iShares MSCI ACWI ex U.S. ETF (ACWX) 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, 2022

Date of reporting period: October 31, 2021

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

  OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Global Clean Energy ETF | ICLN | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		10.91%		42.91%
U.S. small cap equities (Russell 2000® Index)		1.85		50.80
International equities (MSCI Europe, Australasia, Far East Index)		4.14		34.18
Emerging market equities (MSCI Emerging Markets Index)		(4.87)		16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01		0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.59		(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.06		(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.33		2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.36		10.53
Past performance is not an indication 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		5	��
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
General Information		26
Glossary of Terms Used in this Report		27

Fund Summary as  of October 31, 2021 iShares^® Global Clean Energy ETF

Investment Objective

The iShares Global Clean Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the clean energy sector, as represented by the S&P Global Clean Energy 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		9.36	%		30.35	%		25.79	%		12.59	%		30.35	%		214.94	%		227.32	%
Fund Market		9.34			30.14			25.81			12.74			30.14			215.17			231.71
Index		9.53			30.51			25.83			11.83			30.51			215.43			205.87

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 5 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning   Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period (a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,093.60	$	2.11	$	1,000.00	$	1,023.20	$	2.04		0.40	%

(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Electric Utilities	21.6	%
Semiconductor Equipment	19.6
Heavy Electrical Equipment	15.1
Renewable Electricity	14.2
Electrical Components & Equipment	13.5
Multi-Utilities	6.3
Semiconductors	5.4
Oil & Gas Refining & Marketing	1.9
Independent Power Producers & Energy Traders	1.1
Other (each representing less than 1%)	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	41.5	%
Denmark	13.3
Canada	7.0
China	6.6
Spain	6.1
Portugal	5.5
United Kingdom	3.9
Switzerland	2.6
South Korea	2.0
Germany	1.8

^(a)  Excludes money market funds.

4 2 0 2 1  I SHARES  SEMI - 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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.

ABOUT  FUND  PERFORMANCE / SHAREHOLDER  EXPENSES 5

Schedule of Investments (unaudited) October 31, 2021 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 1.6%
Verbund AG		1,045,986	$	109,035,930
Brazil — 0.7%
Centrais Eletricas Brasileiras SA, ADR(a)		5,372,930		32,667,415
Cia. Paranaense de Energia, ADR(a)		2,381,385		12,168,877
				44,836,292
Canada — 7.0%
Algonquin Power & Utilities Corp.		6,129,524		88,357,069
Ballard Power Systems Inc.(a)(b)		4,962,585		89,940,838
Boralex Inc., Class A		1,772,311		54,847,698
Brookfield Renewable Corp., Class A		1,623,517		67,244,248
Canadian Solar Inc.(a)(b)		684,975		28,460,711
Innergex Renewable Energy Inc.		2,713,002		45,158,243
Northland Power Inc.		3,360,134		108,031,458
				482,040,265
Chile — 0.5%
Enel Americas SA, ADR		5,750,187		32,546,058
China — 6.6%
China Datang Corp. Renewable Power Co. Ltd., Class H		46,178,000		19,536,775
Daqo New Energy Corp., ADR(a)(b)		1,182,069		91,953,147
Flat Glass Group Co. Ltd., Class H(a)		7,953,000		42,633,403
GCL New Energy Holdings Ltd.(a)(b)		159,340,000		7,468,081
JinkoSolar Holding Co. Ltd., ADR(a)(b)		763,745		45,687,226
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		15,317,200		34,253,764
Xinyi Energy Holdings Ltd.		42,358,000		24,975,944
Xinyi Solar Holdings Ltd.(a)		89,974,000		186,899,328
				453,407,668
Denmark — 13.3%
Orsted A/S(c)		2,599,040		367,094,827
Vestas Wind Systems A/S(a)		12,694,482		548,777,539
				915,872,366
France — 0.8%
McPhy Energy SA(a)(b)		441,791		11,987,497
Neoen SA(a)(b)(c)		955,815		44,008,042
				55,995,539
Germany — 1.8%
Encavis AG(a)		2,019,598		42,322,542
Nordex SE(a)(b)		2,128,359		39,113,511
SMA Solar Technology AG(a)		337,529		17,846,118
VERBIO Vereinigte BioEnergie AG		351,197		27,924,006
				127,206,177
India — 0.1%
Azure Power Global Ltd.(a)(b)		274,671		6,534,423
Israel — 0.7%
Energix-Renewable Energies Ltd.(a)		3,878,964		18,256,661
Enlight Renewable Energy Ltd.(b)		12,677,543		31,254,275
				49,510,936
Italy — 0.8%
ERG SpA		828,073		29,913,239
Falck Renewables SpA		2,314,014		23,337,846
				53,251,085
Japan — 0.8%
gremz Inc.		125,100		2,879,711

Security	Shares		Value
Japan (continued)
RENOVA Inc.(b)		838,100	$	36,868,753
West Holdings Corp.		321,600		17,974,783
				57,723,247
New Zealand — 1.5%
Contact Energy Ltd.		9,010,190		52,870,260
Meridian Energy Ltd.		14,590,541		52,267,607
				105,137,867
Norway — 1.1%
NEL ASA(a)(b)		14,175,436		30,013,165
Scatec ASA		2,365,252		46,654,506
				76,667,671
Portugal — 5.5%
EDP - Energias de Portugal SA		43,692,066		246,538,598
EDP Renovaveis SA(a)		4,767,118		132,809,986
				379,348,584
Singapore — 0.1%
Maxeon Solar Technologies Ltd.(a)(b)		426,612		9,611,568
South Korea — 1.9%
CS Wind Corp.(a)		468,804		27,987,420
Doosan Fuel Cell Co. Ltd.(a)(b)		806,088		36,185,606
Hanwha Solutions Corp.(b)		1,822,623		63,942,706
Unison Co. Ltd.(a)(b)		2,110,248		6,237,861
				134,353,593
Spain — 6.1%
Iberdrola SA		22,632,121		267,252,276
Siemens Gamesa Renewable Energy SA(b)		4,462,161		121,083,369
Solaria Energia y Medio Ambiente SA(b)		1,488,269		29,783,524
				418,119,169
Sweden — 0.3%
PowerCell Sweden AB(a)(b)		921,227		20,589,026
Switzerland — 2.5%
BKW AG		290,859		38,535,070
Meyer Burger Technology AG(a)(b)		48,241,903		23,022,389
Siemens Energy AG(b)		3,966,866		113,851,359
				175,408,818
United Kingdom — 3.9%
Atlantica Sustainable Infrastructure PLC		924,075		36,362,351
SSE PLC		10,404,721		234,310,088
				270,672,439
United States — 41.3%
Aemetis Inc.(b)		566,192		11,267,221
Array Technologies Inc.(a)(b)		2,369,755		50,594,269
Avangrid Inc.		1,037,695		54,686,527
Bloom Energy Corp., Class A(a)(b)		2,894,724		90,489,072
Clearway Energy Inc., Class C		1,215,734		43,134,242
Consolidated Edison Inc.		4,620,642		348,396,407
Enphase Energy Inc.(a)(b)		2,672,411		619,010,560
First Solar Inc.(a)(b)		1,962,834		234,735,318
FuelCell Energy Inc.(a)(b)		4,801,482		38,363,841
Green Plains Inc.(a)(b)		794,524		30,152,186
Ormat Technologies Inc.(a)		666,962		48,241,361
Plug Power Inc.(a)(b)		10,261,587		392,710,935
Renewable Energy Group Inc.(a)(b)		997,238		63,823,232
Shoals Technologies Group Inc., Class A(a)(b)		2,023,666		62,713,409
SolarEdge Technologies Inc.(a)(b)		1,037,642		368,030,865
Sunnova Energy International Inc.(a)(b)		1,845,147		82,219,750
SunPower Corp.(a)(b)		1,647,078		55,440,646

6 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Global Clean Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Sunrun Inc.(a)(b)		4,088,065	$	235,799,589
TPI Composites Inc.(a)(b)		739,430		24,867,031
				2,854,676,461
Total Common Stocks — 98.9% (Cost: $5,840,205,370)				6,832,545,182
Preferred Stocks
Brazil — 0.7%
Cia. Energetica de Minas Gerais, Preference Shares, ADR(a)		22,379,024		50,352,804
Total Preferred Stocks — 0.7% (Cost: $42,892,189)				50,352,804
Short-Term Investments
Money Market Funds — 11.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		744,397,392		744,769,591
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		15,260,000		15,260,000
				760,029,591
Total Short-Term Investments — 11.0% (Cost: $759,986,816)				760,029,591
Total Investments in Securities — 110.6% (Cost: $6,643,084,375)				7,642,927,577
Other Assets, Less Liabilities — (10.6)%				(733,022,026	)
Net Assets — 100.0%			$	6,909,905,551

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	436,749,892	$	308,019,843	(a)	$	—		$	(21,855	)	$	21,711	$	744,769,591		744,397,392	$	1,559,712	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		43,810,000		—			(28,550,000	)(a)		—			—		15,260,000		15,260,000		962			—
									$	(21,855	)	$	21,711	$	760,029,591			$	1,560,674		$	—

(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.

7

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Global Clean Energy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		107		12/17/21	$	5,246	$	105,197
MSCI Emerging Markets Index		33		12/17/21		2,082		(29,635	)
S&P 500 E-Mini Index		29		12/17/21		6,666		229,819
							$	305,381

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	2,292,452	$	195,902	(c)	$	2,488,306		0.0	%
	Monthly	HSBC Bank PLC(d)		02/10/23		6,751,197		454,674	(e)		7,394,595		0.1
							$	650,576		$	9,882,901

(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

(c) Amount includes $48 of net dividends and financing fees.

(e) Amount includes $(188,724) of net dividends, payable for referenced securities purchased and financing fees. The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)
Range:	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

8 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Global Clean Energy ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of October 31, 2021 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
United States
Green Plains Inc.		65,568	$	2,488,306		100.0	%
Net Value of Reference Entity — Goldman Sachs Bank USA			$	2,488,306

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of October 31, 2021 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
United States
Green Plains Inc.		194,851	$	7,394,595		100.0	%
Net Value of Reference Entity — HSBC Bank PLC			$	7,394,595

Balances Reported in the Statement of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized   Depreciation
Total Return Swaps		$—		$—		$650,576		$—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	335,016
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	650,576
	$	985,592
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	29,635

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement 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 period ended October 31, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	823,635
Swaps		4,596,805
	$	5,420,440
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	116,349
Swaps		(1,618,483	)
	$	(1,502,134)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,758,579
Total return swaps:
Average notional value	$	24,363,160

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

9

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Global Clean Energy ETF     

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	335,016		$	29,635
Swaps - OTC(a)		650,576			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		985,592			29,635
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(335,016	)		(29,635	)
Total derivative assets and liabilities subject to an MNA		650,576			—

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
Goldman Sachs Bank USA	$	195,902	$	—		$	—	$	—		$	195,902
HSBC Bank PLC		454,674		—			—		(454,674	)		—
	$	650,576	$	—		$	—	$	(454,674	)	$	195,902

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,004,310,053		$	2,828,235,129	$	—	$	6,832,545,182
Preferred Stocks		50,352,804			—		—		50,352,804
Money Market Funds		760,029,591			—		—		760,029,591
	$	4,814,692,448		$	2,828,235,129	$	—	$	7,642,927,577
Derivative financial instruments(a)
Assets
Futures Contracts	$	229,819		$	105,197	$	—	$	335,016
Swaps		—			650,576		—		650,576
Liabilities
Futures Contracts		(29,635	)		—		—		(29,635	)
	$	200,184		$	755,773	$	—	$	955,957

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

10 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

October 31, 2021

	iShares Global Clean Energy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,882,897,986
Affiliated(c)		760,029,591
Cash		718,869
Foreign currency, at value(d)		5,377,328
Cash pledged:
Futures contracts		459,000
Foreign currency collateral pledged:
Futures contracts(e)		388,416
Receivables:
Securities lending income — Affiliated		233,006
Variation margin on futures contracts		13,045
Capital shares sold		3,155,540
Dividends		5,153,569
Tax reclaims		767,167
Unrealized appreciation on:
OTC swaps		650,576
Total assets		7,659,844,093
LIABILITIES
Cash received:
Collateral — OTC derivatives		460,000
Collateral on securities loaned, at value		744,806,690
Payables:
Investments purchased		2,589,221
Investment advisory fees		2,082,631
Total liabilities		749,938,542
NET ASSETS	$	6,909,905,551
NET ASSETS CONSIST OF:
Paid-in capital	$	6,444,193,804
Accumulated earnings		465,711,747
NET ASSETS	$	6,909,905,551
Shares outstanding		274,000,000
Net asset value	$	25.22
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	739,014,385
(b) Investments, at cost — Unaffiliated	$	5,883,097,559
(c)  Investments, at cost — Affiliated	$	759,986,816
(d) Foreign currency, at cost	$	5,398,863
(e) Foreign currency collateral pledged, at cost	$	390,122

See notes to financial statements.

FINANCIAL  STATEMENTS 11

Statements of Operations (unaudited)

Six Months Ended October 31, 2021

	iShares Global Clean Energy ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	42,385,374
Dividends — Affiliated		962
Non-cash dividends — Unaffiliated		6,049,408
Securities lending income — Affiliated — net		1,559,712
Foreign taxes withheld		(2,284,865	)
Total investment income		47,710,591
EXPENSES
Investment advisory fees		12,207,322
Commitment fees		9,895
Total expenses		12,217,217
Net investment income		35,493,374
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(119,109,258	)
Investments — Affiliated		(21,855	)
In-kind redemptions — Unaffiliated		39,133,458
Futures contracts		823,635
Foreign currency transactions		(473,210	)
Swaps		4,596,805
Net realized loss		(75,050,425	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		631,079,123
Investments — Affiliated		21,711
Futures contracts		116,349
Foreign currency translations		(46,174	)
Swaps		(1,618,483	)
Net change in unrealized appreciation (depreciation)		629,552,526
Net realized and unrealized gain		554,502,101
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	589,995,475

See notes to financial statements.

12 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Global Clean Energy ETF
	Six Months Ended 10/31/21 (unaudited)			Period from 04/01/21 to 04/30/21			Year Ended 03/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	35,493,374		$	14,355,638		$	14,798,479
Net realized gain (loss)		(75,050,425	)		(300,457,331	)		271,060,644
Net change in unrealized appreciation (depreciation)		629,552,526			65,740,037			367,839,615
Net increase (decrease) in net assets resulting from operations		589,995,475			(220,361,656	)		653,698,738
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(32,347,409	)		—			(9,446,251	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		496,303,137			434,045,210			4,498,791,051
NET ASSETS
Total increase in net assets		1,053,951,203			213,683,554			5,143,043,538
Beginning of period		5,855,954,348			5,642,270,794			499,227,256
End of period	$	6,909,905,551		$	5,855,954,348		$	5,642,270,794

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

See notes to financial statements.

FINANCIAL  STATEMENTS 13

Financial Highlights

(For a share outstanding throughout each period)

	iShares Global Clean Energy ETF
		Six Months Ended			Period From
	10/31/21 (unaudited)			04/01/21 to 04/30/21			Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17
Net asset value, beginning of period	$	23.19		$	24.07			$	9.62			$	9.75			$	9.47			$	8.54			$	9.27
Net investment income(a)		0.13			0.06				0.13				0.11				0.19				0.26				0.25
Net realized and unrealized gain (loss)(b)		2.02			(0.94	)			14.42				(0.08	)			0.32				0.90				(0.67	)
Net increase (decrease) from investment operations		2.15			(0.88	)			14.55				0.03				0.51				1.16				(0.42	)
Distributions(c)
From net investment income		(0.12	)		—				(0.10	)			(0.16	)			(0.23	)			(0.23	)			(0.31	)
Total distributions		(0.12	)		—				(0.10	)			(0.16	)			(0.23	)			(0.23	)			(0.31	)
Net asset value, end of period	$	25.22		$	23.19			$	24.07			$	9.62			$	9.75			$	9.47			$	8.54
Total Return(d)
Based on net asset value		9.36	%(e)		(3.66	)%(e)			151.73	%			0.12	%			5.69	%			13.90	%			(4.39	)%
Ratios to Average Net Assets
Total expenses		0.40	%(f)		0.41	%(f)			0.42	%			0.46	%			0.46	%			0.47	%			0.48	%
Net investment income		1.18	%(f)		3.07	%(f)			0.57	%			1.01	%			2.13	%			2.91	%			2.86	%
Supplemental Data
Net assets, end of period (000)	$	6,909,906		$	5,855,954			$	5,642,271			$	499,227			$	208,595			$	156,209			$	80,235
Portfolio turnover rate(g)		26	%(e)		54	%(e)			31	%			37	%			42	%			29	%			35	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

14 2 0 2 1  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 fund (the “Fund”):

iShares ETF	Diversification Classification
Global Clean Energy		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. The 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 Fund is 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.

Foreign Currency Translation: The 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.

The 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. The 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the 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, 2021, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record 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 Fund 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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. 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 15

Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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. The Fund determines the fair values 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 the 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 or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., 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 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 the 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 the 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 judgment 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: The 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 the 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

16 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, the 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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the 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. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Global Clean Energy
Barclays Bank PLC	$	19,690,102	$	19,690,102		$	—	$	—
Barclays Capital, Inc.		22,069,752		22,069,752			—		—
BNP Paribas SA		21,618,632		21,618,632			—		—
BofA Securities, Inc.		85,459,106		85,459,106			—		—
Citadel Clearing LLC		575,184		551,973			—		(23,211	)(b)
Citigroup Global Markets, Inc.		13,654,899		13,654,899			—		—
Credit Suisse AG		10,773,195		10,773,195			—		—
Credit Suisse Securities (USA) LLC		34,699,898		33,937,736			—		(762,162	)(b)
Deutsche Bank Securities, Inc.		524,554		91,245			—		(433,309	)(b)
Goldman Sachs & Co. LLC		94,725,107		94,226,699			—		(498,408	)(b)
HSBC Bank PLC		2,994,874		2,994,874			—		—
J.P. Morgan Securities LLC		76,969,699		76,969,699			—		—
Jefferies LLC		1,390,657		1,390,657			—		—
Macquarie Bank Ltd.		990,064		990,064			—		—
Morgan Stanley		257,109,232		256,019,803			—		(1,089,429	)(b)
Natixis S.A.		1,035,420		1,017,549			—		(17,871	)(b)
Scotia Capital (USA), Inc.		24,046,573		24,046,573			—		—
SG Americas Securities LLC		1,860,837		1,860,837			—		—
State Street Bank & Trust Co.		34,811,122		34,543,571			—		(267,551	)(b)
Toronto Dominion Bank		3,304,182		3,170,842			—		(133,340	)(b)
UBS AG		24,529,202		24,529,202			—		—
UBS Securities LLC		1,438,225		1,414,440			—		(23,785	)(b)
Wells Fargo Bank N.A.		2,962,098		2,941,054			—		(21,044	)(b)
Wells Fargo Securities LLC		1,781,771		1,779,287			—		(2,484	)(b)
	$	739,014,385	$	735,741,791		$	—	$	(3,272,594	)

^(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 the Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of October 31, 2021. 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, the 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. The 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 the Fund.

NOTES  TO    FINANCIAL   STATEMENTS 17

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: 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 Fund 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 Fund is 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 Fund agrees 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 rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the Fund to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

18 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

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 the 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 Fund, 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 Fund, 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 $10 billion		0.4800%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to the Fund, BFA was 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 $10 billion		0.480%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The 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 the 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. The 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, the 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 that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement,

NOTES  TO    FINANCIAL   STATEMENTS 19

Notes to Financial Statements (unaudited) (continued)

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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended October 31, 2021, the Fund paid BTC $438,279 for securities lending agent services.

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, 2021, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Clean Energy	$	3,480,594	$	3,936,575	$	(403,405	)

The 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Clean Energy	$	1,657,288,821	$	1,573,872,403

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global Clean Energy	$	592,609,740	$	142,624,752

8. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of October 31, 2021, 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 Fund’s financial statements.

As of April 30, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $441,682,915.

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, 2021, 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)
Global Clean Energy	$	6,684,627,564	$	1,228,432,094	$	(269,176,124	)	$	959,255,970

20 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The Fund, 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 October 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. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% 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 Syndicated Credit Agreement.

During the six months ended October 31, 2021, the Fund did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, the 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 Fund and its investments. The 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 the 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 Fund 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 Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s 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 Fund.

NOTES  TO    FINANCIAL   STATEMENTS 21

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 Fund 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, the 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 Fund.

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 the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its 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 Fund’s 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund 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 Fund is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/21						Period From 04/01/21 to 04/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount			Shares			Amount
Global Clean Energy
Shares sold		28,400,000		$	646,766,299			21,400,000		$	512,390,471			208,000,000		$	5,064,503,842
Shares redeemed		(6,900,000	)		(150,463,162	)		(3,300,000	)		(78,345,261	)		(25,500,000	)		(565,712,791	)
Net increase		21,500,000		$	496,303,137			18,100,000		$	434,045,210			182,500,000		$	4,498,791,051

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. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.

22 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Global Clean Energy 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 Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT   ADVISORY   CONTRACT 23

Board Review and Approval of Investment Advisory Contract (continued)

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 Agreement 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

24 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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 the 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, 2021

	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
Global Clean Energy(a)	$	0.122738	$	—	$	0.001484	$	0.124222		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.

SUPPLEMENTAL  INFORMATION 25

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 and Rule 30e-3 notices 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 Fund files its 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 Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

26 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 27

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Fund’s 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.

©2021 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-408-1021

OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

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

· 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. Transportation ETF  |  IYT  |  Cboe BZX

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped   Index)	2.36	10.53
Past performance is not an indication 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		39
Statements of Operations		41
Statements of Changes in Net Assets		43
Financial Highlights		46
Notes to Financial Statements		52
Board Review and Approval of Investment Advisory Contract		61
Supplemental Information		67
General Information		68
Glossary of Terms Used in this Report		69

Fund Summary as of October 31, 2021 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		10.22	%		43.36	%		18.75	%		15.91	%		43.36	%		136.18	%		337.63	%
Fund Market		10.12			43.31			18.74			15.90			43.31			136.06			337.39
Index		10.34			43.66			18.99			16.13			43.66			138.51			345.99

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 (05/01/21)		Ending Account Value (10/31/21)		Expenses    Paid During    the Period  (a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses    Paid During    the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	1,102.20	$	1.06	$	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		28.1%
Health Care		12.9
Consumer Discretionary		12.7
Financials		11.6
Communication Services		10.1
Industrials		8.6
Consumer Staples		5.2
Real Estate		3.2
Energy		2.7
Materials		2.6
Utilities		2.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		5.6%
Apple Inc.		5.2
Amazon.com Inc.		3.3
Tesla Inc.		2.0
Alphabet Inc., Class A		2.0
Alphabet Inc., Class C		1.9
Meta Platforms Inc, Class A		1.7
NVIDIA Corp.		1.4
Berkshire Hathaway Inc., Class B		1.2
JPMorgan Chase & Co.		1.1

4 2 0 2 1  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

Fund Summary as of October 31, 2021 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 Russell 1000 Energy RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		21.31	%		111.28	%		0.40	%		0.70	%		111.28	%		2.04	%		7.23	%
Fund Market		21.26			111.49			0.42			0.70			111.49			2.10			7.24
Index(a)		21.60			112.22			0.82			1.10			112.22			4.15			11.53
Dow Jones U.S. Oil & Gas Index™		21.10			111.34			0.73			1.05			111.34			3.72			11.06
Russell 1000 Energy RIC 22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a)  Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Oil & Gas Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Energy RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Oil & Gas Index^TM as the underlying index of the fund.

^(b)  The inception date of the Russell 1000 Energy RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 11.32%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses    Paid During    the Period  (a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses    Paid During    the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	1,213.10	$	2.18	$	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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Oil, Gas & Consumable Fuels		86.8%
Energy Equipment & Services		7.8
Semiconductors & Semiconductor Equipment		3.4
Electrical Equipment		2.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Exxon Mobil Corp.		20.3%
Chevron Corp.		16.6
ConocoPhillips		7.8
EOG Resources Inc.		5.1
Schlumberger NV		4.2
Marathon Petroleum Corp.		3.9
Pioneer Natural Resources Co.		3.5
Williams Companies Inc. (The)		2.9
Kinder Morgan Inc.		2.9
Phillips 66		2.8

F U N D  S U M M A R Y 5

Fund Summary as of October 31, 2021  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 Russell 1000 Health Care RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.46	%		33.07	%		17.13	%		17.06	%		33.07	%		120.44	%		382.99	%
Fund Market		10.47			33.06			17.12			17.05			33.06			120.36			382.70
Index(a)		10.68			33.59			17.59			17.54			33.59			124.82			403.33
Dow Jones U.S. Health Care Index™		10.48			33.35			17.55			17.52			33.35			124.41			402.41
Russell 1000 Health Care RIC 22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a) Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Health Care Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Health Care RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Health Care Index^TM as the underlying index of the fund.

^(b) The inception date of the Russell 1000 Health Care RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 4.20%.

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,104.60	$	2.07		$	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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Health Care Equipment & Supplies		27.3%
Pharmaceuticals		26.5
Health Care Providers & Services		17.1
Biotechnology		16.0
Life Sciences Tools & Services		11.4
Health Care Technology		1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
UnitedHealth Group Inc.		8.0%
Johnson & Johnson		7.9
Thermo Fisher Scientific Inc.		4.6
Pfizer Inc.		4.5
Abbott Laboratories		4.1
Merck & Co. Inc.		4.1
Eli Lilly & Co.		4.0
AbbVie Inc.		3.7
Danaher Corp.		3.6
Medtronic PLC		3.0

6 2 0 2 1  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

Fund Summary as of October 31, 2021  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 Russell 1000 Technology RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.90	%		51.47	%		31.09	%		22.07	%		51.47	%		287.09	%		634.55	%
Fund Market		18.78			51.34			31.08			22.06			51.34			286.96			634.19
Index(a)		19.14			52.09			31.65			22.56			52.09			295.46			664.81
Dow Jones U.S. Technology Capped Index™(b)		19.24			52.21			N/A			N/A			52.21			N/A			N/A
Russell 1000 Technology RIC 22.5/45 Capped Index(c)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a) 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 through September 19, 2021 reflects the performance of the Dow Jones U.S. Technology Capped Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Technology RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Technology Capped Index^TM as the underlying index of the fund.

^(b) The inception date of the Dow Jones U.S. Technology Capped Index^TM was April 15, 2019. The cumulative total return for this index for the period April 15, 2019 through October 31, 2021 was 128.12%.

^(c) The inception date of the Russell 1000 Technology RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 9.07%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,189.00	$	2.15		$	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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Software		38.0%
Semiconductors & Semiconductor Equipment		19.8
Technology Hardware, Storage & Peripherals		17.3
Interactive Media & Services		16.9
IT Services		5.3
Electronic Equipment, Instruments & Components		1.3
Other (each representing less than 1%)		1.4

^(a)   Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Microsoft Corp.		17.2%
Apple Inc.		16.1
Alphabet Inc., Class A		6.2
Alphabet Inc., Class C		5.8
NVIDIA Corp.		3.9
Meta Platforms Inc, Class A		3.8
Adobe Inc.		2.7
salesforce.com Inc.		2.6
Broadcom Inc.		2.0
Intel Corp.		1.9

F U N D  S U M M A R Y 7

Fund Summary as of October 31, 2021  iShares^® U.S. Transportation ETF

Investment Objective

The iShares U.S. Transportation ETF (the “Fund”) (formerly the iShares Transportation Average ETF) seeks to track the investment results of an index composed of U.S. equities in the transportation sector, as represented by the S&P Transportation Select Industry FMC Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.74	%		38.79	%		14.62	%		13.18	%		38.79	%		97.82	%		245.03	%
Fund Market		0.63			38.84			14.62			13.19			38.84			97.84			245.12
Index(a)		1.65			41.33			15.67			13.88			41.33			107.05			266.81
Dow Jones Transportation Average Index™		4.22			44.91			16.25			N/A			44.91			112.30			N/A
S&P Transportation Select Industry FMC Capped Index(b)		1.90			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a) Index performance through July 18, 2021 reflects the performance of the Dow Jones Transportation Average Index^TM. Index performance beginning on July 19, 2021 reflects the performance of the S&P Transportation Select Industry FMC Capped Index, which, effective as of July 19, 2021, replaced the Dow Jones Transportation Average Index^TM as the underlying index of the fund.

^(b) The inception date of the S&P Transportation Select Industry FMC Capped Index was April 26, 2021. The cumulative total return for this index for the period April 26, 2021 through October 31, 2021 was 3.57%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,007.40	$	1.97		$	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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Road & Rail		56.8%
Air Freight & Logistics		28.2
Airlines		13.9
Marine		1.1

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Union Pacific Corp.		17.3%
United Parcel Service Inc., Class B		17.1
CSX Corp.		9.0
Norfolk Southern Corp.		4.9
Uber Technologies Inc.		4.6
Old Dominion Freight Line Inc.		4.4
Kansas City Southern		3.9
Southwest Airlines Co.		3.9
FedEx Corp.		3.8
Delta Air Lines Inc.		3.4

^(a)   Excludes money market funds.

8 2 0 2 1  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

Fund Summary as of October 31, 2021  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 Russell 1000 Utilities RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.04	%		11.96	%		9.27	%		10.34	%		11.96	%		55.81	%		167.56	%
Fund Market		2.03			12.01			9.28			10.35			12.01			55.85			167.63
Index(a)		2.18			12.36			9.74			10.83			12.36			59.18			179.57
Dow Jones U.S. Utilities Index™		1.62			11.74			9.62			10.77			11.74			58.32			178.04
Russell 1000 Utilities RIC 22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a) Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Utilities Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Utilities RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Utilities Index^TM as the underlying index of the fund.

^(b) The inception date of the Russell 1000 Utilities RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 5.04%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,020.40	$	1.99		$	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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Electric Utilities		56.4%
Multi-Utilities		24.3
Commercial Services & Supplies		9.5
Water Utilities		3.7
Independent Power and Renewable Electricity Producers		2.8
Gas Utilities		2.3
Electrical Equipment		1.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
NextEra Energy Inc.		14.8%
Duke Energy Corp.		6.9
Waste Management Inc.		6.0
Southern Co. (The)		5.8
Dominion Energy Inc.		5.4
Exelon Corp.		4.6
American Electric Power Co. Inc.		3.7
Sempra Energy		3.6
Xcel Energy Inc.		3.1
Public Service Enterprise Group Inc.		2.8

F U N D  S U M M A R Y 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 each 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Axon Enterprise Inc.(a)		2,628	$	472,935
Boeing Co. (The)(a)		21,905		4,534,992
BWX Technologies Inc.		3,844		218,109
Curtiss-Wright Corp.		1,562		199,436
General Dynamics Corp.		9,181		1,861,448
HEICO Corp.		1,742		242,817
HEICO Corp., Class A		3,012		378,548
Hexcel Corp.(a)		3,201		181,625
Howmet Aerospace Inc.		15,139		449,477
Huntington Ingalls Industries Inc.		1,577		319,705
L3Harris Technologies Inc.		8,019		1,848,700
Lockheed Martin Corp.		9,783		3,251,086
Mercury Systems Inc.(a)		2,255		116,223
Northrop Grumman Corp.		6,005		2,145,106
Raytheon Technologies Corp.		59,967		5,328,668
Textron Inc.		8,944		660,514
TransDigm Group Inc.(a)		2,090		1,303,784
Virgin Galactic Holdings Inc.(a)(b)		7,084		132,825
				23,645,998
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		5,256		509,779
Expeditors International of Washington Inc.		6,731		829,663
FedEx Corp.		9,815		2,311,727
GXO Logistics Inc.(a)		3,912		347,386
United Parcel Service Inc., Class B		28,968		6,183,799
				10,182,354
Airlines — 0.2%
Alaska Air Group Inc.(a)		5,108		269,702
American Airlines Group Inc.(a)		25,947		498,183
Delta Air Lines Inc.(a)		25,534		999,146
JetBlue Airways Corp.(a)		12,524		175,712
Southwest Airlines Co.(a)		23,608		1,116,186
United Airlines Holdings Inc.(a)		12,859		593,314
				3,652,243
Auto Components — 0.2%
Aptiv PLC(a)		10,795		1,866,348
Autoliv Inc.		3,194		309,339
BorgWarner Inc.		9,475		427,038
Fox Factory Holding Corp.(a)		1,679		270,235
Gentex Corp.		9,366		331,463
Lear Corp.		2,384		409,690
Luminar Technologies Inc.(a)		8,078		132,398
QuantumScape Corp.(a)(b)		9,251		267,724
				4,014,235
Automobiles — 2.4%
Ford Motor Co.(a)		156,574		2,674,284
General Motors Co.(a)		57,590		3,134,624
Harley-Davidson Inc.		6,347		231,602
Tesla Inc.(a)		32,283		35,963,262
Thor Industries Inc.		2,211		225,433
				42,229,205
Banks — 4.1%
Bank of America Corp.		294,614		14,076,657
Bank OZK		5,068		226,388
BOK Financial Corp.		1,278		129,295
Citigroup Inc.		80,622		5,575,818
Citizens Financial Group Inc.		16,831		797,453

Security	Shares		Value
Banks (continued)
Comerica Inc.		5,314	$	452,168
Commerce Bancshares Inc.		4,253		299,879
Cullen/Frost Bankers Inc.		2,320		300,440
East West Bancorp. Inc.		5,576		443,180
Fifth Third Bancorp.		27,562		1,199,774
First Citizens BancShares Inc./NC, Class A(b)		274		223,009
First Financial Bankshares Inc.		5,112		259,281
First Horizon Corp.		21,461		364,193
First Republic Bank/CA		7,036		1,522,098
FNB Corp.		13,340		155,411
Glacier Bancorp. Inc.		4,311		238,355
Home BancShares Inc./AR		6,267		148,904
Huntington Bancshares Inc./OH		58,918		927,369
JPMorgan Chase & Co.		118,884		20,197,203
KeyCorp.		38,162		888,030
M&T Bank Corp.		5,122		753,549
People’s United Financial Inc.		16,528		283,290
Pinnacle Financial Partners Inc.		2,971		286,909
PNC Financial Services Group Inc. (The)		16,866		3,559,232
Popular Inc.		3,262		265,657
Prosperity Bancshares Inc.		3,589		270,288
Regions Financial Corp.		38,088		901,924
Signature Bank/New York NY		2,420		720,724
SVB Financial Group(a)		2,342		1,680,151
Synovus Financial Corp.		5,945		276,978
Truist Financial Corp.		52,950		3,360,736
U.S. Bancorp.		53,540		3,232,210
UMB Financial Corp.		1,750		172,935
Umpqua Holdings Corp.		8,972		183,477
United Bankshares Inc./WV		5,144		190,277
Valley National Bancorp.		15,971		211,775
Webster Financial Corp.		3,743		209,458
Wells Fargo & Co.		163,374		8,358,214
Western Alliance Bancorp.		4,192		486,649
Wintrust Financial Corp.		2,347		207,709
Zions Bancorp. NA		6,530		411,325
				74,448,372
Beverages — 1.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)		371		182,710
Brown-Forman Corp., Class B, NVS		7,170		486,771
Coca-Cola Co. (The)		154,564		8,712,773
Constellation Brands Inc., Class A		6,714		1,455,663
Keurig Dr Pepper Inc.		29,413		1,061,515
Molson Coors Beverage Co., Class B		7,636		336,671
Monster Beverage Corp.(a)		14,900		1,266,500
National Beverage Corp.		978		55,159
PepsiCo Inc.		54,988		8,886,061
				22,443,823
Biotechnology — 2.1%
AbbVie Inc.		70,308		8,062,218
ACADIA Pharmaceuticals Inc.(a)(b)		4,589		82,373
Acceleron Pharma Inc.(a)		2,126		370,307
Agios Pharmaceuticals Inc.(a)		2,070		97,290
Alkermes PLC(a)(b)		6,226		188,586
Allogene Therapeutics Inc.(a)		2,562		44,169
Alnylam Pharmaceuticals Inc.(a)		4,723		753,602
Amgen Inc.		22,579		4,673,176
Arrowhead Pharmaceuticals Inc.(a)		4,159		265,427
Beam Therapeutics Inc.(a)		1,748		155,170

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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Biogen Inc.(a)		5,947	$	1,585,946
Biohaven Pharmaceutical Holding Co. Ltd.(a)		2,310		328,759
BioMarin Pharmaceutical Inc.(a)		7,336		581,231
Blueprint Medicines Corp.(a)		2,377		267,389
Bridgebio Pharma Inc.(a)(b)		4,362		215,396
Denali Therapeutics Inc.(a)		3,689		178,363
Emergent BioSolutions Inc.(a)		1,835		87,474
Exact Sciences Corp.(a)		6,841		651,400
Exelixis Inc.(a)		12,611		271,263
Fate Therapeutics Inc.(a)		3,228		173,666
Gilead Sciences Inc.		49,790		3,230,375
Halozyme Therapeutics Inc.(a)		5,679		216,200
Horizon Therapeutics PLC(a)		8,951		1,073,314
Incyte Corp.(a)		7,580		507,708
Intellia Therapeutics Inc.(a)		2,728		362,769
Invitae Corp.(a)(b)		7,979		211,443
Ionis Pharmaceuticals Inc.(a)		5,696		181,532
Mirati Therapeutics Inc.(a)		1,834		346,663
Moderna Inc.(a)		13,972		4,823,274
Natera Inc.(a)		3,480		398,704
Neurocrine Biosciences Inc.(a)		3,761		396,447
Novavax Inc.(a)(b)		2,973		442,472
Regeneron Pharmaceuticals Inc.(a)		4,166		2,665,990
Sarepta Therapeutics Inc.(a)		3,422		270,783
Seagen Inc.(a)		5,299		934,373
Twist Bioscience Corp.(a)		1,950		231,660
Ultragenyx Pharmaceutical Inc.(a)		2,707		227,171
United Therapeutics Corp.(a)		1,790		341,460
Vertex Pharmaceuticals Inc.(a)		10,351		1,914,210
Vir Biotechnology Inc.(a)(b)		2,647		99,871
				37,909,624
Building Products — 0.6%
A O Smith Corp.		5,315		388,367
Advanced Drainage Systems Inc.		2,224		250,867
Allegion PLC		3,580		459,314
Armstrong World Industries Inc.		1,848		195,241
Builders FirstSource Inc.(a)		8,269		481,835
Carlisle Companies Inc.		2,081		463,897
Carrier Global Corp.		34,623		1,808,359
Fortune Brands Home & Security Inc.		5,492		556,889
Johnson Controls International PLC		28,419		2,085,102
Lennox International Inc.		1,352		404,627
Masco Corp.		9,863		646,520
Owens Corning		4,115		384,382
Trane Technologies PLC		9,480		1,715,216
Trex Co. Inc.(a)		4,540		483,056
Zurn Water Solutions Corp.		4,833		175,341
				10,499,013
Capital Markets — 3.4%
Affiliated Managers Group Inc.		1,692		284,053
Ameriprise Financial Inc.		4,540		1,371,670
Apollo Global Management Inc.		8,228		633,145
Ares Management Corp., Class A		6,523		552,759
Bank of New York Mellon Corp. (The)		31,688		1,875,930
BlackRock Inc.(c)		5,688		5,366,399
Blackstone Inc., NVS		27,235		3,769,869
Carlyle Group Inc. (The)		5,517		309,780
Cboe Global Markets Inc.		4,191		552,960
Charles Schwab Corp. (The)		59,660		4,893,910

Security	Shares		Value
Capital Markets (continued)
CME Group Inc.		14,240	$	3,140,632
Coinbase Global Inc., Class A(a)		1,092		348,807
FactSet Research Systems Inc.		1,495		663,616
Federated Hermes Inc.		4,000		133,240
Franklin Resources Inc.		10,876		342,485
Goldman Sachs Group Inc. (The)		13,406		5,541,370
Houlihan Lokey Inc.		2,023		226,738
Interactive Brokers Group Inc., Class A		3,293		233,309
Intercontinental Exchange Inc.		22,325		3,091,119
Invesco Ltd.		13,624		346,186
Janus Henderson Group PLC		6,798		316,107
Jefferies Financial Group Inc.		7,737		332,691
KKR & Co. Inc.		23,265		1,853,522
Lazard Ltd., Class A		4,580		224,374
LPL Financial Holdings Inc.		3,143		515,515
MarketAxess Holdings Inc.		1,494		610,553
Moody’s Corp.		6,418		2,593,835
Morgan Stanley		58,073		5,968,743
Morningstar Inc.		945		299,329
MSCI Inc.		3,290		2,187,455
Nasdaq Inc.		4,678		981,772
Northern Trust Corp.		8,315		1,023,078
Raymond James Financial Inc.		7,326		722,270
S&P Global Inc.		9,578		4,541,504
SEI Investments Co.		4,279		269,748
State Street Corp.		14,590		1,437,844
Stifel Financial Corp.		4,072		296,727
T Rowe Price Group Inc.		9,055		1,963,848
Tradeweb Markets Inc., Class A		4,114		366,557
Virtu Financial Inc., Class A		3,020		75,138
				60,258,587
Chemicals — 1.6%
Air Products & Chemicals Inc.		8,766		2,628,134
Albemarle Corp.		4,667		1,168,944
Ashland Global Holdings Inc.		2,220		213,142
Axalta Coating Systems Ltd.(a)		8,435		263,088
Celanese Corp.		4,433		715,974
CF Industries Holdings Inc.		8,444		479,619
Chemours Co. (The)		6,773		189,779
Corteva Inc.		29,296		1,264,122
Dow Inc.		29,759		1,665,611
DuPont de Nemours Inc.		20,871		1,452,622
Eastman Chemical Co.		5,325		553,960
Ecolab Inc.		9,932		2,207,089
Element Solutions Inc.		8,457		192,059
FMC Corp.		5,194		472,706
Huntsman Corp.		7,779		253,440
Ingevity Corp.(a)		1,541		120,059
International Flavors & Fragrances Inc.		9,938		1,465,358
Linde PLC		20,545		6,557,964
LyondellBasell Industries NV, Class A		10,527		977,116
Mosaic Co. (The)		13,744		571,338
NewMarket Corp.		301		102,343
Olin Corp.		5,764		328,433
PPG Industries Inc.		9,470		1,520,598
RPM International Inc.		5,079		442,889
Scotts Miracle-Gro Co. (The)		1,631		242,138
Sherwin-Williams Co. (The)		9,607		3,041,672
Valvoline Inc.		6,986		237,245

12 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Westlake Chemical Corp.		1,317	$	128,197
				29,455,639
Commercial Services & Supplies — 0.5%
ADT Inc.		6,701		55,953
Cimpress PLC(a)(b)		795		71,009
Cintas Corp.		3,492		1,512,385
Clean Harbors Inc.(a)		1,932		217,427
Copart Inc.(a)		8,478		1,316,549
IAA Inc.(a)		5,389		321,454
MSA Safety Inc.		1,502		229,851
Republic Services Inc.		8,354		1,124,448
Rollins Inc.		9,024		317,916
Stericycle Inc.(a)		3,768		252,155
Tetra Tech Inc.		2,102		369,237
Waste Management Inc.		15,346		2,458,890
				8,247,274
Communications Equipment — 0.8%
Arista Networks Inc.(a)		2,220		909,512
Ciena Corp.(a)		6,317		342,950
Cisco Systems Inc.		167,663		9,384,098
F5 Networks Inc.(a)		2,407		508,238
Juniper Networks Inc.		13,031		384,675
Lumentum Holdings Inc.(a)		3,007		248,318
Motorola Solutions Inc.		6,757		1,679,723
Ubiquiti Inc.		251		76,688
Viavi Solutions Inc.(a)		8,952		137,861
				13,672,063
Construction & Engineering — 0.1%
AECOM(a)		5,747		392,922
EMCOR Group Inc.		2,069		251,363
MasTec Inc.(a)		2,220		197,869
Quanta Services Inc.		5,527		670,315
Valmont Industries Inc.		851		203,355
WillScot Mobile Mini Holdings Corp.(a)(b)		8,931		310,352
				2,026,176
Construction Materials — 0.1%
Eagle Materials Inc.		1,675		248,503
Martin Marietta Materials Inc.		2,489		977,779
Vulcan Materials Co.		5,294		1,006,495
				2,232,777
Consumer Finance — 0.7%
Ally Financial Inc.		14,387		686,835
American Express Co.		25,574		4,444,250
Capital One Financial Corp.		17,694		2,672,325
Credit Acceptance Corp.(a)		356		212,963
Discover Financial Services		11,949		1,354,061
FirstCash Inc.		1,582		139,959
OneMain Holdings Inc.		3,999		211,187
PROG Holdings Inc.		2,838		114,797
SLM Corp.		12,202		223,907
Synchrony Financial		22,732		1,055,901
Upstart Holdings Inc.(a)		1,841		592,876
				11,709,061
Containers & Packaging — 0.4%
Amcor PLC		61,522		742,571
AptarGroup Inc.		2,622		316,685
Avery Dennison Corp.		3,296		717,605
Ball Corp.		13,033		1,192,259

Security	Shares		Value
Containers & Packaging (continued)
Berry Global Group Inc.(a)		5,388	$	353,129
Crown Holdings Inc.		5,242		545,116
Graphic Packaging Holding Co.		10,945		218,134
International Paper Co.		15,518		770,779
Packaging Corp. of America		3,823		525,165
Sealed Air Corp.		5,908		350,463
Silgan Holdings Inc.		3,335		134,067
Sonoco Products Co.		3,966		229,830
Westrock Co.		10,795		519,239
				6,615,042
Distributors — 0.1%
Genuine Parts Co.		5,690		746,016
LKQ Corp.(a)		10,789		594,258
Pool Corp.		1,592		820,135
				2,160,409
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		2,363		392,258
Chegg Inc.(a)		5,658		336,311
frontdoor Inc.(a)		3,428		127,796
Grand Canyon Education Inc.(a)		1,766		140,750
H&R Block Inc.		7,255		167,373
Service Corp. International		6,551		448,678
Terminix Global Holdings Inc.(a)		4,975		201,388
				1,814,554
Diversified Financial Services — 1.2%
Berkshire Hathaway Inc., Class B(a)		73,749		21,166,700
Equitable Holdings Inc.		15,270		511,545
Jackson Financial Inc., Class A(a)		2,608		70,599
Voya Financial Inc.		4,527		315,849
				22,064,693
Diversified Telecommunication Services — 1.0%
AT&T Inc.		284,066		7,175,507
Frontier Communications Parent Inc.(a)(b)		8,290		256,658
Liberty Global PLC, Class A(a)		7,046		202,502
Liberty Global PLC, Class C, NVS(a)(b)		13,730		395,973
Lumen Technologies Inc.		40,023		474,673
Verizon Communications Inc.		164,717		8,728,354
				17,233,667
Electric Utilities — 1.4%
ALLETE Inc.		2,109		129,788
Alliant Energy Corp.		9,918		561,061
American Electric Power Co. Inc.		19,961		1,690,896
Avangrid Inc.		2,822		148,719
Duke Energy Corp.		30,524		3,113,753
Edison International		15,152		953,515
Entergy Corp.		7,954		819,421
Evergy Inc.		9,009		574,324
Eversource Energy		13,712		1,164,149
Exelon Corp.		39,017		2,075,314
FirstEnergy Corp.		21,546		830,167
Hawaiian Electric Industries Inc.		4,553		184,670
IDACORP Inc.		2,028		211,561
NextEra Energy Inc.		78,049		6,659,921
NRG Energy Inc.		9,893		394,632
OGE Energy Corp.		8,100		275,967
PG&E Corp.(a)		60,307		699,561
Pinnacle West Capital Corp.		4,547		293,236
PNM Resources Inc.		3,557		176,961
Portland General Electric Co.		3,582		176,629

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, 2021     iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
PPL Corp.		30,710	$	884,448
Southern Co. (The)		41,980		2,616,194
Xcel Energy Inc.		21,485		1,387,716
				26,022,603
Electrical Equipment — 0.7%
Acuity Brands Inc.		1,377		282,877
AMETEK Inc.		9,226		1,221,522
ChargePoint Holdings Inc.(a)(b)		6,800		168,504
Eaton Corp. PLC		15,796		2,602,549
Emerson Electric Co.		23,673		2,296,518
EnerSys		1,656		132,546
Generac Holdings Inc.(a)		2,518		1,255,374
Hubbell Inc.		2,155		429,642
nVent Electric PLC		6,929		245,633
Plug Power Inc.(a)(b)		20,626		789,357
Regal Rexnord Corp.		2,746		418,298
Rockwell Automation Inc.		4,630		1,478,822
Sensata Technologies Holding PLC(a)		6,195		341,345
Shoals Technologies Group Inc., Class A(a)		3,759		116,492
Sunrun Inc.(a)(b)		8,216		473,899
Vertiv Holdings Co.		11,250		288,900
				12,542,278
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		23,870		1,832,500
Arrow Electronics Inc.(a)		2,865		331,624
Avnet Inc.		3,723		141,883
CDW Corp./DE		5,487		1,024,149
Cognex Corp.		7,021		614,969
Coherent Inc.(a)		985		250,584
Corning Inc.		30,671		1,090,967
II-VI Inc.(a)		4,184		253,174
IPG Photonics Corp.(a)		1,448		230,246
Itron Inc.(a)		1,815		141,153
Jabil Inc.		5,610		336,376
Keysight Technologies Inc.(a)		7,352		1,323,507
Littelfuse Inc.		993		292,488
National Instruments Corp.		5,361		227,682
SYNNEX Corp.		1,636		171,780
TE Connectivity Ltd.		13,088		1,910,848
Teledyne Technologies Inc.(a)		1,865		837,795
Trimble Inc.(a)		10,026		875,972
Vontier Corp.		6,870		232,412
Zebra Technologies Corp., Class A(a)		2,131		1,137,847
				13,257,956
Energy Equipment & Services — 0.2%
Baker Hughes Co.		33,058		829,094
Halliburton Co.		35,086		876,799
NOV Inc.(a)		15,692		220,002
Schlumberger NV		55,800		1,800,108
TechnipFMC PLC(a)		17,045		125,622
				3,851,625
Entertainment — 1.9%
Activision Blizzard Inc.		31,033		2,426,470
AMC Entertainment Holdings Inc., Class A(a)(b)		20,483		724,484
Electronic Arts Inc.		11,357		1,592,819
Endeavor Group Holdings Inc.(a)		829		22,283
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		940		49,021
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		7,967		444,559

Security	Shares		Value
Entertainment (continued)
Live Nation Entertainment Inc.(a)		5,258	$	531,847
Madison Square Garden Sports Corp.(a)(b)		705		133,604
Netflix Inc.(a)		17,610		12,156,359
Playtika Holding Corp.(a)		4,086		115,552
ROBLOX Corp., Class A(a)		1,600		134,432
Roku Inc.(a)(b)		4,612		1,406,199
Take-Two Interactive Software Inc.(a)		4,665		844,365
Walt Disney Co. (The)(a)		72,294		12,222,747
Warner Music Group Corp., Class A		3,615		178,906
World Wrestling Entertainment Inc., Class A		1,942		118,637
Zynga Inc., Class A(a)		40,799		301,097
				33,403,381
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		5,555		1,133,998
American Campus Communities Inc.		5,618		301,799
American Homes 4 Rent, Class A		10,946		444,408
American Tower Corp.		18,103		5,104,503
Americold Realty Trust		10,238		301,714
Apartment Income REIT Corp.		6,349		340,370
AvalonBay Communities Inc.		5,571		1,318,544
Boston Properties Inc.		5,670		644,339
Brixmor Property Group Inc.		12,116		283,999
Camden Property Trust		3,928		640,657
CoreSite Realty Corp.		1,749		249,163
Corporate Office Properties Trust		4,388		119,003
Cousins Properties Inc.		6,034		239,007
Crown Castle International Corp.		17,154		3,092,866
CubeSmart		8,049		442,775
CyrusOne Inc.		4,973		407,885
Digital Realty Trust Inc.		11,276		1,779,466
Douglas Emmett Inc.		6,781		221,603
Duke Realty Corp.		15,106		849,561
EastGroup Properties Inc.		1,591		314,668
Equinix Inc.		3,560		2,979,969
Equity Commonwealth(a)		5,035		130,558
Equity LifeStyle Properties Inc.		6,910		583,964
Equity Residential		13,598		1,174,867
Essex Property Trust Inc.		2,584		878,379
Extra Space Storage Inc.		5,319		1,049,811
Federal Realty Investment Trust		2,843		342,155
First Industrial Realty Trust Inc.		5,114		297,788
Gaming and Leisure Properties Inc.		8,948		433,889
Healthcare Realty Trust Inc.		5,601		185,169
Healthcare Trust of America Inc., Class A		8,943		298,607
Healthpeak Properties Inc.		21,506		763,678
Highwoods Properties Inc.		4,137		185,503
Host Hotels & Resorts Inc.(a)		28,249		475,431
Hudson Pacific Properties Inc.		5,854		150,741
Invitation Homes Inc.		22,870		943,388
Iron Mountain Inc.		11,524		525,955
JBG SMITH Properties		4,395		126,840
Kilroy Realty Corp.		4,079		274,843
Kimco Realty Corp.		24,379		550,965
Lamar Advertising Co., Class A		3,407		385,672
Lexington Realty Trust		11,305		164,714
Life Storage Inc.		3,137		419,762
Medical Properties Trust Inc.		23,722		505,990
Mid-America Apartment Communities Inc.		4,588		936,915
National Health Investors Inc.		1,780		95,728
National Retail Properties Inc.		6,993		317,202

14 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
National Storage Affiliates Trust		3,253	$	203,182
Omega Healthcare Investors Inc.		9,493		278,714
Physicians Realty Trust		8,321		158,182
PotlatchDeltic Corp.		2,528		132,139
Prologis Inc.		29,365		4,256,750
PS Business Parks Inc.		821		145,892
Public Storage		6,084		2,020,983
Rayonier Inc.		5,736		214,125
Realty Income Corp.		15,538		1,109,879
Regency Centers Corp.		6,101		429,571
Rexford Industrial Realty Inc.		5,340		358,848
Sabra Health Care REIT Inc.		8,587		121,506
SBA Communications Corp.		4,371		1,509,437
Simon Property Group Inc.		13,112		1,921,957
SL Green Realty Corp.		2,739		191,922
Spirit Realty Capital Inc.		4,630		226,546
STAG Industrial Inc.		6,466		281,465
STORE Capital Corp.		9,549		327,817
Sun Communities Inc.		4,625		906,408
UDR Inc.		11,135		618,327
Ventas Inc.		15,699		837,856
VEREIT Inc.		9,292		467,388
VICI Properties Inc.		24,838		728,995
Vornado Realty Trust		6,455		275,177
Welltower Inc.		16,861		1,355,624
Weyerhaeuser Co.		29,918		1,068,671
WP Carey Inc.		7,271		560,667
				54,116,839
Food & Staples Retailing — 1.3%
Albertsons Companies Inc., Class A		3,910		121,014
BJ’s Wholesale Club Holdings Inc.(a)(b)		5,327		311,310
Casey’s General Stores Inc.		1,518		290,758
Costco Wholesale Corp.		17,589		8,645,697
Kroger Co. (The)		27,133		1,085,863
Performance Food Group Co.(a)(b)		6,243		282,371
Sprouts Farmers Market Inc.(a)		4,187		92,700
Sysco Corp.		20,414		1,569,836
U.S. Foods Holding Corp.(a)		9,012		312,446
Walgreens Boots Alliance Inc.		28,647		1,346,982
Walmart Inc.		56,857		8,495,573
				22,554,550
Food Products — 0.9%
Archer-Daniels-Midland Co.		22,321		1,433,901
Beyond Meat Inc.(a)(b)		2,398		237,354
Bunge Ltd.		5,674		525,639
Campbell Soup Co.		8,262		330,067
Conagra Brands Inc.		18,912		608,966
Darling Ingredients Inc.(a)		6,427		543,210
Flowers Foods Inc.		8,217		203,371
Freshpet Inc.(a)		1,731		269,880
General Mills Inc.		24,192		1,495,066
Hain Celestial Group Inc. (The)(a)		3,433		154,039
Hershey Co. (The)		5,804		1,017,731
Hormel Foods Corp.		11,277		477,243
Ingredion Inc.		2,714		258,454
JM Smucker Co. (The)		4,301		528,421
Kellogg Co.		10,109		619,682
Kraft Heinz Co. (The)		26,481		950,403
Lamb Weston Holdings Inc.		5,698		321,652

Security	Shares		Value
Food Products (continued)
Lancaster Colony Corp.		756	$	128,520
McCormick & Co. Inc./MD, NVS		9,911		795,160
Mondelez International Inc., Class A		55,493		3,370,645
Pilgrim’s Pride Corp.(a)		2,101		59,164
Post Holdings Inc.(a)		2,387		242,233
Seaboard Corp.		10		38,500
Tyson Foods Inc., Class A		11,764		940,767
				15,550,068
Gas Utilities — 0.1%
Atmos Energy Corp.		5,177		476,905
National Fuel Gas Co.		3,589		206,116
New Jersey Resources Corp.		4,024		152,147
ONE Gas Inc.		2,120		142,676
Southwest Gas Holdings Inc.		2,231		154,497
Spire Inc.		2,088		131,043
UGI Corp.		8,126		352,750
				1,616,134
Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		70,532		9,090,870
ABIOMED Inc.(a)		1,822		604,977
Align Technology Inc.(a)		2,928		1,828,155
Baxter International Inc.		19,947		1,575,015
Becton Dickinson and Co.		11,393		2,729,649
Boston Scientific Corp.(a)		56,816		2,450,474
Cooper Companies Inc. (The)		1,959		816,746
Danaher Corp.		25,278		7,880,922
DENTSPLY SIRONA Inc.		8,572		490,404
Dexcom Inc.(a)		3,860		2,405,591
Edwards Lifesciences Corp.(a)		24,729		2,963,029
Envista Holdings Corp.(a)		6,435		251,609
Globus Medical Inc., Class A(a)		3,171		244,706
Haemonetics Corp.(a)		2,032		139,619
Hill-Rom Holdings Inc.		2,606		403,669
Hologic Inc.(a)		10,116		741,604
ICU Medical Inc.(a)		787		184,260
IDEXX Laboratories Inc.(a)		3,395		2,261,545
Insulet Corp.(a)		2,749		852,245
Integra LifeSciences Holdings Corp.(a)(b)		2,875		191,073
Intuitive Surgical Inc.(a)		14,183		5,121,907
Masimo Corp.(a)		1,986		563,110
Medtronic PLC		53,468		6,408,675
Neogen Corp.(a)		4,124		174,486
Novocure Ltd.(a)		3,512		360,226
NuVasive Inc.(a)		2,051		109,441
Penumbra Inc.(a)		1,380		381,639
Quidel Corp.(a)(b)		1,557		206,723
ResMed Inc.		5,807		1,526,718
Shockwave Medical Inc.(a)		1,404		300,035
STAAR Surgical Co.(a)		1,891		224,008
STERIS PLC		3,958		925,143
Stryker Corp.		13,335		3,548,044
Tandem Diabetes Care Inc.(a)		2,485		338,780
Teleflex Inc.		1,876		669,619
Zimmer Biomet Holdings Inc.		8,334		1,192,762
				60,157,478
Health Care Providers & Services — 2.5%
1Life Healthcare Inc.(a)		4,619		100,048
Acadia Healthcare Co. Inc.(a)		3,639		225,618
Agilon Health Inc.(a)		1,872		45,864

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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Amedisys Inc.(a)		1,314	$	222,513
AmerisourceBergen Corp.		5,993		731,266
Anthem Inc.		9,683		4,213,364
Cardinal Health Inc.		11,577		553,496
Centene Corp.(a)		23,265		1,657,399
Chemed Corp.		621		299,477
Cigna Corp.		13,485		2,880,531
Covetrus Inc.(a)		3,846		77,651
CVS Health Corp.		52,451		4,682,825
DaVita Inc.(a)		2,677		276,373
Encompass Health Corp.		3,859		245,278
Guardant Health Inc.(a)		4,042		472,065
HCA Healthcare Inc.		9,769		2,446,744
HealthEquity Inc.(a)		3,318		219,585
Henry Schein Inc.(a)		5,535		422,597
Humana Inc.		5,127		2,374,621
Laboratory Corp. of America Holdings(a)		3,858		1,107,323
LHC Group Inc.(a)		1,288		173,352
McKesson Corp.		6,172		1,283,035
Molina Healthcare Inc.(a)		2,329		688,732
Oak Street Health Inc.(a)(b)		5,574		263,260
Premier Inc., Class A		4,879		190,037
Quest Diagnostics Inc.		4,876		715,699
R1 RCM Inc.(a)		5,341		115,900
Tenet Healthcare Corp.(a)		4,216		302,119
UnitedHealth Group Inc.		37,515		17,274,532
Universal Health Services Inc., Class B		3,028		375,775
				44,637,079
Health Care Technology — 0.2%
American Well Corp., Class A(a)(b)		7,165		64,485
Cerner Corp.		11,795		876,251
GoodRx Holdings Inc., Class A(a)(b)		2,534		113,016
Inovalon Holdings Inc., Class A(a)		3,123		127,387
Omnicell Inc.(a)		1,736		309,269
Teladoc Health Inc.(a)		6,354		950,495
Veeva Systems Inc., Class A(a)		5,513		1,747,676
				4,188,579
Hotels, Restaurants & Leisure — 2.0%
Airbnb Inc., Class A(a)		13,429		2,291,793
Aramark		10,298		375,671
Booking Holdings Inc.(a)		1,630		3,945,871
Boyd Gaming Corp.(a)		3,226		205,754
Caesars Entertainment Inc.(a)		8,516		932,161
Carnival Corp.(a)		31,597		700,190
Chipotle Mexican Grill Inc.(a)		1,122		1,996,072
Choice Hotels International Inc.		1,309		184,072
Churchill Downs Inc.		1,418		326,140
Cracker Barrel Old Country Store Inc.		961		127,976
Darden Restaurants Inc.		5,201		749,672
Domino’s Pizza Inc.		1,471		719,275
DraftKings Inc., Class A(a)(b)		13,143		612,332
Expedia Group Inc.(a)		5,734		942,727
Hilton Worldwide Holdings Inc.(a)		11,121		1,600,868
Hyatt Hotels Corp., Class A(a)		1,617		137,768
Las Vegas Sands Corp.(a)		13,398		519,976
Marriott International Inc./MD, Class A(a)		10,857		1,737,337
Marriott Vacations Worldwide Corp.		1,675		263,344
McDonald’s Corp.		29,713		7,296,027
MGM Resorts International		15,959		752,627

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Norwegian Cruise Line Holdings Ltd.(a)(b)		14,752	$	379,422
Penn National Gaming Inc.(a)		6,607		473,061
Planet Fitness Inc., Class A(a)		3,327		264,663
Royal Caribbean Cruises Ltd.(a)		8,870		748,894
Scientific Games Corp./DE, Class A(a)		3,833		306,832
Starbucks Corp.		46,898		4,974,471
Texas Roadhouse Inc.		2,633		233,837
Vail Resorts Inc.		1,587		547,055
Wendy’s Co. (The)		7,513		167,540
Wyndham Hotels & Resorts Inc.		3,720		314,228
Wynn Resorts Ltd.(a)		4,194		376,621
Yum! Brands Inc.		11,797		1,473,917
				36,678,194
Household Durables — 0.4%
Cricut Inc., Class A(a)		976		27,650
DR Horton Inc.		13,007		1,161,135
Garmin Ltd.		6,088		874,237
Helen of Troy Ltd.(a)		978		220,001
Leggett & Platt Inc.		5,493		257,347
Lennar Corp., Class A		10,961		1,095,333
Lennar Corp., Class B		662		54,337
Mohawk Industries Inc.(a)		2,231		395,355
Newell Brands Inc.		15,048		344,449
NVR Inc.(a)		133		651,008
PulteGroup Inc.		10,355		497,868
Tempur Sealy International Inc.		7,819		347,711
Toll Brothers Inc.		4,486		269,923
TopBuild Corp.(a)		1,314		337,659
Whirlpool Corp.		2,524		532,135
				7,066,148
Household Products — 1.1%
Church & Dwight Co. Inc.		9,698		847,217
Clorox Co. (The)		4,901		798,912
Colgate-Palmolive Co.		33,435		2,547,413
Energizer Holdings Inc.		2,379		86,762
Kimberly-Clark Corp.		13,437		1,739,957
Procter & Gamble Co. (The)		96,577		13,809,545
Reynolds Consumer Products Inc.		2,412		65,076
				19,894,882
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		26,501		665,970
Clearway Energy Inc., Class A		1,380		45,526
Clearway Energy Inc., Class C		3,257		115,559
Vistra Corp.		18,992		372,053
				1,199,108
Industrial Conglomerates — 0.9%
3M Co.		22,994		4,108,568
General Electric Co.		43,625		4,574,954
Honeywell International Inc.		27,467		6,004,835
Roper Technologies Inc.		4,208		2,052,957
				16,741,314
Insurance — 2.0%
Aflac Inc.		24,623		1,321,516
Alleghany Corp.(a)		550		358,259
Allstate Corp. (The)		11,799		1,459,182
American Financial Group Inc./OH		2,637		358,737
American International Group Inc.		34,126		2,016,505
Aon PLC, Class A		8,951		2,863,604
Arch Capital Group Ltd.(a)		15,803		660,881

16 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Arthur J Gallagher & Co.		8,189	$	1,373,050
Assurant Inc.		2,347		378,595
Athene Holding Ltd., Class A(a)		5,154		448,450
Axis Capital Holdings Ltd.		2,973		154,804
Brighthouse Financial Inc.(a)		3,478		174,700
Brown & Brown Inc.		9,321		588,248
Chubb Ltd.		17,409		3,401,370
Cincinnati Financial Corp.		5,902		716,739
CNA Financial Corp.		1,082		48,539
Enstar Group Ltd.(a)		519		119,775
Erie Indemnity Co., Class A, NVS		1,015		208,897
Everest Re Group Ltd.		1,611		421,277
Fidelity National Financial Inc.		11,386		545,503
First American Financial Corp.		4,506		329,569
Globe Life Inc.		3,682		327,772
Hanover Insurance Group Inc. (The)		1,485		187,110
Hartford Financial Services Group Inc. (The)		13,855		1,010,445
Kemper Corp.		2,411		153,050
Lincoln National Corp.		7,049		508,585
Loews Corp.		8,110		454,728
Markel Corp.(a)		552		724,848
Marsh & McLennan Companies Inc.		20,107		3,353,848
Mercury General Corp.		1,080		58,849
MetLife Inc.		29,063		1,825,156
Old Republic International Corp.		11,157		288,185
Primerica Inc.		1,612		271,203
Principal Financial Group Inc.		9,960		668,216
Progressive Corp. (The)		23,162		2,197,611
Prudential Financial Inc.		15,435		1,698,622
Reinsurance Group of America Inc.		2,775		327,672
RenaissanceRe Holdings Ltd.		1,880		266,584
RLI Corp.		1,660		179,795
Selective Insurance Group Inc.		2,417		189,420
Travelers Companies Inc. (The)		9,955		1,601,560
Unum Group		8,302		211,452
W R Berkley Corp.		5,491		437,084
White Mountains Insurance Group Ltd.		129		136,094
Willis Towers Watson PLC		5,150		1,247,742
				36,273,831
Interactive Media & Services — 6.0%
Alphabet Inc., Class A(a)		11,980		35,471,821
Alphabet Inc., Class C, NVS(a)		11,209		33,239,281
ANGI Inc.(a)(b)		3,021		37,853
Bumble Inc., Class A(a)(b)		2,762		145,060
Cargurus Inc.(a)		3,490		117,055
IAC/InterActiveCorp.(a)		3,367		513,030
Match Group Inc.(a)		11,035		1,663,857
Meta Platforms Inc, Class A(a)		94,841		30,687,702
Pinterest Inc., Class A(a)		22,159		989,178
Snap Inc., Class A, NVS(a)		41,577		2,186,119
TripAdvisor Inc.(a)		3,897		128,484
Twitter Inc.(a)		31,840		1,704,714
Vimeo Inc.(a)		6,270		211,487
Ziff Davis Inc.(a)		1,923		246,663
ZoomInfo Technologies Inc., Class A(a)		7,126		479,010
				107,821,314
Internet & Direct Marketing Retail — 3.6%
Amazon.com Inc.(a)		17,329		58,440,839
Chewy Inc., Class A(a)(b)		3,376		255,901

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
ContextLogic Inc., Class A(a)(b)		12,915	$	65,867
DoorDash Inc., Class A(a)		6,113		1,190,812
eBay Inc.		25,938		1,989,963
Etsy Inc.(a)		5,050		1,265,984
Qurate Retail Inc., Series A		14,958		156,162
Stitch Fix Inc., Class A(a)(b)		2,865		99,129
Wayfair Inc., Class A(a)(b)		3,086		768,723
				64,233,380
IT Services — 4.9%
Accenture PLC, Class A		25,229		9,051,913
Affirm Holdings Inc.(a)		3,710		602,875
Akamai Technologies Inc.(a)		6,427		677,791
Amdocs Ltd.		5,093		396,439
Automatic Data Processing Inc.		16,795		3,770,310
Broadridge Financial Solutions Inc.		4,636		827,109
Cloudflare Inc., Class A(a)		10,512		2,046,897
Cognizant Technology Solutions Corp., Class A		20,972		1,637,703
Concentrix Corp.		1,741		309,341
DXC Technology Co.(a)		10,051		327,361
EPAM Systems Inc.(a)		2,254		1,517,483
Euronet Worldwide Inc.(a)		2,088		234,253
Fastly Inc., Class A(a)(b)		4,235		214,333
Fidelity National Information Services Inc.		24,507		2,713,905
Fiserv Inc.(a)		23,623		2,326,629
FleetCor Technologies Inc.(a)		3,297		815,711
Gartner Inc.(a)		3,338		1,107,916
Genpact Ltd.		6,889		339,972
Global Payments Inc.		11,722		1,676,129
GoDaddy Inc., Class A(a)		6,718		464,684
International Business Machines Corp.		35,639		4,458,439
Jack Henry & Associates Inc.		2,905		483,624
LiveRamp Holdings Inc.(a)		2,766		148,009
Mastercard Inc., Class A		34,658		11,628,452
Maximus Inc.		2,353		198,993
MongoDB Inc.(a)		2,579		1,344,407
Okta Inc.(a)		4,990		1,233,428
Paychex Inc.		12,779		1,575,395
PayPal Holdings Inc.(a)		46,748		10,873,117
Shift4 Payments Inc., Class A(a)(b)		1,885		119,000
Snowflake Inc., Class A(a)		9,044		3,200,129
SolarWinds Corp.		1,328		21,381
Square Inc., Class A(a)(b)		15,791		4,018,809
Twilio Inc., Class A(a)		6,623		1,929,677
VeriSign Inc.(a)		3,883		864,628
Visa Inc., Class A		67,144		14,219,085
Western Union Co. (The)		15,942		290,463
WEX Inc.(a)		1,785		267,215
				87,933,005
Leisure Products — 0.2%
Brunswick Corp./DE		3,133		291,651
Callaway Golf Co.(a)		4,674		126,432
Hasbro Inc.		5,139		492,111
Mattel Inc.(a)		14,130		308,175
Peloton Interactive Inc., Class A(a)		10,715		979,780
Polaris Inc.		2,211		254,154
YETI Holdings Inc.(a)		3,489		343,073
				2,795,376
Life Sciences Tools & Services — 1.5%
10X Genomics Inc., Class A(a)		3,616		583,153

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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Agilent Technologies Inc.		12,108	$	1,906,889
Avantor Inc.(a)		23,310		941,258
Berkeley Lights Inc.(a)(b)		1,650		38,363
Bio-Rad Laboratories Inc., Class A(a)		852		677,067
Bio-Techne Corp.		1,535		803,803
Bruker Corp.		4,049		325,135
Charles River Laboratories International Inc.(a)		2,003		898,706
Illumina Inc.(a)		5,814		2,413,159
IQVIA Holdings Inc.(a)		7,647		1,999,079
Maravai LifeSciences Holdings Inc., Class A(a)		4,352		184,046
Medpace Holdings Inc.(a)		1,144		259,173
Mettler-Toledo International Inc.(a)		922		1,365,371
NeoGenomics Inc.(a)		4,901		225,446
Pacific Biosciences of California Inc.(a)		7,942		210,304
PerkinElmer Inc.		4,452		787,514
PPD Inc.(a)		4,502		212,359
Repligen Corp.(a)		2,015		585,358
Sotera Health Co.(a)		3,951		97,590
Syneos Health Inc.(a)		4,072		380,080
Thermo Fisher Scientific Inc.		15,652		9,908,812
Waters Corp.(a)		2,449		900,130
West Pharmaceutical Services Inc.		2,948		1,267,286
				26,970,081
Machinery — 1.6%
AGCO Corp.		2,453		299,781
Allison Transmission Holdings Inc.		4,434		147,918
Caterpillar Inc.		21,756		4,438,442
Chart Industries Inc.(a)		1,422		252,433
Colfax Corp.(a)		5,169		266,824
Crane Co.		2,048		211,517
Cummins Inc.		5,729		1,374,043
Deere & Co.		11,276		3,859,888
Donaldson Co. Inc.		4,883		293,029
Dover Corp.		5,728		968,490
Flowserve Corp.		5,401		181,582
Fortive Corp.		14,301		1,082,729
Gates Industrial Corp. PLC(a)		3,786		62,242
Graco Inc.		6,858		515,584
IDEX Corp.		3,003		668,378
Illinois Tool Works Inc.		11,358		2,588,147
Ingersoll Rand Inc.(a)		16,167		869,138
ITT Inc.		3,502		329,433
Lincoln Electric Holdings Inc.		2,365		336,776
Middleby Corp. (The)(a)		2,165		394,983
Nikola Corp.(a)(b)		8,104		95,627
Nordson Corp.		2,129		541,213
Oshkosh Corp.		2,723		291,361
Otis Worldwide Corp.		17,030		1,367,679
PACCAR Inc.		13,825		1,238,997
Parker-Hannifin Corp.		5,151		1,527,735
Pentair PLC		6,618		489,533
RBC Bearings Inc.(a)		1,135		265,511
Snap-on Inc.		2,170		441,009
Stanley Black & Decker Inc.		6,514		1,170,761
Timken Co. (The)		2,687		190,643
Toro Co. (The)		4,306		411,094
Westinghouse Air Brake Technologies Corp.		7,542		684,286
Woodward Inc.		2,538		286,667

Security	Shares		Value
Machinery (continued)
Xylem Inc./NY		7,180	$	937,636
				29,081,109
Marine — 0.0%
Kirby Corp.(a)		2,440		127,880
Media — 1.1%
Altice USA Inc., Class A(a)(b)		9,320		151,916
Cable One Inc.		198		338,820
Charter Communications Inc., Class A(a)		5,038		3,400,096
Comcast Corp., Class A		182,228		9,371,986
Discovery Inc., Class A(a)(b)		6,472		151,704
Discovery Inc., Class C, NVS(a)		12,360		278,842
DISH Network Corp., Class A(a)		10,061		413,205
Fox Corp., Class A, NVS		12,904		512,805
Fox Corp., Class B		5,700		210,672
Interpublic Group of Companies Inc. (The)		15,680		573,418
Liberty Broadband Corp., Class A(a)		940		151,124
Liberty Broadband Corp., Class C, NVS(a)		5,792		940,910
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		3,034		151,032
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		6,381		314,711
New York Times Co. (The), Class A		6,667		363,951
News Corp., Class A, NVS		15,761		360,927
News Corp., Class B	��	4,750		107,160
Nexstar Media Group Inc., Class A		1,617		242,437
Omnicom Group Inc.		8,479		577,250
Sirius XM Holdings Inc.(b)		37,174		226,390
TEGNA Inc.		8,632		169,705
ViacomCBS Inc., Class B, NVS		24,087		872,431
				19,881,492
Metals & Mining — 0.4%
Alcoa Corp.		7,457		342,649
Cleveland-Cliffs Inc.(a)		18,145		437,476
Commercial Metals Co.		4,696		151,117
Freeport-McMoRan Inc.		58,579		2,209,600
MP Materials Corp.(a)(b)		2,980		100,873
Newmont Corp.		31,888		1,721,952
Nucor Corp.		11,720		1,308,538
Reliance Steel & Aluminum Co.		2,476		361,892
Royal Gold Inc.		2,534		250,917
Steel Dynamics Inc.		7,738		511,327
United States Steel Corp.		10,780		284,484
				7,680,825
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		20,945		333,444
Annaly Capital Management Inc.		55,969		473,498
Blackstone Mortgage Trust Inc., Class A		6,460		212,534
New Residential Investment Corp.		18,880		214,477
Starwood Property Trust Inc.		11,550		294,178
				1,528,131
Multi-Utilities — 0.6%
Ameren Corp.		10,261		864,900
Avista Corp.		2,687		106,969
Black Hills Corp.		2,489		165,220
CenterPoint Energy Inc.		23,506		612,096
CMS Energy Corp.		11,558		697,525
Consolidated Edison Inc.		14,100		1,063,140
Dominion Energy Inc.		32,031		2,432,114
DTE Energy Co.		7,679		870,415
MDU Resources Group Inc.		8,297		254,967

18 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
NiSource Inc.		15,667	$	386,505
NorthWestern Corp.		2,132		121,226
Public Service Enterprise Group Inc.		20,174		1,287,101
Sempra Energy		12,629		1,611,839
WEC Energy Group Inc.		12,586		1,133,495
				11,607,512
Multiline Retail — 0.5%
Dollar General Corp.		9,425		2,087,826
Dollar Tree Inc.(a)		9,256		997,426
Kohl’s Corp.		6,120		297,004
Ollie’s Bargain Outlet Holdings Inc.(a)		2,253		152,438
Target Corp.		19,669		5,106,466
				8,641,160
Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		15,292		400,803
Cheniere Energy Inc.(a)		9,268		958,311
Chevron Corp.		76,940		8,808,861
ConocoPhillips		53,433		3,980,224
Continental Resources Inc./OK		2,494		121,732
Coterra Energy Inc.		32,470		692,261
Devon Energy Corp.		25,124		1,006,970
Diamondback Energy Inc.		6,791		727,927
DTE Midstream LLC(a)		3,916		187,811
EOG Resources Inc.		23,068		2,132,867
EQT Corp.(a)		12,033		239,577
Equitrans Midstream Corp.		16,642		171,579
Exxon Mobil Corp.		168,434		10,858,940
Hess Corp.		10,914		901,169
HollyFrontier Corp.		6,168		208,478
Kinder Morgan Inc.		77,778		1,302,782
Marathon Oil Corp.		30,956		505,202
Marathon Petroleum Corp.		25,466		1,678,973
New Fortress Energy Inc.		1,649		49,470
Occidental Petroleum Corp.		35,396		1,186,828
ONEOK Inc.		17,695		1,125,756
Ovintiv Inc.		10,580		396,962
Phillips 66		17,477		1,306,930
Pioneer Natural Resources Co.		9,053		1,692,730
Targa Resources Corp.		9,012		492,686
Texas Pacific Land Corp.(b)		248		315,870
Valero Energy Corp.		16,232		1,255,221
Williams Companies Inc. (The)		48,349		1,358,124
				44,065,044
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		3,799		223,875
Sylvamo Corp.(a)		1,411		39,734
				263,609
Personal Products — 0.2%
Coty Inc., Class A(a)		14,195		120,374
Estee Lauder Companies Inc. (The), Class A		9,200		2,983,836
Herbalife Nutrition Ltd.(a)		4,059		188,337
				3,292,547
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		88,383		5,161,567
Catalent Inc.(a)		6,778		934,415
Elanco Animal Health Inc.(a)		18,694		614,659
Eli Lilly & Co.		31,589		8,047,614
Jazz Pharmaceuticals PLC(a)		2,436		324,085
Johnson & Johnson		104,735		17,059,237

Security	Shares		Value
Pharmaceuticals (continued)
Merck & Co. Inc.		100,712	$	8,867,691
Nektar Therapeutics(a)		7,410		112,336
Organon & Co.		10,258		376,981
Perrigo Co. PLC		5,144		232,252
Pfizer Inc.		223,063		9,756,776
Royalty Pharma PLC, Class A		14,141		558,994
Viatris Inc.		47,695		636,728
Zoetis Inc.		18,827		4,070,397
				56,753,732
Professional Services — 0.7%
ASGN Inc.(a)		2,101		251,406
Booz Allen Hamilton Holding Corp.		5,394		468,523
CACI International Inc., Class A(a)		940		270,381
Clarivate PLC(a)(b)		14,846		348,139
CoStar Group Inc.(a)		15,760		1,356,148
Dun & Bradstreet Holdings Inc.(a)		5,487		103,375
Equifax Inc.		4,862		1,348,865
FTI Consulting Inc.(a)		1,386		199,473
IHS Markit Ltd.		15,905		2,079,101
Insperity Inc.		1,448		181,000
Jacobs Engineering Group Inc.		5,200		730,184
KBR Inc.		5,579		236,773
Leidos Holdings Inc.		5,648		564,687
ManpowerGroup Inc.		2,164		209,151
Nielsen Holdings PLC		14,188		287,307
Robert Half International Inc.		4,428		500,674
Science Applications International Corp.		2,376		213,317
TransUnion		7,554		870,901
TriNet Group Inc.(a)		1,527		154,609
Upwork Inc.(a)		4,786		225,516
Verisk Analytics Inc.		6,439		1,353,928
				11,953,458
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		13,397		1,394,360
Howard Hughes Corp. (The)(a)		1,570		136,794
Jones Lang LaSalle Inc.(a)		2,024		522,658
Opendoor Technologies Inc.(a)(b)		15,200		360,392
Redfin Corp.(a)		4,185		214,858
Zillow Group Inc., Class A(a)		1,517		160,377
Zillow Group Inc., Class C, NVS(a)(b)		6,754		699,917
				3,489,356
Road & Rail — 1.1%
AMERCO		374		275,634
CSX Corp.		89,386		3,233,092
JB Hunt Transport Services Inc.		3,345		659,601
Kansas City Southern		3,624		1,124,346
Knight-Swift Transportation Holdings Inc.		6,622		375,401
Landstar System Inc.		1,531		269,165
Lyft Inc., Class A(a)		11,594		531,817
Norfolk Southern Corp.		9,782		2,866,615
Old Dominion Freight Line Inc.		3,743		1,277,673
Saia Inc.(a)		1,050		328,272
TuSimple Holdings Inc., Class A(a)(b)		1,328		51,951
Uber Technologies Inc.(a)		64,283		2,816,881
Union Pacific Corp.		25,934		6,260,468
XPO Logistics Inc.(a)		3,923		336,593
			20,407,509
Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices Inc.(a)		48,236		5,799,414

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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Allegro MicroSystems Inc.(a)(b)		2,194	$	73,192
Amkor Technology Inc.		3,998		87,636
Analog Devices Inc.		21,365		3,706,614
Applied Materials Inc.		36,346		4,966,681
Broadcom Inc.		16,321		8,677,386
Brooks Automation Inc.		2,966		345,391
Cirrus Logic Inc.(a)		2,314		186,994
Enphase Energy Inc.(a)		5,371		1,244,085
Entegris Inc.		5,410		761,620
First Solar Inc.(a)		3,946		471,902
Intel Corp.		161,409		7,909,041
KLA Corp.		6,046		2,253,707
Lam Research Corp.		5,657		3,188,116
Lattice Semiconductor Corp.(a)		5,441		377,823
Marvell Technology Inc.		32,426		2,221,181
Microchip Technology Inc.		21,870		1,620,348
Micron Technology Inc.		44,690		3,088,079
MKS Instruments Inc.		2,253		338,063
Monolithic Power Systems Inc.		1,723		905,368
NVIDIA Corp.		99,145		25,348,402
NXP Semiconductors NV		10,500		2,109,030
ON Semiconductor Corp.(a)		17,292		831,226
Power Integrations Inc.		2,439		251,729
Qorvo Inc.(a)		4,434		745,932
QUALCOMM Inc.		44,877		5,970,436
Semtech Corp.(a)		2,597		220,823
Silicon Laboratories Inc.(a)		1,649		311,265
Skyworks Solutions Inc.		6,589		1,101,220
SolarEdge Technologies Inc.(a)		2,108		747,665
Teradyne Inc.		6,541		904,228
Texas Instruments Inc.		36,730		6,886,140
Universal Display Corp.		1,743		319,318
Wolfspeed Inc.(a)		4,675		561,514
Xilinx Inc.		9,844		1,771,920
				96,303,489
Software — 10.7%
ACI Worldwide Inc.(a)		4,703		144,288
Adobe Inc.(a)		18,954		12,326,923
Alteryx Inc., Class A(a)		2,390		174,924
Anaplan Inc.(a)	��	5,874		383,044
ANSYS Inc.(a)		3,481		1,321,318
Appian Corp.(a)		1,579		156,968
AppLovin Corp., Class A(a)		1,074		105,520
Asana Inc., Class A(a)		3,115		423,017
Aspen Technology Inc.(a)		2,766		433,405
Autodesk Inc.(a)		8,719		2,769,242
Avalara Inc.(a)		3,417		613,830
Bentley Systems Inc., Class B(b)		7,329		433,510
Bill.com Holdings Inc.(a)		3,522		1,036,560
Black Knight Inc.(a)		6,174		432,859
Blackbaud Inc.(a)		1,606		114,042
Blackline Inc.(a)(b)		2,121		269,091
Cadence Design Systems Inc.(a)		11,045		1,912,000
CDK Global Inc.		4,650		202,368
Ceridian HCM Holding Inc.(a)(b)		5,296		663,324
Citrix Systems Inc.		4,923		466,356
Consensus Cloud Solutions Inc.(a)(b)		641		40,595
Coupa Software Inc.(a)		2,920		664,884
Crowdstrike Holdings Inc., Class A(a)		7,951		2,240,592
Datadog Inc., Class A(a)		9,567		1,598,167

Security	Shares		Value
Software (continued)
Digital Turbine Inc.(a)(b)		3,489	$	300,263
DocuSign Inc.(a)		7,711		2,145,894
Dolby Laboratories Inc., Class A		2,601		229,798
Dropbox Inc., Class A(a)		11,402		347,647
Duck Creek Technologies Inc.(a)		2,996		94,374
Dynatrace Inc.(a)		7,827		587,025
Elastic NV(a)		2,848		494,156
Fair Isaac Corp.(a)		1,125		447,975
Five9 Inc.(a)		2,656		419,675
Fortinet Inc.(a)		5,408		1,818,927
Guidewire Software Inc.(a)		3,275		411,766
HubSpot Inc.(a)		1,780		1,442,209
Intuit Inc.		10,872		6,805,763
MANDIANT Inc.(a)		9,964		173,772
Manhattan Associates Inc.(a)		2,564		465,469
McAfee Corp., Class A		2,215		47,335
Microsoft Corp.		298,982		99,148,411
MicroStrategy Inc., Class A(a)		311		222,384
nCino Inc.(a)(b)		2,246		163,194
NCR Corp.(a)		5,243		207,308
New Relic Inc.(a)		2,111		171,329
NortonLifeLock Inc.		23,395		595,403
Nuance Communications Inc.(a)		11,451		630,378
Nutanix Inc., Class A(a)		8,058		276,470
Oracle Corp.		65,537		6,287,620
Palantir Technologies Inc., Class A(a)		62,545		1,618,665
Palo Alto Networks Inc.(a)		3,885		1,977,815
Paycom Software Inc.(a)		1,918		1,050,776
Paylocity Holding Corp.(a)		1,521		464,118
Pegasystems Inc.		1,606		190,664
PTC Inc.(a)		4,143		527,611
Q2 Holdings Inc.(a)		2,253		176,770
Qualtrics International Inc., Class A(a)		2,526		117,004
Rapid7 Inc.(a)(b)		2,226		286,597
RingCentral Inc., Class A(a)		3,268		796,673
salesforce.com Inc.(a)		38,652		11,583,618
ServiceNow Inc.(a)		7,878		5,496,953
Smartsheet Inc., Class A(a)		4,807		331,731
Splunk Inc.(a)		6,521		1,074,791
SS&C Technologies Holdings Inc.		8,799		699,257
Synopsys Inc.(a)		6,089		2,028,733
Trade Desk Inc. (The), Class A(a)		17,274		1,293,995
Tyler Technologies Inc.(a)		1,627		883,819
UiPath Inc., Class A(a)		10,209		513,002
Unity Software Inc.(a)(b)		6,312		955,069
Varonis Systems Inc.(a)		4,267		276,246
Verint Systems Inc.(a)(b)		2,545		118,597
VMware Inc., Class A(a)		3,177		481,951
Workday Inc., Class A(a)		7,541		2,186,739
Workiva Inc.(a)(b)		1,717		256,777
Zendesk Inc.(a)		4,729		481,412
Zoom Video Communications Inc., Class A(a)		8,618		2,366,934
Zscaler Inc.(a)		3,116		993,568
				192,091,257
Specialty Retail — 2.3%
Advance Auto Parts Inc.		2,578		581,390
American Eagle Outfitters Inc.		6,091		144,600
AutoNation Inc.(a)		1,743		211,112
AutoZone Inc.(a)		860		1,534,962
Bath & Body Works Inc.		10,475		723,718

20 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Best Buy Co. Inc.		9,026	$	1,103,338
Burlington Stores Inc.(a)		2,654		733,274
CarMax Inc.(a)		6,460		884,503
Carvana Co.(a)		3,372		1,022,323
Dick’s Sporting Goods Inc.		2,597		322,573
Five Below Inc.(a)		2,270		447,871
Floor & Decor Holdings Inc., Class A(a)		4,235		575,621
Foot Locker Inc.		3,595		171,374
GameStop Corp., Class A(a)		2,482		455,472
Gap Inc. (The)		8,613		195,429
Home Depot Inc. (The)		42,302		15,725,345
Lithia Motors Inc.		1,205		384,660
Lowe’s Companies Inc.		28,123		6,575,720
Murphy USA Inc.		991		161,483
National Vision Holdings Inc.(a)		3,190		196,632
O’Reilly Automotive Inc.(a)		2,752		1,712,625
Penske Automotive Group Inc.		1,199		127,154
Petco Health & Wellness Co. Inc.(a)(b)		2,934		72,558
RH(a)		687		453,166
Ross Stores Inc.		14,250		1,613,100
TJX Companies Inc. (The)		48,142		3,152,820
Tractor Supply Co.		4,563		990,947
Ulta Beauty Inc.(a)		2,170		797,171
Victoria’s Secret & Co.(a)		2,997		151,259
Williams-Sonoma Inc.		2,992		555,704
				41,777,904
Technology Hardware, Storage & Peripherals — 5.6%
Apple Inc.		624,775		93,591,295
Dell Technologies Inc., Class C(a)		11,077		1,218,359
Hewlett Packard Enterprise Co.		51,486		754,270
HP Inc.		47,933		1,453,808
NetApp Inc.		9,005		804,147
Pure Storage Inc., Class A(a)		10,748		288,691
Seagate Technology Holdings PLC		8,356		744,269
Western Digital Corp.(a)		12,052		630,199
Xerox Holdings Corp.		5,485		97,633
				99,582,671
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		6,067		323,007
Carter’s Inc.		1,777		175,070
Columbia Sportswear Co.		1,394		144,753
Crocs Inc.(a)		2,489		401,849
Deckers Outdoor Corp.(a)		1,085		428,912
Hanesbrands Inc.		13,577		231,352
Levi Strauss & Co., Class A		3,206		83,933
Lululemon Athletica Inc.(a)		4,726		2,202,363
Nike Inc., Class B		50,850		8,506,697
PVH Corp.(a)		2,822		308,529
Ralph Lauren Corp.		1,972		250,779
Skechers U.S.A. Inc., Class A(a)		5,491		253,739
Tapestry Inc.		11,241		438,174
Under Armour Inc., Class A(a)		7,662		168,258
Under Armour Inc., Class C, NVS(a)		7,893		149,020
VF Corp.		13,073		952,760
				15,019,195
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		4,532		217,536

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		13,303	$	214,976
New York Community Bancorp. Inc.		18,793		233,597
Radian Group Inc.		7,279		173,750
Rocket Companies Inc., Class A		5,526		91,068
TFS Financial Corp.		2,126		41,372
UWM Holdings Corp.		2,171		14,763
				987,062
Tobacco — 0.5%
Altria Group Inc.		73,227		3,230,043
Philip Morris International Inc.		62,006		5,862,047
				9,092,090
Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,234		169,572
Applied Industrial Technologies Inc.		1,631		158,990
Fastenal Co.		22,885		1,306,276
MSC Industrial Direct Co. Inc., Class A		1,855		155,950
SiteOne Landscape Supply Inc.(a)		1,750		411,180
United Rentals Inc.(a)		2,888		1,094,869
Univar Solutions Inc.(a)		6,896		176,399
Watsco Inc.		1,286		372,400
WW Grainger Inc.		1,743		807,201
				4,652,837
Water Utilities — 0.1%
American Water Works Co. Inc.		7,242		1,261,412
Essential Utilities Inc.		8,756		412,145
				1,673,557
Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.(a)		23,270		2,676,748
U.S. Cellular Corp.(a)		602		18,403
				2,695,151
Total Common Stocks — 99.8% (Cost: $766,953,568)				1,788,668,589
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		18,130,752		18,139,818
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,816,000		2,816,000
				20,955,818
Total Short-Term Investments — 1.1% (Cost: $20,950,721)				20,955,818
Total Investments in Securities — 100.9%
(Cost: $787,904,289)				1,809,624,407
Other Assets, Less Liabilities — (0.9)%				(16,966,944	)
Net Assets — 100.0%			$	1,792,657,463

^(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 the cash collateral from loaned securities.

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, 2021 iShares^® Dow Jones U.S. ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,762,800	$	1,376,306	(a)	$	—		$	(197	)	$	909	$	18,139,818		18,130,752	$	22,148	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,056,000		—			(1,240,000	)(a)		—			—		2,816,000		2,816,000		77			—
BlackRock Inc.		4,641,334		147,507			(127,824	)		35,390			669,992		5,366,399		5,688		47,189			—
									$	35,193		$	670,901	$	26,322,217			$	69,414		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		16		12/17/21	$	3,678	$	119,858

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	119,858

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	419,687
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(58,062)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,923,428

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

22 2 0 2 1  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, 2021 iShares^® Dow Jones U.S. ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,788,668,589	$	—	$	—	$	1,788,668,589
Money Market Funds		20,955,818		—		—		20,955,818
	$	1,809,624,407	$	—	$	—	$	1,809,624,407
Derivative financial instruments(a)
Assets
Futures Contracts	$	119,858	$	—	$	—	$	119,858

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® U.S. Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Electrical Equipment — 2.0%
ChargePoint Holdings Inc.(a)(b)		200,146	$	4,959,618
Plug Power Inc.(a)(b)		977,871		37,423,123
Shoals Technologies Group Inc., Class A(a)(b)		195,251		6,050,828
				48,433,569
Energy Equipment & Services — 7.8%
Baker Hughes Co.		1,408,852		35,334,008
Halliburton Co.		1,693,858		42,329,512
NOV Inc.(a)		744,447		10,437,147
Schlumberger NV		3,130,670		100,995,414
				189,096,081
Oil, Gas & Consumable Fuels — 86.5%
Antero Midstream Corp.		638,728		6,796,065
APA Corp.		720,802		18,892,220
Cheniere Energy Inc.(a)		447,725		46,294,765
Chevron Corp.		3,497,427		400,420,417
ConocoPhillips		2,518,670		187,615,728
Continental Resources Inc./OK(b)		124,226		6,063,471
Coterra Energy Inc.		1,521,494		32,438,252
Devon Energy Corp.		1,288,709		51,651,457
Diamondback Energy Inc.		345,221		37,004,239
DTE Midstream LLC(a)		184,420		8,844,783
EOG Resources Inc.		1,322,574		122,285,192
EQT Corp.(a)		581,484		11,577,346
Exxon Mobil Corp.		7,625,555		491,619,531
Hess Corp.		530,136		43,773,330
HollyFrontier Corp.		285,908		9,663,690
Kinder Morgan Inc.		4,122,984		69,059,982
Marathon Oil Corp.		1,498,366		24,453,333
Marathon Petroleum Corp.		1,416,249		93,373,297
New Fortress Energy Inc.		51,204		1,536,120
Occidental Petroleum Corp.		1,615,586		54,170,599
ONEOK Inc.		848,005		53,950,078
Phillips 66		905,563		67,718,001
Pioneer Natural Resources Co.		457,355		85,516,238

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp.		430,589	$	23,540,301
Texas Pacific Land Corp.		11,260		14,341,524
Valero Energy Corp.		803,147		62,107,358
Williams Companies Inc. (The)		2,538,131		71,296,100
				2,096,003,417
Semiconductors & Semiconductor Equipment — 3.4%
Enphase Energy Inc.(a)		252,041		58,380,257
First Solar Inc.(a)		202,505		24,217,573
				82,597,830
Total Common Stocks — 99.7%     (Cost: $2,148,107,769)			2,416,130,897
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		21,976,326		21,987,314
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		3,900,000		3,900,000
				25,887,314
Total Short-Term Investments — 1.1%
(Cost: $25,887,314)				25,887,314
Total Investments in Securities — 100.8%
(Cost: $2,173,995,083)				2,442,018,211
Other Assets, Less Liabilities — (0.8)%				(19,169,892	)
Net Assets — 100.0%			$	2,422,848,319

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	21,987,452	(a)	$	—	$	(138	)	$	—	$	21,987,314		21,976,326	$	5,998	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,640,000		260,000	(a)		—		—			—		3,900,000		3,900,000		127			—
								$	(138	)	$	—	$	25,887,314			$	6,125		$	—

^(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.

