morningstar Mid-Cap Value		0.30
Morningstar Small-Cap		0.25
Morningstar Small-Cap Growth		0.30
Morningstar Small-Cap Value		0.30

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money

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Notes to Financial Statements (unaudited) (continued)

market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Morningstar Large-Cap	$	1,966
Morningstar Large-Cap Growth		32,025
Morningstar Large-Cap Value		37
Morningstar Mid-Cap		13,152
Morningstar Mid-Cap Growth		52,547
Morningstar Mid-Cap Value		16,425
Morningstar Small-Cap		19,295
Morningstar Small-Cap Growth		47,294
Morningstar Small-Cap Value		22,624

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized      Gain (Loss)
Morningstar Large-Cap	$	145,012,856	$	135,672,890	$	(9,236,206)
Morningstar Large-Cap Growth		173,748,073		208,025,577		(12,940,752)
Morningstar Large-Cap Value		46,095,099		56,810,512		(3,948,424)
Morningstar Mid-Cap		114,124,350		96,210,898		(12,569,892)
Morningstar Mid-Cap Growth		59,453,954		82,983,783		2,198,939
Morningstar Mid-Cap Value		69,494,990		64,936,911		(21,194,745)
Morningstar Small-Cap		49,700,616		36,023,787		463,492
Morningstar Small-Cap Growth		30,405,111		21,458,639		(4,002,040)
Morningstar Small-Cap Value		81,208,919		44,487,666		(16,174,618)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

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Notes to Financial Statements (unaudited) (continued)

iShares ETF	Purchases		Sales
Morningstar Large-Cap	$	257,975,155	$	256,456,047
Morningstar Large-Cap Growth		454,241,105		453,387,471
Morningstar Large-Cap Value		95,970,956		95,996,371
Morningstar Mid-Cap		185,151,500		184,588,671
Morningstar Mid-Cap Growth		186,128,383		186,096,447
Morningstar Mid-Cap Value		119,494,268		119,184,849
Morningstar Small-Cap		77,922,245		78,343,979
Morningstar Small-Cap Growth		73,383,284		73,313,845
Morningstar Small-Cap Value		127,377,669		127,215,659

For the six months ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Large-Cap	$	18,371,051	$	81,433,696
Morningstar Large-Cap Growth		566,391,084		673,833,910
Morningstar Large-Cap Value		14,759,531		18,786,280
Morningstar Mid-Cap		18,233,277		28,684,802
Morningstar Mid-Cap Growth		471,699,538		44,143,103
Morningstar Mid-Cap Value		6,707,577		44,055,473
Morningstar Small-Cap		—		21,338,594
Morningstar Small-Cap Growth		68,960,183		32,592,457
Morningstar Small-Cap Value		—		25,315,066

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Morningstar Large-Cap	$	52,315,213
Morningstar Large-Cap Growth		24,749,804
Morningstar Large-Cap Value		10,108,212
Morningstar Mid-Cap		45,083,340
Morningstar Mid-Cap Growth		16,439,742
Morningstar Mid-Cap Value		19,542,132
Morningstar Small-Cap		27,272,705
Morningstar Small-Cap Growth		7,569,180
Morningstar Small-Cap Value		50,593,712

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Morningstar Large-Cap	$	604,479,566	$	174,345,356	$	(19,258,623	)	$	155,086,733
Morningstar Large-Cap Growth		1,254,853,984		473,576,502		(14,084,244	)		459,492,258
Morningstar Large-Cap Value		448,233,043		50,399,450		(58,022,045	)		(7,622,595	)
Morningstar Mid-Cap		561,655,885		129,740,256		(39,302,666	)		90,437,590
Morningstar Mid-Cap Growth		958,371,642		236,032,719		(16,501,609	)		219,531,110
Morningstar Mid-Cap Value		345,681,074		31,846,130		(46,572,264	)		(14,726,134	)
Morningstar Small-Cap		188,560,457		23,094,440		(20,027,915	)		3,066,525
Morningstar Small-Cap Growth		260,981,392		72,665,687		(12,147,902	)		60,517,785
Morningstar Small-Cap Value		291,872,162		26,565,727		(46,203,766	)		(19,638,039	)

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Notes to Financial Statements (unaudited) (continued)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Large-Cap
Shares sold		100,000		$	18,425,444			1,500,000		$	259,485,127
Shares redeemed		(450,000	)		(81,639,580	)		(2,250,000	)		(384,333,101	)
Net decrease		(350,000	)		(63,214,136	)		(750,000	)		(124,847,974	)
Morningstar Large-Cap Growth
Shares sold		2,400,000			567,277,791			2,850,000			588,806,800
Shares redeemed		(2,800,000	)		(675,010,221	)		(1,550,000	)		(301,105,937	)
Net increase (decrease)		(400,000	)		(107,732,430	)		1,300,000			287,700,863
Morningstar Large-Cap Value
Shares sold		150,000			14,935,914			1,800,000			196,396,198
Shares redeemed		(200,000	)		(18,843,419	)		(1,700,000	)		(184,653,379	)
Net increase (decrease)		(50,000	)		(3,907,505	)		100,000			11,742,819
Morningstar Mid-Cap
Shares sold		100,000			18,445,806			750,000			145,981,686
Shares redeemed		(150,000	)		(28,929,389	)		(1,100,000	)		(200,755,517	)
Net decrease		(50,000	)		(10,483,583	)		(350,000	)		(54,773,831	)
Morningstar Mid-Cap Growth
Shares sold		1,600,000			472,621,317			1,300,000			317,949,595
Shares redeemed		(150,000	)		(44,216,258	)		(1,150,000	)		(280,468,447	)
Net increase		1,450,000			428,405,059			150,000			37,481,148
Morningstar Mid-Cap Value
Shares sold		50,000			6,743,834			600,000			90,092,517
Shares redeemed		(350,000	)		(44,251,938	)		(750,000	)		(108,285,312	)
Net decrease		(300,000	)		(37,508,104	)		(150,000	)		(18,192,795	)
Morningstar Small-Cap
Shares sold		—			—			250,000			43,217,116
Shares redeemed		(150,000	)		(21,987,812	)		(300,000	)		(52,311,159	)
Net decrease		(150,000	)		(21,987,812	)		(50,000	)		(9,094,043	)
Morningstar Small-Cap Growth
Shares sold		300,000			69,106,338			200,000			40,132,134
Shares redeemed		(150,000	)		(32,798,380	)		(250,000	)		(50,360,999	)
Net increase (decrease)		150,000			36,307,958			(50,000	)		(10,228,865	)
Morningstar Small-Cap Value
Shares sold		—			—			400,000			53,954,280
Shares redeemed		(250,000	)		(26,060,395	)		(800,000	)		(94,278,219	)
Net decrease		(250,000	)		(26,060,395	)		(400,000	)		(40,323,939	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit

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Notes to Financial Statements (unaudited) (continued)

alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Morningstar Mid-Cap Value ETF received proceeds of $404,668 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to appeals in multiple appellate courts. The outcome of these appeals could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract  

iShares Morningstar Large-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar Small-Cap Growth ETF, iShares Morningstar Small-Cap Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares Morningstar Large-Cap Growth ETF, iShares Morningstar Large-Cap Value ETF, iShares Morningstar Mid-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess

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Board Review and Approval of Investment Advisory Contract (continued)

BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2020

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Morningstar Large-Cap(a)	$	1.212646	$	—	$	0.009866	$	1.222512		99	%		—	%		1	%		100	%
Morningstar Large-Cap Growth(a)		0.369334		—		0.009532		0.378866		97			—			3			100
Morningstar Large-Cap Value(a)		1.624399		—		0.002651		1.627050		100			—			0	(b)		100
Morningstar Mid-Cap(a)		1.000501		—		0.206131		1.206632		83			—			17			100
Morningstar Mid-Cap Growth(a)		0.199715		—		0.003968		0.203683		98			—			2			100
Morningstar Mid-Cap Value(a)		1.562930		—		0.229345		1.792275		87			—			13			100
Morningstar Small-Cap(a)		0.979971		—		0.201997		1.181968		83			—			17			100
Morningstar Small-Cap Growth(a)		0.133455		—		0.022454		0.155909		86			—			14			100
Morningstar Small-Cap Value(a)		1.107744		—		0.188805		1.296549		85			—			15			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-404-1020

OCTOBER 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Cohen & Steers REIT ETF  |  ICF  |  Cboe BZX

· iShares Core U.S. REIT ETF  |  USRT  |  NYSE Arca

· iShares Global REIT ETF  |  REET  |  NYSE Arca

· iShares International Developed Real Estate ETF  |  IFGL  |  NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.29%	9.71%
U.S. small cap equities (Russell 2000® Index)	18.13	(0.14)
International equities (MSCI Europe, Australasia, Far East Index)	8.57	(6.86)
Emerging market equities (MSCI Emerging Markets Index)	20.96	8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.63)	8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.27	6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.87	3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	10.73	3.42
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		27
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		35
Board Review and Approval of Investment Advisory Contract		44
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52

Fund Summary as of October 31, 2020 iShares^® Cohen & Steers REIT ETF

Investment Objective

The iShares Cohen & Steers REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs), as represented by the Cohen & Steers Realty Majors 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.51	%		(15.37	)%		3.49	%		7.71	%		(15.37	)%		18.70	%		110.24	%
Fund Market		0.57			(15.39	)		3.49			7.72			(15.39	)		18.73			110.31
Index		0.76			(15.00	)		3.86			8.09			(15.00	)		20.86			117.63

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 redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,005.10	$	1.67		$	1,000.00	$	1,023.50	$	1.68		0.33	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Specialized REITs	39.7	%
Residential REITs	20.3
Industrial REITs	11.0
Retail REITs	11.0
Office REITs	9.1
Health Care REITs	7.4
Hotel & Resort REITs	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Prologis Inc.	8.2	%
Equinix Inc.	8.0
American Tower Corp.	7.7
Digital Realty Trust Inc.	7.7
Public Storage	6.9
SBA Communications Corp.	6.4
Welltower Inc.	4.5
Realty Income Corp.	4.0
AvalonBay Communities Inc.	3.9
Simon Property Group Inc.	3.8

^(a)  Excludes money market funds.