24 2 0 2 1  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, 2021 iShares^® U.S. Energy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		109		12/17/21	$	6,509	$	384,501

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	384,501

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$445,931
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$443,109

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$6,689,027

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,416,130,897	$	—	$	—	$	2,416,130,897
Money Market Funds		25,887,314		—		—		25,887,314
	$	2,442,018,211	$	—	$	—	$	2,442,018,211
Derivative financial instruments(a)
Assets
Futures Contracts	$	384,501	$	—	$	—	$	384,501

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 16.0%
AbbVie Inc.		982,618	$	112,676,806
Acceleron Pharma Inc.(a)		29,351		5,112,357
Alnylam Pharmaceuticals Inc.(a)		65,880		10,511,813
Amgen Inc.		315,908		65,383,479
Biogen Inc.(a)		82,473		21,993,900
BioMarin Pharmaceutical Inc.(a)		101,120		8,011,738
CureVac NV(a)(b)		29,556		1,184,309
Exact Sciences Corp.(a)(b)		94,843		9,030,950
Exelixis Inc.(a)		172,207		3,704,173
Gilead Sciences Inc.		698,183		45,298,113
Horizon Therapeutics PLC(a)		121,202		14,533,332
Incyte Corp.(a)		102,366		6,856,475
Ionis Pharmaceuticals Inc.(a)		78,027		2,486,720
Iovance Biotherapeutics Inc.(a)(b)		81,941		1,991,986
Mirati Therapeutics Inc.(a)		21,836		4,127,441
Moderna Inc.(a)		188,138		64,947,119
Natera Inc.(a)		46,429		5,319,370
Neurocrine Biosciences Inc.(a)		52,039		5,485,431
Novavax Inc.(a)(b)		41,023		6,105,453
Regeneron Pharmaceuticals Inc.(a)		55,733		35,665,776
Sage Therapeutics Inc.(a)		28,583		1,153,610
Sarepta Therapeutics Inc.(a)		45,658		3,612,917
Seagen Inc.(a)		74,122		13,069,932
Ultragenyx Pharmaceutical Inc.(a)		35,828		3,006,686
United Therapeutics Corp.(a)		24,553		4,683,730
Vertex Pharmaceuticals Inc.(a)		144,061		26,641,201
				482,594,817
Health Care Equipment & Supplies — 27.3%
Abbott Laboratories		966,043		124,513,282
ABIOMED Inc.(a)		24,572		8,158,887
Align Technology Inc.(a)		43,749		27,315,563
Baxter International Inc.		279,466		22,066,635
Becton Dickinson and Co.		158,705		38,024,131
Boston Scientific Corp.(a)		788,798		34,020,858
Cooper Companies Inc. (The)		26,890		11,210,979
Danaher Corp.		352,639		109,942,261
DENTSPLY SIRONA Inc.		120,423		6,889,400
Dexcom Inc.(a)		53,570		33,385,360
Edwards Lifesciences Corp.(a)		343,568		41,166,318
Envista Holdings Corp.(a)		89,497		3,499,333
Globus Medical Inc., Class A(a)		42,983		3,316,998
Hill-Rom Holdings Inc.		37,013		5,733,314
Hologic Inc.(a)		139,393		10,218,901
ICU Medical Inc.(a)		11,077		2,593,458
IDEXX Laboratories Inc.(a)		47,023		31,323,901
Insulet Corp.(a)		36,728		11,386,414
Integra LifeSciences Holdings Corp.(a)		40,059		2,662,321
Intuitive Surgical Inc.(a)		197,039		71,156,694
Masimo Corp.(a)		27,728		7,861,997
Medtronic PLC		746,719		89,501,739
Novocure Ltd.(a)		56,726		5,818,386
Penumbra Inc.(a)		18,789		5,196,098
Quidel Corp.(a)(b)		20,452		2,715,412
ResMed Inc.		79,947		21,018,866
STERIS PLC		47,402		11,079,743
Stryker Corp.		193,883		51,586,450
Tandem Diabetes Care Inc.(a)		33,957		4,629,358
Teleflex Inc.		25,969		9,269,375

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings Inc.		115,997	$	16,601,490
				823,863,922
Health Care Providers & Services — 17.0%
Acadia Healthcare Co. Inc.(a)(b)		49,198		3,050,276
Agilon Health Inc.(a)		37,868		927,766
Amedisys Inc.(a)		17,840		3,021,026
Anthem Inc.		136,212		59,269,927
Cardinal Health Inc.		161,065		7,700,518
Centene Corp.(a)		321,566		22,908,362
Chemed Corp.		8,554		4,125,166
Cigna Corp.		185,714		39,670,367
DaVita Inc.(a)		38,474		3,972,056
Encompass Health Corp.		54,302		3,451,435
Guardant Health Inc.(a)		49,963		5,835,179
HCA Healthcare Inc.		140,089		35,086,691
Henry Schein Inc.(a)		78,368		5,983,397
Humana Inc.		71,698		33,207,646
Laboratory Corp. of America Holdings(a)		53,580		15,378,532
Molina Healthcare Inc.(a)		31,982		9,457,717
Oak Street Health Inc.(a)(b)		54,555		2,576,633
Premier Inc., Class A		67,677		2,636,019
Quest Diagnostics Inc.		67,739		9,942,730
Signify Health Inc., Class A(a)(b)		35,067		563,527
UnitedHealth Group Inc.		523,234		240,933,560
Universal Health Services Inc., Class B		41,045		5,093,684
				514,792,214
Health Care Technology — 1.7%
Cerner Corp.		164,294		12,205,401
Certara Inc.(a)(b)		46,135		1,905,837
Teladoc Health Inc.(a)(b)		83,939		12,556,435
Veeva Systems Inc., Class A(a)(b)		76,119		24,130,484
				50,798,157
Life Sciences Tools & Services — 11.4%
10X Genomics Inc., Class A(a)		46,339		7,473,090
Adaptive Biotechnologies Corp.(a)(b)		60,540		2,022,641
Agilent Technologies Inc.		169,078		26,628,094
Avantor Inc.(a)		322,094		13,006,156
Bio-Rad Laboratories Inc., Class A(a)		11,766		9,350,205
Bio-Techne Corp.		21,503		11,260,046
Bruker Corp.		56,925		4,571,077
Charles River Laboratories International Inc.(a)		27,683		12,420,808
Illumina Inc.(a)		81,109		33,665,102
IQVIA Holdings Inc.(a)		105,985		27,706,599
Maravai LifeSciences Holdings Inc., Class A(a)		56,511		2,389,850
PerkinElmer Inc.		62,218		11,005,742
PPD Inc.(a)		89,123		4,203,932
QIAGEN NV(a)		126,292		7,042,042
Repligen Corp.(a)		30,352		8,817,256
Sotera Health Co.(a)(b)		55,287		1,365,589
Syneos Health Inc.(a)		56,602		5,283,231
Thermo Fisher Scientific Inc.(b)		218,514		138,334,658
West Pharmaceutical Services Inc.		40,835		17,554,150
				344,100,268
Pharmaceuticals — 26.4%
Bristol-Myers Squibb Co.		1,242,403		72,556,335
Catalent Inc.(a)		90,230		12,439,108
Elanco Animal Health Inc.(a)		246,748		8,113,074
Eli Lilly & Co.		471,436		120,103,035
Jazz Pharmaceuticals PLC(a)		32,972		4,386,595

26 2 0 2 1  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, 2021 iShares^® U.S. Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		1,465,432	$	238,689,564
Merck & Co. Inc.		1,409,029		124,065,004
Nektar Therapeutics(a)(b)		98,729		1,496,732
Organon & Co.		141,137		5,186,785
Perrigo Co. PLC		74,308		3,355,006
Pfizer Inc.		3,104,916		135,809,026
Royalty Pharma PLC, Class A		180,134		7,120,697
Viatris Inc.		670,337		8,948,999
Zoetis Inc.		264,047		57,086,961
				799,356,921
Total Common Stocks — 99.8% (Cost: $2,336,372,672)				3,015,506,299
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		25,994,720		26,007,718

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		4,517,000	$	4,517,000
				30,524,718
Total Short-Term Investments — 1.0% (Cost: $30,511,859)				30,524,718
Total Investments in Securities — 100.8% (Cost: $2,366,884,531)				3,046,031,017
Other Assets, Less Liabilities — (0.8)%				(24,142,657	)
Net Assets — 100.0%			$	3,021,888,360

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,909,140	$	—		$	(7,899,919	)(a)	$	(2,550	)	$	1,047	$	26,007,718		25,994,720	$	27,664	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,827,000		1,690,000	(a)		—			—			—		4,517,000		4,517,000		122			—
									$	(2,550	)	$	1,047	$	30,524,718			$	27,786		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		47		12/17/21	$	6,341	$	121,657

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, 2021 iShares^® U.S. Healthcare ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	121,657

(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	696,587
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(86,068	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,704,240

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,015,506,299	$	—	$	—	$	3,015,506,299
Money Market Funds		30,524,718		—		—		30,524,718
	$	3,046,031,017	$	—	$	—	$	3,046,031,017
Derivative financial instruments(a)
Assets
Futures Contracts	$	121,657	$	—	$	—	$	121,657

(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

28 2 0 2 1  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, 2021 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 0.1%
F5 Networks Inc.(a)		52,840	$	11,157,166
Electrical Equipment — 0.1%
Vertiv Holdings Co.		246,696		6,335,153
Electronic Equipment, Instruments & Components — 1.3%
Amphenol Corp., Class A		511,363		39,257,337
Arrow Electronics Inc.(a)		62,693		7,256,715
Avnet Inc.		87,005		3,315,761
CDW Corp./DE		120,437		22,479,566
Corning Inc.		667,834		23,754,855
IPG Photonics Corp.(a)(b)		31,751		5,048,726
Jabil Inc.		124,658		7,474,494
National Instruments Corp.		116,331		4,940,578
SYNNEX Corp.		36,507		3,833,235
				117,361,267
Entertainment — 0.0%
Skillz Inc., Class A(a)(b)		258,340		2,888,241
Health Care Technology — 0.1%
Change Healthcare Inc.(a)		219,462		4,725,017
Industrial Conglomerates — 0.5%
Roper Technologies Inc.		92,065		44,915,752
Interactive Media & Services — 16.9%
Alphabet Inc., Class A(a)		193,462		572,825,505
Alphabet Inc., Class C, NVS(a)		180,491		535,229,816
IAC/InterActiveCorp.(a)		67,068		10,219,151
Match Group Inc.(a)		242,508		36,565,356
Meta Platforms Inc, Class A(a)		1,073,640		347,397,695
Pinterest Inc., Class A(a)(b)		486,646		21,723,878
Twitter Inc.(a)		683,252		36,581,312
Vimeo Inc.(a)		125,791		4,242,930
				1,564,785,643
Internet & Direct Marketing Retail — 0.3%
DoorDash Inc., Class A(a)		126,496		24,641,421
IT Services — 5.3%
Akamai Technologies Inc.(a)		141,062		14,876,399
Amdocs Ltd.		113,478		8,833,128
Cloudflare Inc., Class A(a)		226,725		44,147,892
Cognizant Technology Solutions Corp., Class A		462,459		36,113,423
Concentrix Corp.		36,951		6,565,454
DXC Technology Co.(a)		220,262		7,173,933
EPAM Systems Inc.(a)		47,155		31,746,632
Fastly Inc., Class A(a)(b)		92,751		4,694,128
Gartner Inc.(a)		71,395		23,696,714
Globant SA(a)		35,462		11,319,116
GoDaddy Inc., Class A(a)		147,289		10,187,980
International Business Machines Corp.		784,344		98,121,434
MongoDB Inc.(a)(b)		54,384		28,349,835
Okta Inc.(a)(b)		108,993		26,940,890
Snowflake Inc., Class A(a)(b)		171,504		60,684,975
SolarWinds Corp.		29,545		475,675
Switch Inc., Class A		100,539		2,541,626
Twilio Inc., Class A(a)		146,160		42,585,178
VeriSign Inc.(a)		86,520		19,265,408
Wix.com Ltd.(a)(b)		46,773		8,697,907
				487,017,727

Security	Shares		Value
Professional Services — 0.4%
CACI International Inc., Class A(a)		20,395	$	5,866,418
Clarivate PLC(a)		381,371		8,943,150
Dun & Bradstreet Holdings Inc.(a)		140,461		2,646,285
Leidos Holdings Inc.		123,856		12,383,123
Science Applications International Corp.		50,791		4,560,016
				34,398,992
Semiconductors & Semiconductor Equipment — 19.7%
Advanced Micro Devices Inc.(a)		1,062,284		127,718,405
Allegro MicroSystems Inc.(a)		34,687		1,157,158
Analog Devices Inc.		470,791		81,677,531
Applied Materials Inc.		803,504		109,798,822
Broadcom Inc.		350,432		186,314,181
Brooks Automation Inc.		64,220		7,478,419
Cirrus Logic Inc.(a)		50,722		4,098,845
Entegris Inc.		118,109		16,627,385
Intel Corp.		3,548,214		173,862,486
KLA Corp.		134,629		50,184,306
Lam Research Corp.		124,965		70,426,525
Marvell Technology Inc.		717,490		49,148,065
Microchip Technology Inc.		471,259		34,915,579
Micron Technology Inc.		982,947		67,921,638
Monolithic Power Systems Inc.		39,334		20,668,444
NVIDIA Corp.		1,391,284		355,709,580
NXP Semiconductors NV		232,687		46,737,511
ON Semiconductor Corp.(a)(b)		371,510		17,858,486
Qorvo Inc.(a)		97,292		16,367,433
QUALCOMM Inc.		990,245		131,742,195
Skyworks Solutions Inc.		144,743		24,190,898
Teradyne Inc.		145,831		20,159,677
Texas Instruments Inc.		810,810		152,010,659
Universal Display Corp.		37,962		6,954,638
Wolfspeed Inc.(a)(b)		100,764		12,102,764
Xilinx Inc.		215,853		38,853,540
				1,824,685,170
Software — 37.9%
Adobe Inc.(a)		384,499		250,062,770
Alteryx Inc., Class A(a)(b)		51,564		3,773,969
Anaplan Inc.(a)		123,180		8,032,568
ANSYS Inc.(a)		76,425		29,009,402
Aspen Technology Inc.(a)		59,573		9,334,493
Atlassian Corp. PLC, Class A(a)		119,629		54,805,634
Autodesk Inc.(a)(b)		193,069		61,320,645
Avalara Inc.(a)		74,320		13,350,845
Bentley Systems Inc., Class B(b)		121,053		7,160,285
Black Knight Inc.(a)		133,335		9,348,117
C3.ai Inc., Class A(a)(b)		30,017		1,354,367
Cadence Design Systems Inc.(a)		240,642		41,657,537
CDK Global Inc.		106,916		4,652,984
Ceridian HCM Holding Inc.(a)		113,310		14,192,078
Citrix Systems Inc.		108,662		10,293,551
Coupa Software Inc.(a)		64,204		14,619,251
Crowdstrike Holdings Inc., Class A(a)		172,631		48,647,416
Datadog Inc., Class A(a)		203,789		34,042,952
Datto Holding Corp.(a)		20,914		499,845
DocuSign Inc.(a)		167,399		46,585,468
Dolby Laboratories Inc., Class A		56,319		4,975,784
DoubleVerify Holdings Inc.(a)(b)		13,587		537,094
Dropbox Inc., Class A(a)		267,419		8,153,605
Duck Creek Technologies Inc.(a)(b)		62,894		1,981,161

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, 2021 iShares^® U.S. Technology ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Dynatrace Inc.(a)		172,621	$	12,946,575
Elastic NV(a)		61,081		10,598,164
Everbridge Inc.(a)(b)		33,639		5,359,029
Five9 Inc.(a)		58,589		9,257,648
Fortinet Inc.(a)		117,526		39,528,695
Guidewire Software Inc.(a)(b)		73,595		9,253,099
HubSpot Inc.(a)		39,109		31,687,285
Intuit Inc.		224,026		140,238,036
Jamf Holding Corp.(a)(b)		46,395		2,210,722
MANDIANT Inc.(a)		205,601		3,585,681
Manhattan Associates Inc.(a)		55,519		10,078,919
McAfee Corp., Class A		56,856		1,215,013
Microsoft Corp.		4,779,402		1,584,945,291
N-Able Inc.(a)(b)		29,740		395,542
nCino Inc.(a)(b)		49,228		3,576,907
NCR Corp.(a)		111,793		4,420,295
New Relic Inc.(a)		45,228		3,670,705
NortonLifeLock Inc.		481,211		12,246,820
Nuance Communications Inc.(a)		249,999		13,762,445
Nutanix Inc., Class A(a)		167,685		5,753,272
Oracle Corp.		1,479,597		141,952,536
Palantir Technologies Inc., Class A(a)		1,422,433		36,812,566
Palo Alto Networks Inc.(a)(b)		83,456		42,486,615
Paycom Software Inc.(a)		44,486		24,371,655
Paycor HCM Inc.(a)		28,495		924,378
Pegasystems Inc.(b)		35,788		4,248,751
Procore Technologies Inc.(a)		8,881		812,167
PTC Inc.(a)		92,474		11,776,564
RingCentral Inc., Class A(a)(b)		70,507		17,188,196
salesforce.com Inc.(a)		811,258		243,125,910
ServiceNow Inc.(a)		172,993		120,707,596
Smartsheet Inc., Class A(a)		105,379		7,272,205
Splunk Inc.(a)(b)		143,753		23,693,369
SS&C Technologies Holdings Inc.		196,648		15,627,617
Synopsys Inc.(a)		132,891		44,276,623
Teradata Corp.(a)(b)		95,497		5,401,310
Tyler Technologies Inc.(a)		35,325		19,189,247
Unity Software Inc.(a)(b)		130,585		19,758,816
VMware Inc., Class A(a)		70,533		10,699,856
Workday Inc., Class A(a)(b)		164,554		47,717,369
Zendesk Inc.(a)		104,398		10,627,716
Zoom Video Communications Inc., Class A(a)(b)		187,454		51,484,241

Security	Shares		Value
Software (continued)
Zscaler Inc.(a)		67,830	$	21,628,274
				3,504,905,541
Specialty Retail — 0.0%
Vroom Inc.(a)(b)		100,985		1,931,843
Technology Hardware, Storage & Peripherals — 17.3%
Apple Inc.		9,927,866		1,487,194,327
Dell Technologies Inc., Class C(a)		237,901		26,166,731
Hewlett Packard Enterprise Co.		1,140,904		16,714,244
HP Inc.		1,054,942		31,996,391
NetApp Inc.		195,263		17,436,986
Pure Storage Inc., Class A(a)		233,852		6,281,265
Western Digital Corp.(a)		269,326		14,083,056
Xerox Holdings Corp.		124,518		2,216,420
				1,602,089,420
Total Common Stocks — 99.9% (Cost: $5,460,430,354)				9,231,838,353
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		71,737,409		71,773,277
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		11,220,000		11,220,000
				82,993,277
Total Short-Term Investments — 0.9% (Cost: $82,959,468)				82,993,277
Total Investments in Securities — 100.8% (Cost: $5,543,389,822)				9,314,831,630
Other Assets, Less Liabilities — (0.8)%				(69,752,790	)
Net Assets — 100.0%			$	9,245,078,840

^(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 the cash collateral from loaned securities.

30 2 0 2 1  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, 2021 iShares^® U.S. Technology ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	117,943,012	$	—	$	(46,166,316	)(a)	$	(3,277	)	$	(142	)	$	71,773,277		71,737,409	$	78,002	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,110,000		—		(6,890,000	)(a)		—			—			11,220,000		11,220,000		355			—
								$	(3,277	)	$	(142	)	$	82,993,277			$	78,357		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		59		12/17/21	$	9,589	$	233,524
S&P 500 E-Mini Index		21		12/17/21		2,203		(73,783	)
							$	159,741

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	233,524
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	73,783

(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,986,563
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(295,150	)

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, 2021 iShares^® U.S. Technology ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,685,428

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	9,231,838,353		$	—	$	—	$	9,231,838,353
Money Market Funds		82,993,277			—		—		82,993,277
	$	9,314,831,630		$	—	$	—	$	9,314,831,630
Derivative financial instruments(a)
Assets
Futures Contracts	$	233,524		$	—	$	—	$	233,524
Liabilities
Futures Contracts		(73,783	)		—		—		(73,783	)
	$	159,741		$	—	$	—	$	159,741

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

32 2 0 2 1  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, 2021 iShares^® U.S. Transportation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 28.2%
Air Transport Services Group Inc.(a)		145,665	$	3,625,602
Atlas Air Worldwide Holdings Inc.(a)		67,933		5,510,725
CH Robinson Worldwide Inc.		331,903		32,191,272
Echo Global Logistics Inc.(a)		67,012		3,231,989
Expeditors International of Washington Inc.		428,102		52,767,853
FedEx Corp.		293,006		69,011,703
Forward Air Corp.		68,202		6,858,393
GXO Logistics Inc.(a)		248,404		22,058,275
Hub Group Inc., Class A(a)		84,833		6,665,329
United Parcel Service Inc., Class B		1,463,416		312,395,413
				514,316,554
Airlines — 13.9%
Alaska Air Group Inc.(a)		315,575		16,662,360
Allegiant Travel Co.(a)		38,109		6,679,364
American Airlines Group Inc.(a)		1,631,506		31,324,915
Delta Air Lines Inc.(a)		1,612,497		63,097,008
Frontier Group Holdings Inc.(a)(b)		75,773		1,185,847
Hawaiian Holdings Inc.(a)		129,416		2,504,199
JetBlue Airways Corp.(a)		801,472		11,244,652
SkyWest Inc.(a)		127,131		5,470,447
Southwest Airlines Co.(a)		1,490,863		70,488,003
Spirit Airlines Inc.(a)(b)		273,462		5,975,145
Sun Country Airlines Holdings Inc.(a)(b)		77,410		2,343,975
United Airlines Holdings Inc.(a)(b)		815,458		37,625,232
				254,601,147
Marine — 1.1%
Eagle Bulk Shipping Inc.(a)		33,809		1,455,478
Genco Shipping & Trading Ltd.		89,511		1,536,904
Kirby Corp.(a)		151,625		7,946,666
Matson Inc.		109,586		9,126,322
				20,065,370
Road & Rail — 56.8%
AMERCO		24,705		18,207,338
ArcBest Corp.		64,317		5,778,882
Avis Budget Group Inc.(a)		119,054		20,633,249
CSX Corp.		4,530,161		163,855,923
Daseke Inc.(a)		148,750		1,405,687
Heartland Express Inc.		117,828		1,924,131
JB Hunt Transport Services Inc.		212,066		41,817,295
Kansas City Southern		229,221		71,115,815

Security	Shares		Value
Road & Rail (continued)
Knight-Swift Transportation Holdings Inc.		418,237	$	23,709,856
Landstar System Inc.		96,446		16,956,171
Lyft Inc., Class A(a)		732,178		33,585,005
Marten Transport Ltd.		149,926		2,493,269
Norfolk Southern Corp.		306,375		89,783,194
Old Dominion Freight Line Inc.		236,379		80,687,972
Ryder System Inc.		135,539		11,514,038
Saia Inc.(a)		66,365		20,748,354
Schneider National Inc., Class B		87,965		2,193,847
TuSimple Holdings Inc., Class A(a)(b)		84,114		3,290,540
Uber Technologies Inc.(a)		1,908,706		83,639,497
Union Pacific Corp.		1,310,364		316,321,870
Werner Enterprises Inc.		155,951		7,067,699
XPO Logistics Inc.(a)		248,404		21,313,063
				1,038,042,695
Total Common Stocks — 100.0% (Cost: $1,708,563,897)				1,827,025,766
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		13,390,790		13,397,485
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		790,000		790,000
				14,187,485
Total Short-Term Investments — 0.8% (Cost: $14,185,160)				14,187,485
Total Investments in Securities — 100.8% (Cost: $1,722,749,057)				1,841,213,251
Other Assets, Less Liabilities — (0.8)%				(13,932,244	)
Net Assets — 100.0%			$	1,827,281,007

^(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 the cash collateral from loaned securities.

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, 2021 iShares^® U.S. Transportation ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,174,329	$	1,223,062	(a)	$	—		$	7,889	$	(7,795	)	$	13,397,485		13,390,790	$	16,985	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,370,000		—			(3,580,000	)(a)		—		—			790,000		790,000		73			—
									$	7,889	$	(7,795	)	$	14,187,485			$	17,058		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts XAI Industrial Index		3		12/17/21	$	315	$	10,508

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	10,508

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	23,073
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(228,087	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$1,818,887

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

34 2 0 2 1  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, 2021 iShares^® U.S. Transportation ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,827,025,766	$	—	$	—	$	1,827,025,766
Money Market Funds		14,187,485		—		—		14,187,485
	$	1,841,213,251	$	—	$	—	$	1,841,213,251
Derivative financial instruments(a)
Assets
Futures Contracts	$	10,508	$	—	$	—	$	10,508

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 35

Schedule of Investments  (unaudited) October 31, 2021 iShares^® U.S. Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Commercial Services & Supplies — 9.5%
Clean Harbors Inc.(a)	37,030	$	4,167,356
Republic Services Inc.	153,715		20,690,039
Stericycle Inc.(a)	66,888		4,476,145
Waste Management Inc.	309,007		49,512,192
			78,845,732
Electric Utilities — 56.3%
Alliant Energy Corp.	183,018		10,353,328
American Electric Power Co. Inc.	366,326		31,031,475
Avangrid Inc.	41,761		2,200,805
Duke Energy Corp.	563,390		57,471,414
Edison International	272,823		17,168,751
Entergy Corp.	146,618		15,104,586
Evergy Inc.	167,290		10,664,737
Eversource Energy	251,140		21,321,786
Exelon Corp.	714,517		38,005,159
FirstEnergy Corp.	397,986		15,334,401
Hawaiian Electric Industries Inc.	77,086		3,126,608
IDACORP Inc.	36,808		3,839,811
NextEra Energy Inc.	1,436,021		122,535,672
NRG Energy Inc.	177,946		7,098,266
OGE Energy Corp.	145,985		4,973,709
PG&E Corp.(a)	1,104,810		12,815,796
Pinnacle West Capital Corp.	82,424		5,315,524
PPL Corp.	563,818		16,237,958
Southern Co. (The)	774,496		48,266,591
Xcel Energy Inc.	393,952		25,445,360
			468,311,737
Electrical Equipment — 1.0%
Sunrun Inc.(a)	145,798		8,409,629
Gas Utilities — 2.3%
Atmos Energy Corp.	94,611		8,715,565
National Fuel Gas Co.	63,808		3,664,493
UGI Corp.	152,104		6,602,835
			18,982,893
Independent Power and Renewable Electricity Producers — 2.7%
AES Corp. (The)	483,154		12,141,660
Brookfield Renewable Corp., Class A	93,394		3,867,446

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Vistra Corp.	350,272	$	6,861,828
			22,870,934
Multi-Utilities — 24.2%
Ameren Corp.	186,213		15,695,894
CenterPoint Energy Inc.	434,147		11,305,188
CMS Energy Corp.	211,451		12,761,068
Consolidated Edison Inc.	259,031		19,530,937
Dominion Energy Inc.	589,761		44,780,553
DTE Energy Co.	141,177		16,002,413
NiSource Inc.	286,492		7,067,758
Public Service Enterprise Group Inc.	369,007		23,542,646
Sempra Energy	234,037		29,870,142
WEC Energy Group Inc.	230,898		20,794,674
			201,351,273
Water Utilities — 3.7%
American Water Works Co. Inc.	132,844		23,138,768
Essential Utilities Inc.	163,884		7,714,020
			30,852,788
Total Common Stocks — 99.7%
(Cost: $789,065,959)			829,624,986
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)	2,362,000		2,362,000
Total Short-Term Investments — 0.3%
(Cost: $2,362,000)			2,362,000
Total Investments in Securities — 100.0%
(Cost: $791,427,959)			831,986,986
Other Assets, Less Liabilities — 0.0%		241,567
Net Assets — 100.0%		$  832,228,553

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

36 2 0 2 1  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, 2021 iShares^® U.S. Utilities ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	869	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		902,000		1,460,000	(b)		—		—		—		2,362,000		2,362,000		51			—
								$	—	$	—	$	2,362,000			$	920		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		37		12/17/21	$	2,493	$	(43,623)

Derivative Financial Instruments Categorized by Risk Exposure    

As of period end, 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)	$	43,623

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	104,646
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(83,355)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	2,006,943

For more information about the Fund’s investment risks regarding derivative 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, 2021 iShares^® U.S. Utilities ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	829,624,986		$	—	$	—	$	829,624,986
Money Market Funds		2,362,000			—		—		2,362,000
	$	831,986,986		$	—	$	—	$	831,986,986
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(43,623	)	$	—	$	—	$	(43,623	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.    

See notes to financial statements.    

38 2 0 2 1  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, 2021

	iShares Dow Jones U.S. ETF		iShares U.S. Energy ETF			iShares U.S. Healthcare ETF		iShares U.S. Technology ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,783,302,190	$	2,416,130,897		$	3,015,506,299	$	9,231,838,353
Affiliated(c)		26,322,217		25,887,314			30,524,718		82,993,277
Cash		39,554		37,384			63,136		3,253,307
Cash pledged:
Futures contracts		175,000		312,000			284,999		643,000
Receivables:
Securities lending income — Affiliated		4,717		3,798			6,692		16,354
Variation margin on futures contracts		7,635		—			58,240		45,572
Capital shares sold		—		—			—		112,139
Dividends		1,233,961		3,302,267			2,391,806		983,423
Total assets		1,811,085,274		2,445,673,660			3,048,835,890		9,319,885,425
LIABILITIES
Collateral on securities loaned, at value		18,133,322		21,987,314			25,986,951		71,762,325
Payables:
Investments purchased		—		—			—		112,138
Variation margin on futures contracts		—		30,281			—		—
Investment advisory fees		294,489		807,746			960,579		2,932,122
Total liabilities		18,427,811		22,825,341			26,947,530		74,806,585
NET ASSETS	$	1,792,657,463	$	2,422,848,319		$	3,021,888,360	$	9,245,078,840
NET ASSETS CONSIST OF:
Paid-in capital	$	792,345,626	$	2,453,496,532		$	2,347,731,668	$	4,752,810,177
Accumulated earnings (loss)		1,000,311,837		(30,648,213	)		674,156,692		4,492,268,663
NET ASSETS	$	1,792,657,463	$	2,422,848,319		$	3,021,888,360	$	9,245,078,840
Shares outstanding		15,550,000		77,000,000			10,450,000		83,750,000
Net asset value	$	115.28	$	31.47		$	289.18	$	110.39
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Securities loaned, at value	$	17,677,538	$	22,152,610		$	25,414,842	$	70,099,617
(b) Investments, at cost — Unaffiliated	$	764,975,923	$	2,148,107,769		$	2,336,372,672	$	5,460,430,354
(c)  Investments, at cost — Affiliated	$	22,928,366	$	25,887,314		$	30,511,859	$	82,959,468

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 39

Statements of Assets and Liabilities  (unaudited) (continued)

October 31, 2021

	iShares U.S. Transportation ETF		iShares U.S. Utilities ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,827,025,766	$	829,624,986
Affiliated(c)		14,187,485		2,362,000
Cash		9,826		24,720
Cash pledged:
Futures contracts		18,000		124,000
Receivables:
Securities lending income — Affiliated		3,086		316
Variation margin on futures contracts		44		—
Capital shares sold		2,516		—
Dividends		—		376,182
Total assets		1,841,246,723		832,512,204
LIABILITIES
Collateral on securities loaned, at value		13,418,333		—
Payables:
Variation margin on futures contracts		—		14,033
Investment advisory fees		547,383		269,618
Total liabilities		13,965,716		283,651
NET ASSETS	$	1,827,281,007	$	832,228,553
NET ASSETS CONSIST OF:
Paid-in capital	$	1,511,086,822	$	851,919,948
Accumulated earnings (loss)		316,194,185		(19,691,395	)
NET ASSETS	$	1,827,281,007	$	832,228,553
Shares outstanding		6,750,000		10,000,000
Net asset value	$	270.71	$	83.22
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	13,021,884	$	—
(b) Investments, at cost — Unaffiliated	$	1,708,563,897	$	789,065,959
(c)  Investments, at cost — Affiliated	$	14,185,160	$	2,362,000

See notes to financial statements.

40 2 0 2 1  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, 2021

	iShares Dow Jones U.S. ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF			iShares U.S. Technology ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	11,245,530		$	50,228,998		$	19,552,658		$	26,559,560
Dividends — Affiliated		47,266			127			122			355
Securities lending income — Affiliated — net		22,148			5,998			27,664			78,002
Foreign taxes withheld		(2,185	)		—			—			(33,863	)
Total investment income		11,312,759			50,235,123			19,580,444			26,604,054
EXPENSES
Investment advisory fees		1,700,472			4,637,462			5,547,352			16,055,533
Total expenses		1,700,472			4,637,462			5,547,352			16,055,533
Net investment income		9,612,287			45,597,661			14,033,092			10,548,521
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		2,079,777			(129,139,162	)		2,599,956			(8,375,832	)
Investments — Affiliated		(2,085	)		(138	)		(2,550	)		(3,277	)
In-kind redemptions — Unaffiliated		11,577,284			92,264,669			98,504,866			817,938,124
In-kind redemptions — Affiliated		37,278			—			—			—
Futures contracts		419,687			445,931			696,587			1,986,563
Net realized gain (loss)		14,111,941			(36,428,700	)		101,798,859			811,545,578
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		141,743,335			414,297,147			149,715,182			556,001,417
Investments — Affiliated		670,901			—			1,047			(142	)
Futures contracts		(58,062	)		443,109			(86,068	)		(295,150	)
Net change in unrealized appreciation (depreciation)		142,356,174			414,740,256			149,630,161			555,706,125
Net realized and unrealized gain		156,468,115			378,311,556			251,429,020			1,367,251,703
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	166,080,402		$	423,909,217		$	265,462,112		$	1,377,800,224

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 41

Statements of Operations  (unaudited) (continued)

Six Months Ended October 31, 2021

	iShares U.S. Transportation ETF			iShares U.S. Utilities ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	10,201,855		$	12,568,655
Dividends — Affiliated		73			51
Securities lending income — Affiliated — net		16,985			869
Total investment income		10,218,913			12,569,575
EXPENSES
Investment advisory fees		3,589,447			1,622,826
Total expenses		3,589,447			1,622,826
Net investment income		6,629,466			10,946,749
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(54,022,620	)		(13,770,720	)
Investments — Affiliated		7,889			—
In-kind redemptions — Unaffiliated		315,285,717			3,861,103
Futures contracts		23,073			104,646
Net realized gain (loss)		261,294,059			(9,804,971	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(281,249,543	)		16,095,924
Investments — Affiliated		(7,795	)		—
Futures contracts		(228,087	)		(83,355	)
Net change in unrealized appreciation (depreciation)		(281,485,425	)		16,012,569
Net realized and unrealized gain (loss)		(20,191,366	)		6,207,598
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,561,900	)	$	17,154,347

See notes to financial statements.    

42 2 0 2 1  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 Changes in Net Assets

	iShares Dow Jones U.S. ETF						iShares U.S. Energy ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,612,287		$	18,421,715		$	45,597,661		$	23,266,005
Net realized gain (loss)		14,111,941			56,309,736			(36,428,700	)		(74,049,770	)
Net change in unrealized appreciation (depreciation)		142,356,174			465,697,162			414,740,256			257,883,910
Net increase in net assets resulting from operations		166,080,402			540,428,613			423,909,217			207,100,145
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,557,894	)		(19,374,122	)		(41,650,865	)		(24,408,521	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		21,554,525			(65,749,746	)		(61,868,790	)		1,460,310,777
NET ASSETS
Total increase in net assets		179,077,033			455,304,745			320,389,562			1,643,002,401
Beginning of period		1,613,580,430			1,158,275,685			2,102,458,757			459,456,356
End of period	$	1,792,657,463		$	1,613,580,430		$	2,422,848,319		$	2,102,458,757

^(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 43

Statements of Changes in Net Assets  (continued)

	iShares U.S. Healthcare ETF						iShares U.S. Technology ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,033,092		$	27,461,238		$	10,548,521		$	29,843,120
Net realized gain		101,798,859			186,575,662			811,545,578			910,330,362
Net change in unrealized appreciation (depreciation)		149,630,161			340,519,748			555,706,125			1,875,944,588
Net increase in net assets resulting from operations		265,462,112			554,556,648			1,377,800,224			2,816,118,070
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(14,144,963	)		(29,705,083	)		(12,017,386	)		(30,897,304	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		205,532,313			(392,745,645	)		622,040,773			(390,106,288	)
NET ASSETS
Total increase in net assets		456,849,462			132,105,920			1,987,823,611			2,395,114,478
Beginning of period		2,565,038,898			2,432,932,978			7,257,255,229			4,862,140,751
End of period	$	3,021,888,360		$	2,565,038,898		$	9,245,078,840		$	7,257,255,229

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

See notes to financial statements.    

44 2 0 2 1  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 Changes in Net Assets  (continued)

	iShares U.S. Transportation ETF						iShares U.S. Utilities ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,629,466		$	11,015,888		$	10,946,749		$	22,161,048
Net realized gain (loss)		261,294,059			101,703,980			(9,804,971	)		17,410,732
Net change in unrealized appreciation (depreciation)		(281,485,425	)		551,433,632			16,012,569			105,278,903
Net increase (decrease) in net assets resulting from operations		(13,561,900	)		664,153,500			17,154,347			144,850,683
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,418,425	)		(11,445,745	)		(10,507,125	)		(23,625,593	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(297,044,801	)		1,034,833,040			3,489,572			(174,806,045	)
NET ASSETS
Total increase (decrease) in net assets		(317,025,126	)		1,687,540,795			10,136,794			(53,580,955	)
Beginning of period		2,144,306,133			456,765,338			822,091,759			875,672,714
End of period	$	1,827,281,007		$	2,144,306,133		$	832,228,553		$	822,091,759

^(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 45

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Dow Jones U.S. ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	105.12		$	71.50		$	73.44		$	66.25		$	59.73		$	51.53
Net investment income(b)		0.62			1.19			1.28			1.20			1.10			1.01
Net realized and unrealized gain (loss)(c)		10.09			33.68			(1.75	)		7.23			6.51			8.20
Net increase (decrease) from investment operations		10.71			34.87			(0.47	)		8.43			7.61			9.21
Distributions(d)
From net investment income		(0.55	)		(1.25	)		(1.47	)		(1.24	)		(1.09	)		(1.01	)
Total distributions		(0.55	)		(1.25	)		(1.47	)		(1.24	)		(1.09	)		(1.01	)
Net asset value, end of period	$	115.28		$	105.12		$	71.50		$	73.44		$	66.25		$	59.73
Total Return(e)
Based on net asset value		10.22	%(f)		49.18	%		(0.63	)%		12.89	%		12.81	%		18.04	%
Ratios to Average Net Assets
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.13	%(g)		1.35	%		1.72	%		1.74	%		1.70	%		1.82	%
Supplemental Data
Net assets, end of period (000)	$	1,792,657		$	1,613,580		$	1,158,276		$	1,241,141		$	1,126,170		$	1,110,872
Portfolio turnover rate(h)		3	%(f)		4	%		4	%		5	%		4	%		4	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

46 2 0 2 1  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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Energy ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	26.40		$	20.06		$	35.96		$	40.47		$	37.27		$	37.91
Net investment income(a)		0.55			0.80			1.02			0.89			1.07			0.84
Net realized and unrealized gain (loss)(b)		5.02			6.36			(14.81	)		(4.43	)		3.25			(0.62	)
Net increase (decrease) from investment operations		5.57			7.16			(13.79	)		(3.54	)		4.32			0.22
Distributions(c)
From net investment income		(0.50	)		(0.82	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)
Total distributions		(0.50	)		(0.82	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)
Net asset value, end of period	$	31.47		$	26.40		$	20.06		$	35.96		$	40.47		$	37.27
Total Return(d)
Based on net asset value		21.31	%(e)		37.20	%		(39.91	)%		(8.83	)%		11.92	%		0.52	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		3.85	%(f)		3.62	%		3.42	%		2.33	%		2.87	%		2.17	%
Supplemental Data
Net assets, end of period (000)	$	2,422,848		$	2,102,459		$	459,456		$	789,226		$	1,088,740		$	1,159,125
Portfolio turnover rate(g)		12	%(e)		15	%		12	%		6	%		6	%		18	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(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 47

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Healthcare ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	263.08		$	212.48		$	188.15		$	173.95		$	158.62		$	144.67
Net investment income(a)		1.39			2.65			2.49			2.26			1.99			1.81
Net realized and unrealized gain(b)		26.09			50.86			24.38			15.50			15.31			14.07
Net increase from investment operations		27.48			53.51			26.87			17.76			17.30			15.88
Distributions(c)
From net investment income		(1.38	)		(2.91	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)
Total distributions		(1.38	)		(2.91	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)
Net asset value, end of period	$	289.18		$	263.08		$	212.48		$	188.15		$	173.95		$	158.62
Total Return(d)
Based on net asset value		10.46	%(e)		25.40	%		14.44	%		10.27	%		10.93	%		11.06	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.43	%		0.43	%		0.43	%		0.44	%
Net investment income		0.99	%(f)		1.13	%		1.25	%		1.19	%		1.16	%		1.21	%
Supplemental Data
Net assets, end of period (000)	$	3,021,888		$	2,565,039		$	2,432,933		$	2,097,818		$	1,800,336		$	1,911,386
Portfolio turnover rate(g)		6	%(e)		6	%		5	%		6	%		7	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

48 2 0 2 1  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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Technology ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	92.98		$	58.58		$	50.85		$	41.99		$	34.55		$	25.58
Net investment income(b)		0.13			0.37			0.48			0.40			0.32			0.33
Net realized and unrealized gain(c)		17.43			34.42			7.75			8.84			7.46			8.97
Net increase from investment operations		17.56			34.79			8.23			9.24			7.78			9.30
Distributions(d)
From net investment income		(0.15	)		(0.39	)		(0.50	)		(0.38	)		(0.34	)		(0.33	)
Total distributions		(0.15	)		(0.39	)		(0.50	)		(0.38	)		(0.34	)		(0.33	)
Net asset value, end of period	$	110.39		$	92.98		$	58.58		$	50.85		$	41.99		$	34.55
Total Return(e)
Based on net asset value		18.90	%(f)		59.56	%		16.34	%		22.10	%		22.62	%		36.57	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%
Net investment income		0.26	%(g)		0.47	%		0.89	%		0.87	%		0.80	%		1.11	%
Supplemental Data
Net assets, end of period (000)	$	9,245,079		$	7,257,255		$	4,862,141		$	4,271,433		$	4,031,372		$	3,392,234
Portfolio turnover rate(h)		9	%(f)		12	%		16	%		19	%		15	%		4	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

^(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) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h) 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 49

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Transportation ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	269.72		$	149.76		$	195.07		$	187.76		$	163.83		$	141.18
Net investment income(a)		0.95			1.95			2.55			2.12			1.91			1.54
Net realized and unrealized gain (loss)(b)		1.00			119.89			(45.09	)		7.34			24.02			22.75
Net increase (decrease) from investment operations		1.95			121.84			(42.54	)		9.46			25.93			24.29
Distributions(c)
From net investment income		(0.96	)		(1.88	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)
Total distributions		(0.96	)		(1.88	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)
Net asset value, end of period	$	270.71		$	269.72		$	149.76		$	195.07		$	187.76		$	163.83
Total Return(d)
Based on net asset value		0.74	%(e)		81.75	%		(21.92	)%		5.12	%		15.88	%		17.32	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		0.72	%(f)		0.90	%		1.40	%		1.11	%		1.07	%		0.99	%
Supplemental Data
Net assets, end of period (000)	$	1,827,281		$	2,144,306		$	456,765		$	575,444		$	807,349		$	966,598
Portfolio turnover rate(g)		59	%(e)		80	%		35	%		17	%		5	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

50 2 0 2 1  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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Utilities ETF
		Six Months Ended 10/31/21 (unaudited	)		Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	82.62		$	71.20		$	74.36		$	65.22		$	64.65		$	60.55
Net investment income(b)		1.09			2.10			2.10			2.02			1.90			1.85
Net realized and unrealized gain (loss)(c)		0.56			11.60			(3.06	)		9.06			0.42			4.22
Net increase (decrease) from investment operations		1.65			13.70			(0.96	)		11.08			2.32			6.07
Distributions(d)
From net investment income		(1.05	)		(2.28	)		(2.20	)		(1.94	)		(1.75	)		(1.97	)
Total distributions		(1.05	)		(2.28	)		(2.20	)		(1.94	)		(1.75	)		(1.97	)
Net asset value, end of period	$	83.22		$	82.62		$	71.20		$	74.36		$	65.22		$	64.65
Total Return(e)
Based on net asset value		2.04	%(f)		19.66	%		(1.39	)%		17.29	%		3.59	%		10.16	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.41	%		0.43	%		0.43	%		0.43	%		0.44	%
Net investment income		2.64	%(g)		2.78	%		2.70	%		2.94	%		2.86	%		2.96	%
Supplemental Data
Net assets, end of period (000)	$	832,229		$	822,092		$	875,673		$	810,455		$	606,486		$	801,673
Portfolio turnover rate(h)		13	%(f)		5	%		4	%		6	%		5	%		9	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  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

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
U.S. Energy	Non-diversified
U.S. Healthcare	Non-diversified
U.S. Technology	Non-diversified
U.S. Transportation(a)	Non-diversified
U.S. Utilities	Non-diversified

^(a) Formerly the iShares Transportation Average ETF.    

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 Statements 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 record 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.

52 2 0 2 1  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)

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. Each Fund determines the fair values 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 or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., 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 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 judgment 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

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)

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

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	$	1,650,222	$	1,650,222	$	—	$	—
Barclays Capital, Inc.		202,310		202,310		—		—
BNP Paribas SA		1,663,475		1,663,475		—		—
BofA Securities, Inc.		145,766		145,766		—		—
Citadel Clearing LLC		251,178		251,178		—		—
Citigroup Global Markets, Inc.		695,683		695,683		—		—
Credit Suisse Securities (USA) LLC		145,944		145,944		—		—
Goldman Sachs & Co. LLC		3,520,908		3,520,908		—		—
J.P. Morgan Securities LLC		5,029,516		5,029,516		—		—
Jefferies LLC		253,124		253,124		—		—
Morgan Stanley		707,060		707,060		—		—
National Financial Services LLC		411,034		411,034		—		—
Natixis S.A.		253,182		253,182		—		—
Scotia Capital (USA), Inc.		284,954		281,638		—		(3,316	)(b)
SG Americas Securities LLC		884,210		884,210		—		—
State Street Bank & Trust Co.		666,134		647,850		—		(18,284	)(b)
Toronto Dominion Bank		342,417		342,417		—		—
UBS Securities LLC		99,929		99,929		—		—
Wells Fargo Bank N.A.		470,492		470,492		—		—
	$	17,677,538	$	17,655,938	$	—	$	(21,600	)
U.S. Energy
Barclays Bank PLC	$	743	$	743	$	—	$	—
BNP Paribas SA		1,352,033		1,341,800		—		(10,233	)(b)
Goldman Sachs & Co. LLC		13,153,203		12,952,786		—		(200,417	)(b)
Morgan Stanley		2,409,318		2,332,350		—		(76,968	)(b)
Natixis S.A.		5,237,313		5,237,313		—		—
	$	22,152,610	$	21,864,992	$	—	$	(287,618	)
U.S. Healthcare
Barclays Bank PLC	$	1,161,269	$	1,161,269	$	—	$	—
Barclays Capital, Inc.		364,968		364,968		—		—
BNP Paribas SA		2,416,236		2,416,236		—		—
Goldman Sachs & Co. LLC		4,609,536		4,609,536		—		—
J.P. Morgan Securities LLC		11,401,510		11,401,510		—		—
National Financial Services LLC		97,024		97,024		—		—
Natixis S.A.		1,533,181		1,533,181		—		—
SG Americas Securities LLC		31,654		31,649		—		(5	)(b)
UBS Securities LLC		2,563,125		2,563,125		—		—
Virtu Americas LLC		1,236,339		1,236,339		—		—
	$	25,414,842	$	25,414,837	$	—	$	(5	)

54 2 0 2 1  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)

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	$	5,347,946	$	5,347,946	$	—	$	—
BMO Capital Markets Corp.		98,872		98,872		—		—
BNP Paribas SA		7,711,485		7,711,485		—		—
BofA Securities, Inc.		509,622		509,622		—		—
Citadel Clearing LLC		1,453		1,450		—		(3	)(b)
Citigroup Global Markets, Inc.		7,277,519		7,277,519		—		—
Credit Suisse Securities (USA) LLC		1,599,466		1,599,466		—		—
Deutsche Bank Securities, Inc.		47,880		47,880		—		—
Goldman Sachs & Co. LLC		11,890,067		11,890,067		—		—
J.P. Morgan Securities LLC		13,084,847		13,084,847		—		—
Morgan Stanley		2,586,268		2,586,268		—		—
National Financial Services LLC		45,104		45,104		—		—
SG Americas Securities LLC		3,434,836		3,434,836		—		—
State Street Bank & Trust Co.		8,751,584		8,751,584		—		—
UBS AG		3,884,360		3,884,360		—		—
Virtu Americas LLC		3,378,195		3,378,195		—		—
Wells Fargo Bank N.A.		314,717		306,421		—		(8,296	)(b)
Wells Fargo Securities LLC		135,396		135,396		—		—
	$	70,099,617	$	70,091,318	$	—	$	(8,299	)
U.S. Transportation
Barclays Bank PLC	$	259,790	$	259,790	$	—	$	—
BNP Paribas SA		150,765		150,765		—		—
Credit Suisse Securities (USA) LLC		5,083,717		5,083,717		—		—
Goldman Sachs & Co. LLC		76,043		76,043		—		—
Morgan Stanley		1,591,789		1,591,789		—		—
UBS AG		5,859,780		5,859,780		—		—
	$	13,021,884	$	13,021,884	$	—	$	—

^(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)  The market value of the loaned securities is determined as of October 31, 2021. 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: 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 rates, foreign currency exchange rates or underlying assets.

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)

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 U.S. Energy, iShares U.S. Healthcare, iShares U.S. Technology, iShares U.S. Transportation ETF and iShares U.S. Utilities, 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

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 77% 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 81% 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 Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Dow Jones U.S.	$	9,451
U.S. Energy		2,571
U.S. Healthcare		11,832
U.S. Technology		33,376
U.S. Transportation		7,276
U.S. Utilities		372

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

56 2 0 2 1  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)

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, 2021, 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.	$	10,411,531	$	7,947,088	$	(633,123	)
U.S. Energy		62,669,585		48,621,734		(26,666,180	)
U.S. Healthcare		79,440,486		53,672,766		2,464,403
U.S. Technology		216,989,153		67,887,405		(1,978,927	)
U.S. Transportation		16,360,874		9,395,831		(873,493	)
U.S. Utilities		27,679,881		29,618,031		(3,317,606	)

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 Statements 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Dow Jones U.S.	$	53,419,539	$	50,804,833
U.S. Energy		271,509,186		267,877,022
U.S. Healthcare		170,308,338		174,765,697
U.S. Technology		703,483,020		699,108,446
U.S. Transportation		1,094,618,817		1,102,287,004
U.S. Utilities		105,145,532		105,596,226

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Dow Jones U.S.	$	37,700,397	$	16,211,300
U.S. Energy		644,736,224		707,707,098
U.S. Healthcare		543,491,643		334,590,740
U.S. Technology		2,063,851,455		1,446,709,324
U.S. Transportation		1,318,368,986		1,608,661,648
U.S. Utilities		24,438,359		20,950,336

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, 2021, 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, 2021, 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.	$	23,727,408
U.S. Energy		203,633,929
U.S. Healthcare		90,834,480
U.S. Technology		52,753,889
U.S. Transportation		35,544,075
U.S. Utilities		45,910,325

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 57

Notes to Financial Statements  (unaudited) (continued)

As of October 31, 2021, 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.	$	801,245,401	$	1,051,378,345	$	(42,879,481	)	$	1,008,498,864
U.S. Energy		2,236,993,700		304,532,989		(99,123,977	)		205,409,012
U.S. Healthcare		2,384,912,695		759,095,759		(97,855,780	)		661,239,979
U.S. Technology		5,579,590,641		3,866,437,287		(131,036,557	)		3,735,400,730
U.S. Transportation		1,750,752,004		158,490,041		(68,018,286	)		90,471,755
U.S. Utilities		796,319,354		73,956,634		(38,332,625	)		35,624,009

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 Statements 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.

58 2 0 2 1  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)

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”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Dow Jones U.S.
Shares sold		350,000		$	37,820,586			350,000	(a)	$	34,300,344
Shares redeemed		(150,000	)		(16,266,061	)		(1,200,000	)(a)		(100,050,090	)
Net increase (decrease)		200,000		$	21,554,525			(850,000	)	$	(65,749,746	)
U.S. Energy
Shares sold		22,950,000		$	648,224,918			76,000,000		$	1,857,056,842
Shares redeemed		(25,600,000	)		(710,093,708	)		(19,250,000	)		(396,746,065	)
Net increase (decrease)		(2,650,000	)	$	(61,868,790	)		56,750,000		$	1,460,310,777
U.S. Healthcare
Shares sold		1,900,000		$	544,712,718			1,650,000		$	371,904,383
Shares redeemed		(1,200,000	)		(339,180,405	)		(3,350,000	)		(764,650,028	)
Net increase (decrease)		700,000		$	205,532,313			(1,700,000	)	$	(392,745,645	)
U.S. Technology
Shares sold		19,800,000		$	2,067,444,119			16,200,000	(b)	$	1,217,516,386
Shares redeemed		(14,100,000	)		(1,445,403,346	)		(21,150,000	)(b)		(1,607,622,674	)
Net increase (decrease)		5,700,000		$	622,040,773			(4,950,000	)	$	(390,106,288	)
U.S. Transportation
Shares sold		5,100,000		$	1,321,122,822			10,000,000		$	2,071,869,906
Shares redeemed		(6,300,000	)		(1,618,167,623	)		(5,100,000	)		(1,037,036,866	)
Net increase (decrease)		(1,200,000	)	$	(297,044,801	)		4,900,000		$	1,034,833,040
U.S. Utilities
Shares sold		300,000		$	24,593,884			1,450,000	(a)	$	110,955,395
Shares redeemed		(250,000	)		(21,104,312	)		(3,800,000	)(a)		(285,761,440	)
Net increase (decrease)		50,000		$	3,489,572			(2,350,000	)	$	(174,806,045	)

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)  Share transactions reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

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 Statements 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 59

Notes to Financial Statements  (unaudited) (continued)

11. LEGAL PROCEEDINGS

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 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 an appeal which remains pending. The outcome of this appeal 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.

60 2 0 2 1  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

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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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

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 61

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement 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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Technology 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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

62 2 0 2 1  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

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2020, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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,

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 63

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 Agreement 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

iShares U.S. Transportation 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 Agreement between the Trust and BFA (the “Advisory Agreement”) 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

64 2 0 2 1  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

Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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 Agreement 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.

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 65

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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

66 2 0 2 1  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

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021    

	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)	$	0.545092	$	—	$	0.008817	$	0.553909		98	%		—	%		2	%		100	%
U.S. Utilities(a)		1.049051		—		0.001910		1.050961		100			—			0	(b)		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%.

S U P P L E M E N T A L  I N F O R M A T  I O N 67

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

68 2 0 2 1  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

Glossary of Terms Used in this Report  

Portfolio Abbreviations — Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 69

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 FTSE Russell 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.

^©2021 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-401-1021

                

OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

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

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

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

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

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

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
Past performance is not an indication 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		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		45
Statements of Operations		47
Statements of Changes in Net Assets		49
Financial Highlights		53
Notes to Financial Statements		61
Board Review and Approval of Investment Advisory Contract		71
Supplemental Information		79
General Information		80
Glossary of Terms Used in this Report		81

Fund Summary as of October 31, 2021 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 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		13.88	%		47.29	%		20.02	%		16.31	%		47.29	%		149.04	%		352.93	%
Fund Market		13.91			47.11			20.02			16.30			47.11			149.07			352.66
Index		14.03			47.67			20.43			16.80			47.67			153.28			372.44

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,138.80	$        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	33.2	%
Consumer Discretionary	12.6
Communication Services	10.8
Health Care	9.4
Financials	9.2
Industrials	8.5
Consumer Staples	6.4
Real Estate	3.2
Materials	3.0
Energy	2.2
Utilities	1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	10.7	%
Tesla Inc.	4.1
Alphabet Inc., Class A	4.0
Alphabet Inc., Class C	3.9
NVIDIA Corp.	2.9
Home Depot Inc. (The)	1.8
Visa Inc., Class A	1.6
Procter & Gamble Co. (The)	1.6
Adobe Inc.	1.4
Walt Disney Co. (The)	1.4

4 2 0 2 1   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

Fund Summary as of October 31, 2021 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 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		12.73	%		44.66	%		20.33	%		15.79	%		44.66	%		152.25	%		333.04	%
Fund Market		12.69			44.61			20.33			15.79			44.61			152.29			333.15
Index		12.89			45.03			20.73			16.27			45.03			156.51			351.70

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,127.30	$        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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	31.6	%
Financials	11.3
Health Care	11.0
Industrials	10.7
Consumer Discretionary	9.9
Communication Services	8.1
Consumer Staples	6.5
Real Estate	3.5
Materials	2.6
Utilities	2.5
Energy	2.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	5.3	%
Apple Inc.	4.9
Alphabet Inc., Class A	2.9
NVIDIA Corp.	2.4
Tesla Inc.	2.2
Home Depot Inc. (The)	2.0
BlackRock Inc.	1.7
3M Co.	1.4
Texas Instruments Inc.	1.4
Marsh & McLennan Companies Inc.	1.4

F U N D   S U M M A R Y 5

Fund Summary as of October 31, 2021 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 Russell 1000 Basic Materials RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.76	%		39.54	%		13.44	%		9.05	%		39.54	%		87.84	%		137.85	%
Fund Market		2.79			39.41			13.45			9.06			39.41			87.96			138.00
Index(a)		2.96			40.10			13.86			9.49			40.10			91.36			147.63
Dow Jones U.S. Basic Materials Index™		2.79			39.85			13.82			9.47			39.85			91.03			147.20
Russell 1000 Basic Materials RIC 22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a)  Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Basic Materials Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Basic Materials RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Basic Materials Index^TM as the underlying index of the fund.

^(b)  The inception date of the Russell 1000 Basic Materials RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 1.70%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,027.60	$	1.99		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Chemicals	57.7	%
Metals & Mining	29.3
Containers & Packaging	6.0
Trading Companies & Distributors	5.2
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Air Products & Chemicals Inc.	9.9	%
Ecolab Inc.	8.3
Freeport-McMoRan Inc.	8.3
Newmont Corp.	6.5
Dow Inc.	6.3
International Flavors & Fragrances Inc.	5.6
Fastenal Co.	4.5
Nucor Corp.	4.4
Albemarle Corp.	4.1
LyondellBasell Industries NV, Class A	3.6

^(a)  Excludes money market funds.

6 2 0 2 1   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

Fund Summary as of October 31, 2021 iShares^® U.S. Consumer Discretionary ETF

Investment Objective

The iShares U.S. Consumer Discretionary ETF (the “Fund”) (formerly the iShares U.S. Consumer Services ETF) seeks to track the investment results of an index composed of U.S. equities in the consumer discretionary sector, as represented by the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.81	%		39.12	%		19.50	%		18.02	%		39.12	%		143.70	%		424.39	%
Fund Market		7.85			39.21			19.51			18.03			39.21			143.81			424.58
Index(a)		8.02			39.69			20.03			18.54			39.69			149.13			447.77
Dow Jones U.S. Consumer Services Capped (TR) IndexTM(b)		3.14			33.38			N/A			N/A			33.38			N/A			N/A
Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index(c)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a)  Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Consumer Services Total Return Index. Index performance beginning on June 24, 2019 through September 19, 2021 reflects the performance of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Consumer Services Capped (TR) Index^TM as the underlying index of the fund.

^(b)  The inception date of the Dow Jones U.S. Consumer Services Capped (TR) Index^TM was April 15, 2019. The cumulative total return for this index for the period April 15, 2019 through October 31, 2021 was 54.71%.

^(c)  The inception date of the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 6.60%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,078.10	$	2.04		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Retailing	35.4	%
Consumer Services	15.1
Media & Entertainment	13.6
Automobiles & Components	13.5
Consumer Durables & Apparel	9.3
Food & Staples Retailing	7.1
Transportation	3.0
Household & Personal Products	1.3
Other (each representing less than 1%)	1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Amazon.com Inc.	14.2	%
Tesla Inc.	9.7
Home Depot Inc. (The)	4.5
Netflix Inc.	4.1
Walt Disney Co. (The)	4.0
Costco Wholesale Corp.	3.6
Walmart Inc.	3.5
Nike Inc., Class B	3.4
McDonald’s Corp.	3.0
Lowe’s Companies Inc.	2.7

F U N D   S U M M A R Y 7

Fund Summary as of October 31, 2021 iShares^® U.S. Consumer Staples ETF

Investment Objective

The iShares U.S. Consumer Staples ETF (the “Fund”) (formerly the iShares U.S. Consumer Goods ETF) seeks to track the investment results of an index composed of U.S. equities in the consumer staples sector, as represented by the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.18	%		29.42	%		12.85	%		12.94	%		29.42	%		83.03	%		237.60	%
Fund Market		2.26			29.37			12.86			12.94			29.37			83.13			237.68
Index(a)		2.38			29.92			13.32			13.42			29.92			86.88			252.38
Dow Jones U.S. Consumer Goods IndexTM		12.31			42.52			15.44			14.48			42.52			105.01			286.57
Russell 1000 Consumer Staples RIC 22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a)  Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Consumer Goods Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Consumer Goods Index^TM as the underlying index of the fund.

^(b)  The inception date of the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 1.13%.

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,021.80	$	1.99		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Food, Beverage & Tobacco	58.9	%
Household & Personal Products	25.1
Health Care Equipment & Services	7.5
Food & Staples Retailing	6.8
Materials	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Procter & Gamble Co. (The)	16.7	%
PepsiCo Inc.	10.8
Coca-Cola Co. (The)	10.6
Philip Morris International Inc.	7.2
CVS Health Corp.	4.7
Mondelez International Inc., Class A	3.8
Altria Group Inc.	3.5
Colgate-Palmolive Co.	3.1
Kimberly-Clark Corp.	2.4
General Mills Inc.	2.1

^(a)  Excludes money market funds.

8 2 0 2 1   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

Fund Summary as of October 31, 2021 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 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		9.94	%		69.56	%		19.19	%		17.38	%		69.56	%		140.54	%		396.68	%
Fund Market		9.97			69.68			19.19			17.39			69.68			140.54			396.78
Index		10.15			70.18			19.68			17.88			70.18			145.56			418.11

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,099.40	$	2.06		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Banks	43.2	%
Diversified Financials	41.7
Software & Services	14.8
Insurance	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
JPMorgan Chase & Co.	11.6	%
Visa Inc., Class A	8.1
Bank of America Corp.	8.1
Mastercard Inc., Class A	6.7
Wells Fargo & Co.	4.8
Morgan Stanley	3.4
Citigroup Inc.	3.2
Goldman Sachs Group Inc. (The)	3.2
BlackRock Inc.	3.1
Charles Schwab Corp. (The)	2.8

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of October 31, 2021 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 Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.06	%		62.96	%		16.65	%		15.49	%		62.96	%		115.96	%		321.96	%
Fund Market		11.97			62.97			16.64			15.48			62.97			115.87			321.64
Index(a)		12.29			63.58			17.11			15.96			63.58			120.29			339.75
Dow Jones U.S. Financials Capped (TR) Index™(b)		9.84			60.02			N/A			N/A			60.02			N/A			N/A
Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index(c)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a)  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 through September 19, 2021 reflects the performance of the Dow Jones U.S. Financials Capped (TR) Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Financials Capped (TR) Index^TM as the underlying index of the fund.

^(b)  The inception date of the Dow Jones U.S. Financials Capped (TR) Index^TM was April 15, 2019. The cumulative total return for this index for the period April 15, 2019 through October 31, 2021 was 50.58%.

^(c)  The inception date of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was 11.61%.

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 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,120.60	$	2.08		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Diversified Financials	43.6	%
Banks	36.2
Insurance	19.7
Software & Services	0.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway Inc., Class B	8.3	%
JPMorgan Chase & Co.	8.0
Bank of America Corp.	6.3
Wells Fargo & Co.	4.5
Citigroup Inc.	3.1
Morgan Stanley	3.1
Goldman Sachs Group Inc. (The)	3.0
BlackRock Inc.	2.9
Charles Schwab Corp. (The)	2.7
S&P Global Inc.	2.5

^(a)  Excludes money market funds.

10 2 0 2 1   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

Fund Summary as of October 31, 2021 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 Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.32	%		36.70	%		16.26	%		15.05	%		36.70	%		112.41	%		306.41	%
Fund Market		1.25			36.50			16.26			15.05			36.50			112.39			306.39
Index(a)		1.52			37.23			16.76			15.55			37.23			116.97			324.42
Dow Jones U.S. Industrials Index™		2.64			38.76			17.01			15.68			38.76			119.38			329.14
Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

^(a)  Index performance through September 19, 2021 reflects the performance of the Dow Jones U.S. Industrials Index^TM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Industrials Index^TM as the underlying index of the fund.

^(b)  The inception date of the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index was July 9, 2021. The cumulative total return for this index for the period July 9, 2021 through October 31, 2021 was -1.89%.

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.20	$	1.98		$	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 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Capital Goods	40.4	%
Software & Services	29.5
Transportation	11.9
Materials	6.3
Commercial & Professional Services	4.1
Diversified Financials	3.6
Technology Hardware & Equipment	2.4
Pharmaceuticals, Biotechnology & Life Sciences	1.0
Other (each representing less than 1%)	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Visa Inc., Class A	6.3	%
Mastercard Inc., Class A	5.1
PayPal Holdings Inc.	4.8
Accenture PLC, Class A	4.0
Union Pacific Corp.	2.8
United Parcel Service Inc., Class B	2.7
Honeywell International Inc.	2.7
Raytheon Technologies Corp.	2.4
General Electric Co.	2.0
American Express Co.	2.0

^(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 each 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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.

12 2 0 2 1   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, 2021 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		17,781	$	734,178
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		22,966		2,227,472
Echo Global Logistics Inc.(a)		3,684		177,679
Expeditors International of Washington Inc.		29,263		3,606,958
United Parcel Service Inc., Class B		124,975		26,678,413
				32,690,522
Airlines — 0.1%
Delta Air Lines Inc.(a)		27,574		1,078,971
Southwest Airlines Co.(a)		25,327		1,197,460
				2,276,431
Auto Components — 0.3%
Aptiv PLC(a)		46,810		8,092,981
Autoliv Inc.		14,451		1,399,579
BorgWarner Inc.		41,731		1,880,816
				11,373,376
Automobiles — 4.1%
Harley-Davidson Inc.		26,526		967,934
Tesla Inc.(a)		141,495		157,625,430
				158,593,364
Banks — 1.9%
Bank of Hawaii Corp.		6,953		587,529
Cathay General Bancorp.		13,344		562,983
CIT Group Inc.		17,028		843,397
Citizens Financial Group Inc.		73,241		3,470,159
Comerica Inc.		24,320		2,069,389
First Republic Bank/CA		30,399		6,576,216
Heartland Financial USA Inc.		6,970		349,336
Huntington Bancshares Inc./OH		255,356		4,019,304
International Bancshares Corp.		9,498		402,715
KeyCorp.		167,472		3,897,073
M&T Bank Corp.		22,176		3,262,533
Old National Bancorp./IN		23,338		398,613
People’s United Financial Inc.		72,796		1,247,723
PNC Financial Services Group Inc. (The)		73,380		15,485,381
Regions Financial Corp.		165,556		3,920,366
SVB Financial Group(a)		9,649		6,922,193
Truist Financial Corp.		232,232		14,739,765
Umpqua Holdings Corp.		38,245		782,110
Zions Bancorp. NA		28,499		1,795,152
				71,331,937
Beverages — 2.2%
Coca-Cola Co. (The)		707,769		39,896,938
Keurig Dr Pepper Inc.		121,906		4,399,588
PepsiCo Inc.		238,730		38,578,768
				82,875,294
Biotechnology — 2.3%
AbbVie Inc.		305,192		34,996,367
Amgen Inc.		99,289		20,549,844
Biogen Inc.(a)		26,077		6,954,214
BioMarin Pharmaceutical Inc.(a)		31,391		2,487,109
Gilead Sciences Inc.		216,685		14,058,523
Vertex Pharmaceuticals Inc.(a)(b)		44,635		8,254,351
				87,300,408
Building Products — 0.8%
A O Smith Corp.		23,306		1,702,970

Security	Shares		Value
Building Products (continued)
Allegion PLC		15,558	$	1,996,092
Builders FirstSource Inc.(a)		34,023		1,982,520
Fortune Brands Home & Security Inc.		23,944		2,427,922
Johnson Controls International PLC		124,108		9,105,804
Lennox International Inc.		5,819		1,741,510
Masco Corp.		43,944		2,880,529
Owens Corning		17,947		1,676,429
Trane Technologies PLC		41,409		7,492,130
				31,005,906
Capital Markets — 4.4%
Ameriprise Financial Inc.		20,082		6,067,375
Bank of New York Mellon Corp. (The)		144,269		8,540,725
BlackRock Inc.(c)		26,346		24,856,397
Charles Schwab Corp. (The)		249,797		20,490,848
CME Group Inc.		61,991		13,672,115
FactSet Research Systems Inc.		6,525		2,896,382
Franklin Resources Inc.		51,768		1,630,174
Intercontinental Exchange Inc.		97,135		13,449,312
Invesco Ltd.		59,930		1,522,821
Moody’s Corp.		29,076		11,751,066
Morgan Stanley		241,123		24,782,622
Northern Trust Corp.		34,226		4,211,167
S&P Global Inc.		41,611		19,730,272
State Street Corp.		63,309		6,239,102
T Rowe Price Group Inc.		39,307		8,524,902
				168,365,280
Chemicals — 2.3%
Air Products & Chemicals Inc.		38,170		11,443,748
Albemarle Corp.		20,215		5,063,251
Axalta Coating Systems Ltd.(a)(b)		36,329		1,133,101
Ecolab Inc.		44,417		9,870,346
HB Fuller Co.		8,674		611,604
International Flavors & Fragrances Inc.		43,101		6,355,242
Linde PLC		89,903		28,697,038
Minerals Technologies Inc.		6,009		426,278
Mosaic Co. (The)		61,918		2,573,931
PPG Industries Inc.		41,074		6,595,252
Sherwin-Williams Co. (The)		43,901		13,899,496
				86,669,287
Commercial Services & Supplies — 0.2%
ACCO Brands Corp.		14,722		121,751
Copart Inc.(a)		36,887		5,728,182
Deluxe Corp.		7,062		251,901
HNI Corp.		7,777		290,860
Interface Inc.		11,049		158,664
Steelcase Inc., Class A		13,821		164,470
Tetra Tech Inc.		9,321		1,637,327
				8,353,155
Communications Equipment — 1.3%
Cisco Systems Inc.		728,180		40,756,235
CommScope Holding Co. Inc.(a)		35,217		377,174
F5 Networks Inc.(a)(b)		10,311		2,177,168
Motorola Solutions Inc.		29,390		7,306,060
Plantronics Inc.(a)		7,102		190,049
				50,806,686
Construction & Engineering — 0.1%
EMCOR Group Inc.		9,465		1,149,903
Granite Construction Inc.		7,676		284,933

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, 2021 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services Inc.		24,023	$	2,913,509
				4,348,345
Consumer Finance — 0.6%
Ally Financial Inc.		64,187		3,064,287
American Express Co.		117,987		20,503,781
				23,568,068
Containers & Packaging — 0.4%
Amcor PLC		266,970		3,222,328
Avery Dennison Corp.		14,371		3,128,854
Ball Corp.		56,822		5,198,076
Sealed Air Corp.		26,310		1,560,709
Sonoco Products Co.		17,208		997,204
				14,107,171
Distributors — 0.2%
LKQ Corp.(a)		49,713		2,738,192
Pool Corp.		6,937		3,573,665
				6,311,857
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		66,742		2,235,857
Voya Financial Inc.		21,000		1,465,170
				3,701,027
Diversified Telecommunication Services — 1.1%
Liberty Global PLC, Class A(a)		27,389		787,160
Liberty Global PLC, Class C, NVS(a)		61,084		1,761,663
Lumen Technologies Inc.		161,062		1,910,195
Verizon Communications Inc.		715,366		37,907,244
				42,366,262
Electric Utilities — 0.4%
Alliant Energy Corp.		43,299		2,449,424
Eversource Energy		59,453		5,047,560
FirstEnergy Corp.		93,748		3,612,111
OGE Energy Corp.		34,360		1,170,645
PPL Corp.		133,246		3,837,485
				16,117,225
Electrical Equipment — 0.5%
Acuity Brands Inc.		6,247		1,283,321
Eaton Corp. PLC		68,800		11,335,488
Rockwell Automation Inc.		20,110		6,423,134
Sensata Technologies Holding PLC(a)(b)		27,255		1,501,751
				20,543,694
Electronic Equipment, Instruments & Components — 0.8%
Cognex Corp.		30,463		2,668,254
Corning Inc.		140,058		4,981,863
Flex Ltd.(a)(b)		84,996		1,436,432
Itron Inc.(a)		7,802		606,762
Keysight Technologies Inc.(a)		31,957		5,752,899
TE Connectivity Ltd.		56,924		8,310,904
Trimble Inc.(a)		43,271		3,780,587
Zebra Technologies Corp., Class A(a)		9,264		4,946,513
				32,484,214
Energy Equipment & Services — 0.3%
Baker Hughes Co.		127,370		3,194,439
Core Laboratories NV		8,132		211,513
NOV Inc.(a)		66,883		937,700
Schlumberger NV		240,831		7,769,208
TechnipFMC PLC(a)		76,002		560,135
				12,672,995

Security	Shares		Value
Entertainment — 1.6%
Electronic Arts Inc.		49,807	$	6,985,432
Walt Disney Co. (The)(a)		313,950		53,079,526
				60,064,958
Equity Real Estate Investment Trusts (REITs) — 2.9%
American Tower Corp.		78,561		22,151,845
AvalonBay Communities Inc.		24,193		5,725,999
Boston Properties Inc.		25,654		2,915,321
Corporate Office Properties Trust		19,540		529,925
Digital Realty Trust Inc.		48,748		7,692,922
Duke Realty Corp.		64,421		3,623,037
Equinix Inc.		15,453		12,935,243
Equity Residential		61,422		5,306,861
Federal Realty Investment Trust		12,050		1,450,217
Healthpeak Properties Inc.		93,082		3,305,342
Host Hotels & Resorts Inc.(a)		122,750		2,065,882
Iron Mountain Inc.		49,915		2,278,121
Macerich Co. (The)		35,617		644,311
PotlatchDeltic Corp.		11,730		613,127
Prologis Inc.		127,815		18,528,062
SBA Communications Corp.		18,913		6,531,226
Simon Property Group Inc.		56,613		8,298,334
UDR Inc.		51,334		2,850,577
Weyerhaeuser Co.		129,694		4,632,670
				112,079,022
Food & Staples Retailing — 0.3%
Kroger Co. (The)		124,571		4,985,331
Sysco Corp.		88,591		6,812,648
United Natural Foods Inc.(a)		9,972		432,685
				12,230,664
Food Products — 1.4%
Archer-Daniels-Midland Co.		96,767		6,216,312
Bunge Ltd.		24,503		2,269,958
Campbell Soup Co.		33,583		1,341,641
Conagra Brands Inc.		83,087		2,675,401
Darling Ingredients Inc.(a)		28,378		2,398,509
General Mills Inc.		105,019		6,490,174
Hain Celestial Group Inc. (The)(a)		14,864		666,948
Hormel Foods Corp.		51,255		2,169,112
Ingredion Inc.		11,611		1,105,715
JM Smucker Co. (The)		18,835		2,314,068
Kellogg Co.		44,202		2,709,583
Kraft Heinz Co. (The)		116,493		4,180,934
Lamb Weston Holdings Inc.		25,389		1,433,209
McCormick & Co. Inc./MD, NVS		42,930		3,444,274
Mondelez International Inc., Class A		242,672		14,739,897
				54,155,735
Gas Utilities — 0.1%
Atmos Energy Corp.		22,422		2,065,515
New Jersey Resources Corp.		16,888		638,535
Northwest Natural Holding Co.		5,261		237,218
UGI Corp.		36,019		1,563,585
				4,504,853
Health Care Equipment & Supplies — 2.1%
ABIOMED Inc.(a)		7,804		2,591,240
Align Technology Inc.(a)		12,997		8,114,937
Becton Dickinson and Co.		50,243		12,037,720
Cooper Companies Inc. (The)		8,497		3,542,569
DENTSPLY SIRONA Inc.		37,451		2,142,572
Dexcom Inc.(a)		16,739		10,431,912

14 2 0 2 1   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, 2021 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp.(a)		107,355	$	12,863,276
Hologic Inc.(a)		44,393		3,254,451
IDEXX Laboratories Inc.(a)		14,742		9,820,236
Insulet Corp.(a)		11,448		3,549,109
ResMed Inc.		25,206		6,626,910
STERIS PLC		17,233		4,028,041
				79,002,973
Health Care Providers & Services — 1.6%
AmerisourceBergen Corp.		26,685		3,256,104
Cardinal Health Inc.		50,268		2,403,313
Centene Corp.(a)		100,359		7,149,575
Cigna Corp.		59,231		12,652,334
DaVita Inc.(a)		11,945		1,233,202
HCA Healthcare Inc.		46,528		11,653,403
Henry Schein Inc.(a)		24,371		1,860,726
Humana Inc.		22,317		10,336,342
Laboratory Corp. of America Holdings(a)		16,906		4,852,360
MEDNAX Inc.(a)(b)		13,468		366,733
Patterson Companies Inc.		14,618		456,959
Quest Diagnostics Inc.		22,632		3,321,925
Select Medical Holdings Corp.		18,718		621,812
				60,164,788
Health Care Technology — 0.2%
Cerner Corp.		52,187		3,876,972
Teladoc Health Inc.(a)(b)		24,107		3,606,166
				7,483,138
Hotels, Restaurants & Leisure — 2.6%
Aramark		39,061		1,424,945
Booking Holdings Inc.(a)		7,072		17,119,756
Choice Hotels International Inc.		6,186		869,875
Darden Restaurants Inc.		22,513		3,245,024
Domino’s Pizza Inc.		6,710		3,280,989
Hilton Worldwide Holdings Inc.(a)		48,158		6,932,344
Jack in the Box Inc.		3,878		383,728
Marriott International Inc./MD, Class A(a)		47,896		7,664,318
McDonald’s Corp.		128,937		31,660,481
Royal Caribbean Cruises Ltd.(a)		39,577		3,341,486
Starbucks Corp.		203,594		21,595,216
Vail Resorts Inc.		6,958		2,398,492
				99,916,654
Household Durables — 0.3%
Ethan Allen Interiors Inc.		4,295		99,687
Garmin Ltd.		26,546		3,812,006
La-Z-Boy Inc.		7,798		259,206
Meritage Homes Corp.(a)		6,588		716,181
Mohawk Industries Inc.(a)		10,252		1,816,757
Newell Brands Inc.		66,760		1,528,136
Whirlpool Corp.		10,815		2,280,126
				10,512,099
Household Products — 2.1%
Clorox Co. (The)		21,562		3,514,822
Colgate-Palmolive Co.		138,697		10,567,324
Kimberly-Clark Corp.		58,420		7,564,806
Procter & Gamble Co. (The)		423,019		60,487,487
				82,134,439
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		114,449		2,876,103

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Ormat Technologies Inc.		7,706	$	557,375
				3,433,478
Industrial Conglomerates — 0.7%
3M Co.		100,171		17,898,555
Roper Technologies Inc.		18,245		8,901,188
				26,799,743
Insurance — 2.2%
Allstate Corp. (The)		51,814		6,407,837
Arthur J Gallagher & Co.		35,697		5,985,316
Chubb Ltd.		77,664		15,173,992
Hartford Financial Services Group Inc. (The)		61,839		4,509,918
Lincoln National Corp.		31,313		2,259,233
Loews Corp.		38,742		2,172,264
Marsh & McLennan Companies Inc.		87,825		14,649,210
Principal Financial Group Inc.		46,960		3,150,547
Progressive Corp. (The)		100,953		9,578,421
Prudential Financial Inc.		68,236		7,509,372
Travelers Companies Inc. (The)		43,572		7,009,863
Willis Towers Watson PLC		22,309		5,405,025
				83,810,998
Interactive Media & Services — 7.9%
Alphabet Inc., Class A(a)		51,981		153,911,582
Alphabet Inc., Class C, NVS(a)		50,333		149,257,982
				303,169,564
IT Services — 6.4%
Accenture PLC, Class A		109,825		39,404,112
Automatic Data Processing Inc.		73,497		16,499,341
Cognizant Technology Solutions Corp., Class A		91,319		7,131,101
International Business Machines Corp.		154,390		19,314,189
Mastercard Inc., Class A		152,844		51,282,219
Okta Inc.(a)(b)		21,539		5,324,010
PayPal Holdings Inc.(a)		192,818		44,847,539
Visa Inc., Class A		292,315		61,903,547
Western Union Co. (The)		69,941		1,274,325
				246,980,383
Leisure Products — 0.1%
Callaway Golf Co.(a)		20,805		562,775
Hasbro Inc.		22,641		2,168,102
Mattel Inc.(a)		60,688		1,323,606
				4,054,483
Life Sciences Tools & Services — 1.2%
Agilent Technologies Inc.		52,561		8,277,832
Bio-Techne Corp.		6,720		3,518,928
Illumina Inc.(a)		25,206		10,462,002
IQVIA Holdings Inc.(a)		33,041		8,637,578
Mettler-Toledo International Inc.(a)		4,018		5,950,176
Waters Corp.(a)		10,702		3,933,520
West Pharmaceutical Services Inc.		12,776		5,492,147
				46,272,183
Machinery — 2.6%
AGCO Corp.		11,050		1,350,421
Caterpillar Inc.		94,643		19,308,118
Cummins Inc.		25,318		6,072,269
Deere & Co.		51,451		17,612,192
Dover Corp.		24,817		4,196,058
Flowserve Corp.		22,485		755,946
Fortive Corp.		55,589		4,208,643
Graco Inc.		29,008		2,180,822

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, 2021 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
IDEX Corp.		13,110	$	2,917,893
Illinois Tool Works Inc.		54,551		12,430,536
Lincoln Electric Holdings Inc.		9,828		1,399,507
Meritor Inc.(a)		12,492		304,055
Middleby Corp. (The)(a)		9,592		1,749,965
PACCAR Inc.		60,104		5,386,521
Parker-Hannifin Corp.		22,324		6,621,075
Snap-on Inc.		9,303		1,890,649
Stanley Black & Decker Inc.		27,959		5,025,071
Tennant Co.		3,170		251,888
Timken Co. (The)		12,035		853,883
Westinghouse Air Brake Technologies Corp.		30,959		2,808,910
Xylem Inc./NY		31,180		4,071,796
				101,396,218
Media — 0.2%
Discovery Inc., Class A(a)(b)		28,819		675,517
Discovery Inc., Class C, NVS(a)		54,294		1,224,873
John Wiley & Sons Inc., Class A		7,824		423,826
New York Times Co. (The), Class A		26,203		1,430,422
Omnicom Group Inc.		37,238		2,535,163
Scholastic Corp.		4,469		161,733
				6,451,534
Metals & Mining — 0.4%
Compass Minerals International Inc.		5,587		366,507
Newmont Corp.		138,715		7,490,610
Nucor Corp.		51,798		5,783,247
Schnitzer Steel Industries Inc., Class A		4,460		239,948
				13,880,312
Multi-Utilities — 0.7%
Avista Corp.		11,046		439,741
CenterPoint Energy Inc.		100,517		2,617,463
CMS Energy Corp.		50,105		3,023,837
Consolidated Edison Inc.		59,325		4,473,105
MDU Resources Group Inc.		34,850		1,070,940
NiSource Inc.		67,442		1,663,794
Sempra Energy		54,852		7,000,761
WEC Energy Group Inc.		54,637		4,920,608
				25,210,249
Multiline Retail — 0.6%
Kohl’s Corp.		27,519		1,335,497
Nordstrom Inc.(a)		18,874		542,250
Target Corp.		85,481		22,192,577
				24,070,324
Oil, Gas & Consumable Fuels — 1.9%
APA Corp.		65,174		1,708,211
Cheniere Energy Inc.(a)		41,652		4,306,817
ConocoPhillips		233,103		17,363,842
Devon Energy Corp.		110,544		4,430,604
EQT Corp.(a)		48,161		958,885
Hess Corp.		48,137		3,974,672
Marathon Oil Corp.		137,066		2,236,917
Marathon Petroleum Corp.		112,946		7,446,530
Occidental Petroleum Corp.		160,922		5,395,715
ONEOK Inc.		77,131		4,907,074
Phillips 66		75,832		5,670,717
Pioneer Natural Resources Co.		39,898		7,460,128
Southwestern Energy Co.(a)		118,756		579,529

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.		70,791	$	5,474,268
				71,913,909
Paper & Forest Products — 0.0%
Domtar Corp.(a)		8,101		442,234
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		40,031		12,983,254
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		385,985		22,541,524
Jazz Pharmaceuticals PLC(a)		10,345		1,376,299
Merck & Co. Inc.		437,507		38,522,491
Zoetis Inc.		82,022		17,733,157
				80,173,471
Professional Services — 0.5%
ASGN Inc.(a)		9,244		1,106,137
Exponent Inc.		8,939		1,026,197
Heidrick & Struggles International Inc.		3,047		142,843
ICF International Inc.		3,251		326,693
IHS Markit Ltd.		65,435		8,553,663
Kelly Services Inc., Class A, NVS		5,831		105,133
ManpowerGroup Inc.		9,267		895,656
Resources Connection Inc.		5,996		104,390
Robert Half International Inc.		19,523		2,207,466
TransUnion		33,075		3,813,217
TrueBlue Inc.(a)		5,922		164,928
				18,446,323
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		58,131		6,050,275
Jones Lang LaSalle Inc.(a)		8,904		2,299,280
Realogy Holdings Corp.(a)		19,185		332,284
				8,681,839
Road & Rail — 1.7%
AMERCO		1,677		1,235,932
ArcBest Corp.		4,240		380,964
Avis Budget Group Inc.(a)(b)		9,162		1,587,866
CSX Corp.		392,280		14,188,768
Kansas City Southern		15,764		4,890,781
Norfolk Southern Corp.		43,173		12,651,848
Ryder System Inc.		9,225		783,664
Union Pacific Corp.		114,781		27,708,133
				63,427,956
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices Inc.(a)		209,947		25,241,928
Analog Devices Inc.		92,930		16,122,426
Applied Materials Inc.		158,563		21,667,634
Intel Corp.		697,727		34,188,623
Lam Research Corp.		24,627		13,879,038
Microchip Technology Inc.		94,720		7,017,805
NVIDIA Corp.		430,583		110,087,156
ON Semiconductor Corp.(a)		73,963		3,555,401
Skyworks Solutions Inc.		28,595		4,779,082
Texas Instruments Inc.		159,568		29,915,809
				266,454,902
Software — 17.2%
Adobe Inc.(a)		82,596		53,717,134
ANSYS Inc.(a)		15,065		5,718,373
Autodesk Inc.(a)		37,980		12,062,828
Cadence Design Systems Inc.(a)		47,969		8,303,913

16 2 0 2 1   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, 2021 iShares^® MSCI KLD 400 Social ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Citrix Systems Inc.		21,455	$	2,032,432
Fortinet Inc.(a)		24,014		8,076,869
Intuit Inc.		47,217		29,557,370
Microsoft Corp.		1,236,312		409,985,785
NortonLifeLock Inc.		100,295		2,552,508
Oracle Corp.		323,871		31,072,184
Paycom Software Inc.(a)		8,833		4,839,159
salesforce.com Inc.(a)		167,869		50,308,661
ServiceNow Inc.(a)		34,110		23,800,593
Splunk Inc.(a)		28,418		4,683,855
Teradata Corp.(a)		18,788		1,062,649
VMware Inc., Class A(a)		14,388		2,182,660
Workday Inc., Class A(a)		32,613		9,457,118
				659,414,091
Specialty Retail — 3.1%
AutoNation Inc.(a)		9,021		1,092,623
Best Buy Co. Inc.		39,012		4,768,827
Buckle Inc. (The)		4,751		197,736
CarMax Inc.(a)(b)		28,092		3,846,357
Foot Locker Inc.		15,684		747,656
GameStop Corp., Class A(a)(b)		11,286		2,071,094
Gap Inc. (The)		38,775		879,805
Home Depot Inc. (The)		183,727		68,298,675
Lowe’s Companies Inc.		122,151		28,561,347
ODP Corp. (The)(a)		9,183		397,624
Signet Jewelers Ltd.		8,965		799,499
Tractor Supply Co.		19,976		4,338,188
Ulta Beauty Inc.(a)		9,025		3,315,424
				119,314,855
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C(a)		48,070		5,287,219
Hewlett Packard Enterprise Co.		225,317		3,300,894
HP Inc.		216,552		6,568,022
Xerox Holdings Corp.		27,861		495,926
				15,652,061
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.(a)		26,373		1,404,098
Columbia Sportswear Co.		5,808		603,103
Deckers Outdoor Corp.(a)		4,831		1,909,743
Hanesbrands Inc.		59,633		1,016,146
Nike Inc., Class B		220,303		36,854,489
PVH Corp.(a)		12,172		1,330,765
Under Armour Inc., Class A(a)		32,569		715,215
Under Armour Inc., Class C, NVS(a)		33,273		628,194

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
VF Corp.		57,538	$	4,193,369
Wolverine World Wide Inc.		14,604		484,415
				49,139,537
Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp. Inc.		79,214		984,630
Trading Companies & Distributors — 0.4%
Air Lease Corp.		18,577		744,009
Applied Industrial Technologies Inc.		6,659		649,119
Fastenal Co.		99,465		5,677,462
H&E Equipment Services Inc.		5,806		261,735
United Rentals Inc.(a)		12,484		4,732,809
WW Grainger Inc.		7,666		3,550,201
				15,615,335
Water Utilities — 0.2%
American Water Works Co. Inc.		31,413		5,471,517
Essential Utilities Inc.		40,533		1,907,888
				7,379,405
Total Common Stocks — 99.7% (Cost: $2,395,370,736)				3,826,399,276
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		17,984,847		17,993,839
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		7,290,000		7,290,000
				25,283,839
Total Short-Term Investments — 0.7% (Cost: $25,283,070)				25,283,839
Total Investments in Securities — 100.4% (Cost: $2,420,653,806)				3,851,683,115
Other Assets, Less Liabilities — (0.4)%				(15,011,440	)
Net Assets — 100.0%			$	3,836,671,675

^(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 the cash collateral 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, 2021 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,210,182	$	4,781,651	(a)	$	—		$	1,688	$	318	$	17,993,839		17,984,847	$	13,145	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,780,000		—			(1,490,000	)(a)		—		—		7,290,000		7,290,000		149			—
BlackRock Inc.		20,060,560		2,791,636			(1,165,461	)		547,695		2,621,967		24,856,397		26,346		204,146			—
									$	549,383	$	2,622,285	$	50,140,236			$	217,440		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		41		12/17/21	$	9,424	$	291,844

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	291,844

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	522,753
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	261,954

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,309,182

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

18 2 0 2 1   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, 2021 iShares^® MSCI KLD 400 Social ETF     

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,826,399,276	$	—	$	—	$	3,826,399,276
Money Market Funds		25,283,839		—		—		25,283,839
	$	3,851,683,115	$	—	$	—	$	3,851,683,115
Derivative financial instruments(a)
Assets
Futures Contracts	$	291,844	$	—	$	—	$	291,844

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.6%
CH Robinson Worldwide Inc.		161,940	$	15,706,560
Expeditors International of Washington Inc.		417,149		51,417,786
				67,124,346
Auto Components — 0.5%
Aptiv PLC(a)		127,417		22,029,125
Automobiles — 2.2%
Tesla Inc.(a)		80,420		89,587,880
Banks — 1.8%
Huntington Bancshares Inc./OH		1,020,181		16,057,649
KeyCorp		268,700		6,252,649
PNC Financial Services Group Inc. (The)		54,587		11,519,495
Regions Financial Corp.		744,299		17,625,000
SVB Financial Group(a)		23,615		16,941,401
Truist Financial Corp.		115,080		7,304,127
				75,700,321
Beverages — 2.4%
Coca-Cola Co. (The)		677,945		38,215,760
Keurig Dr Pepper Inc.		199,982		7,217,350
PepsiCo Inc.		316,099		51,081,598
				96,514,708
Biotechnology — 1.7%
Amgen Inc.		112,576		23,299,855
Biogen Inc.(a)		29,873		7,966,531
Gilead Sciences Inc.		330,307		21,430,318
Vertex Pharmaceuticals Inc.(a)		92,145		17,040,375
				69,737,079
Building Products — 2.6%
Carrier Global Corp.		92,476		4,830,021
Fortune Brands Home & Security Inc.		40,156		4,071,818
Johnson Controls International PLC		768,670		56,397,318
Owens Corning		81,312		7,595,354
Trane Technologies PLC		177,174		32,056,092
				104,950,603
Capital Markets — 5.4%
Bank of New York Mellon Corp. (The)		416,508		24,657,274
BlackRock Inc.(b)		72,351		68,260,274
CME Group Inc.		20,127		4,439,010
FactSet Research Systems Inc.		16,077		7,136,420
Invesco Ltd.		318,520		8,093,593
Moody’s Corp.		20,027		8,093,912
Morgan Stanley		359,199		36,918,473
Northern Trust Corp.		222,971		27,434,352
S&P Global Inc.		19,644		9,314,399
State Street Corp.		178,345		17,575,900
T Rowe Price Group Inc.		52,763		11,443,239
				223,366,846
Chemicals — 2.1%
DuPont de Nemours Inc.		56,350		3,921,960
Ecolab Inc.		166,461		36,990,963
International Flavors & Fragrances Inc.		83,058		12,246,902
Linde PLC		62,764		20,034,269
Mosaic Co. (The)		213,287		8,866,341
PPG Industries Inc.		25,206		4,047,327
				86,107,762

Security	Shares		Value
Communications Equipment — 1.2%
Cisco Systems Inc.		788,678	$	44,142,308
Motorola Solutions Inc.		18,883		4,694,125
				48,836,433
Consumer Finance — 1.6%
Ally Financial Inc.		285,572		13,633,207
American Express Co.		297,236		51,653,672
				65,286,879
Containers & Packaging — 0.4%
Amcor PLC		935,977		11,297,242
Ball Corp.		42,247		3,864,756
				15,161,998
Distributors — 0.2%
LKQ Corp.(a)		164,594		9,065,838
Diversified Telecommunication Services — 0.6%
AT&T Inc.		297,646		7,518,538
Verizon Communications Inc.		301,520		15,977,545
				23,496,083
Electric Utilities — 1.3%
Eversource Energy		312,703		26,548,485
Southern Co. (The)		58,878		3,669,277
Xcel Energy Inc.		376,163		24,296,368
				54,514,130
Electronic Equipment, Instruments & Components — 1.2%
Cognex Corp.		49,102		4,300,844
Keysight Technologies Inc.(a)		73,962		13,314,639
TE Connectivity Ltd.		26,566		3,878,636
Teledyne Technologies Inc.(a)		8,857		3,978,742
Trimble Inc.(a)		175,009		15,290,536
Zebra Technologies Corp., Class A(a)		12,283		6,558,508
				47,321,905
Energy Equipment & Services — 0.6%
Baker Hughes Co.		473,568		11,877,085
Schlumberger NV		379,010		12,226,863
				24,103,948
Entertainment — 1.5%
Activision Blizzard Inc.		46,989		3,674,070
Electronic Arts Inc.		35,050		4,915,763
Netflix Inc.(a)		21,639		14,937,618
Roku Inc.(a)		11,661		3,555,439
Walt Disney Co. (The)(a)		206,621		34,933,412
				62,016,302
Equity Real Estate Investment Trusts (REITs) — 2.8%
American Tower Corp.		66,821		18,841,517
Crown Castle International Corp.		21,370		3,853,011
Equinix Inc.		29,961		25,079,454
Healthpeak Properties Inc.		579,048		20,561,994
Iron Mountain Inc.		85,385		3,896,971
Prologis Inc.		229,988		33,339,061
Ventas Inc.		111,037		5,926,045
Welltower Inc.		55,062		4,426,985
				115,925,038
Food & Staples Retailing — 0.3%
Kroger Co. (The)		168,959		6,761,739
Walgreens Boots Alliance Inc.		82,225		3,866,220
				10,627,959
Food Products — 2.0%
Bunge Ltd.		197,105		18,259,807

20 2 0 2 1   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, 2021 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Campbell Soup Co.		235,297	$	9,400,115
General Mills Inc.		315,211		19,480,040
Kellogg Co.		548,522		33,624,399
				80,764,361
Health Care Equipment & Supplies — 2.5%
Align Technology Inc.(a)		6,865		4,286,300
Dexcom Inc.(a)		19,947		12,431,170
Edwards Lifesciences Corp.(a)		219,754		26,330,924
Hologic Inc.(a)		103,684		7,601,074
IDEXX Laboratories Inc.(a)		40,041		26,672,912
Insulet Corp.(a)		42,383		13,139,578
ResMed Inc.		32,855		8,637,908
STERIS PLC		18,967		4,433,346
				103,533,212
Health Care Providers & Services — 1.3%
DaVita Inc.(a)		56,549		5,838,119
HCA Healthcare Inc.		62,671		15,696,578
Humana Inc.		19,894		9,214,105
Laboratory Corp. of America Holdings(a)		15,694		4,504,492
Quest Diagnostics Inc.		119,892		17,597,748
				52,851,042
Health Care Technology — 0.4%
Cerner Corp.		84,750		6,296,078
Teladoc Health Inc.(a)(c)		58,455		8,744,283
				15,040,361
Hotels, Restaurants & Leisure — 0.9%
Booking Holdings Inc.(a)		2,188		5,296,667
Darden Restaurants Inc.		33,264		4,794,673
Hilton Worldwide Holdings Inc.(a)		71,187		10,247,369
McDonald’s Corp.		24,027		5,899,830
Vail Resorts Inc.		33,002		11,376,119
				37,614,658
Household Durables — 0.1%
Newell Brands Inc.		160,995		3,685,176
Household Products — 1.9%
Clorox Co. (The)		72,054		11,745,523
Colgate-Palmolive Co.		169,454		12,910,700
Kimberly-Clark Corp.		113,320		14,673,807
Procter & Gamble Co. (The)		272,957		39,030,121
				78,360,151
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		369,294		9,280,358
Industrial Conglomerates — 1.4%
3M Co.		323,105		57,732,401
Insurance — 2.4%
American International Group Inc.		118,310		6,990,938
Chubb Ltd.		21,099		4,122,323
Marsh & McLennan Companies Inc.		340,325		56,766,210
Prudential Financial Inc.		157,687		17,353,454
Travelers Companies Inc. (The)		83,477		13,429,780
				98,662,705
Interactive Media & Services — 5.3%
Alphabet Inc., Class A(a)		40,578		120,148,212
Alphabet Inc., Class C, NVS(a)		18,105		53,688,748
Meta Platforms Inc, Class A(a)		122,599		39,669,358

Security	Shares		Value
Interactive Media & Services (continued)
Snap Inc., Class A, NVS(a)		67,491	$	3,548,677
				217,054,995
Internet & Direct Marketing Retail — 0.4%
eBay Inc.		58,966		4,523,872
Etsy Inc.(a)		22,038		5,524,706
MercadoLibre Inc.(a)		5,723		8,475,877
				18,524,455
IT Services — 5.6%
Accenture PLC, Class A		128,912		46,252,336
Automatic Data Processing Inc.		190,465		42,757,488
Fiserv Inc.(a)		33,637		3,312,908
International Business Machines Corp.		215,836		27,001,084
Mastercard Inc., Class A		88,392		29,657,284
Okta Inc.(a)		27,742		6,857,267
PayPal Holdings Inc.(a)		116,742		27,153,022
Square Inc., Class A(a)(c)		37,122		9,447,549
Twilio Inc., Class A(a)		16,838		4,905,920
Visa Inc., Class A(c)		153,195		32,442,105
				229,786,963
Leisure Products — 0.3%
Hasbro Inc.		120,906		11,577,959
Life Sciences Tools & Services — 3.8%
Agilent Technologies Inc.		280,372		44,155,786
Illumina Inc.(a)		21,393		8,879,378
Mettler-Toledo International Inc.(a)		14,810		21,931,833
Thermo Fisher Scientific Inc.		7,086		4,485,934
Waters Corp.(a)		81,772		30,055,299
West Pharmaceutical Services Inc.		107,391		46,165,243
				155,673,473
Machinery — 2.7%
Caterpillar Inc.		103,150		21,043,631
Cummins Inc.		124,020		29,744,957
Deere & Co.		23,667		8,101,451
Xylem Inc./NY		402,257		52,530,742
				111,420,781
Media — 0.7%
Cable One Inc.		6,883		11,778,259
Discovery Inc., Class C, NVS(a)		147,647		3,330,916
Interpublic Group of Companies Inc. (The)		218,439		7,988,314
Omnicom Group Inc.		54,950		3,740,996
				26,838,485
Metals & Mining — 0.1%
Newmont Corp.		89,293		4,821,822
Multi-Utilities — 0.9%
CMS Energy Corp.		270,988		16,354,126
Consolidated Edison Inc.		74,935		5,650,099
Public Service Enterprise Group Inc.		145,469		9,280,922
Sempra Energy		41,578		5,306,600
				36,591,747
Multiline Retail — 0.5%
Target Corp.		82,109		21,317,139
Oil, Gas & Consumable Fuels — 1.7%
Cheniere Energy Inc.(a)		47,059		4,865,901
ConocoPhillips		424,226		31,600,595
Hess Corp.		238,016		19,652,981
Kinder Morgan Inc.		245,998		4,120,466

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, 2021 iShares^® MSCI USA ESG Select ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK Inc.		174,047	$	11,072,870
				71,312,813
Pharmaceuticals — 1.3%
Eli Lilly & Co.		34,170		8,705,149
Merck & Co. Inc.		165,882		14,605,910
Zoetis Inc.		144,670		31,277,654
				54,588,713
Professional Services — 0.6%
IHS Markit Ltd.		130,447		17,052,032
Robert Half International Inc.		56,731		6,414,574
				23,466,606
Real Estate Management & Development — 0.6%
CBRE Group Inc., Class A(a)		240,533		25,034,675
Road & Rail — 0.8%
CSX Corp.		162,803		5,888,585
Kansas City Southern		56,812		17,625,923
Norfolk Southern Corp.		30,742		9,008,943
				32,523,451
Semiconductors & Semiconductor Equipment — 6.2%
Applied Materials Inc.		302,273		41,305,605
Intel Corp.		534,183		26,174,967
Lam Research Corp.		28,276		15,935,505
Marvell Technology Inc.		84,987		5,821,610
Micron Technology Inc.		78,930		5,454,063
NVIDIA Corp.		381,746		97,601,000
ON Semiconductor Corp.(a)		113,077		5,435,611
Texas Instruments Inc.		305,723		57,316,948
				255,045,309
Software — 11.7%
Adobe Inc.(a)		84,528		54,973,630
ANSYS Inc.(a)		27,069		10,274,851
Autodesk Inc.(a)		78,711		24,999,401
Cadence Design Systems Inc.(a)		123,936		21,454,561
HubSpot Inc.(a)		7,881		6,385,423
Intuit Inc.		67,171		42,048,374
Microsoft Corp.		657,059		217,893,906
salesforce.com Inc.(a)		175,842		52,698,089
ServiceNow Inc.(a)		37,177		25,940,623
Splunk Inc.(a)		33,321		5,491,967
VMware Inc., Class A(a)		34,697		5,263,535
Workday Inc., Class A(a)		38,399		11,134,942
				478,559,302
Specialty Retail — 3.7%
Best Buy Co. Inc.		318,250		38,902,880

Security	Shares		Value
Specialty Retail (continued)
Home Depot Inc. (The)		215,484	$	80,104,022
Lowe’s Companies Inc.		105,424		24,650,240
TJX Companies Inc. (The)		68,317		4,474,080
Tractor Supply Co.		24,322		5,282,009
				153,413,231
Technology Hardware, Storage & Peripherals — 5.7%
Apple Inc.		1,329,183		199,111,614
Hewlett Packard Enterprise Co.		1,482,436		21,717,687
HP Inc.		373,221		11,319,793
				232,149,094
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica Inc.(a)(c)		16,690		7,777,707
Nike Inc., Class B		112,702		18,853,917
VF Corp.		180,895		13,183,628
				39,815,252
Trading Companies & Distributors — 1.0%
WW Grainger Inc.		86,742		40,171,088
Total Common Stocks — 99.7% (Cost: $3,150,004,742)				4,088,686,961
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(b)(d)(e)		25,490,439		25,503,185
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		9,260,000		9,260,000
				34,763,185
Total Short-Term Investments — 0.8% (Cost: $34,760,921)				34,763,185
Total Investments in Securities — 100.5% (Cost: $3,184,765,663)				4,123,450,146
Other Assets, Less Liabilities — (0.5)%				(22,379,297	)
Net Assets — 100.0%			$	4,101,070,849

^(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 the cash collateral from loaned securities.

22 2 0 2 1   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, 2021 iShares^® MSCI USA ESG Select ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,187,959	$	—		$	(2,685,835	)(a)	$	(271	)	$	1,332	$	25,503,185		25,490,439	$	42,298	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,570,000		2,690,000	(a)		—			—			—		9,260,000		9,260,000		201			—
BlackRock Inc.		49,499,648		16,403,894			(5,833,559	)		305,231			7,885,060		68,260,274		72,351		538,911			—
									$	304,960		$	7,886,392	$	103,023,459			$	581,410		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		52		12/17/21	$	11,952	$	333,272

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	333,272

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	938,990
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(60,172	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,104,482

For more information about the Fund’s investment risks regarding derivative 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 23

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® MSCI USA ESG Select ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,088,686,961	$	—	$	—	$	4,088,686,961
Money Market Funds		34,763,185		—		—		34,763,185
	$	4,123,450,146	$	—	$	—	$	4,123,450,146
Derivative financial instruments(a)
Assets
Futures Contracts	$	333,272	$	—	$	—	$	333,272

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

24 2 0 2 1   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, 2021 iShares^® U.S. Basic Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Hexcel Corp.(a)		119,866	$	6,801,197
Chemicals — 57.6%
Air Products & Chemicals Inc.		281,178		84,299,976
Albemarle Corp.		141,239		35,376,132
Ashland Global Holdings Inc.		78,817		7,567,220
Celanese Corp.		159,516		25,763,429
CF Industries Holdings Inc.		306,858		17,429,534
Chemours Co. (The)		236,138		6,616,587
Dow Inc.		960,143		53,739,204
Eastman Chemical Co.		194,870		20,272,326
Ecolab Inc.		318,241		70,719,515
Element Solutions Inc.		331,952		7,538,630
FMC Corp.		184,887		16,826,566
Huntsman Corp.		302,462		9,854,212
International Flavors & Fragrances Inc.		322,558		47,561,177
LyondellBasell Industries NV, Class A		335,396		31,131,457
Mosaic Co. (The)		495,709		20,606,623
NewMarket Corp.		9,607		3,266,476
Olin Corp.		206,266		11,753,037
Scotts Miracle-Gro Co. (The)		58,908		8,745,482
Valvoline Inc.		259,834		8,823,962
Westlake Chemical Corp.		47,546		4,628,128
				492,519,673
Containers & Packaging — 6.0%
Avery Dennison Corp.		117,735		25,633,264
International Paper Co.		510,982		25,380,476
				51,013,740
Machinery — 0.8%
Timken Co. (The)		92,114		6,535,488
Metals & Mining — 29.2%
Alcoa Corp.		267,962		12,312,854
Cleveland-Cliffs Inc.(a)		653,703		15,760,779
Freeport-McMoRan Inc.		1,871,335		70,586,756
Newmont Corp.		1,028,937		55,562,598
Nucor Corp.		337,721		37,706,550
Reliance Steel & Aluminum Co.		90,900		13,285,944

Security	Shares		Value
Metals & Mining (continued)
Royal Gold Inc.		94,010	$	9,308,870
Southern Copper Corp.		120,800		7,246,792
Steel Dynamics Inc.		278,214		18,384,381
United States Steel Corp.		383,623		10,123,811
				250,279,335
Paper & Forest Products — 0.1%
Sylvamo Corp.(a)		46,453		1,308,117
Trading Companies & Distributors — 5.2%
Fastenal Co.		673,134		38,422,489
Univar Solutions Inc.(a)(b)		240,015		6,139,584
				44,562,073
Total Common Stocks — 99.7% (Cost: $845,783,327)				853,019,623
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		199,781		199,881
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,320,000		1,320,000
				1,519,881
Total Short-Term Investments — 0.2% (Cost: $1,519,881)				1,519,881
Total Investments in Securities — 99.9% (Cost: $847,303,208)				854,539,504
Other Assets, Less Liabilities — 0.1%				762,196
Net Assets — 100.0%			$	855,301,700

(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 the cash collateral from loaned 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, 2021 iShares^® U.S. Basic Materials ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	199,881	(a)	$	—		$	—	$	—	$	199,881		199,781	$	611	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,347,000		—			(27,000	)(a)		—		—		1,320,000		1,320,000		40			—
									$	—	$	—	$	1,519,881			$	651		$	—

(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Materials Select Sector Index		23		12/17/21	$	2,064	$	92,022

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	92,022

(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(145,697	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	31,821

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,841,290

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

26 2 0 2 1   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, 2021 iShares^® U.S. Basic Materials ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	853,019,623	$	—	$	—	$	853,019,623
Money Market Funds		1,519,881		—		—		1,519,881
	$	854,539,504	$	—	$	—	$	854,539,504
Derivative financial instruments(a)
Assets
Futures Contracts	$	92,022	$	—	$	—	$	92,022

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® U.S. Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.5%
Alaska Air Group Inc.(a)		28,161	$	1,486,901
American Airlines Group Inc.(a)		146,895		2,820,384
Copa Holdings SA, Class A, NVS(a)		7,209		533,178
Delta Air Lines Inc.(a)		147,078		5,755,162
JetBlue Airways Corp.(a)		72,420		1,016,053
Southwest Airlines Co.(a)		135,957		6,428,047
United Airlines Holdings Inc.(a)		74,390		3,432,354
				21,472,079
Auto Components — 1.3%
Aptiv PLC(a)		62,110		10,738,198
BorgWarner Inc.		55,131		2,484,754
Gentex Corp.		55,093		1,949,741
Lear Corp.		13,821		2,375,139
QuantumScape Corp.(a)		47,067		1,362,119
				18,909,951
Automobiles — 12.2%
Ford Motor Co.(a)		901,186		15,392,257
General Motors Co.(a)		316,654		17,235,477
Harley-Davidson Inc.		35,428		1,292,768
Tesla Inc.(a)		121,855		135,746,470
Thor Industries Inc.		12,180		1,241,873
				170,908,845
Commercial Services & Supplies — 0.8%
Copart Inc.(a)		48,109		7,470,847
Driven Brands Holdings Inc.(a)		12,298		399,316
IAA Inc.(a)		31,099		1,855,055
Rollins Inc.		52,202		1,839,076
				11,564,294
Distributors — 0.9%
Genuine Parts Co.		32,511		4,262,517
LKQ Corp.(a)		62,590		3,447,457
Pool Corp.		8,958		4,614,804
				12,324,778
Diversified Consumer Services — 0.8%
Bright Horizons Family Solutions Inc.(a)(b)		13,989		2,322,174
Chegg Inc.(a)		32,920		1,956,765
frontdoor Inc.(a)		19,621		731,471
Grand Canyon Education Inc.(a)		10,229		815,251
H&R Block Inc.		40,782		940,841
Mister Car Wash Inc.(a)		9,397		172,341
Service Corp. International		37,651		2,578,717
Terminix Global Holdings Inc.(a)		28,548		1,155,623
				10,673,183
Entertainment — 11.4%
Activision Blizzard Inc.		177,854		13,906,404
Electronic Arts Inc.		65,281		9,155,660
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		5,717		298,142
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		45,613		2,545,205
Live Nation Entertainment Inc.(a)		30,890		3,124,524
Madison Square Garden Sports Corp.(a)		4,317		818,115
Netflix Inc.(a)		83,414		57,581,518
Playtika Holding Corp.(a)		23,766		672,103
Spotify Technology SA(a)		31,451		9,101,919
Take-Two Interactive Software Inc.(a)		26,578		4,810,618
Walt Disney Co. (The)(a)		334,805		56,605,481
World Wrestling Entertainment Inc., Class A		10,180		621,896

Security	Shares		Value
Entertainment (continued)
Zynga Inc., Class A(a)		230,445	$	1,700,684
				160,942,269
Food & Staples Retailing — 7.1%
Costco Wholesale Corp.		101,843		50,059,908
Walmart Inc.		330,462		49,377,632
				99,437,540
Health Care Equipment & Supplies — 0.0%
Figs Inc., Class A(a)(b)		8,659		291,029
Hotels, Restaurants & Leisure — 14.4%
Aramark		52,811		1,926,545
Booking Holdings Inc.(a)		9,442		22,857,005
Boyd Gaming Corp.(a)		18,991		1,211,246
Caesars Entertainment Inc.(a)		46,923		5,136,192
Carnival Corp.(a)		196,019		4,343,781
Chipotle Mexican Grill Inc.(a)		6,459		11,490,755
Choice Hotels International Inc.		7,967		1,120,320
Churchill Downs Inc.		8,492		1,953,160
Darden Restaurants Inc.		29,926		4,313,534
Domino’s Pizza Inc.		8,449		4,131,307
DraftKings Inc., Class A(a)(b)		69,877		3,255,569
Expedia Group Inc.(a)		33,369		5,486,197
Hilton Worldwide Holdings Inc.(a)		63,058		9,077,199
Hyatt Hotels Corp., Class A(a)		10,832		922,886
Las Vegas Sands Corp.(a)		76,111		2,953,868
Marriott International Inc./MD, Class A(a)		62,613		10,019,332
Marriott Vacations Worldwide Corp.		9,619		1,512,299
McDonald’s Corp.		172,043		42,245,159
MGM Resorts International		92,248		4,350,416
Norwegian Cruise Line Holdings Ltd.(a)(b)		85,039		2,187,203
Penn National Gaming Inc.(a)		37,883		2,712,423
Planet Fitness Inc., Class A(a)		19,233		1,529,985
Royal Caribbean Cruises Ltd.(a)		50,433		4,258,058
Six Flags Entertainment Corp.(a)		17,646		725,780
Starbucks Corp.		271,442		28,791,853
Travel + Leisure Co.		19,387		1,053,490
Vail Resorts Inc.		9,184		3,165,817
Wendy’s Co. (The)		40,769		909,149
Wyndham Hotels & Resorts Inc.		21,149		1,786,456
Wynn Resorts Ltd.(a)		24,332		2,185,014
Yum China Holdings Inc.		96,855		5,528,483
Yum! Brands Inc.		68,659		8,578,255
				201,718,736
Household Durables — 2.5%
DR Horton Inc.		76,547		6,833,351
Garmin Ltd.		34,837		5,002,593
Leggett & Platt Inc.		30,714		1,438,951
Lennar Corp., Class A		62,464		6,242,028
Lennar Corp., Class B		3,581		293,928
Newell Brands Inc.		87,654		2,006,400
NVR Inc.(a)		744		3,641,731
PulteGroup Inc.		59,486		2,860,087
Tempur Sealy International Inc.		41,935		1,864,849
Toll Brothers Inc.		25,935		1,560,509
Whirlpool Corp.		14,100		2,972,703
				34,717,130
Interactive Media & Services — 0.0%
TripAdvisor Inc.(a)		22,514		742,287

28 2 0 2 1   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, 2021 iShares^® U.S. Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 15.9%
Amazon.com Inc.(a)		59,255	$	199,833,340
eBay Inc.		149,645		11,480,764
Etsy Inc.(a)(b)		29,143		7,305,859
Qurate Retail Inc., Series A		85,040		887,817
Wayfair Inc., Class A(a)(b)		17,338		4,318,896
				223,826,676
IT Services — 0.1%
Sabre Corp.(a)		72,609		753,681
Leisure Products — 1.0%
Hasbro Inc.		29,429		2,818,121
Mattel Inc.(a)		80,463		1,754,898
Peloton Interactive Inc., Class A(a)		60,759		5,555,803
Polaris Inc.		13,176		1,514,581
YETI Holdings Inc.(a)		19,725		1,939,559
				13,582,962
Media — 2.0%
Discovery Inc., Class A(a)(b)		37,790		885,798
Discovery Inc., Class C, NVS(a)		72,759		1,641,443
Fox Corp., Class A, NVS		73,371		2,915,764
Fox Corp., Class B		35,155		1,299,329
Interpublic Group of Companies Inc. (The)		90,188		3,298,175
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		18,283		910,128
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		37,395		1,844,321
New York Times Co. (The), Class A		38,010		2,074,966
News Corp., Class A, NVS		89,782		2,056,008
News Corp., Class B		27,715		625,250
Nexstar Media Group Inc., Class A		9,302		1,394,649
Omnicom Group Inc.		49,030		3,337,962
Sirius XM Holdings Inc.(b)		206,220		1,255,880
ViacomCBS Inc., Class A		1,870		72,799
ViacomCBS Inc., Class B, NVS		134,174		4,859,782
				28,472,254
Multiline Retail — 3.6%
Dollar General Corp.		54,397		12,050,023
Dollar Tree Inc.(a)		53,317		5,745,440
Kohl’s Corp.		36,108		1,752,321
Nordstrom Inc.(a)		25,285		726,438
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		14,925		1,009,826
Target Corp.		114,522		29,732,202
				51,016,250
Personal Products — 1.3%
Coty Inc., Class A(a)		77,875		660,380
Estee Lauder Companies Inc. (The), Class A		52,714		17,096,732
				17,757,112
Professional Services — 0.1%
Nielsen Holdings PLC		82,510		1,670,828
Road & Rail — 1.5%
AMERCO		2,048		1,509,356
Lyft Inc., Class A(a)		65,714		3,014,301
Uber Technologies Inc.(a)		371,649		16,285,659
				20,809,316
Software — 0.5%
Trade Desk Inc. (The), Class A(a)(b)		98,597		7,385,901
Specialty Retail — 14.9%
Advance Auto Parts Inc.		15,046		3,393,174
AutoNation Inc.(a)(b)		10,445		1,265,098

Security	Shares		Value
Specialty Retail (continued)
AutoZone Inc.(a)		4,953	$	8,840,312
Bath & Body Works Inc.		56,128		3,877,884
Best Buy Co. Inc.		57,541		7,033,812
Burlington Stores Inc.(a)		15,268		4,218,396
CarMax Inc.(a)		37,528		5,138,334
Carvana Co.(a)		17,744		5,379,626
Dick’s Sporting Goods Inc.		14,494		1,800,300
Five Below Inc.(a)		12,677		2,501,172
Floor & Decor Holdings Inc., Class A(a)		23,414		3,182,431
Foot Locker Inc.		20,538		979,046
GameStop Corp., Class A(a)		14,774		2,711,177
Gap Inc. (The)		46,056		1,045,011
Home Depot Inc. (The)		168,548		62,656,033
Leslie’s Inc.(a)		30,415		628,982
Lithia Motors Inc.		6,773		2,162,077
Lowe’s Companies Inc.		162,952		38,101,437
O’Reilly Automotive Inc.(a)		15,691		9,764,823
Penske Automotive Group Inc.		7,276		771,620
Petco Health & Wellness Co. Inc.(a)(b)		12,655		312,958
RH(a)		3,947		2,603,560
Ross Stores Inc.		80,620		9,126,184
TJX Companies Inc. (The)		277,778		18,191,681
Tractor Supply Co.		26,459		5,746,101
Ulta Beauty Inc.(a)		12,240		4,496,486
Victoria’s Secret & Co.(a)		17,720		894,328
Williams-Sonoma Inc.		17,229		3,199,942
				210,021,985
Textiles, Apparel & Luxury Goods — 5.8%
Capri Holdings Ltd.(a)		34,048		1,812,715
Carter’s Inc.		9,853		970,718
Columbia Sportswear Co.		9,136		948,682
Deckers Outdoor Corp.(a)		6,301		2,490,848
Hanesbrands Inc.		80,215		1,366,864
Lululemon Athletica Inc.(a)		26,250		12,232,762
Nike Inc., Class B		285,408		47,745,904
PVH Corp.(a)		16,370		1,789,732
Ralph Lauren Corp.		10,940		1,391,240
Skechers U.S.A. Inc., Class A(a)		30,442		1,406,725
Tapestry Inc.		64,219		2,503,257
Under Armour Inc., Class A(a)		43,108		946,652
Under Armour Inc., Class C, NVS(a)		45,309		855,434
VF Corp.		74,523		5,431,236
				81,892,769
Trading Companies & Distributors — 0.2%
SiteOne Landscape Supply Inc.(a)		10,147		2,384,139
Total Common Stocks — 99.8%     (Cost: $1,148,188,226)			1,403,275,994
Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		20,228,555		20,238,669

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, 2021 iShares^® U.S. Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,940,000		$	1,940,000
					22,178,669
Total Short-Term Investments — 1.6% (Cost: $22,170,475)					22,178,669
Total Investments in Securities — 101.4% (Cost: $1,170,358,701)					1,425,454,663
Other Assets, Less Liabilities — (1.4)%					(20,281,754	)
Net Assets — 100.0%				$	1,405,172,909

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,823,267	$	—	$	(23,587,635	)(a)	$	740	$	2,297	$	20,238,669		20,228,555	$	34,960	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,273,000		—		(333,000	)(a)		—		—		1,940,000		1,940,000		46			—
								$	740	$	2,297	$	22,178,669			$	35,006		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		4		12/17/21	$	812	$	9,691
S&P 500 E-Mini Index		4		12/17/21		920		8,713
							$	18,404

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	18,404

^(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 1   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, 2021 iShares^® U.S. Consumer Discretionary ETF

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	142,922
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(94,454	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,359,845

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,403,275,994	$	—	$	—	$	1,403,275,994
Money Market Funds		22,178,669		—		—		22,178,669
	$	1,425,454,663	$	—	$	—	$	1,425,454,663
Derivative financial instruments(a)
Assets
Futures Contracts	$	18,404	$	—	$	—	$	18,404

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® U.S. Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Beverages — 27.9%
Boston Beer Co. Inc. (The), Class A, NVS(a)		3,545	$	1,745,842
Brown-Forman Corp., Class A		17,313		1,108,551
Brown-Forman Corp., Class B, NVS		69,748		4,735,192
Coca-Cola Co. (The)		1,296,318		73,073,446
Constellation Brands Inc., Class A		60,813		13,184,866
Keurig Dr Pepper Inc.		265,779		9,591,964
Molson Coors Beverage Co., Class B		67,828		2,990,536
Monster Beverage Corp.(a)		141,268		12,007,780
PepsiCo Inc.		461,428		74,566,765
				193,004,942
Chemicals — 1.7%
Corteva Inc.		280,713		12,112,766
Food & Staples Retailing — 6.7%
Albertsons Companies Inc., Class A		59,012		1,826,421
Casey’s General Stores Inc.		14,012		2,683,859
Grocery Outlet Holding Corp.(a)(b)		33,215		737,041
Kroger Co. (The)		284,372		11,380,567
Sysco Corp.		185,399		14,257,183
U.S. Foods Holding Corp.(a)		83,969		2,911,205
Walgreens Boots Alliance Inc.		272,927		12,833,028
				46,629,304
Food Products — 20.2%
Archer-Daniels-Midland Co.		211,768		13,603,976
Beyond Meat Inc.(a)(b)		21,796		2,157,368
Bunge Ltd.		52,183		4,834,233
Campbell Soup Co.		74,184		2,963,651
Conagra Brands Inc.		178,141		5,736,140
Darling Ingredients Inc.(a)		61,451		5,193,838
Flowers Foods Inc.		71,252		1,763,487
Freshpet Inc.(a)(b)		15,522		2,420,035
General Mills Inc.		232,184		14,348,971
Hain Celestial Group Inc. (The)(a)(b)		31,855		1,429,334
Hershey Co. (The)		55,645		9,757,351
Hormel Foods Corp.		107,580		4,552,786
Ingredion Inc.		25,486		2,427,032
JM Smucker Co. (The)		39,894		4,901,377
Kellogg Co.		95,722		5,867,759
Kraft Heinz Co. (The)		252,515		9,062,763
Lamb Weston Holdings Inc.		55,456		3,130,491
McCormick & Co. Inc./MD, NVS		94,878		7,612,062
Mondelez International Inc., Class A		428,473		26,025,450
Pilgrim’s Pride Corp.(a)		18,072		508,908
Post Holdings Inc.(a)		22,423		2,275,486
Seaboard Corp.		95		365,752
Tyson Foods Inc., Class A		109,222		8,734,483
				139,672,733

Security	Shares		Value
Health Care Providers & Services — 7.5%
AmerisourceBergen Corp.		56,472	$	6,890,713
CVS Health Corp.		366,869		32,754,064
McKesson Corp.		58,928		12,249,953
				51,894,730
Household Products — 24.8%
Church & Dwight Co. Inc.		93,311		8,151,649
Clorox Co. (The)		46,725		7,616,642
Colgate-Palmolive Co.		285,538		21,755,140
Kimberly-Clark Corp.		128,262		16,608,647
Procter & Gamble Co. (The)		805,725		115,210,618
Reynolds Consumer Products Inc.		20,657		557,326
Spectrum Brands Holdings Inc.		15,915		1,492,031
				171,392,053
Personal Products — 0.3%
Herbalife Nutrition Ltd.(a)(b)		39,904		1,851,546
Tobacco — 10.6%
Altria Group Inc.		548,165		24,179,558
Philip Morris International Inc.		524,245		49,562,123
				73,741,681
Total Common Stocks — 99.7% (Cost: $678,424,058)				690,299,755
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		5,223,623		5,226,235
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		950,000		950,000
				6,176,235
Total Short-Term Investments — 0.9% (Cost: $6,176,215)				6,176,235
Total Investments in Securities — 100.6% (Cost: $684,600,273)				696,475,990
Other Assets, Less Liabilities — (0.6)%				(4,014,176	)
Net Assets — 100.0%			$	692,461,814

^(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 the cash collateral from loaned securities.

32 2 0 2 1   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, 2021 iShares^® U.S. Consumer Staples ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,114,123	$	4,112,068	(a)	$	—	$	179	$	(135)		$	5,226,235		5,223,623	$	4,098	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		810,000		140,000	(a)		—		—		—			950,000		950,000		28			—
								$	179	$	(135	)	$	6,176,235			$	4,126		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		14		12/17/21	$	1,790	$	77,199
S&P Mid 400 E-Mini Index		1		12/17/21		279		8,386
							$	85,585

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	85,585

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	20,418
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	59,233

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,530,897

For more information about the Fund’s investment risks regarding derivative 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 33

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® U.S. Consumer Staples ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	690,299,755	$	—	$	—	$	690,299,755
Money Market Funds		6,176,235		—		—		6,176,235
	$	696,475,990	$	—	$	—	$	696,475,990
Derivative financial instruments(a)
Assets
Futures Contracts	$	85,585	$	—	$	—	$	85,585

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

34 2 0 2 1   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, 2021 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 42.5%
Bank of America Corp.		4,536,549	$	216,756,311
Bank OZK		74,873		3,344,577
BOK Financial Corp.		18,694		1,891,272
Citigroup Inc.		1,241,657		85,872,998
Citizens Financial Group Inc.		261,029		12,367,554
Comerica Inc.		82,032		6,980,103
Commerce Bancshares Inc.		65,015		4,584,208
Cullen/Frost Bankers Inc.		34,706		4,494,427
East West Bancorp. Inc.		86,918		6,908,243
Fifth Third Bancorp		423,150		18,419,719
First Citizens BancShares Inc./NC, Class A(a)		4,359		3,547,790
First Financial Bankshares Inc.		78,804		3,996,939
First Horizon Corp.		336,533		5,710,965
First Republic Bank/CA		108,010		23,365,803
FNB Corp.		196,534		2,289,621
Glacier Bancorp. Inc.		66,369		3,669,542
Home BancShares Inc./AR		92,189		2,190,411
Huntington Bancshares Inc./OH		904,573		14,237,979
JPMorgan Chase & Co.		1,830,614		311,003,012
KeyCorp.		585,895		13,633,777
M&T Bank Corp.		78,831		11,597,617
People’s United Financial Inc.		261,914		4,489,206
Pinnacle Financial Partners Inc.		46,627		4,502,769
PNC Financial Services Group Inc. (The)		260,360		54,943,771
Popular Inc.		49,593		4,038,854
Prosperity Bancshares Inc.		56,932		4,287,549
Regions Financial Corp.		584,774		13,847,448
Signature Bank/New York NY		37,149		11,063,715
SVB Financial Group(b)		35,939		25,782,639
Synovus Financial Corp.		90,074		4,196,548
Truist Financial Corp.		817,750		51,902,592
U.S. Bancorp.		826,543		49,898,401
UMB Financial Corp.		26,466		2,615,370
Umpqua Holdings Corp.		135,394		2,768,807
United Bankshares Inc./WV		79,467		2,939,484
Valley National Bancorp.		250,400		3,320,304
Webster Financial Corp.		55,435		3,102,143
Wells Fargo & Co.		2,515,684		128,702,393
Western Alliance Bancorp.		63,830		7,410,025
Wintrust Financial Corp.		34,873		3,086,261
Zions Bancorp. NA		99,244		6,251,380
				1,146,012,527
Capital Markets — 34.5%
Affiliated Managers Group Inc.(a)		25,344		4,254,751
Ameriprise Financial Inc.		69,683		21,053,325
Apollo Global Management Inc.		128,419		9,881,842
Ares Management Corp., Class A		100,139		8,485,779
Bank of New York Mellon Corp. (The)		486,497		28,800,622
BlackRock Inc.(c)		87,646		82,690,495
Blackstone Inc., NVS		420,227		58,167,821
Carlyle Group Inc. (The)		85,026		4,774,210
Cboe Global Markets Inc.		65,320		8,618,321
Charles Schwab Corp. (The)		919,687		75,441,925
CME Group Inc.		220,015		48,524,308
Coinbase Global Inc., Class A(a)(b)		17,539		5,602,307
FactSet Research Systems Inc.		23,146		10,274,278
Federated Hermes Inc.		60,002		1,998,667
Franklin Resources Inc.		172,380		5,428,246

Security	Shares		Value
Capital Markets (continued)
Goldman Sachs Group Inc. (The)		206,514	$	85,362,562
Houlihan Lokey Inc.		31,163		3,492,749
Interactive Brokers Group Inc., Class A		53,724		3,806,345
Intercontinental Exchange Inc.		345,003		47,769,115
Invesco Ltd.		208,970		5,309,928
Janus Henderson Group PLC		99,249		4,615,079
Jefferies Financial Group Inc.		120,866		5,197,238
KKR & Co. Inc.		357,179		28,456,451
Lazard Ltd., Class A		69,358		3,397,848
LPL Financial Holdings Inc.		49,160		8,063,223
MarketAxess Holdings Inc.		23,279		9,513,429
Moody’s Corp.		99,243		40,109,058
Morgan Stanley		894,216		91,907,521
Morningstar Inc.		14,569		4,614,731
MSCI Inc.		50,506		33,580,429
Nasdaq Inc.		71,704		15,048,519
Northern Trust Corp.		127,668		15,708,271
Raymond James Financial Inc.		113,463		11,186,317
S&P Global Inc.		147,643		70,006,405
SEI Investments Co.		65,945		4,157,173
State Street Corp.		224,871		22,161,037
Stifel Financial Corp.		64,070		4,668,781
T Rowe Price Group Inc.		139,027		30,152,176
Tradeweb Markets Inc., Class A		64,473		5,744,544
Virtu Financial Inc., Class A		54,871		1,365,190
				929,391,016
Consumer Finance — 6.7%
Ally Financial Inc.		220,877		10,544,668
American Express Co.		394,217		68,507,030
Capital One Financial Corp.		273,299		41,276,348
Credit Acceptance Corp.(a)(b)		5,494		3,286,566
Discover Financial Services		183,460		20,789,687
FirstCash Inc.		24,880		2,201,134
OneMain Holdings Inc.		67,765		3,578,670
PROG Holdings Inc.		40,900		1,654,405
SLM Corp.		188,090		3,451,451
Synchrony Financial		349,012		16,211,607
Upstart Holdings Inc.(a)(b)		28,269		9,103,749
				180,605,315
Diversified Financial Services — 0.3%
Equitable Holdings Inc.		234,917		7,869,719
Jackson Financial Inc., Class A(b)		40,184		1,087,781
				8,957,500
Insurance — 0.3%
Fidelity National Financial Inc.		174,789		8,374,141
IT Services — 14.7%
Mastercard Inc., Class A		533,693		179,064,675
Visa Inc., Class A		1,033,889		218,946,674
				398,011,349
Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd.		68,536		3,289,728
MGIC Investment Corp.		207,877		3,359,292
New York Community Bancorp. Inc.		284,890		3,541,183
Radian Group Inc.		114,130		2,724,283
Rocket Companies Inc., Class A		83,210		1,371,301
TFS Financial Corp.		29,185		567,940

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, 2021 iShares^® U.S. Financial Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
UWM Holdings Corp.		55,173	$	375,176
				15,228,903
Total Common Stocks — 99.6% (Cost: $2,229,107,684)				2,686,580,751
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		20,727,119		20,737,483
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		4,989,000		4,989,000
				25,726,483
Total Short-Term Investments — 1.0% (Cost: $25,726,483)				25,726,483
Total Investments in Securities — 100.6% (Cost: $2,254,834,167)				2,712,307,234
Other Assets, Less Liabilities — (0.6)%				(16,374,021	)
Net Assets — 100.0%			$	2,695,933,213

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	20,737,290	(a)	$	—		$	193	$	—	$	20,737,483		20,727,119	$	6,822	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,049,000		2,940,000	(a)		—			—		—		4,989,000		4,989,000		124			—
BlackRock Inc.		47,072,882		30,788,521			(4,331,243	)		1,460,864		7,699,471		82,690,495		87,646		682,495			—
									$	1,461,057	$	7,699,471	$	108,416,978			$	689,441		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financial Select Sector Index		74		12/17/21	$	9,160	$	368,727

36  2 0 2 1   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, 2021 iShares^® U.S. Financial Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	368,727

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	273,948
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	284,547

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,927,729

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,686,580,751	$	—	$	—	$	2,686,580,751
Money Market Funds		25,726,483		—		—		25,726,483
	$	2,712,307,234	$	—	$	—	$	2,712,307,234
Derivative financial instruments(a)
Assets
Futures Contracts	$	368,727	$	—	$	—	$	368,727

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 37

Schedule of Investments (unaudited) October 31, 2021 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 35.7%
Bank of America Corp.		3,212,887	$	153,511,741
Bank of Hawaii Corp.		21,480		1,815,060
Bank OZK		65,866		2,942,234
BOK Financial Corp.		16,388		1,657,974
Citigroup Inc.		1,076,994		74,484,905
Citizens Financial Group Inc.		225,946		10,705,321
Comerica Inc.		71,236		6,061,471
Commerce Bancshares Inc.		56,703		3,998,129
Cullen/Frost Bankers Inc.		30,465		3,945,218
East West Bancorp. Inc.		75,109		5,969,663
Fifth Third Bancorp.		365,542		15,912,043
First Citizens BancShares Inc./NC, Class A(a)		3,224		2,624,014
First Hawaiian Inc.		70,123		1,934,694
First Horizon Corp.		291,433		4,945,618
First Republic Bank/CA		94,555		20,455,083
FNB Corp.		171,522		1,998,231
Huntington Bancshares Inc./OH		779,202		12,264,639
JPMorgan Chase & Co.		1,151,497		195,627,825
KeyCorp.		506,792		11,793,050
M&T Bank Corp.		68,236		10,038,880
PacWest Bancorp.		62,187		2,952,017
People’s United Financial Inc.		226,705		3,885,724
Pinnacle Financial Partners Inc.		39,626		3,826,683
PNC Financial Services Group Inc. (The)		225,455		47,577,769
Popular Inc.		42,290		3,444,098
Prosperity Bancshares Inc.		47,690		3,591,534
Regions Financial Corp.		511,155		12,104,150
Signature Bank/New York NY		31,567		9,401,284
Sterling Bancorp./DE		102,611		2,611,450
SVB Financial Group(b)		30,054		21,560,740
Synovus Financial Corp.		77,516		3,611,470
Truist Financial Corp.		713,696		45,298,285
U.S. Bancorp.		713,262		43,059,627
Umpqua Holdings Corp.		118,129		2,415,738
Webster Financial Corp.		48,323		2,704,155
Wells Fargo & Co.		2,132,706		109,109,239
Western Alliance Bancorp.		53,658		6,229,157
Wintrust Financial Corp.		30,446		2,694,471
Zions Bancorp. NA		84,990		5,353,520
				874,116,904
Capital Markets — 32.2%
Affiliated Managers Group Inc.		21,963		3,687,149
Ameriprise Financial Inc.		60,372		18,240,192
Apollo Global Management Inc.		96,452		7,421,981
Ares Management Corp., Class A		73,188		6,201,951
Bank of New York Mellon Corp. (The)		419,999		24,863,941
BlackRock Inc.(c)		75,968		71,672,769
Blackstone Inc., NVS		361,802		50,080,633
Carlyle Group Inc. (The)		86,463		4,854,898
Cboe Global Markets Inc.		56,616		7,469,915
Charles Schwab Corp. (The)		799,305		65,566,989
CME Group Inc.		190,488		42,012,128
Evercore Inc., Class A		20,517		3,115,301
FactSet Research Systems Inc.		20,182		8,958,588
Franklin Resources Inc.		153,964		4,848,326
Goldman Sachs Group Inc. (The)		175,375		72,491,256
Interactive Brokers Group Inc., Class A		43,052		3,050,234
Intercontinental Exchange Inc.		295,450		40,908,007

Security	Shares		Value
Capital Markets (continued)
Invesco Ltd.		177,648	$	4,514,036
Janus Henderson Group PLC		85,870		3,992,955
Jefferies Financial Group Inc.		116,532		5,010,876
KKR & Co. Inc.		295,366		23,531,809
Lazard Ltd., Class A		53,659		2,628,754
LPL Financial Holdings Inc.		42,346		6,945,591
MarketAxess Holdings Inc.		19,876		8,122,725
Moody’s Corp.		86,210		34,841,772
Morgan Stanley		723,534		74,364,825
Morningstar Inc.		12,484		3,954,307
MSCI Inc.		42,584		28,313,250
Nasdaq Inc.		61,772		12,964,090
Northern Trust Corp.		109,132		13,427,601
Raymond James Financial Inc.		98,224		9,683,904
S&P Global Inc.		127,928		60,658,341
SEI Investments Co.		57,739		3,639,867
State Street Corp.		195,338		19,250,560
Stifel Financial Corp.		54,393		3,963,618
T Rowe Price Group Inc.		119,627		25,944,704
Tradeweb Markets Inc., Class A		55,884		4,979,264
Virtu Financial Inc., Class A		49,815		1,239,397
				787,416,504
Consumer Finance — 1.8%
Ally Financial Inc.		191,023		9,119,438
Credit Acceptance Corp.(a)(b)		4,680		2,799,623
Discover Financial Services		158,902		18,006,774
OneMain Holdings Inc.		55,485		2,930,163
Santander Consumer USA Holdings Inc.		32,321		1,347,786
SLM Corp.		163,275		2,996,096
Upstart Holdings Inc.(b)		23,997		7,727,994
				44,927,874
Diversified Financial Services — 8.7%
Berkshire Hathaway Inc., Class B(b)		706,246		202,699,664
Equitable Holdings Inc.		196,539		6,584,057
Voya Financial Inc.		60,120		4,194,572
				213,478,293
Insurance — 19.7%
Aflac Inc.		351,915		18,887,278
Alleghany Corp.(b)		7,191		4,684,074
Allstate Corp. (The)		156,648		19,372,658
American Financial Group Inc./OH		36,105		4,911,724
American International Group Inc.		456,043		26,947,581
Aon PLC, Class A		118,869		38,028,570
Arch Capital Group Ltd.(b)		202,944		8,487,118
Arthur J Gallagher & Co.		108,757		18,235,286
Assurant Inc.		31,093		5,015,612
Assured Guaranty Ltd.		37,958		2,109,706
Athene Holding Ltd., Class A(b)		61,500		5,351,115
Axis Capital Holdings Ltd.		41,697		2,171,163
Brighthouse Financial Inc.(b)		44,511		2,235,788
Brown & Brown Inc.		124,809		7,876,696
Chubb Ltd.		232,063		45,340,469
Cincinnati Financial Corp.		79,682		9,676,582
CNA Financial Corp.		15,352		688,691
Erie Indemnity Co., Class A, NVS		13,473		2,772,878
Everest Re Group Ltd.		21,108		5,519,742
Fidelity National Financial Inc.		145,094		6,951,454
First American Financial Corp.		56,435		4,127,656
Globe Life Inc.		53,321		4,746,635

38 2 0 2 1   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, 2021 iShares^® U.S. Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
GoHealth Inc., Class A(b)		31,035	$	167,589
Hanover Insurance Group Inc. (The)		19,155		2,413,530
Hartford Financial Services Group Inc. (The)		184,091		13,425,757
Kemper Corp.		32,307		2,050,848
Lemonade Inc.(a)(b)		20,676		1,285,220
Lincoln National Corp.		99,599		7,186,068
Loews Corp.		115,374		6,469,020
Markel Corp.(b)		7,187		9,437,465
Marsh & McLennan Companies Inc.		269,950		45,027,660
Mercury General Corp.		14,640		797,734
MetLife Inc.		385,300		24,196,840
Old Republic International Corp.		149,401		3,859,028
Primerica Inc.		20,928		3,520,927
Principal Financial Group Inc.		141,035		9,462,038
Progressive Corp. (The)		310,373		29,448,190
Prudential Financial Inc.		205,168		22,578,738
Reinsurance Group of America Inc.		36,156		4,269,300
RenaissanceRe Holdings Ltd.		24,706		3,503,311
Travelers Companies Inc. (The)		133,451		21,469,597
Unum Group		84,421		2,150,203
W R Berkley Corp.		73,484		5,849,326
White Mountains Insurance Group Ltd.		1,629		1,718,579
Willis Towers Watson PLC		68,193		16,521,800
				480,947,244
IT Services — 0.5%
Broadridge Financial Solutions Inc.		61,388		10,952,233
Mortgage Real Estate Investment — 0.7%
AGNC Investment Corp.		279,170		4,444,387
Annaly Capital Management Inc.		743,442		6,289,519
New Residential Investment Corp.		232,130		2,636,997
Starwood Property Trust Inc.		146,260		3,725,242
				17,096,145

Security	Shares		Value
Thrifts & Mortgage Finance — 0.3%
MGIC Investment Corp.		181,131	$	2,927,077
New York Community Bancorp. Inc.		241,654		3,003,759
Rocket Companies Inc., Class A		75,026		1,236,429
TFS Financial Corp.		27,733		539,684
UWM Holdings Corp.		53,320		362,576
				8,069,525
Total Common Stocks — 99.6% (Cost: $2,090,278,114)				2,437,004,722
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		6,646,158		6,649,481
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		5,043,000		5,043,000
				11,692,481
Total Short-Term Investments — 0.5% (Cost: $11,692,481)				11,692,481
Total Investments in Securities — 100.1% (Cost: $2,101,970,595)				2,448,697,203
Other Assets, Less Liabilities — (0.1)%				(3,401,128	)
Net Assets — 100.0%			$	2,445,296,075

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	810	$	6,648,767	(a)	$	—		$	(96	)	$	—	$	6,649,481		6,646,158	$	5,356	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,813,000		—			(770,000	)(a)		—			—		5,043,000		5,043,000		139			—
BlackRock Inc.		41,068,232		34,585,119			(11,416,619	)		4,034,850			3,401,187		71,672,769		75,968		398,603			—
									$	4,034,754		$	3,401,187	$	83,365,250			$	404,098		$	—

^(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 39

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® U.S. Financials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		49		12/17/21	$	2,083	$	51,975
E-Mini Financial Select Sector Index		49		12/17/21		6,066		277,058
							$	329,033

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	329,033

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	390,289
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	79,371

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,995,942

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,437,004,722	$	—	$	—	$	2,437,004,722
Money Market Funds		11,692,481		—		—		11,692,481
	$	2,448,697,203	$	—	$	—	$	2,448,697,203
Derivative financial instruments(a)
Assets
Futures Contracts	$	329,033	$	—	$	—	$	329,033

^(a)   Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

40 2 0 2 1   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, 2021 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 10.4%
Axon Enterprise Inc.(a)		18,645	$	3,355,354
Boeing Co. (The)(a)		154,405		31,966,467
BWX Technologies Inc.		27,435		1,556,662
Curtiss-Wright Corp.		11,764		1,502,028
General Dynamics Corp.		71,705		14,538,189
HEICO Corp.(b)		12,938		1,803,428
HEICO Corp., Class A		22,579		2,837,729
Howmet Aerospace Inc.		111,255		3,303,161
Huntington Ingalls Industries Inc.		11,378		2,306,662
L3Harris Technologies Inc.		57,733		13,309,766
Lockheed Martin Corp.		71,412		23,731,636
Mercury Systems Inc.(a)		15,952		822,166
Northrop Grumman Corp.		43,510		15,542,642
Raytheon Technologies Corp.		436,907		38,823,556
Spirit AeroSystems Holdings Inc., Class A		30,242		1,248,692
Textron Inc.		64,944		4,796,114
TransDigm Group Inc.(a)		14,883		9,284,313
Virgin Galactic Holdings Inc.(a)(b)		51,634		968,137
				171,696,702
Air Freight & Logistics — 4.5%
CH Robinson Worldwide Inc.		37,952		3,680,964
Expeditors International of Washington Inc.		48,475		5,975,029
FedEx Corp.		70,676		16,646,318
GXO Logistics Inc.(a)		27,962		2,483,026
United Parcel Service Inc., Class B		208,679		44,546,706
				73,332,043
Building Products — 4.6%
A O Smith Corp.		37,971		2,774,541
Advanced Drainage Systems Inc.		17,466		1,970,165
Allegion PLC		25,812		3,311,680
Armstrong World Industries Inc.		13,733		1,450,891
AZEK Co. Inc. (The)(a)		32,436		1,190,077
Builders FirstSource Inc.(a)		58,886		3,431,287
Carlisle Companies Inc.		14,756		3,289,408
Carrier Global Corp.		250,514		13,084,346
Fortune Brands Home & Security Inc.		39,735		4,029,129
Johnson Controls International PLC		206,293		15,135,717
Lennox International Inc.		9,623		2,879,971
Masco Corp.		70,891		4,646,905
Owens Corning		29,528		2,758,211
Trane Technologies PLC		68,762		12,441,109
Trex Co. Inc.(a)		33,270		3,539,928
				75,933,365
Chemicals — 3.0%
Axalta Coating Systems Ltd.(a)		59,587		1,858,518
Diversey Holdings Ltd.(a)		14,439		251,239
DuPont de Nemours Inc.		150,923		10,504,241
PPG Industries Inc.		68,196		10,950,232
RPM International Inc.		36,667		3,197,362
Sherwin-Williams Co. (The)		70,303		22,258,633
				49,020,225
Commercial Services & Supplies — 0.8%
ADT Inc.		45,642		381,111
Cintas Corp.		25,157		10,895,497
MSA Safety Inc.		10,586		1,619,975
				12,896,583

Security	Shares		Value
Construction & Engineering — 0.6%
AECOM(a)		39,124	$	2,674,908
MasTec Inc.(a)		16,210		1,444,797
Quanta Services Inc.		39,824		4,829,855
Valmont Industries Inc.		6,025		1,439,734
				10,389,294
Construction Materials — 1.0%
Eagle Materials Inc.		11,877		1,762,072
Martin Marietta Materials Inc.		17,914		7,037,336
Vulcan Materials Co.		38,102		7,243,952
				16,043,360
Consumer Finance — 3.6%
American Express Co.		185,838		32,294,928
Capital One Financial Corp.		127,676		19,282,906
Synchrony Financial		163,730		7,605,258
				59,183,092
Containers & Packaging — 2.2%
Amcor PLC		444,301		5,362,713
AptarGroup Inc.		18,969		2,291,076
Ardagh Group SA(a)		5,329		131,893
Ball Corp.		92,598		8,470,865
Berry Global Group Inc.(a)		38,744		2,539,282
Crown Holdings Inc.		36,332		3,778,165
Graphic Packaging Holding Co.		81,520		1,624,694
Packaging Corp. of America		26,962		3,703,770
Sealed Air Corp.		42,967		2,548,802
Silgan Holdings Inc.		24,185		972,237
Sonoco Products Co.		28,322		1,641,260
Westrock Co.		75,866		3,649,154
				36,713,911
Electrical Equipment — 4.6%
Acuity Brands Inc.		10,212		2,097,851
AMETEK Inc.		66,416		8,793,478
Eaton Corp. PLC		114,763		18,908,352
Emerson Electric Co.		171,970		16,682,810
Generac Holdings Inc.(a)(b)		17,664		8,806,564
Hubbell Inc.		15,545		3,099,207
nVent Electric PLC		48,086		1,704,649
Regal Rexnord Corp.		19,408		2,956,420
Rockwell Automation Inc.		33,433		10,678,500
Sensata Technologies Holding PLC(a)		44,637		2,459,499
				76,187,330
Electronic Equipment, Instruments & Components — 2.4%
Cognex Corp.		49,199		4,309,341
Coherent Inc.(a)		7,056		1,795,046
Keysight Technologies Inc.(a)(b)		53,406		9,614,148
Littelfuse Inc.		6,916		2,037,108
Teledyne Technologies Inc.(a)		13,232		5,944,079
Trimble Inc.(a)(b)		72,163		6,304,881
Vontier Corp.		48,834		1,652,054
Zebra Technologies Corp., Class A(a)		15,334		8,187,589
				39,844,246
Household Durables — 0.3%
Mohawk Industries Inc.(a)		16,249		2,879,485
TopBuild Corp.(a)		9,529		2,448,667
				5,328,152
Industrial Conglomerates — 6.5%
3M Co.		166,773		29,799,000
General Electric Co.		314,870		33,020,417

SCHEDULE    OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates (continued)
Honeywell International Inc.		200,359	$	43,802,484
				106,621,901
IT Services — 28.7%
Accenture PLC, Class A		183,372		65,792,040
Alliance Data Systems Corp.		14,366		1,224,702
Automatic Data Processing Inc.		122,626		27,528,311
Euronet Worldwide Inc.(a)		14,625		1,640,779
Fidelity National Information Services Inc.		178,619		19,780,268
Fiserv Inc.(a)		172,433		16,982,926
FleetCor Technologies Inc.(a)		23,491		5,811,908
Genpact Ltd.		52,557		2,593,688
Global Payments Inc.		84,521		12,085,658
Jack Henry & Associates Inc.		21,232		3,534,703
Mastercard Inc., Class A		252,306		84,653,709
Paychex Inc.		92,786		11,438,658
PayPal Holdings Inc.(a)		338,824		78,807,074
Paysafe Ltd.(a)(b)		120,359		938,800
Shift4 Payments Inc., Class A(a)(b)		12,399		782,749
Square Inc., Class A(a)(b)		114,143		29,049,394
StoneCo Ltd., Class A(a)		63,476		2,149,297
Visa Inc., Class A		488,092		103,363,243
Western Union Co. (The)		117,910		2,148,320
WEX Inc.(a)		12,897		1,930,681
				472,236,908
Leisure Products — 0.1%
Brunswick Corp./DE		22,475		2,092,198
Hayward Holdings Inc.(a)(b)		11,081		256,968
				2,349,166
Life Sciences Tools & Services — 1.0%
Mettler-Toledo International Inc.(a)		6,612		9,791,579
Waters Corp.(a)		17,602		6,469,615
				16,261,194
Machinery — 12.4%
AGCO Corp.		18,021		2,202,346
Allison Transmission Holdings Inc.		30,373		1,013,243
Caterpillar Inc.		157,996		32,232,764
Colfax Corp.(a)(b)		33,780		1,743,724
Crane Co.		14,243		1,471,017
Cummins Inc.		41,393		9,927,697
Deere & Co.		81,283		27,823,984
Donaldson Co. Inc.		36,401		2,184,424
Dover Corp.		41,358		6,992,811
Flowserve Corp.		37,558		1,262,700
Fortive Corp.		94,110		7,125,068
Gates Industrial Corp. PLC(a)		27,473		451,656
Graco Inc.		48,273		3,629,164
IDEX Corp.		21,860		4,865,380
Illinois Tool Works Inc.		90,682		20,663,707
Ingersoll Rand Inc.(a)		116,847		6,281,695
ITT Inc.		24,885		2,340,932
Lincoln Electric Holdings Inc.		16,581		2,361,134
Middleby Corp. (The)(a)		15,815		2,885,289
Nordson Corp.		16,699		4,245,053
Oshkosh Corp.		19,731		2,111,217
Otis Worldwide Corp.		123,813		9,943,422
PACCAR Inc.		98,163		8,797,368
Parker-Hannifin Corp.		37,058		10,991,032
Pentair PLC		47,538		3,516,386
Snap-on Inc.		15,345		3,118,564

Security	Shares		Value
Machinery (continued)
Stanley Black & Decker Inc.		46,496	$	8,356,726
Toro Co. (The)		30,866		2,946,777
Westinghouse Air Brake Technologies Corp.		52,201		4,736,197
Woodward Inc.		16,582		1,872,937
Xylem Inc./NY		51,594		6,737,661
				204,832,075
Marine — 0.1%
Kirby Corp.(a)(b)		17,207		901,819
Multi-Utilities — 0.1%
MDU Resources Group Inc.		57,595		1,769,894
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		27,411		1,615,330
Professional Services — 3.3%
Booz Allen Hamilton Holding Corp.		38,271		3,324,219
Equifax Inc.		34,899		9,682,029
FTI Consulting Inc.(a)(b)		9,684		1,393,721
IHS Markit Ltd.		107,557		14,059,851
Jacobs Engineering Group Inc.		37,209		5,224,888
Legalzoomcom Inc.(a)(b)		5,441		152,566
ManpowerGroup Inc.		15,685		1,515,955
Robert Half International Inc.		31,568		3,569,394
TransUnion		55,155		6,358,820
Verisk Analytics Inc.		45,725		9,614,596
				54,896,039
Road & Rail — 7.4%
CSX Corp.		652,851		23,613,621
JB Hunt Transport Services Inc.		24,187		4,769,435
Kansas City Southern		26,109		8,100,317
Knight-Swift Transportation Holdings Inc.		46,147		2,616,074
Landstar System Inc.		11,040		1,940,942
Norfolk Southern Corp.		71,045		20,819,737
Old Dominion Freight Line Inc.		29,446		10,051,392
Ryder System Inc.		15,075		1,280,621
Schneider National Inc., Class B		14,950		372,853
TuSimple Holdings Inc., Class A(a)		9,620		376,334
Union Pacific Corp.		188,033		45,391,166
XPO Logistics Inc.(a)		27,962		2,399,140
				121,731,632
Semiconductors & Semiconductor Equipment — 0.2%
MKS Instruments Inc.		15,859		2,379,643
Software — 0.8%
Bill.com Holdings Inc.(a)		22,618		6,656,704
Fair Isaac Corp.(a)		7,909		3,149,364
Paylocity Holding Corp.(a)		10,766		3,285,137
				13,091,205
Trading Companies & Distributors — 1.2%
Air Lease Corp.		30,911		1,237,986
Core & Main Inc., Class A(a)		10,100		276,336
MSC Industrial Direct Co. Inc., Class A		12,955		1,089,127
United Rentals Inc.(a)		20,831		7,897,240
Watsco Inc.		9,374		2,714,523
WW Grainger Inc.		13,384		6,198,264
				19,413,476
Total Common Stocks — 99.9% (Cost: $1,372,335,097)				1,644,668,585

42 2 0 2 1   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, 2021 iShares^® U.S. Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		28,308,099	$	28,322,253
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,482,000		1,482,000
				29,804,253
Total Short-Term Investments — 1.8% (Cost: $29,802,557)				29,804,253
Total Investments in Securities — 101.7% (Cost: $1,402,137,654)				1,674,472,838
Other Assets, Less Liabilities — (1.7)%				(27,837,877	)
Net Assets — 100.0%			$	1,646,634,961

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,612,573	$	3,709,658	(a)	$	—		$	(1,643	)	$	1,665	$	28,322,253		28,308,099	$	19,847	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,952,000		—			(470,000	)(a)		—			—		1,482,000		1,482,000		77			—
									$	(1,643	)	$	1,665	$	29,804,253			$	19,924		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		2		12/17/21	$	325	$	20,586
XAI Industrial Index		12		12/17/21		1,260		56,771
							$	77,357

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, 2021 iShares^® U.S. Industrials ETF     

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	77,357

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	103,622
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(26,953	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,180,123

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,644,536,692	$	131,893	$	—	$	1,644,668,585
Money Market Funds		29,804,253		—		—		29,804,253
	$	1,674,340,945	$	131,893	$	—	$	1,674,472,838
Derivative financial instruments(a)
Assets
Futures Contracts	$	77,357	$	—	$	—	$	77,357

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

44 2 0 2 1   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, 2021

	iShares MSCI KLD 400 Social ETF		iShares MSCI USA ESG Select ETF		iShares U.S. Basic Materials ETF			iShares U.S. Consumer Discretionary ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,801,542,879	$	4,020,426,687	$	853,019,623		$	1,403,275,994
Affiliated(c)		50,140,236		103,023,459		1,519,881			22,178,669
Cash		88,327		98,404		22,381			15,737
Cash pledged:
Futures contracts		477,000		614,000		107,000			94,000
Receivables:
Securities lending income — Affiliated		2,034		6,187		28			5,011
Variation margin on futures contracts		19,467		25,131		—			4,475
Capital shares sold		75,328		14,750		—			—
Dividends		3,112,072		3,174,752		1,113,782			280,900
Total assets		3,855,457,343		4,127,383,370		855,782,695			1,425,854,786
LIABILITIES
Collateral on securities loaned, at value		18,006,236		25,488,036		199,881			20,235,448
Payables:
Variation margin on futures contracts		—		—		9,205			—
Capital shares redeemed		12,927		—		—			—
Investment advisory fees		766,505		824,485		271,909			446,429
Total liabilities		18,785,668		26,312,521		480,995			20,681,877
NET ASSETS	$	3,836,671,675	$	4,101,070,849	$	855,301,700		$	1,405,172,909
NET ASSETS CONSIST OF:
Paid-in capital	$	2,377,913,481	$	3,127,019,433	$	926,366,989		$	986,839,251
Accumulated earnings (loss)		1,458,758,194		974,051,416		(71,065,289	)		418,333,658
NET ASSETS	$	3,836,671,675	$	4,101,070,849	$	855,301,700		$	1,405,172,909
Shares outstanding		42,200,000		39,700,000		6,400,000			16,750,000
Net asset value	$	90.92	$	103.30	$	133.64		$	83.89
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Securities loaned, at value	$	17,688,038	$	25,021,776	$	194,408		$	19,707,027
(b) Investments, at cost — Unaffiliated	$	2,381,246,849	$	3,104,360,065	$	845,783,327		$	1,148,188,226
(c)  Investments, at cost — Affiliated	$	39,406,957	$	80,405,598	$	1,519,881		$	22,170,475

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 Assets and Liabilities (unaudited) (continued)

October 31, 2021

	iShares U.S. Consumer Staples ETF		iShares U.S. Financial Services ETF		iShares U.S. Financials ETF		iShares U.S. Industrials ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	690,299,755	$	2,603,890,256	$	2,365,331,953	$	1,644,668,585
Affiliated(c)		6,176,235		108,416,978		83,365,250		29,804,253
Cash		30,372		90,995		83,677		20,850
Cash pledged:
Futures contracts		105,000		420,000		418,000		89,000
Receivables:
Securities lending income — Affiliated		1,092		1,116		1,840		2,383
Variation margin on futures contracts		3,335		—		—		1,573
Dividends		1,306,582		4,761,115		3,573,304		919,651
Total assets		697,922,371		2,717,580,460		2,452,774,024		1,675,506,295
LIABILITIES
Collateral on securities loaned, at value		5,233,729		20,737,998		6,649,577		28,327,974
Payables:
Investments purchased		—		—		—		441
Variation margin on futures contracts		—		39,368		48,000		—
Investment advisory fees		226,828		869,881		780,372		542,919
Total liabilities		5,460,557		21,647,247		7,477,949		28,871,334
NET ASSETS	$	692,461,814	$	2,695,933,213	$	2,445,296,075	$	1,646,634,961
NET ASSETS CONSIST OF:
Paid-in capital	$	585,939,501	$	2,255,016,358	$	1,995,081,256	$	1,276,032,236
Accumulated earnings		106,522,313		440,916,855		450,214,819		370,602,725
NET ASSETS	$	692,461,814	$	2,695,933,213	$	2,445,296,075	$	1,646,634,961
Shares outstanding		3,750,000		13,500,000		27,400,000		14,800,000
Net asset value	$	184.66	$	199.70	$	89.24	$	111.26
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	5,099,224	$	20,051,983	$	6,478,697	$	27,154,907
(b) Investments, at cost — Unaffiliated	$	678,424,058	$	2,167,510,816	$	2,031,289,079	$	1,372,335,097
(c)  Investments, at cost — Affiliated	$	6,176,215	$	87,323,351	$	70,681,516	$	29,802,557

See notes to financial statements.

46 2 0 2 1   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, 2021

	iShares MSCI KLD 400 Social ETF			iShares MSCI USA ESG Select ETF			iShares U.S. Basic Materials ETF			iShares U.S. Consumer Discretionary ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	22,478,834		$	23,740,712		$	9,374,766		$	5,679,486
Dividends — Affiliated		204,295			539,112			40			46
Securities lending income — Affiliated — net		13,145			42,298			611			34,960
Foreign taxes withheld		(11	)		—			—			—
Total investment income		22,696,263			24,322,122			9,375,417			5,714,492
EXPENSES
Investment advisory fees		4,233,723			4,429,799			1,934,138			2,845,757
Total expenses		4,233,723			4,429,799			1,934,138			2,845,757
Net investment income		18,462,540			19,892,323			7,441,279			2,868,735
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(828,464	)		(12,322,655	)		4,795,216			(32,300,709	)
Investments — Affiliated		6,460			(42,948	)		—			740
In-kind redemptions — Unaffiliated		72,113,038			96,381,164			64,509,562			274,010,003
In-kind redemptions — Affiliated		542,923			347,908			—			—
Futures contracts		522,753			938,990			(145,697	)		142,922
Net realized gain		72,356,710			85,302,459			69,159,081			241,852,956
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		356,314,849			316,405,142			(73,595,785	)		(142,397,645	)
Investments — Affiliated		2,622,285			7,886,392			—			2,297
Futures contracts		261,954			(60,172	)		31,821			(94,454	)
Net change in unrealized appreciation (depreciation)		359,199,088			324,231,362			(73,563,964	)		(142,489,802	)
Net realized and unrealized gain (loss)		431,555,798			409,533,821			(4,404,883	)		99,363,154
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	450,018,338		$	429,426,144		$	3,036,396		$	102,231,889

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 Operations (unaudited) (continued)

Six Months Ended October 31, 2021

	iShares U.S. Consumer Staples ETF			iShares U.S. Financial Services ETF			iShares U.S. Financials ETF			iShares U.S. Industrials ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	7,019,937		$	20,971,749		$	18,857,426		$	10,506,883
Dividends — Affiliated		28			682,619			398,742			77
Securities lending income — Affiliated — net		4,098			6,822			5,356			19,847
Foreign taxes withheld		—			(4,241	)		(2,506	)		(1,003	)
Total investment income		7,024,063			21,656,949			19,259,018			10,525,804
EXPENSES
Investment advisory fees		1,377,093			4,750,573			4,622,380			3,443,150
Total expenses		1,377,093			4,750,573			4,622,380			3,443,150
Net investment income		5,646,970			16,906,376			14,636,638			7,082,654
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,991,172	)		(2,919,122	)		(13,981,889	)		(50,149,879	)
Investments — Affiliated		179			(26,559	)		(40,778	)		(1,643	)
In-kind redemptions — Unaffiliated		127,743,960			37,339,300			180,869,747			185,063,211
In-kind redemptions — Affiliated		—			1,487,616			4,075,532			—
Futures contracts		20,418			273,948			390,289			103,622
Net realized gain		114,773,385			36,155,183			171,312,901			135,015,311
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(107,004,108	)		157,831,948			65,470,236			(121,683,622	)
Investments — Affiliated		(135	)		7,699,471			3,401,187			1,665
Futures contracts		59,233			284,547			79,371			(26,953	)
Net change in unrealized appreciation (depreciation)		(106,945,010	)		165,815,966			68,950,794			(121,708,910	)
Net realized and unrealized gain		7,828,375			201,971,149			240,263,695			13,306,401
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,475,345		$	218,877,525		$	254,900,333		$	20,389,055

See notes to financial statements.

48 2 0 2 1   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 Changes in Net Assets

	iShares MSCI KLD 400 Social ETF						iShares MSCI USA ESG Select ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	18,462,540		$	30,212,755		$	19,892,323		$	26,983,543
Net realized gain		72,356,710			83,097,575			85,302,459			321,939,109
Net change in unrealized appreciation (depreciation)		359,199,088			805,378,714			324,231,362			481,849,819
Net increase in net assets resulting from operations		450,018,338			918,689,044			429,426,144			830,772,471
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(17,158,413	)		(29,576,320	)		(18,538,691	)		(25,919,845	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		294,346,364			426,528,979			632,252,439			964,022,901
NET ASSETS
Total increase in net assets		727,206,289			1,315,641,703			1,043,139,892			1,768,875,527
Beginning of period		3,109,465,386			1,793,823,683			3,057,930,957			1,289,055,430
End of period	$	3,836,671,675		$	3,109,465,386		$	4,101,070,849		$	3,057,930,957

^(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 U.S. Basic Materials ETF						iShares U.S. Consumer Discretionary ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,441,279		$	8,777,570		$	2,868,735		$	7,656,646
Net realized gain		69,159,081			87,339,085			241,852,956			56,113,667
Net change in unrealized appreciation (depreciation)		(73,563,964	)		164,688,371			(142,489,802	)		416,301,746
Net increase in net assets resulting from operations		3,036,396			260,805,026			102,231,889			480,072,059
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,055,440	)		(8,165,209	)		(3,597,084	)		(7,416,213	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		79,837,241			270,837,091			(277,127,827	)		312,839,562
NET ASSETS
Total increase (decrease) in net assets		75,818,197			523,476,908			(178,493,022	)		785,495,408
Beginning of period		779,483,503			256,006,595			1,583,665,931			798,170,523
End of period	$	855,301,700		$	779,483,503		$	1,405,172,909		$	1,583,665,931

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

See notes to financial statements.

50 2 0 2 1   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 Changes in Net Assets (continued)

	iShares U.S. Consumer Staples ETF						iShares U.S. Financial Services ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,646,970		$	10,212,175		$	16,906,376		$	26,019,551
Net realized gain		114,773,385			98,617,294			36,155,183			117,687,973
Net change in unrealized appreciation (depreciation)		(106,945,010	)		159,057,829			165,815,966			439,809,902
Net increase in net assets resulting from operations		13,475,345			267,887,298			218,877,525			583,517,426
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,816,712	)		(10,088,558	)		(14,757,149	)		(25,484,339	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,744,911	)		(37,805,389	)		856,487,893			212,125,779
NET ASSETS
Total increase in net assets		913,722			219,993,351			1,060,608,269			770,158,866
Beginning of period		691,548,092			471,554,741			1,635,324,944			865,166,078
End of period	$	692,461,814		$	691,548,092		$	2,695,933,213		$	1,635,324,944

^(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 51

Statements of Changes in Net Assets (continued)

	iShares U.S. Financials ETF						iShares U.S. Industrials ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,636,638		$	25,420,743		$	7,082,654		$	10,675,723
Net realized gain (loss)		171,312,901			48,587,244			135,015,311			(3,027,516	)
Net change in unrealized appreciation (depreciation)		68,950,794			558,468,276			(121,708,910	)		492,579,101
Net increase in net assets resulting from operations		254,900,333			632,476,263			20,389,055			500,227,308
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(15,724,378	)		(24,797,842	)		(7,123,853	)		(10,838,019	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(147,082,174	)		512,289,078			(64,590,787	)		525,723,003
NET ASSETS
Total increase (decrease) in net assets		92,093,781			1,119,967,499			(51,325,585	)		1,015,112,292
Beginning of period		2,353,202,294			1,233,234,795			1,697,960,546			682,848,254
End of period	$	2,445,296,075		$	2,353,202,294		$	1,646,634,961		$	1,697,960,546

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

See notes to financial statements.

52 2 0 2 1   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

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI KLD 400 Social ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	80.24		$	55.03		$	54.88		$	49.07		$	44.01		$	38.22
Net investment income(b)		0.46			0.86			0.90			0.83			0.68			0.61
Net realized and unrealized gain(c)		10.65			25.19			0.14			5.82			5.01			5.77
Net increase from investment operations		11.11			26.05			1.04			6.65			5.69			6.38
Distributions(d)
From net investment income		(0.43	)		(0.84	)		(0.89	)		(0.84	)		(0.63	)		(0.59	)
Total distributions		(0.43	)		(0.84	)		(0.89	)		(0.84	)		(0.63	)		(0.59	)
Net asset value, end of period	$	90.92		$	80.24		$	55.03		$	54.88		$	49.07		$	44.01
Total Return(e)
Based on net asset value		13.88	%(f)		47.69	%		1.95	%		13.70	%		12.99	%		16.83	%
Ratios to Average Net Assets
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.28	%		0.50	%		0.50	%
Total expenses after fees waived		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.48	%		0.50	%
Net investment income		1.09	%(g)		1.27	%		1.61	%		1.61	%		1.43	%		1.49	%
Supplemental Data
Net assets, end of period (000)	$	3,836,672		$	3,109,465		$	1,793,824		$	1,415,953		$	1,035,423		$	822,945
Portfolio turnover rate(h)		2	%(f)		5	%		6	%		13	%		11	%		10	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

(f) Not annualized.

^(g)  Annualized.

^(h) 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 MSCI USA ESG Select ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	92.11		$	61.68		$	61.08		$	55.42		$	49.86		$	42.56
Net investment income(b)		0.55			1.03			1.00			0.98			0.84			0.71
Net realized and unrealized gain(c)		11.15			30.38			0.65			5.62			5.50			7.28
Net increase from investment operations		11.70			31.41			1.65			6.60			6.34			7.99
Distributions(d)
From net investment income		(0.51	)		(0.98	)		(1.05	)		(0.94	)		(0.78	)		(0.69	)
Total distributions		(0.51	)		(0.98	)		(1.05	)		(0.94	)		(0.78	)		(0.69	)
Net asset value, end of period	$	103.30		$	92.11		$	61.68		$	61.08		$	55.42		$	49.86
Total Return(e)
Based on net asset value		12.73	%(f)		51.29	%		2.76	%		12.07	%		12.76	%		18.92	%
Ratios to Average Net Assets
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.28	%		0.50	%		0.50	%
Total expenses after fees waived		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.48	%		0.50	%
Net investment income		1.12	%(g)		1.31	%		1.61	%		1.71	%		1.56	%		1.53	%
Supplemental Data
Net assets, end of period (000)	$	4,101,071		$	3,057,931		$	1,289,055		$	1,001,715		$	681,607		$	528,509
Portfolio turnover rate(h)		9	%(f)		27	%		13	%		21	%		13	%		19	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

54 2 0 2 1   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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Basic Materials ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	131.01		$	81.27		$	94.03		$	97.37		$	89.37		$	77.65
Net investment income(a)		1.00			1.78			1.65			1.63			1.39			1.34
Net realized and unrealized gain (loss)(b)		2.59			49.62			(12.42	)		(3.49	)		8.16			11.62
Net increase (decrease) from investment operations		3.59			51.40			(10.77	)		(1.86	)		9.55			12.96
Distributions(c)
From net investment income		(0.96	)		(1.66	)		(1.99	)		(1.48	)		(1.55	)		(1.24	)
Total distributions		(0.96	)		(1.66	)		(1.99	)		(1.48	)		(1.55	)		(1.24	)
Net asset value, end of period	$	133.64		$	131.01		$	81.27		$	94.03		$	97.37		$	89.37
Total Return(d)
Based on net asset value		2.76	%(e)		63.81	%		(11.59	)%		(1.89	)%		10.74	%		16.88	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%
Net investment income		1.51	%(f)		1.64	%		1.83	%		1.71	%		1.44	%		1.62	%
Supplemental Data
Net assets, end of period (000)	$	855,302		$	779,484		$	256,007		$	423,128		$	632,934		$	960,747
Portfolio turnover rate(g)		41	%(e)		28	%		11	%		28	%		6	%		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) Where applicable, assumes the reinvestment of distributions.

^(e)   Not annualized.

(f)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Discretionary ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	78.01		$	51.17		$	54.31		$	46.36		$	41.31		$	36.09
Net investment income(b)		0.16			0.44			0.52			0.40			0.45			0.38
Net realized and unrealized gain (loss)(c)		5.92			26.82			(3.11	)		7.94			5.03			5.24
Net increase (decrease) from investment operations		6.08			27.26			(2.59	)		8.34			5.48			5.62
Distributions(d)
From net investment income		(0.20	)		(0.42	)		(0.55	)		(0.39	)		(0.43	)		(0.40	)
Total distributions		(0.20	)		(0.42	)		(0.55	)		(0.39	)		(0.43	)		(0.40	)
Net asset value, end of period	$	83.89		$	78.01		$	51.17		$	54.31		$	46.36		$	41.31
Total Return(e)
Based on net asset value		7.81	%(f)		53.48	%		(4.79	)%		18.09	%		13.35	%		15.71	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%
Net investment income		0.40	%(g)		0.67	%		0.96	%		0.81	%		1.04	%		1.01	%
Supplemental Data
Net assets, end of period (000)	$	1,405,173		$	1,583,666		$	798,171		$	934,120		$	741,682		$	669,218
Portfolio turnover rate(h)		35	%(f)		20	%		31	%		15	%		10	%		8	%

^(a)   Per share amounts reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

^(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)   Where applicable, assumes the reinvestment of distributions.

^(f)   Not annualized.

^(g)   Annualized.

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

See notes to financial statements.

56 2 0 2 1   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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Consumer Staples ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	181.99		$	119.38		$	123.43		$	114.08		$	119.04		$	111.98
Net investment income(a)		1.48			2.44			2.77			3.04			2.50			2.32
Net realized and unrealized gain (loss)(b)		2.47			62.57			(3.83	)		9.24			(5.24	)		7.66
Net increase (decrease) from investment operations		3.95			65.01			(1.06	)		12.28			(2.74	)		9.98
Distributions(c)
From net investment income		(1.28	)		(2.40	)		(2.99	)		(2.93	)		(2.22	)		(2.92	)
Total distributions		(1.28	)		(2.40	)		(2.99	)		(2.93	)		(2.22	)		(2.92	)
Net asset value, end of period	$	184.66		$	181.99		$	119.38		$	123.43		$	114.08		$	119.04
Total Return(d)
Based on net asset value		2.18	%(e)		54.87	%		(0.86	)%		10.95	%		(2.41	)%		9.04	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%
Net investment income		1.61	%(f)		1.57	%		2.22	%		2.61	%		2.05	%		2.03	%
Supplemental Data
Net assets, end of period (000)	$	692,462		$	691,548		$	471,555		$	469,043		$	433,499		$	720,184
Portfolio turnover rate(g)		34	%(e)		4	%		5	%		4	%		7	%		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)   Where applicable, assumes the reinvestment of distributions.

^(e)   Not annualized.

^(f)   Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financial Services ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	182.72		$	115.36		$	136.07		$	130.98		$	108.38		$	85.36
Net investment income(a)		1.33			2.52			2.58			2.17			1.73			1.47
Net realized and unrealized gain (loss)(b)		16.77			67.20			(20.69	)		5.12			22.56			22.88
Net increase (decrease) from investment operations		18.10			69.72			(18.11	)		7.29			24.29			24.35
Distributions(c)
From net investment income		(1.12	)		(2.36	)		(2.60	)		(2.20	)		(1.69	)		(1.33	)
Total distributions		(1.12	)		(2.36	)		(2.60	)		(2.20	)		(1.69	)		(1.33	)
Net asset value, end of period	$	199.70		$	182.72		$	115.36		$	136.07		$	130.98		$	108.38
Total Return(d)
Based on net asset value		9.94	%(e)		61.14	%		(13.46	)%		5.72	%		22.53	%		28.74	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		1.39	%(f)		1.85	%		1.90	%		1.68	%		1.40	%		1.49	%
Supplemental Data
Net assets, end of period (000)	$	2,695,933		$	1,635,325		$	865,166		$	1,435,523		$	1,643,780		$	1,430,646
Portfolio turnover rate(g)		2	%(e)		7	%		7	%		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)   Where applicable, assumes the reinvestment of distributions.

^(e)   Not annualized.

^(f)   Annualized.

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

See notes to financial statements.

58 2 0 2 1   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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Financials ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	80.18		$	53.39		$	62.97		$	58.86		$	51.90		$	43.46
Net investment income(b)		0.52			1.09			1.17			1.04			0.91			0.82
Net realized and unrealized gain (loss)(c)		9.10			26.76			(9.55	)		4.16			6.95			8.46
Net increase (decrease) from investment operations		9.62			27.85			(8.38	)		5.20			7.86			9.28
Distributions(d)
From net investment income		(0.56	)		(1.06	)		(1.20	)		(1.09	)		(0.90	)		(0.84	)
Total distributions		(0.56	)		(1.06	)		(1.20	)		(1.09	)		(0.90	)		(0.84	)
Net asset value, end of period	$	89.24		$	80.18		$	53.39		$	62.97		$	58.86		$	51.90
Total Return(e)
Based on net asset value		12.06	%(f)		52.80	%		(13.47	)%		9.01	%		15.21	%		21.52	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		1.24	%(g)		1.72	%		1.85	%		1.75	%		1.59	%		1.70	%
Supplemental Data
Net assets, end of period (000)	$	2,445,296		$	2,353,202		$	1,233,235		$	1,693,736		$	2,295,315		$	1,681,324
Portfolio turnover rate(h)		20	%(f)		9	%		6	%		8	%		6	%		6	%

^(a)   Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)   Where applicable, assumes the reinvestment of distributions.

^(f)   Not annualized.

^(g)   Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Industrials ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	110.26		$	68.98		$	79.12		$	70.80		$	64.30		$	54.33
Net investment income(b)		0.45			0.90			1.03			0.95			0.89			0.91
Net realized and unrealized gain (loss)(c)		1.01			41.28			(10.11	)		8.39			6.53			9.94
Net increase (decrease) from investment operations		1.46			42.18			(9.08	)		9.34			7.42			10.85
Distributions(d)
From net investment income		(0.46	)		(0.90	)		(1.06	)		(1.02	)		(0.92	)		(0.88	)
Total distributions		(0.46	)		(0.90	)		(1.06	)		(1.02	)		(0.92	)		(0.88	)
Net asset value, end of period	$	111.26		$	110.26		$	68.98		$	79.12		$	70.80		$	64.30
Total Return(e)
Based on net asset value		1.32	%(f)		61.51	%		(11.57	)%		13.34	%		11.57	%		20.13	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		0.81	%(g)		0.99	%		1.32	%		1.29	%		1.27	%		1.55	%
Supplemental Data
Net assets, end of period (000)	$	1,646,635		$	1,697,961		$	682,848		$	941,547		$	1,033,654		$	983,820
Portfolio turnover rate(h)		22	%(f)		5	%		4	%		5	%		7	%		10	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

60 2 0 2 1   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) 

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
MSCI KLD 400 Social		Diversified
MSCI USA ESG Select		Diversified
U.S. Basic Materials		Non-diversified
U.S. Consumer Discretionary(a)		Diversified
U.S. Consumer Staples(b)		Non-diversified
U.S. Financial Services		Non-diversified
U.S. Financials		Diversified
U.S. Industrials		Diversified

^(a)  Formerly the iShares U.S. Consumer Services ETF.

^(b)  Formerly the iShares U.S. Consumer Goods ETF.

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 Statements 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 record 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.

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 61

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. Each Fund determines the fair values 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 or trade price on the exchange where the contract is traded.

If events (e.g., 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 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 judgment 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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

62 2 0 2 1   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)

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI KLD 400 Social
BNP Paribas SA	$	5,820,284	$	5,820,284		$	—	$	—
BofA Securities, Inc.		484,880		484,880			—		—
Citigroup Global Markets, Inc.		772,975		772,975			—		—
Credit Suisse Securities (USA) LLC		59,795		59,795			—		—
Goldman Sachs & Co. LLC		2,980,812		2,980,812			—		—
J.P. Morgan Securities LLC		2,117,623		2,117,623			—		—
Morgan Stanley		3,435,035		3,435,035			—		—
RBC Capital Markets LLC		40,560		40,560			—		—
SG Americas Securities LLC		1,941,765		1,941,765			—		—
Virtu Americas LLC		34,309		34,309			—		—
	$	17,688,038	$	17,688,038		$	—	$	—
MSCI USA ESG Select
BofA Securities, Inc.	$	4,482,550	$	4,355,174		$	—	$	(127,376	)(b)
Goldman Sachs & Co. LLC		1,645,490		1,645,490			—		—
J.P. Morgan Securities LLC		9,258,201		9,258,201			—		—
SG Americas Securities LLC		9,635,535		9,635,535			—		—
	$	25,021,776	$	24,894,400		$	—	$	(127,376	)
U.S. Basic Materials
UBS AG	$	194,408	$	194,408		$	—	$	—
U.S. Consumer Discretionary
Barclays Bank PLC	$	2,619,069	$	2,619,069		$	—	$	—
BNP Paribas SA		4,412,188		4,412,188			—		—
Goldman Sachs & Co. LLC		5,011,099		5,011,099			—		—
J.P. Morgan Securities LLC		329,977		329,977			—		—
Morgan Stanley		7,272,113		7,272,113			—		—
Wells Fargo Securities LLC		62,581		62,581			—		—
	$	19,707,027	$	19,707,027		$	—	$	—
U.S. Consumer Staples
Barclays Bank PLC	$	359,792	$	359,792		$	—	$	—
BNP Paribas SA		421,952		421,952			—		—
BofA Securities, Inc.		1,388,098		1,388,098			—		—
Deutsche Bank Securities, Inc.		22,435		22,435			—		—
Goldman Sachs & Co. LLC		1,662,487		1,662,487			—		—
SG Americas Securities LLC		932,640		932,640			—		—
Virtu Americas LLC		311,820		311,820			—		—
	$	5,099,224	$	5,099,224		$	—	$	—

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)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
U.S. Financial Services
Barclays Bank PLC	$	2,354,372	$	2,354,372		$	—	$	—
Barclays Capital, Inc.		117,516		117,516			—		—
BofA Securities, Inc.		2,273,198		2,273,198			—		—
Citigroup Global Markets, Inc.		538,389		538,389			—		—
Goldman Sachs & Co. LLC		6,053,150		6,053,150			—		—
J.P. Morgan Securities LLC		2,442		2,442			—		—
Morgan Stanley		6,698,432		6,698,432			—		—
UBS AG		436,488		436,488			—		—
Wells Fargo Securities LLC		1,577,996		1,577,996			—		—
	$	20,051,983	$	20,051,983		$	—	$	—
U.S. Financials
Barclays Bank PLC	$	605,542	$	605,542		$	—	$	—
Goldman Sachs & Co. LLC		1,867,901		1,867,901			—		—
Morgan Stanley		3,945,433		3,945,433			—		—
National Financial Services LLC		59,821		59,821			—		—
	$	6,478,697	$	6,478,697		$	—	$	—
U.S. Industrials
Barclays Capital, Inc.	$	2,611,181	$	2,611,181		$	—	$	—
Citigroup Global Markets, Inc.		774,921		774,921			—		—
National Financial Services LLC		151,023		151,023			—		—
State Street Bank & Trust Co.		943,125		943,125			—		—
UBS Securities LLC		22,195,069		22,195,069			—		—
Virtu Americas LLC		216,024		216,024			—		—
Wells Fargo Bank N.A.		62,613		62,613			—		—
Wells Fargo Securities LLC		200,951		200,951			—		—
	$	27,154,907	$	27,154,907		$	—	$	—

^(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)  The market value of the loaned securities is determined as of October 31, 2021. 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: 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 rates, foreign currency exchange rates or underlying assets.

64 2 0 2 1   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)

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
MSCI KLD 400 Social		0.25	%
MSCI USA ESG Select		0.25

For its investment advisory services to each of the iShares U.S. Basic Materials, iShares U.S. Consumer Discretionary, iShares U.S. Consumer Staples, 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		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3400
Over $40 billion, up to and including $50 billion		0.3300
Over $50 billion, up to and including $60 billion		0.3100
Over $60 billion		0.2945

Prior to July 14, 2021, for its investment advisory services to each of the iShares U.S. Basic Materials, iShares U.S. Consumer Discretionary, iShares U.S. Consumer Staples, iShares U.S. Financial Services, iShares U.S. Financials and iShares U.S. Industrials ETFs, BFA was 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

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 77% 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,

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 65

Notes to Financial Statements (unaudited) (continued)

will retain for the remainder of that calendar year 81% 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 Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI KLD 400 Social	$	5,627
MSCI USA ESG Select		16,539
U.S. Basic Materials		261
U.S. Consumer Discretionary		14,968
U.S. Consumer Staples		1,589
U.S. Financial Services		2,786
U.S. Financials		2,211
U.S. Industrials		7,838

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, 2021, 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)
MSCI KLD 400 Social	$	18,005,841	$	8,757,972	$	237,987
MSCI USA ESG Select		98,889,844		70,109,326		(2,844,798	)
U.S. Basic Materials		180,304,089		39,790,149		(3,047,846	)
U.S. Consumer Discretionary		246,306,155		190,647,277		(25,303,122	)
U.S. Consumer Staples		192,266,197		178,208,368		(7,110,532	)
U.S. Financial Services		8,546,894		3,615,997		(1,071,931	)
U.S. Financials		332,361,039		196,988,999		(8,559,967	)
U.S. Industrials		316,046,161		142,216,494		(20,500,712	)

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 Statements 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI KLD 400 Social	$	63,538,704	$	65,905,331
MSCI USA ESG Select		329,040,828		329,550,766
U.S. Basic Materials		390,196,779		396,968,664
U.S. Consumer Discretionary		498,500,924		499,521,291
U.S. Consumer Staples		235,261,116		235,542,532
U.S. Financial Services		40,729,683		39,461,780
U.S. Financials		459,064,469		471,855,606
U.S. Industrials		387,365,862		386,292,372

66 2 0 2 1   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)

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI KLD 400 Social	$	419,209,009	$	125,707,117
MSCI USA ESG Select		965,435,799		333,864,270
U.S. Basic Materials		593,357,490		507,335,652
U.S. Consumer Discretionary		452,312,183		728,704,777
U.S. Consumer Staples		241,466,143		248,949,822
U.S. Financial Services		982,983,147		131,377,135
U.S. Financials		971,747,156		1,107,024,227
U.S. Industrials		406,462,287		469,428,245

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, 2021, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI KLD 400 Social	$	41,012,536
MSCI USA ESG Select		49,677,436
U.S. Basic Materials		128,356,659
U.S. Consumer Discretionary		66,681,070
U.S. Consumer Staples		20,394,671
U.S. Financial Services		51,264,378
U.S. Financials		64,307,667
U.S. Industrials		31,473,020

As of October 31, 2021, 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)
MSCI KLD 400 Social	$	2,427,989,773	$	1,457,537,091	$	(33,551,905	)	$	1,423,985,186
MSCI USA ESG Select		3,188,255,012		960,561,557		(25,033,151	)		935,528,406
U.S. Basic Materials		867,732,412		41,373,911		(54,474,797	)		(13,100,886	)
U.S. Consumer Discretionary		1,182,008,074		266,122,463		(22,657,470	)		243,464,993
U.S. Consumer Staples		686,402,356		45,989,274		(35,830,055	)		10,159,219
U.S. Financial Services		2,260,995,994		470,802,935		(19,122,968	)		451,679,967
U.S. Financials		2,105,270,955		363,613,048		(19,857,767	)		343,755,281
U.S. Industrials		1,407,249,751		317,095,874		(49,795,430	)		267,300,444

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.

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 67

Notes to Financial Statements (unaudited) (continued)

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 Statements 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”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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.

68 2 0 2 1   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)

Transactions in capital shares were as follows:

	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares	Amount
MSCI KLD 400 Social
Shares sold		4,950,000		$	420,408,396		9,250,000(a)	$	643,488,005
Shares redeemed		(1,500,000	)		(126,062,032	)	(3,100,000)(a)		(216,959,026	)
Net increase		3,450,000		$	294,346,364		6,150,000	$	426,528,979
MSCI USA ESG Select
Shares sold		9,950,000		$	967,556,389		22,250,000(a)	$	1,797,422,226
Shares redeemed		(3,450,000	)		(335,303,950	)	(9,950,000)(a)		(833,399,325	)
Net increase		6,500,000		$	632,252,439		12,300,000	$	964,022,901
U.S. Basic Materials
Shares sold		4,450,000		$	594,906,279		8,500,000	$	923,891,071
Shares redeemed		(4,000,000	)		(515,069,038	)	(5,700,000)		(653,053,980	)
Net increase		450,000		$	79,837,241		2,800,000	$	270,837,091
U.S. Consumer Discretionary
Shares sold		5,750,000		$	453,121,874		8,150,000(b)	$	530,844,571
Shares redeemed		(9,300,000	)		(730,249,701	)	(3,450,000)(b)		(218,005,009	)
Net increase (decrease)		(3,550,000	)	$	(277,127,827	)	4,700,000	$	312,839,562
U.S. Consumer Staples
Shares sold		1,300,000		$	241,992,673		1,800,000	$	275,702,671
Shares redeemed		(1,350,000	)		(249,737,584	)	(1,950,000)		(313,508,060	)
Net decrease		(50,000	)	$	(7,744,911	)	(150,000)	$	(37,805,389	)
U.S. Financial Services
Shares sold		5,250,000		$	988,542,815		11,200,000	$	1,462,505,864
Shares redeemed		(700,000	)		(132,054,922	)	(9,750,000)		(1,250,380,085	)
Net increase		4,550,000		$	856,487,893		1,450,000	$	212,125,779
U.S. Financials
Shares sold		11,750,000		$	977,067,157		25,700,000(a)	$	1,648,032,759
Shares redeemed		(13,700,000	)		(1,124,149,331	)	(19,450,000)(a)		(1,135,743,681	)
Net increase (decrease)		(1,950,000	)	$	(147,082,174	)	6,250,000	$	512,289,078
U.S. Industrials
Shares sold		3,650,000		$	407,635,381		6,050,000(a)	$	572,947,274
Shares redeemed		(4,250,000	)		(472,226,168	)	(550,000)(a)		(47,224,271	)
Net increase (decrease)		(600,000	)	$	(64,590,787	)	5,500,000	$	525,723,003

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)  Share transactions reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

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 Statements of Assets and Liabilities.

11.  LEGAL PROCEEDINGS

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

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 69

Notes to Financial Statements (unaudited) (continued)

to an appeal which remains pending. The outcome of this appeal 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.

70 2 0 2 1   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

Board Review and Approval of Investment Advisory Contract

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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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

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 71

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement 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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 Agreement between the Trust and BFA (the “Advisory Agreement”) 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

72 2 0 2 1   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

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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,

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 73

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 Agreement 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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

iShares U.S. Basic Materials ETF, iShares U.S. Consumer Discretionary ETF, iShares U.S. Consumer Staples ETF, 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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

74 2 0 2 1   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

Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2020, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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 Agreement 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.

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 75

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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

iShares U.S. Industrials 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 Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

76 2 0 2 1   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

Board Review and Approval of Investment Advisory Contract  (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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 Agreement 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

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 77

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

78 2 0 2 1   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

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021

	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
MSCI KLD 400 Social(a)	$	0.422763	$	—	$	0.004525	$	0.427288		99	%		—	%		1	%		100	%
MSCI USA ESG Select(a)		0.500476		—		0.005511		0.505987		99			—			1			100
U.S. Consumer Discretionary(a)		0.196486		—		0.000004		0.196490		100			—			0	(b)		100
U.S. Financials(a)		0.481564		—		0.080267		0.561831		86			—			14			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%.

S U P P L E M E N T A L   I N F O R M A T I O N 79

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

80 2 0 2 1   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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

G L O S S A R Y  O F   T E R M S   U S E D   I N   T H I S   R E P O R T 81

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 FTSE Russell, 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

©2021 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-402-1021

OCTOBER 31, 2021

2021 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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month		12-Month
U.S. large cap equities (S&P 500 Index)		10.91%		42.91%
U.S. small cap equities (Russell 2000 Index)		1.85		50.80
International equities (MSCI Europe, Australasia, Far East Index)		4.14		34.18
Emerging market equities (MSCI Emerging Markets Index)		(4.87)		16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01		0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.59		(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.06		(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.33		2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.36		10.53

Past performance is not an indication 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		58
General Information		59
Glossary of Terms Used in this Report		60

Fund Summary  as of October 31, 2021 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 IndexSM (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		7.59	%		39.48	%		17.04	%		13.35	%		39.48	%		119.60	%		152.56	%
Fund Market		7.52			39.36			17.03			13.35			39.36			119.56			152.59
Index		7.60			39.58			17.12			13.42			39.58			120.41			153.61

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,075.90	$        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		20.1%
Information Technology		19.5
Health Care		16.6
Industrials		12.2
Consumer Staples		9.3
Consumer Discretionary		7.7
Utilities		7.1
Communication Services		4.2
Materials		3.2
Energy		0.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		3.3%
JPMorgan Chase & Co.		2.9
Apple Inc.		2.8
Verizon Communications Inc.		2.6
Johnson & Johnson		2.6
Procter & Gamble Co. (The)		2.6
Pfizer Inc.		2.5
Home Depot Inc. (The)		2.4
Merck & Co. Inc.		2.4
Bank of America Corp.		1.9

4 2 0 2 1    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

Fund Summary  as of October 31, 2021  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 IndexSM (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		4.59	%		31.03	%		8.29	%		10.31	%		31.03	%		48.94	%		166.68	%
Fund Market		4.61			31.01			8.29			10.30			31.01			48.95			166.64
Index		4.61			31.15			8.38			10.50			31.15			49.51			171.38

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,045.90	$        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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Health Care		20.6%
Energy		19.0
Consumer Staples		16.4
Communication Services		12.7
Information Technology		9.3
Utilities		8.0
Financials		5.9
Industrials		4.8
Consumer Discretionary		2.9
Materials		0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Exxon Mobil Corp.		9.4%
AT&T Inc.		7.2
Chevron Corp.		6.6
Johnson & Johnson		5.6
Verizon Communications Inc.		5.3
AbbVie Inc.		5.1
Procter & Gamble Co. (The)		4.5
Merck & Co. Inc.		4.1
Philip Morris International Inc.		3.6
Coca-Cola Co. (The)		3.5

F U N D    S U M M A R Y 5

Fund Summary as of October 31, 2021 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		(0.68	)%		35.98	%		7.13	%		5.16	%		35.98	%		41.14	%		65.44	%
Fund Market		(0.46	)		36.00			7.16			5.27			36.00			41.34			67.17
Index		(0.78	)		35.11			7.16			5.25			35.11			41.34			66.86

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        993.20	$        2.66			$        1,000.00	$        1,022.50	$        2.70		0.53	%

^(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		31.8%
Utilities		21.2
Materials		10.4
Energy		7.7
Communication Services		7.6
Industrials		6.1
Real Estate		5.3
Consumer Staples		5.0
Consumer Discretionary		2.3
Health Care		2.2
Information Technology		0.4

^(a)   Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United Kingdom		14.6%
Australia		11.5
Canada		11.0
Hong Kong		10.1
Spain		9.3
Italy		7.6
South Korea		7.5
France		5.4
Switzerland		4.5
Japan		4.5

6 2 0 2 1    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

Fund Summary as of October 31, 2021 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		1.40	%		47.29	%		10.89	%		12.34	%		47.29	%		67.68	%		220.13	%
Fund Market		1.50			47.15			10.89			12.34			47.15			67.68			220.04
Index		1.55			47.99			11.33			12.76			47.99			71.05			232.46

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,014.00	$1    1.93			$        1,000.00	$    11,023.30	$        1.94		0.38	%

^(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)
Utilities		26.3%
Financials		23.7
Energy		9.3
Consumer Staples		8.2
Materials		6.8
Communication Services		6.8
Information Technology		5.5
Consumer Discretionary		5.1
Health Care		4.3
Industrials		4.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
ONEOK Inc.		2.8%
Altria Group Inc.		2.1
Exxon Mobil Corp.		2.0
PPL Corp.		1.9
Prudential Financial Inc.		1.8
AT&T Inc.		1.8
Philip Morris International Inc.		1.8
Pfizer Inc.		1.7
International Business Machines Corp.		1.6
Edison International		1.6

F U N D    S U M M A R Y 7

Fund Summary as of October 31, 2021 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		8.60	%		51.28	%		16.00	%		51.28	%		80.65	%
Fund Market		8.62			51.80			16.01			51.80			80.68
Index		8.74			51.73			16.33			51.73			82.58

The inception date of the Fund was 11/7/17. The first day of secondary market trading was 11/9/17.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,086.00	$        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		23.2%
Financials		21.7
Health Care		12.6
Communication Services		8.9
Consumer Staples		7.7
Industrials		7.5
Consumer Discretionary		7.1
Energy		5.6
Materials		2.5
Utilities		1.8
Real Estate		1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		4.7%
Apple Inc.		4.6
JPMorgan Chase & Co.		3.0
Bank of America Corp.		2.3
Exxon Mobil Corp.		1.9
Procter & Gamble Co. (The)		1.8
Berkshire Hathaway Inc., Class B		1.8
AT&T Inc.		1.8
Alphabet Inc., Class A		1.7
Intel Corp.		1.7

8 2 0 2 1    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

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 each 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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, 2021 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.7%
BWX Technologies Inc.		90,110	$	5,112,841
General Dynamics Corp.		342,368		69,415,112
HEICO Corp.		4,619		643,843
HEICO Corp., Class A		6,984		877,749
Huntington Ingalls Industries Inc.		59,136		11,988,641
L3Harris Technologies Inc.		231,991		53,483,205
Lockheed Martin Corp.		464,432		154,340,042
Northrop Grumman Corp.		167,033		59,667,528
Raytheon Technologies Corp.		2,393,381		212,675,836
				568,204,797
Air Freight & Logistics — 1.1%
CH Robinson Worldwide Inc.		195,851		18,995,588
Expeditors International of Washington Inc.		101,822		12,550,580
United Parcel Service Inc., Class B		973,315		207,773,553
				239,319,721
Auto Components — 0.1%
Gentex Corp.		240,787		8,521,452
LCI Industries		44,882		6,267,322
				14,788,774
Automobiles — 0.0%
Thor Industries Inc.		52,928		5,396,539
Banks — 9.7%
Atlantic Union Bankshares Corp.		162,473		5,827,907
Bank of America Corp.		8,543,872		408,226,204
Bank of Hawaii Corp.		90,550		7,651,475
Bank OZK		215,725		9,636,436
BOK Financial Corp.		48,890		4,946,201
Cadence Bank		102,960		2,987,899
Cathay General Bancorp		150,442		6,347,148
Citigroup Inc.		3,863,449		267,196,133
Commerce Bancshares Inc.		103,178		7,275,081
Community Bank System Inc.		53,253		3,816,643
Cullen/Frost Bankers Inc.		97,172		12,583,774
CVB Financial Corp.		298,724		5,980,454
First Financial Bankshares Inc.		122,505		6,213,454
First Republic Bank/CA		50,385		10,899,787
Fulton Financial Corp.		379,614		6,111,785
Glacier Bancorp. Inc.		153,064		8,462,909
Hilltop Holdings Inc.		63,662		2,256,181
Home BancShares Inc./AR		253,968		6,034,280
Independent Bank Corp.		34,417		2,908,237
Independent Bank Group Inc.		47,907		3,463,197
JPMorgan Chase & Co.		3,640,452		618,476,390
PNC Financial Services Group Inc. (The)		711,509		150,149,744
Popular Inc.		126,585		10,309,082
Prosperity Bancshares Inc.		171,623		12,924,928
Regions Financial Corp.		1,967,125		46,581,520
ServisFirst Bancshares Inc.		35,138		2,821,933
Simmons First National Corp., Class A		180,133		5,384,175
South State Corp.		132,902		10,378,317
Synovus Financial Corp.		307,974		14,348,509
Truist Financial Corp.		2,978,412		189,039,810
U.S. Bancorp		2,642,027		159,499,170
UMB Financial Corp.		41,016		4,053,201
United Community Banks Inc./GA		94,831		3,303,912
Webster Financial Corp.		191,123		10,695,243
Wintrust Financial Corp.		61,608		5,452,308

Security	Shares		Value
Banks (continued)
Zions Bancorp. NA		283,495	$	17,857,350
				2,050,100,777
Beverages — 2.1%
Brown-Forman Corp., Class A		37,998		2,433,012
Brown-Forman Corp., Class B, NVS		117,100		7,949,919
Constellation Brands Inc., Class A		152,323		33,025,150
PepsiCo Inc.		2,432,634		393,113,654
				436,521,735
Biotechnology — 1.2%
Amgen Inc.		1,175,188		243,228,660
Building Products — 0.5%
A O Smith Corp.		124,810		9,119,867
AAON Inc.		15,787		1,131,139
Advanced Drainage Systems Inc.		11,582		1,306,450
Allegion PLC		57,528		7,380,842
Carlisle Companies Inc.		35,461		7,904,966
Fortune Brands Home & Security Inc.		96,717		9,807,104
Lennox International Inc.		24,765		7,411,669
Masco Corp.		263,743		17,288,354
Owens Corning		74,477		6,956,897
Simpson Manufacturing Co. Inc.		25,414		2,696,171
Trane Technologies PLC		186,668		33,773,841
UFP Industries Inc.		33,791		2,765,117
				107,542,417
Capital Markets — 6.0%
Ameriprise Financial Inc.		125,238		37,838,157
Bank of New York Mellon Corp. (The)		1,329,786		78,723,331
BlackRock Inc.(a)		162,683		153,484,903
Charles Schwab Corp. (The)		968,927		79,481,082
CME Group Inc.		428,282		94,457,595
Cohen & Steers Inc.		33,111		3,141,903
Evercore Inc., Class A		53,099		8,062,552
FactSet Research Systems Inc.		20,768		9,218,708
Goldman Sachs Group Inc. (The)		431,379		178,310,510
Houlihan Lokey Inc.		63,607		7,129,073
Intercontinental Exchange Inc.		398,839		55,223,248
MarketAxess Holdings Inc.		14,283		5,837,034
Moody’s Corp.		67,222		27,167,771
Morgan Stanley		2,582,291		265,407,869
MSCI Inc.		33,450		22,240,236
Nasdaq Inc.		80,423		16,878,375
Northern Trust Corp.		327,081		40,244,046
Raymond James Financial Inc.		134,200		13,230,778
S&P Global Inc.		105,890		50,208,802
SEI Investments Co.		97,075		6,119,608
State Street Corp.		532,704		52,497,979
T Rowe Price Group Inc.		290,088		62,914,285
				1,267,817,845
Chemicals — 2.4%
Air Products & Chemicals Inc.		318,314		95,433,720
Albemarle Corp.		48,942		12,258,503
Ashland Global Holdings Inc.		46,074		4,423,565
Avient Corp.		105,366		5,677,120
Balchem Corp.		8,001		1,224,873
Cabot Corp.		99,196		5,292,107
Celanese Corp.		130,402		21,061,227
Eastman Chemical Co.		221,765		23,070,213
Ecolab Inc.		132,908		29,534,816

10 2 0 2 1    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, 2021 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
HB Fuller Co.		34,895	$	2,460,446
Innospec Inc.		20,622		1,868,559
International Flavors & Fragrances Inc.		325,022		47,924,494
Linde PLC		454,255		144,998,196
NewMarket Corp.		9,998		3,399,420
PPG Industries Inc.		238,231		38,252,752
Quaker Chemical Corp.		5,177		1,272,714
RPM International Inc.		157,153		13,703,742
Scotts Miracle-Gro Co. (The)		44,609		6,622,652
Sensient Technologies Corp.		46,802		4,474,271
Sherwin-Williams Co. (The)		114,119		36,131,217
Stepan Co.		15,352		1,842,547
Valvoline Inc.		186,921		6,347,837
Westlake Chemical Corp.		31,228		3,039,733
				510,314,724
Commercial Services & Supplies — 0.6%
ABM Industries Inc.		68,620		3,019,966
Brady Corp., Class A, NVS		53,929		2,809,162
Cintas Corp.		54,162		23,457,562
Healthcare Services Group Inc.		150,139		2,881,167
MSA Safety Inc.		25,028		3,830,035
Republic Services Inc.		184,790		24,872,734
Tetra Tech Inc.		18,292		3,213,173
Waste Management Inc.		370,843		59,420,174
				123,503,973
Communications Equipment — 2.0%
Cisco Systems Inc.		6,820,682		381,753,572
Motorola Solutions Inc.		125,772		31,265,661
				413,019,233
Construction Materials — 0.1%
Martin Marietta Materials Inc.		26,582		10,442,473
Vulcan Materials Co.		72,032		13,694,724
				24,137,197
Consumer Finance — 0.8%
Ally Financial Inc.		478,395		22,838,577
American Express Co.		452,083		78,562,984
Discover Financial Services		330,874		37,494,642
FirstCash Inc.		35,276		3,120,868
Synchrony Financial		670,234		31,132,369
				173,149,440
Containers & Packaging — 0.4%
AptarGroup Inc.		49,084		5,928,366
Avery Dennison Corp.		64,565		14,057,092
International Paper Co.		882,450		43,831,291
Silgan Holdings Inc.		68,730		2,762,946
Sonoco Products Co.		180,281		10,447,284
				77,026,979
Distributors — 0.2%
Genuine Parts Co.		252,780		33,141,986
Pool Corp.		16,604		8,553,716
				41,695,702
Diversified Consumer Services — 0.0%
Service Corp. International		143,138		9,803,522
Diversified Telecommunication Services — 2.6%
Verizon Communications Inc.		10,437,474		553,081,747
Electric Utilities — 4.3%
ALLETE Inc.		124,912		7,687,084

Security	Shares		Value
Electric Utilities (continued)
Alliant Energy Corp.		424,090	$	23,990,771
American Electric Power Co. Inc.		1,047,097		88,699,587
Duke Energy Corp.		1,846,438		188,355,140
Edison International		1,093,027		68,784,189
Entergy Corp.		425,225		43,806,680
Evergy Inc.		461,401		29,414,314
Eversource Energy		576,846		48,974,225
Exelon Corp.		1,905,103		101,332,429
IDACORP Inc.		85,173		8,885,247
MGE Energy Inc.		43,804		3,324,286
NextEra Energy Inc.		2,242,450		191,348,259
Pinnacle West Capital Corp.		315,426		20,341,823
PNM Resources Inc.		145,139		7,220,665
Portland General Electric Co.		192,536		9,493,950
Xcel Energy Inc.		909,979		58,775,544
				900,434,193
Electrical Equipment — 1.0%
Eaton Corp. PLC		476,181		78,455,582
Emerson Electric Co.		754,577		73,201,515
Hubbell Inc.		69,260		13,808,366
nVent Electric PLC		230,394		8,167,467
Regal Rexnord Corp.		23,233		3,539,083
Rockwell Automation Inc.		100,272		32,026,877
				209,198,890
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		295,069		22,652,447
Badger Meter Inc.		15,159		1,550,008
CDW Corp./DE		72,005		13,439,733
Cognex Corp.		30,995		2,714,852
Corning Inc.		1,221,822		43,460,208
Littelfuse Inc.		12,434		3,662,435
TE Connectivity Ltd.		287,495		41,974,270
Vishay Intertechnology Inc.		155,599		2,990,613
				132,444,566
Entertainment — 0.1%
Activision Blizzard Inc.		292,584		22,877,143
Food & Staples Retailing — 1.6%
Casey’s General Stores Inc.		17,245		3,303,107
Costco Wholesale Corp.		192,511		94,626,857
Kroger Co. (The)		878,712		35,166,054
Walmart Inc.		1,314,546		196,419,464
				329,515,482
Food Products — 1.7%
Archer-Daniels-Midland Co.		884,415		56,814,820
Flowers Foods Inc.		444,955		11,012,636
Hershey Co. (The)		192,115		33,687,365
Hormel Foods Corp.		417,133		17,653,068
Ingredion Inc.		126,048		12,003,551
JM Smucker Co. (The)		229,074		28,144,032
Kellogg Co.		593,196		36,362,915
Lancaster Colony Corp.		21,531		3,660,270
McCormick & Co. Inc./MD, NVS		246,552		19,780,867
Mondelez International Inc., Class A		1,866,235		113,355,114
Tyson Foods Inc., Class A		443,021		35,428,389
				367,903,027
Gas Utilities — 0.4%
Atmos Energy Corp.		215,187		19,823,026
National Fuel Gas Co.		203,555		11,690,164

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, 2021 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
New Jersey Resources Corp.		219,567	$	8,301,828
ONE Gas Inc.		110,777		7,455,292
Southwest Gas Holdings Inc.		123,739		8,568,926
Spire Inc.		131,872		8,276,287
UGI Corp.		398,485		17,298,234
				81,413,757
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		1,590,248		204,967,065
Baxter International Inc.		437,798		34,568,530
Becton Dickinson and Co.		235,199		56,351,328
Danaher Corp.		103,841		32,374,509
DENTSPLY SIRONA Inc.		99,145		5,672,085
Hill-Rom Holdings Inc.		27,040		4,188,496
Medtronic PLC		1,609,580		192,924,259
ResMed Inc.		52,898		13,907,413
STERIS PLC		46,077		10,770,038
Stryker Corp.		188,844		50,245,723
				605,969,446
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		134,692		16,435,118
Anthem Inc.		191,043		83,128,541
Cardinal Health Inc.		685,440		32,770,886
Chemed Corp.		3,314		1,598,176
Encompass Health Corp.		88,856		5,647,687
Ensign Group Inc. (The)		9,932		774,795
Humana Inc.		55,942		25,910,097
McKesson Corp.		92,832		19,297,916
Quest Diagnostics Inc.		131,915		19,362,484
UnitedHealth Group Inc.		845,565		389,357,316
				594,283,016
Hotels, Restaurants & Leisure — 2.0%
Domino’s Pizza Inc.		18,001		8,801,949
McDonald’s Corp.		1,035,436		254,251,310
Starbucks Corp.		1,153,028		122,301,680
Yum! Brands Inc.		292,771		36,578,808
				421,933,747
Household Durables — 0.2%
DR Horton Inc.		184,680		16,486,384
Leggett & Platt Inc.		311,027		14,571,615
Whirlpool Corp.		104,369		22,004,116
				53,062,115
Household Products — 3.7%
Church & Dwight Co. Inc.		188,345		16,453,819
Clorox Co. (The)		217,450		35,446,524
Colgate-Palmolive Co.		1,256,421		95,726,716
Energizer Holdings Inc.		113,433		4,136,902
Kimberly-Clark Corp.		698,002		90,384,279
Procter & Gamble Co. (The)		3,780,110		540,517,929
WD-40 Co.		11,038		2,505,626
				785,171,795
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,068,326		26,847,032
Industrial Conglomerates — 1.8%
3M Co.		1,172,042		209,420,465
Honeywell International Inc.		738,870		161,531,759
Roper Technologies Inc.		31,571		15,402,544
				386,354,768