4 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® Core U.S. REIT ETF

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.96	%		(21.44	)%		2.18	%		6.57	%		(21.44	)%		11.38	%		88.95	%
Fund Market		2.03			(21.44	)		2.18			6.57			(21.44	)		11.40			88.93
Index		2.00			(21.38	)		2.26			6.88			(21.38	)		11.82			94.48

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

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 redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,019.60	$	0.41		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Specialized REITs	28.1	%
Residential REITs	17.8
Industrial REITs	15.6
Health Care REITs	11.4
Retail REITs	10.7
Office REITs	9.1
Diversified REITs	4.5
Hotel & Resort REITs	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Prologis Inc.	9.2	%
Equinix Inc.	8.1
Digital Realty Trust Inc.	4.8
Public Storage	4.3
Welltower Inc.	2.8
Realty Income Corp.	2.5
AvalonBay Communities Inc.	2.5
Simon Property Group Inc.	2.4
Alexandria Real Estate Equities Inc.	2.4
Equity Residential	2.2

^(a)  Excludes money market funds.

FUND  SUMMARY 5

Fund Summary as of October 31, 2020 iShares^® Global REIT ETF

Investment Objective

The iShares Global REIT ETF (the “Fund”) seeks to track the investment results of an index composed of global real estate equities in developed and emerging markets, as represented by the FTSE EPRA Nareit Global REITS 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.39	%		(25.02	)%		0.35	%		1.31	%		(25.02	)%		1.75	%		8.54	%
Fund Market		2.04			(24.98	)		0.32			1.33			(24.98	)		1.62			8.69
Index		0.93			(25.67	)		(0.48	)		0.51			(25.67	)		(2.38	)		3.27

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

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 redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.90	$	0.71		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrial REITs	18.6	%
Retail REITs	15.8
Residential REITs	15.8
Specialized REITs	13.7
Office REITs	12.7
Diversified REITs	11.4
Health Care REITs	9.5
Hotel & Resort REITs	2.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	66.1	%
Japan	9.7
United Kingdom	5.5
Australia	4.0
Singapore	3.7
Canada	3.3
France	1.8
Hong Kong	1.6
Belgium	1.5
Mexico	0.5

^(a)  Excludes money market funds.

6 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® International Developed Real Estate ETF

Investment Objective

The iShares International Developed Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the FTSE EPRA Nareit Developed ex-U.S. 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

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.52	%		(20.52	)%		0.38	%		2.57	%		(20.52	)%		1.92	%		28.86	%
Fund Market		3.20			(20.33	)		0.51			2.50			(20.33	)		2.58			28.05
Index		2.20			(20.45	)		0.56			2.87			(20.45	)		2.84			32.76

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 redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,025.20	$	2.45		$	1,000.00	$	1,022.80	$	2.45		0.48	%

^(a)  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 of days 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, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Real Estate Operating Companies	25.6	%
Diversified Real Estate Activities	14.7
Retail REITs	13.4
Diversified REITs	12.8
Industrial REITs	11.4
Office REITs	10.2
Residential REITs	4.7
Real Estate Development	2.7
Health Care REITs	1.9
Specialized REITs	1.3
Other (each representing less than 1%)	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	25.6	%
Germany	13.3
Hong Kong	12.8
United Kingdom	10.3
Singapore	7.5
Australia	7.0
Canada	6.1
Sweden	4.8
France	3.2
Switzerland	2.8

^(a)  Excludes money market funds.

FUND  SUMMARY 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Cohen & Steers REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 7.4%
Ventas Inc.		1,310,518	$	51,726,145
Welltower Inc.		1,466,498		78,853,598
				130,579,743
Hotel & Resort REITs — 1.5%
Host Hotels & Resorts Inc.		2,476,718		25,956,005
Industrial REITs — 11.0%
Duke Realty Corp.		1,294,033		49,160,313
Prologis Inc.		1,453,609		144,198,013
				193,358,326
Office REITs — 9.1%
Alexandria Real Estate Equities Inc.		411,999		62,426,089
Boston Properties Inc.		507,568		36,752,999
Cousins Properties Inc.		521,164		13,279,259
Douglas Emmett Inc.		579,085		13,666,406
Kilroy Realty Corp.		371,443		17,487,536
Vornado Realty Trust		557,636		17,136,154
				160,748,443
Residential REITs — 20.3%
American Campus Communities Inc.		482,815		18,086,250
AvalonBay Communities Inc.		494,352		68,779,194
Equity LifeStyle Properties Inc.		595,074		35,222,430
Equity Residential		1,228,753		57,726,816
Essex Property Trust Inc.		229,793		47,013,350
Invitation Homes Inc.		1,910,119		52,069,844
Sun Communities Inc.		345,198		47,509,601
UDR Inc.		1,035,860		32,360,266
				358,767,751
Retail REITs — 10.9%
Federal Realty Investment Trust		246,788		16,974,079
National Retail Properties Inc.		604,435		19,347,964

Security	Shares		Value
Retail REITs (continued)
Realty Income Corp.		1,206,334	$	69,798,485
Regency Centers Corp.		554,490		19,734,299
Simon Property Group Inc.		1,074,012		67,458,694
				193,313,521
Specialized REITs — 39.7%
American Tower Corp.		592,876		136,153,973
Digital Realty Trust Inc.		942,516		136,005,059
Equinix Inc.		192,915		141,067,165
Extra Space Storage Inc.		453,450		52,577,527
Public Storage		528,043		120,958,810
SBA Communications Corp.		392,110		113,856,981
				700,619,515
Total Common Stocks — 99.9% (Cost: $1,838,809,490)				1,763,343,304
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(a)(b)		2,040,000		2,040,000
Total Short -Term Investments — 0.1% (Cost: $2,040,000)				2,040,000
Total Investments in Securities — 100.0% (Cost: $1,840,849,490)				1,765,383,304
Other Assets, Less Liabilities — 0.0%				627,566
Net Assets — 100.0%			$	1,766,010,870

^(a) Affiliate of the Fund.

^(b) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	56,103,503	$	—	$	(56,090,150	)(b)	$	18,999	$	(32,352	)	$	—		—	$	76,125	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,230,000		—		(2,190,000	)(b)		—		—			2,040,000		2,040,000		2,619			—
								$	18,999	$	(32,352	)	$	2,040,000			$	78,744		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Cohen & Steers REIT ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		82		12/18/20	$	2,487	$	(22,826	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	22,826

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	367,055
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(362,506	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,057,510

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,763,343,304		$	—	$	—	$	1,763,343,304
Money Market Funds		2,040,000			—		—		2,040,000
	$	1,765,383,304		$	—	$	—	$	1,765,383,304
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(22,826	)	$	—	$	—	$	(22,826	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

10 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 4.4%
Alexander & Baldwin Inc.		123,214	$	1,583,300
American Assets Trust Inc.		85,949		1,798,913
Armada Hoffler Properties Inc.		98,265		885,368
Colony Capital Inc.		822,823		2,929,250
Empire State Realty Trust Inc., Class A		249,046		1,339,867
Essential Properties Realty Trust Inc.		158,470		2,617,924
Gladstone Commercial Corp.		57,708		937,755
Global Net Lease Inc.		154,466		2,198,051
One Liberty Properties Inc.		27,450		423,554
PS Business Parks Inc.		34,441		3,927,307
STORE Capital Corp.		401,480		10,318,036
VEREIT Inc.		1,860,859		11,537,326
Washington REIT		141,356		2,470,903
WP Carey Inc.		294,897		18,463,501
				61,431,055
Health Care REITs — 11.4%
CareTrust REIT Inc.		163,687		2,799,048
Community Healthcare Trust Inc.		36,865		1,706,849
Diversified Healthcare Trust		408,878		1,183,702
Global Medical REIT Inc.		71,958		894,438
Healthcare Realty Trust Inc.		231,510		6,435,978
Healthcare Trust of America Inc., Class A		374,562		9,101,857
Healthpeak Properties Inc.		929,635		25,072,256
LTC Properties Inc.		66,406		2,192,062
Medical Properties Trust Inc.		896,244		15,971,068
National Health Investors Inc.		73,721		4,132,062
New Senior Investment Group Inc.		140,628		549,855
Omega Healthcare Investors Inc.		387,718		11,170,156
Physicians Realty Trust		357,600		6,029,136
Sabra Health Care REIT Inc.		351,974		4,631,978
Universal Health Realty Income Trust		22,196		1,186,820
Ventas Inc.		643,472		25,397,840
Welltower Inc.		720,998		38,768,062
				157,223,167
Hotel & Resort REITs — 2.8%
Apple Hospitality REIT Inc.		361,206		3,575,939
Chatham Lodging Trust		79,025		580,834
CorePoint Lodging Inc.		67,931		324,710
DiamondRock Hospitality Co.		342,709		1,692,982
Hersha Hospitality Trust		60,444		296,176
Host Hotels & Resorts Inc.		1,204,874		12,627,080
Park Hotels & Resorts Inc.		405,023		4,021,878
Pebblebrook Hotel Trust		223,476		2,677,243
RLJ Lodging Trust		281,236		2,300,511
Ryman Hospitality Properties Inc.		86,274		3,438,019
Service Properties Trust		281,341		2,028,469
Summit Hotel Properties Inc.		176,030		929,438
Sunstone Hotel Investors Inc.		368,296		2,732,756
Xenia Hotels & Resorts Inc.		194,492		1,602,614
				38,828,649
Industrial REITs — 15.5%
Americold Realty Trust		350,842		12,711,005
Duke Realty Corp.		635,015		24,124,220
EastGroup Properties Inc.		66,213		8,811,626
First Industrial Realty Trust Inc.		217,507		8,658,954
Industrial Logistics Properties Trust		111,413		2,136,901
Lexington Realty Trust		468,616		4,653,357
Monmouth Real Estate Investment Corp.		162,655		2,252,772

Security	Shares		Value
Industrial REITs (continued)
Plymouth Industrial REIT Inc.		27,052	$	343,831
Prologis Inc.		1,270,799		126,063,261
Rexford Industrial Realty Inc.		212,842		9,888,639
STAG Industrial Inc.		256,811		7,991,958
Terreno Realty Corp.		114,249		6,429,934
				214,066,458
Office REITs — 9.1%
Alexandria Real Estate Equities Inc.		215,882		32,710,441
Boston Properties Inc.		268,138		19,415,873
Brandywine Realty Trust		290,348		2,543,448
City Office REIT Inc.		73,498		464,507
Columbia Property Trust Inc.		196,498		2,078,949
Corporate Office Properties Trust		193,426		4,338,545
Cousins Properties Inc.		255,053		6,498,750
Douglas Emmett Inc.	��	286,673		6,765,483
Easterly Government Properties Inc.		137,107		2,865,536
Franklin Street Properties Corp.		181,112		760,670
Highwoods Properties Inc.		176,996		5,269,171
Hudson Pacific Properties Inc.		258,800		4,984,488
JBG SMITH Properties		209,878		4,900,651
Kilroy Realty Corp.		198,007		9,322,170
Mack-Cali Realty Corp.		148,982		1,637,312
Office Properties Income Trust		82,197		1,513,247
Paramount Group Inc.		324,964		1,878,292
Piedmont Office Realty Trust Inc., Class A		216,227		2,469,312
SL Green Realty Corp.		125,608		5,377,279
Vornado Realty Trust		302,398		9,292,691
				125,086,815
Residential REITs — 17.8%
American Campus Communities Inc.		235,886		8,836,289
American Homes 4 Rent, Class A		447,333		12,646,104
Apartment Investment & Management Co., Class A		255,121		8,138,360
AvalonBay Communities Inc.		242,637		33,758,086
Bluerock Residential Growth REIT Inc.		42,077		364,387
BRT Apartments Corp.		18,511		230,462
Camden Property Trust		162,561		14,994,627
Clipper Realty Inc.		25,716		144,524
Equity LifeStyle Properties Inc.		299,681		17,738,118
Equity Residential		633,742		29,773,199
Essex Property Trust Inc.		112,418		22,999,599
Front Yard Residential Corp.		85,179		1,140,547
Independence Realty Trust Inc.		162,014		1,968,470
Investors Real Estate Trust		21,938		1,478,841
Invitation Homes Inc.		967,188		26,365,545
Mid-America Apartment Communities Inc.		196,333		22,898,318
NexPoint Residential Trust Inc.		37,045		1,641,834
Preferred Apartment Communities Inc., Class A		80,373		434,014
Sun Communities Inc.		166,599		22,929,020
UDR Inc.		504,869		15,772,107
UMH Properties Inc.		62,884		857,109
				245,109,560
Retail REITs — 10.7%
Acadia Realty Trust		144,922		1,352,122
Agree Realty Corp.		91,281		5,665,812
Alexander’s Inc.		3,674		893,480
American Finance Trust Inc.		187,741		1,082,327
Brixmor Property Group Inc.		509,790		5,587,298
Brookfield Property REIT Inc., Class A		79,113		1,166,917
Federal Realty Investment Trust		129,675		8,919,046

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Getty Realty Corp.		58,335	$	1,533,044
Kimco Realty Corp.		711,782		7,302,883
Kite Realty Group Trust		142,699		1,478,362
Macerich Co. (The)(a)		255,661		1,779,401
National Retail Properties Inc.		295,142		9,447,495
Realty Income Corp.		593,014		34,311,790
Regency Centers Corp.		290,378		10,334,553
Retail Opportunity Investments Corp.		197,706		1,923,679
Retail Properties of America Inc., Class A		367,980		1,928,215
Retail Value Inc.		28,165		352,062
RPT Realty		138,719		678,336
Saul Centers Inc.		20,725		512,944
Simon Property Group Inc.		524,633		32,952,199
SITE Centers Corp.		263,342		1,793,359
Spirit Realty Capital Inc.		176,996		5,318,730
Tanger Factory Outlet Centers Inc.(a)		155,921		965,151
Taubman Centers Inc.		103,387		3,455,193
Urban Edge Properties		199,185		1,872,339
Urstadt Biddle Properties Inc., Class A		50,890		483,964
Washington Prime Group Inc.(a)		328,674		192,439
Weingarten Realty Investors		208,989		3,314,566
Whitestone REIT		67,003		399,338
				146,997,044
Specialized REITs — 28.1%
CoreCivic Inc.		205,973		1,320,287
CoreSite Realty Corp.		69,257		8,266,516
CubeSmart		332,894		11,295,093
CyrusOne Inc.		201,026		14,282,897
Digital Realty Trust Inc.		461,054		66,530,092
EPR Properties		127,520		3,040,077
Equinix Inc.		151,742		110,959,820
Extra Space Storage Inc.		217,354		25,202,196
Farmland Partners Inc.		44,460		286,322
Four Corners Property Trust Inc.		120,565		3,055,117
Gaming and Leisure Properties Inc.		354,780		12,896,253
GEO Group Inc. (The)		201,175		1,782,411
Gladstone Land Corp.		33,390		463,119

Security	Shares		Value
Specialized REITs (continued)
Iron Mountain Inc.		492,891	$	12,844,740
Jernigan Capital Inc.		38,073		658,282
Lamar Advertising Co., Class A		148,121		9,177,577
Life Storage Inc.		80,364		9,173,551
National Storage Affiliates Trust		107,308		3,636,668
Outfront Media Inc.		247,695		3,247,282
Public Storage		260,032		59,565,530
QTS Realty Trust Inc., Class A		104,904		6,452,645
Safehold Inc.(a)		29,544		2,033,218
VICI Properties Inc.		921,481		21,147,989
				387,317,682
Total Common Stocks — 99.8% (Cost: $1,633,079,804)				1,376,060,430
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(b)(c)(d)		2,839,351		2,841,339
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(b)(c)		1,650,000		1,650,000
				4,491,339
Total Short -Term Investments — 0.3% (Cost: $4,487,305)				4,491,339
Total Investments in Securities — 100.1% (Cost: $1,637,567,109)				1,380,551,769
Other Assets, Less Liabilities — (0.1)%				(1,758,718	)
Net Assets — 100.0%			$	1,378,793,051

^(a)  All or a portion of this security is on loan.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	32,937,842	$	—	$	(30,084,865	)(a)	$	4,869	$	(16,507	)	$	2,841,339		2,839,351	$	155,729	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,157,000		—		(1,507,000	)(a)		—		—			1,650,000		1,650,000		1,958			—
								$	4,869	$	(16,507	)	$	4,491,339			$	157,687		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

12 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Core U.S. REIT ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		85		12/18/20	$	2,578	$	(34,799	)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	34,799

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	660,229
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(394,628	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	3,990,343

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,376,060,430		$	—	$	—	$	1,376,060,430
Money Market Funds		4,491,339			—		—		4,491,339
	$	1,380,551,769		$	—	$	—	$	1,380,551,769
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(34,799	)	$	—	$	—	$	(34,799	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited)  October 31, 2020 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.0%
BWP Trust		923,117	$	2,599,519
Charter Hall Long Wale REIT		825,743		2,766,019
Charter Hall Retail REIT		912,885		2,205,293
Cromwell Property Group		3,063,329		1,882,320
Dexus		2,044,562		12,362,186
GPT Group (The)		3,649,190		10,327,456
Mirvac Group		7,324,856		10,853,589
National Storage REIT		1,834,134		2,324,878
Scentre Group		9,721,147		14,336,022
Shopping Centres Australasia Property Group		2,017,070		3,286,252
Stockland		4,459,126		12,055,974
Vicinity Centres		7,012,740		5,958,884
				80,958,392
Belgium — 1.5%
Aedifica SA		61,671		6,206,754
Ascencio		9,980		479,539
Befimmo SA		40,761		1,585,846
Cofinimmo SA		50,572		6,868,763
Intervest Offices & Warehouses NV		42,800		1,056,938
Leasinvest Real Estate SCA		4,639		369,616
Montea C.V.A.		24,346		2,671,458
Retail Estates NV		19,123		1,129,364
Warehouses De Pauw CVA		251,047		8,398,646
Wereldhave Belgium Comm VA		4,508		188,516
Xior Student Housing NV(a)		28,856		1,638,629
				30,594,069
Canada — 3.3%
Allied Properties REIT		228,425		5,535,240
Artis REIT		223,523		1,398,119
Boardwalk REIT		70,713		1,420,253
Canadian Apartment Properties REIT		316,663		10,171,880
Choice Properties REIT		482,097		4,349,666
Cominar REIT		314,975		1,677,221
Crombie REIT(a)		175,873		1,714,740
Dream Industrial REIT		287,794		2,553,420
Dream Office REIT		79,709		1,046,765
First Capital Real Estate Investment Trust		395,080		3,502,340
Granite REIT		108,510		6,079,197
H&R Real Estate Investment Trust		528,468		4,058,584
InterRent REIT		212,676		1,811,977
Killam Apartment REIT		183,086		2,198,378
Northview Apartment Real Estate Investment Trust(a)		109,630		2,969,840
NorthWest Healthcare Properties REIT		286,475		2,451,479
RioCan REIT		592,342		6,388,329
SmartCentres Real Estate Investment Trust		245,035		3,870,279
Summit Industrial Income REIT		236,164		2,385,817
WPT Industrial Real Estate Investment Trust		102,093		1,322,104
				66,905,628
China — 0.1%
Yuexiu REIT		2,381,000		1,096,110
France — 1.8%
Carmila SA		70,746		547,192
Covivio		93,890		5,588,691
Gecina SA		97,177		12,066,755
ICADE		60,002		3,033,369
Klepierre SA		353,374		4,476,449
Mercialys SA		115,166		551,361