Security	Shares		Value
Insurance — 3.5%
Aflac Inc.		972,169	$	52,176,310
Allstate Corp. (The)		469,266		58,034,126
American Equity Investment Life Holding Co.		54,277		1,729,808
American Financial Group Inc./OH		64,940		8,834,438
Aon PLC, Class A		102,764		32,876,259
Arthur J Gallagher & Co.		175,112		29,361,029
Assurant Inc.		61,132		9,861,203
Assured Guaranty Ltd.		89,864		4,994,641
Axis Capital Holdings Ltd.		178,735		9,306,731
Brown & Brown Inc.		95,060		5,999,237
Chubb Ltd.		506,264		98,913,860
Cincinnati Financial Corp.		201,956		24,525,537
CNO Financial Group Inc.		188,239		4,544,089
Erie Indemnity Co., Class A, NVS		37,814		7,782,499
Everest Re Group Ltd.		60,699		15,872,789
Fidelity National Financial Inc.		564,493		27,044,860
First American Financial Corp.		190,616		13,941,654
Globe Life Inc.		51,880		4,618,358
Hanover Insurance Group Inc. (The)		46,483		5,856,858
Hartford Financial Services Group Inc. (The)		468,965		34,201,617
Kinsale Capital Group Inc.		3,518		658,394
Lincoln National Corp.		293,611		21,184,034
Marsh & McLennan Companies Inc.		439,531		73,313,771
MetLife Inc.		1,503,456		94,417,037
Primerica Inc.		32,322		5,437,853
Reinsurance Group of America Inc.		109,505		12,930,350
RenaissanceRe Holdings Ltd.		29,913		4,241,663
RLI Corp.		25,247		2,734,503
Selective Insurance Group Inc.		47,008		3,684,017
Travelers Companies Inc. (The)		358,430		57,664,218
W R Berkley Corp.		63,155		5,027,138
				731,768,881
IT Services — 2.8%
Accenture PLC, Class A		421,902		151,374,219
Automatic Data Processing Inc.		495,190		111,165,203
Broadridge Financial Solutions Inc.		100,013		17,843,319
Fidelity National Information Services Inc.		476,526		52,770,489
Jack Henry & Associates Inc.		50,722		8,444,199
Mastercard Inc., Class A		281,473		94,439,821
TTEC Holdings Inc.		8,972		846,867
Visa Inc., Class A		606,589		128,457,352
Western Union Co. (The)		1,152,548		20,999,425
				586,340,894
Leisure Products — 0.2%
Brunswick Corp./DE		71,685		6,673,156
Hasbro Inc.		228,168		21,849,368
Polaris Inc.		80,924		9,302,214
				37,824,738
Life Sciences Tools & Services — 0.1%
Agilent Technologies Inc.		84,759		13,348,695
West Pharmaceutical Services Inc.		6,744		2,899,111
				16,247,806
Machinery — 2.4%
AGCO Corp.		24,290		2,968,481
Barnes Group Inc.		42,150		1,767,771
Caterpillar Inc.		754,828		153,992,460
Cummins Inc.		232,372		55,732,100
Donaldson Co. Inc.		117,585		7,056,276
Dover Corp.		105,882		17,902,529

12 2 0 2 1    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, 2021 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Franklin Electric Co. Inc.		19,593	$	1,692,443
Graco Inc.		104,654		7,867,888
Hillenbrand Inc.		97,469		4,430,941
IDEX Corp.		47,729		10,623,044
Illinois Tool Works Inc.		379,364		86,445,675
ITT Inc.		51,688		4,862,290
Lincoln Electric Holdings Inc.		57,575		8,198,680
Nordson Corp.		28,968		7,363,955
Oshkosh Corp.		52,788		5,648,316
Otis Worldwide Corp.		274,824		22,071,115
PACCAR Inc.		368,892		33,060,101
Pentair PLC		110,816		8,197,059
Snap-on Inc.		76,657		15,579,002
Stanley Black & Decker Inc.		154,457		27,760,557
Timken Co. (The)		73,813		5,237,032
Toro Co. (The)		66,949		6,391,621
Watts Water Technologies Inc., Class A		10,092		1,917,682
Xylem Inc./NY		95,998		12,536,379
				509,303,397
Marine — 0.0%
Matson Inc.		39,097		3,255,998
Media — 1.5%
Cable One Inc.		1,949		3,335,148
Comcast Corp., Class A		4,892,173		251,604,458
John Wiley & Sons Inc., Class A		67,430		3,652,683
Nexstar Media Group Inc., Class A		52,840		7,922,301
Omnicom Group Inc.		532,725		36,267,918
Sirius XM Holdings Inc.		701,543		4,272,397
				307,054,905
Metals & Mining — 0.3%
Nucor Corp.		277,829		31,019,608
Reliance Steel & Aluminum Co.		76,141		11,128,769
Royal Gold Inc.		45,662		4,521,451
Steel Dynamics Inc.		203,832		13,469,219
Worthington Industries Inc.		46,717		2,537,667
				62,676,714
Multi-Utilities — 2.0%
Ameren Corp.		409,003		34,474,863
Black Hills Corp.		130,310		8,649,978
CMS Energy Corp.		500,768		30,221,349
Consolidated Edison Inc.		887,458		66,914,333
DTE Energy Co.		443,749		50,298,949
MDU Resources Group Inc.		348,122		10,697,789
NiSource Inc.		880,564		21,723,514
NorthWestern Corp.		123,227		7,006,687
Public Service Enterprise Group Inc.		1,032,625		65,881,475
Sempra Energy		664,095		84,758,445
WEC Energy Group Inc.		567,719		51,128,773
				431,756,155
Multiline Retail — 0.7%
Dollar General Corp.		113,918		25,235,115
Target Corp.		464,383		120,563,115
				145,798,230
Oil, Gas & Consumable Fuels — 0.1%
DTE Midstream LLC(b)		325,433		15,607,767
Paper & Forest Products — 0.0%
Sylvamo Corp.(b)		79,899		2,249,956

Security	Shares		Value
Personal Products — 0.2%
Estee Lasuder Companies Inc. (The), Class A		93,921	$	30,461,398
Nu Skin Enterprises Inc., Class A		98,745		3,964,612
				34,426,010
Pharmaceuticals — 9.6%
Bristol-Myers Squibb Co.		4,328,000		252,755,200
Eli Lilly & Co.		681,491		173,616,647
Johnson & Johnson		3,368,649		548,685,549
Merck & Co. Inc.		5,605,917		493,600,992
Perrigo Co. PLC		182,714		8,249,537
Pfizer Inc.		12,048,360		526,995,266
Zoetis Inc.		145,874		31,537,959
				2,035,441,150
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp.		155,796		13,532,440
Exponent Inc.		22,933		2,632,708
Insperity Inc.		37,249		4,656,125
ManpowerGroup Inc.		73,764		7,129,291
Robert Half International Inc.		107,651		12,172,099
				40,122,663
Road & Rail — 1.4%
CSX Corp.		1,708,017		61,778,975
JB Hunt Transport Services Inc.		36,392		7,176,139
Landstar System Inc.		15,437		2,713,979
Ryder System Inc.		103,291		8,774,570
Union Pacific Corp.		847,633		204,618,606
Werner Enterprises Inc.		37,179		1,684,952
				286,747,221
Semiconductors & Semiconductor Equipment — 6.8%
Analog Devices Inc.		582,075		100,984,192
Broadcom Inc.		763,174		405,756,721
CMC Materials Inc.		26,359		3,383,705
Intel Corp.		6,723,571		329,454,979
KLA Corp.		122,402		45,626,570
Lam Research Corp.		81,381		45,863,890
Microchip Technology Inc.		399,055		29,565,985
Power Integrations Inc.		19,807		2,044,280
QUALCOMM Inc.		1,381,474		183,791,301
Skyworks Solutions Inc.		133,862		22,372,356
Texas Instruments Inc.		1,280,699		240,105,448
Xilinx Inc.		156,794		28,222,920
				1,437,172,347
Software — 4.3%
Dolby Laboratories Inc., Class A		38,775		3,425,771
Intuit Inc.		73,060		45,734,830
Microsoft Corp.		2,074,950		688,094,919
Oracle Corp.		1,667,781		160,006,909
				897,262,429
Specialty Retail — 3.6%
Best Buy Co. Inc.		359,871		43,990,631
Dick’s Sporting Goods Inc.		47,465		5,895,628
Group 1 Automotive Inc.		9,277		1,668,005
Home Depot Inc. (The)		1,358,110		504,863,811
Lithia Motors Inc.		8,303		2,650,484
Lowe’s Companies Inc.		711,247		166,303,773
Penske Automotive Group Inc.		42,692		4,527,487
Tractor Supply Co.		77,358		16,799,837
Williams-Sonoma Inc.		66,006		12,259,294
				758,958,950

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, 2021 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 3.1%
Apple Inc.		3,864,031	$	578,831,844
Hewlett Packard Enterprise Co.		2,772,145		40,611,924
NetApp Inc.		320,013		28,577,161
				648,020,929
Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		560,099		93,698,961
VF Corp.		566,285		41,270,851
				134,969,812
Thrifts & Mortgage Finance — 0.0%
Washington Federal Inc.		129,670		4,585,131
Trading Companies & Distributors — 0.4%
Air Lease Corp.		113,199		4,533,620
Applied Industrial Technologies Inc.		38,462		3,749,276
Fastenal Co.		764,184		43,619,623
GATX Corp.		51,428		4,877,946
MSC Industrial Direct Co. Inc., Class A		110,932		9,326,053
WW Grainger Inc.		43,612		20,197,153
				86,303,671
Water Utilities — 0.2%
American States Water Co.		35,967		3,267,242
American Water Works Co. Inc.		149,125		25,974,592
California Water Service Group		45,717		2,783,251
Essential Utilities Inc.		303,844		14,301,937

Security	Shares		Value
Water Utilities (continued)
SJW Group		33,967	$	2,239,105
				48,566,127
Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		36,633		1,012,536
Total Common Stocks — 99.7% (Cost: $16,232,507,002)				21,039,537,176
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		59,510,000		59,510,000
Total Short-Term Investments — 0.3% (Cost: $59,510,000)				59,510,000
Total Investments in Securities — 100.0% (Cost: $16,292,017,002)				21,099,047,176
Other Assets, Less Liabilities — (0.0)%				(9,417,661	)
Net Assets — 100.0%			$	21,089,629,515

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	56,230,000	$	3,280,000	(a)	$	—		$	—	$	—	$	59,510,000		59,510,000	$	1,185	$	—
BlackRock Inc.		130,088,454		19,547,468			(15,744,335	)		3,254,632		16,338,684		153,484,903		162,683		1,364,246		—
									$	3,254,632	$	16,338,684	$	212,994,903			$	1,365,431	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		209		12/17/21	$	48,039	$	1,765,808

14 2 0 2 1    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, 2021 iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	1,765,808

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,132,495
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(36,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	47,923,710

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	21,039,537,176	$	—	$	—	$	21,039,537,176
Money Market Funds		59,510,000		—		—		59,510,000
	$	21,099,047,176	$	—	$	—	$	21,099,047,176
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,765,808	$	—	$	—	$	1,765,808

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
General Dynamics Corp.		209,997	$	42,576,892
Lockheed Martin Corp.		285,111		94,748,087
				137,324,979
Banks — 2.9%
Truist Financial Corp.		1,828,181		116,034,648
U.S. Bancorp		1,621,201		97,871,905
				213,906,553
Beverages — 6.7%
Coca-Cola Co. (The)		4,551,957		256,593,816
PepsiCo Inc.		1,493,375		241,329,400
				497,923,216
Biotechnology — 8.8%
AbbVie Inc.		3,278,459		375,940,893
Amgen Inc.		721,439		149,316,230
Gilead Sciences Inc.		1,952,101		126,652,313
				651,909,436
Capital Markets — 2.4%
Artisan Partners Asset Management Inc., Class A		188,510		9,338,785
Blackstone Inc., NVS		588,211		81,420,167
Carlyle Group Inc. (The)		94,221		5,290,509
Cohen & Steers Inc.		19,193		1,821,224
Franklin Resources Inc.		384,417		12,105,291
Invesco Ltd.		413,295		10,501,826
Janus Henderson Group PLC		242,300		11,266,950
Moelis & Co., Class A		94,200		6,852,108
T Rowe Price Group Inc.		177,830		38,567,771
				177,164,631
Communications Equipment — 3.2%
Cisco Systems Inc.		4,187,165		234,355,625
Containers & Packaging — 0.4%
Amcor PLC		2,317,947		27,977,620
Distributors — 0.3%
Genuine Parts Co.		154,644		20,275,375
Diversified Telecommunication Services — 12.6%
AT&T Inc.		21,197,531		535,449,633
Cogent Communications Holdings Inc.		72,236		5,532,555
Verizon Communications Inc.		7,455,256		395,054,016
				936,036,204
Electric Utilities — 5.6%
Alliant Energy Corp.		259,759		14,694,567
American Electric Power Co. Inc.		642,637		54,437,780
Avangrid Inc.		89,966		4,741,208
Duke Energy Corp.		1,133,513		115,629,661
Evergy Inc.		282,535		18,011,606
Exelon Corp.		1,169,528		62,207,194
PNM Resources Inc.		89,311		4,443,222
Portland General Electric Co.		116,205		5,730,069
Southern Co. (The)		1,635,691		101,936,263
Xcel Energy Inc.		559,806		36,157,870
				417,989,440
Electronic Equipment, Instruments & Components — 0.1%
National Instruments Corp.		133,704		5,678,409
Gas Utilities — 0.1%
National Fuel Gas Co.		125,109		7,185,010

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		635,647	$	156,083,121
Household Products — 6.0%
Colgate-Palmolive Co.		771,245		58,761,157
Kimberly-Clark Corp.		428,409		55,474,682
Procter & Gamble Co. (The)		2,320,580		331,819,734
Reynolds Consumer Products Inc.		71,280		1,923,134
				447,978,707
Industrial Conglomerates — 1.7%
3M Co.		719,508		128,561,690
Insurance — 0.6%
Erie Indemnity Co., Class A, NVS		23,255		4,786,112
Mercury General Corp.		45,658		2,487,904
Travelers Companies Inc. (The)		219,698		35,345,014
				42,619,030
IT Services — 0.7%
Paychex Inc.		297,575		36,685,046
Western Union Co. (The)		706,328		12,869,296
				49,554,342
Leisure Products — 0.2%
Hasbro Inc.		139,696		13,377,289
Machinery — 0.6%
Cummins Inc.		142,953		34,285,847
Snap-on Inc.		46,708		9,492,467
				43,778,314
Multi-Utilities — 2.1%
CMS Energy Corp.		306,259		18,482,731
NiSource Inc.		542,024		13,371,732
Public Service Enterprise Group Inc.		633,251		40,401,414
Sempra Energy		407,558		52,016,628
WEC Energy Group Inc.		349,256		31,453,995
				155,726,500
Oil, Gas & Consumable Fuels — 19.0%
Chevron Corp.		4,233,926		484,742,188
Coterra Energy Inc.		374,314		7,980,374
EOG Resources Inc.		564,672		52,209,573
Exxon Mobil Corp.		10,737,914		692,273,316
ONEOK Inc.		1,253,686		79,759,503
Williams Companies Inc. (The)		3,170,974		89,072,660
				1,406,037,614
Personal Products — 0.0%
Medifast Inc.		11,100		2,178,597
Pharmaceuticals — 11.8%
Bristol-Myers Squibb Co.		2,656,927		155,164,537
Johnson & Johnson		2,558,816		416,779,950
Merck & Co. Inc.		3,441,430		303,017,911
				874,962,398
Semiconductors & Semiconductor Equipment — 5.3%
Broadcom Inc.		468,506		249,090,585
Texas Instruments Inc.		786,211		147,398,838
				396,489,423
Textiles, Apparel & Luxury Goods — 0.3%
VF Corp.		348,973		25,433,152
Thrifts & Mortgage Finance — 0.1%
Radian Group Inc.		187,377		4,472,689

16 2 0 2 1    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, 2021 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
TFS Financial Corp.		109,618	$	2,133,166
				6,605,855
Tobacco — 3.6%
Philip Morris International Inc.		2,842,472		268,727,303
Trading Companies & Distributors — 0.6%
Fastenal Co.		470,653		26,864,873
MSC Industrial Direct Co. Inc., Class A		67,368		5,663,628
Watsco Inc.		35,626		10,316,577
				42,845,078
Water Utilities — 0.1%
Essential Utilities Inc.		186,005		8,755,255
Total Common Stocks — 99.7% (Cost: $6,745,203,578)				7,397,440,166

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		11,570,000	$	11,570,000
Total Short-Term Investments — 0.2% (Cost: $11,570,000)				11,570,000
Total Investments in Securities — 99.9% (Cost: $6,756,773,578)				7,409,010,166
Other Assets, Less Liabilities — 0.1%				7,767,470
Net Assets — 100.0%			$	7,416,777,636

^(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	16,210,000	$	—	$	(4,640,000	)(a)	$	—	$	—	$	11,570,000		11,570,000	$	305	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
DIJA Mini e-CBOT Index		37		12/17/21	$	6,605	$	38,117
E-Mini Consumer Staples Index		119		12/17/21		8,512		41,157
E-Mini Energy Select Sector Index		59		12/17/21		3,524		(45,993	)
							$	33,281

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	79,274

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, 2021 iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	45,993

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,170,200
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(550,837	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,998,220

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,397,440,166		$	—	$	—	$	7,397,440,166
Money Market Funds		11,570,000			—		—		11,570,000
	$	7,409,010,166		$	—	$	—	$	7,409,010,166
Derivative financial instruments(a)
Assets
Futures Contracts	$	79,274		$	—	$	—	$	79,274
Liabilities
Futures Contracts		(45,993	)		—		—		(45,993	)
	$	33,281		$	—	$	—	$	33,281

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 1    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, 2021 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.4%
APA Group		3,352,619	$	20,801,819
AusNet Services Ltd.		3,436,083		6,389,911
Fortescue Metals Group Ltd.		7,283,275		75,891,994
JB Hi-Fi Ltd.		1,340,937		51,196,132
Magellan Financial Group Ltd.		1,847,866		48,610,116
Perpetual Ltd.		681,573		19,481,098
Rio Tinto PLC		4,254,190		265,254,976
Suncorp Group Ltd.		1,284,640		11,367,577
				498,993,623
Austria — 0.4%
Oesterreichische Post AG		390,728		16,486,375
Belgium — 2.0%
Ageas SA/NV		1,083,236		52,696,929
Proximus SADP		1,934,772		36,434,769
				89,131,698
Canada — 10.9%
Bank of Montreal		707,836		76,851,910
Bank of Nova Scotia (The)		817,641		53,606,489
Canadian Imperial Bank of Commerce		855,617		103,820,301
Canadian Utilities Ltd., Class A, NVS		1,496,683		43,354,950
Emera Inc.		1,363,437		63,434,633
Great-West Lifeco Inc.		947,643		27,879,510
IGM Financial Inc.		944,700		37,510,147
Labrador Iron Ore Royalty Corp.		756,578		21,903,838
Manulife Financial Corp.		744,275		14,499,410
Power Corp. of Canada		983,574		32,759,309
				475,620,497
China — 0.6%
BOC Aviation Ltd.(a)		2,649,300		23,183,420
Gemdale Properties & Investment Corp. Ltd.		13,298,000		1,294,267
				24,477,687
Finland — 3.2%
Fortum OYJ		1,600,802		47,607,954
Sampo OYJ, Class A		941,854		50,070,199
UPM-Kymmene OYJ		1,209,726		42,692,348
				140,370,501
France — 5.3%
APERAM SA		622,295		37,103,475
Bouygues SA		1,171,731		47,473,038
Gaztransport Et Technigaz SA		296,893		24,541,338
Nexity SA		600,899		27,471,414
Orange SA		1,705,806		18,601,728
TotalEnergies SE		1,565,566		78,395,638
				233,586,631
Hong Kong — 9.9%
BOC Hong Kong Holdings Ltd.		6,880,500		21,803,234
CK Hutchison Holdings Ltd.		9,745,500		65,337,923
CK Infrastructure Holdings Ltd.		7,748,000		46,712,640
Hang Seng Bank Ltd.		4,993,200		94,885,430
Henderson Land Development Co. Ltd.		10,969,000		45,929,176
Hysan Development Co. Ltd.		7,789,000		27,079,551
Kerry Properties Ltd.		8,117,000		22,944,315
New World Development Co. Ltd.		10,536,750		45,702,406
PCCW Ltd.		15,356,000		7,905,718
Swire Pacific Ltd., Class A		6,611,000		41,560,633

Security	Shares		Value
Hong Kong (continued)
VTech Holdings Ltd.		2,064,000	$	15,893,753
				435,754,779
Italy — 7.5%
A2A SpA		8,798,111		18,514,283
Anima Holding SpA(a)		3,166,038		16,822,557
Azimut Holding SpA		1,398,108		40,263,134
Enel SpA		7,006,035		58,653,000
Eni SpA		5,849,053		83,831,202
Italgas SpA		6,187,205		39,310,300
Snam SpA		9,256,306		52,425,764
UnipolSai Assicurazioni SpA		5,725,792		16,580,175
				326,400,415
Japan — 4.5%
Haseko Corp.		2,388,400		31,099,453
Idemitsu Kosan Co. Ltd.		2,107,800		57,568,862
MS&AD Insurance Group Holdings Inc.		1,569,700		50,712,834
Sojitz Corp.		313,580		5,173,771
Sumitomo Mitsui Financial Group Inc.		1,599,100		51,890,209
				196,445,129
Netherlands — 3.4%
Flow Traders(a)		466,134		15,820,661
NN Group NV		1,091,787		58,363,395
Royal Dutch Shell PLC, Class A		2,250,532		51,557,156
SBM Offshore NV		1,385,860		21,880,336
				147,621,548
New Zealand — 1.6%
Spark New Zealand Ltd.		21,619,712		70,775,853
Portugal — 1.0%
EDP - Energias de Portugal SA		7,956,702		44,896,805
South Korea — 7.4%
BNK Financial Group Inc.		1,903,453		14,350,188
DB Insurance Co. Ltd.		618,272		31,420,426
DGB Financial Group Inc.		1,948,424		17,264,642
Hana Financial Group Inc.		1,750,889		67,513,976
Industrial Bank of Korea		2,032,694		19,238,690
KB Financial Group Inc.		1,311,954		63,503,672
Meritz Securities Co. Ltd.		3,039,477		12,145,385
Samsung Securities Co. Ltd.		802,158		32,610,525
Shinhan Financial Group Co. Ltd.		1,616,245		52,765,417
Woori Financial Group Inc.		1,310,546		14,898,483
				325,711,404
Spain — 9.2%
ACS Actividades de Construccion y Servicios SA		3,382,573		88,655,937
Cia. de Distribucion Integral Logista Holdings SA		966,210		20,592,537
Enagas SA		2,488,715		55,845,439
Mapfre SA		4,469,678		9,463,620
Naturgy Energy Group SA		4,408,377		115,833,972
Red Electrica Corp. SA		4,109,181		85,560,313
Telefonica SA		6,392,297		27,765,952
				403,717,770
Sweden — 1.3%
Telia Co. AB		14,722,669		57,990,311
Switzerland — 4.5%
Swiss Prime Site AG, Registered		166,144		16,891,244
Swiss Re AG		174,658		16,920,082
Swisscom AG, Registered		187,321		102,000,839

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, 2021 iShares^® International Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Zurich Insurance Group AG		137,572	$	60,974,737
				196,786,902
United Kingdom — 14.5%
Abrdn PLC		2,299,637		7,993,761
BP PLC		3,431,387		16,439,434
British American Tobacco PLC		5,810,257		202,106,398
Centamin PLC		5,803,044		7,414,086
Drax Group PLC		3,202,642		23,292,245
GlaxoSmithKline PLC		4,530,974		94,066,778
IG Group Holdings PLC		2,493,784		27,081,122
Legal & General Group PLC		2,871,642		11,325,132
National Grid PLC		4,167,114		53,353,898
Phoenix Group Holdings PLC		2,953,078		26,514,288
SSE PLC		4,189,840		94,353,494
Tesco PLC		3,966,223		14,644,352
United Utilities Group PLC		3,429,507		48,744,056
Vodafone Group PLC		4,262,565		6,282,386
				633,611,430
Total Common Stocks — 98.6% (Cost: $3,912,741,617)				4,318,379,358
Preferred Stocks
Germany — 0.4%
Schaeffler AG, Preference Shares, NVS		2,150,337		17,086,873

Security	Shares		Value
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		9,117,714	$	3,466,315
Total Preferred Stocks — 0.5% (Cost: $22,929,685)				20,553,188
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury,    SL Agency Shares, 0.00%(b)(c)	2,270,000		2,270,000
Total Short-Term Investments — 0.1% (Cost: $2,270,000)				2,270,000
Total Investments in Securities — 99.2% (Cost: $3,937,941,302)				4,341,202,546
Other Assets, Less Liabilities — 0.8%				36,086,683
Net Assets — 100.0%			$	4,377,289,229

^(a)  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.

^(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(1,302	)(b)	$	1,302	$	—	$	—		—	$	989,236	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,930,000		—		(660,000	)(b)		—		—		2,270,000		2,270,000		92			—
								$	1,302	$	—	$	2,270,000			$	989,328		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		59		12/16/21	$	8,117	$	(27,342	)

20 2 0 2 1    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, 2021 iShares^® International Select Dividend ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		154		12/17/21	$	7,551	$	269,631
FTSE 100 Index		212		12/17/21		20,956		527,698
							$	769,987

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	797,329
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	27,342

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,718,665
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(27,742	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	37,751,667

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 21

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® International Select Dividend ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	677,922,178	$	3,640,457,180		$	—	$	4,318,379,358
Preferred Stocks		—		20,553,188			—		20,553,188
Money Market Funds		2,270,000		—			—		2,270,000
	$	680,192,178	$	3,661,010,368		$	—	$	4,341,202,546
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	797,329		$	—	$	797,329
Liabilities
Futures Contracts		—		(27,342	)		—		(27,342	)
	$	—	$	769,987		$	—	$	769,987

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 2 0 2 1    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, 2021 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		496,244	$	164,911,806
Banks — 12.0%
Citizens Financial Group Inc.		4,322,178		204,784,794
Comerica Inc.		2,839,531		241,615,693
Fifth Third Bancorp		4,398,274		191,456,867
First Horizon Corp.		11,022,206		187,046,836
FNB Corp.		6,269,955		73,044,976
Huntington Bancshares Inc./OH		12,847,108		202,213,480
KeyCorp		9,325,104		216,995,170
People’s United Financial Inc.		8,741,088		149,822,248
Regions Financial Corp.		7,506,834		177,761,829
Truist Financial Corp.		2,886,170		183,185,210
U.S. Bancorp		3,355,178		202,552,096
United Bankshares Inc./WV		2,522,764		93,317,040
Valley National Bancorp		7,616,406		100,993,543
				2,224,789,782
Beverages — 1.1%
Coca-Cola Co. (The)		3,580,348		201,824,217
Biotechnology — 1.4%
Gilead Sciences Inc.		3,886,678		252,167,669
Capital Markets — 3.4%
Federated Hermes Inc.		1,712,834		57,054,501
Franklin Resources Inc.		5,277,833		166,198,961
Invesco Ltd.		5,902,417		149,980,416
Janus Henderson Group PLC		3,321,097		154,431,010
Lazard Ltd., Class A		2,190,217		107,298,731
				634,963,619
Chemicals — 2.6%
CF Industries Holdings Inc.		2,883,289		163,770,815
Huntsman Corp.		4,018,539		130,924,001
LyondellBasell Industries NV, Class A		2,009,103		186,484,940
				481,179,756
Containers & Packaging — 3.1%
International Paper Co.		4,059,571		201,638,892
Packaging Corp. of America		1,155,660		158,753,014
Sonoco Products Co.		2,020,969		117,115,153
Westrock Co.		1,872,206		90,053,109
				567,560,168
Distributors — 1.0%
Genuine Parts Co.		1,443,039		189,196,843
Diversified Consumer Services — 0.5%
H&R Block Inc.		3,632,435		83,800,275
Diversified Telecommunication Services — 4.2%
AT&T Inc.		13,354,740		337,340,733
Lumen Technologies Inc.		18,520,240		219,650,046
Verizon Communications Inc.		4,270,333		226,284,946
				783,275,725
Electric Utilities — 15.8%
Alliant Energy Corp.		3,717,176		210,280,646
American Electric Power Co. Inc.		2,615,417		221,551,974
Edison International		4,527,490		284,914,946
Entergy Corp.		2,489,173		256,434,602
Eversource Energy		1,992,085		169,128,017
Exelon Corp.		5,085,131		270,478,118

Security	Shares		Value
Electric Utilities (continued)
FirstEnergy Corp.		7,316,797	$	281,916,188
IDACORP Inc.		973,439		101,549,157
NextEra Energy Inc.		1,511,853		129,006,417
NRG Energy Inc.		4,636,556		184,952,219
OGE Energy Corp.		3,863,888		131,642,664
Pinnacle West Capital Corp.		2,126,656		137,148,045
PPL Corp.		12,395,645		356,994,576
Xcel Energy Inc.		2,697,782		174,249,739
				2,910,247,308
Electrical Equipment — 1.5%
Eaton Corp. PLC		901,148		148,473,145
Emerson Electric Co.		1,376,811		133,564,435
				282,037,580
Food & Staples Retailing — 1.1%
Walgreens Boots Alliance Inc.		4,147,347		195,008,256
Food Products — 1.1%
General Mills Inc.		3,400,829		210,171,232
Gas Utilities — 0.8%
New Jersey Resources Corp.		1,959,216		74,077,957
Southwest Gas Holdings Inc.		1,104,914		76,515,294
				150,593,251
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		630,711		154,871,086
Household Durables — 2.2%
Garmin Ltd.		833,436		119,681,410
Leggett & Platt Inc.		2,463,577		115,418,582
Newell Brands Inc.		7,328,736		167,754,767
				402,854,759
Household Products — 1.0%
Kimberly-Clark Corp.		1,419,403		183,798,494
Insurance — 7.5%
Cincinnati Financial Corp.		1,302,720		158,202,317
Fidelity National Financial Inc.		4,988,072		238,978,530
MetLife Inc.		2,837,858		178,217,482
Old Republic International Corp.		5,359,274		138,430,047
Principal Financial Group Inc.		3,470,040		232,804,984
Prudential Financial Inc.		3,069,642		337,814,102
Unum Group		3,865,993		98,466,842
				1,382,914,304
IT Services — 2.4%
International Business Machines Corp.		2,302,419		288,032,617
Western Union Co. (The)		8,221,789		149,800,996
				437,833,613
Machinery — 0.5%
Caterpillar Inc.		464,331		94,728,167
Media — 2.5%
Interpublic Group of Companies Inc. (The)		7,395,622		270,457,896
Omnicom Group Inc.		2,857,261		194,522,329
				464,980,225
Metals & Mining — 1.1%
Newmont Corp.		3,734,280		201,651,120
Multi-Utilities — 9.7%
Avista Corp.		1,338,521		53,286,521
Black Hills Corp.		1,207,792		80,173,233

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, 2021 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
CenterPoint Energy Inc.		8,292,657	$	215,940,788
CMS Energy Corp.		3,024,886		182,551,870
Dominion Energy Inc.		2,705,699		205,443,725
DTE Energy Co.		1,568,461		177,785,055
NiSource Inc.		7,923,203		195,465,418
NorthWestern Corp.		1,011,909		57,537,146
Public Service Enterprise Group Inc.		3,524,732		224,877,902
Sempra Energy		1,610,686		205,571,854
WEC Energy Group Inc.		2,069,188		186,351,071
				1,784,984,583
Oil, Gas & Consumable Fuels — 9.3%
Chevron Corp.		2,488,164		284,869,896
DTE Midstream LLC(a)		787,092		37,748,932
Exxon Mobil Corp.		5,564,672		358,754,404
Marathon Petroleum Corp.		3,920,663		258,489,312
ONEOK Inc.		8,183,062		520,606,405
Valero Energy Corp.		3,360,788		259,889,736
				1,720,358,685
Pharmaceuticals — 3.0%
Merck & Co. Inc.		2,571,845		226,450,952
Organon & Co.		263,028		9,666,279
Pfizer Inc.		7,161,566		313,246,897
				549,364,128
Semiconductors & Semiconductor Equipment — 1.1%
Intel Corp.		1,974,673		96,758,977
QUALCOMM Inc.		802,373		106,747,704
				203,506,681
Technology Hardware, Storage & Peripherals — 2.1%
HP Inc.		4,752,785		144,151,969
Seagate Technology Holdings PLC		2,622,935		233,624,821
				377,776,790

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands Inc.		6,573,390	$	112,010,566
Thrifts & Mortgage Finance — 0.6%
New York Community Bancorp. Inc.		9,478,480		117,817,506
Tobacco — 3.9%
Altria Group Inc.		8,790,673		387,756,586
Philip Morris International Inc.		3,536,196		334,311,970
				722,068,556
Trading Companies & Distributors — 1.0%
Watsco Inc.		649,407		188,055,279
Total Common Stocks — 99.8% (Cost: $15,662,134,581)				18,431,302,029
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		20,210,000		20,210,000
Total Short-Term Investments — 0.1% (Cost: $20,210,000)				20,210,000
Total Investments in Securities — 99.9% (Cost: $15,682,344,581)				18,451,512,029
Other Assets, Less Liabilities — 0.1%				27,548,541
Net Assets — 100.0%			$	18,479,060,570

^(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	28,250,000	$	—	$	(8,040,000	)(a)	$	—	$	—	$	20,210,000		20,210,000	$	866	$	—

(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		126		12/17/21	$	7,525	$	(87,364	)

24 2 0 2 1    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, 2021 iShares^® Select Dividend ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
E-Mini Financial Select Sector Index		167		12/17/21	$	20,672	$	(9,936	)
E-Mini Utilities Select Sector Index		269		12/17/21		18,123		(3,337	)
							$	(100,637	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	100,637

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	6,295,886
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,593,438	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	47,031,683

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	18,431,302,029		$	—	$	—	$	18,431,302,029
Money Market Funds		20,210,000			—		—		20,210,000
	$	18,451,512,029		$	—	$	—	$	18,451,512,029
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(100,637	)	$	—	$	—	$	(100,637	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
General Dynamics Corp.		1,254	$	254,249
L3Harris Technologies Inc.		1,418		326,906
Lockheed Martin Corp.		1,585		526,727
Northrop Grumman Corp.		915		326,856
Raytheon Technologies Corp.		5,965		530,050
				1,964,788
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		912		88,455
United Parcel Service Inc., Class B		2,186		466,645
				555,100
Airlines — 0.0%
Delta Air Lines Inc.(a)		1,371		53,647
Banks — 10.4%
Bank of America Corp.		63,830		3,049,797
Citigroup Inc.		25,709		1,778,034
Citizens Financial Group Inc.		4,246		201,175
Comerica Inc.		1,857		158,012
Fifth Third Bancorp		4,908		213,645
Huntington Bancshares Inc./OH		9,748		153,434
JPMorgan Chase & Co.		23,338		3,964,893
KeyCorp		8,680		201,984
M&T Bank Corp.		1,060		155,947
People’s United Financial Inc.		4,027		69,023
PNC Financial Services Group Inc. (The)		2,731		576,323
Regions Financial Corp.		4,272		101,161
Truist Financial Corp.		7,583		481,293
U.S. Bancorp		12,832		774,668
Wells Fargo & Co.		37,722		1,929,858
Zions Bancorp. NA		1,493		94,044
				13,903,291
Beverages — 1.5%
Coca-Cola Co. (The)		15,091		850,680
Constellation Brands Inc., Class A		458		99,299
PepsiCo Inc.		6,605		1,067,368
				2,017,347
Biotechnology — 3.0%
AbbVie Inc.		12,486		1,431,770
Amgen Inc.		5,088		1,053,063
Biogen Inc.(a)		2,287		609,897
Gilead Sciences Inc.		8,555		555,048
Regeneron Pharmaceuticals Inc.(a)		501		320,610
Vertex Pharmaceuticals Inc.(a)		474		87,657
				4,058,045
Building Products — 0.6%
Carlisle Companies Inc.		345		76,908
Johnson Controls International PLC		5,228		383,578
Masco Corp.		2,960		194,028
Trane Technologies PLC		786		142,211
				796,725
Capital Markets — 4.5%
Affiliated Managers Group Inc.		403		67,656
Ameriprise Financial Inc.		1,163		351,377
Bank of New York Mellon Corp. (The)		7,927		469,278
BlackRock Inc.(b)		528		498,147
Blackstone Inc., NVS		2,827		391,313
Charles Schwab Corp. (The)		2,963		243,055

Security	Shares		Value
Capital Markets (continued)
CME Group Inc.		911	$	200,921
Franklin Resources Inc.		1,928		60,713
Goldman Sachs Group Inc. (The)		2,134		882,089
Intercontinental Exchange Inc.		2,032		281,351
Invesco Ltd.		2,388		60,679
Janus Henderson Group PLC		1,369		63,658
Jefferies Financial Group Inc.		2,476		106,468
KKR & Co. Inc.		1,153		91,860
Moody’s Corp.		359		145,090
Morgan Stanley		9,205		946,090
MSCI Inc.		162		107,711
Northern Trust Corp.		1,346		165,612
Raymond James Financial Inc.		668		65,858
S&P Global Inc.		496		235,183
State Street Corp.		3,164		311,812
T Rowe Price Group Inc.		1,159		251,364
				5,997,285
Chemicals — 2.1%
Air Products & Chemicals Inc.		656		196,675
Celanese Corp.		1,051		169,747
CF Industries Holdings Inc.		1,220		69,296
Corteva Inc.		2,590		111,759
Dow Inc.		4,991		279,346
DuPont de Nemours Inc.		3,084		214,646
Eastman Chemical Co.		652		67,828
Ecolab Inc.		345		76,666
International Flavors & Fragrances Inc.		710		104,690
Linde PLC		2,255		719,796
LyondellBasell Industries NV, Class A		3,571		331,460
PPG Industries Inc.		497		79,803
Sherwin-Williams Co. (The)		1,130		357,769
				2,779,481
Commercial Services & Supplies — 0.3%
Cintas Corp.		310		134,261
Republic Services Inc.		523		70,396
Waste Management Inc.		1,155		185,065
				389,722
Communications Equipment — 1.0%
Cisco Systems Inc.		20,339		1,138,374
Juniper Networks Inc.		3,190		94,169
Motorola Solutions Inc.		496		123,300
				1,355,843
Consumer Finance — 1.3%
Ally Financial Inc.		2,853		136,202
American Express Co.		2,759		479,459
Capital One Financial Corp.		2,229		336,646
Discover Financial Services		1,725		195,477
Navient Corp.		3,434		67,650
OneMain Holdings Inc.		1,566		82,701
SLM Corp.		6,684		122,651
Synchrony Financial		6,421		298,255
				1,719,041
Containers & Packaging — 0.1%
Ball Corp.		857		78,399
International Paper Co.		2,299		114,191
				192,590
Distributors — 0.1%
Genuine Parts Co.		753		98,726

26 2 0 2 1    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, 2021 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.1%
Service Corp. International		1,187	$	81,298
Diversified Financial Services — 2.0%
Berkshire Hathaway Inc., Class B(a)		8,291		2,379,600
Equitable Holdings Inc.		4,815		161,302
Voya Financial Inc.		1,644		114,702
				2,655,604
Diversified Telecommunication Services — 2.9%
AT&T Inc.		94,094		2,376,814
Lumen Technologies Inc.		11,496		136,343
Verizon Communications Inc.		26,393		1,398,565
				3,911,722
Electric Utilities — 1.2%
American Electric Power Co. Inc.		1,923		162,897
Duke Energy Corp.		1,901		193,921
Evergy Inc.		892		56,865
Exelon Corp.		4,146		220,526
FirstEnergy Corp.		3,046		117,362
NextEra Energy Inc.		3,637		310,345
NRG Energy Inc.		1,888		75,312
PPL Corp.		3,190		91,872
Southern Co. (The)		5,195		323,753
				1,552,853
Electrical Equipment — 0.5%
Eaton Corp. PLC		1,995		328,696
Emerson Electric Co.		2,627		254,845
Rockwell Automation Inc.		379		121,053
				704,594
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		1,844		141,564
Arrow Electronics Inc.(a)		665		76,974
CDW Corp./DE		646		120,576
Corning Inc.		3,652		129,901
TE Connectivity Ltd.		1,190		173,740
				642,755
Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,227		80,933
Schlumberger NV		3,940		127,105
				208,038
Entertainment — 0.1%
Electronic Arts Inc.		1,064		149,226
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		486		137,038
AvalonBay Communities Inc.		529		125,204
Boston Properties Inc.		663		75,343
Crown Castle International Corp.		1,646		296,774
Equity Residential		1,379		119,146
Essex Property Trust Inc.		270		91,781
Iron Mountain Inc.		2,063		94,155
Mid-America Apartment Communities Inc.		333		68,002
Prologis Inc.		1,825		264,552
Public Storage		503		167,087
SBA Communications Corp.		356		122,938
Simon Property Group Inc.		1,030		150,977
SL Green Realty Corp.		1,519		106,436
Welltower Inc.		546		43,898
WP Carey Inc.		929		71,635
				1,934,966

Security	Shares		Value
Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		489	$	240,363
Kroger Co. (The)		5,026		201,141
Sysco Corp.		2,457		188,943
Walgreens Boots Alliance Inc.		5,835		274,362
Walmart Inc.		4,575		683,596
				1,588,405
Food Products — 1.1%
Archer-Daniels-Midland Co.		2,140		137,474
Conagra Brands Inc.		2,887		92,961
General Mills Inc.		3,288		203,199
Hershey Co. (The)		742		130,110
JM Smucker Co. (The)		856		105,168
Kellogg Co.		1,306		80,058
Kraft Heinz Co. (The)		3,915		140,509
Mondelez International Inc., Class A		8,000		485,920
Tyson Foods Inc., Class A		1,226		98,043
				1,473,442
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		4,171		537,600
Baxter International Inc.		2,226		175,765
Edwards Lifesciences Corp.(a)		592		70,933
Hologic Inc.(a)		919		67,372
Medtronic PLC		3,661		438,808
Stryker Corp.		402		106,960
				1,397,438
Health Care Providers & Services — 3.0%
AmerisourceBergen Corp.		529		64,549
Anthem Inc.		1,242		540,431
Cardinal Health Inc.		2,198		105,086
Cigna Corp.		3,078		657,492
CVS Health Corp.		4,266		380,868
DaVita Inc.(a)		1,553		160,332
HCA Healthcare Inc.		1,157		289,782
Humana Inc.		607		281,138
McKesson Corp.		1,135		235,944
Quest Diagnostics Inc.		1,363		200,061
UnitedHealth Group Inc.		2,550		1,174,199
				4,089,882
Health Care Technology — 0.1%
Cerner Corp.		2,505		186,096
Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.(a)		126		305,018
Domino’s Pizza Inc.		306		149,625
Expedia Group Inc.(a)		587		96,509
Hilton Worldwide Holdings Inc.(a)		669		96,303
Marriott International Inc./MD, Class A(a)		507		81,130
McDonald’s Corp.		3,374		828,486
Starbucks Corp.		4,519		479,330
Yum! Brands Inc.		1,313		164,046
				2,200,447
Household Durables — 0.3%
DR Horton Inc.		1,183		105,607
Lennar Corp., Class A		770		76,946
NVR Inc.(a)		20		97,896
Toll Brothers Inc.		1,055		63,479
Whirlpool Corp.		312		65,779
				409,707

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, 2021 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products — 2.4%
Church & Dwight Co. Inc.		526	$	45,951
Clorox Co. (The)		928		151,273
Colgate-Palmolive Co.		5,153		392,607
Kimberly-Clark Corp.		2,216		286,950
Procter & Gamble Co. (The)		16,727		2,391,794
				3,268,575
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.		2,729		53,461
Industrial Conglomerates — 1.0%
3M Co.		3,064		547,475
Honeywell International Inc.		3,679		804,303
				1,351,778
Insurance — 3.3%
Aflac Inc.		6,032		323,737
Allstate Corp. (The)		3,132		387,334
American International Group Inc.		4,178		246,878
Aon PLC, Class A		904		289,208
Assured Guaranty Ltd.		1,554		86,371
Brighthouse Financial Inc.(a)		1,344		67,509
Chubb Ltd.		2,515		491,381
Cincinnati Financial Corp.		624		75,779
Fidelity National Financial Inc.		2,039		97,689
Hartford Financial Services Group Inc. (The)		2,034		148,340
Lincoln National Corp.		1,407		101,515
Loews Corp.		2,273		127,447
Marsh & McLennan Companies Inc.		1,111		185,315
MetLife Inc.		7,384		463,715
Principal Financial Group Inc.		2,002		134,314
Progressive Corp. (The)		4,451		422,311
Prudential Financial Inc.		4,566		502,488
Travelers Companies Inc. (The)		1,733		278,805
				4,430,136
Interactive Media & Services — 4.2%
Alphabet Inc., Class A(a)		783		2,318,400
Alphabet Inc., Class C, NVS(a)		739		2,191,438
Meta Platforms Inc, Class A(a)		3,649		1,180,707
				5,690,545
Internet & Direct Marketing Retail — 0.5%
eBay Inc.		8,654		663,935
IT Services — 4.0%
Accenture PLC, Class A		1,801		646,181
Automatic Data Processing Inc.		1,878		421,592
Cognizant Technology Solutions Corp., Class A		3,276		255,823
Fidelity National Information Services Inc.		1,544		170,983
Fiserv Inc.(a)		1,747		172,062
FleetCor Technologies Inc.(a)		445		110,097
Global Payments Inc.		920		131,551
GoDaddy Inc., Class A(a)		1,184		81,897
International Business Machines Corp.		6,269		784,252
Mastercard Inc., Class A		2,425		813,636
Paychex Inc.		1,125		138,690
PayPal Holdings Inc.(a)		861		200,260
VeriSign Inc.(a)		429		95,525
Visa Inc., Class A		6,275		1,328,857
Western Union Co. (The)		4,438		80,860
				5,432,266

Security	Shares		Value
Life Sciences Tools & Services — 0.6%
Agilent Technologies Inc.		639	$	100,636
IQVIA Holdings Inc.(a)		303		79,210
Mettler-Toledo International Inc.(a)		72		106,623
Thermo Fisher Scientific Inc.		610		386,173
Waters Corp.(a)		274		100,709
				773,351
Machinery — 1.2%
Caterpillar Inc.		2,488		507,577
Cummins Inc.		1,321		316,829
Deere & Co.		840		287,540
Illinois Tool Works Inc.		1,337		304,662
PACCAR Inc.		858		76,894
Parker-Hannifin Corp.		343		101,730
				1,595,232
Media — 1.7%
Altice USA Inc., Class A(a)		12,607		205,494
Charter Communications Inc., Class A(a)		1,494		1,008,286
Comcast Corp., Class A		10,210		525,100
Discovery Inc., Class C, NVS(a)		2,559		57,731
Liberty Broadband Corp., Class C, NVS(a)		824		133,859
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		2,209		108,948
Omnicom Group Inc.		1,506		102,528
Sirius XM Holdings Inc.		11,373		69,262
				2,211,208
Metals & Mining — 0.3%
Newmont Corp.		4,760		257,040
Nucor Corp.		1,248		139,339
				396,379
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		7,902		125,800
Annaly Capital Management Inc.		19,970		168,946
Starwood Property Trust Inc.		3,160		80,485
				375,231
Multi-Utilities — 0.6%
Consolidated Edison Inc.		643		48,482
Dominion Energy Inc.		4,653		353,302
Public Service Enterprise Group Inc.		2,206		140,743
Sempra Energy		777		99,169
WEC Energy Group Inc.		1,320		118,879
				760,575
Multiline Retail — 0.7%
Dollar General Corp.		1,780		394,306
Target Corp.		2,100		545,202
				939,508
Oil, Gas & Consumable Fuels — 5.4%
Chevron Corp.		14,733		1,686,781
ConocoPhillips		10,151		756,148
Devon Energy Corp.		2,833		113,547
EOG Resources Inc.		1,957		180,944
Exxon Mobil Corp.		38,774		2,499,760
Kinder Morgan Inc.		18,141		303,862
Marathon Petroleum Corp.		5,401		356,088
ONEOK Inc.		3,092		196,713
Ovintiv Inc.		1,024		38,421
Phillips 66		4,435		331,649
Pioneer Natural Resources Co.		690		129,016
Valero Energy Corp.		4,283		331,204

28 2 0 2 1    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, 2021 iShares^® U.S. Dividend and Buyback ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Williams Companies Inc. (The)		11,022	$	309,608
				7,233,741
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		538		174,490
Herbalife Nutrition Ltd.(a)		1,598		74,147
				248,637
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		21,964		1,282,698
Eli Lilly & Co.		1,862		474,363
Johnson & Johnson		11,829		1,926,707
Merck & Co. Inc.		15,703		1,382,649
Pfizer Inc.		26,012		1,137,765
Zoetis Inc.		604		130,585
				6,334,767
Professional Services — 0.2%
IHS Markit Ltd.		1,014		132,550
Verisk Analytics Inc.		387		81,375
				213,925
Road & Rail — 1.6%
CSX Corp.		12,139		439,068
Kansas City Southern		247		76,632
Norfolk Southern Corp.		1,659		486,170
Union Pacific Corp.		4,956		1,196,378
				2,198,248
Semiconductors & Semiconductor Equipment — 4.8%
Analog Devices Inc.		1,631		282,962
Applied Materials Inc.		2,488		339,985
Broadcom Inc.		1,867		992,628
Intel Corp.		46,547		2,280,803
KLA Corp.		569		212,100
Lam Research Corp.		661		372,520
NXP Semiconductors NV		1,288		258,708
Qorvo Inc.(a)		446		75,031
QUALCOMM Inc.		5,398		718,150
Skyworks Solutions Inc.		694		115,988
Texas Instruments Inc.		3,821		716,361
Xilinx Inc.		540		97,200
				6,462,436
Software — 7.0%
Adobe Inc.(a)		601		390,866
Citrix Systems Inc.		1,209		114,529
Fortinet Inc.(a)		222		74,667
Intuit Inc.		267		167,139
Microsoft Corp.		18,822		6,241,752
NortonLifeLock Inc.		4,860		123,687
Oracle Corp.		21,750		2,086,695
Palo Alto Networks Inc.(a)		307		156,291
VMware Inc., Class A(a)		672		101,942
				9,457,568
Specialty Retail — 3.4%
Advance Auto Parts Inc.		569		128,321
AutoZone Inc.(a)		144		257,017

Security	Shares		Value
Specialty Retail (continued)
Best Buy Co. Inc.		1,946	$	237,879
Home Depot Inc. (The)		5,222		1,941,226
Lowe’s Companies Inc.		5,595		1,308,223
O’Reilly Automotive Inc.(a)		417		259,508
Ross Stores Inc.		779		88,183
TJX Companies Inc. (The)		2,807		183,830
Tractor Supply Co.		449		97,509
Ulta Beauty Inc.(a)		197		72,370
				4,574,066
Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		41,564		6,226,287
Dell Technologies Inc., Class C(a)		2,207		242,748
Hewlett Packard Enterprise Co.		9,092		133,198
HP Inc.		23,102		700,684
NetApp Inc.		1,680		150,024
Seagate Technology Holdings PLC		2,965		264,092
Xerox Holdings Corp.		3,881		69,082
				7,786,115
Textiles, Apparel & Luxury Goods — 0.4%
Nike Inc., Class B		2,383		398,652
VF Corp.		1,860		135,557
				534,209
Tobacco — 1.3%
Altria Group Inc.		19,031		839,458
Philip Morris International Inc.		10,067		951,734
				1,791,192
Trading Companies & Distributors — 0.2%
Fastenal Co.		1,683		96,066
United Rentals Inc.(a)		152		57,625
WW Grainger Inc.		256		118,556
				272,247
Total Common Stocks — 99.8% (Cost: $116,543,676)				134,117,435
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		250,000		250,000
Total Short-Term Investments — 0.2% (Cost: $250,000)				250,000
Total Investments in Securities — 100.0% (Cost: $116,793,676)				134,367,435
Other Assets, Less Liabilities — 0.0%				27,968
Net Assets — 100.0%			$	134,395,403

^(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 29

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® U.S. Dividend and Buyback ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	150,000	$	100,000	(a)	$	—		$	—	$	—	$	250,000		250,000	$	5	$	—
BlackRock Inc.		290,852		266,169			(111,924	)		22,894		30,156		498,147		528		3,684		—
									$	22,894	$	30,156	$	748,147			$	3,689	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini S&P 500		10		12/17/21	$	230	$	9,136

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	9,136

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	24,419
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,736

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	226,664

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

Fair Value Hierarchy as of Period End

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

30 2 0 2 1    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, 2021 iShares^® U.S. Dividend and Buyback ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	134,117,435	$	—	$	—	$	134,117,435
Money Market Funds		250,000		—		—		250,000
	$	134,367,435	$	—	$	—	$	134,367,435
Derivative financial instruments(a)
Assets
Futures Contracts	$	9,136	$	—	$	—	$	9,136

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021

	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:
Unaffiliated(a)	$	20,886,052,273	$	7,397,440,166		$	4,338,932,546		$	18,431,302,029
Affiliated(b)		212,994,903		11,570,000			2,270,000			20,210,000
Cash		9,842		8,667			3,705			9,718
Foreign currency, at value(c)		—		—			11,587,858			—
Cash pledged:
Futures contracts		2,195,400		786,600			—			1,927,200
Foreign currency collateral pledged:
Futures contracts(d)		—		—			3,021,612			—
Receivables:
Investments sold		—		121,343			—			—
Securities lending income — Affiliated		—		—			945,116			—
Variation margin on futures contracts		98,729		—			—			—
Capital shares sold		14,784		—			—			96,471
Dividends		29,661,610		27,583,539			12,216,134			31,738,041
Tax reclaims		—		—			11,494,244			—
Total assets		21,131,027,541		7,437,510,315			4,380,471,215			18,485,283,459
LIABILITIES
Payables:
Investments purchased		40,005,435		20,047,152			470,483			27,566
Variation margin on futures contracts		—		14,104			61,716			214,326
Capital shares redeemed		—		172,721			—			92,458
Investment advisory fees		1,392,591		498,702			1,794,959			5,888,539
Professional fees		—		—			854,828			—
Total liabilities		41,398,026		20,732,679			3,181,986			6,222,889
NET ASSETS	$	21,089,629,515	$	7,416,777,636		$	4,377,289,229		$	18,479,060,570
NET ASSETS CONSIST OF:
Paid-in capital	$	16,319,377,133	$	7,701,507,624		$	5,175,789,958		$	15,946,704,639
Accumulated earnings (loss)		4,770,252,382		(284,729,988	)		(798,500,729	)		2,532,355,931
NET ASSETS	$	21,089,629,515	$	7,416,777,636		$	4,377,289,229		$	18,479,060,570
Shares outstanding		397,050,000		75,400,000			140,500,000			156,600,000
Net asset value	$	53.12	$	98.37		$	31.16		$	118.00
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — Unaffiliated	$	16,143,837,639	$	6,745,203,578		$	3,935,671,302		$	15,662,134,581
(b) Investments, at cost — Affiliated	$	148,179,363	$	11,570,000		$	2,270,000		$	20,210,000
(c)  Foreign currency, at cost	$	—	$	—		$	11,475,212		$	—
(d) Foreign currency collateral pledged, at cost	$	—	$	—		$	3,107,892		$	—

See notes to financial statements.

32 2 0 2 1    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

Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2021

	iShares U.S. Dividend and Buyback ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	133,619,288
Affiliated(b)		748,147
Cash		1,190
Cash pledged:
Futures contracts		12,000
Receivables:
Securities lending income — Affiliated		1
Variation margin on futures contracts		494
Dividends		203,032
Total assets		134,584,152
LIABILITIES
Payables:
Investments purchased		162,051
Investment advisory fees		26,698
Total liabilities		188,749
NET ASSETS	$	134,395,403
NET ASSETS CONSIST OF:
Paid-in capital	$	114,958,081
Accumulated earnings		19,437,322
NET ASSETS	$	134,395,403
Shares outstanding		3,250,000
Net asset value	$	41.35
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Unaffiliated	$	116,151,110
(b) Investments, at cost — Affiliated	$	642,566

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, 2021

	iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	218,730,462		$	145,018,838		$	148,878,474		$	360,779,596
Dividends — Affiliated		1,365,431			305			92			866
Securities lending income — Affiliated — net		—			—			989,236			—
Other income — Unaffiliated		—			—			1,206,745			—
Foreign taxes withheld		(10,234	)		—			(9,298,022	)		—
Foreign withholding tax claims		—			—			7,522,197			—
Total investment income		220,085,659			145,019,143			149,298,722			360,780,462
EXPENSES
Investment advisory fees		7,987,821			2,895,244			10,871,993			34,993,803
Commitment fees		—			—			9,296			—
Professional fees		—			—			872,897			—
Miscellaneous		—			—			173			—
Total expenses		7,987,821			2,895,244			11,754,359			34,993,803
Net investment income		212,097,838			142,123,899			137,544,363			325,786,659
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(10,092,814	)		79,946,533			(12,431,266	)		(23,234,715	)
Investments — Affiliated		(395,855	)		—			1,302			—
In-kind redemptions — Unaffiliated		499,924,929			45,438,883			4,224,238			291,585,661
In-kind redemptions — Affiliated		3,650,487			—			—			—
Futures contracts		7,132,495			3,170,200			1,718,665			6,295,886
Foreign currency transactions		—			—			(656,876	)		—
Net realized gain (loss)		500,219,242			128,555,616			(7,143,937	)		274,646,832
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		707,849,713			49,398,138			(163,771,042	)		(370,597,016	)
Investments — Affiliated		16,338,684			—			—			—
Futures contracts		(36,403	)		(550,837	)		(27,742	)		(2,593,438	)
Foreign currency translations		—			—			(555,188	)		—
Net change in unrealized appreciation (depreciation)		724,151,994			48,847,301			(164,353,972	)		(373,190,454	)
Net realized and unrealized gain (loss)		1,224,371,236			177,402,917			(171,497,909	)		(98,543,622	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,436,469,074		$	319,526,816		$	(33,953,546	)	$	227,243,037

See notes to financial statements.

34 2 0 2 1    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) (continued)

Six Months Ended October 31, 2021

	iShares U.S. Dividend and Buyback ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,094,550
Dividends — Affiliated		3,689
Foreign taxes withheld		(81	)
Total investment income		1,098,158
EXPENSES
Investment advisory fees		127,656
Total expenses		127,656
Net investment income		970,502
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(566,625	)
Investments — Affiliated		(2,179	)
In-kind redemptions — Unaffiliated		3,625,672
In-kind redemptions — Affiliated		25,073
Futures contracts		24,419
Net realized gain		3,106,360
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		4,422,991
Investments — Affiliated		30,156
Futures contracts		2,736
Net change in unrealized appreciation (depreciation)		4,455,883
Net realized and unrealized gain		7,562,243
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,532,745

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 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	212,097,838		$	334,481,493		$	142,123,899		$	239,926,357
Net realized gain (loss)		500,219,242			158,309,065			128,555,616			(119,602,163	)
Net change in unrealized appreciation (depreciation)		724,151,994			4,085,389,867			48,847,301			1,024,956,726
Net increase in net assets resulting from operations		1,436,469,074			4,578,180,425			319,526,816			1,145,280,920
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(197,358,158	)		(326,148,283	)		(116,556,953	)		(238,406,761	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,447,362,201			4,795,396,795			374,480,308			(104,344,490	)
NET ASSETS
Total increase in net assets		2,686,473,117			9,047,428,937			577,450,171			802,529,669
Beginning of period		18,403,156,398			9,355,727,461			6,839,327,465			6,036,797,796
End of period	$	21,089,629,515		$	18,403,156,398		$	7,416,777,636		$	6,839,327,465

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

See notes to financial statements.

36 2 0 2 1    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 Changes in Net Assets (continued)

	iShares International Select Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	137,544,363		$	176,517,860		$	325,786,659		$	539,461,221
Net realized gain (loss)		(7,143,937	)		(599,215,367	)		274,646,832			1,242,537,997
Net change in unrealized appreciation (depreciation)		(164,353,972	)		1,651,282,925			(373,190,454	)		4,468,805,896
Net increase (decrease) in net assets resulting from operations		(33,953,546	)		1,228,585,418			227,243,037			6,250,805,114
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(142,657,480	)		(166,047,075	)		(319,092,236	)		(544,125,763	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		223,958,464			(153,719,970	)		75,342,614			(468,135,426	)
NET ASSETS
Total increase (decrease) in net assets		47,347,438			908,818,373			(16,506,585	)		5,238,543,925
Beginning of period		4,329,941,791			3,421,123,418			18,495,567,155			13,257,023,230
End of period	$	4,377,289,229		$	4,329,941,791		$	18,479,060,570		$	18,495,567,155

^(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 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	970,502		$	869,972
Net realized gain		3,106,360			2,851,821
Net change in unrealized appreciation (depreciation)		4,455,883			12,558,681
Net increase in net assets resulting from operations		8,532,745			16,280,474
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(807,991	)		(806,983	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		59,490,605			27,061,298
NET ASSETS
Total increase in net assets		67,215,359			42,534,789
Beginning of period		67,180,044			24,645,255
End of period	$	134,395,403		$	67,180,044

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

See notes to financial statements.

38 2 0 2 1    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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	49.87		$	36.39		$	38.13		$	33.86		$	30.75		$	26.72
Net investment income(a)		0.55			1.08			0.99			0.91			0.78			0.71
Net realized and unrealized gain (loss)(b)		3.21			13.44			(1.77	)		4.20			3.07			3.98
Net increase (decrease) from investment operations		3.76			14.52			(0.78	)		5.11			3.85			4.69
Distributions(c)
From net investment income		(0.51	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)
Total distributions		(0.51	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)
Net asset value, end of period	$	53.12		$	49.87		$	36.39		$	38.13		$	33.86		$	30.75
Total Return(d)
Based on net asset value		7.59	%(e)		40.52	%		(2.05	)%		15.30	%		12.59	%		17.78	%
Ratios to Average Net Assets
Total expenses		0.08	%(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.09	%
Net investment income		2.12	%(f)		2.53	%		2.55	%		2.55	%		2.32	%		2.46	%
Supplemental Data
Net assets, end of period (000)	$	21,089,630		$	18,403,156		$	9,355,727		$	7,084,809		$	3,343,410		$	1,429,997
Portfolio turnover rate(g)		7	%(e)		31	%		24	%		26	%		24	%		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) Where applicable, assumes the reinvestment of distributions.

^(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 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27		$	78.83
Net investment income(a)			1.92			3.56			3.24			3.09			2.99			2.85
Net realized and unrealized gain (loss)(b)			2.43			13.72			(13.51	)		11.01			1.20			4.34
Net increase (decrease) from investment operations			4.35			17.28			(10.27	)		14.10			4.19			7.19
Distributions(c)
From net investment income			(1.57	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)
Total distributions			(1.57	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)
Net asset value, end of period		$	98.37		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27
Total Return(d)
Based on net asset value			4.59	%(e)		21.70	%		(10.86	)%		17.05	%		5.03	%		9.22	%
Ratios to Average Net Assets
Total expenses			0.08	%(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.10	%
Net investment income			3.93	%(f)		4.13	%		3.53	%		3.48	%		3.47	%		3.49	%
Supplemental Data
Net assets, end of period (000)		$	7,416,778		$	6,839,327		$	6,036,798		$	7,175,741		$	6,007,744		$	6,632,679
Portfolio turnover rate(g)			39	%(e)		75	%		62	%		57	%		46	%		49	%

^(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) Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Annualized.

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

See notes to financial statements.

40 2 0 2 1    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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Select Dividend ETF
	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period		$	32.41		$	24.14		$	31.59		$	34.11		$	31.78		$	29.85
Net investment income(a)			1.00	(b)		1.35			1.83			1.71			1.43			1.42	(b)
Net realized and unrealized gain (loss)(c)			(1.21	)		8.19			(7.10	)		(2.48	)		2.41			1.88
Net increase (decrease) from investment operations			(0.21	)		9.54			(5.27	)		(0.77	)		3.84			3.30
Distributions(d)
From net investment income			(1.04	)		(1.27	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)
Total distributions			(1.04	)		(1.27	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)
Net asset value, end of period		$	31.16		$	32.41		$	24.14		$	31.59		$	34.11		$	31.78
Total Return(e)
Based on net asset value			(0.68	)%(b)(f)		40.57	%		(17.15	)%		(2.13	)%		12.35	%		11.47	%(b)
Ratios to Average Net Assets
Total expenses			0.53	%(g)		0.49	%(h)		0.49	%		0.49	%		0.49	%		0.50	%
Total expenses after fees waived			0.53	%(g)		0.49	%(h)		0.49	%		0.49	%		0.49	%		0.50	%
Total expenses excluding professional fees for foreign withholding tax claims			0.49	%(g)		N/A			N/A			0.49	%		N/A			0.50	%
Net investment income			6.15	%(b)(g)		4.87	%		6.06	%		5.39	%		4.27	%		4.75	%(b)
Supplemental Data
Net assets, end of period (000)		$	4,377,289		$	4,329,942		$	3,421,123		$	4,377,418		$	4,922,792		$	4,010,716
Portfolio turnover rate(i)			2	%(f)		86	%(j)		12	%		35	%		24	%		29	%

^(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 for the six months ended October 31, 2021 and year ended April 30, 2017:

• Net investment income per share by $0.05 and $0.04, respectively.

• Total return by 0.16% and 0.10%, respectively.

• Ratio of net investment income to average net assets by 0.15% and 0.13%, respectively.

^(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) Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Annualized.

^(h)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

^(j)  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 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51		$	82.05
Net investment income(a)			2.08			3.51			3.51			3.31			3.08			2.82
Net realized and unrealized gain (loss)(b)			(0.42	)		37.74			(20.30	)		4.80			4.76			9.41
Net increase (decrease) from investment operations			1.66			41.25			(16.79	)		8.11			7.84			12.23
Distributions(c)
From net investment income			(2.03	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)
Total distributions			(2.03	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)
Net asset value, end of period		$	118.00		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51
Total Return(d)
Based on net asset value			1.40	%(e)		52.54	%		(16.96	)%		8.63	%		8.65	%		15.12	%
Ratios to Average Net Assets
Total expenses			0.38	%(f)		0.38	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income			3.49	%(f)		3.78	%		3.60	%		3.40	%		3.24	%		3.23	%
Supplemental Data
Net assets, end of period (000)		$	18,479,061		$	18,495,567		$	13,257,023		$	17,585,695		$	16,714,032		$	17,200,059
Portfolio turnover rate(g)			3	%(e)		55	%		6	%		21	%		28	%		19	%

^(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) Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Annualized.

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

See notes to financial statements.

42 2 0 2 1    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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Dividend and Buyback ETF
	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Period From 11/07/17(a) to 04/30/18
Net asset value, beginning of period		$	38.39		$	25.94		$	27.96		$	25.30		$	24.99
Net investment income(b)			0.38			0.70			0.64			0.61			0.26
Net realized and unrealized gain (loss)(c)			2.91			12.43			(2.02	)		2.67			0.28
Net increase (decrease) from investment operations			3.29			13.13			(1.38	)		3.28			0.54
Distributions(d)
From net investment income			(0.33	)		(0.68	)		(0.64	)		(0.58	)		(0.23	)
From net realized gain			—			—			—			(0.04	)		—
Total distributions			(0.33	)		(0.68	)		(0.64	)		(0.62	)		(0.23	)
Net asset value, end of period		$	41.35		$	38.39		$	25.94		$	27.96		$	25.30
Total Return(e)
Based on net asset value			8.60	%(f)		51.33	%		(4.95	)%		13.21	%		2.16	%(f)
Ratios to Average Net Assets
Total expenses			0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%(g)
Net investment income			1.90	%(g)		2.20	%		2.31	%		2.34	%		2.07	%(g)
Supplemental Data
Net assets, end of period (000)		$	134,395		$	67,180		$	24,645		$	8,389		$	7,591
Portfolio turnover rate(h)			11	%(f)		30	%		33	%		31	%		14	%(f)

^(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) Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Annualized.

^(h)  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	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. 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 Statements 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: Certain 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 Statements 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 record 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.

44 2 0 2 1    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)

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. Each Fund determines the fair values 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 or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., 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 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 judgment 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.

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 45

Notes to Financial Statements  (unaudited) (continued)

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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: 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 rates, 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).

46 2 0 2 1    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)

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

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, up to and including $171		0.3259
Over $171 billion		0.3096

Prior to July 14, 2021, for its investment advisory services to the iShares Select Dividend ETF, BFA was 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

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver to the iShares International Select Dividend ETF in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the six months ended October 31, 2021, there were no fees waived by BFA pursuant to this arrangement.

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.

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 47

Notes to Financial Statements  (unaudited) (continued)

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 77% 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, 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 81% 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 Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
International Select Dividend	$	220,297

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, 2021, 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	$	451,040,930	$	352,280,083	$	(3,440,296	)
Core High Dividend		252,982,040		396,397,566		5,714,395
International Select Dividend		—		166,282		49,231
Select Dividend		8,894,282		12,026,801		3,324,681
U.S. Dividend and Buyback		4,560,215		3,843,159		(226,007	)

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 Statements 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF		Purchases		Sales
Core Dividend Growth		$	1,331,789,344	$	1,317,362,162
Core High Dividend			2,770,231,784		2,748,251,177
International Select Dividend			182,108,301		95,313,369
Select Dividend	��		655,269,755		638,517,502
U.S. Dividend and Buyback			10,960,060		10,644,176

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend Growth	$	2,495,050,531	$	1,055,763,783
Core High Dividend		637,938,237		265,223,838
International Select Dividend		147,046,452		17,860,861
Select Dividend		1,198,160,881		1,122,256,209
U.S. Dividend and Buyback		68,957,384		9,627,666

48 2 0 2 1    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)

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, 2021, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core Dividend Growth	$	531,044,408
Core High Dividend		1,062,206,828
International Select Dividend		1,172,533,568
Select Dividend		411,782,440
U.S. Dividend and Buyback		1,321,244

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, 2021, 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	$	16,337,291,855	$	4,946,648,103	$	(183,126,974	)	$	4,763,521,129
Core High Dividend		6,793,513,208		767,843,072		(152,312,833	)		615,530,239
International Select Dividend		3,975,374,295		538,851,416		(172,253,178	)		366,598,238
Select Dividend		15,786,121,475		3,224,479,480		(559,189,563	)		2,665,289,917
U.S. Dividend and Buyback		116,950,555		19,287,663		(1,861,647	)		17,426,016

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 October 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. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares International Select Dividend ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% 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 Syndicated Credit Agreement.

During the six months ended October 31, 2021, the Fund did not borrow under the Credit Agreement or Syndicated 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

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 49

Notes to Financial Statements  (unaudited) (continued)

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 Statements 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 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 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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition

50 2 0 2 1    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)

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 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		48,750,000		$	2,509,082,539			140,800,000		$	5,967,489,614
Shares redeemed		(20,700,000	)		(1,061,720,338	)		(28,900,000	)		(1,172,092,819	)
Net increase		28,050,000		$	1,447,362,201			111,900,000		$	4,795,396,795
Core High Dividend
Shares sold		6,600,000		$	641,138,813			9,350,000		$	857,073,484
Shares redeemed		(2,750,000	)		(266,658,505	)		(11,550,000	)		(961,417,974	)
Net increase (decrease)		3,850,000		$	374,480,308			(2,200,000	)	$	(104,344,490	)
International Select Dividend
Shares sold		7,550,000		$	244,441,247			9,000,000		$	272,038,651
Shares redeemed		(650,000	)		(20,482,783	)		(17,100,000	)		(425,758,621	)
Net increase (decrease)		6,900,000		$	223,958,464			(8,100,000	)	$	(153,719,970	)
Select Dividend
Shares sold		10,250,000		$	1,219,371,478			17,250,000		$	1,779,672,971
Shares redeemed		(9,900,000	)		(1,144,028,864	)		(25,350,000	)		(2,247,808,397	)
Net increase (decrease)		350,000		$	75,342,614			(8,100,000	)	$	(468,135,426	)
U.S. Dividend and Buyback
Shares sold		1,750,000		$	69,328,835			1,200,000		$	38,829,975
Shares redeemed		(250,000	)		(9,838,230	)		(400,000	)		(11,768,677	)
Net increase		1,500,000		$	59,490,605			800,000		$	27,061,298

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 Statements of Assets and Liabilities.

12. 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 Select Dividend 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.

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.

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

Board Review and Approval of Investment Advisory Contract

iShares Core Dividend Growth ETF, iShares Core High Dividend 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2020, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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

52 2 0 2 1    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

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement 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 Agreement 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 noted that it 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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

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 53

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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,

54 2 0 2 1    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

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 Agreement 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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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

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 55

Board Review and Approval of Investment Advisory Contract  (continued)

evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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 Agreement 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.

56 2 0 2 1    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

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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 57

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021

	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 High Dividend	$	1.574450	$	—	$	—	$	1.574450		100	%		—	%		—	%		100	%
Select Dividend(a)		1.826528		—		0.199017		2.025545		90			—			10			100
U.S. Dividend and Buyback(a)		0.324207		—		0.001545		0.325752		100			—			0	(b)		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%.

58 2 0 2 1    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

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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 59

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

60 2 0 2 1    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

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

©2021 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-406-1021

OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Morningstar Growth ETF | ILCG | NYSE Arca

· iShares Morningstar Mid-Cap ETF | IMCB | NYSE Arca

· iShares Morningstar Mid-Cap Growth ETF | IMCG | NYSE Arca

· iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

· iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

· iShares Morningstar Small-Cap Growth ETF | ISCG | NYSE Arca

· iShares Morningstar Small-Cap Value ETF | ISCV | NYSE Arca

· iShares Morningstar U.S. Equity ETF | ILCB | NYSE Arca

· iShares Morningstar Value ETF | ILCV | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
Past performance is not an indication 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		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		108
Statements of Operations		111
Statements of Changes in Net Assets		114
Financial Highlights		119
Notes to Financial Statements		128
Board Review and Approval of Investment Advisory Contract		139
Supplemental Information		141
General Information		142
Glossary of Terms Used in this Report		143

Fund Summary as of October 31, 2021 iShares^® Morningstar Growth ETF

Investment Objective

The iShares Morningstar Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad 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		15.11	%		39.61	%		25.30	%		19.13	%		39.61	%		208.84	%		475.90	%
Fund Market		15.06			39.46			25.28			19.13			39.46			208.66			475.90
Index		15.14			39.78			25.77			19.50			39.78			214.70			494.10

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Large Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Growth Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,151.10	$       0.22			$      1,000.00	$      1,025.00	$         0.20		0.04	%

^(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	41.7	%
Consumer Discretionary	17.4
Communication Services	15.1
Health Care	9.9
Industrials	5.2
Financials	5.0
Real Estate	2.5
Materials	1.6
Consumer Staples	1.2
Other (each representing less than 1%)	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	11.0	%
Apple Inc.	6.5
Amazon.com Inc.	6.5
Tesla Inc.	4.0
Alphabet Inc., Class A	3.9
Alphabet Inc., Class C	3.7
Meta Platforms Inc, Class A	3.4
NVIDIA Corp.	2.8
Visa Inc., Class A	1.6
Adobe Inc.	1.4

^(a)  Excludes money market funds.

4 2 0 2 1   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

Fund Summary as of October 31, 2021 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^® US Mid Cap 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		7.95	%		43.78	%		15.28	%		14.39	%		43.78	%		103.57	%		283.69	%
Fund Market		7.94			44.30			15.28			14.40			44.30			103.60			283.83
Index		7.96			43.99			15.55			14.65			43.99			105.98			292.53

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Mid Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,079.50	$       0.21			$      1,000.00	$      1,025.00	$         0.20		0.04	%

^(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	19.8	%
Industrials	14.6
Consumer Discretionary	12.6
Financials	12.2
Health Care	11.5
Real Estate	8.1
Materials	5.3
Utilities	4.9
Energy	4.7
Consumer Staples	3.6
Communication Services	2.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Dexcom Inc.	0.6	%
Airbnb Inc., Class A	0.6
Marvell Technology Inc.	0.6
Cloudflare Inc., Class A	0.5
Palo Alto Networks Inc.	0.5
Cadence Design Systems Inc.	0.5
KKR & Co. Inc.	0.5
Fortinet Inc.	0.5
Xilinx Inc.	0.5
Pioneer Natural Resources Co.	0.5

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of October 31, 2021 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 US Mid Cap Broad Growth IndexSM (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		11.81	%		38.65	%		23.74	%		16.90	%		38.65	%		190.14	%		376.61	%
Fund Market		11.74			38.71			23.75			16.90			38.71			190.18			376.52
Index		11.86			38.87			24.05			17.17			38.87			193.71			387.80

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Mid Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Growth Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,118.10	$       0.32			$      1,000.00	$      1,024.90	$         0.31		0.06	%

^(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	30.7	%
Industrials	17.5
Health Care	15.7
Consumer Discretionary	13.3
Financials	8.1
Real Estate	5.8
Materials	3.2
Communication Services	2.0
Consumer Staples	2.0
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Dexcom Inc.	1.2	%
Airbnb Inc., Class A	1.2
Marvell Technology Inc.	1.2
Cloudflare Inc., Class A	1.1
Palo Alto Networks Inc.	1.0
Cadence Design Systems Inc.	1.0
KKR & Co. Inc.	1.0
Fortinet Inc.	0.9
Datadog Inc., Class A	0.8
ResMed Inc.	0.8

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2021 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^® US Mid Cap Broad 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		4.13	%		51.89	%		11.13	%		13.32	%		51.89	%		69.50	%		249.21	%
Fund Market		4.19			51.87			11.14			13.34			51.87			69.59			249.66
Index		4.14			52.15			11.39			13.62			52.15			71.51			258.44

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Mid Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Value Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning   Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$        1,041.30	$         0.31			$        1,000.00	$        1,024.90	$         0.31		0.06	%

^(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	16.6	%
Consumer Discretionary	11.9
Industrials	11.5
Real Estate	10.6
Utilities	9.4
Energy	8.9
Information Technology	7.7
Materials	7.6
Health Care	6.9
Consumer Staples	5.4
Communication Services	3.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Pioneer Natural Resources Co.	1.0	%
Marathon Petroleum Corp.	0.9
International Flavors & Fragrances Inc.	0.8
State Street Corp.	0.8
Archer-Daniels-Midland Co.	0.8
Ameriprise Financial Inc.	0.8
Williams Companies Inc. (The)	0.8
Welltower Inc.	0.8
Discover Financial Services	0.8
Aflac Inc.	0.7

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary  as of October 31, 2021 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^® US Small Cap Extended 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		0.81	%		47.99	%		12.42	%		12.31	%		47.99	%		79.55	%		219.42	%
Fund Market		0.84			48.47			12.42			12.32			48.47			79.59			219.56
Index		0.81			47.94			12.56			12.44			47.94			80.69			223.01

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Small Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Extended Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        1,008.10	$       0.20			$        1,000.00	$        1,025.00	$         0.20		0.04	%

^(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)
Health Care	16.6	%
Financials	16.4
Industrials	15.1
Information Technology	14.4
Consumer Discretionary	11.8
Real Estate	8.2
Materials	4.8
Energy	4.0
Communication Services	3.5
Consumer Staples	2.9
Utilities	2.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AMC Entertainment Holdings Inc., Class A	0.5	%
ZoomInfo Technologies Inc., Class A	0.3
SoFi Technologies Inc.	0.3
Asana Inc., Class A	0.3
Life Storage Inc.	0.3
Regal Rexnord Corp.	0.3
Crocs Inc.	0.3
Ovintiv Inc.	0.3
Tetra Tech Inc.	0.2
Lattice Semiconductor Corp.	0.2

^(a)   Excludes money market funds.

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of October 31, 2021 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^® US Small Cap Broad Growth Extended 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		0.70	%		27.93	%		18.70	%		14.66	%		27.93	%		135.63	%		292.79	%
Fund Market		0.80			27.85			18.70			14.67			27.85			135.69			292.96
Index		0.77			28.05			18.88			14.75			28.05			137.40			295.87

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Growth Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Broad Growth Extended Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,007.00	$       0.30			$      1,000.00	$        1,024.90	$         0.31		0.06	%

^(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)
Health Care	23.9	%
Information Technology	22.4
Industrials	15.9
Consumer Discretionary	11.0
Financials	9.3
Real Estate	6.0
Communication Services	3.8
Materials	3.2
Consumer Staples	2.5
Energy	1.1
Utilities	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
ZoomInfo Technologies Inc., Class A	0.6	%
Asana Inc., Class A	0.5
Crocs Inc.	0.5
Tetra Tech Inc.	0.5
Lattice Semiconductor Corp.	0.5
Rexford Industrial Realty Inc.	0.5
Intellia Therapeutics Inc.	0.5
Tandem Diabetes Care Inc.	0.4
TopBuild Corp.	0.4
Saia Inc.	0.4

^(a)   Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of October 31, 2021 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^® US Small Cap Broad Value Extended IndexSM (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		1.62	%		63.36	%		9.49	%		11.07	%		63.36	%		57.34	%		185.81	%
Fund Market		1.79			64.02			9.51			11.09			64.02			57.46			186.15
Index		1.62			63.44			9.78			11.32			63.44			59.43			192.16

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Small Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Broad Value Extended Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$      1,016.20	$       0.30			$      1,000.00	$        1,024.90	$         0.31		0.06	%

^(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	23.3	%
Industrials	14.7
Consumer Discretionary	12.7
Real Estate	10.9
Energy	7.3
Health Care	6.9
Materials	6.7
Information Technology	6.7
Utilities	3.9
Communication Services	3.5
Consumer Staples	3.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AMC Entertainment Holdings Inc., Class A	1.0	%
Ovintiv Inc.	0.5
Alcoa Corp.	0.5
Apartment Income REIT Corp.	0.4
Avis Budget Group Inc.	0.4
Macy’s Inc.	0.4
Dick’s Sporting Goods Inc.	0.4
First American Financial Corp.	0.4
Janus Henderson Group PLC	0.4
Scientific Games Corp./DE, Class A	0.4

^(a)  Excludes money market funds.

10 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of October 31, 2021 iShares^® Morningstar U.S. Equity ETF

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-Mid Cap 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		10.62	%		40.05	%		17.64	%		16.24	%		40.05	%		125.33	%		350.43	%
Fund Market		10.54			39.87			17.63			16.24			39.87			125.17			350.33
Index		10.65			40.20			17.87			16.48			40.20			127.50			359.73

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Large Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,106.20	$       0.16			$    1,000.00	$      1,025.10	$         0.15		0.03	%

^(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	28.5	%
Consumer Discretionary	12.9
Health Care	12.8
Financials	11.4
Communication Services	10.3
Industrials	8.3
Consumer Staples	5.3
Real Estate	3.0
Energy	2.7
Materials	2.5
Utilities	2.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	5.8	%
Apple Inc.	5.4
Amazon.com Inc.	3.4
Tesla Inc.	2.1
Alphabet Inc., Class A	2.1
Alphabet Inc., Class C	1.9
Meta Platforms Inc, Class A	1.8
NVIDIA Corp.	1.5
Berkshire Hathaway Inc., Class B	1.2
JPMorgan Chase & Co.	1.2

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 11

Fund Summary  as of October 31, 2021 iShares^® Morningstar Value ETF

Investment Objective

The iShares Morningstar Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad 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		6.22	%		42.68	%		12.10	%		11.82	%		42.68	%		77.06	%		205.50	%
Fund Market		6.23			43.30			12.11			11.82			43.30			77.14			205.60
Index		6.23			42.87			12.36			12.08			42.87			79.06			212.94

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 March 21, 2021 reflects the performance of the Morningstar^® US Large Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Value Index^SM.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,062.20	$       0.21			$      1,000.00	$      1,025.00	$       0.20		0.04	%

^(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	18.5	%
Health Care	16.2
Information Technology	13.9
Industrials	11.8
Consumer Staples	9.8
Consumer Discretionary	7.9
Energy	5.4
Communication Services	5.0
Utilities	4.6
Materials	3.5
Real Estate	3.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	4.2	%
JPMorgan Chase & Co.	2.5
Johnson & Johnson	2.1
Bank of America Corp.	1.7
Procter & Gamble Co. (The)	1.7
UnitedHealth Group Inc.	1.4
Exxon Mobil Corp.	1.3
Berkshire Hathaway Inc., Class B	1.3
Home Depot Inc. (The)	1.3
Pfizer Inc.	1.2

^(a)  Excludes money market funds.

12 2 0 2 1   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 each 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Axon Enterprise Inc.(a)		6,448	$	1,160,382
HEICO Corp.		4,217		587,808
HEICO Corp., Class A		7,361		925,130
Howmet Aerospace Inc.		27,011		801,957
Huntington Ingalls Industries Inc.		1,959		397,148
Textron Inc.		10,121		747,436
TransDigm Group Inc.(a)		3,447		2,150,307
				6,770,168
Air Freight & Logistics — 0.3%
CH Robinson Worldwide Inc.		4,958		480,877
Expeditors International of Washington Inc.		11,100		1,368,186
United Parcel Service Inc., Class B		20,309		4,335,362
				6,184,425
Auto Components — 0.1%
Aptiv PLC(a)		10,936		1,890,725
Gentex Corp.		10,284		363,951
				2,254,676
Automobiles — 4.0%
Tesla Inc.(a)		80,324		89,480,936
Thor Industries Inc.		2,894		295,072
				89,776,008
Banks — 0.7%
Commerce Bancshares Inc.		4,845		341,621
First Citizens BancShares Inc./NC, Class A(b)		693		564,033
First Republic Bank/CA		17,478		3,781,016
Huntington Bancshares Inc./OH		59,532		937,034
PNC Financial Services Group Inc. (The)		17,769		3,749,792
Regions Financial Corp.		43,609		1,032,661
Signature Bank/New York NY		2,526		752,293
SVB Financial Group(a)		3,958		2,839,469
Western Alliance Bancorp.		5,682		659,623
				14,657,542
Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		927		456,529
Brown-Forman Corp., Class A		3,217		205,984
Brown-Forman Corp., Class B, NVS		10,531		714,950
Monster Beverage Corp.(a)		37,109		3,154,265
				4,531,728
Biotechnology — 1.6%
Acceleron Pharma Inc.(a)		5,264		916,883
Alnylam Pharmaceuticals Inc.(a)		11,716		1,869,405
Arrowhead Pharmaceuticals Inc.(a)		10,376		662,196
BioMarin Pharmaceutical Inc.(a)		18,177		1,440,164
Bridgebio Pharma Inc.(a)(b)		5,058		249,764
CRISPR Therapeutics AG(a)(b)		3,306		301,937
Exact Sciences Corp.(a)		17,048		1,623,311
Exelixis Inc.(a)		31,242		672,015
Fate Therapeutics Inc.(a)(b)		7,969		428,732
Horizon Therapeutics PLC(a)		22,408		2,686,943
Incyte Corp.(a)		18,614		1,246,766
Mirati Therapeutics Inc.(a)(b)		4,485		847,755
Moderna Inc.(a)		34,763		12,000,535
Natera Inc.(a)		8,645		990,458
Neurocrine Biosciences Inc.(a)		9,426		993,595
Novavax Inc.(a)(b)		2,839		422,528
Seagen Inc.(a)		13,167		2,321,737
Ultragenyx Pharmaceutical Inc.(a)		6,723		564,194

Security	Shares		Value
Biotechnology (continued)
Vertex Pharmaceuticals Inc.(a)		25,720	$	4,756,400
				34,995,318
Building Products — 0.4%
A O Smith Corp.		6,951		507,910
Advanced Drainage Systems Inc.		5,525		623,220
Allegion PLC		4,875		625,462
AZEK Co. Inc. (The)(a)		11,050		405,424
Builders FirstSource Inc.(a)		12,457		725,869
Carlisle Companies Inc.		2,754		613,922
Fortune Brands Home & Security Inc.		6,483		657,376
Lennox International Inc.		2,316		693,132
Masco Corp.		10,407		682,179
Trane Technologies PLC		7,805		1,412,159
Trex Co. Inc.(a)		11,299		1,202,214
				8,148,867
Capital Markets — 2.2%
Apollo Global Management Inc.		12,561		966,569
Ares Management Corp., Class A		16,204		1,373,127
Blackstone Inc., NVS		33,839		4,683,994
Carlyle Group Inc. (The)		9,660		542,409
Charles Schwab Corp. (The)		53,766		4,410,425
FactSet Research Systems Inc.		3,745		1,662,368
Intercontinental Exchange Inc.		18,170		2,515,818
KKR & Co. Inc.		57,810		4,605,723
LPL Financial Holdings Inc.		7,970		1,307,239
MarketAxess Holdings Inc.		3,767		1,539,460
Moody’s Corp.		16,005		6,468,421
Morningstar Inc.		2,347		743,412
MSCI Inc.		8,173		5,434,064
Nasdaq Inc.		6,711		1,408,438
Raymond James Financial Inc.		8,624		850,240
S&P Global Inc.		15,592		7,393,103
SEI Investments Co.		5,048		318,226
T Rowe Price Group Inc.		8,042		1,744,149
Tradeweb Markets Inc., Class A		10,443		930,471
				48,897,656
Chemicals — 0.9%
Air Products & Chemicals Inc.		6,524		1,955,960
Albemarle Corp.		8,245		2,065,125
Axalta Coating Systems Ltd.(a)		7,255		226,284
Celanese Corp.		5,728		925,129
Corteva Inc.		33,696		1,453,982
Ecolab Inc.		11,455		2,545,530
FMC Corp.		5,157		469,339
Linde PLC		18,023		5,752,942
PPG Industries Inc.		5,903		947,845
RPM International Inc.		7,733		674,318
Scotts Miracle-Gro Co. (The)		2,914		432,612
Sherwin-Williams Co. (The)		11,094		3,512,471
				20,961,537
Commercial Services & Supplies — 0.4%
Cintas Corp.		4,293		1,859,298
Copart Inc.(a)		21,113		3,278,638
IAA Inc.(a)		13,434		801,338
Republic Services Inc.		6,716		903,973
Rollins Inc.		22,078		777,808
Waste Management Inc.		10,603		1,698,919
				9,319,974

14 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment — 0.2%
Arista Networks Inc.(a)		5,536	$	2,268,044
Ciena Corp.(a)		6,295		341,756
F5 Networks Inc.(a)		2,870		606,000
Motorola Solutions Inc.		5,919		1,471,404
Ubiquiti Inc.		623		190,345
				4,877,549
Construction & Engineering — 0.1%
AECOM(a)		5,279		360,926
MasTec Inc.(a)		2,771		246,979
Quanta Services Inc.		5,336		647,150
				1,255,055
Construction Materials — 0.2%
Martin Marietta Materials Inc.		3,902		1,532,862
Vulcan Materials Co.		13,153		2,500,648
				4,033,510
Consumer Finance — 0.5%
American Express Co.		34,886		6,062,489
Capital One Financial Corp.		18,172		2,744,517
Upstart Holdings Inc.(a)		4,577		1,473,977
				10,280,983
Containers & Packaging — 0.2%
AptarGroup Inc.		3,370		407,029
Avery Dennison Corp.		5,067		1,103,187
Ball Corp.		23,240		2,125,995
Crown Holdings Inc.		5,674		590,039
				4,226,250
Distributors — 0.1%
LKQ Corp.(a)		12,755		702,545
Pool Corp.		3,978		2,049,307
				2,751,852
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		3,245		538,670
Chegg Inc.(a)		14,149		841,017
Service Corp. International		8,480		580,795
				1,960,482
Diversified Financial Services — 1.2%
Berkshire Hathaway Inc., Class B(a)		91,749		26,332,881
Voya Financial Inc.		5,417		377,944
				26,710,825
Electric Utilities — 0.0%
NRG Energy Inc.		6,960		277,634
Electrical Equipment — 0.5%
AMETEK Inc.		12,074		1,598,598
Generac Holdings Inc.(a)		6,258		3,119,989
Hubbell Inc.		1,683		335,540
Plug Power Inc.(a)		50,931		1,949,129
Rockwell Automation Inc.		7,023		2,243,146
Sunrun Inc.(a)(b)		13,125		757,050
Vertiv Holdings Co.		27,956		717,910
				10,721,362
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		24,748		1,899,904
CDW Corp./DE		8,320		1,552,928
Cognex Corp.		17,365		1,521,000
Corning Inc.		45,220		1,608,476
IPG Photonics Corp.(a)		3,579		569,097
Jabil Inc.		4,620		277,015

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Keysight Technologies Inc.(a)		13,019	$	2,343,680
TE Connectivity Ltd.		7,598		1,109,308
Teledyne Technologies Inc.(a)		4,623		2,076,744
Trimble Inc.(a)		24,951		2,179,969
Zebra Technologies Corp., Class A(a)		5,297		2,828,333
				17,966,454
Energy Equipment & Services — 0.0%
Halliburton Co.		36,513		912,460
Entertainment — 2.6%
Activision Blizzard Inc.		40,496		3,166,382
Electronic Arts Inc.		12,812		1,796,883
Live Nation Entertainment Inc.(a)		6,943		702,284
Netflix Inc.(a)		43,815		30,245,933
Playtika Holding Corp.(a)		5,100		144,228
Roku Inc.(a)		11,525		3,513,973
Take-Two Interactive Software Inc.(a)		11,509		2,083,129
Walt Disney Co. (The)(a)		101,179		17,106,334
Zynga Inc., Class A(a)		100,943		744,959
				59,504,105
Equity Real Estate Investment Trusts (REITs) — 2.4%
Alexandria Real Estate Equities Inc.		8,763		1,788,879
American Homes 4 Rent, Class A		26,767		1,086,740
American Tower Corp.		28,689		8,089,437
Americold Realty Trust		11,326		333,777
AvalonBay Communities Inc.		6,948		1,644,453
Camden Property Trust		3,341		544,917
Crown Castle International Corp.		42,734		7,704,940
CubeSmart		8,233		452,897
CyrusOne Inc.		12,216		1,001,956
Digital Realty Trust Inc.		10,413		1,643,276
Duke Realty Corp.		22,827		1,283,791
Equinix Inc.		8,873		7,427,322
Equity LifeStyle Properties Inc.		8,848		747,745
Essex Property Trust Inc.		2,155		732,549
Extra Space Storage Inc.		6,544		1,291,589
Healthpeak Properties Inc.		19,373		687,935
Invitation Homes Inc.		57,117		2,356,076
Kilroy Realty Corp.		4,882		328,949
Mid-America Apartment Communities Inc.		4,886		997,770
Prologis Inc.		32,162		4,662,204
Realty Income Corp.		17,921		1,280,097
SBA Communications Corp.		10,863		3,751,320
STORE Capital Corp.		7,887		270,761
Sun Communities Inc.		11,493		2,252,398
UDR Inc.		12,839		712,950
VICI Properties Inc.		20,022		587,646
				53,662,374
Food & Staples Retailing — 0.4%
Casey’s General Stores Inc.		1,945		372,545
Costco Wholesale Corp.		19,336		9,504,418
Performance Food Group Co.(a)(b)		5,958		269,480
				10,146,443
Food Products — 0.3%
Beyond Meat Inc.(a)(b)		5,960		589,921
Darling Ingredients Inc.(a)		15,988		1,351,306
Freshpet Inc.(a)		4,314		672,596
Hershey Co. (The)		8,062		1,413,672
Hormel Foods Corp.		8,916		377,325

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, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Lamb Weston Holdings Inc.		6,580	$	371,441
McCormick & Co. Inc./MD, NVS		12,128		973,029
				5,749,290
Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		103,187		13,299,772
ABIOMED Inc.(a)		4,500		1,494,180
Align Technology Inc.(a)		7,282		4,546,662
Baxter International Inc.		10,427		823,316
Boston Scientific Corp.(a)		45,405		1,958,318
Cooper Companies Inc. (The)		4,881		2,034,986
Danaher Corp.		62,899		19,610,021
DENTSPLY SIRONA Inc.		13,286		760,092
Dexcom Inc.(a)(b)		9,594		5,979,077
Edwards Lifesciences Corp.(a)		61,625		7,383,907
Hologic Inc.(a)(b)		13,873		1,017,030
IDEXX Laboratories Inc.(a)		8,405		5,598,907
Insulet Corp.(a)		6,827		2,116,507
Intuitive Surgical Inc.(a)		35,295		12,746,083
Masimo Corp.(a)		4,965		1,407,776
Novocure Ltd.(a)		8,838		906,514
Penumbra Inc.(a)		3,382		935,292
ResMed Inc.		14,427		3,793,003
STERIS PLC		9,830		2,297,664
Stryker Corp.		11,768		3,131,112
Teleflex Inc.		4,643		1,657,272
				93,497,491
Health Care Providers & Services — 0.9%
Amedisys Inc.(a)		3,247		549,847
Chemed Corp.		955		460,549
DaVita Inc.(a)		2,529		261,094
Encompass Health Corp.		5,393		342,779
Guardant Health Inc.(a)		10,043		1,172,922
Humana Inc.		3,519		1,629,860
LHC Group Inc.(a)		3,157		424,900
Molina Healthcare Inc.(a)		2,006		593,214
UnitedHealth Group Inc.		31,378		14,448,628
				19,883,793
Health Care Technology — 0.3%
Cerner Corp.		15,846		1,177,199
Teladoc Health Inc.(a)		15,789		2,361,877
Veeva Systems Inc., Class A(a)		13,695		4,341,452
				7,880,528
Hotels, Restaurants & Leisure — 2.1%
Airbnb Inc., Class A(a)		33,367		5,694,412
Booking Holdings Inc.(a)		4,064		9,838,050
Boyd Gaming Corp.(a)		4,256		271,448
Caesars Entertainment Inc.(a)		13,974		1,529,594
Chipotle Mexican Grill Inc.(a)		2,788		4,959,936
Churchill Downs Inc.		3,456		794,880
Darden Restaurants Inc.		5,890		848,985
Domino’s Pizza Inc.		3,652		1,785,718
DraftKings Inc., Class A(a)(b)		32,741		1,525,403
Expedia Group Inc.(a)		5,629		925,464
Hilton Worldwide Holdings Inc.(a)		11,320		1,629,514
Marriott International Inc./MD, Class A(a)		27,121		4,339,902
MGM Resorts International		39,653		1,870,035
Penn National Gaming Inc.(a)(b)		16,439		1,177,032
Starbucks Corp.		58,082		6,160,758
Texas Roadhouse Inc.		6,923		614,832

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Vail Resorts Inc.		3,945	$	1,359,881
Yum! Brands Inc.		18,691		2,335,254
				47,661,098
Household Durables — 0.2%
DR Horton Inc.		17,840		1,592,577
Garmin Ltd.		7,988		1,147,077
NVR Inc.(a)		197		964,275
Tempur Sealy International Inc.		19,481		866,320
				4,570,249
Household Products — 0.1%
Church & Dwight Co. Inc.		13,768		1,202,773
Clorox Co. (The)		4,046		659,538
				1,862,311
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.		29,625		580,354
Industrial Conglomerates — 0.1%
Roper Technologies Inc.		5,204		2,538,876
Insurance — 0.6%
American Financial Group Inc./OH		3,034		412,745
Aon PLC, Class A		9,829		3,144,494
Arch Capital Group Ltd.(a)		19,471		814,277
Arthur J Gallagher & Co.		13,172		2,208,549
Athene Holding Ltd., Class A(a)		4,289		373,186
Brown & Brown Inc.		23,172		1,462,385
Cincinnati Financial Corp.		6,261		760,336
Erie Indemnity Co., Class A, NVS		2,487		511,849
Everest Re Group Ltd.		1,883		492,405
Loews Corp.		7,825		438,748
RenaissanceRe Holdings Ltd.		2,216		314,229
W R Berkley Corp.		6,184		492,246
Willis Towers Watson PLC		5,229		1,266,882
				12,692,331
Interactive Media & Services — 11.6%
Alphabet Inc., Class A(a)		29,806		88,253,182
Alphabet Inc., Class C, NVS(a)		27,891		82,708,250
Bumble Inc., Class A(a)(b)		7,021		368,743
IAC/InterActiveCorp.(a)		2,743		417,951
Match Group Inc.(a)		27,448		4,138,609
Meta Platforms Inc, Class A(a)		235,976		76,354,754
Pinterest Inc., Class A(a)		54,830		2,447,611
Snap Inc., Class A, NVS(a)		103,574		5,445,921
Twitter Inc.(a)		36,394		1,948,535
				262,083,556
Internet & Direct Marketing Retail — 7.2%
Amazon.com Inc.(a)		43,116		145,405,692
Chewy Inc., Class A(a)(b)		8,311		629,974
DoorDash Inc., Class A(a)		15,188		2,958,622
eBay Inc.		28,033		2,150,692
Etsy Inc.(a)		12,549		3,145,909
MercadoLibre Inc.(a)		4,524		6,700,134
Wayfair Inc., Class A(a)(b)		4,645		1,157,070
				162,148,093
IT Services — 7.4%
Accenture PLC, Class A		30,317		10,877,436
Akamai Technologies Inc.(a)		9,630		1,015,580
Automatic Data Processing Inc.		16,257		3,649,534
Broadridge Financial Solutions Inc.		11,519		2,055,105

16 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Cloudflare Inc., Class A(a)(b)		26,121	$	5,086,281
Concentrix Corp.		2,199		390,718
EPAM Systems Inc.(a)		5,614		3,779,569
Euronet Worldwide Inc.(a)		5,263		590,456
Fidelity National Information Services Inc.		23,192		2,568,282
Fiserv Inc.(a)		22,585		2,224,397
FleetCor Technologies Inc.(a)		8,190		2,026,288
Gartner Inc.(a)		8,294		2,752,862
Genpact Ltd.		7,500		370,125
Global Payments Inc.		16,090		2,300,709
GoDaddy Inc., Class A(a)		16,726		1,156,937
Jack Henry & Associates Inc.		7,280		1,211,974
Mastercard Inc., Class A		86,239		28,934,909
MongoDB Inc.(a)(b)		6,410		3,341,469
Okta Inc.(a)		12,396		3,064,043
Paychex Inc.		15,445		1,904,060
PayPal Holdings Inc.(a)		116,317		27,054,171
Snowflake Inc., Class A(a)		22,537		7,974,492
Square Inc., Class A(a)		39,335		10,010,758
Twilio Inc., Class A(a)		16,489		4,804,235
VeriSign Inc.(a)		9,652		2,149,211
Visa Inc., Class A		167,062		35,378,720
WEX Inc.(a)(b)		2,474		370,358
				167,042,679
Leisure Products — 0.2%
Brunswick Corp./DE		4,987		464,240
Hasbro Inc.		7,742		741,374
Mattel Inc.(a)		16,880		368,153
Peloton Interactive Inc., Class A(a)		26,647		2,436,602
Polaris Inc.		3,028		348,068
YETI Holdings Inc.(a)		8,668		852,324
				5,210,761
Life Sciences Tools & Services — 1.9%
10X Genomics Inc., Class A(a)(b)		8,985		1,449,011
Agilent Technologies Inc.		20,320		3,200,197
Avantor Inc.(a)		57,918		2,338,729
Bio-Rad Laboratories Inc., Class A(a)		2,134		1,695,847
Bio-Techne Corp.		3,857		2,019,718
Bruker Corp.		9,860		791,758
Charles River Laboratories International Inc.(a)		4,996		2,241,605
Illumina Inc.(a)		14,495		6,016,295
IQVIA Holdings Inc.(a)		10,709		2,799,547
Mettler-Toledo International Inc.(a)		2,289		3,389,734
PerkinElmer Inc.		3,229		571,178
PPD Inc.(a)		11,841		558,540
Repligen Corp.(a)		5,069		1,472,545
Sotera Health Co.(a)		9,813		242,381
Syneos Health Inc.(a)		3,721		347,318
Thermo Fisher Scientific Inc.		13,715		8,682,555
Waters Corp.(a)		4,111		1,510,998
West Pharmaceutical Services Inc.		7,332		3,151,880
				42,479,836
Machinery — 1.4%
AGCO Corp.		3,824		467,331
Caterpillar Inc.		22,881		4,667,953
Deere & Co.		18,138		6,208,819
Donaldson Co. Inc.		6,124		367,501
Dover Corp.		6,251		1,056,919
Fortive Corp.		18,665		1,413,127

Security	Shares		Value
Machinery (continued)
Graco Inc.		16,827	$	1,265,054
IDEX Corp.		7,535		1,677,065
Ingersoll Rand Inc.(a)		19,657		1,056,760
ITT Inc.		4,576		430,464
Lincoln Electric Holdings Inc.		2,255		321,112
Middleby Corp. (The)(a)		2,485		453,363
Nordson Corp.		5,305		1,348,584
Oshkosh Corp.		3,104		332,128
Otis Worldwide Corp.		27,404		2,200,815
PACCAR Inc.		10,187		912,959
Parker-Hannifin Corp.		3,766		1,116,958
Pentair PLC		8,596		635,846
Stanley Black & Decker Inc.		7,165		1,287,766
Toro Co. (The)		10,452		997,853
Woodward Inc.		6,306		712,263
Xylem Inc./NY		17,865		2,332,990
				31,263,630
Media — 0.6%
Altice USA Inc., Class A(a)		13,656		222,593
Cable One Inc.		489		836,782
Charter Communications Inc., Class A(a)(b)		12,546		8,467,170
Liberty Broadband Corp., Class A(a)		2,325		373,790
Liberty Broadband Corp., Class C, NVS(a)		14,389		2,337,493
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		4,059		202,057
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		8,002		394,658
New York Times Co. (The), Class A		16,568		904,447
Sirius XM Holdings Inc.(b)		39,352		239,654
				13,978,644
Metals & Mining — 0.3%
Freeport-McMoRan Inc.		83,605		3,153,581
Newmont Corp.		32,784		1,770,336
Royal Gold Inc.		6,540		647,591
Southern Copper Corp.		4,167		249,978
				5,821,486
Multi-Utilities — 0.0%
CMS Energy Corp.		8,372		505,250
Multiline Retail — 0.2%
Dollar General Corp.		6,670		1,477,538
Target Corp.		12,443		3,230,452
				4,707,990
Oil, Gas & Consumable Fuels — 0.1%
Cheniere Energy Inc.(a)		23,248		2,403,843
Targa Resources Corp.		9,200		502,964
Texas Pacific Land Corp.		395		503,100
				3,409,907
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		15,049		4,880,842
Pharmaceuticals — 1.0%
Catalent Inc.(a)		16,887		2,328,042
Elanco Animal Health Inc.(a)(b)		33,006		1,085,237
Eli Lilly & Co.		36,015		9,175,182
Zoetis Inc.		46,885		10,136,537
				22,724,998
Professional Services — 0.8%
Booz Allen Hamilton Holding Corp.		7,425		644,936
Clarivate PLC(a)(b)		36,890		865,070
CoStar Group Inc.(a)		39,159		3,369,632

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, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Dun & Bradstreet Holdings Inc.(a)		7,372	$	138,888
Equifax Inc.		12,081		3,351,632
IHS Markit Ltd.		17,158		2,242,894
Jacobs Engineering Group Inc.		5,796		813,874
Leidos Holdings Inc.		4,420		441,912
Robert Half International Inc.		5,366		606,734
TransUnion		18,987		2,189,011
Verisk Analytics Inc.		16,000		3,364,320
				18,028,903
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		13,980		1,455,038
Zillow Group Inc., Class A(a)		3,669		387,887
Zillow Group Inc., Class C, NVS(a)(b)		16,778		1,738,704
				3,581,629
Road & Rail — 0.7%
AMERCO		592		436,298
JB Hunt Transport Services Inc.		8,316		1,639,832
Kansas City Southern		6,176		1,916,104
Knight-Swift Transportation Holdings Inc.		4,684		265,536
Lyft Inc., Class A(a)		11,307		518,652
Old Dominion Freight Line Inc.		9,299		3,174,214
TuSimple Holdings Inc., Class A(a)		3,320		129,878
Uber Technologies Inc.(a)		160,198		7,019,876
XPO Logistics Inc.(a)		5,317		456,199
				15,556,589
Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices Inc.(a)		120,057		14,434,453
Analog Devices Inc.		14,343		2,488,367
Applied Materials Inc.		60,997		8,335,240
Broadcom Inc.		13,125		6,978,169
Brooks Automation Inc.		7,407		862,545
Enphase Energy Inc.(a)		13,348		3,091,797
Entegris Inc.		13,446		1,892,928
First Solar Inc.(a)		4,688		560,638
KLA Corp.		9,346		3,483,815
Lam Research Corp.		9,528		5,369,695
Marvell Technology Inc.		81,257		5,566,105
Microchip Technology Inc.		17,646		1,307,392
MKS Instruments Inc.		3,210		481,661
Monolithic Power Systems Inc.		4,278		2,247,918
NVIDIA Corp.		246,685		63,069,954
NXP Semiconductors NV		10,448		2,098,585
ON Semiconductor Corp.(a)		22,348		1,074,268
Qorvo Inc.(a)		11,023		1,854,399
QUALCOMM Inc.		75,638		10,062,880
Skyworks Solutions Inc.		11,078		1,851,466
SolarEdge Technologies Inc.(a)		5,177		1,836,178
Teradyne Inc.		16,356		2,261,054
Texas Instruments Inc.		34,896		6,542,302
Universal Display Corp.		4,277		783,546
Wolfspeed Inc.(a)		6,456		775,430
Xilinx Inc.		14,495		2,609,100
				151,919,885
Software — 19.9%
Adobe Inc.(a)		47,159		30,670,327
Anaplan Inc.(a)		14,414		939,937
ANSYS Inc.(a)		8,649		3,282,987
Aspen Technology Inc.(a)		6,613		1,036,191
Autodesk Inc.(a)		21,741		6,905,159

Security	Shares		Value
Software (continued)
Avalara Inc.(a)		8,571	$	1,539,694
Bill.com Holdings Inc.(a)		8,751		2,575,507
Black Knight Inc.(a)		15,314		1,073,665
Cadence Design Systems Inc.(a)		27,445		4,751,004
Ceridian HCM Holding Inc.(a)		13,374		1,675,093
Citrix Systems Inc.		6,190		586,379
Coupa Software Inc.(a)		7,287		1,659,250
Crowdstrike Holdings Inc., Class A(a)		19,756		5,567,241
Datadog Inc., Class A(a)		23,766		3,970,110
DocuSign Inc.(a)		19,241		5,354,578
Dropbox Inc., Class A(a)		28,481		868,386
Dynatrace Inc.(a)		19,447		1,458,525
Elastic NV(a)		7,078		1,228,104
Fair Isaac Corp.(a)		2,818		1,122,128
Five9 Inc.(a)		6,684		1,056,139
Fortinet Inc.(a)		13,442		4,521,082
Guidewire Software Inc.(a)		8,164		1,026,460
HubSpot Inc.(a)		4,415		3,577,165
Intuit Inc.		27,049		16,932,404
Manhattan Associates Inc.(a)		6,206		1,126,637
Microsoft Corp.		743,914		246,696,761
NortonLifeLock Inc.		16,678		424,455
Nuance Communications Inc.(a)		14,209		782,205
Oracle Corp.		57,320		5,499,281
Palantir Technologies Inc., Class A(a)		155,408		4,021,959
Palo Alto Networks Inc.(a)		9,658		4,916,791
Paycom Software Inc.(a)		4,763		2,609,410
Paylocity Holding Corp.(a)		3,899		1,189,741
Pegasystems Inc.		3,970		471,318
PTC Inc.(a)		10,485		1,335,265
RingCentral Inc., Class A(a)		8,027		1,956,822
salesforce.com Inc.(a)		96,173		28,822,086
ServiceNow Inc.(a)		19,609		13,682,376
Smartsheet Inc., Class A(a)		12,402		855,862
Splunk Inc.(a)		16,250		2,678,325
SS&C Technologies Holdings Inc.		9,251		735,177
Synopsys Inc.(a)		15,127		5,040,014
Trade Desk Inc. (The), Class A(a)		42,973		3,219,107
Tyler Technologies Inc.(a)		4,052		2,201,127
VMware Inc., Class A(a)		7,911		1,200,099
Workday Inc., Class A(a)		18,737		5,433,355
Zendesk Inc.(a)		11,829		1,204,192
Zoom Video Communications Inc., Class A(a)		21,358		5,865,975
Zscaler Inc.(a)		7,743		2,468,933
				447,814,788
Specialty Retail — 2.0%
Advance Auto Parts Inc.		3,031		683,551
AutoZone Inc.(a)		764		1,363,618
Bath & Body Works Inc.		13,997		967,053
Burlington Stores Inc.(a)		6,604		1,824,619
CarMax Inc.(a)(b)		6,138		840,415
Carvana Co.(a)		8,380		2,540,649
Five Below Inc.(a)		5,468		1,078,836
Floor & Decor Holdings Inc., Class A(a)		10,459		1,421,587
Home Depot Inc. (The)		35,221		13,093,055
Lithia Motors Inc.		2,967		947,126
Lowe’s Companies Inc.		33,633		7,864,068
O’Reilly Automotive Inc.(a)		2,294		1,427,602
RH(a)(b)		1,678		1,106,859
Ross Stores Inc.		21,157		2,394,972

18 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Morningstar Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
TJX Companies Inc. (The)		65,765	$	4,306,950
Tractor Supply Co.		6,370		1,383,373
Ulta Beauty Inc.(a)		5,426		1,993,295
Williams-Sonoma Inc.		3,494		648,941
				45,886,569
Technology Hardware, Storage & Peripherals — 6.5%
Apple Inc.		977,761		146,468,598
Western Digital Corp.(a)		12,252		640,657
				147,109,255
Textiles, Apparel & Luxury Goods — 1.1%
Deckers Outdoor Corp.(a)		2,720		1,075,243
Lululemon Athletica Inc.(a)		11,740		5,470,958
Nike Inc., Class B		86,484		14,467,908
Under Armour Inc., Class A(a)		18,804		412,936
Under Armour Inc., Class C, NVS(a)		19,589		369,840
VF Corp.		32,321		2,355,555
				24,152,440
Trading Companies & Distributors — 0.3%
Fastenal Co.		56,985		3,252,704
SiteOne Landscape Supply Inc.(a)		4,429		1,040,638
United Rentals Inc.(a)		2,272		861,338
Watsco Inc.		3,281		950,112
WW Grainger Inc.		2,216		1,026,251
				7,131,043
Water Utilities — 0.1%
American Water Works Co. Inc.		9,984		1,739,013
Essential Utilities Inc.		12,184		573,501
				2,312,514

Security	Shares		Value
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		35,463	$	4,079,309
Total Common Stocks — 99.9% (Cost: $1,541,568,952)				2,246,532,154
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		35,162,811		35,180,392
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,717,000		2,717,000
				37,897,392
Total Short-Term Investments — 1.7% (Cost: $37,897,392)				37,897,392
Total Investments in Securities — 101.6% (Cost: $1,579,466,344)				2,284,429,546
Other Assets, Less Liabilities — (1.6)%				(35,001,039	)
Net Assets — 100.0%			$	2,249,428,507

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,338,813	$	15,843,705	(a)	$	—		$	(2,126	)	$	—	$	35,180,392		35,162,811	$	23,965	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,067,000		—			(350,000	)(a)		—			—		2,717,000		2,717,000		101			—
									$	(2,126	)	$	—	$	37,897,392			$	24,066		$	—

^(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 19

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Growth ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
NASDAQ 100 E-Mini Index		8		12/17/21	$	2,534	$	74,042
S&P 500 E-Mini Index		3		12/17/21		315		(6,346	)
							$	67,696

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	74,042
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,346

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	625,695
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	28,164

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,864,194

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

Fair Value Hierarchy as of Period End

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

20 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Growth ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,246,532,154		$	—	$	—	$	2,246,532,154
Money Market Funds		37,897,392			—		—		37,897,392
	$	2,284,429,546		$	—	$	—	$	2,284,429,546
Derivative financial instruments(a)
Assets
Futures Contracts	$	74,042		$	—	$	—	$	74,042
Liabilities
Futures Contracts		(6,346	)		—		—		(6,346	)
	$	67,696		$	—	$	—	$	67,696

^(a)   Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 21

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Axon Enterprise Inc.(a)(b)		6,537	$	1,176,399
HEICO Corp.		4,211		586,971
HEICO Corp., Class A		7,423		932,923
Howmet Aerospace Inc.		38,431		1,141,016
Huntington Ingalls Industries Inc.		3,996		810,109
Textron Inc.		22,188		1,638,584
TransDigm Group Inc.(a)		5,190		3,237,626
				9,523,628
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		13,113		1,271,830
Expeditors International of Washington Inc.		16,840		2,075,698
				3,347,528
Airlines — 0.9%
Alaska Air Group Inc.(a)		12,408		655,142
American Airlines Group Inc.(a)		64,028		1,229,338
Delta Air Lines Inc.(a)		63,429		2,481,977
Southwest Airlines Co.(a)		58,644		2,772,688
United Airlines Holdings Inc.(a)(b)		32,024		1,477,587
				8,616,732
Auto Components — 0.5%
Autoliv Inc.		7,796		755,042
BorgWarner Inc.		23,666		1,066,627
Gentex Corp.		23,790		841,928
Lear Corp.		5,948		1,022,164
QuantumScape Corp.(a)		23,080		667,935
				4,353,696
Automobiles — 0.1%
Harley-Davidson Inc.		15,286		557,786
Thor Industries Inc.		5,496		560,372
				1,118,158
Banks — 3.4%
Citizens Financial Group Inc.		42,212		2,000,005
Comerica Inc.		13,212		1,124,209
Commerce Bancshares Inc.		10,575		745,643
Cullen/Frost Bankers Inc.		5,611		726,624
East West Bancorp. Inc.		13,998		1,112,561
Fifth Third Bancorp		68,465		2,980,281
First Citizens BancShares Inc./NC, Class A(b)		711		578,683
First Horizon Corp.		54,690		928,089
First Republic Bank/CA		17,476		3,780,583
Huntington Bancshares Inc./OH		146,358		2,303,675
KeyCorp		94,778		2,205,484
M&T Bank Corp.		12,746		1,875,192
People’s United Financial Inc.		42,597		730,113
Regions Financial Corp.		94,579		2,239,631
Signature Bank/New York NY		6,002		1,787,516
SVB Financial Group(a)		5,815		4,171,681
Western Alliance Bancorp.		10,282		1,193,637
Zions Bancorp. NA		16,135		1,016,344
				31,499,951
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		930		458,006
Brown-Forman Corp., Class A		5,582		357,416
Brown-Forman Corp., Class B, NVS		18,062		1,226,229
Molson Coors Beverage Co., Class B		18,756		826,952
				2,868,603

Security	Shares		Value
Biotechnology — 2.2%
Acceleron Pharma Inc.(a)		5,313	$	925,418
Alnylam Pharmaceuticals Inc.(a)		11,780		1,879,617
Arrowhead Pharmaceuticals Inc.(a)		10,380		662,452
BioMarin Pharmaceutical Inc.(a)		18,142		1,437,391
Bridgebio Pharma Inc.(a)		10,884		537,452
CRISPR Therapeutics AG(a)(b)		6,979		637,392
Exact Sciences Corp.(a)(b)		17,032		1,621,787
Exelixis Inc.(a)		31,317		673,629
Fate Therapeutics Inc.(a)		8,073		434,327
Horizon Therapeutics PLC(a)		22,391		2,684,905
Incyte Corp.(a)		18,561		1,243,216
Mirati Therapeutics Inc.(a)		4,574		864,577
Natera Inc.(a)		8,612		986,677
Neurocrine Biosciences Inc.(a)		9,423		993,278
Novavax Inc.(a)		7,376		1,097,770
Seagen Inc.(a)		13,164		2,321,208
Ultragenyx Pharmaceutical Inc.(a)		6,754		566,796
United Therapeutics Corp.(a)		4,466		851,934
				20,419,826
Building Products — 1.3%
A O Smith Corp.		13,261		968,981
Advanced Drainage Systems Inc.		5,550		626,040
Allegion PLC		8,930		1,145,719
AZEK Co. Inc. (The)(a)		11,092		406,965
Builders FirstSource Inc.(a)		20,465		1,192,496
Carlisle Companies Inc.		5,146		1,147,146
Fortune Brands Home & Security Inc.		13,632		1,382,285
Lennox International Inc.		3,375		1,010,070
Masco Corp.		24,450		1,602,698
Owens Corning		10,165		949,513
Trex Co. Inc.(a)		11,483		1,221,791
				11,653,704
Capital Markets — 3.4%
Ameriprise Financial Inc.		11,275		3,406,516
Apollo Global Management Inc.		20,720		1,594,404
Ares Management Corp., Class A		16,158		1,369,229
Carlyle Group Inc. (The)		13,763		772,792
FactSet Research Systems Inc.		3,737		1,658,817
Franklin Resources Inc.		28,035		882,822
Invesco Ltd.		33,992		863,737
Jefferies Financial Group Inc.		19,676		846,068
KKR & Co. Inc.		57,791		4,604,209
LPL Financial Holdings Inc.		7,989		1,310,356
MarketAxess Holdings Inc.		3,762		1,537,417
Morningstar Inc.		2,358		746,896
Nasdaq Inc.		11,612		2,437,010
Northern Trust Corp.		20,656		2,541,514
Raymond James Financial Inc.		18,319		1,806,070
SEI Investments Co.		10,674		672,889
State Street Corp.		36,378		3,585,052
Tradeweb Markets Inc., Class A		10,429		929,224
				31,565,022
Chemicals — 2.4%
Albemarle Corp.		11,592		2,903,448
Axalta Coating Systems Ltd.(a)		21,539		671,802
Celanese Corp.		11,001		1,776,772
CF Industries Holdings Inc.		21,239		1,206,375
Corteva Inc.		72,773		3,140,155
Eastman Chemical Co.		13,429		1,397,019

22 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
FMC Corp.		12,813	$	1,166,111
International Flavors & Fragrances Inc.		24,688		3,640,246
LyondellBasell Industries NV, Class A		26,194		2,431,327
Mosaic Co. (The)		34,418		1,430,756
RPM International Inc.		12,807		1,116,770
Scotts Miracle-Gro Co. (The)		4,035		599,036
Westlake Chemical Corp.		3,317		322,877
				21,802,694
Commercial Services & Supplies — 0.8%
Copart Inc.(a)		21,105		3,277,396
IAA Inc.(a)		13,409		799,847
Republic Services Inc.		20,827		2,803,314
Rollins Inc.		22,535		793,908
				7,674,465
Communications Equipment — 1.1%
Arista Networks Inc.(a)		5,550		2,273,779
Ciena Corp.(a)		15,408		836,500
F5 Networks Inc.(a)		5,978		1,262,255
Juniper Networks Inc.		32,371		955,592
Motorola Solutions Inc.		16,784		4,172,335
Ubiquiti Inc.		625		190,956
				9,691,417
Construction & Engineering — 0.3%
AECOM(a)		14,201		970,922
MasTec Inc.(a)(b)		5,693		507,417
Quanta Services Inc.		13,777		1,670,875
				3,149,214
Construction Materials — 0.5%
Martin Marietta Materials Inc.		6,183		2,428,930
Vulcan Materials Co.		13,151		2,500,268
				4,929,198
Consumer Finance — 1.2%
Ally Financial Inc.		35,725		1,705,511
Discover Financial Services		29,684		3,363,791
OneMain Holdings Inc.		10,967		579,167
SoFi Technologies Inc.(a)		58,022		1,165,662
Synchrony Financial		56,469		2,622,985
Upstart Holdings Inc.(a)		4,566		1,470,435
				10,907,551
Containers & Packaging — 1.6%
Amcor PLC		153,497		1,852,709
AptarGroup Inc.		6,532		788,935
Avery Dennison Corp.		8,210		1,787,481
Ball Corp.		32,374		2,961,573
Berry Global Group Inc.(a)		13,470		882,824
Crown Holdings Inc.		12,994		1,351,246
International Paper Co.		38,740		1,924,216
Packaging Corp. of America		9,394		1,290,454
Sealed Air Corp.		14,923		885,232
Westrock Co.		26,401		1,269,888
				14,994,558
Distributors — 0.6%
Genuine Parts Co.		14,185		1,859,795
LKQ Corp.(a)		26,742		1,472,949
Pool Corp.		3,972		2,046,216
				5,378,960
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions Inc.(a)(b)		6,029		1,000,814

Security	Shares		Value
Diversified Consumer Services (continued)
Chegg Inc.(a)		14,010	$	832,754
Service Corp. International		16,540		1,132,825
				2,966,393
Diversified Financial Services — 0.2%
Equitable Holdings Inc.		37,863		1,268,411
Voya Financial Inc.		11,294		787,982
				2,056,393
Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		99,031		1,174,508
Electric Utilities — 2.0%
Alliant Energy Corp.		24,761		1,400,730
Avangrid Inc.		6,970		367,319
Edison International		37,637		2,368,496
Entergy Corp.		19,919		2,052,055
Evergy Inc.		22,687		1,446,296
Eversource Energy		34,062		2,891,864
FirstEnergy Corp.		53,939		2,078,270
NRG Energy Inc.		24,159		963,703
OGE Energy Corp.		19,871		677,005
PG&E Corp.(a)		149,846		1,738,214
Pinnacle West Capital Corp.		11,205		722,610
PPL Corp.		76,284		2,196,979
				18,903,541
Electrical Equipment — 1.7%
AMETEK Inc.		22,917		3,034,211
ChargePoint Holdings Inc.(a)		16,964		420,368
Generac Holdings Inc.(a)		6,257		3,119,490
Hubbell Inc.		5,365		1,069,620
Plug Power Inc.(a)		51,372		1,966,006
Rockwell Automation Inc.		11,501		3,673,419
Sensata Technologies Holding PLC(a)		15,607		859,946
Sunrun Inc.(a)		20,304		1,171,135
Vertiv Holdings Co.		28,070		720,838
				16,035,033
Electronic Equipment, Instruments & Components — 2.2%
Arrow Electronics Inc.(a)		7,150		827,613
CDW Corp./DE		13,629		2,543,853
Cognex Corp.		17,491		1,532,037
Corning Inc.		76,187		2,709,972
Flex Ltd.(a)		48,607		821,458
IPG Photonics Corp.(a)(b)		3,565		566,871
Jabil Inc.		14,518		870,499
Keysight Technologies Inc.(a)		18,261		3,287,345
Teledyne Technologies Inc.(a)(b)		4,619		2,074,947
Trimble Inc.(a)		24,941		2,179,095
Zebra Technologies Corp., Class A(a)		5,293		2,826,197
				20,239,887
Energy Equipment & Services — 0.5%
Baker Hughes Co.		82,105		2,059,193
Halliburton Co.		88,208		2,204,318
				4,263,511
Entertainment — 0.6%
Liberty Media Corp.-Liberty Formula One, Class A(a)(b)		2,341		122,083
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		20,270		1,131,066
Live Nation Entertainment Inc.(a)		13,117		1,326,784
Playtika Holding Corp.(a)		10,196		288,343
Take-Two Interactive Software Inc.(a)		11,539		2,088,559

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Zynga Inc., Class A(a)		101,194	$	746,812
				5,703,647
Equity Real Estate Investment Trusts (REITs) — 7.2%
Alexandria Real Estate Equities Inc.		13,743		2,805,496
American Homes 4 Rent, Class A		27,047		1,098,108
Americold Realty Trust		25,992		765,984
AvalonBay Communities Inc.		13,839		3,275,415
Boston Properties Inc.		14,069		1,598,801
Camden Property Trust		9,954		1,623,497
CubeSmart		19,916		1,095,579
CyrusOne Inc.		12,319		1,010,404
Duke Realty Corp.		37,488		2,108,325
Equity LifeStyle Properties Inc.		16,903		1,428,473
Equity Residential		33,776		2,918,246
Essex Property Trust Inc.		6,446		2,191,189
Extra Space Storage Inc.		13,263		2,617,718
Federal Realty Investment Trust		6,968		838,599
Gaming and Leisure Properties Inc.		22,152		1,074,151
Healthpeak Properties Inc.		53,402		1,896,305
Host Hotels & Resorts Inc.(a)		70,613		1,188,417
Invitation Homes Inc.		57,132		2,356,695
Iron Mountain Inc.		28,620		1,306,217
Kilroy Realty Corp.		10,434		703,043
Kimco Realty Corp.		60,675		1,371,255
Lamar Advertising Co., Class A		8,562		969,218
Medical Properties Trust Inc.		58,983		1,258,107
Mid-America Apartment Communities Inc.		11,500		2,348,415
National Retail Properties Inc.		17,482		792,984
Omega Healthcare Investors Inc.		23,676		695,127
Realty Income Corp.		38,596		2,756,912
Regency Centers Corp.		15,091		1,062,557
SBA Communications Corp.		10,859		3,749,939
STORE Capital Corp.		24,344		835,730
Sun Communities Inc.		11,488		2,251,418
UDR Inc.		27,615		1,533,461
Ventas Inc.		39,002		2,081,537
VEREIT Inc.		22,627		1,138,138
VICI Properties Inc.		61,085		1,792,845
Vornado Realty Trust		15,774		672,446
Welltower Inc.		41,885		3,367,554
Weyerhaeuser Co.		74,319		2,654,675
WP Carey Inc.		18,230		1,405,715
				66,638,695
Food & Staples Retailing — 0.5%
Casey’s General Stores Inc.		3,679		704,676
Kroger Co. (The)		67,401		2,697,388
Performance Food Group Co.(a)(b)		15,300		692,019
U.S. Foods Holding Corp.(a)		22,153		768,044
				4,862,127
Food Products — 2.3%
Archer-Daniels-Midland Co.		55,445		3,561,787
Beyond Meat Inc.(a)(b)		5,982		592,099
Bunge Ltd.		13,966		1,293,810
Campbell Soup Co.		20,195		806,790
Conagra Brands Inc.		47,555		1,531,271
Darling Ingredients Inc.(a)		16,135		1,363,730
Freshpet Inc.(a)		4,289		668,698
Hershey Co. (The)		14,415		2,527,670
Hormel Foods Corp.		28,063		1,187,626

Security	Shares		Value
Food Products (continued)
JM Smucker Co. (The)		10,712	$	1,316,076
Kellogg Co.		25,324		1,552,361
Lamb Weston Holdings Inc.		14,303		807,405
McCormick & Co. Inc./MD, NVS		24,700		1,981,681
Tyson Foods Inc., Class A		29,222		2,336,883
				21,527,887
Gas Utilities — 0.2%
Atmos Energy Corp.		13,021		1,199,495
UGI Corp.		20,817		903,666
				2,103,161
Health Care Equipment & Supplies — 3.2%
ABIOMED Inc.(a)		4,492		1,491,524
Cooper Companies Inc. (The)		4,882		2,035,403
DENTSPLY SIRONA Inc.		21,609		1,236,251
Dexcom Inc.(a)(b)		9,590		5,976,584
Hill-Rom Holdings Inc.		6,494		1,005,921
Hologic Inc.(a)		25,121		1,841,620
Insulet Corp.(a)		6,826		2,116,196
Masimo Corp.(a)		5,011		1,420,819
Novocure Ltd.(a)		8,874		910,206
Penumbra Inc.(a)		3,412		943,589
ResMed Inc.		14,424		3,792,214
STERIS PLC		9,888		2,311,221
Teleflex Inc.		4,635		1,654,417
Zimmer Biomet Holdings Inc.		20,701		2,962,727
				29,698,692
Health Care Providers & Services — 2.1%
Agilon Health Inc.(a)		4,725		115,762
Amedisys Inc.(a)		3,218		544,936
AmerisourceBergen Corp.		14,829		1,809,435
Cardinal Health Inc.		28,712		1,372,721
Chemed Corp.		1,566		755,203
DaVita Inc.(a)		6,678		689,437
Encompass Health Corp.		9,906		629,625
Guardant Health Inc.(a)		10,017		1,169,885
Henry Schein Inc.(a)		13,793		1,053,096
Laboratory Corp. of America Holdings(a)		9,585		2,751,087
LHC Group Inc.(a)		3,147		423,555
McKesson Corp.		15,332		3,187,216
Molina Healthcare Inc.(a)		5,783		1,710,149
Quest Diagnostics Inc.		12,106		1,776,919
Universal Health Services Inc., Class B		7,493		929,881
				18,918,907
Health Care Technology — 0.5%
Cerner Corp.		29,299		2,176,623
Teladoc Health Inc.(a)(b)		15,785		2,361,278
				4,537,901
Hotels, Restaurants & Leisure — 3.9%
Airbnb Inc., Class A(a)		33,360		5,693,218
Aramark		25,411		926,993
Boyd Gaming Corp.(a)		8,064		514,322
Caesars Entertainment Inc.(a)		21,155		2,315,626
Carnival Corp.(a)		79,125		1,753,410
Churchill Downs Inc.		3,447		792,810
Darden Restaurants Inc.		12,915		1,861,568
Domino’s Pizza Inc.		3,651		1,785,229
DraftKings Inc., Class A(a)(b)		32,793		1,527,826
Expedia Group Inc.(a)		14,402		2,367,833
Hilton Worldwide Holdings Inc.(a)		27,624		3,976,475

24 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
MGM Resorts International		39,613	$	1,868,149
Norwegian Cruise Line Holdings Ltd.(a)(b)		36,499		938,754
Penn National Gaming Inc.(a)		16,460		1,178,536
Royal Caribbean Cruises Ltd.(a)		22,210		1,875,190
Texas Roadhouse Inc.		6,952		617,407
Vail Resorts Inc.		3,981		1,372,291
Wynn Resorts Ltd.(a)		10,480		941,104
Yum! Brands Inc.		29,305		3,661,367
				35,968,108
Household Durables — 1.7%
DR Horton Inc.		32,308		2,884,135
Garmin Ltd.		15,060		2,162,616
Lennar Corp., Class A		27,228		2,720,894
Lennar Corp., Class B		1,570		128,866
Mohawk Industries Inc.(a)		5,519		978,022
Newell Brands Inc.		37,693		862,793
NVR Inc.(a)		333		1,629,968
PulteGroup Inc.		25,653		1,233,396
Tempur Sealy International Inc.		19,384		862,007
Toll Brothers Inc.		11,546		694,723
Whirlpool Corp.		6,200		1,307,146
				15,464,566
Household Products — 0.4%
Church & Dwight Co. Inc.		24,338		2,126,167
Clorox Co. (The)		12,172		1,984,158
				4,110,325
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		65,967		1,657,751
Vistra Corp.		48,038		941,064
				2,598,815
Insurance — 3.7%
Aflac Inc.		61,166		3,282,779
Alleghany Corp.(a)		1,381		899,556
American Financial Group Inc./OH		6,581		895,279
Arch Capital Group Ltd.(a)		39,202		1,639,428
Arthur J Gallagher & Co.		20,493		3,436,061
Assurant Inc.		5,800		935,598
Athene Holding Ltd., Class A(a)		12,996		1,130,782
Brown & Brown Inc.		23,116		1,458,851
Cincinnati Financial Corp.		14,846		1,802,898
Erie Indemnity Co., Class A, NVS		2,483		511,026
Everest Re Group Ltd.		3,935		1,029,003
Fidelity National Financial Inc.		28,210		1,351,541
Globe Life Inc.		9,317		829,399
Hartford Financial Services Group Inc. (The)		34,413		2,509,740
Lincoln National Corp.		17,449		1,258,945
Loews Corp.		20,066		1,125,101
Markel Corp.(a)		1,358		1,783,231
Old Republic International Corp.		28,222		728,974
Principal Financial Group Inc.		24,708		1,657,660
Reinsurance Group of America Inc.		6,770		799,402
RenaissanceRe Holdings Ltd.		4,690		665,042
W R Berkley Corp.		13,840		1,101,664
Willis Towers Watson PLC		12,791		3,099,003
				33,930,963
Interactive Media & Services — 0.4%
Bumble Inc., Class A(a)(b)		7,045		370,003
IAC/InterActiveCorp.(a)		8,239		1,255,377

Security	Shares		Value
Interactive Media & Services (continued)
Pinterest Inc., Class A(a)		55,030	$	2,456,539
				4,081,919
Internet & Direct Marketing Retail — 0.6%
Chewy Inc., Class A(a)(b)		8,613		652,865
Etsy Inc.(a)		12,546		3,145,157
Wayfair Inc., Class A(a)(b)		7,666		1,909,601
				5,707,623
IT Services — 4.1%
Affirm Holdings Inc.(a)		9,178		1,491,425
Akamai Technologies Inc.(a)		16,129		1,700,964
Broadridge Financial Solutions Inc.		11,511		2,053,678
Cloudflare Inc., Class A(a)		26,112		5,084,529
Concentrix Corp.		4,263		757,450
DXC Technology Co.(a)		25,079		816,823
EPAM Systems Inc.(a)		5,613		3,778,896
Euronet Worldwide Inc.(a)		5,235		587,315
FleetCor Technologies Inc.(a)		8,188		2,025,793
Gartner Inc.(a)		8,291		2,751,866
Genpact Ltd.		17,195		848,573
GoDaddy Inc., Class A(a)		16,808		1,162,609
Jack Henry & Associates Inc.		7,395		1,231,120
MongoDB Inc.(a)(b)		6,407		3,339,905
Okta Inc.(a)		12,396		3,064,043
Paychex Inc.		31,743		3,913,277
VeriSign Inc.(a)		9,647		2,148,097
Western Union Co. (The)		40,455		737,090
WEX Inc.(a)		4,460		667,662
				38,161,115
Leisure Products — 0.7%
Brunswick Corp./DE		7,716		718,282
Hasbro Inc.		12,793		1,225,058
Mattel Inc.(a)		34,622		755,106
Peloton Interactive Inc., Class A(a)(b)		26,638		2,435,779
Polaris Inc.		5,670		651,766
YETI Holdings Inc.(a)		8,705		855,963
				6,641,954
Life Sciences Tools & Services — 2.7%
10X Genomics Inc., Class A(a)		8,964		1,445,624
Avantor Inc.(a)		57,903		2,338,123
Bio-Rad Laboratories Inc., Class A(a)		2,128		1,691,079
Bio-Techne Corp.		3,855		2,018,671
Bruker Corp.		10,074		808,942
Charles River Laboratories International Inc.(a)		4,995		2,241,157
Mettler-Toledo International Inc.(a)		2,291		3,392,696
PerkinElmer Inc.		11,113		1,965,779
PPD Inc.(a)		11,892		560,946
Repligen Corp.(a)		5,061		1,470,220
Sotera Health Co.(a)		9,857		243,468
Syneos Health Inc.(a)		10,210		953,001
Waters Corp.(a)		6,082		2,235,439
West Pharmaceutical Services Inc.		7,333		3,152,310
				24,517,455
Machinery — 3.7%
AGCO Corp.		6,154		752,080
Donaldson Co. Inc.		12,503		750,305
Dover Corp.		14,270		2,412,772
Fortive Corp.		35,524		2,689,522
Graco Inc.		16,779		1,261,445
IDEX Corp.		7,524		1,674,617

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, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Ingersoll Rand Inc.(a)		40,161	$	2,159,055
ITT Inc.		8,572		806,368
Lincoln Electric Holdings Inc.		5,912		841,869
Middleby Corp. (The)(a)		5,486		1,000,866
Nordson Corp.		5,345		1,358,753
Oshkosh Corp.		6,829		730,703
Otis Worldwide Corp.		42,303		3,397,354
PACCAR Inc.		34,412		3,084,004
Pentair PLC		16,395		1,212,738
Snap-on Inc.		5,373		1,091,955
Stanley Black & Decker Inc.		16,153		2,903,179
Toro Co. (The)		10,569		1,009,022
Westinghouse Air Brake Technologies Corp.		18,718		1,698,284
Woodward Inc.		6,332		715,199
Xylem Inc./NY		17,858		2,332,076
				33,882,166
Media — 1.5%
Altice USA Inc., Class A(a)		22,687		369,798
Cable One Inc.		488		835,071
Discovery Inc., Class A(a)(b)		16,825		394,378
Discovery Inc., Class C, NVS(a)		30,112		679,327
DISH Network Corp., Class A(a)		24,574		1,009,254
Fox Corp., Class A, NVS		31,965		1,270,289
Fox Corp., Class B		14,766		545,751
Interpublic Group of Companies Inc. (The)		38,949		1,424,365
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		7,857		391,121
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		15,918		785,076
New York Times Co. (The), Class A		16,635		908,105
News Corp., Class A, NVS		38,948		891,909
News Corp., Class B		12,202		275,277
Omnicom Group Inc.		21,224		1,444,930
Sirius XM Holdings Inc.(b)		92,748		564,835
ViacomCBS Inc., Class A		809		31,494
ViacomCBS Inc., Class B, NVS		60,049		2,174,975
				13,995,955
Metals & Mining — 0.8%
Cleveland-Cliffs Inc.(a)(b)		44,832		1,080,900
Nucor Corp.		29,111		3,250,243
Reliance Steel & Aluminum Co.		6,320		923,731
Royal Gold Inc.		6,509		644,521
Steel Dynamics Inc.		19,153		1,265,630
				7,165,025
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		52,259		831,963
Annaly Capital Management Inc.		142,790		1,208,003
Starwood Property Trust Inc.		28,574		727,780
				2,767,746
Multi-Utilities — 1.9%
Ameren Corp.		25,489		2,148,468
CenterPoint Energy Inc.		58,667		1,527,689
CMS Energy Corp.		28,693		1,731,622
Consolidated Edison Inc.		35,028		2,641,111
DTE Energy Co.		19,205		2,176,887
NiSource Inc.		38,700		954,729
Public Service Enterprise Group Inc.		50,113		3,197,209
WEC Energy Group Inc.		31,266		2,815,816
				17,193,531
Multiline Retail — 0.4%
Dollar Tree Inc.(a)		22,989		2,477,295

Security	Shares		Value
Multiline Retail (continued)
Kohl’s Corp.		15,554	$	754,835
				3,232,130
Oil, Gas & Consumable Fuels — 4.2%
APA Corp.		37,635		986,413
Cheniere Energy Inc.(a)		23,378		2,417,285
Continental Resources Inc./OK		5,855		285,783
Coterra Energy Inc.		80,468		1,715,578
Devon Energy Corp.		62,391		2,500,631
Diamondback Energy Inc.		16,839		1,804,972
Hess Corp.		27,314		2,255,317
Marathon Oil Corp.		77,755		1,268,962
Marathon Petroleum Corp.		63,259		4,170,666
Occidental Petroleum Corp.		87,925		2,948,125
ONEOK Inc.		44,174		2,810,350
Phillips 66		43,414		3,246,499
Pioneer Natural Resources Co.		22,489		4,204,993
Targa Resources Corp.		22,572		1,234,011
Texas Pacific Land Corp.(b)		617		785,854
Valero Energy Corp.		40,523		3,133,644
Williams Companies Inc. (The)		120,428		3,382,823
				39,151,906
Personal Products — 0.0%
Coty Inc., Class A(a)		33,292		282,316
Pharmaceuticals — 0.8%
Catalent Inc.(a)(b)		16,884		2,327,628
Elanco Animal Health Inc.(a)		46,815		1,539,277
Jazz Pharmaceuticals PLC(a)		6,031		802,364
Royalty Pharma PLC, Class A		35,041		1,385,171
Viatris Inc.		119,727		1,598,356
				7,652,796
Professional Services — 2.1%
Booz Allen Hamilton Holding Corp.		13,346		1,159,234
Clarivate PLC(a)		36,666		859,818
CoStar Group Inc.(a)(b)		39,148		3,368,685
Dun & Bradstreet Holdings Inc.(a)(b)		15,021		282,996
Equifax Inc.		12,077		3,350,522
Jacobs Engineering Group Inc.		12,906		1,812,260
Leidos Holdings Inc.		13,998		1,399,520
Nielsen Holdings PLC		35,619		721,285
Robert Half International Inc.		11,059		1,250,441
TransUnion		18,982		2,188,435
Verisk Analytics Inc.		15,993		3,362,848
				19,756,044
Real Estate Management & Development — 0.8%
CBRE Group Inc., Class A(a)		33,278		3,463,574
Jones Lang LaSalle Inc.(a)		5,048		1,303,545
Opendoor Technologies Inc.(a)(b)		37,924		899,178
Zillow Group Inc., Class A(a)		3,641		384,927
Zillow Group Inc., Class C, NVS(a)(b)		16,756		1,736,424
				7,787,648
Road & Rail — 1.3%
AMERCO		976		719,302
JB Hunt Transport Services Inc.		8,325		1,641,607
Kansas City Southern		9,017		2,797,524
Knight-Swift Transportation Holdings Inc.		16,524		936,746
Lyft Inc., Class A(a)		28,765		1,319,451
Old Dominion Freight Line Inc.		9,298		3,173,872
TuSimple Holdings Inc., Class A(a)		3,362		131,521

26 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
XPO Logistics Inc.(a)		9,814	$	842,041
				11,562,064
Semiconductors & Semiconductor Equipment — 3.6%
Brooks Automation Inc.		7,371		858,353
Enphase Energy Inc.(a)		13,344		3,090,871
Entegris Inc.		13,433		1,891,098
First Solar Inc.(a)		9,751		1,166,122
Marvell Technology Inc.		81,230		5,564,255
MKS Instruments Inc.		5,521		828,426
Monolithic Power Systems Inc.		4,279		2,248,444
ON Semiconductor Corp.(a)		42,675		2,051,387
Qorvo Inc.(a)		11,014		1,852,885
Skyworks Solutions Inc.		16,369		2,735,751
SolarEdge Technologies Inc.(a)		5,172		1,834,405
Teradyne Inc.		16,349		2,260,086
Universal Display Corp.		4,316		790,691
Wolfspeed Inc.(a)		11,393		1,368,413
Xilinx Inc.		24,529		4,415,220
				32,956,407
Software — 7.7%
Anaplan Inc.(a)		14,409		939,611
ANSYS Inc.(a)		8,649		3,282,987
AppLovin Corp., Class A(a)		2,615		256,924
Aspen Technology Inc.(a)		6,761		1,059,381
Avalara Inc.(a)(b)		8,546		1,535,203
Bill.com Holdings Inc.(a)		8,788		2,586,396
Black Knight Inc.(a)		15,469		1,084,532
Cadence Design Systems Inc.(a)		27,435		4,749,273
Ceridian HCM Holding Inc.(a)		13,346		1,671,587
Citrix Systems Inc.		12,286		1,163,853
Coupa Software Inc.(a)(b)		7,283		1,658,339
Datadog Inc., Class A(a)		23,763		3,969,609
Dropbox Inc., Class A(a)		28,598		871,953
Dynatrace Inc.(a)		19,406		1,455,450
Elastic NV(a)		7,106		1,232,962
Fair Isaac Corp.(a)		2,826		1,125,313
Five9 Inc.(a)		6,694		1,057,719
Fortinet Inc.(a)		13,436		4,519,064
Guidewire Software Inc.(a)(b)		8,203		1,031,363
HubSpot Inc.(a)		4,421		3,582,027
Manhattan Associates Inc.(a)		6,256		1,135,714
NortonLifeLock Inc.		57,515		1,463,757
Nuance Communications Inc.(a)		28,219		1,553,456
Palo Alto Networks Inc.(a)		9,653		4,914,246
Paycom Software Inc.(a)		4,765		2,610,505
Paylocity Holding Corp.(a)		3,883		1,184,859
Pegasystems Inc.		4,041		479,748
PTC Inc.(a)		10,445		1,330,171
RingCentral Inc., Class A(a)		8,065		1,966,086
Smartsheet Inc., Class A(a)		12,340		851,583
Splunk Inc.(a)		16,248		2,677,995
SS&C Technologies Holdings Inc.		21,981		1,746,830
Trade Desk Inc. (The), Class A(a)		43,030		3,223,377
Tyler Technologies Inc.(a)		4,047		2,198,411
VMware Inc., Class A(a)		7,938		1,204,195
Zendesk Inc.(a)		11,896		1,211,013
Zscaler Inc.(a)		7,740		2,467,976
				71,053,468

Security	Shares		Value
Specialty Retail — 3.1%
Advance Auto Parts Inc.		6,473	$	1,459,791
AutoNation Inc.(a)		4,348		526,630
AutoZone Inc.(a)		2,136		3,812,418
Bath & Body Works Inc.		26,224		1,811,816
Best Buy Co. Inc.		22,344		2,731,331
Burlington Stores Inc.(a)		6,599		1,823,238
CarMax Inc.(a)(b)		16,150		2,211,258
Carvana Co.(a)		8,376		2,539,436
Five Below Inc.(a)		5,528		1,090,674
Floor & Decor Holdings Inc., Class A(a)		10,409		1,414,791
GameStop Corp., Class A(a)(b)		6,194		1,136,661
Gap Inc. (The)		21,428		486,201
Lithia Motors Inc.		2,988		953,829
RH(a)		1,687		1,112,796
Tractor Supply Co.		11,333		2,461,188
Ulta Beauty Inc.(a)		5,428		1,994,030
Williams-Sonoma Inc.		7,432		1,380,345
				28,946,433
Technology Hardware, Storage & Peripherals — 1.1%
Dell Technologies Inc., Class C(a)		27,515		3,026,375
Hewlett Packard Enterprise Co.		129,343		1,894,875
NetApp Inc.		22,203		1,982,728
Seagate Technology Holdings PLC		20,740		1,847,312
Western Digital Corp.(a)		30,353		1,587,158
				10,338,448
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		15,134		805,734
Deckers Outdoor Corp.(a)		2,754		1,088,684
PVH Corp.(a)		7,076		773,619
Tapestry Inc.		27,535		1,073,314
Under Armour Inc., Class A(a)		18,862		414,210
Under Armour Inc., Class C, NVS(a)		20,748		391,722
VF Corp.		32,303		2,354,243
				6,901,526
Trading Companies & Distributors — 1.1%
Fastenal Co.		56,969		3,251,790
SiteOne Landscape Supply Inc.(a)(b)		4,434		1,041,813
United Rentals Inc.(a)		7,175		2,720,114
Watsco Inc.		3,272		947,506
WW Grainger Inc.		4,333		2,006,656
				9,967,879
Water Utilities — 0.5%
American Water Works Co. Inc.		17,990		3,133,498
Essential Utilities Inc.		22,077		1,039,165
				4,172,663
Total Common Stocks — 99.8% (Cost: $771,787,307)				923,074,182
Short-Term Investments
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		36,297,905		36,316,054

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, 2021 iShares^® Morningstar Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,612,000	$	1,612,000
				37,928,054
Total Short-Term Investments — 4.1% (Cost: $37,927,805)				37,928,054
Total Investments in Securities — 103.9% (Cost: $809,715,112)				961,002,236
Other Assets, Less Liabilities — (3.9)%				(35,868,593	)
Net Assets — 100.0%			$	925,133,643

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	29,118,740	$	7,198,189	(a)	$	—	$	(3,429	)	$	2,554	$	36,316,054		36,297,905	$	44,591	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,432,000		180,000	(a)		—		—			—		1,612,000		1,612,000		51			—
								$	(3,429	)	$	2,554	$	37,928,054			$	44,642		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		3		12/17/21	$	689	$	25,843
S&P Mid 400 E-Mini Index		4		12/17/21		1,116		41,925
							$	67,768

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	67,768

^(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).

28 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap ETF

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	70,734
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,489

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,662,542

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	923,074,182	$	—	$	—	$	923,074,182
Money Market Funds		37,928,054		—		—		37,928,054
	$	961,002,236	$	—	$	—	$	961,002,236
Derivative financial instruments(a)
Assets
Futures Contracts	$	67,768	$	—	$	—	$	67,768

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 29

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Axon Enterprise Inc.(a)		18,373	$	3,306,405
HEICO Corp.		11,880		1,655,953
HEICO Corp., Class A		20,966		2,635,007
Howmet Aerospace Inc.		76,644		2,275,561
Huntington Ingalls Industries Inc.		5,452		1,105,284
Textron Inc.		29,013		2,142,610
TransDigm Group Inc.(a)		9,732		6,071,016
				19,191,836
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		14,529		1,409,167
Expeditors International of Washington Inc.		31,349		3,864,078
				5,273,245
Auto Components — 0.1%
Gentex Corp.		28,667		1,014,525
Automobiles — 0.1%
Thor Industries Inc.		8,155		831,484
Banks — 2.3%
Commerce Bancshares Inc.		13,725		967,750
First Citizens BancShares Inc./NC, Class A(b)		1,990		1,619,661
First Republic Bank/CA		49,400		10,686,702
Huntington Bancshares Inc./OH		166,967		2,628,060
Regions Financial Corp.		124,422		2,946,313
Signature Bank/New York NY		7,155		2,130,902
SVB Financial Group(a)(b)		11,180		8,020,532
Western Alliance Bancorp.		16,122		1,871,603
				30,871,523
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		2,637		1,298,670
Brown-Forman Corp., Class A		9,030		578,191
Brown-Forman Corp., Class B, NVS		29,682		2,015,111
				3,891,972
Biotechnology — 3.8%
Acceleron Pharma Inc.(a)		14,970		2,607,475
Alnylam Pharmaceuticals Inc.(a)		33,300		5,313,348
Arrowhead Pharmaceuticals Inc.(a)		29,287		1,869,096
BioMarin Pharmaceutical Inc.(a)		51,339		4,067,589
Bridgebio Pharma Inc.(a)(b)		14,326		707,418
CRISPR Therapeutics AG(a)		9,360		854,849
Exact Sciences Corp.(a)(b)		48,173		4,587,033
Exelixis Inc.(a)		88,496		1,903,549
Fate Therapeutics Inc.(a)		22,727		1,222,713
Horizon Therapeutics PLC(a)		63,294		7,589,583
Incyte Corp.(a)		52,540		3,519,129
Mirati Therapeutics Inc.(a)		12,828		2,424,748
Natera Inc.(a)		24,497		2,806,621
Neurocrine Biosciences Inc.(a)		26,585		2,802,325
Novavax Inc.(a)(b)		8,031		1,195,254
Seagen Inc.(a)		37,213		6,561,768
Ultragenyx Pharmaceutical Inc.(a)		19,052		1,598,844
				51,631,342
Building Products — 1.4%
A O Smith Corp.		20,332		1,485,659
Advanced Drainage Systems Inc.		15,653		1,765,658
Allegion PLC		13,690		1,756,427
AZEK Co. Inc. (The)(a)		31,319		1,149,094
Builders FirstSource Inc.(a)		34,872		2,031,991

Security	Shares		Value
Building Products (continued)
Carlisle Companies Inc.		7,751	$	1,727,853
Fortune Brands Home & Security Inc.		18,195		1,844,973
Lennox International Inc.		6,646		1,989,015
Masco Corp.		29,579		1,938,904
Trex Co. Inc.(a)		32,280		3,434,592
				19,124,166
Capital Markets — 3.4%
Apollo Global Management Inc.		35,856		2,759,119
Ares Management Corp., Class A		45,874		3,887,363
Carlyle Group Inc. (The)		27,351		1,535,759
FactSet Research Systems Inc.		10,577		4,695,025
KKR & Co. Inc.		163,362		13,015,051
LPL Financial Holdings Inc.		22,453		3,682,741
MarketAxess Holdings Inc.		10,644		4,349,883
Morningstar Inc.		6,652		2,107,021
Nasdaq Inc.		19,194		4,028,245
Raymond James Financial Inc.		24,544		2,419,793
SEI Investments Co.		14,305		901,787
Tradeweb Markets Inc., Class A		29,425		2,621,767
				46,003,554
Chemicals — 1.3%
Albemarle Corp.		23,298		5,835,450
Axalta Coating Systems Ltd.(a)		21,331		665,314
Celanese Corp.		16,241		2,623,084
Corteva Inc.		95,685		4,128,808
FMC Corp.		14,510		1,320,555
RPM International Inc.		21,835		1,904,012
Scotts Miracle-Gro Co. (The)		8,224		1,220,935
				17,698,158
Commercial Services & Supplies — 1.2%
Copart Inc.(a)		59,659		9,264,446
IAA Inc.(a)		37,630		2,244,630
Republic Services Inc.		19,269		2,593,607
Rollins Inc.		63,204		2,226,677
				16,329,360
Communications Equipment — 1.0%
Arista Networks Inc.(a)(b)		15,691		6,428,446
Ciena Corp.(a)		17,715		961,747
F5 Networks Inc.(a)		8,181		1,727,418
Motorola Solutions Inc.		16,847		4,187,996
Ubiquiti Inc.		1,765		539,260
				13,844,867
Construction & Engineering — 0.3%
AECOM(a)		15,581		1,065,273
MasTec Inc.(a)		7,912		705,197
Quanta Services Inc.		15,015		1,821,019
				3,591,489
Construction Materials — 0.8%
Martin Marietta Materials Inc.		11,016		4,327,525
Vulcan Materials Co.		37,175		7,067,711
				11,395,236
Consumer Finance — 0.3%
Upstart Holdings Inc.(a)		12,939		4,166,876
Containers & Packaging — 0.9%
AptarGroup Inc.		9,531		1,151,154
Avery Dennison Corp.		14,481		3,152,803
Ball Corp.		65,680		6,008,407

30 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
Crown Holdings Inc.		16,130	$	1,677,359
				11,989,723
Distributors — 0.6%
LKQ Corp.(a)		35,879		1,976,215
Pool Corp.		11,235		5,787,823
				7,764,038
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions Inc.(a)		9,073		1,506,118
Chegg Inc.(a)(b)		39,870		2,369,873
Service Corp. International		23,816		1,631,158
				5,507,149
Diversified Financial Services — 0.1%
Voya Financial Inc.		15,358		1,071,528
Electric Utilities — 0.1%
NRG Energy Inc.		19,612		782,323
Electrical Equipment — 2.2%
AMETEK Inc.		34,103		4,515,237
Generac Holdings Inc.(a)		17,686		8,817,532
Hubbell Inc.		4,746		946,210
Plug Power Inc.(a)(b)		144,718		5,538,358
Rockwell Automation Inc.		19,845		6,338,493
Sunrun Inc.(a)		37,165		2,143,677
Vertiv Holdings Co.		79,170		2,033,086
				30,332,593
Electronic Equipment, Instruments & Components — 3.1%
CDW Corp./DE		23,501		4,386,461
Cognex Corp.		49,488		4,334,654
Corning Inc.		127,760		4,544,423
IPG Photonics Corp.(a)		10,068		1,600,913
Jabil Inc.		13,078		784,157
Keysight Technologies Inc.(a)		36,799		6,624,556
Teledyne Technologies Inc.(a)		13,058		5,865,915
Trimble Inc.(a)		70,503		6,159,847
Zebra Technologies Corp., Class A(a)		14,962		7,988,960
				42,289,886
Energy Equipment & Services — 0.2%
Halliburton Co.		102,972		2,573,270
Entertainment — 0.8%
Live Nation Entertainment Inc.(a)		19,676		1,990,227
Playtika Holding Corp.(a)		14,435		408,222
Take-Two Interactive Software Inc.(a)		32,639		5,907,659
Zynga Inc., Class A(a)		286,590		2,115,034
				10,421,142
Equity Real Estate Investment Trusts (REITs) — 5.0%
Alexandria Real Estate Equities Inc.		24,709		5,044,095
American Homes 4 Rent, Class A		76,931		3,123,399
Americold Realty Trust		32,869		968,649
AvalonBay Communities Inc.		19,626		4,645,082
Camden Property Trust		9,664		1,576,198
CubeSmart		23,225		1,277,607
CyrusOne Inc.		34,836		2,857,249
Duke Realty Corp.		64,630		3,634,791
Equity LifeStyle Properties Inc.		24,970		2,110,215
Essex Property Trust Inc.		6,075		2,065,075
Extra Space Storage Inc.		18,461		3,643,647
Healthpeak Properties Inc.		54,588		1,938,420

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Invitation Homes Inc.		161,528	$	6,663,030
Kilroy Realty Corp.		13,605		916,705
Mid-America Apartment Communities Inc.		13,951		2,848,934
Realty Income Corp.		50,690		3,620,787
SBA Communications Corp.		30,696		10,600,250
STORE Capital Corp.		22,323		766,349
Sun Communities Inc.		32,475		6,364,450
UDR Inc.		36,133		2,006,465
VICI Properties Inc.		56,712		1,664,497
				68,335,894
Food & Staples Retailing — 0.1%
Casey’s General Stores Inc.		5,491		1,051,746
Performance Food Group Co.(a)		16,675		754,210
				1,805,956
Food Products — 1.2%
Beyond Meat Inc.(a)(b)		16,869		1,669,694
Darling Ingredients Inc.(a)		45,345		3,832,559
Freshpet Inc.(a)(b)		12,095		1,885,731
Hershey Co. (The)		22,771		3,992,895
Hormel Foods Corp.		25,121		1,063,121
Lamb Weston Holdings Inc.		18,395		1,038,398
McCormick & Co. Inc./MD, NVS		34,199		2,743,786
				16,226,184
Health Care Equipment & Supplies — 5.1%
ABIOMED Inc.(a)		12,709		4,219,896
Cooper Companies Inc. (The)		13,798		5,752,662
DENTSPLY SIRONA Inc.		37,258		2,131,530
Dexcom Inc.(a)(b)		27,108		16,893,977
Hologic Inc.(a)		39,299		2,881,010
Insulet Corp.(a)		19,297		5,982,456
Masimo Corp.(a)		14,181		4,020,881
Novocure Ltd.(a)		24,937		2,557,788
Penumbra Inc.(a)		9,659		2,671,197
ResMed Inc.		40,773		10,719,629
STERIS PLC		27,951		6,533,267
Teleflex Inc.		13,112		4,680,197
				69,044,490
Health Care Providers & Services — 0.8%
Amedisys Inc.(a)		9,167		1,552,340
Chemed Corp.		2,781		1,341,137
DaVita Inc.(a)		7,312		754,891
Encompass Health Corp.		15,190		965,476
Guardant Health Inc.(a)(b)		28,344		3,310,296
LHC Group Inc.(a)		8,897		1,197,447
Molina Healthcare Inc.(a)		5,653		1,671,705
				10,793,292
Health Care Technology — 0.7%
Cerner Corp.		44,716		3,321,952
Teladoc Health Inc.(a)(b)		44,618		6,674,406
				9,996,358
Hotels, Restaurants & Leisure — 4.7%
Airbnb Inc., Class A(a)		94,301		16,093,409
Boyd Gaming Corp.(a)		12,174		776,458
Caesars Entertainment Inc.(a)(b)		39,554		4,329,581
Churchill Downs Inc.		9,682		2,226,860
Darden Restaurants Inc.		16,680		2,404,255
Domino’s Pizza Inc.		10,326		5,049,104
DraftKings Inc., Class A(a)(b)		92,671		4,317,542

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Expedia Group Inc.(a)		16,216	$	2,666,073
Hilton Worldwide Holdings Inc.(a)		31,973		4,602,513
MGM Resorts International		112,053		5,284,419
Penn National Gaming Inc.(a)(b)		46,525		3,331,190
Texas Roadhouse Inc.		19,612		1,741,742
Vail Resorts Inc.		11,271		3,885,226
Yum! Brands Inc.		52,829		6,600,455
				63,308,827
Household Durables — 1.0%
DR Horton Inc.		50,394		4,498,672
Garmin Ltd.		22,738		3,265,177
NVR Inc.(a)		548		2,682,350
Tempur Sealy International Inc.		55,186		2,454,122
				12,900,321
Household Products — 0.4%
Church & Dwight Co. Inc.		39,421		3,443,819
Clorox Co. (The)		11,522		1,878,201
				5,322,020
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		83,554		1,636,823
Insurance — 2.0%
American Financial Group Inc./OH		8,652		1,177,018
Arch Capital Group Ltd.(a)		55,036		2,301,605
Arthur J Gallagher & Co.		37,340		6,260,798
Athene Holding Ltd., Class A(a)		12,655		1,101,112
Brown & Brown Inc.		65,431		4,129,350
Cincinnati Financial Corp.		17,650		2,143,416
Erie Indemnity Co., Class A, NVS		7,007		1,442,111
Everest Re Group Ltd.		5,279		1,380,458
Loews Corp.		22,168		1,242,960
RenaissanceRe Holdings Ltd.		6,339		898,870
W R Berkley Corp.		17,388		1,384,085
Willis Towers Watson PLC		14,752		3,574,115
				27,035,898
Interactive Media & Services — 0.7%
Bumble Inc., Class A(a)(b)		19,885		1,044,360
IAC/InterActiveCorp.(a)		7,739		1,179,192
Pinterest Inc., Class A(a)		155,558		6,944,109
				9,167,661
Internet & Direct Marketing Retail — 1.0%
Chewy Inc., Class A(a)(b)		24,298		1,841,788
Etsy Inc.(a)(b)		35,466		8,890,972
Wayfair Inc., Class A(a)(b)		13,104		3,264,206
				13,996,966
IT Services — 6.5%
Akamai Technologies Inc.(a)		27,648		2,915,758
Broadridge Financial Solutions Inc.		32,550		5,807,246
Cloudflare Inc., Class A(a)		73,813		14,372,867
Concentrix Corp.		6,340		1,126,491
EPAM Systems Inc.(a)		15,867		10,682,299
Euronet Worldwide Inc.(a)		14,838		1,664,675
FleetCor Technologies Inc.(a)		23,145		5,726,304
Gartner Inc.(a)		23,438		7,779,307
Genpact Ltd.		20,951		1,033,932
GoDaddy Inc., Class A(a)		47,243		3,267,798
Jack Henry & Associates Inc.		20,789		3,460,953
MongoDB Inc.(a)		18,111		9,441,083
Okta Inc.(a)(b)		35,040		8,661,187

Security	Shares		Value
IT Services (continued)
Paychex Inc.		43,631	$	5,378,830
VeriSign Inc.(a)		27,271		6,072,434
WEX Inc.(a)		6,981		1,045,056
				88,436,220
Leisure Products — 1.1%
Brunswick Corp./DE		13,981		1,301,491
Hasbro Inc.		21,930		2,100,017
Mattel Inc.(a)		47,589		1,037,916
Peloton Interactive Inc., Class A(a)		75,301		6,885,524
Polaris Inc.		8,440		970,178
YETI Holdings Inc.(a)		24,419		2,401,120
				14,696,246
Life Sciences Tools & Services — 4.6%
10X Genomics Inc., Class A(a)		25,356		4,089,162
Avantor Inc.(a)		163,679		6,609,358
Bio-Rad Laboratories Inc., Class A(a)		6,020		4,783,974
Bio-Techne Corp.		10,897		5,706,214
Bruker Corp.		28,267		2,269,840
Charles River Laboratories International Inc.(a)		14,120		6,335,361
Mettler-Toledo International Inc.(a)		6,477		9,591,660
PerkinElmer Inc.		9,100		1,609,699
PPD Inc.(a)		33,544		1,582,270
Repligen Corp.(a)		14,320		4,159,960
Sotera Health Co.(a)		27,791		686,438
Syneos Health Inc.(a)		10,613		990,617
Waters Corp.(a)		11,605		4,265,418
West Pharmaceutical Services Inc.		20,728		8,910,553
				61,590,524
Machinery — 4.0%
AGCO Corp.		10,779		1,317,302
Donaldson Co. Inc.		17,181		1,031,032
Dover Corp.		17,616		2,978,513
Fortive Corp.		52,684		3,988,706
Graco Inc.		47,505		3,571,426
IDEX Corp.		21,288		4,738,070
Ingersoll Rand Inc.(a)		55,682		2,993,464
ITT Inc.		12,894		1,212,939
Lincoln Electric Holdings Inc.		6,338		902,531
Middleby Corp. (The)(a)		7,001		1,277,262
Nordson Corp.		15,132		3,846,706
Oshkosh Corp.		8,747		935,929
Otis Worldwide Corp.		77,438		6,219,046
PACCAR Inc.		28,543		2,558,024
Pentair PLC		23,999		1,775,206
Stanley Black & Decker Inc.		20,309		3,650,136
Toro Co. (The)		29,943		2,858,658
Woodward Inc.		17,751		2,004,975
Xylem Inc./NY		50,481		6,592,314
				54,452,239
Media — 0.6%
Altice USA Inc., Class A(a)		38,095		620,948
Cable One Inc.		1,384		2,368,315
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		11,193		557,188
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		22,683		1,118,726
New York Times Co. (The), Class A		46,658		2,547,060
Sirius XM Holdings Inc.(b)		111,559		679,394
				7,891,631
Metals & Mining — 0.1%
Royal Gold Inc.		18,304		1,812,462

32 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 0.1%
CMS Energy Corp.		23,604	$	1,424,501
Oil, Gas & Consumable Fuels — 0.7%
Cheniere Energy Inc.(a)		66,083		6,832,982
Targa Resources Corp.		25,922		1,417,156
Texas Pacific Land Corp.(b)		1,116		1,421,416
				9,671,554
Pharmaceuticals — 0.7%
Catalent Inc.(a)		47,728		6,579,782
Elanco Animal Health Inc.(a)		93,004		3,057,972
				9,637,754
Professional Services — 3.3%
Booz Allen Hamilton Holding Corp.		20,887		1,814,245
Clarivate PLC(a)(b)		104,422		2,448,696
CoStar Group Inc.(a)		110,664		9,522,637
Dun & Bradstreet Holdings Inc.(a)(b)		22,697		427,611
Equifax Inc.		34,138		9,470,905
Jacobs Engineering Group Inc.		16,244		2,280,983
Leidos Holdings Inc.		12,521		1,251,850
Robert Half International Inc.		15,014		1,697,633
TransUnion		53,657		6,186,116
Verisk Analytics Inc.		45,209		9,506,096
				44,606,772
Real Estate Management & Development — 0.7%
CBRE Group Inc., Class A(a)		39,470		4,108,037
Zillow Group Inc., Class A(a)		10,340		1,093,145
Zillow Group Inc., Class C, NVS(a)(b)		47,397		4,911,751
				10,112,933
Road & Rail — 1.8%
AMERCO		1,677		1,235,932
JB Hunt Transport Services Inc.		23,562		4,646,191
Kansas City Southern		17,453		5,414,793
Knight-Swift Transportation Holdings Inc.		13,253		751,313
Lyft Inc., Class A(a)		32,025		1,468,987
Old Dominion Freight Line Inc.		26,284		8,972,043
TuSimple Holdings Inc., Class A(a)		9,264		362,408
XPO Logistics Inc.(a)		15,233		1,306,991
				24,158,658
Semiconductors & Semiconductor Equipment — 5.8%
Brooks Automation Inc.		20,745		2,415,755
Enphase Energy Inc.(a)		37,720		8,737,084
Entegris Inc.		37,993		5,348,655
First Solar Inc.(a)		13,269		1,586,840
Marvell Technology Inc.		229,620		15,728,970
MKS Instruments Inc.		9,060		1,359,453
Monolithic Power Systems Inc.		12,094		6,354,913
ON Semiconductor Corp.(a)		63,488		3,051,868
Qorvo Inc.(a)		31,141		5,238,850
Skyworks Solutions Inc.		31,300		5,231,169
SolarEdge Technologies Inc.(a)		14,637		5,191,451
Teradyne Inc.		46,224		6,390,006
Universal Display Corp.		12,109		2,218,369
Wolfspeed Inc.(a)(b)		18,240		2,190,806
Xilinx Inc.		40,965		7,373,700
				78,417,889
Software — 14.1%
Anaplan Inc.(a)		40,656		2,651,178
ANSYS Inc.(a)		24,447		9,279,592
Aspen Technology Inc.(a)		18,972		2,972,723

Security	Shares		Value
Software (continued)
Avalara Inc.(a)		24,178	$	4,343,336
Bill.com Holdings Inc.(a)(b)		24,736		7,280,052
Black Knight Inc.(a)		43,815		3,071,870
Cadence Design Systems Inc.(a)		77,552		13,425,027
Ceridian HCM Holding Inc.(a)		37,814		4,736,203
Citrix Systems Inc.		17,332		1,641,860
Coupa Software Inc.(a)(b)		20,599		4,690,392
Datadog Inc., Class A(a)		67,173		11,221,250
Dropbox Inc., Class A(a)		80,271		2,447,463
Dynatrace Inc.(a)		54,911		4,118,325
Elastic NV(a)		20,042		3,477,487
Fair Isaac Corp.(a)		7,943		3,162,903
Five9 Inc.(a)(b)		18,940		2,992,709
Fortinet Inc.(a)		37,982		12,774,866
Guidewire Software Inc.(a)		23,360		2,937,053
HubSpot Inc.(a)		12,512		10,137,598
Manhattan Associates Inc.(a)		17,809		3,233,046
NortonLifeLock Inc.		47,101		1,198,720
Nuance Communications Inc.(a)		39,801		2,191,045
Palo Alto Networks Inc.(a)(b)		27,288		13,892,048
Paycom Software Inc.(a)		13,468		7,378,444
Paylocity Holding Corp.(a)		11,042		3,369,356
Pegasystems Inc.		11,429		1,356,851
PTC Inc.(a)		29,569		3,765,612
RingCentral Inc., Class A(a)		22,808		5,560,134
Smartsheet Inc., Class A(a)		35,138		2,424,873
Splunk Inc.(a)(b)		45,928		7,569,853
SS&C Technologies Holdings Inc.		26,014		2,067,333
Trade Desk Inc. (The), Class A(a)		121,638		9,111,903
Tyler Technologies Inc.(a)		11,444		6,216,610
VMware Inc., Class A(a)		22,485		3,410,974
Zendesk Inc.(a)		33,610		3,421,498
Zscaler Inc.(a)		21,877		6,975,700
				190,505,887
Specialty Retail — 3.5%
Advance Auto Parts Inc.		8,539		1,925,715
AutoZone Inc.(a)		2,152		3,840,976
Bath & Body Works Inc.		39,424		2,723,804
Burlington Stores Inc.(a)		18,655		5,154,190
CarMax Inc.(a)		17,614		2,411,709
Carvana Co.(a)		23,676		7,178,090
Five Below Inc.(a)		15,729		3,103,332
Floor & Decor Holdings Inc., Class A(a)		29,462		4,004,475
Lithia Motors Inc.		8,497		2,712,412
RH(a)		4,766		3,143,797
Tractor Supply Co.		18,047		3,919,267
Ulta Beauty Inc.(a)		15,343		5,636,404
Williams-Sonoma Inc.		9,969		1,851,542
				47,605,713
Technology Hardware, Storage & Peripherals — 0.1%
Western Digital Corp.(a)		34,293		1,793,181
Textiles, Apparel & Luxury Goods — 0.9%
Deckers Outdoor Corp.(a)		7,740		3,059,699
Under Armour Inc., Class A(a)		52,990		1,163,660
Under Armour Inc., Class C, NVS(a)		58,533		1,105,103
VF Corp.		91,313		6,654,892
				11,983,354

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 1.5%
Fastenal Co.		161,039	$	9,192,106
SiteOne Landscape Supply Inc.(a)		12,514		2,940,290
United Rentals Inc.(a)		6,363		2,412,277
Watsco Inc.		9,262		2,682,090
WW Grainger Inc.		6,376		2,952,789
				20,179,552
Water Utilities — 0.5%
American Water Works Co. Inc.		28,217		4,914,837
Essential Utilities Inc.		35,084		1,651,404
				6,566,241
Total Common Stocks — 99.9% (Cost: $1,108,220,586)				1,352,705,286
Short-Term Investments
Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		80,865,283		80,905,716

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,870,000	$	1,870,000
				82,775,716
Total Short-Term Investments — 6.1% (Cost: $82,759,357)				82,775,716
Total Investments in Securities — 106.0% (Cost: $1,190,979,943)				1,435,481,002
Other Assets, Less Liabilities — (6.0)%				(81,677,183	)
Net Assets — 100.0%			$	1,353,803,819

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares	$	70,250,412	$	10,656,299	(a)	$	—		$	(3,404	)	$	2,409	$	80,905,716		80,865,283	$	57,726	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,690,000		—			(820,000	)(a)		—			—		1,870,000		1,870,000		63			—
									$	(3,404	)	$	2,409	$	82,775,716			$	57,789		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		3		12/17/21	$	488	$	24,323
Russell 2000 E-Mini Index		4		12/17/21		459		8,858
							$	33,181

34 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	33,181

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	107,549
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(19,749	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,776,195

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,352,705,286	$	—	$	—	$	1,352,705,286
Money Market Funds		82,775,716		—		—		82,775,716
	$	1,435,481,002	$	—	$	—	$	1,435,481,002
Derivative financial instruments(a)
Assets
Futures Contracts	$	33,181	$	—	$	—	$	33,181

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 35

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Howmet Aerospace Inc.		12,070	$	358,358
Huntington Ingalls Industries Inc.		2,238		453,710
Textron Inc.		12,904		952,960
TransDigm Group Inc.(a)		1,892		1,180,268
				2,945,296
Air Freight & Logistics — 0.3%
CH Robinson Worldwide Inc.		8,588		832,950
Expeditors International of Washington Inc.		6,227		767,540
				1,600,490
Airlines — 1.9%
Alaska Air Group Inc.(a)		13,464		710,899
American Airlines Group Inc.(a)		69,514		1,334,669
Delta Air Lines Inc.(a)		68,706		2,688,466
Southwest Airlines Co.(a)		63,522		3,003,320
United Airlines Holdings Inc.(a)		34,746		1,603,180
				9,340,534
Auto Components — 0.7%
Autoliv Inc.		8,452		818,576
BorgWarner Inc.		25,747		1,160,417
Gentex Corp.		14,794		523,560
Lear Corp.		6,413		1,102,074
				3,604,627
Automobiles — 0.2%
Harley-Davidson Inc.		16,499		602,049
Thor Industries Inc.		2,825		288,037
				890,086
Banks — 4.7%
Citizens Financial Group Inc.		45,745		2,167,398
Comerica Inc.		14,378		1,223,424
Commerce Bancshares Inc.		6,156		434,059
Cullen/Frost Bankers Inc.		6,082		787,619
East West Bancorp. Inc.		15,233		1,210,719
Fifth Third Bancorp.		74,158		3,228,098
First Horizon Corp.		58,981		1,000,908
Huntington Bancshares Inc./OH		94,372		1,485,415
KeyCorp		102,681		2,389,387
M&T Bank Corp.		13,815		2,032,463
People’s United Financial Inc.		45,948		787,549
Regions Financial Corp.		54,675		1,294,704
Signature Bank/New York NY		3,775		1,124,270
SVB Financial Group(a)		2,015		1,445,561
Western Alliance Bancorp.		5,051		586,371
Zions Bancorp. NA		17,401		1,096,089
				22,294,034
Beverages — 0.3%
Brown-Forman Corp., Class A		2,527		161,804
Brown-Forman Corp., Class B, NVS		8,268		561,315
Molson Coors Beverage Co., Class B		20,302		895,115
				1,618,234
Biotechnology — 0.5%
Bridgebio Pharma Inc.(a)(b)		6,301		311,143
CRISPR Therapeutics AG(a)(b)		3,935		359,384
Novavax Inc.(a)		4,927		733,285
United Therapeutics Corp.(a)		4,819		919,273
				2,323,085

Security	Shares		Value
Building Products — 1.1%
A O Smith Corp.		6,573	$	480,289
Allegion PLC		4,396		564,007
Builders FirstSource Inc.(a)		8,827		514,349
Carlisle Companies Inc.		2,634		587,171
Fortune Brands Home & Security Inc.		7,840		794,976
Lennox International Inc.		1,120		335,194
Masco Corp.		15,232		998,458
Owens Corning		11,072		1,034,235
				5,308,679
Capital Markets — 3.5%
Ameriprise Financial Inc.		12,212		3,689,612
Apollo Global Management Inc.		8,698		669,311
Carlyle Group Inc. (The)		4,411		247,678
Franklin Resources Inc.		30,236		952,132
Invesco Ltd.		36,659		931,505
Jefferies Financial Group Inc.		21,218		912,374
Nasdaq Inc.		5,204		1,092,163
Northern Trust Corp.		22,374		2,752,897
Raymond James Financial Inc.		10,531		1,038,251
SEI Investments Co.		6,084		383,535
State Street Corp.		39,478		3,890,557
				16,560,015
Chemicals — 3.5%
Albemarle Corp.		3,628		908,705
Axalta Coating Systems Ltd.(a)		15,171		473,184
Celanese Corp.		5,687		918,507
CF Industries Holdings Inc.		23,094		1,311,739
Corteva Inc.		42,138		1,818,255
Eastman Chemical Co.		14,580		1,516,757
FMC Corp.		8,272		752,835
International Flavors & Fragrances Inc.		26,778		3,948,416
LyondellBasell Industries NV, Class A		28,422		2,638,130
Mosaic Co. (The)		37,117		1,542,954
RPM International Inc.		5,589		487,361
Scotts Miracle-Gro Co. (The)		1,236		183,497
Westlake Chemical Corp.		3,601		350,521
				16,850,861
Commercial Services & Supplies — 0.4%
Republic Services Inc.		15,194		2,045,112
Communications Equipment — 1.1%
Ciena Corp.(a)		9,846		534,539
F5 Networks Inc.(a)		3,347		706,719
Juniper Networks Inc.		34,911		1,030,573
Motorola Solutions Inc.		11,740		2,918,447
				5,190,278
Construction & Engineering — 0.4%
AECOM(a)		9,502		649,652
MasTec Inc.(a)		3,148		280,581
Quanta Services Inc.		9,200		1,115,776
				2,046,009
Construction Materials — 0.2%
Martin Marietta Materials Inc.		2,472		971,100
Consumer Finance — 1.9%
Ally Financial Inc.		38,711		1,848,063
Discover Financial Services		32,190		3,647,771
OneMain Holdings Inc.		11,885		627,647

36 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Synchrony Financial		61,167	$	2,841,207
				8,964,688
Containers & Packaging — 2.4%
Amcor PLC		165,538		1,998,044
AptarGroup Inc.		3,459		417,778
Avery Dennison Corp.		3,334		725,878
Ball Corp.		9,898		905,469
Berry Global Group Inc.(a)		14,526		952,034
Crown Holdings Inc.		7,940		825,681
International Paper Co.		41,961		2,084,203
Packaging Corp. of America		10,198		1,400,899
Sealed Air Corp.		16,093		954,637
Westrock Co.		28,668		1,378,931
				11,643,554
Distributors — 0.6%
Genuine Parts Co.		15,376		2,015,948
LKQ Corp.(a)		15,217		838,152
				2,854,100
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions Inc.(a)		3,055		507,130
Service Corp. International		8,925		611,273
				1,118,403
Diversified Financial Services — 0.4%
Equitable Holdings Inc.		41,171		1,379,229
Voya Financial Inc.		6,352		443,179
				1,822,408
Diversified Telecommunication Services — 0.3%
Lumen Technologies Inc.		106,800		1,266,648
Electric Utilities — 4.2%
Alliant Energy Corp.		26,868		1,519,923
Avangrid Inc.		7,481		394,249
Edison International		40,767		2,565,467
Entergy Corp.		21,576		2,222,760
Evergy Inc.		24,620		1,569,525
Eversource Energy		36,894		3,132,301
FirstEnergy Corp.		58,428		2,251,231
NRG Energy Inc.		18,786		749,374
OGE Energy Corp.		21,491		732,198
PG&E Corp.(a)		161,994		1,879,130
Pinnacle West Capital Corp.		12,111		781,038
PPL Corp.		82,794		2,384,467
				20,181,663
Electrical Equipment — 1.1%
AMETEK Inc.		11,750		1,555,700
Hubbell Inc.		4,025		802,464
Rockwell Automation Inc.		4,852		1,549,729
Sensata Technologies Holding PLC(a)		17,003		936,865
Sunrun Inc.(a)(b)		7,948		458,441
				5,303,199
Electronic Equipment, Instruments & Components — 1.2%
Arrow Electronics Inc.(a)		7,710		892,432
CDW Corp./DE		5,755		1,074,171
Corning Inc.		33,559		1,193,694
Flex Ltd.(a)		52,420		885,898
Jabil Inc.		10,649		638,514
Keysight Technologies Inc.(a)		5,678		1,022,153
				5,706,862

Security	Shares		Value
Energy Equipment & Services — 0.8%
Baker Hughes Co.		88,950	$	2,230,866
Halliburton Co.		56,252		1,405,737
				3,636,603
Entertainment — 0.5%
Liberty Media Corp.-Liberty Formula One, Class A(a)		2,542		132,565
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		21,860		1,219,788
Live Nation Entertainment Inc.(a)(b)		6,620		669,613
Playtika Holding Corp.(a)		5,509		155,795
				2,177,761
Equity Real Estate Investment Trusts (REITs) — 9.6%
Alexandria Real Estate Equities Inc.		5,416		1,105,622
Americold Realty Trust		15,375		453,101
AvalonBay Communities Inc.		7,489		1,772,497
Boston Properties Inc.		15,258		1,733,919
Camden Property Trust		7,094		1,157,031
CubeSmart		12,777		702,863
Duke Realty Corp.		15,793		888,198
Equity LifeStyle Properties Inc.		8,744		738,956
Equity Residential		36,585		3,160,944
Essex Property Trust Inc.		4,660		1,584,074
Extra Space Storage Inc.		7,282		1,437,248
Federal Realty Investment Trust		7,515		904,430
Gaming and Leisure Properties Inc.		23,899		1,158,863
Healthpeak Properties Inc.		37,002		1,313,941
Host Hotels & Resorts Inc.(a)		76,658		1,290,154
Iron Mountain Inc.		31,077		1,418,354
Kilroy Realty Corp.		6,094		410,614
Kimco Realty Corp.		65,870		1,488,662
Lamar Advertising Co., Class A		9,315		1,054,458
Medical Properties Trust Inc.		63,958		1,364,224
Mid-America Apartment Communities Inc.		7,124		1,454,792
National Retail Properties Inc.		18,849		854,991
Omega Healthcare Investors Inc.		25,647		752,996
Realty Income Corp.		22,421		1,601,532
Regency Centers Corp.		16,414		1,155,710
STORE Capital Corp.		17,774		610,181
UDR Inc.		16,059		891,756
Ventas Inc.		42,245		2,254,616
VEREIT Inc.		24,604		1,237,581
VICI Properties Inc.		44,483		1,305,576
Vornado Realty Trust		17,072		727,779
Welltower Inc.		45,424		3,652,090
Weyerhaeuser Co.		80,501		2,875,496
WP Carey Inc.		19,783		1,525,467
				46,038,716
Food & Staples Retailing — 1.0%
Casey’s General Stores Inc.		1,872		358,563
Kroger Co. (The)		73,009		2,921,820
Performance Food Group Co.(a)		10,110		457,275
U.S. Foods Holding Corp.(a)		23,891		828,301
				4,565,959
Food Products — 3.6%
Archer-Daniels-Midland Co.		60,134		3,863,008
Bunge Ltd.		15,186		1,406,831
Campbell Soup Co.		21,896		874,745
Conagra Brands Inc.		51,573		1,660,651
Hershey Co. (The)		6,880		1,206,408
Hormel Foods Corp.		20,664		874,500

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
JM Smucker Co. (The)		11,632	$	1,429,108
Kellogg Co.		27,448		1,682,562
Lamb Weston Holdings Inc.		8,531		481,575
McCormick & Co. Inc./MD, NVS		13,683		1,097,787
Tyson Foods Inc., Class A		31,714		2,536,169
				17,113,344
Gas Utilities — 0.5%
Atmos Energy Corp.		14,043		1,293,641
UGI Corp.		22,450		974,555
				2,268,196
Health Care Equipment & Supplies — 1.2%
DENTSPLY SIRONA Inc.		9,131		522,385
Hill-Rom Holdings Inc.		7,067		1,094,678
Hologic Inc.(a)		12,132		889,397
Zimmer Biomet Holdings Inc.		22,424		3,209,323
				5,715,783
Health Care Providers & Services — 3.4%
AmerisourceBergen Corp.		16,063		1,960,007
Cardinal Health Inc.		31,153		1,489,425
Chemed Corp.		629		303,335
DaVita Inc.(a)		4,397		453,946
Encompass Health Corp.		4,897		311,253
Henry Schein Inc.(a)(b)		14,997		1,145,021
Laboratory Corp. of America Holdings(a)		10,384		2,980,416
McKesson Corp.		16,631		3,457,252
Molina Healthcare Inc.(a)		4,109		1,215,114
Quest Diagnostics Inc.		13,117		1,925,313
Universal Health Services Inc., Class B		8,146		1,010,919
				16,252,001
Health Care Technology — 0.2%
Cerner Corp.		14,579		1,083,074
Hotels, Restaurants & Leisure — 3.1%
Aramark		27,404		999,698
Boyd Gaming Corp.(a)		4,162		265,452
Caesars Entertainment Inc.(a)		7,760		849,410
Carnival Corp.(a)		85,735		1,899,888
Darden Restaurants Inc.		7,618		1,098,059
Expedia Group Inc.(a)		9,401		1,545,618
Hilton Worldwide Holdings Inc.(a)		17,697		2,547,483
Norwegian Cruise Line Holdings Ltd.(a)(b)		39,729		1,021,830
Royal Caribbean Cruises Ltd.(a)		24,064		2,031,723
Wynn Resorts Ltd.(a)		11,302		1,014,920
Yum! Brands Inc.		11,498		1,436,560
				14,710,641
Household Durables — 2.5%
DR Horton Inc.		15,678		1,399,575
Garmin Ltd.		7,591		1,090,068
Lennar Corp., Class A		29,492		2,947,135
Lennar Corp., Class B		1,680		137,894
Mohawk Industries Inc.(a)		6,002		1,063,614
Newell Brands Inc.		40,648		930,433
NVR Inc.(a)		151		739,115
PulteGroup Inc.		27,864		1,339,701
Toll Brothers Inc.		12,452		749,237
Whirlpool Corp.		6,731		1,419,097
				11,815,869
Household Products — 0.5%
Church & Dwight Co. Inc.		11,235		981,490

Security	Shares		Value
Household Products (continued)
Clorox Co. (The)		8,751	$	1,426,500
				2,407,990
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The)		71,543		1,797,875
Vistra Corp.		19,842		388,705
				2,186,580
Insurance — 5.5%
Aflac Inc.		66,254		3,555,852
Alleghany Corp.(a)		1,488		969,253
American Financial Group Inc./OH		3,780		514,231
Arch Capital Group Ltd.(a)		21,359		893,233
Arthur J Gallagher & Co.		7,888		1,322,581
Assurant Inc.		6,316		1,018,834
Athene Holding Ltd., Class A(a)		9,168		797,708
Cincinnati Financial Corp.		9,347		1,135,100
Everest Re Group Ltd.		2,276		595,174
Fidelity National Financial Inc.		30,632		1,467,579
Globe Life Inc.		10,047		894,384
Hartford Financial Services Group Inc. (The)		37,276		2,718,539
Lincoln National Corp.		18,967		1,368,469
Loews Corp.		13,351		748,591
Markel Corp.(a)		1,473		1,934,240
Old Republic International Corp.		30,658		791,896
Principal Financial Group Inc.		26,800		1,798,012
Reinsurance Group of America Inc.		7,300		861,984
RenaissanceRe Holdings Ltd.		2,620		371,516
W R Berkley Corp.		8,405		669,038
Willis Towers Watson PLC		8,196		1,985,727
				26,411,941
Interactive Media & Services — 0.2%
IAC/InterActiveCorp.(a)		6,000		914,220
Internet & Direct Marketing Retail — 0.2%
Wayfair Inc., Class A(a)(b)		3,277		816,301
IT Services — 1.2%
Akamai Technologies Inc.(a)		6,915		729,256
Concentrix Corp.		2,176		386,632
DXC Technology Co.(a)		27,047		880,921
Genpact Ltd.		10,509		518,619
Paychex Inc.		17,705		2,182,672
Western Union Co. (The)		43,628		794,902
WEX Inc.(a)		2,137		319,909
				5,812,911
Leisure Products — 0.3%
Brunswick Corp./DE		2,992		278,525
Hasbro Inc.		5,449		521,796
Mattel Inc.(a)		19,278		420,453
Polaris Inc.		2,908		334,275
				1,555,049
Life Sciences Tools & Services — 0.6%
PerkinElmer Inc.		8,559		1,514,001
Syneos Health Inc.(a)		7,013		654,593
Waters Corp.(a)		2,141		786,925
				2,955,519
Machinery — 3.3%
AGCO Corp.		2,528		308,947
Donaldson Co. Inc.		6,942		416,589
Dover Corp.		8,723		1,474,885

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Fortive Corp.		18,271	$	1,383,297
Ingersoll Rand Inc.(a)		22,216		1,194,332
ITT Inc.		4,312		405,630
Lincoln Electric Holdings Inc.		3,953		562,907
Middleby Corp. (The)(a)		3,296		601,322
Oshkosh Corp.		4,022		430,354
Otis Worldwide Corp.		16,148		1,296,846
PACCAR Inc.		26,301		2,357,096
Pentair PLC		8,569		633,849
Snap-on Inc.		5,795		1,177,718
Stanley Black & Decker Inc.		9,707		1,744,639
Westinghouse Air Brake Technologies Corp.		20,296		1,841,456
				15,829,867
Media — 2.5%
Altice USA Inc., Class A(a)		9,964		162,413
Discovery Inc., Class A(a)(b)		18,274		428,343
Discovery Inc., Class C, NVS(a)(b)		32,611		735,704
DISH Network Corp., Class A(a)		26,726		1,097,637
Fox Corp., Class A, NVS		34,721		1,379,812
Fox Corp., Class B		15,900		587,664
Interpublic Group of Companies Inc. (The)		42,260		1,545,448
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		4,223		210,221
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		8,556		421,982
News Corp., Class A, NVS		42,004		961,892
News Corp., Class B		13,074		294,949
Omnicom Group Inc.		23,021		1,567,270
Sirius XM Holdings Inc.(b)		57,788		351,929
ViacomCBS Inc., Class A		981		38,190
ViacomCBS Inc., Class B, NVS		65,045		2,355,930
				12,139,384
Metals & Mining — 1.5%
Cleveland-Cliffs Inc.(a)		48,827		1,177,219
Nucor Corp.		31,532		3,520,548
Reliance Steel & Aluminum Co.		6,816		996,226
Steel Dynamics Inc.		20,820		1,375,786
				7,069,779
Mortgage Real Estate Investment — 0.6%
AGNC Investment Corp.		56,358		897,220
Annaly Capital Management Inc.		155,065		1,311,850
Starwood Property Trust Inc.		31,041		790,614
				2,999,684
Multi-Utilities — 3.8%
Ameren Corp.		27,608		2,327,078
CenterPoint Energy Inc.		63,656		1,657,602
CMS Energy Corp.		22,157		1,337,175
Consolidated Edison Inc.		38,005		2,865,577
DTE Energy Co.		20,801		2,357,794
NiSource Inc.		42,297		1,043,467
Public Service Enterprise Group Inc.		54,360		3,468,168
WEC Energy Group Inc.		33,868		3,050,152
				18,107,013
Multiline Retail — 0.7%
Dollar Tree Inc.(a)		24,905		2,683,763
Kohl’s Corp.		16,773		813,993
				3,497,756
Oil, Gas & Consumable Fuels — 8.1%
APA Corp.		40,587		1,063,785
Continental Resources Inc./OK		6,356		310,236

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Coterra Energy Inc.		87,136	$	1,857,740
Devon Energy Corp.		67,598		2,709,328
Diamondback Energy Inc.		18,273		1,958,683
Hess Corp.		29,591		2,443,329
Marathon Oil Corp.		84,648		1,381,455
Marathon Petroleum Corp.		68,596		4,522,534
Occidental Petroleum Corp.		95,395		3,198,594
ONEOK Inc.		47,930		3,049,307
Phillips 66		47,024		3,516,455
Pioneer Natural Resources Co.		24,386		4,559,694
Targa Resources Corp.		14,642		800,478
Texas Pacific Land Corp.		238		303,134
Valero Energy Corp.		43,895		3,394,400
Williams Companies Inc. (The)		130,447		3,664,256
				38,733,408
Personal Products — 0.1%
Coty Inc., Class A(a)		36,128		306,365
Pharmaceuticals — 1.0%
Elanco Animal Health Inc.(a)(b)		15,226		500,631
Jazz Pharmaceuticals PLC(a)		6,565		873,407
Royalty Pharma PLC, Class A		38,051		1,504,156
Viatris Inc.		130,177		1,737,863
				4,616,057
Professional Services — 0.9%
Booz Allen Hamilton Holding Corp.		6,553		569,194
Dun & Bradstreet Holdings Inc.(a)(b)		7,571		142,638
Jacobs Engineering Group Inc.		7,743		1,087,272
Leidos Holdings Inc.		10,414		1,041,192
Nielsen Holdings PLC		38,449		778,592
Robert Half International Inc.		6,278		709,853
				4,328,741
Real Estate Management & Development — 0.9%
CBRE Group Inc., Class A(a)		20,908		2,176,105
Jones Lang LaSalle Inc.(a)		5,445		1,406,062
Opendoor Technologies Inc.(a)(b)		40,898		969,692
				4,551,859
Road & Rail — 0.7%
AMERCO		414		305,114
Kansas City Southern		3,076		954,329
Knight-Swift Transportation Holdings Inc.		12,747		722,628
Lyft Inc., Class A(a)		18,952		869,328
XPO Logistics Inc.(a)		4,795		411,411
				3,262,810
Semiconductors & Semiconductor Equipment — 1.2%
First Solar Inc.(a)		5,531		661,452
MKS Instruments Inc.		2,486		373,024
ON Semiconductor Corp.(a)		22,043		1,059,607
Skyworks Solutions Inc.		5,738		958,992
Wolfspeed Inc.(a)(b)		5,425		651,597
Xilinx Inc.		10,872		1,956,960
				5,661,632
Software — 0.8%
Citrix Systems Inc.		6,668		631,660
NortonLifeLock Inc.		44,406		1,130,133
Nuance Communications Inc.(a)		15,304		842,485
SS&C Technologies Holdings Inc.		13,901		1,104,712
				3,708,990

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 2.7%
Advance Auto Parts Inc.		3,762	$	848,406
AutoNation Inc.(a)(b)		4,682		567,084
AutoZone Inc.(a)		1,487		2,654,057
Bath & Body Works Inc.		13,356		922,766
Best Buy Co. Inc.		24,245		2,963,709
CarMax Inc.(a)(b)		10,726		1,468,604
GameStop Corp., Class A(a)(b)		6,681		1,226,030
Gap Inc. (The)		23,067		523,390
Tractor Supply Co.		5,354		1,162,728
Williams-Sonoma Inc.		4,228		785,267
				13,122,041
Technology Hardware, Storage & Peripherals — 2.2%
Dell Technologies Inc., Class C(a)		29,805		3,278,252
Hewlett Packard Enterprise Co.		140,213		2,054,120
NetApp Inc.		24,052		2,147,844
Seagate Technology Holdings PLC		22,536		2,007,282
Western Digital Corp.(a)		19,707		1,030,479
				10,517,977
Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.(a)		16,322		868,983
PVH Corp.(a)		7,662		837,687
Tapestry Inc.		29,938		1,166,983
				2,873,653
Trading Companies & Distributors — 0.6%
United Rentals Inc.(a)		5,326		2,019,140
WW Grainger Inc.		2,261		1,047,092
				3,066,232
Water Utilities — 0.4%
American Water Works Co. Inc.		8,674		1,510,837

Security	Shares		Value
Water Utilities (continued)
Essential Utilities Inc.		10,595	$	498,707
				2,009,544
Total Common Stocks — 99.7% (Cost: $404,390,666)				477,291,215
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		9,913,900		9,918,857
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		805,000		805,000
				10,723,857
Total Short-Term Investments — 2.2% (Cost: $10,723,857)				10,723,857
Total Investments in Securities — 101.9% (Cost: $415,114,523)				488,015,072
Other Assets, Less Liabilities — (1.9)%				(9,191,013	)
Net Assets — 100.0%			$	478,824,059

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$	2,010,373	$	7,908,854	(a)	$	—			$	(370	)	$	—	$	9,918,857		9,913,900	$	7,713	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	��		935,000		—			(130,000	)(a)			—			—		805,000		805,000		27			—
											$	(370	)	$	—	$	10,723,857			$	7,740		$	—

^(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.