Security	Shares		Value
France (continued)
Unibail-Rodamco-Westfield		251,754	$	10,234,618
				36,498,435
Germany — 0.3%
alstria office REIT-AG		333,757		4,249,329
Hamborner REIT AG		140,942		1,315,544
				5,564,873
Hong Kong — 1.6%
Champion REIT		3,738,000		1,807,579
Hui Xian Real Estate Investment Trust(a)		4,481,000		1,090,764
Link REIT		3,852,300		29,333,683
				32,232,026
Ireland — 0.1%
Hibernia REIT PLC		1,286,737		1,552,814
Irish Residential Properties REIT PLC		825,650		1,317,608
				2,870,422
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		139,910		406,620
Japan — 9.6%
Activia Properties Inc.		1,289		4,648,489
Advance Residence Investment Corp.		2,402		7,007,939
AEON REIT Investment Corp.		2,912		3,286,933
Comforia Residential REIT Inc.		1,129		3,226,948
Daiwa House REIT Investment Corp.		3,754		8,686,556
Daiwa Office Investment Corp.		510		2,766,118
Daiwa Securities Living Investments Corp.		3,501		3,419,285
Frontier Real Estate Investment Corp.		846		2,828,362
Fukuoka REIT Corp.		1,346		1,626,170
Global One Real Estate Investment Corp.		1,822		1,641,787
GLP J-REIT		7,041		10,843,706
Hulic Reit Inc.		2,174		2,853,193
Ichigo Office REIT Investment Corp.		2,252		1,454,085
Industrial & Infrastructure Fund Investment Corp.		3,535		6,005,510
Invesco Office J-Reit Inc.		16,351		2,023,933
Invincible Investment Corp.		9,107		2,896,573
Japan Excellent Inc.		2,343		2,577,434
Japan Hotel REIT Investment Corp.		8,311		3,998,884
Japan Logistics Fund Inc.		1,606		4,502,761
Japan Prime Realty Investment Corp.		1,647		4,450,713
Japan Real Estate Investment Corp.		2,434		11,920,872
Japan Retail Fund Investment Corp.		4,877		7,011,795
Kenedix Office Investment Corp.		710		4,102,162
Kenedix Residential Next Investment Corp.		1,747		2,852,620
Kenedix Retail REIT Corp.		1,002		1,909,302
LaSalle Logiport REIT		3,049		4,742,370
MCUBS MidCity Investment Corp.		3,111		2,225,969
Mitsubishi Estate Logistics REIT Investment Corp.		552		2,196,595
Mitsui Fudosan Logistics Park Inc.		766		3,656,342
Mori Hills REIT Investment Corp.		2,852		3,505,663
Mori Trust Sogo REIT Inc.		1,867		2,225,255
Nippon Accommodations Fund Inc.		827		4,730,687
Nippon Building Fund Inc.		2,756		13,919,724
Nippon Prologis REIT Inc.		3,997		13,152,554
Nippon REIT Investment Corp.		809		2,588,583
Nomura Real Estate Master Fund Inc.		8,399		10,010,670
Orix JREIT Inc.		4,932		6,911,594
Premier Investment Corp.		2,369		2,599,238
Sekisui House Reit Inc.		7,543		5,267,257
Tokyu REIT Inc.		1,658		2,248,942

14 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
United Urban Investment Corp.		5,505	$	5,860,977
				194,384,550
Malaysia — 0.2%
Axis Real Estate Investment Trust		2,218,500		1,121,264
IGB REIT		3,354,200		1,348,138
Pavilion REIT		1,592,800		532,850
Sunway REIT		3,330,600		1,146,271
				4,148,523
Mexico — 0.5%
Concentradora Fibra Danhos SA de CV		463,915		418,619
Fibra Uno Administracion SA de CV		5,530,213		4,176,737
Macquarie Mexico Real Estate Management SA de CV(b)		1,434,450		1,642,935
PLA Administradora Industrial S. de RL de CV(a)		1,557,509		2,131,578
Prologis Property Mexico SA de CV		894,948		1,787,583
				10,157,452
Netherlands — 0.2%
Eurocommercial Properties NV		88,043		959,932
NSI NV		34,472		1,092,208
Vastned Retail NV		31,957		845,010
Wereldhave NV(a)		75,036		697,497
				3,594,647
New Zealand — 0.3%
Goodman Property Trust		2,084,273		3,416,191
Kiwi Property Group Ltd.		3,142,297		2,554,395
				5,970,586
Saudi Arabia — 0.1%
Al Maather REIT Fund		56,989		138,434
Al Rajhi REIT		209,416		510,376
Alahli REIT Fund 1		80,921		185,564
Alkhabeer REIT, NVS		47,861		117,920
Jadwa REIT Saudi Fund		246,784		855,450
Musharaka Real Estate Income Fund, NVS		124,786		296,135
Riyad REIT Fund		277,831		598,585
Sedco Capital REIT Fund		60,052		142,832
				2,845,296
Singapore — 3.7%
Ascendas REIT		5,506,118		11,613,050
Ascott Residence Trust(a)		3,411,932		2,073,895
CapitaLand Mall Trust		8,157,026		10,334,423
CapitaLand Retail China Trust		1,412,004		1,209,846
CDL Hospitality Trusts		1,467,100		1,063,661
First REIT		994,500		291,322
Fortune REIT		2,583,000		2,151,709
Frasers Centrepoint Trust(a)		1,995,870		3,084,061
Frasers Logistics & Commercial Trust(a)		4,697,000		4,230,912
Keppel DC REIT(a)		2,282,233		4,846,925
Keppel REIT(a)		3,711,000		2,704,097
Lippo Malls Indonesia Retail Trust(a)		4,423,900		285,099
Manulife US Real Estate Investment Trust		2,700,800		1,931,072
Mapletree Commercial Trust(a)		4,105,491		5,171,325
Mapletree Industrial Trust		3,069,400		6,833,377
Mapletree Logistics Trust(a)		4,815,640		6,876,967
Mapletree North Asia Commercial Trust		4,379,400		2,790,244
Parkway Life REIT		722,800		2,143,786
Sasseur Real Estate Investment Trust		1,106,100		607,525
Suntec REIT		3,887,500		3,814,903
				74,058,199

Security	Shares		Value
South Africa — 0.4%
Attacq Ltd.		1,428,067	$	272,452
Emira Property Fund Ltd.		733,547		281,252
Equites Property Fund Ltd.		1,034,927		991,696
Growthpoint Properties Ltd.		5,640,683		3,683,215
Redefine Properties Ltd.		10,598,262		1,297,979
SA Corporate Real Estate Ltd.		4,706,533		350,483
Stor-Age Property REIT Ltd.		602,716		441,408
Vukile Property Fund Ltd.		1,658,974		490,073
				7,808,558
Spain — 0.4%
Inmobiliaria Colonial Socimi SA		616,647		4,385,227
Lar Espana Real Estate Socimi SA		115,248		410,794
Merlin Properties Socimi SA		624,473		4,200,834
				8,996,855
Thailand — 0.1%
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust(a)		2,446,802		997,013
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS(c)		312,826		148,147
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)		3,498,854		717,885
Halk Gayrimenkul Yatirim Ortakligi AS		366,553		99,695
Is Gayrimenkul Yatirim Ortakligi AS(c)		833,587		188,932
Torunlar Gayrimenkul Yatirim Ortakligi AS(c)		262,571		105,868
				1,260,527
United Kingdom — 5.4%
Assura PLC		4,910,115		4,837,771
Big Yellow Group PLC		304,728		4,334,147
BMO Commercial Property Trust		946,890		752,962
BMO Real Estate Investments Ltd.		444,886		319,832
British Land Co. PLC (The)		1,741,458		7,849,446
Capital & Counties Properties PLC		1,370,691		1,853,830
Civitas Social Housing PLC		1,177,900		1,583,946
Custodian REIT PLC		727,350		802,216
Derwent London PLC		188,816		6,489,219
Empiric Student Property PLC		1,098,185		766,775
GCP Student Living PLC		864,513		1,251,953
Great Portland Estates PLC		479,211		3,575,207
Hammerson PLC(a)(c)		7,147,643		1,506,893
Impact Healthcare REIT PLC		447,758		573,162
Land Securities Group PLC		1,335,948		8,797,553
LondonMetric Property PLC		1,659,380		4,630,159
LXI REIT PLC		978,354		1,383,923
NewRiver REIT PLC		564,942		463,849
Picton Property Income Ltd. (The)		1,014,508		817,226
Primary Health Properties PLC		2,426,804		4,518,516
RDI REIT PLC		491,114		563,889
Regional REIT Ltd.(b)		680,194		548,802
Safestore Holdings PLC		386,873		4,019,323
Schroder REIT Ltd.		1,004,953		400,217
Segro PLC		2,228,617		25,992,055
Shaftesbury PLC		422,036		2,482,902
Shaftesbury PLC, New		50,756		36,095
Standard Life Investment Property Income Trust Ltd.		674,561		462,270
Target Healthcare REIT PLC		858,982		1,188,410
Triple Point Social Housing REIT PLC(b)		693,202		945,608
Tritax Big Box REIT PLC		3,203,931		6,487,443
UK Commercial Property REIT Ltd.		1,379,041		1,216,075
UNITE Group PLC (The)(c)		599,124		6,452,981

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Workspace Group PLC		249,642	$	1,991,597
				109,896,252
United States — 65.8%
Acadia Realty Trust		156,000		1,455,480
Agree Realty Corp.		97,827		6,072,122
Alexander’s Inc.		4,115		1,000,727
Alexandria Real Estate Equities Inc.		234,084		35,468,408
American Assets Trust Inc.		93,333		1,953,460
American Campus Communities Inc.		255,308		9,563,838
American Finance Trust Inc.		203,730		1,174,503
American Homes 4 Rent, Class A		485,059		13,712,618
Americold Realty Trust		380,428		13,782,906
Apartment Investment & Management Co., Class A		276,635		8,824,657
Apple Hospitality REIT Inc.		390,300		3,863,970
Armada Hoffler Properties Inc.		106,836		962,592
AvalonBay Communities Inc.		263,097		36,604,686
Boston Properties Inc.		290,749		21,053,135
Brandywine Realty Trust		317,891		2,784,725
Brixmor Property Group Inc.		551,517		6,044,626
Brookfield Property REIT Inc., Class A(a)		85,406		1,259,739
Camden Property Trust		176,266		16,258,776
CareTrust REIT Inc.		176,049		3,010,438
Colony Capital Inc.		891,830		3,174,915
Columbia Property Trust Inc.		214,698		2,271,505
Community Healthcare Trust Inc.		40,078		1,855,611
Corporate Office Properties Trust		209,145		4,691,122
Cousins Properties Inc.		276,559		7,046,723
CubeSmart		361,063		12,250,868
CyrusOne Inc.		217,975		15,487,124
DiamondRock Hospitality Co.		371,737		1,836,381
Digital Realty Trust Inc.		499,934		72,140,476
Diversified Healthcare Trust		441,723		1,278,788
Douglas Emmett Inc.		311,353		7,347,931
Duke Realty Corp.		688,566		26,158,622
Easterly Government Properties Inc.		148,901		3,112,031
EastGroup Properties Inc.		71,912		9,570,049
Empire State Realty Trust Inc., Class A		271,905		1,462,849
EPR Properties		136,981		3,265,627
Equity Commonwealth		218,646		5,776,627
Equity LifeStyle Properties Inc.		324,951		19,233,850
Equity Residential		687,191		32,284,233
Essential Properties Realty Trust Inc.		170,299		2,813,340
Essex Property Trust Inc.		121,897		24,938,907
Extra Space Storage Inc.		235,680		27,327,096
Federal Realty Investment Trust		140,380		9,655,336
First Industrial Realty Trust Inc.		235,956		9,393,408
Four Corners Property Trust Inc.		130,944		3,318,121
Franklin Street Properties Corp.		193,295		811,839
Gaming and Leisure Properties Inc.		384,727		13,984,826
Getty Realty Corp.		63,524		1,669,411
Global Net Lease Inc.		167,619		2,385,218
Healthcare Realty Trust Inc.		251,439		6,990,004
Healthcare Trust of America Inc., Class A		406,149		9,869,421
Healthpeak Properties Inc.		1,007,167		27,163,294
Highwoods Properties Inc.		192,603		5,733,791
Host Hotels & Resorts Inc.(a)		1,307,463		13,702,212
Hudson Pacific Properties Inc.		281,350		5,418,801
Independence Realty Trust Inc.		178,996		2,174,801
Industrial Logistics Properties Trust		124,028		2,378,857
Innovative Industrial Properties Inc.		39,246		4,577,261