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Mid-Cap Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		5		12/17/21	$	337	$	11,339
S&P Mid 400 E-Mini Index		4		12/17/21		1,116		16,355
							$	27,694

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	27,694

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(14,889	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,734	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	��	$	1,092,360

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	477,291,215	$	—	$	—	$	477,291,215
Money Market Funds		10,723,857		—		—		10,723,857
	$	488,015,072	$	—	$	—	$	488,015,072
Derivative financial instruments(a)
Assets
Futures Contracts	$	27,694	$	—	$	—	$	27,694

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited)  October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
AAR Corp.(a)		2,058	$	72,792
Aerojet Rocketdyne Holdings Inc.		4,449		195,801
Aerovironment Inc.(a)		1,373		122,348
Astra Space Inc.(a)		7,537		73,410
Astronics Corp.(a)		1,448		18,679
BWX Technologies Inc.		5,715		324,269
Curtiss-Wright Corp.		2,455		313,454
Ducommun Inc.(a)		652		31,550
Hexcel Corp.(a)		5,038		285,856
Kaman Corp.		1,704		60,986
Kratos Defense & Security Solutions Inc.(a)		7,460		159,569
Maxar Technologies Inc.(b)		4,356		115,652
Mercury Systems Inc.(a)		3,379		174,154
Moog Inc., Class A		1,767		133,462
National Presto Industries Inc.		316		26,275
PAE Inc.(a)		3,956		39,244
Parsons Corp.(a)(b)		1,574		54,523
Spirit AeroSystems Holdings Inc., Class A		6,351		262,233
Triumph Group Inc.(a)		3,878		79,305
Vectrus Inc.(a)		717		34,724
Virgin Galactic Holdings Inc.(a)		10,580		198,375
				2,776,661
Air Freight & Logistics — 0.3%
Air Transport Services Group Inc.(a)		3,474		86,468
Atlas Air Worldwide Holdings Inc.(a)		1,618		131,252
Echo Global Logistics Inc.(a)		1,589		76,637
Forward Air Corp.		1,658		166,729
Hub Group Inc., Class A(a)		2,025		159,104
				620,190
Airlines — 0.4%
Allegiant Travel Co.(a)		917		160,723
Frontier Group Holdings Inc.(a)(b)		1,916		29,985
Hawaiian Holdings Inc.(a)		3,078		59,559
JetBlue Airways Corp.(a)		19,095		267,903
Mesa Air Group Inc.(a)		2,034		15,336
SkyWest Inc.(a)		3,026		130,209
Spirit Airlines Inc.(a)(b)		6,530		142,681
Sun Country Airlines Holdings Inc.(a)		1,858		56,260
				862,656
Auto Components — 1.2%
Adient PLC(a)		5,664		235,736
American Axle & Manufacturing Holdings Inc.(a)		6,898		62,634
Cooper-Standard Holdings Inc.(a)		993		25,758
Dana Inc.		8,751		194,185
Dorman Products Inc.(a)		1,713		178,803
Fox Factory Holding Corp.(a)		2,528		406,882
Gentherm Inc.(a)		1,991		146,597
Goodyear Tire & Rubber Co. (The)(a)		16,969		324,447
LCI Industries		1,521		212,392
Luminar Technologies Inc.(a)(b)		12,964		212,480
Modine Manufacturing Co.(a)		3,164		34,804
Patrick Industries Inc.		1,361		106,036
Standard Motor Products Inc.		1,141		54,654
Stoneridge Inc.(a)		1,704		32,342
Superior Industries International Inc.(a)		1,705		9,940
Tenneco Inc., Class A(a)		4,552		60,405
Veoneer Inc.(a)		6,054		213,101
Visteon Corp.(a)		1,689		191,161

Security	Shares		Value
Auto Components (continued)
XL Fleet Corp.(a)		5,969	$	32,710
XPEL Inc.(a)		999		75,824
				2,810,891
Automobiles — 0.2%
Arcimoto Inc.(a)(b)		1,445		16,878
AYRO Inc.(a)		1,904		5,617
Canoo Inc.(a)(b)		8,671		69,541
Fisker Inc.(a)(b)		8,490		136,265
Lordstown Motors Corp., Class A(a)(b)		6,667		34,468
Winnebago Industries Inc.		2,035		137,749
Workhorse Group Inc.(a)		6,641		44,694
				445,212
Banks — 7.4%
1st Source Corp.		1,365		65,902
Allegiance Bancshares Inc.		1,091		42,734
Ameris Bancorp.		4,027		210,975
Associated Banc-Corp.		10,266		228,726
Atlantic Capital Bancshares Inc.(a)		1,469		40,412
Atlantic Union Bankshares Corp.		5,044		180,928
Banc of California Inc.		3,222		65,503
BancFirst Corp.		1,322		85,943
Bancorp. Inc. (The)(a)		2,833		86,548
Bank of Hawaii Corp.		2,588		218,686
Bank OZK		7,491		334,623
BankUnited Inc.		4,984		202,151
Banner Corp.		1,557		89,932
Berkshire Hills Bancorp. Inc.		2,558		69,450
BOK Financial Corp.		2,009		203,251
Brookline Bancorp. Inc.		2,759		44,282
Bryn Mawr Bank Corp.		1,468		68,027
Byline Bancorp Inc.		1,745		44,951
Cadence Bank		8,197		237,871
Camden National Corp.		1,119		53,264
Cathay General Bancorp.		5,347		225,590
Central Pacific Financial Corp.		509		13,992
CIT Group Inc.		6,001		297,230
City Holding Co.		657		52,284
Columbia Banking System Inc.		4,143		141,401
Community Bank System Inc.		3,105		222,535
Community Trust Bancorp. Inc.		1,311		57,264
ConnectOne Bancorp. Inc.		2,517		84,898
CrossFirst Bankshares Inc.(a)		3,169		45,095
Customers Bancorp. Inc.(a)		1,792		95,496
CVB Financial Corp.		7,670		153,553
Dime Community Bancshares Inc.		2,200		78,496
Eagle Bancorp. Inc.		1,806		102,202
Eastern Bankshares Inc.		10,502		218,127
Enterprise Financial Services Corp.		2,614		122,910
FB Financial Corp.		2,348		106,435
Financial Institutions Inc.		1,281		40,890
First BanCorp./Puerto Rico		2,140		29,211
First Bancorp./Southern Pines NC		1,724		83,476
First Bancshares Inc. (The)		1,614		64,963
First Busey Corp.		3,832		97,678
First Commonwealth Financial Corp.		3,433		52,525
First Financial Bancorp.		3,970		94,407
First Financial Bankshares Inc.		7,885		399,927
First Financial Corp./IN		996		42,679
First Foundation Inc.		2,687		71,501

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First Hawaiian Inc.		8,120	$	224,031
First Interstate BancSystem Inc., Class A		2,287		95,071
First Merchants Corp.		3,684		153,181
First Midwest Bancorp. Inc.		6,348		122,199
Flushing Financial Corp.		2,197		52,772
FNB Corp.		22,751		265,049
Fulton Financial Corp.		11,363		182,944
German American Bancorp. Inc.		1,685		66,423
Glacier Bancorp. Inc.		6,548		362,039
Great Southern Bancorp. Inc.		893		50,392
Great Western Bancorp. Inc.		3,037		103,410
Hancock Whitney Corp.		5,455		269,913
Hanmi Financial Corp.		1,167		25,896
Harborone Bancorp. Inc.		3,693		53,068
Heartland Financial USA Inc.		2,711		135,875
Heritage Commerce Corp.		4,346		52,109
Heritage Financial Corp./WA		1,430		35,521
Hilltop Holdings Inc.		3,868		137,082
Home BancShares Inc./AR		9,512		226,005
HomeStreet Inc.		509		24,004
Hope Bancorp Inc.		5,522		80,566
Horizon Bancorp Inc./IN		3,140		59,880
Independent Bank Corp.		1,810		152,945
Independent Bank Corp./MI		1,944		43,798
Independent Bank Group Inc.		2,400		173,496
International Bancshares Corp.		3,378		143,227
Investors Bancorp. Inc.		13,519		206,841
Lakeland Bancorp. Inc.		4,006		72,028
Lakeland Financial Corp.		1,569		112,764
Live Oak Bancshares Inc.(b)		1,932		172,296
Meta Financial Group Inc.		1,855		102,841
Metropolitan Bank Holding Corp.(a)(b)		616		55,970
Midland States Bancorp. Inc.		1,626		41,723
National Bank Holdings Corp., Class A		1,445		62,670
NBT Bancorp. Inc.		1,916		70,298
Nicolet Bankshares Inc.(a)(b)		796		57,224
OceanFirst Financial Corp.		4,074		90,321
OFG Bancorp.		1,967		50,945
Old National Bancorp./IN		7,169		122,447
Origin Bancorp Inc.		1,488		66,365
Pacific Premier Bancorp. Inc.		5,451		228,887
PacWest Bancorp.		7,283		345,724
Park National Corp.		924		118,817
Peapack Gladstone Financial Corp.		1,352		45,360
Peoples Bancorp. Inc./OH		1,825		58,327
Pinnacle Financial Partners Inc.		4,673		451,272
Popular Inc.		4,975		405,164
Prosperity Bancshares Inc.		5,706		429,719
QCR Holdings Inc.		1,045		57,621
Renasant Corp.		3,180		118,964
S&T Bancorp. Inc.		1,540		47,062
Sandy Spring Bancorp. Inc.		3,319		157,520
Seacoast Banking Corp. of Florida		2,650		96,539
ServisFirst Bancshares Inc.		2,990		240,127
Silvergate Capital Corp., Class A(a)(b)		1,591		249,182
Simmons First National Corp., Class A		6,251		186,842
South State Corp.		4,244		331,414
Southside Bancshares Inc.		1,959		80,946
Sterling Bancorp./DE		12,277		312,450
Stock Yards Bancorp. Inc.		1,592		97,510

Security	Shares		Value
Banks (continued)
Synovus Financial Corp.		9,041	$	421,220
Texas Capital Bancshares Inc.(a)		3,106		188,224
Tompkins Financial Corp.		869		71,354
Towne Bank/Portsmouth VA		4,681		147,545
TriCo Bancshares		1,802		78,982
TriState Capital Holdings Inc.(a)		2,030		61,002
Triumph Bancorp. Inc.(a)		1,447		169,733
Trustmark Corp.		4,248		135,129
UMB Financial Corp.		2,666		263,454
Umpqua Holdings Corp.		13,918		284,623
United Bankshares Inc./WV		8,016		296,512
United Community Banks Inc./GA		5,015		174,723
Univest Financial Corp.		2,273		65,235
Valley National Bancorp.		25,743		341,352
Veritex Holdings Inc.		2,861		117,158
Washington Trust Bancorp. Inc.		1,286		70,293
Webster Financial Corp.		5,589		312,760
WesBanco Inc.		4,335		150,728
Westamerica Bancorp.		1,491		83,138
Wintrust Financial Corp.		3,566		315,591
				17,952,756
Beverages — 0.2%
Celsius Holdings Inc.(a)		2,280		220,066
Coca-Cola Consolidated Inc.		278		111,589
Duckhorn Portfolio Inc. (The)(a)		1,859		35,953
MGP Ingredients Inc.		762		48,928
National Beverage Corp.		1,395		78,678
NewAge Inc.(a)		9,061		13,410
				508,624
Biotechnology — 7.0%
180 Life Sciences Corp.(a)		1,386		7,027
4D Molecular Therapeutics Inc.(a)		1,260		30,278
89bio Inc.(a)		475		8,360
Abeona Therapeutics Inc.(a)		6,078		4,937
ACADIA Pharmaceuticals Inc.(a)		7,161		128,540
Adamas Pharmaceuticals Inc.(a)		2,382		19,318
ADMA Biologics Inc.(a)		6,619		8,539
Adverum Biotechnologies Inc.(a)		5,271		11,965
Agenus Inc.(a)		13,041		50,077
Agios Pharmaceuticals Inc.(a)(b)		3,561		167,367
Akebia Therapeutics Inc.(a)		10,641		30,540
Akero Therapeutics Inc.(a)		1,436		30,860
Akouos Inc.(a)		1,484		13,831
Albireo Pharma Inc.(a)		1,185		34,626
Aldeyra Therapeutics Inc.(a)		3,185		28,984
Alector Inc.(a)(b)		3,530		76,742
Aligos Therapeutics Inc.(a)(b)		1,166		18,574
Alkermes PLC(a)		9,710		294,116
Allakos Inc.(a)(b)		2,092		210,413
Allogene Therapeutics Inc.(a)		4,472		77,097
Allovir Inc.(a)		1,802		43,266
Altimmune Inc.(a)(b)		1,998		21,578
ALX Oncology Holdings Inc.(a)		1,255		70,330
Amicus Therapeutics Inc.(a)		14,502		152,271
AnaptysBio Inc.(a)		1,182		38,888
Anavex Life Sciences Corp.(a)(b)		4,594		86,092
Anika Therapeutics Inc.(a)		916		38,151
Anixa Biosciences Inc.(a)(b)		1,422		6,783
Annexon Inc.(a)		1,574		25,672

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Apellis Pharmaceuticals Inc.(a)		4,306	$	132,366
Applied Genetic Technologies Corp./DE(a)(b)		2,913		7,545
Applied Molecular Transport Inc.(a)		1,017		22,903
Applied Therapeutics Inc.(a)		1,152		16,900
AquaBounty Technologies Inc.(a)		2,821		11,256
Arbutus Biopharma Corp.(a)		4,923		19,840
Arcturus Therapeutics Holdings Inc.(a)(b)		1,286		57,806
Arcus Biosciences Inc.(a)(b)		2,786		93,164
Arcutis Biotherapeutics Inc.(a)		1,725		36,536
Ardelyx Inc.(a)		4,952		5,992
Arena Pharmaceuticals Inc.(a)		3,648		209,359
Assembly Biosciences Inc.(a)		2,556		8,051
Atara Biotherapeutics Inc.(a)		5,127		79,366
Athenex Inc.(a)		4,492		11,410
Athersys Inc.(a)		13,383		15,658
Atossa Therapeutics Inc.(a)		7,929		20,378
Atreca Inc., Class A(a)(b)		1,988		10,298
AVEO Pharmaceuticals Inc.(a)(b)		2,043		13,872
Avid Bioservices Inc.(a)		3,600		110,448
Avidity Biosciences Inc.(a)		2,550		57,375
Avita Medical Inc.(a)(b)		1,564		25,759
Avrobio Inc.(a)		2,425		13,629
Beam Therapeutics Inc.(a)(b)		2,609		231,601
BioAtla Inc.(a)(b)		965		28,207
BioCryst Pharmaceuticals Inc.(a)(b)		10,784		161,005
Biohaven Pharmaceutical Holding Co. Ltd.(a)		3,462		492,712
Bioxcel Therapeutics Inc.(a)		1,178		34,327
Black Diamond Therapeutics Inc.(a)(b)		1,456		11,153
Bluebird Bio Inc.(a)(b)		4,137		96,847
Blueprint Medicines Corp.(a)		3,519		395,852
Bolt Biotherapeutics Inc.(a)(b)		840		10,996
Brooklyn ImmunoTherapeutics Inc.(a)		1,676		14,280
C4 Therapeutics Inc.(a)		2,230		99,057
Calithera Biosciences Inc.(a)		3,143		6,066
Cardiff Oncology Inc.(a)		2,527		14,833
CareDx Inc.(a)		3,151		160,701
CASI Pharmaceuticals Inc.(a)(b)		4,678		5,052
Catalyst Biosciences Inc.(a)		1,751		5,761
Catalyst Pharmaceuticals Inc.(a)		5,863		34,592
Celldex Therapeutics Inc.(a)		2,789		118,644
CEL-SCI Corp.(a)		2,609		29,221
Cerevel Therapeutics Holdings Inc.(a)		3,318		134,877
Checkpoint Therapeutics Inc.(a)(b)		3,861		13,552
ChemoCentryx Inc.(a)(b)		2,993		104,186
Chimerix Inc.(a)		4,400		23,056
Chinook Therapeutics Inc.(a)		2,397		25,744
Clene Inc.(a)(b)		1,344		7,298
Clovis Oncology Inc.(a)(b)		7,319		31,691
Codiak Biosciences Inc.(a)		994		14,324
Cogent Biosciences Inc.(a)		2,049		17,376
Coherus Biosciences Inc.(a)		3,811		63,758
Concert Pharmaceuticals Inc.(a)		1,788		4,899
Corbus Pharmaceuticals Holdings Inc.(a)(b)		7,815		7,815
Cortexyme Inc.(a)(b)		1,025		13,530
Crinetics Pharmaceuticals Inc.(a)		2,229		55,569
CTI BioPharma Corp.(a)(b)		4,466		11,567
Cue Biopharma Inc.(a)		1,829		22,332
Cullinan Oncology Inc.(a)(b)		1,463		32,508
Curis Inc.(a)		4,790		31,135
Cytokinetics Inc.(a)		5,008		174,829

Security	Shares		Value
Biotechnology (continued)
CytomX Therapeutics Inc.(a)		3,751	$	22,243
Deciphera Pharmaceuticals Inc.(a)		2,547		85,044
Denali Therapeutics Inc.(a)		5,510		266,409
Dermtech Inc.(a)		1,513		41,381
Design Therapeutics Inc.(a)		811		12,716
Dicerna Pharmaceuticals Inc.(a)		4,171		86,799
Dynavax Technologies Corp.(a)		6,399		127,788
Dyne Therapeutics Inc.(a)		1,556		22,578
Eagle Pharmaceuticals Inc./DE(a)		689		36,083
Editas Medicine Inc.(a)(b)		4,107		150,809
Eiger BioPharmaceuticals Inc.(a)		2,117		14,269
Emergent BioSolutions Inc.(a)		2,849		135,812
Enanta Pharmaceuticals Inc.(a)		1,103		94,693
Epizyme Inc.(a)(b)		5,663		23,785
Equillium Inc.(a)		1,094		6,903
Evelo Biosciences Inc.(a)		1,759		15,567
FibroGen Inc.(a)		5,351		59,503
Finch Therapeutics Group Inc.(a)(b)		456		6,110
Flexion Therapeutics Inc.(a)		3,029		28,018
Forma Therapeutics Holdings Inc.(a)		1,931		35,839
Forte Biosciences Inc.(a)		1,508		4,087
Fortress Biotech Inc.(a)		4,864		15,857
Frequency Therapeutics Inc.(a)(b)		1,812		11,379
G1 Therapeutics Inc.(a)		2,106		30,516
Generation Bio Co.(a)(b)		2,656		55,670
Genprex Inc.(a)(b)		2,503		5,832
Geron Corp.(a)(b)		20,564		31,669
Global Blood Therapeutics Inc.(a)		3,499		127,783
Gossamer Bio Inc.(a)		3,062		38,030
Greenwich Lifesciences Inc.(a)		240		8,486
Gritstone bio Inc.(a)		2,467		27,112
Halozyme Therapeutics Inc.(a)(b)		8,554		325,651
Harpoon Therapeutics Inc.(a)		1,248		7,812
Heat Biologics Inc.(a)(b)		1,570		8,384
Heron Therapeutics Inc.(a)(b)		6,256		68,879
Homology Medicines Inc.(a)		2,474		14,176
Humanigen Inc.(a)(b)		2,655		19,063
iBio Inc.(a)		14,447		11,269
Ideaya Biosciences Inc.(a)		1,985		42,558
IGM Biosciences Inc.(a)		464		21,771
Immunic Inc.(a)		865		8,062
ImmunityBio Inc.(a)		4,024		31,508
ImmunoGen Inc.(a)		11,405		68,772
Immunome Inc.(a)		611		14,322
Immunovant Inc.(a)		2,631		21,153
Infinity Pharmaceuticals Inc.(a)		5,632		14,305
Inhibrx Inc.(a)		1,235		49,635
Inmune Bio Inc.(a)(b)		767		14,105
Inovio Pharmaceuticals Inc.(a)(b)		12,751		91,042
Insmed Inc.(a)(b)		6,989		210,718
Instil Bio Inc.(a)		1,006		20,492
Intellia Therapeutics Inc.(a)		4,089		543,755
Intercept Pharmaceuticals Inc.(a)(b)		1,745		29,421
Invitae Corp.(a)(b)		11,965		317,073
Ionis Pharmaceuticals Inc.(a)(b)		8,527		271,755
Iovance Biotherapeutics Inc.(a)		8,146		198,029
Ironwood Pharmaceuticals Inc.(a)		9,859		125,899
iTeos Therapeutics Inc.(a)		1,226		32,796
IVERIC bio Inc.(a)(b)		6,394		113,174
Jounce Therapeutics Inc.(a)		2,042		17,929

44 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Kadmon Holdings Inc.(a)(b)		9,696	$	91,627
KalVista Pharmaceuticals Inc.(a)(b)		1,211		21,774
Karuna Therapeutics Inc.(a)		1,323		185,723
Karyopharm Therapeutics Inc.(a)(b)		4,256		23,238
Keros Therapeutics Inc.(a)		785		32,750
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,716		17,829
Kinnate Biopharma Inc.(a)		849		20,181
Kodiak Sciences Inc.(a)(b)		1,995		233,595
Kronos Bio Inc.(a)		2,485		40,903
Krystal Biotech Inc.(a)		1,101		55,149
Kura Oncology Inc.(a)		4,051		66,517
Kymera Therapeutics Inc.(a)		2,113		124,413
Lexicon Pharmaceuticals Inc.(a)		4,224		22,345
Ligand Pharmaceuticals Inc.(a)		988		144,189
Lineage Cell Therapeutics Inc.(a)		7,951		18,128
MacroGenics Inc.(a)		3,331		65,054
Madrigal Pharmaceuticals Inc.(a)		737		57,302
Magenta Therapeutics Inc.(a)		2,346		15,014
MannKind Corp.(a)(b)		15,114		71,187
Matinas BioPharma Holdings Inc.(a)(b)		12,191		13,532
MediciNova Inc.(a)		3,077		10,339
MEI Pharma Inc.(a)		5,410		15,256
MeiraGTx Holdings PLC(a)		1,742		37,453
Mersana Therapeutics Inc.(a)		4,175		35,738
MiMedx Group Inc.(a)		5,099		34,928
Mirum Pharmaceuticals Inc.(a)		1,041		16,531
Molecular Templates Inc.(a)		2,717		14,183
Morphic Holding Inc.(a)		1,563		89,873
Mustang Bio Inc.(a)		4,909		10,996
Myovant Sciences Ltd.(a)		2,554		55,882
Myriad Genetics Inc.(a)		4,735		145,696
Neoleukin Therapeutics Inc.(a)		1,952		14,308
NeuBase Therapeutics Inc.(a)		1,768		6,542
NexImmune Inc.(a)		408		4,643
NextCure Inc.(a)		1,061		8,721
Nkarta Inc.(a)		870		13,642
Nurix Therapeutics Inc.(a)		2,420		80,949
Ocugen Inc.(a)(b)		12,067		142,873
Olema Pharmaceuticals Inc.(a)		1,787		48,249
Oncocyte Corp.(a)		5,009		16,430
Oncorus Inc.(a)		1,005		10,713
Oncternal Therapeutics Inc.(a)		3,010		11,047
OPKO Health Inc.(a)(b)		24,707		93,640
Organogenesis Holdings Inc., Class A(a)		3,780		41,504
ORIC Pharmaceuticals Inc.(a)(b)		1,910		27,962
Outlook Therapeutics Inc.(a)		6,204		12,842
Ovid therapeutics Inc.(a)		2,715		9,231
Passage Bio Inc.(a)		2,201		19,193
PDS Biotechnology Corp.(a)		1,414		17,025
PMV Pharmaceuticals Inc.(a)		1,649		38,949
Poseida Therapeutics Inc.(a)		1,879		12,044
Praxis Precision Medicines Inc.(a)		2,134		44,387
Precigen Inc.(a)		5,657		27,323
Precision BioSciences Inc.(a)		2,903		27,549
Prelude Therapeutics Inc.(a)(b)		768		13,501
Prometheus Biosciences Inc.(a)		604		19,243
Protagonist Therapeutics Inc.(a)		2,682		83,571
Prothena Corp. PLC(a)(b)		2,087		115,515
PTC Therapeutics Inc.(a)		4,242		160,899
Puma Biotechnology Inc.(a)		2,340		11,934

Security	Shares		Value
Biotechnology (continued)
Radius Health Inc.(a)		2,969	$	64,130
RAPT Therapeutics Inc.(a)		1,192		37,643
Recursion Pharmaceuticals Inc., Class A(a)		1,478		28,304
REGENXBIO Inc.(a)		2,282		80,874
Relay Therapeutics Inc.(a)		4,398		146,234
Replimune Group Inc.(a)		1,792		52,882
REVOLUTION Medicines Inc.(a)		3,752		110,421
Rhythm Pharmaceuticals Inc.(a)		2,348		27,025
Rigel Pharmaceuticals Inc.(a)		10,559		35,478
Rocket Pharmaceuticals Inc.(a)(b)		2,709		80,484
Rubius Therapeutics Inc.(a)		2,533		35,994
Sage Therapeutics Inc.(a)		3,074		124,067
Sana Biotechnology Inc.(a)		4,979		103,264
Sangamo Therapeutics Inc.(a)		7,368		59,828
Sarepta Therapeutics Inc.(a)		5,177		409,656
Scholar Rock Holding Corp.(a)		1,587		41,738
Selecta Biosciences Inc.(a)		5,257		18,873
Sensei Biotherapeutics Inc.(a)		551		4,788
Seres Therapeutics Inc.(a)		3,538		21,511
Sesen Bio Inc.(a)		11,173		13,519
Shattuck Labs Inc.(a)		1,725		33,293
Silverback Therapeutics Inc.(a)(b)		1,375		11,866
Sio Gene Therapies Inc.(a)(b)		3,197		6,106
Solid Biosciences Inc.(a)		4,230		8,587
Sorrento Therapeutics Inc.(a)(b)		18,014		123,576
Spectrum Pharmaceuticals Inc.(a)(b)		10,580		19,361
Spero Therapeutics Inc.(a)		1,703		29,905
SpringWorks Therapeutics Inc.(a)		1,584		106,223
SQZ Biotechnologies Co.(a)		1,158		15,506
Stoke Therapeutics Inc.(a)		1,303		29,747
Surface Oncology Inc.(a)		2,157		16,005
Sutro Biopharma Inc.(a)		2,640		53,222
Syndax Pharmaceuticals Inc.(a)		2,538		49,364
Syros Pharmaceuticals Inc.(a)		3,444		14,224
T2 Biosystems Inc.(a)(b)		10,403		8,057
Taysha Gene Therapies Inc.(a)		1,414		22,115
TCR2 Therapeutics Inc.(a)		2,114		13,318
TG Therapeutics Inc.(a)(b)		7,993		249,541
Tonix Pharmaceuticals Holding Corp.(a)		22,063		12,179
Travere Therapeutics Inc.(a)		3,091		89,052
Trevena Inc.(a)(b)		9,144		9,235
Turning Point Therapeutics Inc.(a)		2,980		123,908
Twist Bioscience Corp.(a)		2,924		347,371
Tyme Technologies Inc.(a)		6,411		6,110
uniQure NV(a)(b)		2,176		66,303
UNITY Biotechnology Inc.(a)		2,581		6,169
Vanda Pharmaceuticals Inc.(a)		3,408		58,345
Vaxart Inc.(a)(b)		7,611		51,070
Vaxcyte Inc.(a)		1,878		43,945
Veracyte Inc.(a)		4,242		203,107
Verastem Inc.(a)		10,205		26,533
Vericel Corp.(a)		2,820		129,776
Viking Therapeutics Inc.(a)		4,456		25,934
Vir Biotechnology Inc.(a)(b)		4,396		165,861
Viracta Therapeutics Inc.(a)		1,268		7,456
VistaGen Therapeutics Inc.(a)		10,831		24,803
Vor BioPharma Inc.(a)		715		11,247
Voyager Therapeutics Inc.(a)(b)		2,042		7,392
Werewolf Therapeutics Inc.(a)		447		7,004
XBiotech Inc.		874		12,813

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Xencor Inc.(a)		3,624	$	143,365
XOMA Corp.(a)		741		18,525
Y-mAbs Therapeutics Inc.(a)		2,098		51,527
Zentalis Pharmaceuticals Inc.(a)		2,185		175,761
ZIOPHARM Oncology Inc.(a)(b)		14,117		21,176
				16,872,814
Building Products — 1.0%
AAON Inc.		2,487		178,194
American Woodmark Corp.(a)		1,032		70,940
Apogee Enterprises Inc.		1,543		64,698
Armstrong World Industries Inc.		2,845		300,574
Cornerstone Building Brands Inc.(a)		3,284		46,994
Gibraltar Industries Inc.(a)		1,969		128,300
Griffon Corp.		2,859		75,735
Insteel Industries Inc.		1,158		47,096
JELD-WEN Holding Inc.(a)		5,574		152,783
Masonite International Corp.(a)(b)		1,452		174,255
PGT Innovations Inc.(a)		3,641		77,735
Quanex Building Products Corp.		2,057		42,621
Resideo Technologies Inc.(a)		8,671		213,827
Simpson Manufacturing Co. Inc.		2,608		276,683
UFP Industries Inc.		3,746		306,535
View Inc.(a)(b)		3,922		20,943
Zurn Water Solutions Corp.		7,272		263,828
				2,441,741
Capital Markets — 2.4%
Affiliated Managers Group Inc.		2,492		418,357
Artisan Partners Asset Management Inc., Class A		3,888		192,611
Assetmark Financial Holdings Inc.(a)		1,240		31,794
B. Riley Financial Inc.		1,009		72,305
BGC Partners Inc., Class A		20,620		110,729
Blucora Inc.(a)		3,019		49,874
BrightSphere Investment Group Inc.		3,614		108,348
Cohen & Steers Inc.		1,500		142,335
Coinbase Global Inc., Class A(a)(b)		1,723		550,361
Cowen Inc., Class A		1,724		65,046
Diamond Hill Investment Group Inc.		209		45,324
Donnelley Financial Solutions Inc.(a)		1,784		68,363
Evercore Inc., Class A		2,405		365,175
Federated Hermes Inc.		5,922		197,262
Focus Financial Partners Inc., Class A(a)		3,081		193,672
Freedom Holding Corp./NV(a)(b)		1,007		67,157
GCM Grosvenor Inc., Class A		1,955		22,385
Greenhill & Co. Inc.		809		12,717
Hamilton Lane Inc., Class A		2,039		213,096
Houlihan Lokey Inc.		3,091		346,439
Interactive Brokers Group Inc., Class A		5,269		373,309
Janus Henderson Group PLC		10,327		480,205
Moelis & Co., Class A		3,709		269,793
Open Lending Corp., Class A(a)		6,109		192,556
Oppenheimer Holdings Inc., Class A, NVS		568		29,564
Piper Sandler Cos		874		143,939
PJT Partners Inc., Class A		1,451		118,677
Sculptor Capital Management Inc.		1,197		31,720
StepStone Group Inc., Class A		2,419		113,645
Stifel Financial Corp.		6,326		460,976
StoneX Group Inc.(a)		1,063		73,464
Trinity Capital Inc.		462		7,461
Victory Capital Holdings Inc., Class A		1,000		37,900

Security	Shares		Value
Capital Markets (continued)
Virtu Financial Inc., Class A		5,342	$	132,909
Virtus Investment Partners Inc.		432		138,240
WisdomTree Investments Inc.		6,984		44,628
				5,922,336
Chemicals — 2.5%
AdvanSix Inc.(a)		1,744		84,758
American Vanguard Corp.		1,628		25,364
Amyris Inc.(a)(b)		11,296		167,407
Ashland Global Holdings Inc.		3,399		326,338
Avient Corp.		5,447		293,484
Balchem Corp.		1,918		293,627
Cabot Corp.		3,425		182,724
Chase Corp.		461		44,256
Chemours Co. (The)		9,899		277,370
Danimer Scientific Inc.(a)(b)		4,408		65,062
Diversey Holdings Ltd.(a)		2,611		45,431
Ecovyst Inc.		3,321		38,789
Element Solutions Inc.		13,035		296,025
Ferro Corp.(a)		4,959		104,238
FutureFuel Corp.		1,973		13,929
GCP Applied Technologies Inc.(a)		3,253		73,550
Hawkins Inc.		1,141		41,841
HB Fuller Co.		3,159		222,741
Huntsman Corp.		12,659		412,430
Ingevity Corp.(a)		2,381		185,504
Innospec Inc.		1,499		135,824
Intrepid Potash Inc.(a)		587		28,593
Koppers Holdings Inc.(a)		1,273		44,670
Kraton Corp.(a)		1,933		88,242
Kronos Worldwide Inc.		1,482		19,311
Livent Corp.(a)		9,709		273,988
Loop Industries Inc.(a)		1,203		18,899
Minerals Technologies Inc.		2,029		143,937
NewMarket Corp.		429		145,864
Olin Corp.		8,731		497,492
PureCycle Technologies Inc.(a)(b)		4,441		59,465
Quaker Chemical Corp.(b)		805		197,901
Rayonier Advanced Materials Inc.(a)		3,743		26,875
Sensient Technologies Corp.		2,532		242,059
Stepan Co.		1,267		152,065
Tredegar Corp.		1,626		19,610
Trinseo PLC		2,345		131,461
Tronox Holdings PLC, Class A		6,899		160,885
Valvoline Inc.		10,853		368,568
Zymergen Inc.(a)(b)		998		10,579
				5,961,156
Commercial Services & Supplies — 1.8%
ABM Industries Inc.		4,025		177,140
ACCO Brands Corp.		5,837		48,272
ACV Auctions Inc., Class A(a)(b)		2,757		53,679
ADT Inc.		8,772		73,246
Aqua Metals Inc.(a)(b)		4,584		7,976
Brady Corp., Class A, NVS		2,929		152,572
BrightView Holdings Inc.(a)		3,046		48,310
Brink’s Co. (The)(b)		2,988		205,813
Casella Waste Systems Inc., Class A(a)		3,026		262,415
Cimpress PLC(a)(b)		1,134		101,289
Clean Harbors Inc.(a)		3,007		338,408
CoreCivic Inc.(a)		7,266		62,560

46 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Covanta Holding Corp.		7,107	$	143,419
Deluxe Corp.		2,571		91,708
Driven Brands Holdings Inc.(a)		3,299		107,118
Ennis Inc.		1,635		30,967
Harsco Corp.(a)		4,813		82,302
Healthcare Services Group Inc.		4,496		86,278
Herman Miller Inc.		4,541		176,736
HNI Corp.		2,681		100,269
Interface Inc.		3,635		52,199
KAR Auction Services Inc.(a)		7,169		105,169
Kimball International Inc., Class B		2,304		25,044
Matthews International Corp., Class A		1,916		65,853
Montrose Environmental Group Inc.(a)		1,541		105,636
MSA Safety Inc.		2,188		334,830
RR Donnelley & Sons Co.(a)		4,489		28,730
SP Plus Corp.(a)		1,441		46,472
Steelcase Inc., Class A		5,601		66,652
Stericycle Inc.(a)		5,515		369,064
Team Inc.(a)		2,079		5,031
Tetra Tech Inc.		3,262		573,003
U.S. Ecology Inc.(a)		1,940		62,449
UniFirst Corp./MA		919		181,925
Viad Corp.(a)		1,271		56,394
				4,428,928
Communications Equipment — 0.8%
ADTRAN Inc.		2,936		54,257
Applied Optoelectronics Inc.(a)(b)		1,683		12,875
Aviat Networks Inc.(a)		586		16,760
CalAmp Corp.(a)		2,229		21,443
Calix Inc.(a)		3,318		207,674
Cambium Networks Corp.(a)		672		18,964
Casa Systems Inc.(a)		1,992		12,609
Clearfield Inc.(a)		709		40,051
CommScope Holding Co. Inc.(a)		12,289		131,615
Comtech Telecommunications Corp.		1,654		35,677
Digi International Inc.(a)		2,101		45,277
EMCORE Corp.(a)		1,995		14,923
Extreme Networks Inc.(a)		7,721		75,897
Harmonic Inc.(a)		6,064		55,000
Infinera Corp.(a)		12,609		95,702
Inseego Corp.(a)(b)		4,702		29,152
Lumentum Holdings Inc.(a)		4,547		375,491
NETGEAR Inc.(a)(b)		1,820		52,471
NetScout Systems Inc.(a)		4,446		120,309
Ondas Holdings Inc.(a)(b)		1,617		13,858
Plantronics Inc.(a)		2,549		68,211
Resonant Inc.(a)(b)		3,447		7,721
Ribbon Communications Inc.(a)		7,170		39,220
Viasat Inc.(a)(b)		4,404		262,875
Viavi Solutions Inc.(a)		13,728		211,411
				2,019,443
Construction & Engineering — 1.2%
Ameresco Inc., Class A(a)		1,847		151,694
API Group Corp.(a)(b)		11,683		254,456
Arcosa Inc.		2,921		151,103
Argan Inc.		946		39,032
Comfort Systems USA Inc.		2,182		199,587
Construction Partners Inc., Class A(a)(b)		2,176		77,487
Dycom Industries Inc.(a)		1,854		147,245

Security	Shares		Value
Construction & Engineering (continued)
EMCOR Group Inc.		3,228	$	392,170
Fluor Corp.(a)		8,538		165,979
Granite Construction Inc.		2,783		103,305
Great Lakes Dredge & Dock Corp.(a)		3,907		59,464
IES Holdings Inc.(a)		543		27,069
Infrastructure and Energy Alternatives Inc.(a)		1,772		19,616
INNOVATE Corp.(a)		2,977		11,759
Matrix Service Co.(a)		1,551		15,867
MYR Group Inc.(a)		1,041		106,338
NV5 Global Inc.(a)(b)		707		73,620
Orbital Energy Group Inc.(a)(b)		3,696		9,868
Primoris Services Corp.		3,209		86,483
Sterling Construction Co. Inc.(a)(b)		1,715		41,229
Tutor Perini Corp.(a)		2,637		35,916
Valmont Industries Inc.		1,275		304,674
WillScot Mobile Mini Holdings Corp.(a)		13,415		466,171
				2,940,132
Construction Materials — 0.3%
Eagle Materials Inc.		2,517		373,422
Forterra Inc.(a)		1,843		43,901
Summit Materials Inc., Class A(a)		7,111		253,507
				670,830
Consumer Finance — 1.2%
Credit Acceptance Corp.(a)(b)		537		321,239
Curo Group Holdings Corp.		1,315		22,592
Encore Capital Group Inc.(a)(b)		1,825		98,586
Enova International Inc.(a)		2,265		73,477
EZCORP Inc., Class A, NVS(a)		3,264		24,349
FirstCash Inc.		2,427		214,717
Green Dot Corp., Class A(a)		3,126		132,417
LendingClub Corp.(a)		5,936		272,818
LendingTree Inc.(a)(b)		694		112,005
Navient Corp.		10,092		198,812
Nelnet Inc., Class A		1,255		103,701
PRA Group Inc.(a)		2,768		118,692
PROG Holdings Inc.		3,999		161,759
SLM Corp.		18,262		335,108
SoFi Technologies Inc.(a)(b)		35,420		711,588
World Acceptance Corp.(a)(b)		254		47,089
				2,948,949
Containers & Packaging — 0.6%
Graphic Packaging Holding Co.		16,961		338,033
Greif Inc., Class A, NVS		1,627		105,234
Myers Industries Inc.		2,278		46,881
O-I Glass Inc.(a)		9,490		123,844
Pactiv Evergreen Inc.		2,669		37,126
Ranpak Holdings Corp.(a)(b)		2,425		83,566
Silgan Holdings Inc.		5,038		202,528
Sonoco Products Co.		5,904		342,137
TriMas Corp.(a)		2,566		85,576
				1,364,925
Distributors — 0.0%
Funko Inc., Class A(a)(b)		1,584		25,962
Diversified Consumer Services — 0.9%
2U Inc.(a)		4,510		133,225
Adtalem Global Education Inc.(a)		2,957		109,202
American Public Education Inc.(a)		1,114		27,839
Carriage Services Inc.		1,005		51,707

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
Coursera Inc.(a)		4,821	$	168,301
frontdoor Inc.(a)		5,160		192,365
Graham Holdings Co., Class B		246		144,119
Grand Canyon Education Inc.(a)		2,713		216,226
H&R Block Inc.		10,742		247,818
Houghton Mifflin Harcourt Co.(a)		7,689		109,107
Laureate Education Inc., Class A(a)		6,046		104,717
OneSpaWorld Holdings Ltd.(a)		3,559		38,437
Perdoceo Education Corp.(a)		4,212		44,731
Regis Corp.(a)		1,651		4,458
Strategic Education Inc.		1,367		93,243
Stride Inc.(a)		2,489		88,360
Terminix Global Holdings Inc.(a)		7,487		303,074
Vivint Smart Home Inc.(a)(b)		2,481		22,503
WW International Inc.(a)		3,203		55,604
XpresSpa Group Inc.(a)(b)		6,549		8,710
				2,163,746
Diversified Financial Services — 0.1%
A-Mark Precious Metals Inc.		499		37,420
Cannae Holdings Inc.(a)		4,935		168,284
				205,704
Diversified Telecommunication Services — 0.5%
Anterix Inc.(a)		1,092		69,997
AST SpaceMobile Inc.(a)(b)		2,360		26,408
ATN International Inc.		674		27,486
Bandwidth Inc., Class A(a)		1,399		119,307
Cogent Communications Holdings Inc.		2,536		194,232
Consolidated Communications Holdings Inc.(a)		4,340		32,116
EchoStar Corp., Class A(a)		2,464		57,805
Globalstar Inc.(a)(b)		40,049		66,081
IDT Corp., Class B(a)		1,050		50,789
Iridium Communications Inc.(a)(b)		7,904		320,507
Liberty Latin America Ltd., Class A(a)		2,369		28,475
Liberty Latin America Ltd., Class C, NVS(a)		9,460		113,804
Ooma Inc.(a)		1,279		29,545
Radius Global Infrastructure Inc., Class A(a)		3,493		60,534
				1,197,086
Electric Utilities — 0.7%
ALLETE Inc.		3,173		195,266
Hawaiian Electric Industries Inc.		6,562		266,155
IDACORP Inc.		3,033		316,403
MGE Energy Inc.		2,207		167,489
Otter Tail Corp.		2,540		157,505
PNM Resources Inc.		5,102		253,825
Portland General Electric Co.		5,368		264,696
Via Renewables Inc.		720		8,028
				1,629,367
Electrical Equipment — 1.5%
Acuity Brands Inc.		2,144		440,442
Advent Technologies Holdings Inc.(a)		2,163		20,743
American Superconductor Corp.(a)		1,542		28,342
Array Technologies Inc.(a)(b)		7,180		153,293
Atkore Inc.(a)		2,769		261,754
AZZ Inc.		1,533		81,448
Babcock & Wilcox Enterprises Inc.(a)		3,383		23,106
Beam Global(a)(b)		510		16,065
Blink Charging Co.(a)(b)		2,205		70,119
Bloom Energy Corp., Class A(a)		8,778		274,400
Encore Wire Corp.		1,260		168,916

Security	Shares		Value
Electrical Equipment (continued)
Energous Corp.(a)		3,775	$	7,248
EnerSys		2,570		205,703
Eos Energy Enterprises Inc.(a)(b)		2,406		25,383
FTC Solar Inc.(a)		1,320		12,593
FuelCell Energy Inc.(a)		19,475		155,605
GrafTech International Ltd.		12,227		130,829
Nuvve Holding Corp.(a)(b)		764		9,313
nVent Electric PLC		10,024		355,351
Orion Energy Systems Inc.(a)		1,657		6,777
Powell Industries Inc.		628		16,240
Regal Rexnord Corp.		4,064		619,069
Romeo Power Inc.(a)(b)		5,663		24,578
Shoals Technologies Group Inc., Class A(a)		6,112		189,411
Sunworks Inc.(a)(b)		1,793		10,884
Thermon Group Holdings Inc.(a)		1,972		34,076
TPI Composites Inc.(a)		2,256		75,869
Vicor Corp.(a)		1,280		194,035
Westwater Resources Inc.(a)(b)		1,872		5,934
				3,617,526
Electronic Equipment, Instruments & Components — 2.5%
908 Devices Inc.(a)(b)		833		27,406
Advanced Energy Industries Inc.		2,310		212,104
Aeva Technologies Inc.(a)		5,519		42,827
Airgain Inc.(a)		685		7,693
Akoustis Technologies Inc.(a)(b)		2,760		20,755
Arlo Technologies Inc.(a)		4,951		34,162
Avnet Inc.		5,962		227,212
Badger Meter Inc.		1,754		179,346
Belden Inc.		2,695		162,266
Benchmark Electronics Inc.		2,141		49,907
Coherent Inc.(a)		1,474		374,986
CTS Corp.		1,969		70,136
ePlus Inc.(a)		809		89,451
Fabrinet(a)		2,224		213,504
FARO Technologies Inc.(a)		1,111		81,736
II-VI Inc.(a)		6,310		381,818
Insight Enterprises Inc.(a)		2,185		206,919
Intellicheck Inc.(a)		990		8,801
Itron Inc.(a)		2,720		211,534
Kimball Electronics Inc.(a)		1,565		44,994
Knowles Corp.(a)		5,902		122,998
Littelfuse Inc.		1,478		435,345
Luna Innovations Inc.(a)		1,882		18,331
Methode Electronics Inc.		2,316		97,434
MicroVision Inc.(a)(b)		9,885		75,225
MICT Inc.(a)(b)		7,089		9,783
Napco Security Technologies Inc.(a)		862		41,341
National Instruments Corp.		7,915		336,150
nLight Inc.(a)		2,611		73,421
Novanta Inc.(a)		2,132		367,898
OSI Systems Inc.(a)		1,009		93,948
Ouster Inc.(a)		4,097		25,238
PAR Technology Corp.(a)(b)		1,506		94,607
PC Connection Inc.		768		35,366
Plexus Corp.(a)		1,691		147,658
Rogers Corp.(a)		1,122		225,657
Sanmina Corp.(a)		3,983		150,358
ScanSource Inc.(a)		1,583		56,640
SYNNEX Corp.		2,543		267,015
TTM Technologies Inc.(a)		6,454		85,451

48 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Velodyne Lidar Inc.(a)(b)		5,995	$	36,569
Vishay Intertechnology Inc.		7,974		153,260
Vishay Precision Group Inc.(a)		785		26,761
Vontier Corp.		10,143		343,138
Wrap Technologies Inc.(a)(b)		1,499		8,544
				5,975,693
Energy Equipment & Services — 0.9%
Archrock Inc.		8,102		66,355
Aspen Aerogels Inc.(a)		1,488		81,036
Bristow Group Inc.(a)		1,446		50,032
Cactus Inc., Class A		3,480		151,380
ChampionX Corp.(a)		12,099		317,357
Core Laboratories NV(b)		2,775		72,178
DMC Global Inc.(a)		1,165		48,674
Dril-Quip Inc.(a)		2,099		49,452
Expro Group Holdings NV, NVS(a)		3,196		54,811
FTS International Inc., Class A(a)(b)		573		15,185
Helix Energy Solutions Group Inc.(a)		8,911		33,684
Helmerich & Payne Inc.		6,486		201,325
Liberty Oilfield Services Inc., Class A(a)		6,325		81,719
Nabors Industries Ltd.(a)		461		47,252
Newpark Resources Inc.(a)		5,041		17,139
NexTier Oilfield Solutions Inc.(a)		9,669		43,124
NOV Inc.(a)		23,476		329,134
Oceaneering International Inc.(a)		5,977		81,287
Oil States International Inc.(a)		3,950		23,937
Patterson-UTI Energy Inc.		11,351		97,165
ProPetro Holding Corp.(a)		5,201		49,878
RPC Inc.(a)		4,216		22,724
Select Energy Services Inc., Class A(a)		3,599		21,630
Solaris Oilfield Infrastructure Inc., Class A		1,788		13,571
TETRA Technologies Inc.(a)		7,097		22,923
Tidewater Inc.(a)		2,607		31,623
Transocean Ltd.(a)		35,566		125,548
U.S. Silica Holdings Inc.(a)		4,630		44,818
				2,194,941
Entertainment — 1.0%
AMC Entertainment Holdings Inc., Class A(a)(b)		30,871		1,091,907
Cinedigm Corp., Class A(a)		8,359		19,727
Cinemark Holdings Inc.(a)		6,447		121,204
CuriosityStream Inc.(a)(b)		1,600		15,952
IMAX Corp.(a)		3,049		57,474
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		2,242		66,632
Lions Gate Entertainment Corp., Class A(a)(b)		3,819		49,456
Lions Gate Entertainment Corp., Class B, NVS(a)		7,179		81,266
LivePerson Inc.(a)		3,429		7,852
Madison Square Garden Entertainment Corp.(a)(b)		1,515		106,762
Madison Square Garden Sports Corp.(a)		1,018		192,921
Marcus Corp. (The)(a)		1,383		25,682
Sciplay Corp., Class A(a)(b)		1,512		30,558
Skillz Inc., Class A(a)(b)		15,525		173,570
Warner Music Group Corp., Class A		5,853		289,665
World Wrestling Entertainment Inc., Class A		2,700		164,943
				2,495,571
Equity Real Estate Investment Trusts (REITs) — 7.5%
Acadia Realty Trust		5,375		114,918
Agree Realty Corp.		4,138		294,046
Alexander & Baldwin Inc.		4,411		108,202
Alexander’s Inc.		137		38,193

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Assets Trust Inc.		3,222	$	121,888
American Campus Communities Inc.		8,359		449,046
American Finance Trust Inc.		7,336		60,742
Apartment Income REIT Corp.		9,425		505,274
Apartment Investment & Management Co., Class A		9,185		69,622
Apple Hospitality REIT Inc.		12,877		202,298
Armada Hoffler Properties Inc.		3,778		51,796
Ashford Hospitality Trust Inc.(a)		1,729		24,431
Bluerock Residential Growth REIT Inc., Class A		1,651		22,338
Braemar Hotels & Resorts Inc.(a)		2,906		14,762
Brandywine Realty Trust		10,397		137,760
Brixmor Property Group Inc.		17,823		417,771
Broadstone Net Lease Inc.		9,666		257,019
CareTrust REIT Inc.		5,548		115,121
CatchMark Timber Trust Inc., Class A		3,044		26,057
Centerspace		836		84,637
Chatham Lodging Trust(a)		3,176		40,303
City Office REIT Inc.		2,738		51,940
Columbia Property Trust Inc.		6,917		132,599
Community Healthcare Trust Inc.		1,446		69,177
CoreSite Realty Corp.		2,654		378,089
Corporate Office Properties Trust		6,763		183,413
Cousins Properties Inc.		8,934		353,876
CTO Realty Growth Inc.		355		19,032
DiamondRock Hospitality Co.(a)		13,087		118,306
DigitalBridge Group Inc.(a)		29,713		199,077
Diversified Healthcare Trust		14,641		53,293
Douglas Emmett Inc.		10,482		342,552
Easterly Government Properties Inc.		5,039		105,970
EastGroup Properties Inc.		2,426		479,814
Empire State Realty Trust Inc., Class A		8,588		83,132
EPR Properties		4,521		226,999
Equity Commonwealth(a)		7,322		189,859
Essential Properties Realty Trust Inc.		7,153		213,088
Farmland Partners Inc.		1,769		19,884
First Industrial Realty Trust Inc.		7,753		451,457
Four Corners Property Trust Inc.		4,692		136,068
Franklin Street Properties Corp., Class C		5,813		26,159
GEO Group Inc. (The)		995		8,139
Getty Realty Corp.		2,322		74,583
Gladstone Commercial Corp.		2,338		51,109
Gladstone Land Corp.		1,715		37,970
Global Medical REIT Inc.		3,612		59,887
Global Net Lease Inc.		6,242		99,997
Healthcare Realty Trust Inc.		8,738		288,878
Healthcare Trust of America Inc., Class A		13,140		438,745
Hersha Hospitality Trust, Class A(a)		2,121		18,941
Highwoods Properties Inc.		6,215		278,681
Hudson Pacific Properties Inc.		9,141		235,381
Independence Realty Trust Inc.		6,396		151,138
Industrial Logistics Properties Trust		3,966		111,405
Innovative Industrial Properties Inc.		1,439		378,587
iStar Inc.		4,289		108,254
JBG SMITH Properties		6,972		201,212
Kite Realty Group Trust		13,313		270,254
Lexington Realty Trust		16,672		242,911
Life Storage Inc.		4,751		635,731
LTC Properties Inc.		2,433		77,515
Macerich Co. (The)		12,780		231,190
Mack-Cali Realty Corp.(a)		4,857		88,349

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Monmouth Real Estate Investment Corp.		5,952	$	112,195
National Health Investors Inc.		2,808		151,014
National Storage Affiliates Trust		4,964		310,051
NETSTREIT Corp.		2,359		57,182
NexPoint Residential Trust Inc.		1,353		95,819
Office Properties Income Trust		2,999		76,834
One Liberty Properties Inc.		1,005		31,416
Outfront Media Inc.		8,713		216,867
Paramount Group Inc.		9,998		84,783
Park Hotels & Resorts Inc.(a)		14,190		262,941
Pebblebrook Hotel Trust(b)		8,003		179,747
Pennsylvania REIT(a)		4,519		7,682
Physicians Realty Trust		13,019		247,491
Piedmont Office Realty Trust Inc., Class A		7,551		134,106
Plymouth Industrial REIT Inc.		1,911		48,845
PotlatchDeltic Corp.		4,027		210,491
Preferred Apartment Communities Inc., Class A		3,403		42,912
PS Business Parks Inc.		1,207		214,484
Rayonier Inc.		8,457		315,700
Retail Opportunity Investments Corp.		7,539		133,968
Retail Value Inc.		1,047		6,554
Rexford Industrial Realty Inc.		8,270		555,744
RLJ Lodging Trust		10,168		146,623
RPT Realty		5,044		67,035
Ryman Hospitality Properties Inc.(a)(b)		3,294		281,769
Sabra Health Care REIT Inc.		13,428		190,006
Safehold Inc.(b)		798		59,611
Saul Centers Inc.		815		37,816
Seritage Growth Properties, Class A(a)(b)		2,228		34,311
Service Properties Trust		9,918		106,817
SITE Centers Corp.		10,798		171,580
SL Green Realty Corp.		4,026		282,102
Spirit Realty Capital Inc.		7,113		348,039
STAG Industrial Inc.		9,736		423,808
Summit Hotel Properties Inc.(a)		6,692		66,920
Sunstone Hotel Investors Inc.(a)		13,297		164,085
Tanger Factory Outlet Centers Inc.		6,259		105,151
Terreno Realty Corp.		4,234		309,632
UMH Properties Inc.		2,708		64,830
Uniti Group Inc.		13,904		198,966
Universal Health Realty Income Trust		793		45,177
Urban Edge Properties		6,746		118,257
Urstadt Biddle Properties Inc., Class A		1,901		37,336
Washington REIT		5,095		129,158
Whitestone REIT		2,863		26,282
Xenia Hotels & Resorts Inc.(a)		6,965		123,977
				18,114,979
Food & Staples Retailing — 0.6%
Andersons Inc. (The)		1,879		63,999
BJ’s Wholesale Club Holdings Inc.(a)(b)		8,240		481,546
Chefs’ Warehouse Inc. (The)(a)		2,029		70,751
Grocery Outlet Holding Corp.(a)		5,266		116,852
Ingles Markets Inc., Class A		899		62,202
Natural Grocers by Vitamin Cottage Inc.		454		5,530
PriceSmart Inc.		1,473		105,982
Rite Aid Corp.(a)		3,317		45,078
SpartanNash Co.		2,268		52,481
Sprouts Farmers Market Inc.(a)		6,837		151,371
United Natural Foods Inc.(a)		3,433		148,958

Security	Shares		Value
Food & Staples Retailing (continued)
Weis Markets Inc.		976	$	54,959
				1,359,709
Food Products — 1.3%
AppHarvest Inc.(a)(b)		3,903		23,496
B&G Foods Inc.		3,883		114,315
Calavo Growers Inc.		1,073		43,135
Cal-Maine Foods Inc.		2,260		81,496
Flowers Foods Inc.		12,045		298,114
Fresh Del Monte Produce Inc.		2,061		69,023
Hain Celestial Group Inc. (The)(a)(b)		5,030		225,696
Hostess Brands Inc.(a)		7,758		146,704
Ingredion Inc.		4,025		383,301
J&J Snack Foods Corp.		901		132,942
John B Sanfilippo & Son Inc.		532		44,954
Laird Superfood Inc.(a)(b)		237		4,138
Lancaster Colony Corp.		1,191		202,470
Mission Produce Inc.(a)		2,230		42,348
Pilgrim’s Pride Corp.(a)		2,916		82,114
Post Holdings Inc.(a)		3,519		357,108
Sanderson Farms Inc.		1,288		244,012
Seaboard Corp.		16		61,600
Simply Good Foods Co. (The)(a)		5,064		200,788
Tattooed Chef Inc.(a)(b)		2,715		48,788
Tootsie Roll Industries Inc.		1,035		32,758
TreeHouse Foods Inc.(a)		3,343		120,816
Utz Brands Inc.		3,731		58,166
Vital Farms Inc.(a)		1,461		23,990
Whole Earth Brands Inc.(a)		2,315		28,081
				3,070,353
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		1,079		141,425
Macquarie Infrastructure Corp.		4,447		16,409
National Fuel Gas Co.		5,503		316,037
New Jersey Resources Corp.		5,832		220,508
Northwest Natural Holding Co.		1,896		85,491
ONE Gas Inc.		3,189		214,620
South Jersey Industries Inc.		6,799		154,745
Southwest Gas Holdings Inc.		3,549		245,768
Spire Inc.		3,115		195,497
				1,590,500
Health Care Equipment & Supplies — 3.6%
Accelerate Diagnostics Inc.(a)(b)		2,186		12,897
Accuray Inc.(a)(b)		6,141		30,644
Acutus Medical Inc.(a)		1,346		10,553
Alphatec Holdings Inc.(a)		4,168		48,891
AngioDynamics Inc.(a)		2,352		67,267
Asensus Surgical Inc.(a)		13,805		23,330
Aspira Women’s Health Inc.(a)(b)		3,601		12,063
AtriCure Inc.(a)		2,759		207,091
Atrion Corp.		85		61,880
Avanos Medical Inc.(a)		2,924		92,223
Axogen Inc.(a)		2,515		38,203
Axonics Inc.(a)(b)		2,780		203,913
BioLife Solutions Inc.(a)		1,759		93,491
Bioventus Inc., Class A(a)		493		7,444
Butterfly Network Inc.(a)		7,900		81,528
Cardiovascular Systems Inc.(a)		2,438		85,525
Cerus Corp.(a)(b)		10,489		69,227
ClearPoint Neuro Inc.(a)		969		16,211

50 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Co-Diagnostics Inc.(a)		1,493	$	12,258
Conformis Inc.(a)		10,650		13,099
CONMED Corp.		1,736		253,942
CryoLife Inc.(a)		2,377		49,061
CryoPort Inc.(a)		2,769		225,784
Cutera Inc.(a)(b)		994		42,742
CytoSorbents Corp.(a)		2,336		13,759
DarioHealth Corp.(a)		931		15,222
Eargo Inc.(a)		1,402		12,338
Envista Holdings Corp.(a)		9,613		375,868
Establishment Labs Holdings Inc.(a)		1,307		106,573
Glaukos Corp.(a)		2,807		128,308
Globus Medical Inc., Class A(a)		4,687		361,696
Haemonetics Corp.(a)		3,060		210,253
Heska Corp.(a)		641		143,283
ICU Medical Inc.(a)		1,193		279,317
Inari Medical Inc.(a)		1,914		173,255
Inogen Inc.(a)		1,178		46,708
Integer Holdings Corp.(a)		1,981		178,330
Integra LifeSciences Holdings Corp.(a)		4,320		287,107
Intersect ENT Inc.(a)		2,022		54,533
Invacare Corp.(a)		2,209		10,912
iRhythm Technologies Inc.(a)		1,776		124,569
Lantheus Holdings Inc.(a)		4,101		95,922
LeMaitre Vascular Inc.		1,154		60,020
LivaNova PLC(a)		3,195		245,120
Meridian Bioscience Inc.(a)		2,585		48,624
Merit Medical Systems Inc.(a)		3,025		203,461
Mesa Laboratories Inc.		303		92,627
Natus Medical Inc.(a)		2,076		52,004
Neogen Corp.(a)		6,414		271,376
Neuronetics Inc.(a)		1,390		7,228
NeuroPace Inc.(a)		379		5,746
Nevro Corp.(a)		2,076		236,124
NuVasive Inc.(a)		3,113		166,110
OraSure Technologies Inc.(a)		4,270		45,561
Ortho Clinical Diagnostics Holdings PLC(a)		6,765		133,744
Orthofix Medical Inc.(a)		1,214		43,680
OrthoPediatrics Corp.(a)		857		60,993
Outset Medical Inc.(a)(b)		2,428		129,340
PAVmed Inc.(a)(b)		4,482		24,337
Pulmonx Corp.(a)(b)		2,092		81,442
Pulse Biosciences Inc.(a)(b)		819		17,273
Quidel Corp.(a)		2,280		302,716
Quotient Ltd.(a)		5,927		14,995
Repro-Med Systems Inc.(a)		2,298		5,722
Retractable Technologies Inc.(a)(b)		1,171		11,078
SeaSpine Holdings Corp.(a)		1,898		28,394
Senseonics Holdings Inc.(a)(b)		24,578		86,023
Shockwave Medical Inc.(a)(b)		2,113		451,548
SI-BONE Inc.(a)		1,637		36,914
Sientra Inc.(a)		3,534		20,709
Silk Road Medical Inc.(a)(b)		2,102		123,408
SmileDirectClub Inc.(a)(b)		6,394		32,929
Soliton Inc.(a)		585		12,045
STAAR Surgical Co.(a)		2,845		337,019
Surgalign Holdings Inc.(a)(b)		8,223		7,905
Surmodics Inc.(a)		855		47,589
Tactile Systems Technology Inc.(a)		1,215		41,905
Tandem Diabetes Care Inc.(a)(b)		3,782		515,600

Security	Shares		Value
Health Care Equipment & Supplies (continued)
TransMedics Group Inc.(a)		1,675	$	45,945
Treace Medical Concepts Inc.(a)		744		17,157
Vapotherm Inc.(a)		1,392		31,835
Varex Imaging Corp.(a)		2,374		63,742
Vicarious Surgical Inc., NVS(a)		2,107		27,538
ViewRay Inc.(a)		8,554		62,530
Zynex Inc.(a)(b)		1,122		14,059
				8,641,335
Health Care Providers & Services — 2.4%
1Life Healthcare Inc.(a)		6,972		151,014
Acadia Healthcare Co. Inc.(a)		5,398		334,676
Accolade Inc.(a)		3,473		138,191
AdaptHealth Corp.(a)(b)		5,744		156,524
Addus HomeCare Corp.(a)		952		89,012
Alignment Healthcare Inc.(a)		1,716		34,080
AMN Healthcare Services Inc.(a)		2,846		280,900
Apollo Medical Holdings Inc.(a)		2,263		155,310
Apria Inc.(a)		433		16,207
Aveanna Healthcare Holdings Inc.(a)		2,493		19,246
Biodesix Inc.(a)		533		4,019
Brookdale Senior Living Inc.(a)		11,226		72,969
Castle Biosciences Inc.(a)		1,414		88,163
Clover Health Investments Corp.(a)		12,108		90,810
Community Health Systems Inc.(a)		7,471		97,870
CorVel Corp.(a)(b)		564		103,336
Covetrus Inc.(a)		6,307		127,338
Cross Country Healthcare Inc.(a)		2,193		45,461
Ensign Group Inc. (The)		3,143		245,185
Fulgent Genetics Inc.(a)(b)		1,154		95,690
Hanger Inc.(a)		2,236		41,768
HealthEquity Inc.(a)		5,014		331,827
Hims & Hers Health Inc.(a)		7,473		58,289
InfuSystem Holdings Inc.(a)		1,106		18,393
Innovage Holding Corp.(a)		1,151		7,620
Joint Corp. (The)(a)		863		75,495
Magellan Health Inc.(a)		1,377		130,581
MEDNAX Inc.(a)		5,201		141,623
ModivCare Inc.(a)		740		120,450
National HealthCare Corp.		779		54,483
National Research Corp.		824		35,679
Ontrak Inc.(a)		472		4,059
Option Care Health Inc.(a)		8,302		226,894
Owens & Minor Inc.		4,530		162,536
Patterson Companies Inc.		5,255		164,271
Pennant Group Inc. (The)(a)		1,622		41,475
PetIQ Inc.(a)		1,553		38,903
Premier Inc., Class A		7,341		285,932
Privia Health Group Inc.(a)		1,258		32,331
Progyny Inc.(a)		4,120		253,092
R1 RCM Inc.(a)		8,021		174,056
RadNet Inc.(a)		2,682		83,383
Select Medical Holdings Corp.		6,368		211,545
Sharps Compliance Corp.(a)		824		6,798
Signify Health Inc., Class A(a)(b)		1,462		23,494
SOC Telemed Inc.(a)		3,771		8,296
Surgery Partners Inc.(a)(b)		1,788		73,558
Tenet Healthcare Corp.(a)		6,450		462,207
Tivity Health Inc.(a)		2,696		67,454
Triple-S Management Corp.(a)		1,418		50,041

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
U.S. Physical Therapy Inc.		790	$	85,209
				5,817,743
Health Care Technology — 1.3%
Allscripts Healthcare Solutions Inc.(a)		7,557		104,135
American Well Corp., Class A(a)		10,846		97,614
Certara Inc.(a)		5,565		229,890
Change Healthcare Inc.(a)		14,801		318,666
Computer Programs & Systems Inc.(a)		897		32,382
Evolent Health Inc., Class A(a)		4,799		140,467
GoodRx Holdings Inc., Class A(a)(b)		3,807		169,792
Health Catalyst Inc.(a)		3,069		161,552
HealthStream Inc.(a)		1,532		40,766
Icad Inc.(a)		1,433		15,118
Inovalon Holdings Inc., Class A(a)		4,747		193,630
Inspire Medical Systems Inc.(a)		1,629		439,146
Multiplan Corp.(a)(b)		15,313		65,999
NextGen Healthcare Inc.(a)		3,475		57,198
Omnicell Inc.(a)(b)		2,613		465,506
OptimizeRx Corp.(a)		1,063		102,792
Phreesia Inc.(a)		3,044		214,724
Schrodinger Inc.(a)		2,811		153,424
Sema4 Holdings Corp.(a)		7,552		60,945
Simulations Plus Inc.		960		48,480
Tabula Rasa HealthCare Inc.(a)		1,426		38,716
Vocera Communications Inc.(a)		2,082		117,800
				3,268,742
Hotels, Restaurants & Leisure — 2.5%
Accel Entertainment Inc.(a)		3,354		40,852
Bally’s Corp.(a)		1,792		82,092
BJ’s Restaurants Inc.(a)		1,426		47,514
Bloomin’ Brands Inc.(a)		4,899		105,916
Brinker International Inc.(a)		2,766		116,061
BurgerFi International Inc.(a)		664		5,445
Carrols Restaurant Group Inc.		2,341		8,592
Century Casinos Inc.(a)		1,744		25,811
Cheesecake Factory Inc. (The)(a)		2,919		118,628
Choice Hotels International Inc.		1,971		277,162
Chuy’s Holdings Inc.(a)(b)		1,237		36,071
Cracker Barrel Old Country Store Inc.		1,430		190,433
Dave & Buster’s Entertainment Inc.(a)		2,340		86,884
Del Taco Restaurants Inc.		2,193		18,290
Denny’s Corp.(a)(b)		3,931		62,503
Dine Brands Global Inc.(a)		1,042		88,059
Drive Shack Inc.(a)(b)		5,309		13,803
El Pollo Loco Holdings Inc.(a)		1,252		18,404
Everi Holdings Inc.(a)		5,461		131,064
Fiesta Restaurant Group Inc.(a)		994		10,477
Full House Resorts Inc.(a)		1,984		19,741
GAN Ltd.(a)(b)		2,433		34,743
Golden Entertainment Inc.(a)		1,214		63,092
Golden Nugget Online Gaming Inc.(a)		2,477		41,787
Hall of Fame Resort & Entertainment Co.(a)(b)		3,022		6,951
Hilton Grand Vacations Inc.(a)		5,321		267,540
Hyatt Hotels Corp., Class A(a)		2,892		246,398
Jack in the Box Inc.		1,310		129,625
Lindblad Expeditions Holdings Inc.(a)(b)		1,877		28,061
Marriott Vacations Worldwide Corp.		2,564		403,112
Monarch Casino & Resort Inc.(a)		806		58,209
Noodles & Co.(a)		2,073		25,187

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Papa John’s International Inc.		1,954	$	242,452
Planet Fitness Inc., Class A(a)		4,998		397,591
PlayAGS Inc.(a)		1,781		15,708
RCI Hospitality Holdings Inc.		485		32,883
Red Robin Gourmet Burgers Inc.(a)		1,028		20,426
Red Rock Resorts Inc., Class A(a)		3,658		199,032
Rush Street Interactive Inc.(a)		3,157		63,550
Ruth’s Hospitality Group Inc.(a)		1,986		38,409
Scientific Games Corp./DE, Class A(a)		5,795		463,890
SeaWorld Entertainment Inc.(a)		3,089		196,152
Shake Shack Inc., Class A(a)		2,356		162,965
Six Flags Entertainment Corp.(a)		4,667		191,954
Travel + Leisure Co.		5,159		280,340
Wendy’s Co. (The)		10,702		238,655
Wingstop Inc.		1,790		308,721
Wyndham Hotels & Resorts Inc.		5,615		474,299
				6,135,534
Household Durables — 1.8%
Aterian Inc.(a)		1,428		9,125
Bassett Furniture Industries Inc.		610		10,303
Beazer Homes USA Inc.(a)		1,885		34,137
Casper Sleep Inc.(a)		1,375		5,005
Cavco Industries Inc.(a)		513		123,315
Century Communities Inc.		1,824		122,317
Cricut Inc., Class A(a)		1,473		41,730
Dream Finders Homes Inc., Class A(a)		1,083		17,187
Ethan Allen Interiors Inc.		1,404		32,587
GoPro Inc., Class A(a)		7,552		65,023
Green Brick Partners Inc.(a)		2,878		74,972
Helen of Troy Ltd.(a)(b)		1,443		324,603
Hooker Furniture Corp.		779		19,639
Hovnanian Enterprises Inc., Class A(a)		287		24,183
Installed Building Products Inc.		1,396		177,362
iRobot Corp.(a)		1,691		141,063
KB Home		5,419		217,573
Koss Corp.(a)		389		6,294
La-Z-Boy Inc.		2,774		92,208
Leggett & Platt Inc.		8,004		374,987
LGI Homes Inc.(a)		1,295		193,344
Lovesac Co. (The)(a)(b)		813		63,422
M/I Homes Inc.(a)		1,771		101,407
MDC Holdings Inc.		3,370		165,063
Meritage Homes Corp.(a)		2,288		248,728
Purple Innovation Inc., Class A(a)		3,513		67,801
Skyline Champion Corp.(a)		3,201		202,687
Sonos Inc.(a)		7,483		244,095
Taylor Morrison Home Corp.(a)		7,493		228,761
TopBuild Corp.(a)		1,978		508,287
TRI Pointe Homes Inc.(a)		6,897		166,838
Tupperware Brands Corp.(a)(b)		3,008		66,898
Universal Electronics Inc.(a)		817		33,644
Vizio Holding Corp., Class A(a)(b)		748		15,364
VOXX International Corp., Class A(a)		829		9,376
Vuzix Corp.(a)(b)		3,549		37,939
				4,267,267
Household Products — 0.3%
Central Garden & Pet Co.(a)		583		30,071
Central Garden & Pet Co., Class A, NVS(a)		2,422		111,897
Energizer Holdings Inc.		3,798		138,513

52 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Reynolds Consumer Products Inc.		3,207	$	86,525
Spectrum Brands Holdings Inc.		2,547		238,781
WD-40 Co.		822		186,594
				792,381
Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy Inc., Class A		2,032		67,036
Clearway Energy Inc., Class C		4,996		177,258
Ormat Technologies Inc.		2,694		194,857
Sunnova Energy International Inc.(a)(b)		5,590		249,090
				688,241
Industrial Conglomerates — 0.0%
Raven Industries Inc.(a)		2,160		124,891
Insurance — 2.6%
Ambac Financial Group Inc.(a)		2,959		50,037
American Equity Investment Life Holding Co.		4,983		158,808
American National Group Inc.		789		149,681
AMERISAFE Inc.		1,319		78,204
Argo Group International Holdings Ltd.		2,184		120,338
Assured Guaranty Ltd.		4,420		245,664
Axis Capital Holdings Ltd.		4,686		244,000
Brighthouse Financial Inc.(a)		5,049		253,611
BRP Group Inc., Class A(a)		3,107		113,406
CNO Financial Group Inc.		7,844		189,354
eHealth Inc.(a)		1,447		64,175
Employers Holdings Inc.		1,020		39,372
Enstar Group Ltd.(a)		754		174,008
First American Financial Corp.		6,681		488,648
Genworth Financial Inc., Class A(a)		27,811		114,303
GoHealth Inc., Class A(a)(b)		4,033		21,778
Goosehead Insurance Inc., Class A		1,169		168,687
Greenlight Capital Re Ltd., Class A(a)		2,334		17,342
Hanover Insurance Group Inc. (The)		2,230		280,980
HCI Group Inc.		411		55,078
Horace Mann Educators Corp.		1,715		67,194
James River Group Holdings Ltd.		2,320		74,124
Kemper Corp.		3,603		228,718
Kinsale Capital Group Inc.		1,301		243,482
Lemonade Inc.(a)(b)		2,302		143,092
MBIA Inc.(a)		2,937		45,641
Mercury General Corp.		1,694		92,306
MetroMile Inc.(a)		4,679		14,365
Oscar Health Inc., Class A(a)		2,325		40,176
Palomar Holdings Inc.(a)(b)		1,463		133,791
Primerica Inc.		2,358		396,710
ProAssurance Corp.		2,298		52,647
RLI Corp.		2,405		260,486
Root Inc./OH, Class A(a)(b)		5,336		24,759
Safety Insurance Group Inc.		597		46,811
Selective Insurance Group Inc.		3,673		287,853
Selectquote Inc.(a)		7,339		97,535
SiriusPoint Ltd.(a)		5,853		55,018
Stewart Information Services Corp.		1,375		97,859
Trupanion Inc.(a)(b)		2,038		208,691
United Fire Group Inc.		1,420		29,011
Universal Insurance Holdings Inc.		1,747		25,803
Unum Group		12,596		320,820
White Mountains Insurance Group Ltd.		191		201,503
				6,215,869

Security	Shares		Value
Interactive Media & Services — 0.9%
ANGI Inc.(a)		4,650	$	58,265
Cargurus Inc.(a)		5,194		174,207
Cars.com Inc.(a)		3,947		51,390
Eventbrite Inc., Class A(a)		4,600		93,104
EverQuote Inc., Class A(a)		1,215		16,755
fuboTV Inc.(a)		8,509		253,653
IZEA Worldwide Inc.(a)(b)		3,711		7,570
Liberty TripAdvisor Holdings Inc., Class A(a)		4,229		13,068
MediaAlpha Inc., Class A(a)		1,289		22,596
QuinStreet Inc.(a)		3,061		42,854
TripAdvisor Inc.(a)		5,921		195,215
TrueCar Inc.(a)		5,309		22,245
Yelp Inc.(a)		4,204		162,401
Zedge Inc., Class B(a)		708		8,163
Ziff Davis Inc.(a)		2,908		373,009
ZoomInfo Technologies Inc., Class A(a)		10,956		736,462
				2,230,957
Internet & Direct Marketing Retail — 0.6%
1-800-Flowers.com Inc., Class A(a)(b)		1,624		52,163
CarParts.com Inc.(a)		2,777		42,294
Duluth Holdings Inc., Class B(a)		752		10,776
Groupon Inc.(a)		1,269		26,928
Lands’ End Inc.(a)(b)		773		20,314
Liquidity Services Inc.(a)		1,626		35,902
Overstock.com Inc.(a)(b)		2,589		246,551
PetMed Express Inc.		1,202		34,173
Porch Group Inc.(a)		4,534		95,350
Poshmark Inc., Class A(a)(b)		889		21,629
Quotient Technology Inc.(a)		5,046		32,496
Qurate Retail Inc., Series A		22,000		229,680
RealReal Inc. (The)(a)		4,885		63,652
Remark Holdings Inc.(a)(b)		6,633		13,996
Revolve Group Inc.(a)		2,283		171,316
Shutterstock Inc.		1,434		173,729
Stitch Fix Inc., Class A(a)		4,327		149,714
ThredUp Inc., Class A(a)		1,334		28,868
Waitr Holdings Inc.(a)(b)		5,499		10,668
				1,460,199
IT Services — 1.6%
Alliance Data Systems Corp.		2,995		255,324
BigCommerce Holdings Inc., Series 1(a)		3,553		164,184
Brightcove Inc.(a)		2,377		23,580
Cantaloupe Inc.(a)		3,465		43,312
Cass Information Systems Inc.		740		30,333
Conduent Inc.(a)		9,746		65,785
CSG Systems International Inc.		1,939		97,047
DigitalOcean Holdings Inc.(a)		1,034		100,908
EVERTEC Inc.		3,566		161,219
Evo Payments Inc., Class A(a)		2,909		63,067
ExlService Holdings Inc.(a)		1,979		242,685
Fastly Inc., Class A(a)(b)		6,377		322,740
GreenBox POS(a)		1,154		9,370
GreenSky Inc., Class A(a)		4,207		51,494
Grid Dynamics Holdings Inc.(a)		2,613		75,124
Hackett Group Inc. (The)		1,651		34,902
I3 Verticals Inc., Class A(a)		1,396		31,256
International Money Express Inc.(a)		1,970		32,978
Limelight Networks Inc.(a)(b)		7,240		21,575
LiveRamp Holdings Inc.(a)		4,081		218,374

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Maximus Inc.		3,691	$	312,148
MoneyGram International Inc.(a)		5,507		32,877
Net 1 UEPS Technologies Inc.(a)(b)		2,236		12,499
Paya Holdings Inc., Class A(a)(b)		4,870		44,366
Perficient Inc.(a)		1,996		246,706
Rackspace Technology Inc.(a)		3,748		49,811
Repay Holdings Corp.(a)		4,476		94,041
Sabre Corp.(a)		19,453		201,922
Shift4 Payments Inc., Class A(a)(b)		2,841		179,352
SolarWinds Corp.		2,685		43,228
Switch Inc., Class A		7,713		194,985
TTEC Holdings Inc.		1,121		105,811
Tucows Inc., Class A(a)(b)		570		46,911
Unisys Corp.(a)		4,063		103,891
Verra Mobility Corp.(a)		8,109		120,662
				3,834,467
Leisure Products — 0.4%
Acushnet Holdings Corp.		2,100		106,974
American Outdoor Brands Inc.(a)		825		18,793
AMMO Inc.(a)(b)		4,888		29,523
Callaway Golf Co.(a)		7,055		190,838
Clarus Corp.		1,460		40,267
Genius Brands International Inc.(a)(b)		18,240		25,353
Hayward Holdings Inc.(a)(b)		2,425		56,236
Johnson Outdoors Inc., Class A		450		47,781
Latham Group Inc.(a)		1,284		19,774
Malibu Boats Inc., Class A(a)		1,267		89,463
MasterCraft Boat Holdings Inc.(a)		1,109		29,699
Nautilus Inc.(a)(b)		1,964		20,092
Smith & Wesson Brands Inc.		2,882		61,963
Sturm Ruger & Co. Inc.		1,060		83,613
Vista Outdoor Inc.(a)		3,500		146,440
				966,809
Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp.(a)		6,537		218,401
Berkeley Lights Inc.(a)		2,525		58,706
BioNano Genomics Inc.(a)(b)		16,918		85,943
ChromaDex Corp.(a)		3,252		20,130
Codexis Inc.(a)		3,595		124,998
Fluidigm Corp.(a)(b)		4,211		21,687
Maravai LifeSciences Holdings Inc., Class A(a)		6,538		276,492
Medpace Holdings Inc.(a)		1,730		391,932
NanoString Technologies Inc.(a)(b)		2,753		132,970
NeoGenomics Inc.(a)		7,357		338,422
Pacific Biosciences of California Inc.(a)		11,964		316,807
Personalis Inc.(a)		2,204		43,242
Quanterix Corp.(a)		2,035		102,991
Seer Inc., Class A(a)(b)		2,119		78,234
				2,210,955
Machinery — 3.4%
AgEagle Aerial Systems Inc.(a)		4,068		11,675
Agrify Corp.(a)		1,067		17,072
Alamo Group Inc.		597		90,266
Albany International Corp., Class A		1,939		156,380
Allison Transmission Holdings Inc.		6,350		211,836
Altra Industrial Motion Corp.		3,891		202,916
Astec Industries Inc.		1,381		73,718
Barnes Group Inc.		2,835		118,900
Blue Bird Corp.(a)(b)		988		19,375

Security	Shares		Value
Machinery (continued)
Chart Industries Inc.(a)(b)		2,138	$	379,538
CIRCOR International Inc.(a)		1,249		35,646
Colfax Corp.(a)		7,755		400,313
Columbus McKinnon Corp./NY		1,740		82,250
Commercial Vehicle Group Inc.(a)		1,800		18,072
Crane Co.		2,992		309,014
Desktop Metal Inc., Class A(a)		8,834		61,750
Douglas Dynamics Inc.		1,408		59,558
Energy Recovery Inc.(a)		2,315		47,041
Enerpac Tool Group Corp.		3,624		75,705
EnPro Industries Inc.		1,244		111,537
ESCO Technologies Inc.		1,583		133,859
Evoqua Water Technologies Corp.(a)		7,209		301,552
ExOne Co. (The)(a)		1,028		23,665
Federal Signal Corp.		3,646		156,085
Flowserve Corp.		7,827		263,144
Franklin Electric Co. Inc.		2,342		202,302
Gates Industrial Corp. PLC(a)		5,800		95,352
Gorman-Rupp Co. (The)		1,318		56,041
Greenbrier Companies Inc. (The)		1,947		79,866
Helios Technologies Inc.		1,928		175,544
Hillenbrand Inc.		4,400		200,024
Hydrofarm Holdings Group Inc.(a)(b)		2,141		70,589
Hyliion Holdings Corp.(a)(b)		6,835		55,295
Hyster-Yale Materials Handling Inc.		578		27,767
Ideanomics Inc.(a)(b)		23,008		45,556
John Bean Technologies Corp.		1,902		281,021
Kadant Inc.		696		154,596
Kennametal Inc.		5,020		199,545
Lindsay Corp.		655		95,414
Lion Electric Co. (The)(a)		5,936		84,588
Luxfer Holdings PLC		1,667		33,523
Manitowoc Co. Inc. (The)(a)		2,121		45,453
Meritor Inc.(a)		4,222		102,763
Miller Industries Inc./TN		667		24,105
Mueller Industries Inc.		3,425		180,292
Mueller Water Products Inc., Class A		9,511		156,076
Nikola Corp.(a)(b)		12,223		144,231
Omega Flex Inc.		182		26,346
Proto Labs Inc.(a)		1,674		100,122
RBC Bearings Inc.(a)		1,706		399,085
REV Group Inc.		2,021		30,537
Shyft Group Inc. (The)		1,933		79,659
SPX Corp.(a)		2,728		158,470
SPX FLOW Inc.		2,500		186,775
Standex International Corp.		738		82,117
Tennant Co.		1,109		88,121
Terex Corp.		4,200		188,160
Timken Co. (The)		4,167		295,649
Titan International Inc.(a)		3,203		23,126
Trinity Industries Inc.		5,058		141,877
Wabash National Corp.		3,025		46,978
Watts Water Technologies Inc., Class A		1,655		314,483
Welbilt Inc.(a)		7,771		183,862
				8,216,177
Marine — 0.2%
Eagle Bulk Shipping Inc.(a)		792		34,095
Genco Shipping & Trading Ltd.		2,142		36,778
Kirby Corp.(a)		3,629		190,196

54 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Marine (continued)
Matson Inc.		2,631	$	219,110
				480,179
Media — 1.0%
Advantage Solutions Inc.(a)(b)		6,012		51,342
AMC Networks Inc., Class A(a)(b)		1,754		69,792
Boston Omaha Corp., Class A(a)		1,011		35,840
Cardlytics Inc.(a)(b)		1,989		156,455
Clear Channel Outdoor Holdings Inc.(a)		28,554		82,807
comScore Inc.(a)		3,875		15,151
Entercom Communications Corp.(a)		7,065		22,820
EW Scripps Co. (The), Class A		3,472		64,579
Fluent Inc.(a)		2,589		6,162
Gannett Co. Inc.(a)		8,710		50,518
Gray Television Inc.		5,346		125,310
Iheartmedia Inc., Class A(a)		6,511		126,183
John Wiley & Sons Inc., Class A		2,611		141,438
Loral Space & Communications Inc.		770		38,361
Magnite Inc.(a)		6,869		185,669
Meredith Corp.(a)		2,483		144,610
National CineMedia Inc.		3,514		11,175
Nexstar Media Group Inc., Class A		2,510		376,324
PubMatic Inc., Class A(a)		1,207		34,496
Scholastic Corp.		1,846		66,807
Sinclair Broadcast Group Inc., Class A		2,986		78,024
TechTarget Inc.(a)		1,549		146,086
TEGNA Inc.		13,278		261,046
WideOpenWest Inc.(a)		3,162		60,236
				2,351,231
Metals & Mining — 1.2%
Alcoa Corp.		11,244		516,662
Allegheny Technologies Inc.(a)		7,673		123,535
Alpha Metallurgical Resources Inc.(a)		1,035		63,953
Arconic Corp.(a)		6,555		192,848
Carpenter Technology Corp.		2,901		89,583
Century Aluminum Co.(a)		3,046		40,238
Coeur Mining Inc.(a)		15,480		97,988
Commercial Metals Co.		7,240		232,983
Compass Minerals International Inc.		2,033		133,365
Comstock Mining Inc.(a)		2,141		4,774
Gatos Silver Inc.(a)		2,766		33,468
Gold Resource Corp.		4,990		9,182
Haynes International Inc.		808		32,425
Hecla Mining Co.		32,246		186,382
Kaiser Aluminum Corp.		951		92,380
Materion Corp.		1,221		88,132
McEwen Mining Inc.(a)(b)		22,594		24,853
MP Materials Corp.(a)(b)		4,480		151,648
Ryerson Holding Corp.		941		24,805
Schnitzer Steel Industries Inc., Class A		1,531		82,368
SunCoke Energy Inc.		5,249		37,898
TimkenSteel Corp.(a)(b)		2,434		33,954
United States Steel Corp.		16,219		428,019
Warrior Met Coal Inc.		3,074		73,684
Worthington Industries Inc.		1,971		107,065
				2,902,192
Mortgage Real Estate Investment — 1.1%
AFC Gamma Inc.		782		18,346
AG Mortgage Investment Trust Inc.		1,029		11,906
Apollo Commercial Real Estate Finance Inc.		8,086		122,422

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Arbor Realty Trust Inc.		8,658	$	174,112
Ares Commercial Real Estate Corp.		2,848		44,486
ARMOUR Residential REIT Inc.		4,895		51,495
Blackstone Mortgage Trust Inc., Class A		9,485		312,056
BrightSpire Capital Inc.		5,656		55,485
Broadmark Realty Capital Inc.		7,724		79,712
Cherry Hill Mortgage Investment Corp.		930		8,482
Chimera Investment Corp.		14,663		228,889
Dynex Capital Inc.		1,886		33,005
Ellington Financial Inc.		2,857		51,940
Franklin BSP Realty Trust Inc.(a)		1,982		32,525
Granite Point Mortgage Trust Inc.		3,189		42,733
Hannon Armstrong Sustainable Infrastructure Capital Inc.		4,723		285,269
Invesco Mortgage Capital Inc.		17,201		54,011
KKR Real Estate Finance Trust Inc.		2,373		51,518
Ladder Capital Corp.		6,795		81,540
MFA Financial Inc.		23,832		107,482
New Residential Investment Corp.		27,966		317,694
New York Mortgage Trust Inc.		23,056		101,216
Orchid Island Capital Inc.		7,455		36,977
PennyMac Mortgage Investment Trust		5,900		118,885
Ready Capital Corp.		3,486		53,928
Redwood Trust Inc.		6,850		92,886
TPG RE Finance Trust Inc.		3,584		46,843
Two Harbors Investment Corp.		20,701		132,900
Western Asset Mortgage Capital Corp.		4,098		10,327
				2,759,070
Multi-Utilities — 0.4%
Avista Corp.		4,008		159,559
Black Hills Corp.		3,780		250,917
MDU Resources Group Inc.		12,206		375,090
NorthWestern Corp.		3,120		177,403
Unitil Corp.		919		38,368
				1,001,337
Multiline Retail — 0.4%
Big Lots Inc.		2,090		92,482
Dillard’s Inc., Class A		268		61,946
Franchise Group Inc.		1,633		60,094
Macy’s Inc.		16,168		427,967
Nordstrom Inc.(a)		6,688		192,146
Ollie’s Bargain Outlet Holdings Inc.(a)		3,648		246,824
				1,081,459
Oil, Gas & Consumable Fuels — 3.1%
Aemetis Inc.(a)		1,790		35,621
Alto Ingredients Inc.(a)(b)		4,366		23,227
Altus Midstream Co., Class A		169		10,448
Antero Midstream Corp.		19,504		207,523
Antero Resources Corp.(a)		17,246		342,678
Arch Resources Inc.(a)		915		83,338
Berry Corp.		4,064		39,055
Brigham Minerals Inc., Class A		2,737		63,444
California Resources Corp.(a)		4,916		226,775
Callon Petroleum Co.(a)		2,363		122,238
Centennial Resource Development Inc./DE, Class A(a)		10,976		79,027
Centrus Energy Corp., Class A(a)(b)		620		35,135
Chesapeake Energy Corp.		5,867		373,963
Civitas Resources Inc.		1,845		103,578
Clean Energy Fuels Corp.(a)		10,227		94,293
CNX Resources Corp.(a)		13,016		190,164

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Comstock Resources Inc.(a)		5,400	$	53,298
CONSOL Energy Inc.(a)		1,952		53,700
Contango Oil & Gas Co.(a)		8,067		33,317
CVR Energy Inc.		2,158		41,369
Delek U.S. Holdings Inc.(a)		4,644		90,326
Denbury Inc.(a)		3,010		254,827
Dorian LPG Ltd.		1,687		20,446
Earthstone Energy Inc., Class A(a)(b)		1,510		15,326
EQT Corp.(a)		18,214		362,641
Equitrans Midstream Corp.		24,399		251,554
Extraction Oil & Gas Inc.(a)		945		62,965
Gevo Inc.(a)(b)		12,121		87,635
Gran Tierra Energy Inc.(a)(b)		22,754		20,909
Green Plains Inc.(a)		1,656		62,845
HollyFrontier Corp.		9,247		312,549
International Seaways Inc.		2,549		44,735
Kosmos Energy Ltd.(a)		24,636		88,690
Laredo Petroleum Inc.(a)		810		61,074
Magnolia Oil & Gas Corp., Class A		8,504		177,564
Matador Resources Co.		6,652		278,386
Murphy Oil Corp.		8,797		244,820
Northern Oil and Gas Inc.		3,265		75,617
Oasis Petroleum Inc.		1,135		136,881
Ovintiv Inc.		15,743		590,677
Par Pacific Holdings Inc.(a)		3,022		46,720
PBF Energy Inc., Class A(a)		5,768		84,270
PDC Energy Inc.		5,948		311,140
Peabody Energy Corp.(a)		5,063		60,199
Penn Virginia Corp.(a)		879		29,042
Range Resources Corp.(a)		15,656		365,098
Renewable Energy Group Inc.(a)		3,018		193,152
REX American Resources Corp.(a)		355		31,222
Ring Energy Inc.(a)		5,125		19,270
SandRidge Energy Inc.(a)(b)		1,842		23,578
SM Energy Co.		7,269		249,472
Southwestern Energy Co.(a)(b)		40,822		199,211
Talos Energy Inc.(a)		2,457		31,867
Tellurian Inc.(a)(b)		22,986		90,105
Uranium Energy Corp.(a)		13,802		51,343
Vine Energy Inc., Class A(a)		1,493		25,486
W&T Offshore Inc.(a)		5,893		24,220
Whiting Petroleum Corp.(a)		2,347		152,860
World Fuel Services Corp.		3,953		120,685
				7,561,598
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		1,002		41,914
Domtar Corp.(a)		3,009		164,261
Glatfelter Corp.		2,689		44,180
Louisiana-Pacific Corp.		5,766		339,790
Mercer International Inc.		2,312		24,900
Neenah Inc.		1,051		53,118
Resolute Forest Products Inc.		2,876		33,822
Schweitzer-Mauduit International Inc.		1,902		66,266
Verso Corp., Class A		1,522		33,606
				801,857
Personal Products — 0.4%
BellRing Brands Inc., Class A(a)		2,261		60,640
Edgewell Personal Care Co.		3,277		114,662
elf Beauty Inc.(a)		2,895		93,538

Security	Shares		Value
Personal Products (continued)
Herbalife Nutrition Ltd.(a)(b)		6,096	$	282,854
Inter Parfums Inc.		1,083		100,048
LifeMD Inc.(a)(b)		1,060		5,289
Medifast Inc.		705		138,370
Nu Skin Enterprises Inc., Class A		3,034		121,815
USANA Health Sciences Inc.(a)		735		71,339
Veru Inc.(a)		3,504		28,628
				1,017,183
Pharmaceuticals — 1.3%
9 Meters Biopharma Inc.(a)		14,275		18,129
AcelRx Pharmaceuticals Inc.(a)		7,151		6,293
Aclaris Therapeutics Inc.(a)		2,692		46,706
Aerie Pharmaceuticals Inc.(a)(b)		2,890		30,721
Amneal Pharmaceuticals Inc.(a)		6,126		33,632
Amphastar Pharmaceuticals Inc.(a)		2,356		44,010
Ampio Pharmaceuticals Inc.(a)		11,886		18,542
ANI Pharmaceuticals Inc.(a)		636		23,774
Antares Pharma Inc.(a)		9,974		37,303
Aquestive Therapeutics Inc.(a)(b)		1,611		8,281
Arvinas Inc.(a)		2,603		225,368
Atea Pharmaceuticals Inc.(a)		3,204		37,295
Athira Pharma Inc.(a)		2,087		27,277
Axsome Therapeutics Inc.(a)		1,711		65,873
BioDelivery Sciences International Inc.(a)		6,271		25,586
Cara Therapeutics Inc.(a)		2,577		43,371
Cassava Sciences Inc.(a)(b)		2,246		96,870
Citius Pharmaceuticals Inc.(a)		7,171		13,410
Collegium Pharmaceutical Inc.(a)		2,193		43,049
Corcept Therapeutics Inc.(a)		6,323		113,814
CorMedix Inc.(a)		2,613		12,699
Cymabay Therapeutics Inc.(a)		3,750		14,625
Durect Corp.(a)		15,272		19,548
Edgewise Therapeutics Inc.(a)		752		12,408
Endo International PLC(a)		13,746		58,420
Esperion Therapeutics Inc.(a)(b)		1,828		16,342
Eton Pharmaceuticals Inc.(a)		1,207		6,952
Evolus Inc.(a)		1,955		15,288
EyePoint Pharmaceuticals Inc.(a)		1,340		15,370
Fulcrum Therapeutics Inc.(a)		1,724		38,169
Hepion Pharmaceuticals Inc.(a)(b)		4,577		6,545
Ikena Oncology Inc.(a)(b)		560		6,020
Innoviva Inc.(a)		3,852		67,217
Intra-Cellular Therapies Inc.(a)		4,477		192,824
Iterum Therapeutics PLC(a)(b)		12,241		6,537
Jaguar Health Inc.(a)		2,935		6,252
Kala Pharmaceuticals Inc.(a)(b)		2,706		4,708
Kaleido Biosciences Inc.(a)		1,251		5,379
KemPharm Inc.(a)(b)		1,890		17,955
Lannett Co. Inc.(a)(b)		2,438		6,656
Marinus Pharmaceuticals Inc.(a)		2,074		23,851
Nektar Therapeutics(a)		11,016		167,003
NGM Biopharmaceuticals Inc.(a)		2,248		41,521
Novan Inc.(a)(b)		1,000		6,670
Nuvation Bio Inc.(a)(b)		6,990		64,098
Ocular Therapeutix Inc.(a)		4,749		31,533
Odonate Therapeutics Inc.(a)		1,942		5,962
Omeros Corp.(a)		3,836		24,052
Optinose Inc.(a)		2,105		5,578
Oramed Pharmaceuticals Inc.(a)		1,950		45,650
Pacira BioSciences Inc.(a)		2,708		141,574

56 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Paratek Pharmaceuticals Inc.(a)		2,665	$	13,378
Perrigo Co. PLC		7,974		360,026
Phathom Pharmaceuticals Inc.(a)		861		20,259
Phibro Animal Health Corp., Class A		1,335		29,290
Pliant Therapeutics Inc.(a)		1,361		21,681
Prestige Consumer Healthcare Inc.(a)		3,046		182,730
Provention Bio Inc.(a)		3,286		20,570
Rain Therapeutics Inc.(a)(b)		450		7,011
Reata Pharmaceuticals Inc., Class A(a)(b)		1,624		155,920
Relmada Therapeutics Inc.(a)		942		22,109
Revance Therapeutics Inc.(a)(b)		4,058		55,797
SCYNEXIS Inc.(a)		1,152		5,772
Seelos Therapeutics Inc.(a)		6,331		13,675
SIGA Technologies Inc.(a)(b)		2,501		18,032
Supernus Pharmaceuticals Inc.(a)		3,234		96,535
Tarsus Pharmaceuticals Inc.(a)		407		11,298
Terns Pharmaceuticals Inc.(a)		295		2,803
TFF Pharmaceuticals Inc.(a)		1,294		9,977
TherapeuticsMD Inc.(a)		23,245		16,922
Theravance Biopharma Inc.(a)		3,261		25,338
VYNE Therapeutics Inc.(a)(b)		3,762		5,041
WaVe Life Sciences Ltd.(a)		2,371		10,883
Xeris Biopharma Holdings Inc.(a)(b)		6,324		11,763
Zogenix Inc.(a)		3,164		48,504
Zynerba Pharmaceuticals Inc.(a)		2,715		10,398
				3,222,422
Professional Services — 1.9%
Acacia Research Corp.(a)(b)		3,132		17,946
ASGN Inc.(a)		3,196		382,433
Barrett Business Services Inc.		474		38,868
CACI International Inc., Class A(a)(b)		1,424		409,599
CBIZ Inc.(a)		3,176		116,591
CRA International Inc.		456		50,078
Exponent Inc.		3,147		361,276
Forrester Research Inc.(a)		686		36,529
Franklin Covey Co.(a)		750		31,688
FTI Consulting Inc.(a)(b)		2,060		296,475
Heidrick & Struggles International Inc.		1,184		55,506
Huron Consulting Group Inc.(a)		1,354		67,917
ICF International Inc.		1,033		103,806
Insperity Inc.		2,177		272,125
KBR Inc.		8,510		361,164
Kelly Services Inc., Class A, NVS		2,228		40,171
Kforce Inc.		1,255		81,274
Korn Ferry		3,370		260,198
ManpowerGroup Inc.		3,284		317,399
ManTech International Corp./VA, Class A		1,674		144,332
Resources Connection Inc.		1,866		32,487
Science Applications International Corp.		3,497		313,961
Skillsoft Corp.(a)(b)		4,061		49,260
TriNet Group Inc.(a)		2,431		246,139
TrueBlue Inc.(a)		2,206		61,437
Upwork Inc.(a)		7,205		339,500
Willdan Group Inc.(a)(b)		743		24,838
				4,512,997
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC(a)		8,972		164,995
eXp World Holdings Inc.		3,959		204,284
Fathom Holdings Inc.(a)		308		7,789

Security	Shares		Value
Real Estate Management & Development (continued)
Forestar Group Inc.(a)		1,075	$	21,038
Howard Hughes Corp. (The)(a)		2,494		217,302
Kennedy-Wilson Holdings Inc.		7,342		164,241
Marcus & Millichap Inc.(a)		1,484		69,896
Newmark Group Inc., Class A		9,929		147,744
RE/MAX Holdings Inc., Class A		1,176		37,409
Realogy Holdings Corp.(a)		7,037		121,881
Redfin Corp.(a)		6,274		322,107
RMR Group Inc. (The), Class A		964		33,538
St Joe Co. (The)		1,972		92,723
				1,604,947
Road & Rail — 0.9%
ArcBest Corp.		1,564		140,525
Avis Budget Group Inc.(a)(b)		2,854		494,627
Covenant Logistics Group Inc., Class A(a)		655		18,602
Daseke Inc.(a)		3,606		34,077
Heartland Express Inc.		2,838		46,345
HyreCar Inc.(a)		1,117		7,584
Landstar System Inc.		2,298		404,011
Marten Transport Ltd.		3,611		60,051
Ryder System Inc.		3,283		278,891
Saia Inc.(a)		1,581		494,284
Schneider National Inc., Class B		2,102		52,424
U.S. Xpress Enterprises Inc., Class A(a)		1,284		9,720
Werner Enterprises Inc.		3,712		168,228
Yellow Corp.(a)		2,118		18,532
				2,227,901
Semiconductors & Semiconductor Equipment — 2.7%
ACM Research Inc., Class A(a)		735		78,035
Allegro MicroSystems Inc.(a)		3,291		109,788
Alpha & Omega Semiconductor Ltd.(a)		1,248		43,243
Ambarella Inc.(a)		2,192		407,339
Amkor Technology Inc.		6,001		131,542
Atomera Inc.(a)		1,246		26,926
Axcelis Technologies Inc.(a)		2,023		111,123
AXT Inc.(a)		2,288		18,693
CEVA Inc.(a)		1,388		63,307
Cirrus Logic Inc.(a)		3,442		278,148
CMC Materials Inc.		1,755		225,289
Cohu Inc.(a)		2,943		94,294
CyberOptics Corp.(a)		472		19,711
Diodes Inc.(a)		2,706		260,020
DSP Group Inc.(a)		1,355		29,769
eMagin Corp.(a)		4,178		10,027
FormFactor Inc.(a)		4,668		185,693
Ichor Holdings Ltd.(a)		1,719		75,155
Impinj Inc.(a)(b)		1,149		80,108
Kopin Corp.(a)(b)		4,695		24,602
Kulicke & Soffa Industries Inc.		3,757		214,149
Lattice Semiconductor Corp.(a)		8,230		571,491
MACOM Technology Solutions Holdings Inc., Class H(a)(b)		2,892		201,919
Magnachip Semiconductor Corp.(a)		2,778		52,671
MaxLinear Inc.(a)		4,224		266,112
Meta Materials Inc.(a)(b)		14,191		66,698
NeoPhotonics Corp.(a)		3,309		33,487
NVE Corp.		304		20,663
Onto Innovation Inc.(a)		2,987		236,600
PDF Solutions Inc.(a)		1,720		40,472
Photronics Inc.(a)		3,712		48,219

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Pixelworks Inc.(a)		2,824	$	11,550
Power Integrations Inc.		3,649		376,613
Rambus Inc.(a)(b)		6,656		154,885
Semtech Corp.(a)		3,877		329,661
Silicon Laboratories Inc.(a)		2,439		460,386
SiTime Corp.(a)		767		203,171
SkyWater Technology Inc.(a)(b)		378		12,943
SMART Global Holdings Inc.(a)		1,413		75,539
SunPower Corp.(a)		5,057		170,219
Synaptics Inc.(a)		2,134		415,212
Ultra Clean Holdings Inc.(a)		2,676		132,649
Veeco Instruments Inc.(a)		3,079		74,789
				6,442,910
Software — 6.3%
8x8 Inc.(a)		6,744		152,819
A10 Networks Inc.(a)		3,606		67,396
ACI Worldwide Inc.(a)		7,029		215,650
Agilysys Inc.(a)		1,189		56,739
Alarm.com Holdings Inc.(a)		2,759		232,473
Altair Engineering Inc., Class A(a)(b)		2,799		217,734
Alteryx Inc., Class A(a)(b)		3,548		259,678
American Software Inc./GA, Class A		1,894		54,793
Appfolio Inc., Class A(a)(b)		1,136		149,600
Appian Corp.(a)		2,383		236,894
Asana Inc., Class A(a)		4,710		639,618
Avaya Holdings Corp.(a)		5,063		94,273
Benefitfocus Inc.(a)		1,995		21,865
Blackbaud Inc.(a)		2,533		179,868
Blackline Inc.(a)		3,191		404,842
Bottomline Technologies DE Inc.(a)		2,381		110,240
Box Inc., Class A(a)(b)		9,213		237,972
BTRS Holdings Inc.(a)		4,380		37,624
C3.ai Inc., Class A(a)(b)		4,207		189,820
CDK Global Inc.		7,417		322,788
Cerence Inc.(a)(b)		2,286		240,327
ChannelAdvisor Corp.(a)		1,803		45,995
Cleanspark Inc.(a)		2,064		41,817
CommVault Systems Inc.(a)		2,788		171,462
Datto Holding Corp.(a)(b)		1,596		38,144
Digimarc Corp.(a)(b)		749		37,847
Digital Turbine Inc.(a)		5,277		454,139
Dolby Laboratories Inc., Class A		3,968		350,573
Domo Inc., Class B(a)		1,717		151,697
Duck Creek Technologies Inc.(a)		4,507		141,971
E2open Parent Holdings Inc.(a)		10,406		130,075
Ebix Inc.		1,504		49,346
eGain Corp.(a)		1,288		13,292
Envestnet Inc.(a)		2,878		240,313
Everbridge Inc.(a)(b)		2,305		367,210
Intelligent Systems Corp.(a)		410		17,355
InterDigital Inc.		1,846		123,590
Intrusion Inc.(a)		915		3,605
Jamf Holding Corp.(a)(b)		3,261		155,387
JFrog Ltd.(a)(b)		2,615		85,484
Kaleyra Inc.(a)(b)		1,734		19,785
KnowBe4 Inc., Class A(a)		1,378		32,218
LivePerson Inc.(a)(b)		3,897		200,734
MANDIANT Inc.(a)		14,361		250,456
Marathon Digital Holdings Inc.(a)(b)		5,969		311,821
McAfee Corp., Class A		4,390		93,814

Security	Shares		Value
Software (continued)
MicroStrategy Inc., Class A(a)		468	$	334,648
Mimecast Ltd.(a)		3,662		276,261
Mitek Systems Inc.(a)		2,725		51,312
Model N Inc.(a)		1,973		63,945
Momentive Global Inc.(a)		7,707		176,644
nCino Inc.(a)		3,355		243,774
NCR Corp.(a)		7,973		315,252
New Relic Inc.(a)		3,473		281,869
Nutanix Inc., Class A(a)		12,275		421,155
Olo Inc., Class A(a)(b)		1,675		45,594
ON24 Inc.(a)		469		8,972
OneSpan Inc.(a)		2,144		43,780
Pagerduty Inc.(a)(b)		4,483		187,165
Ping Identity Holding Corp.(a)		2,974		84,253
Progress Software Corp.		2,641		135,774
PROS Holdings Inc.(a)		2,439		73,170
Q2 Holdings Inc.(a)		3,366		264,096
QAD Inc., Class A		708		62,049
Qualtrics International Inc., Class A(a)		3,803		176,155
Qualys Inc.(a)		2,027		252,321
Rapid7 Inc.(a)(b)		3,365		433,244
Rekor Systems Inc.(a)(b)		1,879		25,554
Rimini Street Inc.(a)		1,809		18,832
Riot Blockchain Inc.(a)		4,972		135,338
SailPoint Technologies Holdings Inc.(a)		5,541		265,857
SEMrush Holdings Inc., Class A(a)		659		16,073
ShotSpotter Inc.(a)		472		18,366
Smith Micro Software Inc.(a)		3,018		17,203
Sprout Social Inc., Class A(a)		2,717		346,907
SPS Commerce Inc.(a)		2,174		332,035
Sumo Logic Inc.(a)		5,191		89,649
Synchronoss Technologies Inc.(a)		2,492		6,579
Telos Corp.(a)(b)		3,180		82,394
Tenable Holdings Inc.(a)		5,442		289,787
Teradata Corp.(a)		6,586		372,504
Upland Software Inc.(a)(b)		1,622		54,126
Varonis Systems Inc.(a)(b)		6,422		415,760
Verint Systems Inc.(a)(b)		3,897		181,600
Veritone Inc.(a)		1,737		51,954
Vertex Inc., Class A(a)(b)		1,692		35,227
Viant Technology Inc., Class A(a)		764		8,977
VirnetX Holding Corp.(a)		4,002		15,408
Vonage Holdings Corp.(a)		15,087		243,202
Workiva Inc.(a)		2,604		389,428
Xperi Holding Corp.		6,315		113,165
Yext Inc.(a)		7,006		88,206
Zix Corp.(a)		3,360		28,459
Zuora Inc., Class A(a)		6,779		148,189
				15,373,355
Specialty Retail — 2.4%
Aaron’s Co. Inc. (The)		1,998		46,733
Abercrombie & Fitch Co., Class A(a)		3,711		146,733
Academy Sports & Outdoors Inc.(a)		5,256		224,852
American Eagle Outfitters Inc.		9,178		217,886
America’s Car-Mart Inc./TX(a)(b)		394		47,079
Arko Corp.(a)		3,791		36,356
Asbury Automotive Group Inc.(a)(b)		1,173		229,568
Barnes & Noble Education Inc.(a)		2,357		24,466
Bed Bath & Beyond Inc.(a)		6,291		88,326
Big 5 Sporting Goods Corp.		1,262		30,515

58 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Boot Barn Holdings Inc.(a)		1,788	$	186,828
Buckle Inc. (The)		1,780		74,084
Caleres Inc.		2,350		54,191
Camping World Holdings Inc., Class A		2,536		94,466
CarLotz Inc.(a)		4,296		15,466
Cato Corp. (The), Class A		1,179		20,786
Chico’s FAS Inc.(a)		7,456		40,710
Children’s Place Inc. (The)(a)		844		69,959
Citi Trends Inc.(a)		594		45,952
Conn’s Inc.(a)		1,156		25,744
Container Store Group Inc. (The)(a)		2,019		22,330
Designer Brands Inc. , Class A(a)		3,811		51,563
Dick’s Sporting Goods Inc.		3,958		491,623
Express Inc.(a)		4,127		15,848
Foot Locker Inc.		5,409		257,847
Genesco Inc.(a)(b)		858		51,986
Group 1 Automotive Inc.		1,096		197,061
GrowGeneration Corp.(a)(b)		3,160		66,613
Guess? Inc.		2,418		50,077
Haverty Furniture Companies Inc.		931		26,720
Hibbett Inc.		909		70,393
JOANN Inc.		744		7,604
Kirkland’s Inc.(a)		863		19,400
Lazydays Holdings Inc.(a)(b)		496		10,461
Leslie’s Inc.(a)(b)		7,830		161,924
LMP Automotive Holdings Inc.(a)(b)		363		5,162
Lumber Liquidators Holdings Inc.(a)		1,755		31,730
MarineMax Inc.(a)		1,313		68,000
Monro Inc.		2,031		125,434
Murphy USA Inc.		1,428		232,693
National Vision Holdings Inc.(a)(b)		4,888		301,296
ODP Corp. (The)(a)		2,916		126,263
OneWater Marine Inc., Class A		584		25,895
Party City Holdco Inc.(a)(b)		6,760		49,145
Penske Automotive Group Inc.		1,911		202,661
Petco Health & Wellness Co. Inc.(a)(b)		4,900		121,177
Rent-A-Center Inc./TX		3,673		195,624
Sally Beauty Holdings Inc.(a)(b)		6,806		103,859
Shift Technologies Inc.(a)		3,799		25,947
Shoe Carnival Inc.		1,074		36,376
Signet Jewelers Ltd.		3,190		284,484
Sleep Number Corp.(a)		1,424		125,796
Sonic Automotive Inc., Class A		1,280		63,270
Sportsman’s Warehouse Holdings Inc.(a)		2,606		44,980
Tilly’s Inc., Class A		1,567		21,750
TravelCenters of America Inc.(a)		734		39,570
Urban Outfitters Inc.(a)		3,966		126,634
Vroom Inc.(a)(b)		7,661		146,555
Winmark Corp.		183		42,606
Zumiez Inc.(a)		1,362		55,433
				5,824,490
Technology Hardware, Storage & Peripherals — 0.5%
3D Systems Corp.(a)		7,546		212,495
Avid Technology Inc.(a)		2,172		62,206
Boxlight Corp., Class A(a)(b)		3,001		6,692
Corsair Gaming Inc.(a)(b)		2,012		49,193
Diebold Nixdorf Inc.(a)(b)		4,650		41,850
Eastman Kodak Co.(a)		3,836		26,047
Immersion Corp.(a)		1,448		11,570
Pure Storage Inc., Class A(a)		15,967		428,874

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Quantum Corp.(a)		3,302	$	18,855
Super Micro Computer Inc.(a)		2,695		95,376
Turtle Beach Corp.(a)		954		27,437
Xerox Holdings Corp.		8,418		149,840
				1,130,435
Textiles, Apparel & Luxury Goods — 1.3%
Carter’s Inc.		2,643		260,388
Columbia Sportswear Co.		2,087		216,714
Crocs Inc.(a)		3,773		609,151
Fossil Group Inc.(a)		2,871		33,935
G-III Apparel Group Ltd.(a)		2,669		76,494
Hanesbrands Inc.		20,949		356,971
Kontoor Brands Inc.		2,874		152,322
Lakeland Industries Inc.(a)		499		10,434
Levi Strauss & Co., Class A		5,498		143,938
Movado Group Inc.		1,022		34,033
Oxford Industries Inc.		974		90,309
PLBY Group Inc.(a)		1,267		35,577
Ralph Lauren Corp.		2,921		371,464
Rocky Brands Inc.		426		23,238
Skechers U.S.A. Inc., Class A(a)		8,104		374,486
Steven Madden Ltd.		4,665		210,391
Unifi Inc.(a)		839		20,153
Vera Bradley Inc.(a)		1,495		14,666
Wolverine World Wide Inc.		4,981		165,220
				3,199,884
Thrifts & Mortgage Finance — 1.5%
Axos Financial Inc.(a)		3,208		170,024
Capitol Federal Financial Inc.		7,928		96,167
Columbia Financial Inc.(a)		2,636		49,082
Essent Group Ltd.		6,749		323,952
Federal Agricultural Mortgage Corp., Class C, NVS		567		71,493
Flagstar Bancorp. Inc.		3,022		142,608
Kearny Financial Corp./MD		5,406		72,548
loanDepot Inc., Class A		986		6,468
Merchants Bancorp./IN		1,065		47,318
Meridian Bancorp. Inc.		3,503		81,270
MGIC Investment Corp.		20,650		333,704
Mr Cooper Group Inc.(a)		5,179		227,047
New York Community Bancorp. Inc.		28,383		352,801
NMI Holdings Inc., Class A(a)		5,312		128,975
Northfield Bancorp. Inc.		2,840		49,842
Northwest Bancshares Inc.		6,509		89,824
Ocwen Financial Corp.(a)		486		15,265
PennyMac Financial Services Inc.		2,046		126,975
Premier Financial Corp.		2,536		80,848
Provident Financial Services Inc.		4,581		113,425
Radian Group Inc.		11,226		267,965
Rocket Companies Inc., Class A		8,223		135,515
TFS Financial Corp.		3,073		59,801
TrustCo Bank Corp. NY		786		26,378
UWM Holdings Corp.		5,386		36,625
Walker & Dunlop Inc.		1,786		232,305
Washington Federal Inc.		4,445		157,175
Waterstone Financial Inc.		1,836		37,950
WSFS Financial Corp.		2,297		119,008
				3,652,358
Tobacco — 0.1%
22nd Century Group Inc.(a)		9,619		26,356

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco (continued)
Turning Point Brands Inc.		867	$	33,093
Universal Corp./VA		1,466		68,902
Vector Group Ltd.		7,804		103,481
				231,832
Trading Companies & Distributors — 1.3%
Air Lease Corp.		6,475		259,324
Applied Industrial Technologies Inc.		2,342		228,298
Beacon Roofing Supply Inc.(a)		3,330		176,057
BlueLinx Holdings Inc.(a)		599		28,530
Boise Cascade Co.		2,364		133,850
CAI International Inc.		966		54,028
Custom Truck One Source Inc.(a)		3,005		27,195
DXP Enterprises Inc./TX(a)		1,145		37,739
GATX Corp.		2,119		200,987
Global Industrial Co.		960		38,957
GMS Inc.(a)		2,608		129,174
H&E Equipment Services Inc.		1,960		88,357
Herc Holdings Inc.		1,502		273,424
McGrath RentCorp.		1,478		106,623
MRC Global Inc.(a)		3,822		31,723
MSC Industrial Direct Co. Inc., Class A		2,822		237,246
NOW Inc.(a)		6,755		48,771
Rush Enterprises Inc., Class A		2,644		137,700
Titan Machinery Inc.(a)		1,188		33,763
Triton International Ltd		4,031		250,688
Univar Solutions Inc.(a)		10,183		260,481
Veritiv Corp.(a)		853		91,501
WESCO International Inc.(a)		2,683		347,609
				3,222,025
Water Utilities — 0.2%
American States Water Co.		2,219		201,574
California Water Service Group		3,071		186,962
Middlesex Water Co.		1,073		118,159
SJW Group		1,681		110,812
				617,507
Wireless Telecommunication Services — 0.1%
Gogo Inc.(a)(b)		4,025		65,446

Security	Shares		Value
Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.		2,998	$	82,865
Telephone and Data Systems Inc.		5,943		111,372
U.S. Cellular Corp.(a)		882		26,963
				286,646
Total Common Stocks — 99.7% (Cost: $229,403,897)				241,566,763
Preferred Stocks
Semiconductors & Semiconductor Equipment — 0.0%
Meta Materials Inc., Preference Shares, NVS(b)		7,764		9,938
Total Preferred Stocks — 0.0% (Cost: $7,512)				9,938
Short-Term Investments
Money Market Funds — 9.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		23,041,338		23,052,859
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		490,000		490,000
				23,542,859
Total Short-Term Investments — 9.7% (Cost: $23,541,043)				23,542,859
Total Investments in Securities — 109.4% (Cost: $252,952,452)				265,119,560
Other Assets, Less Liabilities — (9.4)%				(22,768,257	)
Net Assets — 100.0%			$	242,351,303

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,795,424	$	9,258,201	(a)	$	—	$	(1,718	)	$	952	$	23,052,859		23,041,338	$	85,409	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		260,000		230,000	(a)		—		—			—		490,000		490,000		13			—
								$	(1,718	)	$	952	$	23,542,859			$	85,422		$	—

^(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.

60 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		4		12/17/21	$	459	$	9,747

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	9,747

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(9,225	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	8,662

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	451,228

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	241,566,763	$	—	$	—	$	241,566,763
Preferred Stocks		9,938		—		—		9,938
Money Market Funds		23,542,859		—		—		23,542,859
	$	265,119,560	$	—	$	—	$	265,119,560
Derivative financial instruments(a)
Assets
Futures Contracts	$	9,747	$	—	$	—	$	9,747

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Aerojet Rocketdyne Holdings Inc.		9,358	$	411,846
Aerovironment Inc.(a)		5,479		488,234
BWX Technologies Inc.		12,906		732,286
Curtiss-Wright Corp.		4,121		526,169
Hexcel Corp.(a)		19,835		1,125,438
Kaman Corp.		3,093		110,698
Kratos Defense & Security Solutions Inc.(a)		29,192		624,417
Maxar Technologies Inc.		5,886		156,273
Mercury Systems Inc.(a)		13,227		681,720
National Presto Industries Inc.		455		37,833
PAE Inc.(a)		7,520		74,598
Spirit AeroSystems Holdings Inc., Class A		9,572		395,228
Virgin Galactic Holdings Inc.(a)(b)		41,830		784,313
				6,149,053
Air Freight & Logistics — 0.2%
Air Transport Services Group Inc.(a)(b)		4,913		122,285
Echo Global Logistics Inc.(a)		3,001		144,738
Forward Air Corp.		2,932		294,842
Hub Group Inc., Class A(a)		3,769		296,130
				857,995
Airlines — 0.3%
Allegiant Travel Co.(a)		3,559		623,786
Frontier Group Holdings Inc.(a)		2,672		41,817
SkyWest Inc.(a)		6,272		269,884
Spirit Airlines Inc.(a)		13,089		285,994
Sun Country Airlines Holdings Inc.(a)		7,285		220,590
				1,442,071
Auto Components — 1.2%
Dorman Products Inc.(a)		6,746		704,148
Fox Factory Holding Corp.(a)		9,952		1,601,774
Gentherm Inc.(a)(b)		7,807		574,829
LCI Industries		3,331		465,141
Luminar Technologies Inc.(a)(b)		51,020		836,218
Patrick Industries Inc.		3,063		238,638
Stoneridge Inc.(a)		3,245		61,590
Visteon Corp.(a)		6,590		745,856
XPEL Inc.(a)		3,902		296,162
				5,524,356
Automobiles — 0.1%
Arcimoto Inc.(a)(b)		6,707		78,338
Winnebago Industries Inc.		4,165		281,929
Workhorse Group Inc.(a)		27,148		182,706
				542,973
Banks — 3.8%
Allegiance Bancshares Inc.		2,780		108,893
Ameris Bancorp.		10,594		555,020
Atlantic Capital Bancshares Inc.(a)		3,191		87,784
Atlantic Union Bankshares Corp.		9,165		328,748
Banc of California Inc.		4,401		89,472
Bancorp. Inc. (The)(a)		6,619		202,210
Byline Bancorp Inc.		2,748		70,788
Camden National Corp.		1,721		81,920
Columbia Banking System Inc.		7,178		244,985
Community Bank System Inc.		5,286		378,848
ConnectOne Bancorp. Inc.		4,920		165,952
CrossFirst Bankshares Inc.(a)		7,788		110,823
Eastern Bankshares Inc.		40,245		835,889

Security	Shares		Value
Banks (continued)
FB Financial Corp.		5,361	$	243,014
First BanCorp./Puerto Rico		10,488		143,161
First Bancshares Inc. (The)		3,131		126,023
First Financial Bankshares Inc.		30,273		1,535,446
First Foundation Inc.		3,388		90,155
German American Bancorp. Inc.		3,660		144,277
Glacier Bancorp. Inc.		15,116		835,764
Harborone Bancorp. Inc.		11,981		172,167
Heartland Financial USA Inc.		4,013		201,132
Hilltop Holdings Inc.		8,462		299,893
Home BancShares Inc./AR		22,355		531,155
Horizon Bancorp Inc./IN		4,099		78,168
Independent Bank Group Inc.		4,426		319,955
Lakeland Financial Corp.		3,039		218,413
Live Oak Bancshares Inc.(b)		7,511		669,831
Meta Financial Group Inc.		7,556		418,905
Metropolitan Bank Holding Corp.(a)		1,371		124,569
National Bank Holdings Corp., Class A		3,182		138,003
Nicolet Bankshares Inc.(a)(b)		866		62,257
Origin Bancorp Inc.		5,224		232,990
Peapack Gladstone Financial Corp.		2,392		80,252
Pinnacle Financial Partners Inc.		7,801		753,343
Popular Inc.		9,317		758,776
QCR Holdings Inc.		1,376		75,873
Renasant Corp.		5,907		220,981
Seacoast Banking Corp. of Florida		13,093		476,978
ServisFirst Bancshares Inc.		11,547		927,340
Silvergate Capital Corp., Class A(a)		6,242		977,622
South State Corp.		5,947		464,401
Southside Bancshares Inc.		4,439		183,419
Sterling Bancorp./DE		23,062		586,928
Stock Yards Bancorp. Inc.		3,834		234,832
Tompkins Financial Corp.		1,473		120,948
Towne Bank/Portsmouth VA		8,813		277,786
Triumph Bancorp. Inc.(a)		5,590		655,707
UMB Financial Corp.		5,226		516,433
United Community Banks Inc./GA		9,352		325,824
Univest Financial Corp.		2,527		72,525
Veritex Holdings Inc.		4,098		167,813
Washington Trust Bancorp. Inc.		1,738		94,999
				17,819,390
Beverages — 0.3%
Celsius Holdings Inc.(a)(b)		8,995		868,198
Coca-Cola Consolidated Inc.		721		289,409
Duckhorn Portfolio Inc. (The)(a)		7,289		140,969
MGP Ingredients Inc.		2,148		137,923
National Beverage Corp.		2,857		161,135
NewAge Inc.(a)		34,132		50,515
				1,648,149
Biotechnology — 9.9%
4D Molecular Therapeutics Inc.(a)		4,849		116,521
Abeona Therapeutics Inc.(a)		11,270		9,155
ACADIA Pharmaceuticals Inc.(a)		27,617		495,725
ADMA Biologics Inc.(a)		25,963		33,492
Adverum Biotechnologies Inc.(a)(b)		18,256		41,441
Agenus Inc.(a)		50,508		193,951
Agios Pharmaceuticals Inc.(a)		13,883		652,501
Albireo Pharma Inc.(a)(b)		4,638		135,522
Aldeyra Therapeutics Inc.(a)		11,991		109,118

62 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Biotechnology (continued)
Alector Inc.(a)		13,713		$	298,121
Alkermes PLC(a)		38,164			1,155,988
Allakos Inc.(a)		8,271			831,897
Allogene Therapeutics Inc.(a)		8,666			149,402
Altimmune Inc.(a)		8,139			87,901
ALX Oncology Holdings Inc.(a)		2,361			132,310
Amicus Therapeutics Inc.(a)		56,497			593,219
AnaptysBio Inc.(a)(b)		2,557			84,125
Anavex Life Sciences Corp.(a)		17,830			334,134
Anika Therapeutics Inc.(a)		3,396			141,443
Anixa Biosciences Inc.(a)(b)		7,312			34,878
Apellis Pharmaceuticals Inc.(a)		16,801			516,463
AquaBounty Technologies Inc.(a)		10,036			40,044
Arbutus Biopharma Corp.(a)		18,682			75,288
Arcus Biosciences Inc.(a)(b)		10,928	��		365,432
Ardelyx Inc.(a)		18,317			22,164
Arena Pharmaceuticals Inc.(a)		6,487			372,289
Atara Biotherapeutics Inc.(a)		13,381			207,138
Athenex Inc.(a)		16,217			41,191
Athersys Inc.(a)(b)		33,177			38,817
Atossa Therapeutics Inc.(a)		30,286			77,835
Avid Bioservices Inc.(a)		14,419			442,375
Avidity Biosciences Inc.(a)		9,880			222,300
Avita Medical Inc.(a)(b)		5,851			96,366
Avrobio Inc.(a)		5,074			28,516
Beam Therapeutics Inc.(a)(b)		10,320			916,106
BioAtla Inc.(a)		1,805			52,760
BioCryst Pharmaceuticals Inc.(a)		42,125			628,926
Blueprint Medicines Corp.(a)		13,849			1,557,874
Bolt Biotherapeutics Inc.(a)		1,632			21,363
C4 Therapeutics Inc.(a)		8,673			385,255
Cardiff Oncology Inc.(a)		4,292			25,194
CareDx Inc.(a)		12,459			635,409
CASI Pharmaceuticals Inc.(a)(b)		25,350			27,378
Catalyst Biosciences Inc.(a)		7,746			25,484
Catalyst Pharmaceuticals Inc.(a)		10,643			62,794
Celldex Therapeutics Inc.(a)		10,947			465,685
CEL-SCI Corp.(a)		5,027			56,302
Checkpoint Therapeutics Inc.(a)		15,625			54,844
ChemoCentryx Inc.(a)(b)		11,498			400,245
Chimerix Inc.(a)		8,202			42,978
Clovis Oncology Inc.(a)		27,887			120,751
Codiak Biosciences Inc.(a)		3,735			53,821
Coherus Biosciences Inc.(a)(b)		8,132			136,048
Concert Pharmaceuticals Inc.(a)		5,911			16,196
Corbus Pharmaceuticals Holdings Inc.(a)		11,384			11,384
Crinetics Pharmaceuticals Inc.(a)		4,611			114,952
CTI BioPharma Corp.(a)(b)		19,499			50,502
Cue Biopharma Inc.(a)		6,752			82,442
Curis Inc.(a)		18,336			119,184
Cytokinetics Inc.(a)		19,669			686,645
Deciphera Pharmaceuticals Inc.(a)		9,705			324,050
Denali Therapeutics Inc.(a)		21,785			1,053,305
Dermtech Inc.(a)		6,069			165,987
Design Therapeutics Inc.(a)(b)		1,437			22,532
Dicerna Pharmaceuticals Inc.(a)		16,293			339,057
Dynavax Technologies Corp.(a)		25,304			505,321
Editas Medicine Inc.(a)(b)		16,107			591,449
Eiger BioPharmaceuticals Inc.(a)		7,435			50,112
Emergent BioSolutions Inc.(a)		5,740			273,626

Security	Shares		Value
Biotechnology (continued)
Epizyme Inc.(a)(b)		20,894	$	87,755
Equillium Inc.(a)(b)		4,280		27,007
Evelo Biosciences Inc.(a)(b)		3,111		27,532
FibroGen Inc.(a)		10,383		115,459
Flexion Therapeutics Inc.(a)		11,954		110,575
Fortress Biotech Inc.(a)(b)		17,734		57,813
G1 Therapeutics Inc.(a)(b)		3,851		55,801
Gain Therapeutics Inc.(a)		604		4,204
Genprex Inc.(a)		6,521		15,194
Geron Corp.(a)(b)		30,656		47,210
Global Blood Therapeutics Inc.(a)		7,299		266,559
Gritstone bio Inc.(a)		9,432		103,658
Halozyme Therapeutics Inc.(a)		33,663		1,281,550
Harpoon Therapeutics Inc.(a)		5,434		34,017
Heron Therapeutics Inc.(a)(b)		24,000		264,240
Homology Medicines Inc.(a)		5,465		31,314
iBio Inc.(a)(b)		53,750		41,925
Ideaya Biosciences Inc.(a)		7,687		164,809
Immunic Inc.(a)		1,495		13,933
ImmunoGen Inc.(a)		43,377		261,563
Infinity Pharmaceuticals Inc.(a)		14,205		36,081
Inhibrx Inc.(a)		4,809		193,274
Inmune Bio Inc.(a)(b)		2,794		51,382
Inovio Pharmaceuticals Inc.(a)(b)		35,193		251,278
Insmed Inc.(a)(b)		27,158		818,814
Intellia Therapeutics Inc.(a)		16,141		2,146,430
Invitae Corp.(a)		47,287		1,253,106
Ionis Pharmaceuticals Inc.(a)		33,396		1,064,331
Iovance Biotherapeutics Inc.(a)		31,784		772,669
Ironwood Pharmaceuticals Inc.(a)(b)		13,486		172,216
IsoRay Inc.(a)		35,516		21,487
IVERIC bio Inc.(a)		25,075		443,828
Kadmon Holdings Inc.(a)(b)		18,916		178,756
KalVista Pharmaceuticals Inc.(a)		4,891		87,940
Karyopharm Therapeutics Inc.(a)(b)		9,381		51,220
Kiniksa Pharmaceuticals Ltd., Class A(a)		3,094		32,147
Kodiak Sciences Inc.(a)		7,919		927,236
Krystal Biotech Inc.(a)		4,183		209,526
Kura Oncology Inc.(a)		8,143		133,708
Kymera Therapeutics Inc.(a)		8,294		488,351
Lexicon Pharmaceuticals Inc.(a)(b)		15,950		84,376
Ligand Pharmaceuticals Inc.(a)		3,928		573,252
Lineage Cell Therapeutics Inc.(a)		13,032		29,713
MacroGenics Inc.(a)(b)		12,951		252,933
Madrigal Pharmaceuticals Inc.(a)		1,649		128,210
Magenta Therapeutics Inc.(a)		3,550		22,720
MannKind Corp.(a)		58,677		276,369
Matinas BioPharma Holdings Inc.(a)		45,515		50,522
MediciNova Inc.(a)		11,485		38,590
MEI Pharma Inc.(a)		13,828		38,995
MeiraGTx Holdings PLC(a)		3,299		70,929
Mersana Therapeutics Inc.(a)		9,238		79,077
MiMedx Group Inc.(a)(b)		12,112		82,967
Molecular Templates Inc.(a)(b)		10,014		52,273
Morphic Holding Inc.(a)		6,096		350,520
Mustang Bio Inc.(a)(b)		17,476		39,146
NeuBase Therapeutics Inc.(a)		6,951		25,719
Nurix Therapeutics Inc.(a)		5,138		171,866
Ocugen Inc.(a)(b)		23,197		274,653
Oncocyte Corp.(a)		20,195		66,240

SCHEDULE   OF   INVESTMENTS 63

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Oncternal Therapeutics Inc.(a)(b)		10,660	$	39,122
OPKO Health Inc.(a)(b)		49,830		188,856
Organogenesis Holdings Inc., Class A(a)		14,838		162,921
Palatin Technologies Inc.(a)(b)		31,300		12,770
PDS Biotechnology Corp.(a)		5,649		68,014
Precigen Inc.(a)(b)		10,952		52,898
Precision BioSciences Inc.(a)		11,099		105,330
Protagonist Therapeutics Inc.(a)		10,525		327,959
Protalix BioTherapeutics Inc.(a)(b)		8,078		9,128
Prothena Corp. PLC(a)		4,112		227,599
PTC Therapeutics Inc.(a)		16,643		631,269
Puma Biotechnology Inc.(a)		3,568		18,197
Radius Health Inc.(a)		11,131		240,430
Recursion Pharmaceuticals Inc., Class A(a)(b)		5,976		114,440
REGENXBIO Inc.(a)		5,318		188,470
REVOLUTION Medicines Inc.(a)		14,555		428,354
Rhythm Pharmaceuticals Inc.(a)		3,893		44,808
Rigel Pharmaceuticals Inc.(a)		40,236		135,193
Rocket Pharmaceuticals Inc.(a)		6,294		186,995
Rubius Therapeutics Inc.(a)(b)		4,496		63,888
Sage Therapeutics Inc.(a)		6,616		267,022
Sangamo Therapeutics Inc.(a)(b)		19,291		156,643
Sarepta Therapeutics Inc.(a)		20,321		1,608,001
Scholar Rock Holding Corp.(a)(b)		6,159		161,982
Selecta Biosciences Inc.(a)		21,060		75,605
Seres Therapeutics Inc.(a)(b)		10,619		64,564
Sesen Bio Inc.(a)		43,357		52,462
Shattuck Labs Inc.(a)		3,477		67,106
Sigilon Therapeutics Inc.(a)		3,396		18,304
Solid Biosciences Inc.(a)		15,027		30,505
Sorrento Therapeutics Inc.(a)(b)		70,203		481,593
Spero Therapeutics Inc.(a)		6,587		115,668
SQZ Biotechnologies Co.(a)		4,359		58,367
Stoke Therapeutics Inc.(a)		5,225		119,287
Surface Oncology Inc.(a)		8,028		59,568
Sutro Biopharma Inc.(a)		4,805		96,869
Syndax Pharmaceuticals Inc.(a)		5,967		116,058
Syros Pharmaceuticals Inc.(a)(b)		12,542		51,798
T2 Biosystems Inc.(a)(b)		39,058		30,250
TG Therapeutics Inc.(a)(b)		31,439		981,526
Tonix Pharmaceuticals Holding Corp.(a)		57,514		31,748
Travere Therapeutics Inc.(a)		12,011		346,037
Trevena Inc.(a)		40,248		40,650
Twist Bioscience Corp.(a)		11,563		1,373,684
Tyme Technologies Inc.(a)(b)		28,385		27,051
uniQure NV(a)		8,464		257,898
Vanda Pharmaceuticals Inc.(a)		13,102		224,306
Vaxart Inc.(a)(b)		28,925		194,087
Veracyte Inc.(a)		16,687		798,974
Verastem Inc.(a)		18,559		48,253
Vericel Corp.(a)(b)		11,073		509,579
Viking Therapeutics Inc.(a)		9,416		54,801
Vir Biotechnology Inc.(a)		17,236		650,314
VistaGen Therapeutics Inc.(a)		41,169		94,277
Voyager Therapeutics Inc.(a)(b)		3,693		13,369
vTv Therapeutics Inc., Class A(a)(b)		7,250		10,368
XBiotech Inc.		3,571		52,351
Xencor Inc.(a)		13,856		548,143
XOMA Corp.(a)		2,758		68,950
Y-mAbs Therapeutics Inc.(a)		8,108		199,132

Security	Shares		Value
Biotechnology (continued)
ZIOPHARM Oncology Inc.(a)(b)		50,758	$	76,137
				46,787,919
Building Products — 1.4%
AAON Inc.		9,750		698,587
American Woodmark Corp.(a)		1,668		114,658
Armstrong World Industries Inc.		8,106		856,399
Cornerstone Building Brands Inc.(a)		5,748		82,254
Gibraltar Industries Inc.(a)		7,751		505,055
Griffon Corp.		6,196		164,132
Insteel Industries Inc.		2,659		108,142
JELD-WEN Holding Inc.(a)		7,876		215,881
Masonite International Corp.(a)		3,602		432,276
PGT Innovations Inc.(a)		8,629		184,229
Quanex Building Products Corp.		2,964		61,414
Resideo Technologies Inc.(a)		20,559		506,985
Simpson Manufacturing Co. Inc.		10,277		1,090,287
UFP Industries Inc.		9,782		800,461
Zurn Water Solutions Corp.		16,813		609,976
				6,430,736
Capital Markets — 1.9%
Affiliated Managers Group Inc.		4,723		792,897
Artisan Partners Asset Management Inc., Class A		9,021		446,900
Assetmark Financial Holdings Inc.(a)		2,688		68,920
B. Riley Financial Inc.		2,287		163,886
BGC Partners Inc., Class A		35,916		192,869
BrightSphere Investment Group Inc.		8,905		266,972
Cohen & Steers Inc.		3,642		345,589
Cowen Inc., Class A		3,820		144,129
Evercore Inc., Class A		3,131		475,411
Focus Financial Partners Inc., Class A(a)		4,785		300,785
Freedom Holding Corp./NV(a)(b)		3,984		265,693
GCM Grosvenor Inc., Class A		7,897		90,421
Hamilton Lane Inc., Class A		8,067		843,082
Houlihan Lokey Inc.		6,002		672,704
Interactive Brokers Group Inc., Class A		20,643		1,462,557
Open Lending Corp., Class A(a)		24,197		762,690
Oppenheimer Holdings Inc., Class A, NVS		1,132		58,921
Piper Sandler Cos		1,553		255,764
PJT Partners Inc., Class A		5,800		474,382
StepStone Group Inc., Class A		9,581		450,115
StoneX Group Inc.(a)		1,517		104,840
Virtus Investment Partners Inc.		1,176		376,320
WisdomTree Investments Inc.		13,395		85,594
				9,101,441
Chemicals — 2.1%
Amyris Inc.(a)(b)		44,209		655,177
Ashland Global Holdings Inc.		5,504		528,439
Avient Corp.		10,112		544,835
Balchem Corp.		7,655		1,171,904
Chase Corp.		1,029		98,784
Diversey Holdings Ltd.(a)(b)		4,743		82,528
Element Solutions Inc.		28,512		647,508
GCP Applied Technologies Inc.(a)		6,934		156,778
Hawkins Inc.		1,989		72,937
HB Fuller Co.		6,575		463,603
Ingevity Corp.(a)		5,558		433,024
Innospec Inc.		1,944		176,146
Intrepid Potash Inc.(a)(b)		1,395		67,950
Koppers Holdings Inc.(a)		1,669		58,565

64 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Kronos Worldwide Inc.		2,470	$	32,184
Livent Corp.(a)		38,220		1,078,568
Loop Industries Inc.(a)		4,497		70,648
Olin Corp.		16,066		915,441
Quaker Chemical Corp.		3,178		781,279
Sensient Technologies Corp.		4,687		448,077
Stepan Co.		2,552		306,291
Tronox Holdings PLC, Class A		17,193		400,941
Valvoline Inc.		23,259		789,876
				9,981,483
Commercial Services & Supplies — 2.0%
ABM Industries Inc.		6,893		303,361
Aqua Metals Inc.(a)(b)		16,883		29,376
Brady Corp., Class A, NVS		4,358		227,008
BrightView Holdings Inc.(a)(b)		4,204		66,676
Brink’s Co. (The)		6,399		440,763
Casella Waste Systems Inc., Class A(a)(b)		11,876		1,029,887
Cimpress PLC(a)		2,589		231,250
Clean Harbors Inc.(a)		6,860		772,024
Covanta Holding Corp.		17,067		344,412
Driven Brands Holdings Inc.(a)		13,007		422,337
Harsco Corp.(a)		18,924		323,600
Healthcare Services Group Inc.		8,837		169,582
HNI Corp.		3,386		126,636
Montrose Environmental Group Inc.(a)(b)		3,064		210,037
MSA Safety Inc.		8,615		1,318,354
SP Plus Corp.(a)		2,496		80,496
Stericycle Inc.(a)		9,312		623,159
Tetra Tech Inc.		12,771		2,243,354
U.S. Ecology Inc.(a)		3,413		109,865
UniFirst Corp./MA		1,898		375,728
Viad Corp.(a)		3,415		151,524
				9,599,429
Communications Equipment — 1.1%
Aviat Networks Inc.(a)		1,130		32,318
CalAmp Corp.(a)(b)		5,476		52,679
Calix Inc.(a)		12,861		804,970
Cambium Networks Corp.(a)		2,623		74,021
Casa Systems Inc.(a)		8,713		55,153
Clearfield Inc.(a)		2,757		155,743
Digi International Inc.(a)		5,245		113,030
EMCORE Corp.(a)		3,945		29,509
Extreme Networks Inc.(a)		18,292		179,810
Harmonic Inc.(a)		17,524		158,943
Infinera Corp.(a)(b)		49,125		372,859
Inseego Corp.(a)		18,224		112,989
Lumentum Holdings Inc.(a)		10,046		829,599
Ondas Holdings Inc.(a)(b)		6,011		51,514
Plantronics Inc.(a)		3,315		88,709
Resonant Inc.(a)(b)		14,114		31,615
Ribbon Communications Inc.(a)		8,992		49,186
Viasat Inc.(a)(b)		17,352		1,035,741
Viavi Solutions Inc.(a)		54,144		833,818
Vislink Technologies Inc.(a)(b)		11,746		20,438
				5,082,644
Construction & Engineering — 1.4%
Ameresco Inc., Class A(a)		7,307		600,124
API Group Corp.(a)		22,430		488,525
Arcosa Inc.		5,579		288,602

Security	Shares		Value
Construction & Engineering (continued)
Argan Inc.		1,280	$	52,813
Comfort Systems USA Inc.		8,549		781,977
Construction Partners Inc., Class A(a)(b)		8,598		306,175
Dycom Industries Inc.(a)		3,212		255,097
EMCOR Group Inc.		5,014		609,151
Granite Construction Inc.		4,524		167,931
IES Holdings Inc.(a)		1,309		65,254
Infrastructure and Energy Alternatives Inc.(a)		3,418		37,837
MYR Group Inc.(a)		2,104		214,923
NV5 Global Inc.(a)		1,752		182,436
Orbital Energy Group Inc.(a)(b)		14,042		37,492
Primoris Services Corp.		6,488		174,852
Valmont Industries Inc.		2,525		603,374
WillScot Mobile Mini Holdings Corp.(a)		52,898		1,838,205
				6,704,768
Construction Materials — 0.4%
Eagle Materials Inc.		4,312		639,728
Forterra Inc.(a)		4,938		117,623
Summit Materials Inc., Class A(a)		27,933		995,812
				1,753,163
Consumer Finance — 0.6%
Credit Acceptance Corp.(a)(b)		722		431,908
Encore Capital Group Inc.(a)(b)		2,602		140,560
FirstCash Inc.		4,778		422,710
Green Dot Corp., Class A(a)		7,375		312,405
LendingClub Corp.(a)		14,568		669,545
LendingTree Inc.(a)(b)		2,722		439,303
Nelnet Inc., Class A		2,835		234,256
PROG Holdings Inc.		5,431		219,684
				2,870,371
Containers & Packaging — 0.2%
Graphic Packaging Holding Co.		34,313		683,858
Myers Industries Inc.		4,182		86,065
Ranpak Holdings Corp.(a)		9,582		330,196
				1,100,119
Distributors — 0.0%
Funko Inc., Class A(a)		6,123		100,356
Diversified Consumer Services — 0.8%
2U Inc.(a)(b)		17,573		519,106
American Public Education Inc.(a)		2,255		56,352
Carriage Services Inc.		1,844		94,874
Coursera Inc.(a)		18,865		658,577
frontdoor Inc.(a)		8,767		326,834
Grand Canyon Education Inc.(a)		5,958		474,853
Laureate Education Inc., Class A(a)		8,834		153,005
OneSpaWorld Holdings Ltd.(a)		13,784		148,867
Stride Inc.(a)		5,360		190,280
Terminix Global Holdings Inc.(a)		29,473		1,193,067
XpresSpa Group Inc.(a)(b)		13,400		17,822
				3,833,637
Diversified Financial Services — 0.1%
A-Mark Precious Metals Inc.		944		70,790
Cannae Holdings Inc.(a)		11,197		381,818
				452,608
Diversified Telecommunication Services — 0.7%
Anterix Inc.(a)		2,725		174,672
Bandwidth Inc., Class A(a)		5,501		469,125
Cogent Communications Holdings Inc.		7,368		564,315

SCHEDULE   OF   INVESTMENTS 65

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Globalstar Inc.(a)		156,235	$	257,788
IDT Corp., Class B(a)		1,608		77,779
Iridium Communications Inc.(a)		31,185		1,264,552
Liberty Latin America Ltd., Class A(a)		6,336		76,159
Liberty Latin America Ltd., Class C, NVS(a)		23,323		280,576
Ooma Inc.(a)		5,081		117,371
				3,282,337
Electric Utilities — 0.1%
PNM Resources Inc.		8,393		417,552
Electrical Equipment — 1.6%
Acuity Brands Inc.		3,611		741,808
Advent Technologies Holdings Inc.(a)(b)		8,385		80,412
American Superconductor Corp.(a)		6,183		113,643
Array Technologies Inc.(a)		28,356		605,401
Atkore Inc.(a)		4,923		465,371
Babcock & Wilcox Enterprises Inc.(a)(b)		6,221		42,489
Beam Global(a)(b)		1,948		61,362
Blink Charging Co.(a)(b)		8,537		271,477
Bloom Energy Corp., Class A(a)(b)		34,554		1,080,158
Encore Wire Corp.		2,625		351,907
Energous Corp.(a)(b)		16,340		31,373
EnerSys		4,721		377,869
Flux Power Holdings Inc.(a)		2,180		12,535
FuelCell Energy Inc.(a)(b)		76,621		612,202
Orion Energy Systems Inc.(a)		6,521		26,671
Polar Power Inc.(a)		777		3,947
Powell Industries Inc.		934		24,153
Regal Rexnord Corp.		5,570		848,478
Shoals Technologies Group Inc., Class A(a)(b)		24,008		744,008
Sunworks Inc.(a)(b)		6,813		41,355
TPI Composites Inc.(a)		8,772		295,002
Vicor Corp.(a)		5,025		761,740
Westwater Resources Inc.(a)		4,586		14,538
				7,607,899
Electronic Equipment, Instruments & Components — 2.7%
908 Devices Inc.(a)(b)		3,191		104,984
Advanced Energy Industries Inc.		9,043		830,328
Airgain Inc.(a)		2,484		27,895
Akoustis Technologies Inc.(a)		11,269		84,743
Badger Meter Inc.		6,916		707,161
Benchmark Electronics Inc.		4,156		96,876
Coherent Inc.(a)		5,800		1,475,520
CTS Corp.		7,636		271,994
ePlus Inc.(a)		1,539		170,167
Fabrinet(a)		4,345		417,120
FARO Technologies Inc.(a)		4,281		314,953
II-VI Inc.(a)(b)		14,804		895,790
Intellicheck Inc.(a)(b)		4,092		36,378
Itron Inc.(a)		10,717		833,461
Littelfuse Inc.		5,818		1,713,692
Luna Innovations Inc.(a)		7,514		73,186
Methode Electronics Inc.		4,092		172,150
MicroVision Inc.(a)(b)		38,813		295,367
MICT Inc.(a)(b)		13,963		19,269
Napco Security Technologies Inc.(a)(b)		3,413		163,688
National Instruments Corp.		13,061		554,701
nLight Inc.(a)		10,172		286,037
Novanta Inc.(a)		8,392		1,448,124
PAR Technology Corp.(a)(b)		5,784		363,351

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Plexus Corp.(a)		3,869	$	337,841
Rogers Corp.(a)		4,436		892,168
Vishay Intertechnology Inc.		13,075		251,302
Vishay Precision Group Inc.(a)		1,199		40,874
Wrap Technologies Inc.(a)		6,120		34,884
				12,914,004
Energy Equipment & Services — 0.5%
Aspen Aerogels Inc.(a)		2,693		146,661
Cactus Inc., Class A		13,740		597,690
ChampionX Corp.(a)		31,170		817,589
Core Laboratories NV(b)		11,072		287,983
DMC Global Inc.(a)		4,410		184,250
Dril-Quip Inc.(a)		4,954		116,716
FTS International Inc., Class A(a)		1,378		36,517
ProPetro Holding Corp.(a)		9,981		95,718
RPC Inc.(a)(b)		7,636		41,158
Solaris Oilfield Infrastructure Inc., Class A		6,679		50,693
TETRA Technologies Inc.(a)		15,109		48,802
				2,423,777
Entertainment — 0.7%
Cinedigm Corp., Class A(a)		12,762		30,118
CuriosityStream Inc.(a)(b)		6,116		60,977
IMAX Corp.(a)		7,947		149,801
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		8,781		260,971
LivePerson Inc.(a)		14,944		34,222
Madison Square Garden Sports Corp.(a)		2,310		437,768
Skillz Inc., Class A(a)(b)		61,147		683,623
Warner Music Group Corp., Class A		22,952		1,135,895
World Wrestling Entertainment Inc., Class A		7,844		479,190
				3,272,565
Equity Real Estate Investment Trusts (REITs) — 5.3%
Agree Realty Corp.		7,478		531,387
Alexander & Baldwin Inc.		9,823		240,958
American Assets Trust Inc.		4,334		163,955
American Campus Communities Inc.		21,891		1,175,985
Apartment Investment & Management Co., Class A		14,285		108,280
Broadstone Net Lease Inc.		21,317		566,819
CareTrust REIT Inc.		9,555		198,266
CatchMark Timber Trust Inc., Class A		4,441		38,015
Columbia Property Trust Inc.		11,275		216,142
Community Healthcare Trust Inc.		5,469		261,637
CoreSite Realty Corp.		6,449		918,725
Corporate Office Properties Trust		15,231		413,065
CTO Realty Growth Inc.		1,402		75,161
Douglas Emmett Inc.		15,493		506,311
Easterly Government Properties Inc.		11,437		240,520
EastGroup Properties Inc.		9,548		1,888,403
Equity Commonwealth(a)		11,723		303,977
Essential Properties Realty Trust Inc.		13,528		402,999
First Industrial Realty Trust Inc.		30,512		1,776,714
Four Corners Property Trust Inc.		8,702		252,358
Gladstone Commercial Corp.		4,786		104,622
Gladstone Land Corp.		4,506		99,763
Global Medical REIT Inc.		5,988		99,281
Healthcare Realty Trust Inc.		18,006		595,278
Healthcare Trust of America Inc., Class A		22,212		741,659
Hudson Pacific Properties Inc.		16,300		419,725
Independence Realty Trust Inc.		10,729		253,526
Innovative Industrial Properties Inc.		5,655		1,487,774

66 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Lexington Realty Trust		26,580	$	387,271
Life Storage Inc.		9,053		1,211,382
Monmouth Real Estate Investment Corp.		10,635		200,470
National Storage Affiliates Trust		9,797		611,921
NETSTREIT Corp.		9,308		225,626
NexPoint Residential Trust Inc.		2,307		163,382
Pebblebrook Hotel Trust(b)		16,428		368,973
Physicians Realty Trust		19,726		374,991
PotlatchDeltic Corp.		5,821		304,264
PS Business Parks Inc.		2,076		368,905
Rayonier Inc.		14,090		525,980
Rexford Industrial Realty Inc.		32,536		2,186,419
Safehold Inc.(b)		3,140		234,558
Service Properties Trust		18,150		195,475
Spirit Realty Capital Inc.		18,276		894,245
STAG Industrial Inc.		20,244		881,221
Terreno Realty Corp.		16,680		1,219,808
UMH Properties Inc.		5,656		135,405
Uniti Group Inc.		28,477		407,506
Universal Health Realty Income Trust		1,588		90,468
Urban Edge Properties		13,151		230,537
				25,300,112
Food & Staples Retailing — 0.3%
Andersons Inc. (The)		2,367		80,620
BJ’s Wholesale Club Holdings Inc.(a)(b)		12,302		718,929
Grocery Outlet Holding Corp.(a)		20,766		460,797
PriceSmart Inc.		2,146		154,405
				1,414,751
Food Products — 1.1%
Calavo Growers Inc.		2,115		85,023
Cal-Maine Foods Inc.		8,954		322,881
Hain Celestial Group Inc. (The)(a)		19,829		889,727
J&J Snack Foods Corp.		1,696		250,245
Laird Superfood Inc.(a)		1,272		22,209
Lancaster Colony Corp.		4,697		798,490
Mission Produce Inc.(a)		4,067		77,232
Post Holdings Inc.(a)		5,958		604,618
Sanderson Farms Inc.		5,008		948,766
Seaboard Corp.		22		84,701
Simply Good Foods Co. (The)(a)		19,851		787,092
Tootsie Roll Industries Inc.		1,768		55,957
Vital Farms Inc.(a)(b)		5,554		91,197
				5,018,138
Gas Utilities — 0.1%
Chesapeake Utilities Corp.		2,296		300,937
Health Care Equipment & Supplies — 6.0%
Accelerate Diagnostics Inc.(a)		8,284		48,876
Acutus Medical Inc.(a)(b)		4,909		38,487
Alphatec Holdings Inc.(a)(b)		16,032		188,055
AngioDynamics Inc.(a)		6,433		183,984
Asensus Surgical Inc.(a)(b)		35,366		59,769
Aspira Women’s Health Inc.(a)(b)		14,236		47,691
AtriCure Inc.(a)		10,812		811,549
Atrion Corp.		184		133,952
Avanos Medical Inc.(a)		7,987		251,910
Axogen Inc.(a)		9,750		148,103
Axonics Inc.(a)		10,872		797,461
BioLife Solutions Inc.(a)		6,849		364,024

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Bioventus Inc., Class A(a)		975	$	14,723
Cardiovascular Systems Inc.(a)		5,080		178,206
Cerus Corp.(a)(b)		40,419		266,766
ClearPoint Neuro Inc.(a)		3,716		62,169
Co-Diagnostics Inc.(a)		3,615		29,679
CONMED Corp.		4,244		620,812
CryoLife Inc.(a)		4,162		85,904
CryoPort Inc.(a)		10,845		884,301
Cutera Inc.(a)		3,845		165,335
CytoSorbents Corp.(a)		4,224		24,879
DarioHealth Corp.(a)		3,429		56,064
Eargo Inc.(a)		5,383		47,370
Envista Holdings Corp.(a)		26,331		1,029,542
Establishment Labs Holdings Inc.(a)		5,088		414,876
Glaukos Corp.(a)		10,965		501,210
Globus Medical Inc., Class A(a)		18,513		1,428,648
Haemonetics Corp.(a)		7,065		485,436
Heska Corp.(a)(b)		2,506		560,166
ICU Medical Inc.(a)		4,717		1,104,391
Inari Medical Inc.(a)		7,487		677,723
Inogen Inc.(a)		2,228		88,340
Integer Holdings Corp.(a)		4,608		414,812
Integra LifeSciences Holdings Corp.(a)		17,210		1,143,777
Intersect ENT Inc.(a)		3,792		102,270
iRhythm Technologies Inc.(a)		6,924		485,649
Lantheus Holdings Inc.(a)		15,921		372,392
LeMaitre Vascular Inc.		4,520		235,085
LivaNova PLC(a)		4,812		369,177
Meridian Bioscience Inc.(a)		5,772		108,571
Merit Medical Systems Inc.(a)		11,993		806,649
Mesa Laboratories Inc.		1,232		376,623
Natus Medical Inc.(a)		4,075		102,079
Neogen Corp.(a)		25,327		1,071,585
Neuronetics Inc.(a)		2,915		15,158
Nevro Corp.(a)		8,216		934,488
NuVasive Inc.(a)		12,174		649,605
OraSure Technologies Inc.(a)		12,424		132,564
Ortho Clinical Diagnostics Holdings PLC(a)		26,777		529,381
Orthofix Medical Inc.(a)		4,639		166,911
OrthoPediatrics Corp.(a)(b)		3,289		234,078
Outset Medical Inc.(a)(b)		9,489		505,479
Pulmonx Corp.(a)(b)		8,110		315,722
Pulse Biosciences Inc.(a)		1,674		35,305
Quotient Ltd.(a)		22,572		57,107
Repro-Med Systems Inc.(a)		9,015		22,447
Retractable Technologies Inc.(a)		2,793		26,422
SeaSpine Holdings Corp.(a)		7,715		115,416
Senseonics Holdings Inc.(a)(b)		96,470		337,645
Shockwave Medical Inc.(a)		8,307		1,775,206
SI-BONE Inc.(a)		6,496		146,485
Sientra Inc.(a)		13,658		80,036
Silk Road Medical Inc.(a)		8,167		479,485
SmileDirectClub Inc.(a)(b)		24,634		126,865
STAAR Surgical Co.(a)		11,210		1,327,937
Surgalign Holdings Inc.(a)		19,731		18,968
Surmodics Inc.(a)		3,267		181,841
Tactile Systems Technology Inc.(a)		4,660		160,723
Tandem Diabetes Care Inc.(a)(b)		14,888		2,029,681
TransMedics Group Inc.(a)		6,517		178,761
Vapotherm Inc.(a)		3,298		75,425

SCHEDULE   OF   INVESTMENTS 67

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp.(a)		3,838	$	103,050
ViewRay Inc.(a)		33,280		243,277
Zynex Inc.(a)		4,783		59,931
				28,454,469
Health Care Providers & Services — 2.6%
1Life Healthcare Inc.(a)(b)		27,260		590,452
Accolade Inc.(a)		13,655		543,332
AdaptHealth Corp.(a)(b)		22,694		618,411
Addus HomeCare Corp.(a)		3,753		350,905
AMN Healthcare Services Inc.(a)		5,840		576,408
Apollo Medical Holdings Inc.(a)		4,742		325,443
Aveanna Healthcare Holdings Inc.(a)		9,108		70,314
Biodesix Inc.(a)		2,214		16,694
Castle Biosciences Inc.(a)		5,512		343,673
CorVel Corp.(a)		2,224		407,481
Covetrus Inc.(a)		16,053		324,110
Ensign Group Inc. (The)(b)		12,344		962,955
Fulgent Genetics Inc.(a)(b)		2,354		195,194
Hanger Inc.(a)		4,204		78,531
HealthEquity Inc.(a)		19,724		1,305,334
InfuSystem Holdings Inc.(a)		4,570		75,999
Innovage Holding Corp.(a)		4,446		29,433
Joint Corp. (The)(a)		3,385		296,120
Magellan Health Inc.(a)		1,926		182,643
ModivCare Inc.(a)		1,586		258,153
National Research Corp.		3,226		139,686
Ontrak Inc.(a)		2,376		20,434
Option Care Health Inc.(a)(b)		32,745		894,921
Owens & Minor Inc.		6,657		238,853
Pennant Group Inc. (The)(a)		6,406		163,801
PetIQ Inc.(a)		6,266		156,963
Privia Health Group Inc.(a)		4,886		125,570
Progenity Inc.(a)(b)		4,790		17,244
Progyny Inc.(a)		16,220		996,395
R1 RCM Inc.(a)		31,525		684,092
RadNet Inc.(a)		10,387		322,932
Select Medical Holdings Corp.		16,108		535,108
Sharps Compliance Corp.(a)		3,544		29,238
Signify Health Inc., Class A(a)		5,541		89,044
Tivity Health Inc.(a)		5,164		129,203
U.S. Physical Therapy Inc.		3,039		327,787
Vivos Therapeutics Inc.(a)		4,190		15,210
				12,438,066
Health Care Technology — 2.2%
American Well Corp., Class A(a)(b)		42,287		380,583
Certara Inc.(a)(b)		21,963		907,292
Change Healthcare Inc.(a)		24,945		537,066
GoodRx Holdings Inc., Class A(a)(b)		15,098		673,371
Health Catalyst Inc.(a)		11,976		630,417
HealthStream Inc.(a)		5,946		158,223
Icad Inc.(a)		5,532		58,363
Inovalon Holdings Inc., Class A(a)		18,441		752,208
Inspire Medical Systems Inc.(a)		6,446		1,737,713
Multiplan Corp.(a)		25,129		108,306
NantHealth Inc.(a)		6,783		10,649
Omnicell Inc.(a)(b)		10,275		1,830,491
OptimizeRx Corp.(a)		4,149		401,208
Phreesia Inc.(a)		11,905		839,779
Schrodinger Inc.(a)(b)		10,979		599,234

Security	Shares		Value
Health Care Technology (continued)
Simulations Plus Inc.(b)		3,787	$	191,243
Tabula Rasa HealthCare Inc.(a)(b)		5,567		151,144
Vocera Communications Inc.(a)		8,175		462,541
				10,429,831
Hotels, Restaurants & Leisure — 2.7%
Accel Entertainment Inc.(a)		13,296		161,945
Bally’s Corp.(a)		5,080		232,715
BJ’s Restaurants Inc.(a)		3,327		110,856
BurgerFi International Inc.(a)		3,018		24,748
Century Casinos Inc.(a)		6,339		93,817
Cheesecake Factory Inc. (The)(a)		5,812		236,200
Choice Hotels International Inc.		5,562		782,128
Chuy’s Holdings Inc.(a)		4,709		137,314
Cracker Barrel Old Country Store Inc.		2,329		310,153
Del Taco Restaurants Inc.		4,223		35,220
Denny’s Corp.(a)		9,397		149,412
Esports Entertainment Group Inc.(a)		4,035		21,628
Everi Holdings Inc.(a)(b)		21,407		513,768
Fiesta Restaurant Group Inc.(a)		2,136		22,513
Full House Resorts Inc.(a)(b)		3,999		39,790
GAN Ltd.(a)(b)		9,399		134,218
Golden Nugget Online Gaming Inc.(a)		9,979		168,346
Hilton Grand Vacations Inc.(a)		9,915		498,526
Hyatt Hotels Corp., Class A(a)		3,921		334,069
Jack in the Box Inc.		3,442		340,586
Lindblad Expeditions Holdings Inc.(a)		7,204		107,700
Marriott Vacations Worldwide Corp.		4,697		738,462
Monarch Casino & Resort Inc.(a)(b)		3,066		221,427
Papa John’s International Inc.		7,701		955,540
Planet Fitness Inc., Class A(a)		19,671		1,564,828
PlayAGS Inc.(a)		4,150		36,603
RCI Hospitality Holdings Inc.		1,887		127,939
Red Rock Resorts Inc., Class A(a)		14,335		779,967
Ruth’s Hospitality Group Inc.(a)		5,433		105,074
SeaWorld Entertainment Inc.(a)		12,121		769,684
Shake Shack Inc., Class A(a)		6,145		425,050
Wendy’s Co. (The)		27,924		622,705
Wingstop Inc.		7,037		1,213,671
Wyndham Hotels & Resorts Inc.		10,703		904,082
				12,920,684
Household Durables — 1.8%
Aterian Inc.(a)		5,387		34,423
Bassett Furniture Industries Inc.		1,208		20,403
Casper Sleep Inc.(a)(b)		2,580		9,391
Cavco Industries Inc.(a)		2,032		488,452
Cricut Inc., Class A(a)		5,762		163,237
Dream Finders Homes Inc., Class A(a)		2,772		43,992
Ethan Allen Interiors Inc.		1,750		40,618
Helen of Troy Ltd.(a)		2,875		646,731
Hovnanian Enterprises Inc., Class A(a)		457		38,507
Installed Building Products Inc.		5,526		702,078
iRobot Corp.(a)(b)		6,664		555,911
Koss Corp.(a)(b)		1,525		24,675
La-Z-Boy Inc.		3,466		115,210
Leggett & Platt Inc.		13,157		616,405
LGI Homes Inc.(a)		2,317		345,928
Lovesac Co. (The)(a)		3,164		246,824
M/I Homes Inc.(a)		2,193		125,571
Purple Innovation Inc., Class A(a)		13,599		262,461

68 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Skyline Champion Corp.(a)		12,439	$	787,638
Sonos Inc.(a)		29,362		957,788
TopBuild Corp.(a)		7,784		2,000,255
Vizio Holding Corp., Class A(a)(b)		3,010		61,825
Vuzix Corp.(a)(b)		13,996		149,617
				8,437,940
Household Products — 0.4%
Central Garden & Pet Co.(a)		878		45,287
Central Garden & Pet Co., Class A, NVS(a)		3,691		170,524
Energizer Holdings Inc.		7,285		265,684
Spectrum Brands Holdings Inc.		5,271		494,157
WD-40 Co.		3,248		737,296
				1,712,948
Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy Inc., Class A		4,704		155,185
Clearway Energy Inc., Class C		10,857		385,206
Ormat Technologies Inc.		10,615		767,783
Sunnova Energy International Inc.(a)(b)		22,010		980,766
				2,288,940
Industrial Conglomerates — 0.1%
Raven Industries Inc.(a)		5,084		293,957
Insurance — 2.0%
AMERISAFE Inc.		1,609		95,398
Assured Guaranty Ltd.		7,608		422,853
BRP Group Inc., Class A(a)		12,322		449,753
eHealth Inc.(a)		5,647		250,444
Enstar Group Ltd.(a)		1,286		296,783
GoHealth Inc., Class A(a)(b)		15,916		85,946
Goosehead Insurance Inc., Class A		4,597		663,347
HCI Group Inc.		922		123,557
Kinsale Capital Group Inc.		5,076		949,973
Lemonade Inc.(a)(b)		9,034		561,553
Mercury General Corp.		2,779		151,428
Oscar Health Inc., Class A(a)		9,184		158,700
Palomar Holdings Inc.(a)(b)		5,718		522,911
Primerica Inc.		5,407		909,674
RLI Corp.		9,419		1,020,172
Root Inc./OH, Class A(a)(b)		20,953		97,222
Safety Insurance Group Inc.		1,361		106,716
Selective Insurance Group Inc.		5,725		448,668
Selectquote Inc.(a)		29,516		392,268
Stewart Information Services Corp.		2,579		183,547
Trupanion Inc.(a)(b)		8,055		824,832
United Fire Group Inc.		2,270		46,376
White Mountains Insurance Group Ltd.		736		776,473
				9,538,594
Interactive Media & Services — 1.4%
ANGI Inc.(a)(b)		18,008		225,640
Cargurus Inc.(a)		20,361		682,908
Eventbrite Inc., Class A(a)		8,892		179,974
EverQuote Inc., Class A(a)		4,591		63,310
fuboTV Inc.(a)(b)		33,531		999,559
IZEA Worldwide Inc.(a)(b)		16,222		33,093
MediaAlpha Inc., Class A(a)		4,933		86,476
QuinStreet Inc.(a)		11,618		162,652
Takung Art Co. Ltd.(a)(b)		1,507		9,087
TripAdvisor Inc.(a)		10,839		357,362
TrueCar Inc.(a)		10,948		45,872

Security	Shares		Value
Interactive Media & Services (continued)
Yelp Inc.(a)		5,486	$	211,924
Zedge Inc., Class B(a)		3,002		34,613
Ziff Davis Inc.(a)		5,442		698,045
ZoomInfo Technologies Inc., Class A(a)		42,921		2,885,150
				6,675,665
Internet & Direct Marketing Retail — 0.9%
1-800-Flowers.com Inc., Class A(a)(b)		6,263		201,168
CarParts.com Inc.(a)(b)		10,822		164,819
Duluth Holdings Inc., Class B(a)		1,973		28,273
Groupon Inc.(a)(b)		2,593		55,023
Lands’ End Inc.(a)(b)		1,667		43,809
Liquidity Services Inc.(a)		4,063		89,711
Overstock.com Inc.(a)(b)		10,191		970,489
PetMed Express Inc.		2,371		67,408
Poshmark Inc., Class A(a)(b)		3,641		88,586
Quotient Technology Inc.(a)		20,834		134,171
RealReal Inc. (The)(a)		18,976		247,257
Remark Holdings Inc.(a)(b)		23,403		49,380
Revolve Group Inc.(a)(b)		8,999		675,285
Shutterstock Inc.		5,520		668,748
Stitch Fix Inc., Class A(a)		16,913		585,190
ThredUp Inc., Class A(a)(b)		5,075		109,823
Waitr Holdings Inc.(a)(b)		14,362		27,862
				4,207,002
IT Services — 2.1%
BigCommerce Holdings Inc., Series 1(a)		13,985		646,247
Brightcove Inc.(a)		9,610		95,331
Cantaloupe Inc.(a)		13,733		171,662
Cass Information Systems Inc.		1,189		48,737
DigitalOcean Holdings Inc.(a)		4,045		394,752
EVERTEC Inc.		7,862		355,441
Evo Payments Inc., Class A(a)		11,146		241,645
ExlService Holdings Inc.(a)		4,666		572,192
Fastly Inc., Class A(a)(b)		25,110		1,270,817
GreenBox POS(a)(b)		4,450		36,134
Grid Dynamics Holdings Inc.(a)		10,239		294,371
Hackett Group Inc. (The)		2,261		47,797
I3 Verticals Inc., Class A(a)		5,177		115,913
International Money Express Inc.(a)		5,137		85,993
Limelight Networks Inc.(a)		19,690		58,676
LiveRamp Holdings Inc.(a)		16,006		856,481
Maximus Inc.		9,018		762,652
MoneyGram International Inc.(a)		8,178		48,823
Paya Holdings Inc., Class A(a)(b)		19,199		174,903
Paysign Inc.(a)(b)		4,794		12,081
Perficient Inc.(a)		5,076		627,394
Rackspace Technology Inc.(a)(b)		14,675		195,031
Repay Holdings Corp.(a)(b)		17,458		366,793
Shift4 Payments Inc., Class A(a)(b)		11,189		706,362
SolarWinds Corp.(b)		6,888		110,897
Switch Inc., Class A		29,766		752,484
TTEC Holdings Inc.		4,315		407,293
Tucows Inc., Class A(a)		2,211		181,965
Verra Mobility Corp.(a)		21,790		324,235
				9,963,102
Leisure Products — 0.3%
American Outdoor Brands Inc.(a)		2,208		50,298
AMMO Inc.(a)(b)		20,248		122,298
Callaway Golf Co.(a)		27,755		750,773

SCHEDULE   OF   INVESTMENTS 69

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
Clarus Corp.		5,692	$	156,985
Genius Brands International Inc.(a)(b)		70,078		97,409
Johnson Outdoors Inc., Class A		1,063		112,869
Malibu Boats Inc., Class A(a)		2,946		208,017
Nautilus Inc.(a)(b)		3,411		34,895
				1,533,544
Life Sciences Tools & Services — 1.7%
Adaptive Biotechnologies Corp.(a)		25,542		853,358
Berkeley Lights Inc.(a)		9,743		226,525
BioNano Genomics Inc.(a)(b)		65,740		333,959
ChromaDex Corp.(a)		13,144		81,361
Codexis Inc.(a)		13,853		481,669
Fluidigm Corp.(a)(b)		5,870		30,231
Maravai LifeSciences Holdings Inc., Class A(a)		10,162		429,751
Medpace Holdings Inc.(a)		6,778		1,535,556
NanoString Technologies Inc.(a)		10,720		517,776
NeoGenomics Inc.(a)(b)		29,049		1,336,254
Pacific Biosciences of California Inc.(a)		47,084		1,246,784
Personalis Inc.(a)		8,367		164,161
Quanterix Corp.(a)		7,914		400,528
Seer Inc., Class A(a)(b)		8,269		305,291
				7,943,204
Machinery — 4.0%
AgEagle Aerial Systems Inc.(a)(b)		16,990		48,761
Agrify Corp.(a)		4,111		65,776
Alamo Group Inc.		1,187		179,474
Albany International Corp., Class A		4,943		398,653
Altra Industrial Motion Corp.		8,397		437,904
Astec Industries Inc.		3,385		180,691
Barnes Group Inc.		4,193		175,854
Chart Industries Inc.(a)		8,392		1,489,748
CIRCOR International Inc.(a)		1,536		43,837
Colfax Corp.(a)(b)		20,650		1,065,953
Columbus McKinnon Corp./NY		4,346		205,435
Desktop Metal Inc., Class A(a)		34,994		244,608
Douglas Dynamics Inc.		2,752		116,410
Energy Recovery Inc.(a)		9,018		183,246
Enerpac Tool Group Corp.		14,179		296,199
EnPro Industries Inc.		2,072		185,776
ESCO Technologies Inc.		6,193		523,680
Evoqua Water Technologies Corp.(a)		28,452		1,190,147
ExOne Co. (The)(a)		4,098		94,336
Federal Signal Corp.		8,501		363,928
Flowserve Corp.		15,874		533,684
Franklin Electric Co. Inc.		9,242		798,324
Gorman-Rupp Co. (The)		2,672		113,613
Greenbrier Companies Inc. (The)		3,079		126,301
Helios Technologies Inc.		7,604		692,344
Hillenbrand Inc.		9,009		409,549
Hydrofarm Holdings Group Inc.(a)(b)		8,379		276,256
Hyster-Yale Materials Handling Inc.		760		36,510
Ideanomics Inc.(a)(b)		89,268		176,751
John Bean Technologies Corp.		5,349		790,315
Kadant Inc.		1,636		363,388
Lindsay Corp.		2,569		374,226
Luxfer Holdings PLC		3,041		61,155
Mueller Industries Inc.		6,091		320,630
Mueller Water Products Inc., Class A		22,695		372,425
Omega Flex Inc.		713		103,214

Security	Shares		Value
Machinery (continued)
Proto Labs Inc.(a)		6,603	$	394,925
RBC Bearings Inc.(a)(b)		6,713		1,570,372
Shyft Group Inc. (The)(b)		7,577		312,248
SPX Corp.(a)(b)		5,325		309,329
SPX FLOW Inc.		9,867		737,164
Standex International Corp.		1,413		157,225
Tennant Co.		2,045		162,496
Terex Corp.		11,899		533,075
Titan International Inc.(a)		11,963		86,373
Trinity Industries Inc.		12,519		351,158
Wabash National Corp.		3,884		60,319
Watts Water Technologies Inc., Class A		3,768		715,995
Welbilt Inc.(a)		17,330		410,028
				18,839,808
Marine — 0.2%
Genco Shipping & Trading Ltd.		5,524		94,847
Kirby Corp.(a)		5,903		309,376
Matson Inc.		4,978		414,568
				818,791
Media — 0.8%
Advantage Solutions Inc.(a)		10,696		91,344
Boston Omaha Corp., Class A(a)		4,030		142,864
Cardlytics Inc.(a)		7,780		611,975
EW Scripps Co. (The), Class A		6,787		126,238
Fluent Inc.(a)(b)		7,298		17,369
Gray Television Inc.		11,866		278,139
Iheartmedia Inc., Class A(a)		14,535		281,688
Loral Space & Communications Inc.		1,365		68,004
Magnite Inc.(a)		27,045		731,027
Nexstar Media Group Inc., Class A		5,647		846,655
PubMatic Inc., Class A(a)		4,671		133,497
Sinclair Broadcast Group Inc., Class A		6,002		156,832
TechTarget Inc.(a)(b)		6,023		568,029
				4,053,661
Metals & Mining — 0.5%
Allegheny Technologies Inc.(a)		16,208		260,949
Arconic Corp.(a)		8,309		244,451
Century Aluminum Co.(a)		8,009		105,799
Compass Minerals International Inc.		4,372		286,803
Comstock Mining Inc.(a)		9,150		20,404
Gatos Silver Inc.(a)		10,841		131,176
Gold Resource Corp.		7,814		14,378
Hecla Mining Co.		57,600		332,928
Materion Corp.		3,129		225,851
MP Materials Corp.(a)(b)		17,582		595,151
				2,217,890
Mortgage Real Estate Investment — 0.2%
Broadmark Realty Capital Inc.		31,613		326,246
Ellington Financial Inc.		4,489		81,610
Hannon Armstrong Sustainable Infrastructure Capital Inc.		11,052		667,541
				1,075,397
Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings Inc.(a)(b)		14,369		972,206
Oil, Gas & Consumable Fuels — 0.5%
Aemetis Inc.(a)		2,912		57,949
Altus Midstream Co., Class A		500		30,910
Brigham Minerals Inc., Class A		5,373		124,546
Centrus Energy Corp., Class A(a)(b)		1,155		65,454

70 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Clean Energy Fuels Corp.(a)		40,464	$	373,078
Contango Oil & Gas Co.(a)		31,253		129,075
Denbury Inc.(a)		11,865		1,004,491
Gevo Inc.(a)(b)		47,122		340,692
Tellurian Inc.(a)(b)		62,479		244,918
Uranium Energy Corp.(a)(b)		54,931		204,343
				2,575,456
Paper & Forest Products — 0.0%
Glatfelter Corp.		4,100		67,363
Mercer International Inc.		4,747		51,125
				118,488
Personal Products — 0.3%
BellRing Brands Inc., Class A(a)		4,939		132,464
elf Beauty Inc.(a)		7,233		233,698
Inter Parfums Inc.		4,235		391,229
LifeMD Inc.(a)		4,631		23,109
Medifast Inc.		2,787		547,004
USANA Health Sciences Inc.(a)(b)		1,426		138,408
Veru Inc.(a)		14,075		114,993
				1,580,905
Pharmaceuticals — 1.4%
AcelRx Pharmaceuticals Inc.(a)		29,676		26,115
Aclaris Therapeutics Inc.(a)		10,784		187,102
Aerie Pharmaceuticals Inc.(a)(b)		7,364		78,279
Agile Therapeutics Inc.(a)		19,878		15,771
Amphastar Pharmaceuticals Inc.(a)		4,722		88,207
Ampio Pharmaceuticals Inc.(a)(b)		44,342		69,174
Angion Biomedica Corp.(a)(b)		1,165		4,858
Antares Pharma Inc.(a)		40,028		149,705
Arvinas Inc.(a)		10,202		883,289
Axsome Therapeutics Inc.(a)(b)		6,990		269,115
Aytu BioPharma Inc.(a)		3,013		7,502
BioDelivery Sciences International Inc.(a)(b)		13,778		56,214
Cassava Sciences Inc.(a)(b)		8,860		382,132
cbdMD Inc.(a)		5,017		8,880
Citius Pharmaceuticals Inc.(a)		29,700		55,539
Corcept Therapeutics Inc.(a)		24,572		442,296
CorMedix Inc.(a)(b)		9,536		46,345
Cymabay Therapeutics Inc.(a)		9,495		37,031
Durect Corp.(a)		56,002		71,683
Eton Pharmaceuticals Inc.(a)		4,865		28,022
Evolus Inc.(a)		8,428		65,907
EyePoint Pharmaceuticals Inc.(a)(b)		5,081		58,279
Fulcrum Therapeutics Inc.(a)		3,592		79,527
Hepion Pharmaceuticals Inc.(a)(b)		9,449		13,512
Intra-Cellular Therapies Inc.(a)		12,601		542,725
Jaguar Health Inc.(a)		10,521		22,410
Kala Pharmaceuticals Inc.(a)(b)		11,341		19,733
KemPharm Inc.(a)(b)		7,183		68,239
Lannett Co. Inc.(a)(b)		4,353		11,884
Marinus Pharmaceuticals Inc.(a)(b)		3,593		41,320
Nektar Therapeutics(a)		18,284		277,185
NGM Biopharmaceuticals Inc.(a)		4,807		88,785
Novan Inc.(a)(b)		2,051		13,680
Ocular Therapeutix Inc.(a)		18,035		119,752
Odonate Therapeutics Inc.(a)(b)		3,246		9,965
Omeros Corp.(a)(b)		14,679		92,037
Onconova Therapeutics Inc.(a)(b)		2,094		7,245
Optinose Inc.(a)(b)		8,407		22,279

Security	Shares		Value
Pharmaceuticals (continued)
Oramed Pharmaceuticals Inc.(a)(b)		7,656	$	179,227
Pacira BioSciences Inc.(a)		10,557		551,920
Paratek Pharmaceuticals Inc.(a)		4,879		24,493
Pliant Therapeutics Inc.(a)		2,423		38,598
Provention Bio Inc.(a)		7,021		43,952
Reata Pharmaceuticals Inc., Class A(a)(b)		4,596		441,262
Relmada Therapeutics Inc.(a)		1,991		46,729
Revance Therapeutics Inc.(a)		15,563		213,991
SCYNEXIS Inc.(a)(b)		4,609		23,091
Seelos Therapeutics Inc.(a)(b)		14,384		31,069
SIGA Technologies Inc.(a)(b)		4,028		29,042
TFF Pharmaceuticals Inc.(a)(b)		2,079		16,029
TherapeuticsMD Inc.(a)		93,821		68,302
Theravance Biopharma Inc.(a)(b)		12,614		98,011
VYNE Therapeutics Inc.(a)(b)		13,183		17,665
WaVe Life Sciences Ltd.(a)		9,565		43,903
Xeris Biopharma Holdings Inc.(a)(b)		24,814		46,154
Zogenix Inc.(a)		11,847		181,615
				6,556,776
Professional Services — 2.2%
Acacia Research Corp.(a)		12,121		69,453
ASGN Inc.(a)		6,217		743,926
Barrett Business Services Inc.		590		48,380
CACI International Inc., Class A(a)		2,108		606,345
CBIZ Inc.(a)		7,479		274,554
CRA International Inc.		1,051		115,421
Exponent Inc.		12,310		1,413,188
Forrester Research Inc.(a)		1,902		101,282
Franklin Covey Co.(a)(b)		2,934		123,961
FTI Consulting Inc.(a)		8,111		1,167,335
Heidrick & Struggles International Inc.		2,356		110,449
Huron Consulting Group Inc.(a)		2,433		122,039
ICF International Inc.		1,954		196,357
Insperity Inc.		8,495		1,061,875
Kelly Services Inc., Class A, NVS		3,019		54,433
Kforce Inc.		3,137		203,152
Korn Ferry		13,167		1,016,624
ManpowerGroup Inc.		5,283		510,602
TriNet Group Inc.(a)		9,508		962,685
TrueBlue Inc.(a)(b)		3,823		106,471
Upwork Inc.(a)		28,349		1,335,805
Willdan Group Inc.(a)(b)		1,413		47,237
				10,391,574
Real Estate Management & Development — 0.6%
eXp World Holdings Inc.		15,615		805,734
Fathom Holdings Inc.(a)(b)		1,255		31,739
Howard Hughes Corp. (The)(a)		4,881		425,281
Marcus & Millichap Inc.(a)		2,229		104,986
Redfin Corp.(a)		24,797		1,273,078
St Joe Co. (The)		7,808		367,132
				3,007,950
Road & Rail — 0.7%
ArcBest Corp.		3,188		286,442
Daseke Inc.(a)(b)		7,999		75,591
HyreCar Inc.(a)		4,251		28,864
Landstar System Inc.		5,589		982,602
Saia Inc.(a)		6,225		1,946,184
				3,319,683

SCHEDULE   OF   INVESTMENTS 71

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 4.4%
ACM Research Inc., Class A(a)		2,872	$	304,920
Allegro MicroSystems Inc.(a)		12,952		432,079
Alpha & Omega Semiconductor Ltd.(a)(b)		2,309		80,007
Ambarella Inc.(a)		8,577		1,593,864
Amkor Technology Inc.		11,037		241,931
Atomera Inc.(a)		5,113		110,492
Axcelis Technologies Inc.(a)		7,907		434,331
AXT Inc.(a)		5,827		47,607
CEVA Inc.(a)		5,403		246,431
Cirrus Logic Inc.(a)		8,309		671,450
CMC Materials Inc.		4,045		519,257
Cohu Inc.(a)		11,444		366,666
CyberOptics Corp.(a)		1,823		76,128
Diodes Inc.(a)		4,619		443,840
DSP Group Inc.(a)		5,497		120,769
eMagin Corp.(a)(b)		16,007		38,417
FormFactor Inc.(a)		18,293		727,695
Ichor Holdings Ltd.(a)		4,332		189,395
Impinj Inc.(a)		4,405		307,117
Kopin Corp.(a)		18,499		96,935
Kulicke & Soffa Industries Inc.		14,684		836,988
Lattice Semiconductor Corp.(a)		32,210		2,236,662
MACOM Technology Solutions Holdings Inc., Class H(a)		11,341		791,829
Magnachip Semiconductor Corp.(a)		10,911		206,873
MaxLinear Inc.(a)		16,663		1,049,769
Meta Materials Inc.(a)(b)		29,678		139,487
NeoPhotonics Corp.(a)		5,932		60,032
NVE Corp.		1,199		81,496
Onto Innovation Inc.(a)		7,563		599,065
PDF Solutions Inc.(a)		7,154		168,334
Pixelworks Inc.(a)		12,001		49,084
Power Integrations Inc.		14,254		1,471,155
Rambus Inc.(a)		9,372		218,086
Semtech Corp.(a)		15,347		1,304,955
Silicon Laboratories Inc.(a)		9,604		1,812,851
SiTime Corp.(a)		3,008		796,789
SMART Global Holdings Inc.(a)		2,949		157,653
SunPower Corp.(a)(b)		19,708		663,371
Synaptics Inc.(a)(b)		4,115		800,656
Ultra Clean Holdings Inc.(a)		5,738		284,433
Veeco Instruments Inc.(a)(b)		4,873		118,365
				20,897,264
Software — 11.4%
8x8 Inc.(a)		26,385		597,884
A10 Networks Inc.(a)		13,929		260,333
ACI Worldwide Inc.(a)		27,817		853,426
Agilysys Inc.(a)		4,573		218,224
Alarm.com Holdings Inc.(a)		10,870		915,906
Altair Engineering Inc., Class A(a)(b)		10,974		853,667
Alteryx Inc., Class A(a)(b)		14,069		1,029,710
American Software Inc./GA, Class A		4,436		128,333
Appfolio Inc., Class A(a)(b)		4,452		586,284
Appian Corp.(a)		9,373		931,770
Asana Inc., Class A(a)		18,437		2,503,745
AudioEye Inc.(a)		1,725		17,147
Blackbaud Inc.(a)		3,922		278,501
Blackline Inc.(a)(b)		12,564		1,593,995
Bottomline Technologies DE Inc.(a)		9,262		428,831
Box Inc., Class A(a)		36,330		938,404
C3.ai Inc., Class A(a)(b)		16,483		743,713

Security	Shares		Value
Software (continued)
CDK Global Inc.		11,573	$	503,657
Cerence Inc.(a)(b)		9,001		946,275
ChannelAdvisor Corp.(a)		4,855		123,851
Cleanspark Inc.(a)(b)		8,041		162,911
CommVault Systems Inc.(a)		6,596		405,654
Datto Holding Corp.(a)(b)		6,116		146,172
Digimarc Corp.(a)(b)		3,029		153,055
Digital Turbine Inc.(a)		20,663		1,778,258
Dolby Laboratories Inc., Class A		15,440		1,364,124
Domo Inc., Class B(a)(b)		6,691		591,150
Duck Creek Technologies Inc.(a)		17,781		560,102
eGain Corp.(a)		4,981		51,404
Envestnet Inc.(a)		12,875		1,075,062
Everbridge Inc.(a)(b)		9,078		1,446,216
Intelligent Systems Corp.(a)		1,498		63,410
InterDigital Inc.		7,231		484,115
Jamf Holding Corp.(a)(b)		12,901		614,733
JFrog Ltd.(a)(b)		10,161		332,163
Kaleyra Inc.(a)(b)		4,031		45,994
KnowBe4 Inc., Class A(a)(b)		5,220		122,044
LivePerson Inc.(a)(b)		15,289		787,536
MANDIANT Inc.(a)		56,366		983,023
Marathon Digital Holdings Inc.(a)		23,428		1,223,879
McAfee Corp., Class A		9,961		212,867
MicroStrategy Inc., Class A(a)(b)		1,841		1,316,425
Mimecast Ltd.(a)		14,467		1,091,390
Mitek Systems Inc.(a)		10,367		195,211
Model N Inc.(a)		7,726		250,400
Momentive Global Inc.(a)		30,224		692,734
nCino Inc.(a)(b)		13,268		964,053
New Relic Inc.(a)		13,753		1,116,193
Nutanix Inc., Class A(a)		23,421		803,575
Olo Inc., Class A(a)(b)		6,509		177,175
ON24 Inc.(a)		2,223		42,526
OneSpan Inc.(a)		8,143		166,280
Pagerduty Inc.(a)		17,531		731,919
Ping Identity Holding Corp.(a)		11,600		328,628
Progress Software Corp.		5,852		300,851
PROS Holdings Inc.(a)		9,407		282,210
Q2 Holdings Inc.(a)(b)		13,306		1,043,989
QAD Inc., Class A		2,745		240,572
Qualtrics International Inc., Class A(a)(b)		14,861		688,362
Qualys Inc.(a)(b)		7,929		987,002
Rapid7 Inc.(a)		13,183		1,697,311
Rekor Systems Inc.(a)(b)		7,539		102,530
Rimini Street Inc.(a)		5,159		53,705
Riot Blockchain Inc.(a)		19,433		528,966
SailPoint Technologies Holdings Inc.(a)(b)		21,902		1,050,858
SEMrush Holdings Inc., Class A(a)		2,709		66,073
ShotSpotter Inc.(a)		1,974		76,808
Smith Micro Software Inc.(a)(b)		10,920		62,244
Sprout Social Inc., Class A(a)		10,659		1,360,941
SPS Commerce Inc.(a)		8,473		1,294,081
Sumo Logic Inc.(a)(b)		20,122		347,507
Telos Corp.(a)(b)		12,416		321,699
Tenable Holdings Inc.(a)		21,424		1,140,828
Teradata Corp.(a)		25,791		1,458,739
Upland Software Inc.(a)		6,159		205,526
Varonis Systems Inc.(a)		25,269		1,635,915
Verint Systems Inc.(a)(b)		7,702		358,913

72 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Veritone Inc.(a)		6,718	$	200,935
Viant Technology Inc., Class A(a)		3,262		38,329
VirnetX Holding Corp.(a)		7,127		27,439
Vonage Holdings Corp.(a)		41,444		668,077
Workiva Inc.(a)		10,171		1,521,073
Xperi Holding Corp.		11,783		211,151
Yext Inc.(a)(b)		26,758		336,883
Zix Corp.(a)		6,061		51,337
Zuora Inc., Class A(a)(b)		26,236		573,519
				53,868,410
Specialty Retail — 1.3%
Abercrombie & Fitch Co., Class A(a)		8,173		323,160
America’s Car-Mart Inc./TX(a)		704		84,121
Arko Corp.(a)		7,311		70,112
Asbury Automotive Group Inc.(a)(b)		2,695		527,438
Boot Barn Holdings Inc.(a)		6,955		726,728
Camping World Holdings Inc., Class A		5,249		195,525
Citi Trends Inc.(a)		2,187		169,186
Container Store Group Inc. (The)(a)		3,050		33,733
GrowGeneration Corp.(a)(b)		12,332		259,959
Guess? Inc.		4,663		96,571
Haverty Furniture Companies Inc.		1,571		45,088
JOANN Inc.(b)		1,851		18,917
Lazydays Holdings Inc.(a)		967		20,394
Leslie’s Inc.(a)(b)		30,929		639,612
LMP Automotive Holdings Inc.(a)(b)		1,677		23,847
Lumber Liquidators Holdings Inc.(a)(b)		4,009		72,483
MarineMax Inc.(a)		2,814		145,737
Monro Inc.		5,548		342,644
National Vision Holdings Inc.(a)		19,265		1,187,495
OneWater Marine Inc., Class A		1,191		52,809
Petco Health & Wellness Co. Inc.(a)		19,201		474,841
Sportsman’s Warehouse Holdings Inc.(a)		5,188		89,545
Vroom Inc.(a)(b)		29,942		572,790
Winmark Corp.		297		69,148
Zumiez Inc.(a)(b)		2,453		99,837
				6,341,720
Technology Hardware, Storage & Peripherals — 0.6%
3D Systems Corp.(a)(b)		29,494		830,551
Boxlight Corp., Class A(a)		7,216		16,092
Corsair Gaming Inc.(a)(b)		4,568		111,688
Immersion Corp.(a)		3,397		27,142
Pure Storage Inc., Class A(a)		62,921		1,690,058
Turtle Beach Corp.(a)(b)		2,406		69,196
				2,744,727
Textiles, Apparel & Luxury Goods — 1.6%
Carter’s Inc.		6,616		651,808
Columbia Sportswear Co.		8,282		860,003
Crocs Inc.(a)		14,736		2,379,127
Lakeland Industries Inc.(a)		724		15,139
Levi Strauss & Co., Class A		21,735		569,022
Oxford Industries Inc.		1,664		154,286
PLBY Group Inc.(a)		4,810		135,065
Ralph Lauren Corp.		5,902		750,557
Rocky Brands Inc.		883		48,168
Skechers U.S.A. Inc., Class A(a)		20,466		945,734
Steven Madden Ltd.		8,007		361,116
Unifi Inc.(a)		1,380		33,148

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Wolverine World Wide Inc.		19,361	$	642,204
				7,545,377
Thrifts & Mortgage Finance — 0.6%
Axos Financial Inc.(a)		4,745		251,485
Columbia Financial Inc.(a)		9,233		171,918
Kearny Financial Corp./MD		8,997		120,740
loanDepot Inc., Class A		2,426		15,915
Merchants Bancorp./IN		2,659		118,139
Meridian Bancorp. Inc.		7,153		165,950
Mr Cooper Group Inc.(a)		9,337		409,334
NMI Holdings Inc., Class A(a)		9,204		223,473
Premier Financial Corp.		5,010		159,719
Radian Group Inc.		18,842		449,759
TFS Financial Corp.		5,320		103,527
Walker & Dunlop Inc.		3,266		424,809
Waterstone Financial Inc.		2,078		42,952
WSFS Financial Corp.		6,124		317,284
				2,975,004
Tobacco — 0.1%
22nd Century Group Inc.(a)(b)		38,326		105,013
Turning Point Brands Inc.		3,386		129,244
Vector Group Ltd.		12,485		165,551
				399,808
Trading Companies & Distributors — 0.6%
Applied Industrial Technologies Inc.		3,390		330,457
Beacon Roofing Supply Inc.(a)		5,268		278,519
BlueLinx Holdings Inc.(a)(b)		1,542		73,446
Custom Truck One Source Inc.(a)(b)		11,616		105,125
DXP Enterprises Inc./TX(a)		2,211		72,875
GATX Corp.		3,844		364,603
Global Industrial Co.		3,733		151,485
H&E Equipment Services Inc.		3,438		154,985
Herc Holdings Inc.		3,868		704,131
McGrath RentCorp.		2,215		159,790
Rush Enterprises Inc., Class A		3,563		185,561
Titan Machinery Inc.(a)		2,443		69,430
				2,650,407
Water Utilities — 0.3%
American States Water Co.		5,037		457,561
California Water Service Group		7,185		437,423
Middlesex Water Co.		2,193		241,493
SJW Group		3,593		236,851
				1,373,328
Wireless Telecommunication Services — 0.1%
Gogo Inc.(a)(b)		7,726		125,625
Shenandoah Telecommunications Co.		11,916		329,358
				454,983
Total Common Stocks — 99.5% (Cost: $456,431,806)				471,352,292
Preferred Stocks
Semiconductors & Semiconductor Equipment — 0.0%
Meta Materials Inc., Preference Shares, NVS(b)		17,900		22,912
Total Preferred Stocks — 0.0% (Cost: $17,319)				22,912

SCHEDULE   OF   INVESTMENTS 73

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 13.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		64,728,407	$	64,760,771
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,180,000		1,180,000
				65,940,771
Total Short-Term Investments — 13.9% (Cost: $65,921,352)				65,940,771
Total Investments in Securities — 113.4% (Cost: $522,370,477)				537,315,975
Other Assets, Less Liabilities — (13.4)%				(63,548,070	)
Net Assets — 100.0%			$	473,767,905

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	78,109,325	$	—		$	(13,346,419	)(a)	$	(5,863	)	$	3,728	$	64,760,771		64,728,407	$	166,036	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		960,000		220,000	(a)		—			—			—		1,180,000		1,180,000		22			—
									$	(5,863	)	$	3,728	$	65,940,771			$	166,058		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		2		12/17/21	$	325	$	19,361
Russell 2000 E-Mini Index		9		12/17/21		1,033		26,329
							$	45,690

74 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	45,690

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	40,395
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	45,949

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	961,560

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	471,352,292	$	—	$	—	$	471,352,292
Preferred Stocks		22,912		—		—		22,912
Money Market Funds		65,940,771		—		—		65,940,771
	$	537,315,975	$	—	$	—	$	537,315,975
Derivative financial instruments(a)
Assets
Futures Contracts	$	45,690	$	—	$	—	$	45,690

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 75

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
AAR Corp.(a)		7,301	$	258,236
Aerojet Rocketdyne Holdings Inc.		7,578		333,508
Astronics Corp.(a)		5,468		70,537
BWX Technologies Inc.		8,868		503,170
Curtiss-Wright Corp.		5,113		652,828
Ducommun Inc.(a)		2,362		114,297
Kaman Corp.		3,236		115,816
Maxar Technologies Inc.		10,363		275,138
Moog Inc., Class A		6,374		481,428
National Presto Industries Inc.		675		56,126
PAE Inc.(a)		7,168		71,107
Parsons Corp.(a)(b)		5,843		202,402
Spirit AeroSystems Holdings Inc., Class A		14,098		582,106
Triumph Group Inc.(a)		14,084		288,018
Vectrus Inc.(a)		2,543		123,158
				4,127,875
Air Freight & Logistics — 0.4%
Air Transport Services Group Inc.(a)		8,077		201,036
Atlas Air Worldwide Holdings Inc.(a)		5,866		475,850
Echo Global Logistics Inc.(a)		3,016		145,462
Forward Air Corp.		3,275		329,334
Hub Group Inc., Class A(a)		3,895		306,030
				1,457,712
Airlines — 0.4%
Frontier Group Holdings Inc.(a)		4,090		64,009
Hawaiian Holdings Inc.(a)		11,141		215,578
JetBlue Airways Corp.(a)		69,054		968,828
Mesa Air Group Inc.(a)		6,773		51,068
SkyWest Inc.(a)		5,316		228,748
Spirit Airlines Inc.(a)(b)		11,545		252,258
				1,780,489
Auto Components — 1.2%
Adient PLC(a)		20,562		855,790
American Axle & Manufacturing Holdings Inc.(a)		25,011		227,100
Cooper-Standard Holdings Inc.(a)		3,786		98,209
Dana Inc.		31,666		702,668
Goodyear Tire & Rubber Co. (The)(a)		61,198		1,170,106
LCI Industries		2,493		348,122
Modine Manufacturing Co.(a)		11,189		123,079
Patrick Industries Inc.		2,091		162,910
Standard Motor Products Inc.		4,244		203,288
Stoneridge Inc.(a)		3,186		60,470
Superior Industries International Inc.(a)		5,367		31,290
Tenneco Inc., Class A(a)		16,399		217,615
Veoneer Inc.(a)		21,985		773,872
				4,974,519
Automobiles — 0.1%
Winnebago Industries Inc.		3,497		236,712
Banks — 11.3%
1st Source Corp.		3,815		184,188
Allegiance Bancshares Inc.		1,674		65,571
Ameris Bancorp		4,812		252,101
Associated Banc-Corp.		36,990		824,137
Atlantic Capital Bancshares Inc.(a)		2,298		63,218
Atlantic Union Bankshares Corp.		8,402		301,380
Banc of California Inc.		7,582		154,142
BancFirst Corp.		4,177		271,547

Security	Shares		Value
Banks (continued)
Bancorp. Inc. (The)(a)		4,459	$	136,222
Bank of Hawaii Corp.		8,813		744,698
Bank OZK		27,003		1,206,224
BankUnited Inc.		19,525		791,934
Banner Corp.		7,037		406,457
Berkshire Hills Bancorp. Inc.		10,347		280,921
BOK Financial Corp.		6,627		670,454
Brookline Bancorp. Inc.		9,681		155,380
Bryn Mawr Bank Corp.		5,559		257,604
Byline Bancorp Inc.		3,557		91,628
Cadence Bank		17,861		518,338
Camden National Corp.		2,316		110,242
Cathay General Bancorp		17,022		718,158
Central Pacific Financial Corp.		3,556		97,754
CIT Group Inc.		21,665		1,073,067
City Holding Co.		1,326		105,523
Columbia Banking System Inc.		9,771		333,484
Community Bank System Inc.		6,404		458,975
Community Trust Bancorp. Inc.		4,912		214,556
ConnectOne Bancorp. Inc.		4,307		145,275
CrossFirst Bankshares Inc.(a)		3,925		55,853
Customers Bancorp. Inc.(a)		6,465		344,520
CVB Financial Corp.		27,412		548,788
Dime Community Bancshares Inc.		7,743		276,270
Eagle Bancorp. Inc.		6,681		378,078
Enterprise Financial Services Corp.		8,452		397,413
FB Financial Corp.		3,395		153,895
Financial Institutions Inc.		4,222		134,766
First Bancorp./Southern Pines NC		6,534		316,376
First Bancshares Inc. (The)		1,848		74,382
First Busey Corp.		11,422		291,147
First Commonwealth Financial Corp.		15,456		236,477
First Financial Bancorp		16,620		395,224
First Financial Corp./IN		4,369		187,212
First Foundation Inc.		6,423		170,916
First Hawaiian Inc.		29,158		804,469
First Interstate BancSystem Inc., Class A		8,323		345,987
First Merchants Corp.		11,761		489,022
First Midwest Bancorp. Inc.		23,693		456,090
Flushing Financial Corp.		7,681		184,498
FNB Corp.		75,735		882,313
Fulton Financial Corp.		39,767		640,249
German American Bancorp. Inc.		2,619		103,241
Glacier Bancorp. Inc.		9,676		534,986
Great Southern Bancorp. Inc.		2,668		150,555
Great Western Bancorp. Inc.		11,383		387,591
Hancock Whitney Corp.		19,473		963,524
Hanmi Financial Corp.		5,077		112,659
Heartland Financial USA Inc.		5,164		258,820
Heritage Commerce Corp.		14,901		178,663
Heritage Financial Corp./WA		7,288		181,034
Hilltop Holdings Inc.		6,345		224,867
Home BancShares Inc./AR		13,584		322,756
HomeStreet Inc.		2,980		140,537
Hope Bancorp Inc.		22,011		321,140
Horizon Bancorp Inc./IN		5,165		98,497
Independent Bank Corp.		6,807		575,191
Independent Bank Corp./MI		4,839		109,023
Independent Bank Group Inc.		4,495		324,943
International Bancshares Corp.		12,027		509,945

76 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Investors Bancorp. Inc.		48,936	$	748,721
Lakeland Bancorp. Inc.		11,164		200,729
Lakeland Financial Corp.		2,890		207,704
Metropolitan Bank Holding Corp.(a)		965		87,680
Midland States Bancorp. Inc.		6,805		174,616
National Bank Holdings Corp., Class A		3,619		156,956
NBT Bancorp. Inc.		9,028		331,237
Nicolet Bankshares Inc.(a)(b)		1,967		141,408
OceanFirst Financial Corp.		14,154		313,794
OFG Bancorp		7,262		188,086
Old National Bancorp./IN		31,386		536,073
Pacific Premier Bancorp. Inc.		20,891		877,213
PacWest Bancorp		25,458		1,208,491
Park National Corp.		3,361		432,191
Peapack Gladstone Financial Corp.		1,758		58,981
Peoples Bancorp. Inc./OH		6,472		206,845
Pinnacle Financial Partners Inc.		9,394		907,179
Popular Inc.		9,336		760,324
Prosperity Bancshares Inc.		20,183		1,519,982
QCR Holdings Inc.		2,431		134,045
Renasant Corp.		4,907		183,571
S&T Bancorp. Inc.		7,773		237,543
Sandy Spring Bancorp. Inc.		10,294		488,553
Simmons First National Corp., Class A		23,550		703,909
South State Corp.		9,950		776,995
Southside Bancshares Inc.		2,997		123,836
Sterling Bancorp./DE		20,795		529,233
Stock Yards Bancorp. Inc.		2,225		136,281
Synovus Financial Corp.		31,807		1,481,888
Texas Capital Bancshares Inc.(a)		11,148		675,569
Tompkins Financial Corp.		1,708		140,244
Towne Bank/Portsmouth VA		6,423		202,453
TriCo Bancshares		6,613		289,848
TriState Capital Holdings Inc.(a)		6,838		205,482
Trustmark Corp.		13,868		441,141
UMB Financial Corp.		4,884		482,637
Umpqua Holdings Corp.		47,877		979,085
United Bankshares Inc./WV		28,062		1,038,013
United Community Banks Inc./GA		5,802		202,142
Univest Financial Corp.		5,914		169,732
Valley National Bancorp		88,312		1,171,017
Veritex Holdings Inc.		5,295		216,830
Washington Trust Bancorp. Inc.		2,845		155,508
Webster Financial Corp.		19,676		1,101,069
WesBanco Inc.		16,518		574,331
Westamerica Bancorp		6,063		338,073
Wintrust Financial Corp.		12,406		1,097,931
				47,230,264
Beverages — 0.1%
Coca-Cola Consolidated Inc.		358		143,701
MGP Ingredients Inc.		782		50,212
National Beverage Corp.		2,420		136,488
				330,401
Biotechnology — 1.9%
Abeona Therapeutics Inc.(a)		13,034		10,588
Adamas Pharmaceuticals Inc.(a)		7,887		63,964
Akebia Therapeutics Inc.(a)(b)		37,758		108,365
Allogene Therapeutics Inc.(a)(b)		8,179		141,006
ALX Oncology Holdings Inc.(a)		2,361		132,310

Security	Shares		Value
Biotechnology (continued)
AnaptysBio Inc.(a)		1,836	$	60,404
Applied Genetic Technologies Corp./DE(a)(b)		10,028		25,973
Applied Therapeutics Inc.(a)		3,948		57,917
Aptinyx Inc., Class A(a)		9,459		21,188
Arcturus Therapeutics Holdings Inc.(a)(b)		4,687		210,681
Arena Pharmaceuticals Inc.(a)		7,293		418,545
Assembly Biosciences Inc.(a)		8,695		27,389
Atara Biotherapeutics Inc.(a)		6,010		93,035
Athersys Inc.(a)		16,434		19,228
AVEO Pharmaceuticals Inc.(a)		6,802		46,186
Avrobio Inc.(a)		3,998		22,469
BioAtla Inc.(a)(b)		1,825		53,345
Bioxcel Therapeutics Inc.(a)(b)		4,205		122,534
Bluebird Bio Inc.(a)(b)		14,686		343,799
Bolt Biotherapeutics Inc.(a)		1,184		15,499
Calithera Biosciences Inc.(a)(b)		16,461		31,770
Cardiff Oncology Inc.(a)		5,057		29,685
Catalyst Pharmaceuticals Inc.(a)		11,839		69,850
CEL-SCI Corp.(a)(b)		4,879		54,645
Chimerix Inc.(a)		7,620		39,929
Cogent Biosciences Inc.(a)		6,866		58,224
Coherus Biosciences Inc.(a)(b)		6,247		104,512
Corbus Pharmaceuticals Holdings Inc.(a)(b)		19,006		19,006
Crinetics Pharmaceuticals Inc.(a)		3,810		94,983
CytomX Therapeutics Inc.(a)		13,016		77,185
Design Therapeutics Inc.(a)		1,371		21,497
Eagle Pharmaceuticals Inc./DE(a)		2,545		133,282
Emergent BioSolutions Inc.(a)		5,220		248,837
Enanta Pharmaceuticals Inc.(a)		3,943		338,507
Evelo Biosciences Inc.(a)		3,484		30,833
FibroGen Inc.(a)		9,049		100,625
G1 Therapeutics Inc.(a)(b)		4,414		63,959
Gain Therapeutics Inc.(a)		1,160		8,074
Genprex Inc.(a)		3,221		7,505
Geron Corp.(a)(b)		42,124		64,871
Global Blood Therapeutics Inc.(a)		5,606		204,731
Gossamer Bio Inc.(a)		11,455		142,271
Heat Biologics Inc.(a)(b)		5,394		28,804
Homology Medicines Inc.(a)(b)		3,545		20,313
Immunic Inc.(a)		2,539		23,663
Immunovant Inc.(a)		8,957		72,014
Infinity Pharmaceuticals Inc.(a)		7,677		19,500
Inovio Pharmaceuticals Inc.(a)(b)		13,294		94,919
Intercept Pharmaceuticals Inc.(a)(b)		6,043		101,885
Ironwood Pharmaceuticals Inc.(a)		23,225		296,583
Jounce Therapeutics Inc.(a)		7,021		61,644
Kadmon Holdings Inc.(a)		17,302		163,504
Karyopharm Therapeutics Inc.(a)(b)		6,767		36,948
Kiniksa Pharmaceuticals Ltd., Class A(a)		3,023		31,409
Kura Oncology Inc.(a)(b)		6,890		113,134
Lineage Cell Therapeutics Inc.(a)		15,247		34,763
Madrigal Pharmaceuticals Inc.(a)		1,071		83,270
Magenta Therapeutics Inc.(a)		4,681		29,958
MEI Pharma Inc.(a)(b)		10,273		28,970
MeiraGTx Holdings PLC(a)		2,476		53,234
Mersana Therapeutics Inc.(a)		6,126		52,439
MiMedx Group Inc.(a)		6,797		46,559
Myriad Genetics Inc.(a)		17,049		524,598
Neoleukin Therapeutics Inc.(a)		7,195		52,739
Nurix Therapeutics Inc.(a)		3,927		131,358