Security	Shares		Value
United States (continued)
Investors Real Estate Trust		24,108	$	1,625,120
Invitation Homes Inc.		1,048,759		28,589,170
JBG SMITH Properties		228,170		5,327,770
Kilroy Realty Corp.		214,953		10,119,987
Kimco Realty Corp.		768,185		7,881,578
Kite Realty Group Trust		154,082		1,596,290
Lexington Realty Trust		508,296		5,047,379
Life Storage Inc.		86,986		9,929,452
LTC Properties Inc.		72,118		2,380,615
Macerich Co. (The)(a)		277,949		1,934,525
Mack-Cali Realty Corp.		165,009		1,813,449
Medical Properties Trust Inc.		971,830		17,318,011
Mid-America Apartment Communities Inc.		212,890		24,829,361
Monmouth Real Estate Investment Corp.		180,555		2,500,687
National Health Investors Inc.		79,937		4,480,469
National Retail Properties Inc.		320,001		10,243,232
National Storage Affiliates Trust		117,035		3,966,316
NexPoint Residential Trust Inc.		40,229		1,782,949
Office Properties Income Trust		90,112		1,658,962
Omega Healthcare Investors Inc.		419,738		12,092,652
Paramount Group Inc.		357,926		2,068,812
Park Hotels & Resorts Inc.		436,617		4,335,607
Pebblebrook Hotel Trust(a)		240,047		2,875,763
Physicians Realty Trust		387,758		6,537,600
Piedmont Office Realty Trust Inc., Class A		234,143		2,673,913
Prologis Inc.		1,377,972		136,694,822
PS Business Parks Inc.		37,341		4,257,994
Public Storage		281,956		64,587,661
QTS Realty Trust Inc., Class A		113,849		7,002,852
Realty Income Corp.		641,990		37,145,541
Regency Centers Corp.		314,865		11,206,045
Retail Opportunity Investments Corp.		214,591		2,087,970
Retail Properties of America Inc., Class A		393,607		2,062,501
Rexford Industrial Realty Inc.		230,917		10,728,404
RLJ Lodging Trust		305,720		2,500,790
RPT Realty		150,463		735,764
Ryman Hospitality Properties Inc.		92,963		3,704,576
Sabra Health Care REIT Inc.		379,717		4,997,076
Safehold Inc.		32,408		2,230,319
Service Properties Trust		306,610		2,210,658
Simon Property Group Inc.		567,956		35,673,316
SITE Centers Corp.		284,517		1,937,561
SL Green Realty Corp.		136,619		5,848,659
Spirit Realty Capital Inc.		192,175		5,774,859
STAG Industrial Inc.		279,455		8,696,640
STORE Capital Corp.		434,633		11,170,068
Summit Hotel Properties Inc.		192,445		1,016,110
Sun Communities Inc.		180,644		24,862,034
Sunstone Hotel Investors Inc.		403,394		2,993,184
Tanger Factory Outlet Centers Inc.(a)		168,545		1,043,294
Taubman Centers Inc.		111,991		3,742,739
Terreno Realty Corp.		124,165		6,988,006
UDR Inc.		547,008		17,088,530
Universal Health Realty Income Trust		23,886		1,277,184
Urban Edge Properties		215,107		2,022,006
Ventas Inc.		697,740		27,539,798
VEREIT Inc.		2,017,802		12,510,372
VICI Properties Inc.		999,197		22,931,571
Vornado Realty Trust		328,266		10,087,614
Washington REIT		153,461		2,682,498

16 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Weingarten Realty Investors		223,392	$	3,542,997
Welltower Inc.		781,802		42,037,494
WP Carey Inc.		319,248		19,988,117
Xenia Hotels & Resorts Inc.		210,859		1,737,478
				1,328,357,453
Total Common Stocks — 99.5% (Cost: $2,402,583,384)				2,009,602,486
Rights
Singapore — 0.0%
Mapletree Logistics Trust (Expires 12/11/20)(a)(c)		91,177		0	(d)
Total Rights — 0.0% (Cost: $0)				0	(d)
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(e)(f)(g)		11,297,247		11,305,156
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(e)(f)		2,780,000		2,780,000
				14,085,156
Total Short-Term Investments — 0.7% (Cost: $14,071,366)				14,085,156
Total Investments in Securities — 100.2% (Cost: $2,416,654,750)				2,023,687,642
Other Assets, Less Liabilities — (0.2)%				(3,774,369	)
Net Assets — 100.0%			$	2,019,913,273

^(a)  All or a portion of this security is on loan.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Non-income producing security.

^(d)  Rounds to less than $1.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	32,298,609	$	—	$	(20,974,912	)(a)	$	(2,957	)	$	(15,584	)	$	11,305,156		11,297,247	$	491,840	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,440,000		—		(660,000	)(a)		—			—			2,780,000		2,780,000		2,845			—
								$	(2,957	)	$	(15,584	)	$	14,085,156			$	494,685		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Global REIT ETF

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		9		12/17/20	$	931	$	741
Dow Jones U.S. Real Estate Index		264		12/18/20		8,007		(255,701	)
							$	(254,960	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	741
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		255,701

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,260,166
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(802,186	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	9,351,576

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

18 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® Global REIT ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	2,009,566,391		$	36,095		$	—	$	2,009,602,486
Rights		—			0	(a)		—		0	(a)
Money Market Funds		14,085,156			—			—		14,085,156
	$	2,023,651,547		$	36,095		$	—	$	2,023,687,642
Derivative financial instruments(b)
Assets
Futures Contracts	$	741		$	—		$	—	$	741
Liabilities
Futures Contracts		(255,701	)		—			—		(255,701	)
	$	(254,960	)	$	—		$	—	$	(254,960	)

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited)  October 31, 2020 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.0%
BWP Trust		180,687	$	508,819
Charter Hall Long Wale REIT		161,183		539,920
Charter Hall Retail REIT		176,951		427,468
Cromwell Property Group		547,387		336,352
Dexus		402,902		2,436,096
GPT Group (The)		720,417		2,038,829
Mirvac Group		1,453,319		2,153,452
National Storage REIT		354,132		448,884
Scentre Group		1,917,777		2,828,194
Shopping Centres Australasia Property Group		395,163		643,808
Stockland		881,029		2,382,006
Vicinity Centres		1,386,254		1,177,931
				15,921,759
Austria — 0.3%
CA Immobilien Anlagen AG		25,361		695,708
Belgium — 2.8%
Aedifica SA		12,151		1,222,913
Ascencio		1,883		90,478
Befimmo SA		7,851		305,451
Cofinimmo SA		9,986		1,356,313
Intervest Offices & Warehouses NV		8,204		202,596
Leasinvest Real Estate SCA		881		70,194
Montea C.V.A.		4,785		525,053
Retail Estates NV		3,747		221,290
Shurgard Self Storage SA		8,839		376,838
Warehouses De Pauw CVA		49,352		1,651,045
Wereldhave Belgium Comm VA		850		35,545
Xior Student Housing NV(a)		5,638		320,162
				6,377,878
Canada — 6.0%
Allied Properties REIT		44,932		1,088,801
Artis REIT		42,651		266,779
Boardwalk REIT		13,677		274,699
Canadian Apartment Properties REIT		62,305		2,001,367
Chartwell Retirement Residences		79,416		569,406
Choice Properties REIT		94,152		849,476
Cominar REIT		62,708		333,916
Crombie REIT(a)		34,438		335,766
Dream Industrial REIT		55,328		490,891
Dream Office REIT		16,098		211,404
First Capital Real Estate Investment Trust		79,438		704,209
Granite REIT		21,301		1,193,374
H&R Real Estate Investment Trust		103,576		795,454
InterRent REIT		41,849		356,549
Killam Apartment REIT		36,049		432,853
Northview Apartment Real Estate Investment Trust		21,288		576,685
NorthWest Healthcare Properties REIT		55,837		477,819
RioCan REIT		116,928		1,261,053
SmartCentres Real Estate Investment Trust		47,464		749,684
Summit Industrial Income REIT		46,474		469,498
WPT Industrial Real Estate Investment Trust		19,884		257,498
				13,697,181
Finland — 0.8%
Citycon OYJ(a)		28,989		223,205
Kojamo OYJ		71,754		1,479,412
				1,702,617

Security	Shares		Value
France — 3.2%
Carmila SA		13,591	$	105,121
Covivio		18,442		1,097,738
Gecina SA		19,128		2,375,180
ICADE		11,740		593,510
Klepierre SA		68,741		870,793
Mercialys SA		23,567		112,828
Unibail-Rodamco-Westfield		49,804		2,024,694
				7,179,864
Germany — 13.2%
ADLER Group SA(b)(c)		23,731		596,537
alstria office REIT-AG		65,621		835,474
Aroundtown SA(c)		441,136		2,115,550
Deutsche EuroShop AG(a)(c)		18,438		232,816
Deutsche Wohnen SE		127,870		6,453,973
Grand City Properties SA		41,480		941,717
Hamborner REIT AG		25,364		236,746
LEG Immobilien AG		25,522		3,449,192
Sirius Real Estate Ltd.		355,015		337,390
TAG Immobilien AG		46,652		1,374,867
TLG Immobilien AG		5,153		92,198
Vonovia SE		209,115		13,353,467
				30,019,927
Hong Kong — 12.7%
Champion REIT		737,000		356,390
CK Asset Holdings Ltd.		991,000		4,587,697
Hang Lung Properties Ltd.		749,000		1,817,724
Hongkong Land Holdings Ltd.		428,200		1,571,494
Hysan Development Co. Ltd.		225,000		715,198
Link REIT		758,300		5,774,143
New World Development Co. Ltd.		526,333		2,504,457
Sino Land Co. Ltd.(a)		1,220,800		1,442,004
Sun Hung Kai Properties Ltd.		524,000		6,699,627
Swire Properties Ltd.		389,400		1,041,935
Wharf Real Estate Investment Co. Ltd.		602,900		2,312,911
				28,823,580
Ireland — 0.3%
Hibernia REIT PLC		253,776		306,253
Irish Residential Properties REIT PLC		163,787		261,378
				567,631
Israel — 0.4%
Amot Investments Ltd.		50,129		231,030
Azrieli Group Ltd.		13,675		645,895
				876,925
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		25,181		73,183
Japan — 25.4%
Activia Properties Inc.		253		912,388
Advance Residence Investment Corp.		476		1,388,751
Aeon Mall Co. Ltd.		44,000		683,949
AEON REIT Investment Corp.		580		654,678
Comforia Residential REIT Inc.		223		637,387
Daiwa House REIT Investment Corp.		743		1,719,262
Daiwa Office Investment Corp.		100		542,376
Daiwa Securities Living Investments Corp.		691		674,872
Frontier Real Estate Investment Corp.		170		568,347
Fukuoka REIT Corp.		267		322,576
Global One Real Estate Investment Corp.		353		318,085
GLP J-REIT		1,389		2,139,172

20 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hulic Co. Ltd.		134,100	$	1,239,149
Hulic Reit Inc.		416		545,965
Ichigo Office REIT Investment Corp.		440		284,102
Industrial & Infrastructure Fund Investment Corp.		698		1,185,812
Invesco Office J-Reit Inc.		3,234		400,306
Invincible Investment Corp.		1,795		570,918
Japan Excellent Inc.		461		507,126
Japan Hotel REIT Investment Corp.		1,650		793,907
Japan Logistics Fund Inc.		316		885,973
Japan Prime Realty Investment Corp.		324		875,550
Japan Real Estate Investment Corp.		480		2,350,870
Japan Retail Fund Investment Corp.		966		1,388,844
Kenedix Office Investment Corp.		140		808,877
Kenedix Residential Next Investment Corp.		349		569,871
Kenedix Retail REIT Corp.		196		373,476
LaSalle Logiport REIT		601		934,787
MCUBS MidCity Investment Corp.		615		440,042
Mitsubishi Estate Co. Ltd.		420,000		6,243,352
Mitsubishi Estate Logistics REIT Investment Corp.		108		429,768
Mitsui Fudosan Co. Ltd.		341,800		5,801,837
Mitsui Fudosan Logistics Park Inc.		152		725,540
Mori Hills REIT Investment Corp.		564		693,266
Mori Trust Sogo REIT Inc.		367		437,423
Nippon Accommodations Fund Inc.		164		938,129
Nippon Building Fund Inc.		543		2,742,529
Nippon Prologis REIT Inc.		786		2,586,417
Nippon REIT Investment Corp.		161		515,157
Nomura Real Estate Holdings Inc.		41,200		717,670
Nomura Real Estate Master Fund Inc.		1,659		1,977,343
Orix JREIT Inc.		972		1,362,139
Premier Investment Corp.		455		499,220
Sekisui House Reit Inc.		1,484		1,036,273
Sumitomo Realty & Development Co. Ltd.		145,800		3,886,977
Tokyo Tatemono Co. Ltd.		72,600		830,587
Tokyu REIT Inc.		327		443,549
United Urban Investment Corp.		1,096		1,166,872
				57,751,466
Malta — 0.0%
BGP Holdings PLC(c)(d)		6,603,392		77
Netherlands — 0.3%
Eurocommercial Properties NV		18,098		197,322
NSI NV		6,635		210,223
Vastned Retail NV		6,198		163,888
Wereldhave NV(a)		15,508		144,155
				715,588
New Zealand — 0.7%
Goodman Property Trust		398,871		653,762
Kiwi Property Group Ltd.		586,240		476,559
Precinct Properties New Zealand Ltd.		394,689		461,705
				1,592,026
Norway — 0.4%
Entra ASA(b)		61,400		800,351
Singapore — 7.4%
Ascendas REIT		1,083,890		2,286,051
Ascott Residence Trust(a)		664,800		404,089
CapitaLand Ltd.		924,800		1,740,561
CapitaLand Mall Trust		1,611,288		2,041,397
CDL Hospitality Trusts(a)		289,600		209,963

Security	Shares		Value
Singapore (continued)
City Developments Ltd.		173,000	$	803,237
Fortune REIT		500,000		416,514
Frasers Centrepoint Trust		394,649		609,820
Frasers Logistics & Commercial Trust		919,400		828,167
Keppel DC REIT		448,071		951,597
Keppel REIT(a)		734,000		534,844
Manulife US Real Estate Investment Trust		520,500		372,158
Mapletree Commercial Trust(a)		808,617		1,018,544
Mapletree Industrial Trust		603,900		1,344,457
Mapletree Logistics Trust		940,861		1,343,595
Parkway Life REIT		136,100		403,665
Suntec REIT		758,100		743,943
UOL Group Ltd.(a)		181,900		828,574
				16,881,176
Spain — 0.8%
Inmobiliaria Colonial Socimi SA		120,002		853,383
Lar Espana Real Estate Socimi SA		22,531		80,311
Merlin Properties Socimi SA		122,485		823,957
				1,757,651
Sweden — 4.7%
Atrium Ljungberg AB, Class B		17,041		275,301
Castellum AB		99,561		2,073,733
Catena AB		9,214		375,241
Dios Fastigheter AB		30,670		214,835
Fabege AB		97,453		1,231,143
Fastighets AB Balder, Class B(c)		35,810		1,687,278
Hufvudstaden AB, Class A		40,909		534,506
Klovern AB, Class B		189,883		289,481
Kungsleden AB		69,264		588,279
Nyfosa AB(c)		65,582		543,008
Pandox AB(c)		32,216		322,480
Samhallsbyggnadsbolaget i Norden AB		347,232		957,300
Wallenstam AB, Class B		59,593		790,677
Wihlborgs Fastigheter AB		48,985		883,817
				10,767,079
Switzerland — 2.8%
Allreal Holding AG, Registered		5,185		1,098,606
Hiag Immobilien Holding AG(c)		1,063		107,860
Intershop Holding AG		417		255,691
Mobimo Holding AG, Registered		2,372		685,811
PSP Swiss Property AG, Registered		15,895		1,923,251
Swiss Prime Site AG, Registered		27,747		2,334,072
				6,405,291
United Kingdom — 10.2%
Aberdeen Standard European Logistics Income PLC(b)		83,247		113,020
Assura PLC		965,283		951,061
Big Yellow Group PLC		59,381		844,576
BMO Commercial Property Trust		187,551		149,140
BMO Real Estate Investments Ltd.		95,238		68,467
British Land Co. PLC (The)		341,670		1,540,043
Capital & Counties Properties PLC		273,860		370,390
Civitas Social Housing PLC		231,352		311,104
CLS Holdings PLC		58,083		148,851
Custodian REIT PLC		147,577		162,767
Derwent London PLC		37,158		1,277,044
Empiric Student Property PLC		214,118		149,502
GCP Student Living PLC		168,402		243,873
Grainger PLC		244,329		883,305
Great Portland Estates PLC		93,024		694,016

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Hammerson PLC(a)(c)		1,440,375	$	303,665
Helical PLC		36,183		159,068
Impact Healthcare REIT PLC		90,885		116,339
Intu Properties PLC(a)(d)		6,694		0	(e)
Land Securities Group PLC		263,305		1,733,930
LondonMetric Property PLC		324,458		905,333
LXI REIT PLC		188,159		266,159
NewRiver REIT PLC(a)		115,117		94,517
Phoenix Spree Deutschland Ltd.		31,802		128,294
Picton Property Income Ltd. (The)		198,798		160,140
Primary Health Properties PLC		483,187		899,656
RDI REIT PLC		99,375		114,101
Regional REIT Ltd.(b)		128,762		103,889
Safestore Holdings PLC		75,604		785,469
Schroder REIT Ltd.		204,040		81,258
Segro PLC		438,464		5,113,746
Shaftesbury PLC		81,329		478,471
Shaftesbury PLC, New		9,815		6,980
Standard Life Investment Property Income Trust Ltd.		151,629		103,910
Target Healthcare REIT PLC		169,093		233,942
Triple Point Social Housing REIT PLC(b)		115,771		157,925
Tritax Big Box REIT PLC		630,529		1,276,719
Tritax EuroBox PLC(b)		153,301		176,414
UK Commercial Property REIT Ltd.		273,992		241,613
UNITE Group PLC (The)(c)		117,314		1,263,553
Workspace Group PLC		49,583		395,564
				23,207,814
Total Common Stocks — 99.4% (Cost: $284,300,863)				225,814,772
Rights
Singapore — 0.0%
Mapletree Logistics Trust (Expires 12/11/20)(c)		17,876		0	(e)
Total Rights — 0.0% (Cost: $0)				0	(e)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(f)(g)(h)		4,679,322	$	4,682,597
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(f)(g)		110,000		110,000
				4,792,597
Total Short-Term Investments — 2.1% (Cost: $4,793,439)				4,792,597
Total Investments in Securities — 101.5% (Cost: $289,094,302)				230,607,369
Other Assets, Less Liabilities — (1.5)%				(3,297,358	)
Net Assets — 100.0%			$	227,310,011

^(a)  All or a portion of this security is on loan.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Non-income producing security.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	411,987	$	4,275,027	(a)	$	—	$	(2,752	)	$	(1,665	)	$	4,682,597		4,679,322	$	124,138	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		20,000	(a)		—		—			—			110,000		110,000		98			—
								$	(2,752	)	$	(1,665	)	$	4,792,597			$	124,236		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

22 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Developed Real Estate ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		24		12/18/20	$	728	$	(44,291	)
Euro STOXX 50 Index		6		12/18/20		207		(10,134	)
Hang Seng Index		1		11/27/20		155		(3,652	)
TOPIX Index		2		12/10/20		301		(3,757	)
								(61,834)

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	61,834

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended October 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	271,835
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(182,526	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,932,942

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	225,807,715		$	6,980		$	77	$	225,814,772
Rights		—			0	(a)		—		0	(a)
Money Market Funds		4,792,597			—			—		4,792,597
	$	230,600,312		$	6,980		$	77	$	230,607,369
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(61,834	)	$	—		$	—	$	(61,834	)

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2020 iShares^® International Developed Real Estate ETF

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

24 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

October 31, 2020

	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,763,343,304		$	1,376,060,430		$	2,009,602,486
Affiliated(c)		2,040,000			4,491,339			14,085,156
Cash		2,815			4,359			14,776
Foreign currency, at value(d)		—			—			2,631,864
Cash pledged:
Futures contracts		194,000			194,000			673,000
Foreign currency collateral pledged:
Futures contracts(e)		—			—			71,630
Receivables:
Investments sold		—			—			1,539
Securities lending income — Affiliated		36			16,459			116,502
Capital shares sold		—			4,326			16,510
Dividends		966,708			980,445			4,093,095
Tax reclaims		—			—			271,094
Total assets		1,766,546,863			1,381,751,358			2,031,577,652
LIABILITIES
Collateral on securities loaned, at value		—			2,836,725			11,304,910
Payables:
Investments purchased		—			9,432			16,510
Variation margin on futures contracts		16,422			13,788			91,156
Investment advisory fees		519,571			98,362			251,803
Total liabilities		535,993			2,958,307			11,664,379
NET ASSETS	$	1,766,010,870		$	1,378,793,051		$	2,019,913,273
NET ASSETS CONSIST OF:
Paid-in capital	$	1,921,374,107		$	1,675,218,442		$	2,530,397,156
Accumulated loss		(155,363,237	)		(296,425,391	)		(510,483,883	)
NET ASSETS	$	1,766,010,870		$	1,378,793,051		$	2,019,913,273
Shares outstanding		17,900,000			32,350,000			99,300,000
Net asset value	$	98.66		$	42.62		$	20.34
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	—		$	2,661,957		$	10,801,247
(b) Investments, at cost — Unaffiliated	$	1,838,809,490		$	1,633,079,804		$	2,402,583,384
(c)  Investments, at cost — Affiliated	$	2,040,000		$	4,487,305		$	14,071,366
(d) Foreign currency, at cost	$	—		$	—		$	2,639,100
(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	71,696

See notes to financial statements.

FINANCIAL  STATEMENTS 25

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2020

	iShares International Developed Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	225,814,772
Affiliated(c)		4,792,597
Cash		16,747
Foreign currency, at value(d)		313,345
Cash pledged:
Futures contracts		80,000
Foreign currency collateral pledged:
Futures contracts(e)		56,783
Receivables:
Investments sold		307
Securities lending income — Affiliated		36,322
Dividends		806,381
Tax reclaims		187,786
Total assets		232,105,040
LIABILITIES
Collateral on securities loaned, at value		4,684,769
Payables:
Variation margin on futures contracts		12,765
Investment advisory fees		97,219
Professional fees		276
Total liabilities		4,795,029
NET ASSETS	$	227,310,011
NET ASSETS CONSIST OF:
Paid-in capital	$	380,626,334
Accumulated loss		(153,316,323	)
NET ASSETS	$	227,310,011
Shares outstanding		9,900,000
Net asset value	$	22.96
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	3,369,293
(b) Investments, at cost — Unaffiliated	$	284,300,863
(c)  Investments, at cost — Affiliated	$	4,793,439
(d) Foreign currency, at cost	$	314,696
(e) Foreign currency collateral pledged, at cost	$	56,770

See notes to financial statements.

26 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2020

	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	25,429,433		$	19,887,707		$	34,091,662
Dividends — Affiliated		2,619			1,958			2,845
Securities lending income — Affiliated — net		76,125			155,729			491,840
Foreign taxes withheld		—			—			(1,440,647	)
Total investment income		25,508,177			20,045,394			33,145,700
EXPENSES
Investment advisory fees		3,072,971			557,499			1,418,516
Miscellaneous		264			264			264
Total expenses		3,073,235			557,763			1,418,780
Net investment income		22,434,942			19,487,631			31,726,920
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		7,888,841			(17,562,684	)		(34,176,943	)
Investments — Affiliated		18,999			4,869			(2,957	)
In-kind redemptions — Unaffiliated		28,892,027			8,823,348			24,715,234
Futures contracts		367,055			660,229			1,260,166
Foreign currency transactions		—			—			118,918
Net realized gain (loss)		37,166,922			(8,074,238	)		(8,085,582	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(50,933,303	)		8,933,761			1,756,181
Investments — Affiliated		(32,352	)		(16,507	)		(15,584	)
Futures contracts		(362,506	)		(394,628	)		(802,186	)
Foreign currency translations		—			—			(73,679	)
Net change in unrealized appreciation (depreciation)		(51,328,161	)		8,522,626			864,732
Net realized and unrealized gain (loss)		(14,161,239	)		448,388			(7,220,850	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,273,703		$	19,936,019		$	24,506,070

See notes to financial statements.

FINANCIAL  STATEMENTS 27

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2020

	iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,832,036
Dividends — Affiliated		98
Securities lending income — Affiliated — net		124,138
Other income — Unaffiliated		423
Foreign taxes withheld		(367,588	)
Foreign withholding tax claims		1,529
Total investment income		4,590,636
EXPENSES
Investment advisory fees		607,534
Miscellaneous		264
Total expenses		607,798
Net investment income		3,982,838
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,742,105	)
Investments — Affiliated		(2,752	)
In-kind redemptions — Unaffiliated		(2,021,947	)
Futures contracts		271,835
Foreign currency transactions		74,605
Net realized loss		(8,420,364	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		12,265,739
Investments — Affiliated		(1,665	)
Futures contracts		(182,526	)
Foreign currency translations		(12,818	)
Net change in unrealized appreciation (depreciation)		12,068,730
Net realized and unrealized gain		3,648,366
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,631,204

See notes to financial statements.

28 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Cohen & Steers REIT ETF						IShares Core U.S. REIT ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	22,434,942		$	55,315,585		$	19,487,631		$	48,269,628
Net realized gain (loss)		37,166,922			58,518,629			(8,074,238	)		31,905,082
Net change in unrealized appreciation (depreciation)		(51,328,161	)		(302,415,032	)		8,522,626			(337,896,791	)
Net increase (decrease) in net assets resulting from operations		8,273,703			(188,580,818	)		19,936,019			(257,722,081	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(21,685,507	)		(57,779,284	)		(21,286,510	)		(55,248,742	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(63,438,324	)		(97,904,801	)		40,700,652			362,362,438
NET ASSETS
Total increase (decrease) in net assets		(76,850,128	)		(344,264,903	)		39,350,161			49,391,615
Beginning of period		1,842,860,998			2,187,125,901			1,339,442,890			1,290,051,275
End of period	$	1,766,010,870		$	1,842,860,998		$	1,378,793,051		$	1,339,442,890

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL  STATEMENTS 29

Statements of Changes in Net Assets (continued)

	iShares Global REIT ETF						iShares International Developed Real Estate ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	31,726,920		$	60,463,596		$	3,982,838		$	11,291,346
Net realized gain (loss)		(8,085,582	)		(19,632,563	)		(8,420,364	)		5,959,927
Net change in unrealized appreciation (depreciation)		864,732			(457,762,007	)		12,068,730			(73,663,655	)
Net increase (decrease) in net assets resulting from operations		24,506,070			(416,930,974	)		7,631,204			(56,412,382	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,846,728	)		(99,617,820	)		(3,892,808	)		(29,166,474	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		130,920,267			779,725,811			(35,812,041	)		(132,369,027	)
NET ASSETS
Total increase (decrease) in net assets		119,579,609			263,177,017			(32,073,645	)		(217,947,883	)
Beginning of period		1,900,333,664			1,637,156,647			259,383,656			477,331,539
End of period	$	2,019,913,273		$	1,900,333,664		$	227,310,011		$	259,383,656

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Cohen & Steers REIT ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	99.35		$	111.02		$	93.99		$	99.68		$	100.01		$	95.12
Net investment income(a)		1.25			2.77			2.55			2.60			2.42			2.23
Net realized and unrealized gain (loss)(b)		(0.73	)		(11.56	)		17.50			(5.17	)		1.15			6.33
Net increase (decrease) from investment operations		0.52			(8.79	)		20.05			(2.57	)		3.57			8.56
Distributions(c)
From net investment income		(1.21	)		(2.88	)		(3.02	)		(3.12	)		(3.90	)		(3.67	)
Total distributions		(1.21	)		(2.88	)		(3.02	)		(3.12	)		(3.90	)		(3.67	)
Net asset value, end of period	$	98.66		$	99.35		$	111.02		$	93.99		$	99.68		$	100.01
Total Return
Based on net asset value		0.51	%(d)		(8.10	)%		21.70	%		(2.68	)%		3.58	%		9.22	%
Ratios to Average Net Assets
Total expenses		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%
Net investment income		2.42	%(e)		2.43	%		2.51	%		2.63	%		2.37	%		2.33	%
Supplemental Data
Net assets, end of period (000)	$	1,766,011		$	1,842,861		$	2,187,126		$	2,476,649		$	3,239,748		$	3,680,246
Portfolio turnover rate(f)		10	%(d)		19	%		17	%		12	%		8	%		14	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 31

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	42.45		$	51.60		$	45.73		$	48.93		$	47.95		$	46.04
Net investment income(a)		0.62			1.62			1.79			1.70			1.27			1.02
Net realized and unrealized gain (loss)(b)		0.22			(8.95	)		6.59			(3.20	)		1.60			2.77
Net increase (decrease) from investment operations		0.84			(7.33	)		8.38			(1.50	)		2.87			3.79
Distributions(c)
From net investment income		(0.67	)		(1.80	)		(2.44	)		(1.70	)		(1.89	)		(1.88	)
From net realized gain		—			(0.02	)		(0.07	)		—			—			—
Total distributions		(0.67	)		(1.82	)		(2.51	)		(1.70	)		(1.89	)		(1.88	)
Net asset value, end of period	$	42.62		$	42.45		$	51.60		$	45.73		$	48.93		$	47.95
Total Return
Based on net asset value		1.96	%(d)		(14.60	)%		18.82	%		(3.18	)%		6.02	%		8.48	%
Ratios to Average Net Assets
Total expenses		0.08	%(e)		0.08	%		0.08	%		0.08	%		0.28	%		0.48	%
Net investment income		2.80	%(e)		3.12	%		3.64	%		3.60	%		2.57	%		2.22	%
Supplemental Data
Net assets, end of period (000)	$	1,378,793		$	1,339,443		$	1,290,051		$	514,475		$	124,765		$	74,323
Portfolio turnover rate(f)		3	%(d)		8	%		11	%		8	%		30	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

32 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global REIT ETF
Six Months Ended 10/31/20 (unaudited)				Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	20.42		$	26.53		$	24.82		$	25.42		$	26.35		$	25.81
Net investment income(a)		0.33			0.88			0.98			0.97			0.86			0.87
Net realized and unrealized gain (loss)(b)		(0.04	)		(5.54	)		2.08			(0.56	)		(0.47	)		0.64
Net increase (decrease) from investment operations		0.29			(4.66	)		3.06			0.41			0.39			1.51
Distributions(c)
From net investment income		(0.37	)		(1.45	)		(1.35	)		(0.99	)		(1.29	)		(0.97	)
From net realized gain		—			—			—			(0.02	)		(0.03	)		—
Total distributions		(0.37	)		(1.45	)		(1.35	)		(1.01	)		(1.32	)		(0.97	)
Net asset value, end of period	$	20.34		$	20.42		$	26.53		$	24.82		$	25.42		$	26.35
Total Return
Based on net asset value		1.39	%(d)		(18.47	)%		12.77	%		1.61	%		1.53	%		6.17	%
Ratios to Average Net Assets
Total expenses		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		3.13	%(e)		3.36	%		3.85	%		3.83	%		3.31	%		3.47	%
Supplemental Data
Net assets, end of period (000)	$	2,019,913		$	1,900,334		$	1,637,157		$	913,379		$	350,819		$	144,910
Portfolio turnover rate(f)		4	%(d)		8	%		9	%		7	%		5	%		9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Real Estate ETF
	Six Months Ended 10/31/20 (unaudited)			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17			Year Ended 04/30/16
Net asset value, beginning of period	$	22.75		$	29.65		$	30.40		$	28.11		$	30.06		$	32.17
Net investment income(a)		0.38			0.86			0.93			0.91			0.82			0.75
Net realized and unrealized gain (loss)(b)		0.20			(5.47	)		(0.55	)		2.86			(0.76	)		(1.79	)
Net increase (decrease) from investment operations		0.58			(4.61	)		0.38			3.77			0.06			(1.04	)
Distributions(c)
From net investment income		(0.37	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)		(1.07	)
Total distributions		(0.37	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)		(1.07	)
Net asset value, end of period	$	22.96		$	22.75		$	29.65		$	30.40		$	28.11		$	30.06
Total Return
Based on net asset value		2.52	%(d)		(16.93	)%		1.39	%		13.69	%		0.63	%(e)		(3.11	)%
Ratios to Average Net Assets
Total expenses		0.48	%(f)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			0.48	%		N/A			0.48	%		N/A
Net investment income		3.15	%(f)		2.99	%		3.20	%		3.08	%		2.85	%(e)		2.56	%
Supplemental Data
Net assets, end of period (000)	$	227,310		$	259,384		$	477,332		$	535,093		$	519,971		$	700,478
Portfolio turnover rate(g)		7	%(d)		10	%		8	%		8	%		7	%		12	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

• Total return by 0.04%.

• Ratio of net investment income to average net assets by 0.01%.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Cohen & Steers REIT	Non-diversified
Core U.S. REIT	Diversified
Global REIT	Diversified
International Developed Real Estate	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement of operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, if any, are disclosed in the statement of assets and liabilities.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

NOTES  TO  FINANCIAL  STATEMENTS 35

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

36 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Core U.S. REIT
Barclays Capital Inc.	$	5,234	$	5,234	$	—	$	—
Goldman Sachs & Co.		916,355		916,355		—		—
JPMorgan Securities LLC		9,516		9,516		—		—
Morgan Stanley & Co. LLC		1,728,581		1,728,581		—		—
State Street Bank & Trust Company		2,271		2,271		—		—
		2,661,957		2,661,957		—		—
Global REIT
BNP Paribas Prime Brokerage International Ltd.	$	7,375	$	7,375	$	—	$	—
BofA Securities, Inc.		2,456,301		2,456,301		—		—
Citigroup Global Markets Inc.		40,931		40,931		—		—
Credit Suisse Securities (USA) LLC		383,576		383,576		—		—
Goldman Sachs & Co.		2,117,931		2,117,931		—		—
HSBC Bank PLC		578,032		578,032		—		—
JPMorgan Securities LLC		2,837,925		2,837,925		—		—
National Financial Services LLC		1,598,200		1,598,200		—		—
State Street Bank & Trust Company		780,976		780,976		—		—
		10,801,247		10,801,247		—		—
International Developed Real Estate
BofA Securities, Inc.	$	136,369	$	136,369	$	—	$	—
Goldman Sachs & Co.		354,941		354,941		—		—
HSBC Bank PLC		207,856		207,856		—		—
JPMorgan Securities LLC		18,983		18,983		—		—
Morgan Stanley & Co. LLC		1,281,240		1,281,240		—		—
SG Americas Securities LLC		1,369,904		1,369,904		—		—
		3,369,293		3,369,293		—		—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

NOTES  TO  FINANCIAL  STATEMENTS 37

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Cohen & Steers REIT ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.3500	%
Over $121 billion, up to and including $181 billion		0.3325
Over $181 billion, up to and including $231 billion		0.3159
Over $231 billion, up to and including $281 billion		0.3001
Over $281 billion		0.2851

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core U.S. REIT		0.08	%
Global REIT		0.14
International Developed Real Estate		0.48

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money

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Notes to Financial Statements (unaudited) (continued)

market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Cohen & Steers REIT ETF and iShares Core U.S. REIT ETF (the “Group 1 Funds”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Global REIT ETF and iShares International Developed Real Estate ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Cohen & Steers REIT	$	32,069
Core U.S. REIT		57,973
Global REIT		116,475
International Developed Real Estate		28,380

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cohen & Steers REIT	$	10,274,434	$	1,526,490	$	(577,952	)
Core U.S. REIT		4,353,624		4,946,260		(2,578,138	)
Global REIT		2,866,242		12,896,911		(7,067,747)
International Developed Real Estate		1,005,495		753,874		(418,735	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	180,915,885	$	173,956,318
Core U.S. REIT		40,997,852		34,426,962
Global REIT		102,957,782		71,191,688
International Developed Real Estate		16,483,019		17,466,267

NOTES  TO  FINANCIAL  STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	62,225,987	$	125,523,023
Core U.S. REIT		203,161,503		162,845,260
Global REIT		213,523,835		113,515,198
International Developed Real Estate		13,292,890		47,643,152

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Cohen & Steers REIT	$	74,530,498
Global REIT		10,949,984
International Developed Real Estate		66,975,112

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cohen & Steers REIT	$	1,862,446,816	$	285,767,512	$	(382,853,850	)	$	(97,086,338	)
Core U.S. REIT		1,648,081,927		110,840,695		(378,405,652	)		(267,564,957	)
Global REIT		2,451,862,965		132,807,823		(561,238,106	)		(428,430,283	)
International Developed Real Estate		295,787,573		21,905,966		(87,148,004	)		(65,242,038	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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Notes to Financial Statements (unaudited) (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations,

NOTES  TO  FINANCIAL  STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/20						Year Ended 04/30/20
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		600,000		$	62,438,070			2,050,000		$	241,031,203
Shares redeemed		(1,250,000	)		(125,876,394	)		(3,200,000	)		(338,936,004	)
Net decrease		(650,000	)		(63,438,324	)		(1,150,000	)		(97,904,801	)
Core U.S. REIT
Shares sold		4,750,000			204,398,767			15,600,000			781,521,024
Shares redeemed		(3,950,000	)		(163,698,115	)		(9,050,000	)		(419,158,586	)
Net increase		800,000			40,700,652			6,550,000			362,362,438
Global REIT
Shares sold		11,900,000			251,029,969			37,850,000			946,728,517
Shares redeemed		(5,650,000	)		(120,109,702	)		(6,500,000	)		(167,002,706	)
Net increase		6,250,000			130,920,267			31,350,000			779,725,811
International Developed Real Estate
Shares sold		600,000			13,805,489			400,000			12,029,743
Shares redeemed		(2,100,000	)		(49,617,530	)		(5,100,000	)		(144,398,770	)
Net decrease		(1,500,000	)		(35,812,041	)		(4,700,000	)		(132,369,027	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Developed Real Estate ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated

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Notes to Financial Statements (unaudited) (continued)

January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On September 17, 2020, the Board approved a two-for-one stock split for the iShares Cohen & Steers REIT ETF, effective after the close of trading on December 4, 2020. The impact of the stock split will be to increase the number of shares outstanding by a factor of two, while decreasing the NAV per share by a factor of two, resulting in no effect on the net assets of the Fund.

NOTES  TO  FINANCIAL  STATEMENTS 43

Board Review and Approval of Investment Advisory Contract

iShares Cohen & Steers REIT ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

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Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares Core U.S. REIT ETF, iShares Global REIT ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers;

BOARD    REVIEW   AND    APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 45

Board Review and Approval of Investment Advisory Contract (continued)

risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

46 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

iShares International Developed Real Estate ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with

BOARD    REVIEW   AND    APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 47

Board Review and Approval of Investment Advisory Contract (continued)

independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

48 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 49

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2020

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core U.S. REIT	$	0.673175	$	—	$	—	$	0.673175		100	%		—	%		—	%		100	%
Global REIT(a)		0.344725		—		0.027889		0.372614		93			—			7			100
International Developed Real Estate(a)		0.353469		—		0.019407		0.372876		95			—			5			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

50 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

GENERAL  INFORMATION 51

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS Non-Voting Shares

52 2 0 2 0  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc. or FTSE International Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-405-1020

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a)  (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 06, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 06, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: January 06, 2021