SCHEDULE   OF   INVESTMENTS 77

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Ocugen Inc.(a)(b)		21,688	$	256,786
OPKO Health Inc.(a)		43,007		162,997
Ovid therapeutics Inc.(a)		11,408		38,787
Palatin Technologies Inc.(a)(b)		17,433		7,113
Pluristem Therapeutics Inc.(a)		5,963		15,802
Precigen Inc.(a)		11,590		55,980
Prothena Corp. PLC(a)(b)		3,797		210,164
Puma Biotechnology Inc.(a)		4,560		23,256
REGENXBIO Inc.(a)(b)		3,308		117,235
Rhythm Pharmaceuticals Inc.(a)		5,149		59,265
Rocket Pharmaceuticals Inc.(a)		3,909		116,136
Rubius Therapeutics Inc.(a)(b)		4,860		69,061
Sage Therapeutics Inc.(a)		5,140		207,450
Sangamo Therapeutics Inc.(a)		8,432		68,468
Seres Therapeutics Inc.(a)		3,688		22,423
Shattuck Labs Inc.(a)		2,867		55,333
Sio Gene Therapies Inc.(a)(b)		11,333		21,646
Spectrum Pharmaceuticals Inc.(a)		35,432		64,841
Sutro Biopharma Inc.(a)		4,887		98,522
Syndax Pharmaceuticals Inc.(a)		3,663		71,245
TCR2 Therapeutics Inc.(a)		7,330		46,179
Tonix Pharmaceuticals Holding Corp.(a)		35,167		19,412
UNITY Biotechnology Inc.(a)		9,250		22,107
Verastem Inc.(a)		22,800		59,280
Viking Therapeutics Inc.(a)		6,687		38,918
Voyager Therapeutics Inc.(a)(b)		2,773		10,038
				7,979,858
Building Products — 0.7%
American Woodmark Corp.(a)		2,142		147,241
Apogee Enterprises Inc.		5,534		232,041
Armstrong World Industries Inc.		2,889		305,223
Cornerstone Building Brands Inc.(a)		6,618		94,703
Griffon Corp.		4,596		121,748
Insteel Industries Inc.		1,797		73,084
JELD-WEN Holding Inc.(a)		12,854		352,328
Masonite International Corp.(a)(b)		1,909		229,099
PGT Innovations Inc.(a)		4,948		105,640
Quanex Building Products Corp.		4,576		94,815
Resideo Technologies Inc.(a)		12,568		309,927
UFP Industries Inc.		4,466		365,453
Zurn Water Solutions Corp.		10,825		392,731
				2,824,033
Capital Markets — 2.6%
Affiliated Managers Group Inc.		4,634		777,956
Artisan Partners Asset Management Inc., Class A		5,903		292,435
Assetmark Financial Holdings Inc.(a)		2,038		52,254
B. Riley Financial Inc.		1,452		104,050
BGC Partners Inc., Class A		41,717		224,020
Blucora Inc.(a)		10,745		177,507
BrightSphere Investment Group Inc.		5,064		151,819
Cohen & Steers Inc.		2,139		202,970
Cowen Inc., Class A		2,950		111,303
Diamond Hill Investment Group Inc.		710		153,971
Donnelley Financial Solutions Inc.(a)		6,467		247,815
Evercore Inc., Class A		5,763		875,054
Federated Hermes Inc.		21,323		710,269
Focus Financial Partners Inc., Class A(a)		6,713		421,979
Greenhill & Co. Inc.		3,254		51,153
Houlihan Lokey Inc.		5,533		620,139

Security	Shares		Value
Capital Markets (continued)
Janus Henderson Group PLC		36,951	$	1,718,221
Moelis & Co., Class A		13,367		972,316
Oppenheimer Holdings Inc., Class A, NVS		1,030		53,612
Piper Sandler Cos		1,734		285,572
Sculptor Capital Management Inc.		4,254		112,731
Stifel Financial Corp.		22,762		1,658,667
StoneX Group Inc.(a)		2,348		162,270
Trinity Capital Inc.		1,851		29,894
Victory Capital Holdings Inc., Class A		3,639		137,918
Virtu Financial Inc., Class A		19,470		484,414
Virtus Investment Partners Inc.		498		159,360
WisdomTree Investments Inc.		12,449		79,549
				11,029,218
Chemicals — 2.9%
AdvanSix Inc.(a)		6,120		297,432
American Vanguard Corp.		5,933		92,436
Ashland Global Holdings Inc.		7,238		694,920
Avient Corp.		10,582		570,158
Cabot Corp.		12,381		660,526
Chase Corp.		691		66,336
Chemours Co. (The)		35,863		1,004,881
Diversey Holdings Ltd.(a)(b)		5,544		96,466
Ecovyst Inc.		11,837		138,256
Element Solutions Inc.		21,037		477,750
Ferro Corp.(a)		18,107		380,609
FutureFuel Corp.		5,580		39,395
GCP Applied Technologies Inc.(a)		5,247		118,635
Hawkins Inc.		2,289		83,938
HB Fuller Co.		5,457		384,773
Huntsman Corp.		45,791		1,491,871
Ingevity Corp.(a)		3,563		277,593
Innospec Inc.		3,593		325,562
Intrepid Potash Inc.(a)		874		42,572
Koppers Holdings Inc.(a)		3,087		108,323
Kraton Corp.(a)		7,049		321,787
Kronos Worldwide Inc.		2,767		36,054
Minerals Technologies Inc.		7,356		521,835
NewMarket Corp.		1,570		533,816
Olin Corp.		16,639		948,090
Rayonier Advanced Materials Inc.(a)		14,094		101,195
Sensient Technologies Corp.		4,886		467,102
Stepan Co.		2,349		281,927
Tredegar Corp.		5,703		68,778
Trinseo PLC		8,462		474,380
Tronox Holdings PLC, Class A		8,974		209,274
Valvoline Inc.		18,010		611,619
				11,928,289
Commercial Services & Supplies — 1.7%
ABM Industries Inc.		8,242		362,730
ACCO Brands Corp.		20,864		172,545
ADT Inc.		31,684		264,561
Brady Corp., Class A, NVS		6,589		343,221
BrightView Holdings Inc.(a)		7,073		112,178
Brink’s Co. (The)		4,965		341,989
Cimpress PLC(a)(b)		1,707		152,469
Clean Harbors Inc.(a)		4,554		512,507
CoreCivic Inc.(a)		26,451		227,743
Covanta Holding Corp.		10,014		202,083
Deluxe Corp.		9,297		331,624

78 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Ennis Inc.		5,791	$	109,682
Healthcare Services Group Inc.		8,132		156,053
Herman Miller Inc.		16,380		637,510
HNI Corp.		6,478		242,277
Interface Inc.		12,780		183,521
KAR Auction Services Inc.(a)		25,921		380,261
Kimball International Inc., Class B		7,975		86,688
Matthews International Corp., Class A		6,957		239,112
Montrose Environmental Group Inc.(a)		2,818		193,174
RR Donnelley & Sons Co.(a)		16,251		104,006
SP Plus Corp.(a)		2,785		89,816
Steelcase Inc., Class A		19,683		234,228
Stericycle Inc.(a)		11,376		761,282
Team Inc.(a)		6,798		16,451
U.S. Ecology Inc.(a)		3,734		120,198
UniFirst Corp./MA		1,561		309,016
Viad Corp.(a)		1,352		59,988
				6,946,913
Communications Equipment — 0.6%
ADTRAN Inc.		10,681		197,385
Applied Optoelectronics Inc.(a)		5,533		42,327
Aviat Networks Inc.(a)		1,035		29,601
CalAmp Corp.(a)		2,755		26,503
CommScope Holding Co. Inc.(a)(b)		44,674		478,459
Comtech Telecommunications Corp.		5,811		125,343
Digi International Inc.(a)		2,699		58,164
EMCORE Corp.(a)		4,098		30,653
Extreme Networks Inc.(a)		10,977		107,904
Harmonic Inc.(a)(b)		6,090		55,236
Lumentum Holdings Inc.(a)		7,291		602,091
NETGEAR Inc.(a)		6,617		190,768
NetScout Systems Inc.(a)		16,235		439,319
Plantronics Inc.(a)		6,236		166,875
Ribbon Communications Inc.(a)		17,964		98,263
				2,648,891
Construction & Engineering — 1.1%
API Group Corp.(a)		21,788		474,543
Arcosa Inc.		5,391		278,876
Argan Inc.		2,374		97,951
Dycom Industries Inc.(a)		3,776		299,890
EMCOR Group Inc.		7,059		857,598
Fluor Corp.(a)		30,793		598,616
Granite Construction Inc.		5,852		217,226
Great Lakes Dredge & Dock Corp.(a)		14,472		220,264
IES Holdings Inc.(a)		753		37,537
Infrastructure and Energy Alternatives Inc.(a)		3,204		35,468
INNOVATE Corp.(a)		10,213		40,341
Matrix Service Co.(a)		5,806		59,395
MYR Group Inc.(a)		1,731		176,822
NV5 Global Inc.(a)		935		97,362
Primoris Services Corp.		5,784		155,879
Sterling Construction Co. Inc.(a)		6,271		150,755
Tutor Perini Corp.(a)		9,121		124,228
Valmont Industries Inc.		2,282		545,307
				4,468,058
Construction Materials — 0.2%
Eagle Materials Inc.		5,119		759,455
Forterra Inc.(a)		2,032		48,402
				807,857

Security	Shares		Value
Consumer Finance — 1.3%
Credit Acceptance Corp.(a)(b)		1,288	$	770,494
Curo Group Holdings Corp.		4,702		80,780
Encore Capital Group Inc.(a)		4,265		230,395
Enova International Inc.(a)		8,058		261,402
EZCORP Inc., Class A, NVS(a)		11,836		88,297
FirstCash Inc.		4,422		391,214
Green Dot Corp., Class A(a)		5,076		215,019
LendingClub Corp.(a)		8,180		375,953
Navient Corp.		36,705		723,089
Nelnet Inc., Class A		1,971		162,864
PRA Group Inc.(a)		9,976		427,771
PROG Holdings Inc.		9,577		387,390
SLM Corp.		66,482		1,219,945
World Acceptance Corp.(a)		919		170,373
				5,504,986
Containers & Packaging — 0.9%
Graphic Packaging Holding Co.		29,853		594,970
Greif Inc., Class A, NVS		5,852		378,508
Myers Industries Inc.		4,223		86,909
O-I Glass Inc.(a)		34,212		446,467
Pactiv Evergreen Inc.		9,525		132,493
Silgan Holdings Inc.		18,270		734,454
Sonoco Products Co.		21,355		1,237,522
TriMas Corp.(a)		9,357		312,056
				3,923,379
Diversified Consumer Services — 1.0%
Adtalem Global Education Inc.(a)		10,773		397,847
American Public Education Inc.(a)		2,078		51,929
Carriage Services Inc.		1,835		94,411
frontdoor Inc.(a)		10,616		395,764
Graham Holdings Co., Class B		876		513,205
Grand Canyon Education Inc.(a)		4,372		348,448
H&R Block Inc.		38,811		895,370
Houghton Mifflin Harcourt Co.(a)		28,008		397,434
Laureate Education Inc., Class A(a)		13,824		239,432
Perdoceo Education Corp.(a)		15,403		163,580
Regis Corp.(a)(b)		5,372		14,504
Strategic Education Inc.		4,972		339,140
Stride Inc.(a)(b)		4,101		145,585
Vivint Smart Home Inc.(a)		8,705		78,954
WW International Inc.(a)		11,533		200,213
XpresSpa Group Inc.(a)(b)		12,615		16,778
				4,292,594
Diversified Financial Services — 0.1%
A-Mark Precious Metals Inc.		1,014		76,040
Cannae Holdings Inc.(a)		7,937		270,652
				346,692
Diversified Telecommunication Services — 0.2%
Anterix Inc.(a)		1,469		94,163
ATN International Inc.		2,438		99,422
Cogent Communications Holdings Inc.		2,482		190,096
Consolidated Communications Holdings Inc.(a)		15,940		117,956
EchoStar Corp., Class A(a)(b)		8,954		210,061
IDT Corp., Class B(a)		2,311		111,783
Liberty Latin America Ltd., Class A(a)		3,305		39,726
Liberty Latin America Ltd., Class C, NVS(a)		12,210		146,886
				1,010,093
Electric Utilities — 1.3%
ALLETE Inc.		11,377		700,141

SCHEDULE   OF   INVESTMENTS 79

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Hawaiian Electric Industries Inc.		23,835	$	966,748
IDACORP Inc.		10,985		1,145,955
MGE Energy Inc.		7,972		604,995
Otter Tail Corp.		9,195		570,182
PNM Resources Inc.		11,040		549,240
Portland General Electric Co.		19,463		959,720
Via Renewables Inc.		2,868		31,978
				5,528,959
Electrical Equipment — 1.4%
Acuity Brands Inc.		4,466		917,450
Atkore Inc.(a)		5,526		522,373
AZZ Inc.		5,462		290,196
Babcock & Wilcox Enterprises Inc.(a)		6,380		43,576
Encore Wire Corp.		2,097		281,124
EnerSys		4,888		391,236
GrafTech International Ltd.		44,216		473,111
nVent Electric PLC		36,583		1,296,867
Polar Power Inc.(a)		1,590		8,077
Powell Industries Inc.		1,190		30,773
Regal Rexnord Corp.		9,571		1,457,951
Thermon Group Holdings Inc.(a)		7,412		128,079
Westwater Resources Inc.(a)(b)		3,436		10,892
				5,851,705
Electronic Equipment, Instruments & Components — 2.3%
Arlo Technologies Inc.(a)		18,250		125,925
Avnet Inc.		21,613		823,671
Belden Inc.		9,780		588,854
Benchmark Electronics Inc.		3,947		92,005
ePlus Inc.(a)		1,533		169,504
Fabrinet(a)		4,081		391,776
II-VI Inc.(a)		9,252		559,838
Insight Enterprises Inc.(a)(b)		7,578		717,637
Kimball Electronics Inc.(a)		5,501		158,154
Knowles Corp.(a)		20,098		418,842
Methode Electronics Inc.		4,588		193,017
MICT Inc.(a)(b)		12,144		16,759
National Instruments Corp.		16,860		716,044
OSI Systems Inc.(a)		3,663		341,062
PC Connection Inc.		2,378		109,507
Plexus Corp.(a)		2,584		225,635
Sanmina Corp.(a)		14,184		535,446
ScanSource Inc.(a)		5,619		201,048
SYNNEX Corp.		9,024		947,520
TTM Technologies Inc.(a)		23,468		310,716
Velodyne Lidar Inc.(a)(b)		21,158		129,064
Vishay Intertechnology Inc.		16,948		325,740
Vishay Precision Group Inc.(a)		1,598		54,476
Vontier Corp.		36,692		1,241,290
				9,393,530
Energy Equipment & Services — 1.3%
Archrock Inc.		29,246		239,525
Aspen Aerogels Inc.(a)		2,880		156,845
ChampionX Corp.(a)		15,413		404,283
Dril-Quip Inc.(a)		3,161		74,473
Expro Group Holdings NV, NVS(a)		11,606		199,043
FTS International Inc., Class A(a)		775		20,537
Helix Energy Solutions Group Inc.(a)		30,760		116,273
Helmerich & Payne Inc.		23,511		729,781
Liberty Oilfield Services Inc., Class A(a)		23,163		299,266

Security	Shares		Value
Energy Equipment & Services (continued)
Nabors Industries Ltd.(a)		1,685	$	172,712
Newpark Resources Inc.(a)		20,059		68,201
NexTier Oilfield Solutions Inc.(a)		34,791		155,168
NOV Inc.(a)		84,927		1,190,676
Oceaneering International Inc.(a)		21,833		296,929
Oil States International Inc.(a)		13,479		81,683
Patterson-UTI Energy Inc.		41,238		352,997
ProPetro Holding Corp.(a)		9,774		93,733
RPC Inc.(a)		8,485		45,734
Select Energy Services Inc., Class A(a)		13,896		83,515
TETRA Technologies Inc.(a)		15,046		48,598
Tidewater Inc.(a)		9,020		109,413
Transocean Ltd.(a)		130,275		459,871
U.S. Silica Holdings Inc.(a)		16,331		158,084
				5,557,340
Entertainment — 1.4%
AMC Entertainment Holdings Inc., Class A(a)(b)		111,490		3,943,401
Cinedigm Corp., Class A(a)		19,319		45,593
Cinemark Holdings Inc.(a)		23,140		435,032
IMAX Corp.(a)		3,598		67,822
Lions Gate Entertainment Corp., Class A(a)(b)		13,367		173,103
Lions Gate Entertainment Corp., Class B, NVS(a)		26,776		303,104
Madison Square Garden Entertainment Corp.(a)(b)		5,502		387,726
Madison Square Garden Sports Corp.(a)		1,594		302,079
Marcus Corp. (The)(a)		4,764		88,468
Sciplay Corp., Class A(a)(b)		5,311		107,335
World Wrestling Entertainment Inc., Class A		2,701		165,004
				6,018,667
Equity Real Estate Investment Trusts (REITs) — 10.1%
Acadia Realty Trust		19,062		407,546
Agree Realty Corp.		8,073		573,667
Alexander & Baldwin Inc.		6,811		167,074
Alexander’s Inc.		480		133,814
American Assets Trust Inc.		7,559		285,957
American Campus Communities Inc.		10,110		543,109
American Finance Trust Inc.		25,702		212,813
Apartment Income REIT Corp.		34,091		1,827,619
Apartment Investment & Management Co., Class A		19,515		147,924
Apple Hospitality REIT Inc.		46,286		727,153
Armada Hoffler Properties Inc.		13,304		182,398
Ashford Hospitality Trust Inc.(a)		6,079		85,896
Bluerock Residential Growth REIT Inc., Class A		5,981		80,923
Braemar Hotels & Resorts Inc.(a)		11,488		58,359
Brandywine Realty Trust		37,358		494,993
Brixmor Property Group Inc.		64,556		1,513,193
Broadstone Net Lease Inc.		15,148		402,785
CareTrust REIT Inc.		12,266		254,519
CatchMark Timber Trust Inc., Class A		6,501		55,649
Centerspace		3,075		311,313
Chatham Lodging Trust(a)		10,697		135,745
City Office REIT Inc.		9,459		179,437
Columbia Property Trust Inc.		14,580		279,499
CoreSite Realty Corp.		3,705		527,814
Corporate Office Properties Trust		10,583		287,011
Cousins Properties Inc.		32,344		1,281,146
DiamondRock Hospitality Co.(a)		46,236		417,973
DigitalBridge Group Inc.(a)		107,179		718,099
Diversified Healthcare Trust		51,993		189,255
Douglas Emmett Inc.		23,977		783,568

80 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Easterly Government Properties Inc.		7,836	$	164,791
Empire State Realty Trust Inc., Class A		30,848		298,609
EPR Properties		16,311		818,975
Equity Commonwealth(a)		15,673		406,401
Essential Properties Realty Trust Inc.		13,421		399,812
Farmland Partners Inc.		6,313		70,958
Four Corners Property Trust Inc.		8,495		246,355
Franklin Street Properties Corp., Class C		21,383		96,223
GEO Group Inc. (The)		18,436		150,806
Getty Realty Corp.		8,392		269,551
Gladstone Commercial Corp.		3,556		77,734
Gladstone Land Corp.		2,123		47,003
Global Medical REIT Inc.		7,725		128,080
Global Net Lease Inc.		22,117		354,314
Healthcare Realty Trust Inc.		15,142		500,595
Healthcare Trust of America Inc., Class A		27,176		907,407
Hersha Hospitality Trust, Class A(a)		7,296		65,153
Highwoods Properties Inc.		22,633		1,014,864
Hudson Pacific Properties Inc.		18,240		469,680
Independence Realty Trust Inc.		13,282		313,854
Industrial Logistics Properties Trust		14,303		401,771
iStar Inc.		15,561		392,760
JBG SMITH Properties		25,218		727,791
Kite Realty Group Trust		47,707		968,452
Lexington Realty Trust		36,088		525,802
Life Storage Inc.		8,724		1,167,358
LTC Properties Inc.		8,627		274,856
Macerich Co. (The)		46,259		836,825
Mack-Cali Realty Corp.(a)		17,583		319,835
Monmouth Real Estate Investment Corp.		11,703		220,602
National Health Investors Inc.		10,017		538,714
National Storage Affiliates Trust		8,769		547,712
NexPoint Residential Trust Inc.		2,805		198,650
Office Properties Income Trust		10,799		276,670
One Liberty Properties Inc.		3,541		110,692
Outfront Media Inc.		31,635		787,395
Paramount Group Inc.		35,921		304,610
Park Hotels & Resorts Inc.(a)		51,534		954,925
Pebblebrook Hotel Trust		13,689		307,455
Pennsylvania REIT(a)		14,733		25,046
Physicians Realty Trust		29,026		551,784
Piedmont Office Realty Trust Inc., Class A		27,110		481,474
Plymouth Industrial REIT Inc.		7,045		180,070
PotlatchDeltic Corp.		9,256		483,811
Preferred Apartment Communities Inc., Class A		11,601		146,289
PS Business Parks Inc.		2,453		435,898
Rayonier Inc.		17,896		668,058
Retail Opportunity Investments Corp.		26,821		476,609
Retail Value Inc.		3,916		24,514
RLJ Lodging Trust		36,555		527,123
RPT Realty		17,852		237,253
Ryman Hospitality Properties Inc.(a)		11,953		1,022,460
Sabra Health Care REIT Inc.		48,024		679,540
Saul Centers Inc.		2,854		132,426
Seritage Growth Properties, Class A(a)(b)		7,884		121,414
Service Properties Trust		19,221		207,010
SITE Centers Corp.		39,036		620,282
SL Green Realty Corp.		14,608		1,023,583
Spirit Realty Capital Inc.		9,137		447,073
STAG Industrial Inc.		16,658		725,123

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Summit Hotel Properties Inc.(a)		23,293	$	232,930
Sunstone Hotel Investors Inc.(a)		47,751		589,247
Tanger Factory Outlet Centers Inc.		22,678		380,990
UMH Properties Inc.		4,340		103,900
Uniti Group Inc.		24,721		353,758
Universal Health Realty Income Trust		1,342		76,454
Urban Edge Properties		11,942		209,343
Urstadt Biddle Properties Inc., Class A		6,637		130,351
Washington REIT		18,383		466,009
Whitestone REIT		9,483		87,054
Xenia Hotels & Resorts Inc.(a)		24,909		443,380
				42,220,547
Food & Staples Retailing — 0.9%
Andersons Inc. (The)		4,597		156,574
BJ’s Wholesale Club Holdings Inc.(a)		18,570		1,085,231
Chefs’ Warehouse Inc. (The)(a)		7,142		249,041
Ingles Markets Inc., Class A		3,106		214,904
Natural Grocers by Vitamin Cottage Inc.		2,053		25,006
PriceSmart Inc.		3,257		234,341
Rite Aid Corp.(a)(b)		11,932		162,156
SpartanNash Co.		7,847		181,580
Sprouts Farmers Market Inc.(a)		24,820		549,515
United Natural Foods Inc.(a)		12,296		533,523
Weis Markets Inc.		3,562		200,576
				3,592,447
Food Products — 1.4%
B&G Foods Inc.		14,127		415,899
Calavo Growers Inc.		1,912		76,862
Flowers Foods Inc.		43,260		1,070,685
Fresh Del Monte Produce Inc.		7,270		243,472
Hostess Brands Inc.(a)		28,480		538,557
Ingredion Inc.		14,552		1,385,787
J&J Snack Foods Corp.		1,701		250,983
John B Sanfilippo & Son Inc.		1,920		162,240
Mission Produce Inc.(a)		4,271		81,106
Pilgrim’s Pride Corp.(a)		10,723		301,960
Post Holdings Inc.(a)		7,270		737,760
Seaboard Corp.		35		134,751
Tootsie Roll Industries Inc.		2,268		71,782
TreeHouse Foods Inc.(a)		12,132		438,450
Whole Earth Brands Inc.(a)(b)		8,413		102,050
				6,012,344
Gas Utilities — 1.3%
Chesapeake Utilities Corp.		1,705		223,474
Macquarie Infrastructure Corp.		16,113		59,457
National Fuel Gas Co.		19,823		1,138,435
New Jersey Resources Corp.		20,973		792,989
Northwest Natural Holding Co.		6,798		306,522
ONE Gas Inc.		11,652		784,180
South Jersey Industries Inc.		24,482		557,210
Southwest Gas Holdings Inc.		12,856		890,278
Spire Inc.		11,287		708,372
				5,460,917
Health Care Equipment & Supplies — 1.1%
Accuray Inc.(a)		20,321		101,402
AngioDynamics Inc.(a)		2,539		72,615
Asensus Surgical Inc.(a)		19,049		32,193
Atrion Corp.		132		96,096
Avanos Medical Inc.(a)		3,070		96,828

SCHEDULE   OF   INVESTMENTS 81

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Bioventus Inc., Class A(a)		2,402	$	36,270
Cardiovascular Systems Inc.(a)		4,064		142,565
Co-Diagnostics Inc.(a)		3,006		24,679
Conformis Inc.(a)		42,701		52,522
CONMED Corp.		2,424		354,583
CryoLife Inc.(a)		4,656		96,100
CytoSorbents Corp.(a)(b)		5,113		30,116
Envista Holdings Corp.(a)		10,770		421,107
Haemonetics Corp.(a)		4,608		316,616
Inogen Inc.(a)		2,410		95,557
Integer Holdings Corp.(a)		2,962		266,639
Intersect ENT Inc.(a)		3,827		103,214
Invacare Corp.(a)		7,567		37,381
LivaNova PLC(a)		7,119		546,170
Meridian Bioscience Inc.(a)		4,121		77,516
Natus Medical Inc.(a)		3,660		91,683
Neuronetics Inc.(a)		3,045		15,834
OraSure Technologies Inc.(a)		4,240		45,241
Pulse Biosciences Inc.(a)		1,494		31,508
Quidel Corp.(a)		8,255		1,096,016
Retractable Technologies Inc.(a)		1,395		13,197
Surgalign Holdings Inc.(a)		11,262		10,826
Vapotherm Inc.(a)		1,959		44,802
Varex Imaging Corp.(a)		5,033		135,136
				4,484,412
Health Care Providers & Services — 2.1%
Acadia Healthcare Co. Inc.(a)		19,532		1,210,984
AMN Healthcare Services Inc.(a)		4,901		483,729
Apollo Medical Holdings Inc.(a)(b)		3,844		263,814
Apria Inc.(a)		1,629		60,973
Brookdale Senior Living Inc.(a)(b)		40,718		264,667
Community Health Systems Inc.(a)		27,116		355,220
Covetrus Inc.(a)		7,688		155,221
Cross Country Healthcare Inc.(a)		7,677		159,144
Fulgent Genetics Inc.(a)		2,031		168,411
Hanger Inc.(a)		4,212		78,680
Magellan Health Inc.(a)		3,289		311,896
MEDNAX Inc.(a)		18,874		513,939
ModivCare Inc.(a)		1,216		197,928
National HealthCare Corp.		2,957		206,813
Owens & Minor Inc.		10,300		369,564
Patterson Companies Inc.		18,790		587,375
Premier Inc., Class A		26,588		1,035,603
Progenity Inc.(a)(b)		3,485		12,546
Select Medical Holdings Corp.		8,341		277,088
Surgery Partners Inc.(a)(b)		6,468		266,093
Tenet Healthcare Corp.(a)		23,258		1,666,668
Tivity Health Inc.(a)		4,897		122,523
Triple-S Management Corp.(a)		5,131		181,073
				8,949,952
Health Care Technology — 0.5%
Allscripts Healthcare Solutions Inc.(a)		27,256		375,588
Change Healthcare Inc.(a)		30,625		659,356
Computer Programs & Systems Inc.(a)		3,239		116,928
Evolent Health Inc., Class A(a)(b)		17,256		505,083
Multiplan Corp.(a)(b)		32,037		138,079
NextGen Healthcare Inc.(a)		12,223		201,191
				1,996,225

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.4%
Bally’s Corp.(a)		1,776	$	81,359
BJ’s Restaurants Inc.(a)		1,991		66,340
Bloomin’ Brands Inc.(a)		17,657		381,744
Brinker International Inc.(a)		9,931		416,705
Carrols Restaurant Group Inc.		8,024		29,448
Cheesecake Factory Inc. (The)(a)		5,219		212,100
Choice Hotels International Inc.		2,025		284,756
Cracker Barrel Old Country Store Inc.		3,005		400,176
Dave & Buster’s Entertainment Inc.(a)		8,381		311,187
Del Taco Restaurants Inc.		3,636		30,324
Denny’s Corp.(a)		5,443		86,544
Dine Brands Global Inc.(a)		3,743		316,321
Drive Shack Inc.(a)(b)		18,124		47,122
El Pollo Loco Holdings Inc.(a)		4,265		62,696
Fiesta Restaurant Group Inc.(a)		2,162		22,787
Full House Resorts Inc.(a)		4,084		40,636
Golden Entertainment Inc.(a)		4,429		230,175
Hilton Grand Vacations Inc.(a)		10,243		515,018
Hyatt Hotels Corp., Class A(a)		6,863		584,728
Jack in the Box Inc.		1,540		152,383
Marriott Vacations Worldwide Corp.		4,973		781,855
Noodles & Co.(a)		7,892		95,888
PlayAGS Inc.(a)		2,461		21,706
Red Robin Gourmet Burgers Inc.(a)		3,440		68,353
Ruth’s Hospitality Group Inc.(a)		1,975		38,197
Scientific Games Corp./DE, Class A(a)(b)		20,930		1,675,446
Shake Shack Inc., Class A(a)		2,920		201,976
Six Flags Entertainment Corp.(a)		16,817		691,683
Travel + Leisure Co.		18,760		1,019,418
Wendy’s Co. (The)		12,981		289,476
Wyndham Hotels & Resorts Inc.		10,473		884,654
				10,041,201
Household Durables — 1.8%
Bassett Furniture Industries Inc.		1,068		18,039
Beazer Homes USA Inc.(a)		6,556		118,729
Casper Sleep Inc.(a)		3,497		12,729
Century Communities Inc.		6,468		433,744
Dream Finders Homes Inc., Class A(a)		1,399		22,202
Ethan Allen Interiors Inc.		3,135		72,763
GoPro Inc., Class A(a)		27,438		236,241
Green Brick Partners Inc.(a)		10,521		274,072
Helen of Troy Ltd.(a)		2,591		582,846
Hooker Furniture Corp.		2,574		64,891
Hovnanian Enterprises Inc., Class A(a)		646		54,432
KB Home		19,550		784,933
La-Z-Boy Inc.		6,721		223,406
Leggett & Platt Inc.		16,824		788,204
LGI Homes Inc.(a)		2,594		387,284
M/I Homes Inc.(a)		4,370		250,226
MDC Holdings Inc.		12,270		600,985
Meritage Homes Corp.(a)		8,201		891,531
Taylor Morrison Home Corp.(a)		27,323		834,171
TRI Pointe Homes Inc.(a)		24,804		600,009
Tupperware Brands Corp.(a)		10,942		243,350
Universal Electronics Inc.(a)		2,918		120,163
VOXX International Corp., Class A(a)		3,469		39,234
				7,654,184
Household Products — 0.3%
Central Garden & Pet Co.(a)		1,307		67,415

82 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Central Garden & Pet Co., Class A, NVS(a)		5,792	$	267,590
Energizer Holdings Inc.		7,140		260,396
Reynolds Consumer Products Inc.		12,025		324,435
Spectrum Brands Holdings Inc.		4,441		416,344
				1,336,180
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy Inc., Class A		3,349		110,483
Clearway Energy Inc., Class C		7,952		282,137
				392,620
Industrial Conglomerates — 0.0%
Raven Industries Inc.(a)		3,152		182,249
Insurance — 3.3%
Ambac Financial Group Inc.(a)		10,413		176,084
American Equity Investment Life Holding Co.		17,931		571,461
American National Group Inc.		2,811		533,275
AMERISAFE Inc.		3,013		178,641
Argo Group International Holdings Ltd.		7,737		426,309
Assured Guaranty Ltd.		8,948		497,330
Axis Capital Holdings Ltd.		16,844		877,067
Brighthouse Financial Inc.(a)		18,144		911,373
CNO Financial Group Inc.		28,472		687,314
Employers Holdings Inc.		3,060		118,116
Enstar Group Ltd.(a)		1,528		352,632
First American Financial Corp.		23,901		1,748,119
Genworth Financial Inc., Class A(a)		102,936		423,067
Greenlight Capital Re Ltd., Class A(a)		6,736		50,048
Hanover Insurance Group Inc. (The)		7,841		987,966
HCI Group Inc.		636		85,230
Horace Mann Educators Corp.		7,121		279,001
James River Group Holdings Ltd.		8,048		257,134
Kemper Corp.		13,001		825,303
MBIA Inc.(a)		10,473		162,750
Mercury General Corp.		3,366		183,413
Primerica Inc.		3,649		613,908
ProAssurance Corp.		9,394		215,217
Safety Insurance Group Inc.		1,966		154,154
Selective Insurance Group Inc.		7,903		619,358
SiriusPoint Ltd.(a)		19,655		184,757
Stewart Information Services Corp.		3,077		218,990
United Fire Group Inc.		3,004		61,372
Universal Insurance Holdings Inc.		6,139		90,673
Unum Group		43,867		1,117,292
				13,607,354
Interactive Media & Services — 0.5%
Cars.com Inc.(a)		14,194		184,806
Eventbrite Inc., Class A(a)(b)		8,211		166,191
Liberty TripAdvisor Holdings Inc., Class A(a)		15,932		49,230
Takung Art Co. Ltd.(a)(b)		869		5,240
TripAdvisor Inc.(a)		11,563		381,232
TrueCar Inc.(a)		9,474		39,696
Yelp Inc.(a)		10,040		387,845
Ziff Davis Inc.(a)(b)		5,505		706,126
				1,920,366
Internet & Direct Marketing Retail — 0.3%
Duluth Holdings Inc., Class B(a)(b)		1,122		16,078
Groupon Inc.(a)(b)		2,132		45,241
Lands’ End Inc.(a)		1,217		31,983
Liquidity Services Inc.(a)		2,116		46,721

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
PetMed Express Inc.		2,280	$	64,820
Qurate Retail Inc., Series A		80,059		835,816
Waitr Holdings Inc.(a)(b)		8,341		16,182
				1,056,841
IT Services — 1.1%
Alliance Data Systems Corp.		10,797		920,444
Cass Information Systems Inc.		1,636		67,060
Conduent Inc.(a)		35,284		238,167
CSG Systems International Inc.		7,195		360,110
EVERTEC Inc.		5,773		260,997
ExlService Holdings Inc.(a)		2,913		357,221
GreenSky Inc., Class A(a)		15,224		186,342
Hackett Group Inc. (The)		3,899		82,425
International Money Express Inc.(a)		2,497		41,800
Limelight Networks Inc.(a)(b)		11,003		32,789
Maximus Inc.		5,127		433,590
MoneyGram International Inc.(a)		12,393		73,986
Net 1 UEPS Technologies Inc.(a)(b)		8,323		46,526
Paysign Inc.(a)		2,202		5,549
Perficient Inc.(a)		2,490		307,764
Sabre Corp.(a)		70,079		727,420
SolarWinds Corp.		3,283		52,856
Unisys Corp.(a)		14,734		376,748
Verra Mobility Corp.(a)		9,030		134,367
				4,706,161
Leisure Products — 0.4%
Acushnet Holdings Corp.		7,610		387,653
American Outdoor Brands Inc.(a)		1,301		29,637
Johnson Outdoors Inc., Class A		564		59,886
Malibu Boats Inc., Class A(a)		1,805		127,451
MasterCraft Boat Holdings Inc.(a)		4,224		113,119
Nautilus Inc.(a)(b)		3,805		38,925
Smith & Wesson Brands Inc.		10,490		225,535
Sturm Ruger & Co. Inc.		3,897		307,395
Vista Outdoor Inc.(a)		12,529		524,213
				1,813,814
Life Sciences Tools & Services — 0.2%
Fluidigm Corp.(a)(b)		9,985		51,423
Maravai LifeSciences Holdings Inc., Class A(a)		14,466		611,767
				663,190
Machinery — 2.9%
Alamo Group Inc.		1,061		160,423
Albany International Corp., Class A		2,567		207,029
Allison Transmission Holdings Inc.		22,969		766,246
Altra Industrial Motion Corp.		6,430		335,325
Astec Industries Inc.		1,832		97,792
Barnes Group Inc.		6,288		263,719
Blue Bird Corp.(a)		3,533		69,282
CIRCOR International Inc.(a)		3,028		86,419
Colfax Corp.(a)		9,187		474,233
Columbus McKinnon Corp./NY		2,153		101,772
Commercial Vehicle Group Inc.(a)		6,380		64,055
Crane Co.		10,831		1,118,626
Douglas Dynamics Inc.		2,533		107,146
EnPro Industries Inc.		2,575		230,875
Federal Signal Corp.		5,537		237,039
Flowserve Corp.		13,779		463,250
Gates Industrial Corp. PLC(a)		20,944		344,319
Gorman-Rupp Co. (The)		2,500		106,300

SCHEDULE   OF   INVESTMENTS 83

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Greenbrier Companies Inc. (The)		4,249	$	174,294
Hillenbrand Inc.		7,563		343,814
Hyster-Yale Materials Handling Inc.		1,434		68,889
John Bean Technologies Corp.		2,022		298,751
Kadant Inc.		1,014		225,230
Kennametal Inc.		18,230		724,642
Luxfer Holdings PLC		3,391		68,193
Manitowoc Co. Inc. (The)(a)		7,630		163,511
Meritor Inc.(a)		15,353		373,692
Miller Industries Inc./TN		2,484		89,772
Mueller Industries Inc.		6,880		362,163
Mueller Water Products Inc., Class A		13,724		225,211
Nikola Corp.(a)(b)		44,293		522,657
REV Group Inc.		7,322		110,635
SPX Corp.(a)		4,955		287,836
Standex International Corp.		1,361		151,438
Tennant Co.		2,203		175,050
Terex Corp.		4,397		196,986
Timken Co. (The)		15,090		1,070,635
Trinity Industries Inc.		6,631		186,000
Wabash National Corp.		7,359		114,285
Watts Water Technologies Inc., Class A		2,513		477,520
Welbilt Inc.(a)		12,172		287,990
				11,933,044
Marine — 0.2%
Eagle Bulk Shipping Inc.(a)		2,923		125,835
Genco Shipping & Trading Ltd.		2,674		45,913
Kirby Corp.(a)		7,689		402,980
Matson Inc.		4,895		407,656
				982,384
Media — 1.1%
Advantage Solutions Inc.(a)(b)		11,742		100,277
AMC Networks Inc., Class A(a)		6,353		252,786
Clear Channel Outdoor Holdings Inc.(a)		102,416		297,006
comScore Inc.(a)(b)		14,840		58,024
Entercom Communications Corp.(a)		26,462		85,472
EW Scripps Co. (The), Class A		6,326		117,664
Fluent Inc.(a)		4,271		10,165
Gannett Co. Inc.(a)		31,083		180,281
Gray Television Inc.		8,636		202,428
Iheartmedia Inc., Class A(a)		10,158		196,862
John Wiley & Sons Inc., Class A		9,477		513,369
Loral Space & Communications Inc.		1,612		80,310
Meredith Corp.(a)		8,881		517,230
National CineMedia Inc.		13,680		43,502
Nexstar Media Group Inc., Class A		3,903		585,177
Scholastic Corp.		6,614		239,361
Sinclair Broadcast Group Inc., Class A		5,139		134,282
TEGNA Inc.		48,146		946,550
WideOpenWest Inc.(a)		11,432		217,780
				4,778,526
Metals & Mining — 2.0%
Alcoa Corp.		40,646		1,867,684
Allegheny Technologies Inc.(a)		13,124		211,296
Alpha Metallurgical Resources Inc.(a)		3,769		232,887
Arconic Corp.(a)		16,081		473,103
Carpenter Technology Corp.		10,490		323,931
Century Aluminum Co.(a)		3,590		47,424
Coeur Mining Inc.(a)		55,951		354,170

Security	Shares		Value
Metals & Mining (continued)
Commercial Metals Co.		26,190	$	842,794
Compass Minerals International Inc.		3,412		223,827
Gold Resource Corp.		9,079		16,705
Haynes International Inc.		2,805		112,565
Hecla Mining Co.		64,019		370,030
Kaiser Aluminum Corp.		3,450		335,133
Materion Corp.		1,557		112,384
McEwen Mining Inc.(a)(b)		80,236		88,260
Ryerson Holding Corp.		3,610		95,160
Schnitzer Steel Industries Inc., Class A		5,596		301,065
SunCoke Energy Inc.		18,177		131,238
TimkenSteel Corp.(a)		8,951		124,866
United States Steel Corp.		58,673		1,548,380
Warrior Met Coal Inc.		11,232		269,231
Worthington Industries Inc.		7,250		393,820
				8,475,953
Mortgage Real Estate Investment — 2.1%
AG Mortgage Investment Trust Inc.		3,533		40,877
Apollo Commercial Real Estate Finance Inc.		28,757		435,381
Arbor Realty Trust Inc.		30,980		623,008
Ares Commercial Real Estate Corp.		10,212		159,511
ARMOUR Residential REIT Inc.		18,046		189,844
Blackstone Mortgage Trust Inc., Class A		34,196		1,125,048
BrightSpire Capital Inc.		20,422		200,340
Cherry Hill Mortgage Investment Corp.		3,813		34,774
Chimera Investment Corp.		51,504		803,977
Dynex Capital Inc.		7,540		131,950
Ellington Financial Inc.		6,356		115,552
Franklin BSP Realty Trust Inc.(a)		6,977		114,492
Granite Point Mortgage Trust Inc.		12,144		162,730
Hannon Armstrong Sustainable Infrastructure Capital Inc.		7,012		423,525
Invesco Mortgage Capital Inc.		62,455		196,109
KKR Real Estate Finance Trust Inc.		8,945		194,196
Ladder Capital Corp.		24,508		294,096
MFA Financial Inc.		86,532		390,259
New Residential Investment Corp.		101,360		1,151,450
New York Mortgage Trust Inc.		82,818		363,571
Orchid Island Capital Inc.		26,974		133,791
PennyMac Mortgage Investment Trust		21,264		428,470
Ready Capital Corp.		12,651		195,711
Redwood Trust Inc.		24,794		336,207
TPG RE Finance Trust Inc.		13,028		170,276
Two Harbors Investment Corp.		74,860		480,601
Western Asset Mortgage Capital Corp.		13,425		33,831
				8,929,577
Multi-Utilities — 0.9%
Avista Corp.		15,164		603,679
Black Hills Corp.		13,821		917,438
MDU Resources Group Inc.		44,032		1,353,103
NorthWestern Corp.		11,234		638,765
Unitil Corp.		3,468		144,789
				3,657,774
Multiline Retail — 0.8%
Big Lots Inc.		7,527		333,070
Dillard’s Inc., Class A		970		224,206
Franchise Group Inc.		5,948		218,886
Macy’s Inc.		66,770		1,767,402
Nordstrom Inc.(a)(b)		24,167		694,318
				3,237,882

84 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 6.0%
Aemetis Inc.(a)		3,919	$	77,988
Alto Ingredients Inc.(a)		16,395		87,221
Altus Midstream Co., Class A		283		17,495
Antero Midstream Corp.		70,880		754,163
Antero Resources Corp.(a)		62,038		1,232,695
Arch Resources Inc.(a)		3,342		304,389
Berry Corp.		14,535		139,681
Brigham Minerals Inc., Class A		4,981		115,460
California Resources Corp.(a)		17,868		824,251
Callon Petroleum Co.(a)		8,558		442,705
Centennial Resource Development Inc./DE, Class A(a)(b)		39,571		284,911
Centrus Energy Corp., Class A(a)(b)		1,208		68,457
Chesapeake Energy Corp.		21,279		1,356,324
Civitas Resources Inc.		6,764		379,731
CNX Resources Corp.(a)		47,363		691,974
Comstock Resources Inc.(a)		19,670		194,143
CONSOL Energy Inc.(a)		6,895		189,682
CVR Energy Inc.		6,300		120,771
Delek U.S. Holdings Inc.(a)		16,558		322,053
Dorian LPG Ltd.		6,100		73,932
Earthstone Energy Inc., Class A(a)		5,926		60,149
EQT Corp.(a)		65,682		1,307,729
Equitrans Midstream Corp.		88,560		913,054
Extraction Oil & Gas Inc.(a)		3,391		225,942
Gran Tierra Energy Inc.(a)(b)		79,815		73,342
Green Plains Inc.(a)		8,480		321,816
HollyFrontier Corp.		32,468		1,097,418
International Seaways Inc.		9,241		162,180
Kosmos Energy Ltd.(a)		89,473		322,103
Laredo Petroleum Inc.(a)		2,935		221,299
Magnolia Oil & Gas Corp., Class A		30,856		644,273
Matador Resources Co.		23,883		999,504
Murphy Oil Corp.		31,598		879,372
Northern Oil and Gas Inc.		11,808		273,473
Oasis Petroleum Inc.		4,022		485,053
Ovintiv Inc.		56,731		2,128,547
Par Pacific Holdings Inc.(a)		9,893		152,946
PBF Energy Inc., Class A(a)		20,637		301,507
PDC Energy Inc.		21,430		1,121,003
Peabody Energy Corp.(a)		18,383		218,574
Penn Virginia Corp.(a)		3,408		112,600
Range Resources Corp.(a)		56,423		1,315,784
Renewable Energy Group Inc.(a)		10,913		698,432
REX American Resources Corp.(a)		1,141		100,351
Ring Energy Inc.(a)(b)		17,314		65,101
SandRidge Energy Inc.(a)(b)		6,994		89,523
SM Energy Co.		26,351		904,366
Southwestern Energy Co.(a)		147,047		717,589
Talos Energy Inc.(a)		8,868		115,018
Tellurian Inc.(a)(b)		26,312		103,143
Vine Energy Inc., Class A(a)		5,109		87,211
W&T Offshore Inc.(a)(b)		19,962		82,044
Whiting Petroleum Corp.(a)		8,557		557,318
World Fuel Services Corp.		14,106		430,656
				24,966,446
Paper & Forest Products — 0.7%
Clearwater Paper Corp.(a)		3,656		152,930
Domtar Corp.(a)		10,807		589,954
Glatfelter Corp.		5,957		97,874
Louisiana-Pacific Corp.		20,674		1,218,319

Security	Shares		Value
Paper & Forest Products (continued)
Mercer International Inc.		4,616	$	49,714
Neenah Inc.		3,705		187,251
Resolute Forest Products Inc.		10,353		121,751
Schweitzer-Mauduit International Inc.		6,871		239,386
Verso Corp., Class A		5,412		119,497
				2,776,676
Personal Products — 0.5%
BellRing Brands Inc., Class A(a)		3,715		99,636
Edgewell Personal Care Co.		11,853		414,736
elf Beauty Inc.(a)		3,706		119,741
Herbalife Nutrition Ltd.(a)		22,184		1,029,338
Nu Skin Enterprises Inc., Class A		10,918		438,358
Revlon Inc., Class A(a)		1,692		17,529
USANA Health Sciences Inc.(a)		1,298		125,984
				2,245,322
Pharmaceuticals — 1.2%
Aerie Pharmaceuticals Inc.(a)		3,719		39,533
Amneal Pharmaceuticals Inc.(a)		21,615		118,666
Amphastar Pharmaceuticals Inc.(a)		3,880		72,478
ANI Pharmaceuticals Inc.(a)		2,139		79,956
Aquestive Therapeutics Inc.(a)(b)		5,879		30,218
Aytu BioPharma Inc.(a)		2,393		5,959
BioDelivery Sciences International Inc.(a)		9,222		37,626
Cara Therapeutics Inc.(a)		9,150		153,994
cbdMD Inc.(a)(b)		5,612		9,933
Collegium Pharmaceutical Inc.(a)		7,857		154,233
Cymabay Therapeutics Inc.(a)(b)		5,565		21,703
Endo International PLC(a)		50,704		215,492
Esperion Therapeutics Inc.(a)(b)		6,296		56,286
Fulcrum Therapeutics Inc.(a)		2,834		62,745
Hepion Pharmaceuticals Inc.(a)(b)		8,792		12,573
Innoviva Inc.(a)		13,675		238,629
Intra-Cellular Therapies Inc.(a)		4,451		191,705
Lannett Co. Inc.(a)(b)		4,323		11,802
Marinus Pharmaceuticals Inc.(a)(b)		3,978		45,747
Nektar Therapeutics(a)(b)		23,109		350,332
NGM Biopharmaceuticals Inc.(a)		3,619		66,843
Novan Inc.(a)(b)		1,310		8,738
Odonate Therapeutics Inc.(a)(b)		4,063		12,473
Onconova Therapeutics Inc.(a)(b)		2,250		7,785
Paratek Pharmaceuticals Inc.(a)		4,666		23,423
Perrigo Co. PLC		29,078		1,312,872
Phibro Animal Health Corp., Class A		4,491		98,532
Pliant Therapeutics Inc.(a)		2,479		39,490
Prestige Consumer Healthcare Inc.(a)		10,916		654,851
Provention Bio Inc.(a)		5,033		31,507
Reata Pharmaceuticals Inc., Class A(a)(b)		1,681		161,393
Relmada Therapeutics Inc.(a)		1,824		42,809
Seelos Therapeutics Inc.(a)(b)		10,518		22,719
SIGA Technologies Inc.(a)(b)		4,794		34,565
Supernus Pharmaceuticals Inc.(a)		11,688		348,887
TFF Pharmaceuticals Inc.(a)(b)		2,793		21,534
Zynerba Pharmaceuticals Inc.(a)		9,558		36,607
				4,834,638
Professional Services — 1.6%
ASGN Inc.(a)		5,789		692,712
Barrett Business Services Inc.		1,099		90,118
CACI International Inc., Class A(a)(b)		3,174		912,969
CBIZ Inc.(a)		4,649		170,665

SCHEDULE   OF   INVESTMENTS 85

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
CRA International Inc.		663	$	72,811
Forrester Research Inc.(a)		687		36,583
Heidrick & Struggles International Inc.		2,149		100,745
Huron Consulting Group Inc.(a)		2,656		133,225
ICF International Inc.		1,928		193,745
KBR Inc.		30,572		1,297,476
Kelly Services Inc., Class A, NVS		5,119		92,295
Kforce Inc.		1,566		101,414
ManpowerGroup Inc.		6,907		667,561
ManTech International Corp./VA, Class A		5,988		516,285
Resources Connection Inc.		6,853		119,311
Science Applications International Corp.		12,617		1,132,754
TrueBlue Inc.(a)		4,247		118,279
Willdan Group Inc.(a)		1,314		43,927
				6,492,875
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC(a)		32,496		597,601
Forestar Group Inc.(a)		3,838		75,110
Howard Hughes Corp. (The)(a)		4,548		396,267
Kennedy-Wilson Holdings Inc.		26,623		595,557
Marcus & Millichap Inc.(a)		3,427		161,412
Newmark Group Inc., Class A		35,671		530,784
RE/MAX Holdings Inc., Class A		4,050		128,831
Realogy Holdings Corp.(a)		25,463		441,019
RMR Group Inc. (The), Class A		3,377		117,486
				3,044,067
Road & Rail — 1.2%
ArcBest Corp.		2,615		234,958
Avis Budget Group Inc.(a)		10,272		1,780,240
Covenant Logistics Group Inc., Class A(a)		2,369		67,279
Daseke Inc.(a)		5,593		52,854
Heartland Express Inc.		10,230		167,056
Landstar System Inc.		3,198		562,240
Marten Transport Ltd.		13,025		216,606
Ryder System Inc.		11,681		992,301
Schneider National Inc., Class B		7,605		189,669
U.S. Xpress Enterprises Inc., Class A(a)(b)		5,280		39,970
Werner Enterprises Inc.		13,458		609,916
Yellow Corp.(a)(b)		7,588		66,395
				4,979,484
Semiconductors & Semiconductor Equipment — 1.0%
Alpha & Omega Semiconductor Ltd.(a)		2,455		85,066
Amkor Technology Inc.		11,585		253,943
AXT Inc.(a)		3,354		27,402
Cirrus Logic Inc.(a)		4,886		394,838
CMC Materials Inc.		2,626		337,100
Diodes Inc.(a)		5,560		534,260
Ichor Holdings Ltd.(a)		2,211		96,665
Meta Materials Inc.(a)(b)		24,408		114,718
NeoPhotonics Corp.(a)		6,169		62,430
Onto Innovation Inc.(a)		3,779		299,335
Photronics Inc.(a)		13,425		174,391
Rambus Inc.(a)		15,419		358,800
SMART Global Holdings Inc.(a)		2,375		126,968
Synaptics Inc.(a)		3,857		750,456
Ultra Clean Holdings Inc.(a)		4,474		221,776
Veeco Instruments Inc.(a)		6,622		160,848
				3,998,996

Security	Shares		Value
Software — 1.3%
American Software Inc./GA, Class A		2,918	$	84,418
Avaya Holdings Corp.(a)		18,337		341,435
Benefitfocus Inc.(a)		6,748		73,958
Blackbaud Inc.(a)		5,534		392,969
CDK Global Inc.		15,892		691,620
ChannelAdvisor Corp.(a)		1,982		50,561
CommVault Systems Inc.(a)		3,914		240,711
Ebix Inc.		5,244		172,056
Intrusion Inc.(a)(b)		2,233		8,798
Kaleyra Inc.(a)(b)		2,456		28,023
McAfee Corp., Class A		6,697		143,115
NCR Corp.(a)		28,539		1,128,432
Nutanix Inc., Class A(a)		22,993		788,890
Progress Software Corp.		4,169		214,328
Rimini Street Inc.(a)		2,198		22,881
Synchronoss Technologies Inc.(a)		9,806		25,888
Verint Systems Inc.(a)		7,040		328,064
Vertex Inc., Class A(a)(b)		5,909		123,025
VirnetX Holding Corp.(a)		7,415		28,548
Vonage Holdings Corp.(a)		16,575		267,189
Xperi Holding Corp.		11,850		212,352
Zix Corp.(a)		6,109		51,743
				5,419,004
Specialty Retail — 3.6%
Aaron’s Co. Inc. (The)		7,099		166,046
Abercrombie & Fitch Co., Class A(a)		5,831		230,558
Academy Sports & Outdoors Inc.(a)		18,916		809,226
American Eagle Outfitters Inc.		33,305		790,661
America’s Car-Mart Inc./TX(a)		722		86,272
Arko Corp.(a)		7,756		74,380
Asbury Automotive Group Inc.(a)(b)		1,754		343,275
Barnes & Noble Education Inc.(a)		7,846		81,441
Bed Bath & Beyond Inc.(a)		22,730		319,129
Big 5 Sporting Goods Corp.		4,617		111,639
Buckle Inc. (The)		6,479		269,656
Caleres Inc.		8,284		191,029
Camping World Holdings Inc., Class A		4,318		160,846
Cato Corp. (The), Class A		4,375		77,131
Chico’s FAS Inc.(a)		26,957		147,185
Children’s Place Inc. (The)(a)		3,044		252,317
Conn’s Inc.(a)		4,215		93,868
Container Store Group Inc. (The)(a)		4,421		48,896
Designer Brands Inc. , Class A(a)		13,319		180,206
Dick’s Sporting Goods Inc.		14,229		1,767,384
Express Inc.(a)		14,463		55,538
Foot Locker Inc.		19,635		936,000
Genesco Inc.(a)		3,064		185,648
Group 1 Automotive Inc.		3,947		709,671
Guess? Inc.		4,273		88,494
Haverty Furniture Companies Inc.		1,904		54,645
Hibbett Inc.		3,282		254,158
JOANN Inc.		784		8,012
Kirkland’s Inc.(a)(b)		2,998		67,395
Lazydays Holdings Inc.(a)		926		19,529
Lumber Liquidators Holdings Inc.(a)		2,699		48,798
MarineMax Inc.(a)(b)		2,151		111,400
Monro Inc.		2,151		132,846
Murphy USA Inc.		5,177		843,592
ODP Corp. (The)(a)		10,350		448,155
OneWater Marine Inc., Class A		1,007		44,650

86 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Party City Holdco Inc.(a)		24,586	$	178,740
Penske Automotive Group Inc.		6,836		724,958
Rent-A-Center Inc./TX		13,199		702,979
Sally Beauty Holdings Inc.(a)(b)		24,600		375,396
Shift Technologies Inc.(a)(b)		14,501		99,042
Shoe Carnival Inc.		3,881		131,449
Signet Jewelers Ltd.		11,471		1,022,984
Sleep Number Corp.(a)		5,164		456,188
Sonic Automotive Inc., Class A		4,602		227,477
Sportsman’s Warehouse Holdings Inc.(a)		4,861		83,901
Tilly’s Inc., Class A		5,042		69,983
TravelCenters of America Inc.(a)		2,639		142,269
Urban Outfitters Inc.(a)		14,328		457,493
Winmark Corp.		389		90,567
Zumiez Inc.(a)		2,611		106,268
				15,079,370
Technology Hardware, Storage & Peripherals — 0.4%
Avid Technology Inc.(a)		7,890		225,969
Boxlight Corp., Class A(a)		4,364		9,732
Corsair Gaming Inc.(a)(b)		3,057		74,744
Diebold Nixdorf Inc.(a)		15,748		141,732
Eastman Kodak Co.(a)		14,820		100,628
Immersion Corp.(a)		3,085		24,649
Quantum Corp.(a)		10,938		62,456
Super Micro Computer Inc.(a)		9,498		336,134
Turtle Beach Corp.(a)		1,355		38,970
Xerox Holdings Corp.		29,938		532,896
				1,547,910
Textiles, Apparel & Luxury Goods — 1.1%
Carter’s Inc.		3,482		343,047
Fossil Group Inc.(a)		10,493		124,027
G-III Apparel Group Ltd.(a)		9,502		272,328
Hanesbrands Inc.		75,951		1,294,205
Kontoor Brands Inc.		10,446		553,638
Lakeland Industries Inc.(a)		1,175		24,569
Movado Group Inc.		3,754		125,008
Oxford Industries Inc.		1,907		176,817
Ralph Lauren Corp.		5,148		654,671
Rocky Brands Inc.		706		38,512
Skechers U.S.A. Inc., Class A(a)		10,637		491,536
Steven Madden Ltd.		9,496		428,270
Unifi Inc.(a)		1,792		43,044
Vera Bradley Inc.(a)		5,610		55,034
				4,624,706
Thrifts & Mortgage Finance — 2.5%
Axos Financial Inc.(a)		7,164		379,692
Capitol Federal Financial Inc.		30,645		371,724
Essent Group Ltd.		24,486		1,175,328
Federal Agricultural Mortgage Corp., Class C, NVS		2,056		259,241
Flagstar Bancorp. Inc.		11,413		538,579
Kearny Financial Corp./MD		10,990		147,486
loanDepot Inc., Class A		2,310		15,154
Merchants Bancorp./IN		1,485		65,979
Meridian Bancorp. Inc.		5,936		137,715
MGIC Investment Corp.		74,357		1,201,609
Mr Cooper Group Inc.(a)		10,196		446,993
New York Community Bancorp. Inc.		104,537		1,299,395
NMI Holdings Inc., Class A(a)		10,316		250,473
Northfield Bancorp. Inc.		9,662		169,568

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Northwest Bancshares Inc.		27,224	$	375,691
Ocwen Financial Corp.(a)		1,847		58,014
PennyMac Financial Services Inc.		7,356		456,513
Premier Financial Corp.		4,255		135,649
Provident Financial Services Inc.		17,813		441,050
Radian Group Inc.		23,531		561,685
Rocket Companies Inc., Class A		29,644		488,533
TFS Financial Corp.		6,769		131,725
TrustCo Bank Corp. NY		3,291		110,446
Walker & Dunlop Inc.		3,459		449,912
Washington Federal Inc.		14,828		524,318
Waterstone Financial Inc.		4,928		101,862
WSFS Financial Corp.		3,752		194,391
				10,488,725
Tobacco — 0.1%
Universal Corp./VA		5,404		253,988
Vector Group Ltd.		16,935		224,558
				478,546
Trading Companies & Distributors — 2.2%
Air Lease Corp.		23,303		933,285
Applied Industrial Technologies Inc.		5,353		521,810
Beacon Roofing Supply Inc.(a)		7,178		379,501
BlueLinx Holdings Inc.(a)		796		37,914
Boise Cascade Co.		8,606		487,272
CAI International Inc.		3,540		197,992
DXP Enterprises Inc./TX(a)		1,847		60,877
GATX Corp.		4,205		398,844
GMS Inc.(a)		9,425		466,820
H&E Equipment Services Inc.		3,852		173,648
Herc Holdings Inc.		1,850		336,774
McGrath RentCorp		3,262		235,321
MRC Global Inc.(a)		13,454		111,668
MSC Industrial Direct Co. Inc., Class A		10,236		860,541
NOW Inc.(a)		24,259		175,150
Rush Enterprises Inc., Class A		6,154		320,500
Titan Machinery Inc.(a)		2,193		62,325
Triton International Ltd.		14,665		912,016
Univar Solutions Inc.(a)		37,282		953,674
Veritiv Corp.(a)		3,087		331,143
WESCO International Inc.(a)		9,630		1,247,663
				9,204,738
Water Utilities — 0.2%
American States Water Co.		3,463		314,579
California Water Service Group		4,709		286,684
Middlesex Water Co.		1,776		195,573
SJW Group		2,696		177,720
				974,556
Wireless Telecommunication Services — 0.2%
Gogo Inc.(a)		7,411		120,503
Telephone and Data Systems Inc.		21,627		405,290
U.S. Cellular Corp.(a)		3,300		100,881
				626,674
Total Common Stocks — 99.7% (Cost: $386,870,184)				416,067,911

SCHEDULE   OF   INVESTMENTS 87

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Semiconductors & Semiconductor Equipment — 0.0%
Meta Materials Inc., Preference Shares, NVS(b)		14,281	$	18,279
Total Preferred Stocks — 0.0% (Cost: $13,818)				18,279
Short-Term Investments
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		17,037,974		17,046,493
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,050,000		1,050,000
				18,096,493
Total Short-Term Investments — 4.4% (Cost: $18,093,252)				18,096,493
Total Investments in Securities — 104.1% (Cost: $404,977,254)				434,182,683
Other Assets, Less Liabilities — (4.1)%				(16,988,893	)
Net Assets — 100.0%			$	417,193,790

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,020,978	$	3,025,772	(a)	$	—	$	(878	)	$	621	$	17,046,493		17,037,974	$	42,146	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		890,000	(a)		—		—			—		1,050,000		1,050,000		22			—
								$	(878	)	$	621	$	18,096,493			$	42,168		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		1		12/17/21	$	115	$	368
S&P Mid 400 E-Mini Index		3		12/17/21		837		38,362
							$	38,730

88 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Small-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	38,730

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(39,767	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	38,726

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	796,037

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	416,067,911	$	—	$	—	$	416,067,911
Preferred Stocks		18,279		—		—		18,279
Money Market Funds		18,096,493		—		—		18,096,493
	$	434,182,683	$	—	$	—	$	434,182,683
Derivative financial instruments(a)
Assets
Futures Contracts	$	38,730	$	—	$	—	$	38,730

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 89

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Axon Enterprise Inc.(a)		1,405	$	252,844
Boeing Co. (The)(a)		11,912		2,466,141
General Dynamics Corp.		5,026		1,019,022
HEICO Corp.		890		124,057
HEICO Corp., Class A		1,621		203,727
Howmet Aerospace Inc.		8,317		246,932
Huntington Ingalls Industries Inc.		863		174,956
L3Harris Technologies Inc.		4,365		1,006,307
Lockheed Martin Corp.		5,345		1,776,250
Northrop Grumman Corp.		3,257		1,163,466
Raytheon Technologies Corp.		32,635		2,899,946
Textron Inc.		4,880		360,388
TransDigm Group Inc.(a)		1,137		709,283
				12,403,319
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		2,861		277,488
Expeditors International of Washington Inc.		3,670		452,364
FedEx Corp.		5,341		1,257,966
United Parcel Service Inc., Class B		15,764		3,365,141
				5,352,959
Airlines — 0.2%
Alaska Air Group Inc.(a)		2,709		143,035
American Airlines Group Inc.(a)		13,947		267,783
Delta Air Lines Inc.(a)		13,909		544,259
Southwest Airlines Co.(a)		12,862		608,115
United Airlines Holdings Inc.(a)(b)		7,000		322,980
				1,886,172
Auto Components — 0.2%
Aptiv PLC(a)		5,883		1,017,112
Autoliv Inc.		1,734		167,938
BorgWarner Inc.		5,276		237,789
Gentex Corp.		5,089		180,100
Lear Corp.		1,299		223,233
QuantumScape Corp.(a)(b)		5,037		145,771
				��
				1,971,943
Automobiles — 2.5%
Ford Motor Co.(a)		85,241		1,455,916
General Motors Co.(a)		31,359		1,706,870
Harley-Davidson Inc.		3,338		121,804
Lucid Group Inc.(a)(b)		11,956		442,253
Tesla Inc.(a)		17,561		19,562,954
Thor Industries Inc.		1,205		122,862
				23,412,659
Banks — 4.1%
Bank of America Corp.		160,273		7,657,844
Citigroup Inc.		43,868		3,033,911
Citizens Financial Group Inc.		9,202		435,991
Comerica Inc.		2,909		247,527
Commerce Bancshares Inc.		2,325		163,936
Cullen/Frost Bankers Inc.		1,231		159,415
East West Bancorp. Inc.		3,082		244,957
Fifth Third Bancorp		15,004		653,124
First Citizens BancShares Inc./NC, Class A(b)		154		125,341
First Horizon Corp.		12,014		203,878
First Republic Bank/CA		3,828		828,111
Huntington Bancshares Inc./OH		32,081		504,955
JPMorgan Chase & Co.		64,675		10,987,636

Security	Shares		Value
Banks (continued)
KeyCorp		20,775	$	483,434
M&T Bank Corp.		2,795		411,200
People’s United Financial Inc.		9,299		159,385
PNC Financial Services Group Inc. (The)		9,183		1,937,888
Regions Financial Corp.		20,443		484,090
Signature Bank/New York NY		1,316		391,931
SVB Financial Group(a)		1,266		908,228
Truist Financial Corp.		28,833		1,830,031
U.S. Bancorp		29,152		1,759,906
Wells Fargo & Co.		88,879		4,547,050
Western Alliance Bancorp		2,248		260,970
Zions Bancorp. NA		3,564		224,496
				38,645,235
Beverages — 1.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		200		98,496
Brown-Forman Corp., Class A		1,236		79,141
Brown-Forman Corp., Class B, NVS		3,949		268,098
Coca-Cola Co. (The)		84,085		4,739,872
Constellation Brands Inc., Class A		3,630		787,020
Keurig Dr Pepper Inc.		16,013		577,909
Molson Coors Beverage Co., Class B		4,159		183,370
Monster Beverage Corp.(a)		8,158		693,430
PepsiCo Inc.		29,914		4,834,102
				12,261,438
Biotechnology — 2.0%
AbbVie Inc.		38,248		4,385,898
Acceleron Pharma Inc.(a)		1,148		199,959
Alnylam Pharmaceuticals Inc.(a)		2,580		411,665
Amgen Inc.		12,291		2,543,868
Arrowhead Pharmaceuticals Inc.(a)		2,262		144,361
Biogen Inc.(a)		3,238		863,510
BioMarin Pharmaceutical Inc.(a)		4,009		317,633
Bridgebio Pharma Inc.(a)(b)		2,375		117,277
CRISPR Therapeutics AG(a)(b)		1,523		139,096
Exact Sciences Corp.(a)		3,750		357,075
Exelixis Inc.(a)		6,878		147,946
Fate Therapeutics Inc.(a)		1,738		93,504
Gilead Sciences Inc.		27,112		1,759,027
Horizon Therapeutics PLC(a)		4,843		580,724
Incyte Corp.(a)		4,004		268,188
Mirati Therapeutics Inc.(a)		1,014		191,666
Moderna Inc.(a)		7,601		2,623,941
Natera Inc.(a)(b)		1,839		210,694
Neurocrine Biosciences Inc.(a)		2,075		218,726
Novavax Inc.(a)(b)		1,617		240,658
Regeneron Pharmaceuticals Inc.(a)		2,275		1,455,863
Seagen Inc.(a)		2,885		508,712
Ultragenyx Pharmaceutical Inc.(a)		1,474		123,698
United Therapeutics Corp.(a)		977		186,373
Vertex Pharmaceuticals Inc.(a)		5,630		1,041,156
				19,131,218
Building Products — 0.6%
A O Smith Corp.		2,906		212,341
Advanced Drainage Systems Inc.		1,211		136,601
Allegion PLC		1,934		248,132
AZEK Co. Inc. (The)(a)		2,421		88,827
Builders FirstSource Inc.(a)		4,501		262,273
Carlisle Companies Inc.		1,129		251,677
Carrier Global Corp.		18,849		984,483

90 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Fortune Brands Home & Security Inc.		2,956	$	299,738
Johnson Controls International PLC		15,348		1,126,083
Lennox International Inc.		723		216,379
Masco Corp.		5,363		351,545
Owens Corning		2,255		210,640
Trane Technologies PLC		5,161		933,780
Trex Co. Inc.(a)		2,468		262,595
				5,585,094
Capital Markets — 3.3%
Ameriprise Financial Inc.		2,470		746,261
Apollo Global Management Inc.		4,511		347,121
Ares Management Corp., Class A		3,551		300,912
Bank of New York Mellon Corp. (The)		17,252		1,021,318
BlackRock Inc.(c)		3,099		2,923,783
Blackstone Inc., NVS		14,824		2,051,938
Carlyle Group Inc. (The)		3,004		168,675
Charles Schwab Corp. (The)		32,484		2,664,662
CME Group Inc.		7,753		1,709,924
FactSet Research Systems Inc.		816		362,214
Franklin Resources Inc.		6,017		189,475
Goldman Sachs Group Inc. (The)		7,296		3,015,802
Intercontinental Exchange Inc.		12,156		1,683,120
Invesco Ltd.		7,416		188,441
Jefferies Financial Group Inc.		4,350		187,050
KKR & Co. Inc.		12,648		1,007,666
LPL Financial Holdings Inc.		1,738		285,067
MarketAxess Holdings Inc.		813		332,249
Moody’s Corp.		3,500		1,414,525
Morgan Stanley		31,592		3,247,026
Morningstar Inc.		514		162,809
MSCI Inc.		1,791		1,190,800
Nasdaq Inc.		2,542		533,490
Northern Trust Corp.		4,523		556,510
Raymond James Financial Inc.		3,959		390,318
S&P Global Inc.		5,214		2,472,270
SEI Investments Co.		2,329		146,820
State Street Corp.		7,942		782,684
T Rowe Price Group Inc.		4,930		1,069,218
Tradeweb Markets Inc., Class A		2,277		202,881
				31,355,029
Chemicals — 1.6%
Air Products & Chemicals Inc.		4,773		1,430,993
Albemarle Corp.		2,535		634,941
Axalta Coating Systems Ltd.(a)		4,505		140,511
Celanese Corp.		2,391		386,170
CF Industries Holdings Inc.		4,726		268,437
Corteva Inc.		15,814		682,374
Dow Inc.		16,200		906,714
DuPont de Nemours Inc.		11,363		790,865
Eastman Chemical Co.		2,916		303,352
Ecolab Inc.		5,365		1,192,210
FMC Corp.		2,800		254,828
International Flavors & Fragrances Inc.		5,410		797,705
Linde PLC		11,176		3,567,379
LyondellBasell Industries NV, Class A		5,740		532,787
Mosaic Co. (The)		7,344		305,290
PPG Industries Inc.		5,154		827,578
RPM International Inc.		2,754		240,149
Scotts Miracle-Gro Co. (The)		850		126,191

Security	Shares		Value
Chemicals (continued)
Sherwin-Williams Co. (The)		5,236	$	1,657,770
Westlake Chemical Corp.		754		73,394
				15,119,638
Commercial Services & Supplies — 0.4%
Cintas Corp.		1,900		822,890
Copart Inc.(a)		4,585		712,005
IAA Inc.(a)		2,973		177,340
Republic Services Inc.		4,564		614,314
Rollins Inc.		4,883		172,028
Waste Management Inc.		8,357		1,339,042
				3,837,619
Communications Equipment — 0.8%
Arista Networks Inc.(a)		1,196		489,989
Ciena Corp.(a)		3,420		185,672
Cisco Systems Inc.		91,210		5,105,024
F5 Networks Inc.(a)		1,300		274,495
Juniper Networks Inc.		6,915		204,131
Motorola Solutions Inc.		3,649		907,105
Ubiquiti Inc.		131		40,024
				7,206,440
Construction & Engineering — 0.1%
AECOM(a)		3,129		213,929
MasTec Inc.(a)		1,230		109,630
Quanta Services Inc.		2,967		359,838
				683,397
Construction Materials — 0.1%
Martin Marietta Materials Inc.		1,352		531,120
Vulcan Materials Co.		2,875		546,595
				1,077,715
Consumer Finance — 0.7%
Ally Financial Inc.		7,833		373,947
American Express Co.		13,925		2,419,886
Capital One Financial Corp.		9,635		1,455,174
Discover Financial Services		6,506		737,260
OneMain Holdings Inc.		2,395		126,480
SoFi Technologies Inc.(a)(b)		12,775		256,650
Synchrony Financial		12,375		574,819
Upstart Holdings Inc.(a)		1,003		323,006
				6,267,222
Containers & Packaging — 0.3%
Amcor PLC		33,523		404,623
AptarGroup Inc.		1,437		173,561
Avery Dennison Corp.		1,807		393,420
Ball Corp.		7,039		643,928
Berry Global Group Inc.(a)		2,934		192,294
Crown Holdings Inc.		2,853		296,683
International Paper Co.		8,521		423,238
Packaging Corp. of America		2,032		279,136
Sealed Air Corp.		3,308		196,231
Westrock Co.		5,815		279,701
				3,282,815
Distributors — 0.1%
Genuine Parts Co.		3,065		401,852
LKQ Corp.(a)		5,874		323,540
Pool Corp.		867		446,644
				1,172,036
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		1,334		221,444

SCHEDULE   OF   INVESTMENTS 91

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
Chegg Inc.(a)(b)		3,120	$	185,453
Service Corp. International		3,587		245,673
				652,570
Diversified Financial Services — 1.3%
Berkshire Hathaway Inc., Class B(a)		40,121		11,515,128
Equitable Holdings Inc.		8,374		280,529
Voya Financial Inc.		2,455		171,286
				11,966,943
Diversified Telecommunication Services — 0.9%
AT&T Inc.		154,536		3,903,579
Lumen Technologies Inc.		21,780		258,311
Verizon Communications Inc.		89,607		4,748,275
				8,910,165
Electric Utilities — 1.4%
Alliant Energy Corp.		5,359		303,159
American Electric Power Co. Inc.		10,870		920,798
Avangrid Inc.		1,517		79,946
Duke Energy Corp.		16,622		1,695,610
Edison International		8,254		519,424
Entergy Corp.		4,364		449,579
Evergy Inc.		5,012		319,515
Eversource Energy		7,467		633,948
Exelon Corp.		21,242		1,129,862
FirstEnergy Corp.		11,754		452,882
NextEra Energy Inc.		42,461		3,623,197
NRG Energy Inc.		5,179		206,590
OGE Energy Corp.		4,417		150,487
PG&E Corp.(a)		32,371		375,504
Pinnacle West Capital Corp.		2,479		159,871
PPL Corp.		16,729		481,795
Southern Co. (The)		22,859		1,424,573
Xcel Energy Inc.		11,706		756,090
				13,682,830
Electrical Equipment — 0.7%
AMETEK Inc.		5,023		665,045
ChargePoint Holdings Inc.(a)		3,524		87,325
Eaton Corp. PLC		8,601		1,417,101
Emerson Electric Co.		12,893		1,250,750
Generac Holdings Inc.(a)		1,367		681,531
Hubbell Inc.		1,150		229,275
Plug Power Inc.(a)(b)		11,125		425,754
Rockwell Automation Inc.		2,522		805,527
Sensata Technologies Holding PLC(a)		3,478		191,638
Sunrun Inc.(a)		4,474		258,060
Vertiv Holdings Co.(b)		6,125		157,290
				6,169,296
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		12,994		997,549
Arrow Electronics Inc.(a)		1,531		177,213
CDW Corp./DE		2,987		557,524
Cognex Corp.		3,786		331,616
Corning Inc.		16,610		590,818
Flex Ltd.(a)(b)		10,528		177,923
IPG Photonics Corp.(a)		799		127,049
Jabil Inc.		3,168		189,953
Keysight Technologies Inc.(a)		4,005		720,980
TE Connectivity Ltd.		7,124		1,040,104
Teledyne Technologies Inc.(a)		1,013		455,060
Trimble Inc.(a)		5,425		473,982

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A(a)		1,147	$	612,441
				6,452,212
Energy Equipment & Services — 0.2%
Baker Hughes Co.		17,998		451,390
Halliburton Co.		19,274		481,657
Schlumberger NV		30,074		970,187
				1,903,234
Entertainment — 1.9%
Activision Blizzard Inc.		16,875		1,319,456
Electronic Arts Inc.		6,158		863,660
Liberty Media Corp.-Liberty Formula One, Class A(a)		569		29,673
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		4,317		240,889
Live Nation Entertainment Inc.(a)		2,862		289,491
Netflix Inc.(a)		9,579		6,612,479
Playtika Holding Corp.(a)		2,224		62,895
Roku Inc.(a)		2,502		762,860
Take-Two Interactive Software Inc.(a)		2,540		459,740
Walt Disney Co. (The)(a)		39,329		6,649,354
Zynga Inc., Class A(a)		22,214		163,939
				17,454,436
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities Inc.		2,985		609,358
American Homes 4 Rent, Class A		5,936		241,002
American Tower Corp.		9,851		2,777,687
Americold Realty Trust		5,571		164,177
AvalonBay Communities Inc.		3,039		719,271
Boston Properties Inc.		3,078		349,784
Camden Property Trust		2,160		352,296
Crown Castle International Corp.		9,341		1,684,182
CubeSmart		4,383		241,109
CyrusOne Inc.		2,660		218,173
Digital Realty Trust Inc.		6,124		966,428
Duke Realty Corp.		8,253		464,149
Equinix Inc.		1,942		1,625,590
Equity LifeStyle Properties Inc.		3,738		315,898
Equity Residential		7,370		636,768
Essex Property Trust Inc.		1,403		476,922
Extra Space Storage Inc.		2,866		565,662
Federal Realty Investment Trust		1,541		185,459
Gaming and Leisure Properties Inc.		4,821		233,770
Healthpeak Properties Inc.		11,621		412,662
Host Hotels & Resorts Inc.(a)		15,555		261,791
Invitation Homes Inc.		12,510		516,038
Iron Mountain Inc.		6,162		281,234
Kilroy Realty Corp.		2,304		155,244
Kimco Realty Corp.		13,105		296,173
Lamar Advertising Co., Class A		1,885		213,382
Medical Properties Trust Inc.		12,798		272,981
Mid-America Apartment Communities Inc.		2,517		513,997
National Retail Properties Inc.		3,819		173,230
Omega Healthcare Investors Inc.		5,106		149,912
Prologis Inc.		15,990		2,317,910
Public Storage		3,313		1,100,512
Realty Income Corp.		8,459		604,226
Regency Centers Corp.		3,322		233,902
SBA Communications Corp.		2,379		821,540
Simon Property Group Inc.		7,138		1,046,288
STORE Capital Corp.		5,295		181,777

92 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Sun Communities Inc.		2,517	$	493,282
UDR Inc.		6,061		336,567
Ventas Inc.		8,548		456,207
VEREIT Inc.		4,869		244,911
VICI Properties Inc.		13,335		391,382
Vornado Realty Trust		3,460		147,500
Welltower Inc.		9,081		730,112
Weyerhaeuser Co.		16,293		581,986
WP Carey Inc.		4,003		308,671
				26,071,102
Food & Staples Retailing — 1.3%
Casey’s General Stores Inc.		812		155,530
Costco Wholesale Corp.		9,568		4,703,055
Kroger Co. (The)		14,772		591,175
Performance Food Group Co.(a)		3,350		151,521
Sysco Corp.		11,010		846,669
U.S. Foods Holding Corp.(a)		4,823		167,213
Walgreens Boots Alliance Inc.		15,599		733,465
Walmart Inc.		30,930		4,621,561
				11,970,189
Food Products — 0.8%
Archer-Daniels-Midland Co.		12,151		780,580
Beyond Meat Inc.(a)(b)		1,305		129,169
Bunge Ltd.		3,086		285,887
Campbell Soup Co.		4,272		170,666
Conagra Brands Inc.		10,436		336,039
Darling Ingredients Inc.(a)		3,512		296,834
Freshpet Inc.(a)(b)		943		147,023
General Mills Inc.		13,171		813,968
Hershey Co. (The)		3,130		548,846
Hormel Foods Corp.		5,982		253,158
JM Smucker Co. (The)		2,349		288,598
Kellogg Co.		5,478		335,801
Kraft Heinz Co. (The)		14,618		524,640
Lamb Weston Holdings Inc.		3,079		173,810
McCormick & Co. Inc./MD, NVS		5,412		434,205
Mondelez International Inc., Class A		30,217		1,835,381
Tyson Foods Inc., Class A		6,410		512,608
				7,867,213
Gas Utilities — 0.0%
Atmos Energy Corp.		2,823		260,055
UGI Corp.		4,599		199,642
				459,697
Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		38,371		4,945,638
ABIOMED Inc.(a)		979		325,067
Align Technology Inc.(a)		1,595		995,870
Baxter International Inc.		10,821		854,426
Becton Dickinson and Co.		6,204		1,486,416
Boston Scientific Corp.(a)		30,905		1,332,933
Cooper Companies Inc. (The)		1,069		445,688
Danaher Corp.		13,753		4,287,773
DENTSPLY SIRONA Inc.		4,692		268,429
Dexcom Inc.(a)		2,089		1,301,886
Edwards Lifesciences Corp.(a)		13,525		1,620,566
Hill-Rom Holdings Inc.		1,405		217,635
Hologic Inc.(a)		5,507		403,718
IDEXX Laboratories Inc.(a)		1,835		1,222,367
Insulet Corp.(a)		1,497		464,100

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Intuitive Surgical Inc.(a)		7,719	$	2,787,562
Masimo Corp.(a)		1,086		307,924
Medtronic PLC		29,088		3,486,488
Novocure Ltd.(a)		1,884		193,242
Penumbra Inc.(a)		741		204,924
ResMed Inc.		3,164		831,847
STERIS PLC		2,168		506,748
Stryker Corp.		7,257		1,930,870
Teleflex Inc.		1,013		361,580
Zimmer Biomet Holdings Inc.		4,531		648,477
				31,432,174
Health Care Providers & Services — 2.5%
Agilon Health Inc.(a)		1,016		24,892
Amedisys Inc.(a)		725		122,772
AmerisourceBergen Corp.		3,205		391,074
Anthem Inc.		5,273		2,294,440
Cardinal Health Inc.		6,307		301,538
Centene Corp.(a)		12,669		902,540
Chemed Corp.		338		163,000
Cigna Corp.		7,344		1,568,752
CVS Health Corp.		28,561		2,549,926
DaVita Inc.(a)		1,450		149,698
Encompass Health Corp.		2,182		138,688
Guardant Health Inc.(a)		2,200		256,938
HCA Healthcare Inc.		5,320		1,332,447
Henry Schein Inc.(a)		3,056		233,326
Humana Inc.		2,791		1,292,680
Laboratory Corp. of America Holdings(a)		2,094		601,020
LHC Group Inc.(a)		704		94,751
McKesson Corp.		3,359		698,269
Molina Healthcare Inc.(a)		1,256		371,424
Quest Diagnostics Inc.		2,655		389,701
UnitedHealth Group Inc.		20,409		9,397,732
Universal Health Services Inc., Class B		1,615		200,421
				23,476,029
Health Care Technology — 0.2%
Cerner Corp.		6,421		477,016
Teladoc Health Inc.(a)		3,459		517,432
Veeva Systems Inc., Class A(a)		3,004		952,298
				1,946,746
Hotels, Restaurants & Leisure — 2.0%
Airbnb Inc., Class A(a)		7,258		1,238,650
Aramark		5,609		204,616
Booking Holdings Inc.(a)		888		2,149,653
Boyd Gaming Corp.(a)		1,755		111,934
Caesars Entertainment Inc.(a)		4,636		507,457
Carnival Corp.(a)		17,358		384,653
Chipotle Mexican Grill Inc.(a)		608		1,081,650
Churchill Downs Inc.		751		172,730
Darden Restaurants Inc.		2,831		408,060
Domino’s Pizza Inc.		800		391,176
DraftKings Inc., Class A(a)(b)		7,050		328,460
Expedia Group Inc.(a)		3,156		518,878
Hilton Worldwide Holdings Inc.(a)		6,056		871,761
Las Vegas Sands Corp.(a)		7,468		289,833
Marriott International Inc./MD, Class A(a)		5,943		950,999
McDonald’s Corp.		16,163		3,968,825
MGM Resorts International		8,623		406,661
Norwegian Cruise Line Holdings Ltd.(a)(b)		8,042		206,840

SCHEDULE   OF   INVESTMENTS 93

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Penn National Gaming Inc.(a)(b)		3,594	$	257,330
Royal Caribbean Cruises Ltd.(a)		4,849		409,401
Starbucks Corp.		25,520		2,706,906
Texas Roadhouse Inc.		1,425		126,554
Vail Resorts Inc.		870		299,898
Wynn Resorts Ltd.(a)		2,321		208,426
Yum! Brands Inc.		6,408		800,616
				19,001,967
Household Durables — 0.4%
DR Horton Inc.		7,029		627,479
Garmin Ltd.		3,302		474,167
Lennar Corp., Class A		5,903		589,887
Lennar Corp., Class B		343		28,153
Mohawk Industries Inc.(a)(b)		1,215		215,310
Newell Brands Inc.		8,332		190,720
NVR Inc.(a)		72		352,426
PulteGroup Inc.		5,639		271,123
Tempur Sealy International Inc.		4,268		189,798
Toll Brothers Inc.		2,444		147,055
Whirlpool Corp.		1,337		281,880
				3,367,998
Household Products — 1.1%
Church & Dwight Co. Inc.		5,335		466,066
Clorox Co. (The)		2,652		432,302
Colgate-Palmolive Co.		18,205		1,387,039
Kimberly-Clark Corp.		7,316		947,349
Procter & Gamble Co. (The)		52,539		7,512,552
				10,745,308
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		14,487		364,059
Vistra Corp.		10,153		198,897
				562,956
Industrial Conglomerates — 1.0%
3M Co.		12,520		2,237,074
General Electric Co.(b)		23,753		2,490,977
Honeywell International Inc.		14,942		3,266,620
Roper Technologies Inc.		2,288		1,116,246
				9,110,917
Insurance — 2.0%
Aflac Inc.		13,406		719,501
Alleghany Corp.(a)		301		196,065
Allstate Corp. (The)		6,424		794,456
American Financial Group Inc./OH		1,410		191,816
American International Group Inc.		18,494		1,092,811
Aon PLC, Class A		4,873		1,558,970
Arch Capital Group Ltd.(a)		8,603		359,777
Arthur J Gallagher & Co.		4,458		747,473
Assurant Inc.		1,284		207,122
Athene Holding Ltd., Class A(a)		2,713		236,058
Brown & Brown Inc.		5,006		315,929
Chubb Ltd.		9,479		1,852,007
Cincinnati Financial Corp.		3,259		395,773
Erie Indemnity Co., Class A, NVS		548		112,784
Everest Re Group Ltd.		860		224,890
Fidelity National Financial Inc.		6,118		293,113
Globe Life Inc.		2,043		181,868
Hartford Financial Services Group Inc. (The)		7,542		550,038
Lincoln National Corp.		3,838		276,912
Loews Corp.		4,416		247,605

Security	Shares		Value
Insurance (continued)
Markel Corp.(a)		299	$	392,626
Marsh & McLennan Companies Inc.		10,948		1,826,126
MetLife Inc.		15,822		993,622
Old Republic International Corp.		6,165		159,242
Principal Financial Group Inc.		5,422		363,762
Progressive Corp. (The)		12,614		1,196,816
Prudential Financial Inc.		8,403		924,750
Reinsurance Group of America Inc.		1,449		171,098
RenaissanceRe Holdings Ltd.		995		141,091
Travelers Companies Inc. (The)		5,409		870,200
W R Berkley Corp.		3,085		245,566
Willis Towers Watson PLC		2,802		678,869
				18,518,736
Interactive Media & Services — 6.2%
Alphabet Inc., Class A(a)		6,518		19,299,276
Alphabet Inc., Class C, NVS(a)		6,098		18,083,070
Bumble Inc., Class A(a)(b)		1,539		80,828
IAC/InterActiveCorp.(a)		1,788		272,438
Match Group Inc.(a)		6,013		906,640
Meta Platforms Inc, Class A(a)		51,594		16,694,271
Pinterest Inc., Class A(a)		11,984		534,966
Snap Inc., Class A, NVS(a)		22,638		1,190,306
Twitter Inc.(a)		17,334		928,062
				57,989,857
Internet & Direct Marketing Retail — 3.8%
Amazon.com Inc.(a)		9,426		31,788,525
Chewy Inc., Class A(a)(b)		1,815		137,577
DoorDash Inc., Class A(a)		3,329		648,489
eBay Inc.		14,069		1,079,374
Etsy Inc.(a)		2,721		682,127
MercadoLibre Inc.(a)		989		1,464,729
Wayfair Inc., Class A(a)		1,680		418,488
				36,219,309
IT Services — 5.0%
Accenture PLC, Class A		13,726		4,924,752
Affirm Holdings Inc.(a)		2,020		328,250
Akamai Technologies Inc.(a)		3,532		372,485
Automatic Data Processing Inc.		9,144		2,052,737
Broadridge Financial Solutions Inc.		2,515		448,701
Cloudflare Inc., Class A(a)		5,722		1,114,188
Cognizant Technology Solutions Corp., Class A		11,347		886,087
Concentrix Corp.		906		160,978
DXC Technology Co.(a)		5,541		180,470
EPAM Systems Inc.(a)		1,225		824,719
Euronet Worldwide Inc.(a)		1,148		128,794
Fidelity National Information Services Inc.		13,344		1,477,715
Fiserv Inc.(a)		12,864		1,266,975
FleetCor Technologies Inc.(a)		1,774		438,905
Gartner Inc.(a)		1,818		603,412
Genpact Ltd.		3,682		181,707
Global Payments Inc.		6,364		909,988
GoDaddy Inc., Class A(a)		3,634		251,364
International Business Machines Corp.		19,399		2,426,815
Jack Henry & Associates Inc.		1,612		268,366
Mastercard Inc., Class A		18,855		6,326,230
MongoDB Inc.(a)(b)		1,404		731,891
Okta Inc.(a)		2,716		671,341
Paychex Inc.		6,891		849,522
PayPal Holdings Inc.(a)		25,431		5,914,996

94 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Snowflake Inc., Class A(a)		4,925	$	1,742,662
Square Inc., Class A(a)		8,597		2,187,936
Twilio Inc., Class A(a)		3,625		1,056,180
VeriSign Inc.(a)		2,115		470,947
Visa Inc., Class A		36,527		7,735,323
Western Union Co. (The)		8,639		157,403
WEX Inc.(a)		975		145,958
				47,237,797
Leisure Products — 0.2%
Brunswick Corp./DE		1,693		157,601
Hasbro Inc.		2,813		269,373
Mattel Inc.(a)		7,585		165,429
Peloton Interactive Inc., Class A(a)(b)		5,843		534,284
Polaris Inc.		1,254		144,147
YETI Holdings Inc.(a)		1,899		186,729
				1,457,563
Life Sciences Tools & Services — 1.5%
10X Genomics Inc., Class A(a)		1,968		317,379
Agilent Technologies Inc.		6,591		1,038,017
Avantor Inc.(a)		12,690		512,422
Bio-Rad Laboratories Inc., Class A(a)		461		366,348
Bio-Techne Corp.		837		438,295
Bruker Corp.		2,235		179,471
Charles River Laboratories International Inc.(a)		1,083		485,920
Illumina Inc.(a)		3,172		1,316,570
IQVIA Holdings Inc.(a)		4,135		1,080,972
Mettler-Toledo International Inc.(a)		502		743,402
PerkinElmer Inc.		2,416		427,366
PPD Inc.(a)		2,401		113,255
Repligen Corp.(a)		1,092		317,226
Sotera Health Co.(a)		2,152		53,154
Syneos Health Inc.(a)		2,199		205,255
Thermo Fisher Scientific Inc.		8,516		5,391,224
Waters Corp.(a)		1,316		483,696
West Pharmaceutical Services Inc.		1,602		688,668
				14,158,640
Machinery — 1.6%
AGCO Corp.		1,341		163,884
Caterpillar Inc.		11,845		2,416,499
Cummins Inc.		3,119		748,061
Deere & Co.		6,140		2,101,783
Donaldson Co. Inc.		2,746		164,788
Dover Corp.		3,115		526,684
Fortive Corp.		7,785		589,402
Graco Inc.		3,721		279,745
IDEX Corp.		1,644		365,905
Illinois Tool Works Inc.		6,185		1,409,376
Ingersoll Rand Inc.(a)		8,802		473,196
ITT Inc.		1,875		176,381
Lincoln Electric Holdings Inc.		1,298		184,835
Middleby Corp. (The)(a)		1,211		220,935
Nordson Corp.		1,157		294,121
Oshkosh Corp.		1,493		159,751
Otis Worldwide Corp.		9,271		744,554
PACCAR Inc.		7,549		676,541
Parker-Hannifin Corp.		2,804		831,638
Pentair PLC		3,539		261,780
Snap-on Inc.		1,156		234,934
Stanley Black & Decker Inc.		3,512		631,212

Security	Shares		Value
Machinery (continued)
Toro Co. (The)		2,320	$	221,490
Westinghouse Air Brake Technologies Corp.		4,107		372,628
Woodward Inc.		1,381		155,984
Xylem Inc./NY		3,912		510,868
				14,916,975
Media — 1.1%
Altice USA Inc., Class A(a)(b)		5,007		81,614
Cable One Inc.		108		184,811
Charter Communications Inc., Class A(a)		2,743		1,851,223
Comcast Corp., Class A		99,134		5,098,462
Discovery Inc., Class A(a)(b)		3,592		84,196
Discovery Inc., Class C, NVS(a)		6,521		147,114
DISH Network Corp., Class A(a)		5,456		224,078
Fox Corp., Class A, NVS		6,871		273,054
Fox Corp., Class B		3,116		115,167
Interpublic Group of Companies Inc. (The)		8,614		315,014
Liberty Broadband Corp., Class A(a)(b)		529		85,047
Liberty Broadband Corp., Class C, NVS(a)		3,153		512,205
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		1,606		79,947
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		3,473		171,288
New York Times Co. (The), Class A		3,629		198,107
News Corp., Class A, NVS		8,624		197,490
News Corp., Class B		2,691		60,709
Omnicom Group Inc.		4,678		318,478
Sirius XM Holdings Inc.(b)		20,237		123,243
ViacomCBS Inc., Class B, NVS		13,028		471,874
				10,593,121
Metals & Mining — 0.4%
Cleveland-Cliffs Inc.(a)		9,994		240,955
Freeport-McMoRan Inc.		31,873		1,202,250
Newmont Corp.		17,360		937,440
Nucor Corp.		6,380		712,327
Reliance Steel & Aluminum Co.		1,338		195,562
Royal Gold Inc.		1,447		143,282
Southern Copper Corp.		1,905		114,281
Steel Dynamics Inc.		4,211		278,263
				3,824,360
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		11,373		181,058
Annaly Capital Management Inc.		30,860		261,076
Starwood Property Trust Inc.		6,237		158,856
				600,990
Multi-Utilities — 0.6%
Ameren Corp.		5,521		465,365
CenterPoint Energy Inc.		12,619		328,599
CMS Energy Corp.		6,232		376,101
Consolidated Edison Inc.		7,678		578,921
Dominion Energy Inc.		17,531		1,331,129
DTE Energy Co.		4,209		477,090
NiSource Inc.		8,269		203,996
Public Service Enterprise Group Inc.		10,982		700,652
Sempra Energy		6,937		885,369
WEC Energy Group Inc.		6,857		617,542
				5,964,764
Multiline Retail — 0.5%
Dollar General Corp.		5,089		1,127,315
Dollar Tree Inc.(a)		5,046		543,757
Kohl’s Corp.		3,395		164,760

SCHEDULE   OF   INVESTMENTS 95

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail (continued)
Target Corp.		10,708	$	2,780,011
				4,615,843
Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		8,221		215,472
Cheniere Energy Inc.(a)		5,123		529,718
Chevron Corp.		41,858		4,792,322
ConocoPhillips		28,944		2,156,039
Continental Resources Inc./OK(b)		1,145		55,888
Coterra Energy Inc.		17,580		374,806
Devon Energy Corp.		13,678		548,214
Diamondback Energy Inc.		3,697		396,281
EOG Resources Inc.		12,563		1,161,575
Exxon Mobil Corp.		91,630		5,907,386
Hess Corp.		5,949		491,209
Kinder Morgan Inc.		42,349		709,346
Marathon Oil Corp.		17,139		279,709
Marathon Petroleum Corp.		13,864		914,054
Occidental Petroleum Corp.		19,271		646,157
ONEOK Inc.		9,684		616,096
Phillips 66		9,520		711,906
Pioneer Natural Resources Co.		4,929		921,624
Targa Resources Corp.		4,973		271,874
Texas Pacific Land Corp.		136		173,219
Valero Energy Corp.		8,886		687,154
Williams Companies Inc. (The)		26,415		741,997
				23,302,046
Personal Products — 0.2%
Coty Inc., Class A(a)		7,268		61,633
Estee Lauder Companies Inc. (The), Class A		5,009		1,624,569
				1,686,202
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		48,094		2,808,690
Catalent Inc.(a)		3,699		509,944
Elanco Animal Health Inc.(a)(b)		10,132		333,140
Eli Lilly & Co.		17,185		4,378,051
Jazz Pharmaceuticals PLC(a)		1,338		178,007
Johnson & Johnson		56,978		9,280,577
Merck & Co. Inc.		54,788		4,824,083
Pfizer Inc.		121,350		5,307,849
Royalty Pharma PLC, Class A		7,698		304,302
Viatris Inc.		26,017		347,327
Zoetis Inc.		10,252		2,216,482
				30,488,452
Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.		2,945		255,803
Clarivate PLC(a)(b)		8,082		189,523
CoStar Group Inc.(a)		8,590		739,169
Dun & Bradstreet Holdings Inc.(a)		3,040		57,274
Equifax Inc.		2,647		734,357
IHS Markit Ltd.		8,659		1,131,904
Jacobs Engineering Group Inc.		2,803		393,597
Leidos Holdings Inc.		3,074		307,339
Nielsen Holdings PLC		7,795		157,849
Robert Half International Inc.		2,456		277,700
TransUnion		4,155		479,030
Verisk Analytics Inc.		3,482		732,160
				5,455,705
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		7,300		759,784

Security	Shares		Value
Real Estate Management & Development (continued)
Jones Lang LaSalle Inc.(a)		1,077	$	278,114
Opendoor Technologies Inc.(a)		8,274		196,176
Zillow Group Inc., Class A(a)		824		87,113
Zillow Group Inc., Class C, NVS(a)(b)		3,676		380,944
				1,702,131
Road & Rail — 1.1%
AMERCO		212		156,242
CSX Corp.		48,674		1,760,539
JB Hunt Transport Services Inc.		1,797		354,350
Kansas City Southern		1,976		613,054
Knight-Swift Transportation Holdings Inc.		3,606		204,424
Lyft Inc., Class A(a)		6,312		289,531
Norfolk Southern Corp.		5,328		1,561,370
Old Dominion Freight Line Inc.		2,037		695,330
TuSimple Holdings Inc., Class A(a)(b)		725		28,362
Uber Technologies Inc.(a)		35,003		1,533,831
Union Pacific Corp.		14,114		3,407,120
XPO Logistics Inc.(a)		2,087		179,065
				10,783,218
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices Inc.(a)		26,252		3,156,278
Analog Devices Inc.		11,634		2,018,383
Applied Materials Inc.		19,782		2,703,210
Broadcom Inc.		8,879		4,720,698
Brooks Automation Inc.		1,613		187,834
Enphase Energy Inc.(a)		2,894		670,337
Entegris Inc.(b)		2,914		410,233
First Solar Inc.(a)		2,149		256,999
Intel Corp.		87,808		4,302,592
KLA Corp.		3,310		1,233,836
Lam Research Corp.		3,079		1,735,232
Marvell Technology Inc.		17,803		1,219,505
Microchip Technology Inc.		11,890		880,930
Micron Technology Inc.		24,366		1,683,691
MKS Instruments Inc.		1,205		180,810
Monolithic Power Systems Inc.		932		489,729
NVIDIA Corp.		53,936		13,789,817
NXP Semiconductors NV		5,759		1,156,753
ON Semiconductor Corp.(a)		9,335		448,733
Qorvo Inc.(a)		2,399		403,584
QUALCOMM Inc.		24,414		3,248,038
Skyworks Solutions Inc.		3,593		600,498
SolarEdge Technologies Inc.(a)		1,113		394,759
Teradyne Inc.		3,538		489,093
Texas Instruments Inc.		19,981		3,746,038
Universal Display Corp		951		174,223
Wolfspeed Inc.(a)(b)		2,465		296,071
Xilinx Inc.		5,349		962,820
				51,560,724
Software — 10.7%
Adobe Inc.(a)		10,310		6,705,212
Anaplan Inc.(a)		3,127		203,912
ANSYS Inc.(a)		1,893		718,545
AppLovin Corp., Class A(a)		565		55,511
Aspen Technology Inc.(a)		1,499		234,878
Autodesk Inc.(a)		4,748		1,508,012
Avalara Inc.(a)		1,885		338,621
Bill.com Holdings Inc.(a)		1,917		564,192
Black Knight Inc.(a)		3,332		233,606

96 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Cadence Design Systems Inc.(a)		6,012	$	1,040,737
Ceridian HCM Holding Inc.(a)		2,888		361,722
Citrix Systems Inc.		2,722		257,855
Coupa Software Inc.(a)		1,595		363,181
Crowdstrike Holdings Inc., Class A(a)		4,328		1,219,630
Datadog Inc., Class A(a)		5,208		869,996
DocuSign Inc.(a)		4,225		1,175,775
Dropbox Inc., Class A(a)		6,136		187,087
Dynatrace Inc.(a)		4,261		319,575
Elastic NV(a)		1,551		269,114
Fair Isaac Corp.(a)		605		240,911
Five9 Inc.(a)		1,483		234,329
Fortinet Inc.(a)		2,949		991,867
Guidewire Software Inc.(a)		1,778		223,548
HubSpot Inc.(a)		968		784,303
Intuit Inc.		5,915		3,702,731
Manhattan Associates Inc.(a)		1,382		250,888
Microsoft Corp.		162,650		53,937,993
NortonLifeLock Inc.		12,522		318,685
Nuance Communications Inc.(a)		6,121		336,961
Oracle Corp.		35,653		3,420,549
Palantir Technologies Inc., Class A(a)		34,051		881,240
Palo Alto Networks Inc.(a)		2,101		1,069,598
Paycom Software Inc.(a)		1,043		571,408
Paylocity Holding Corp.(a)		840		256,318
Pegasystems Inc.		875		103,880
PTC Inc.(a)		2,275		289,721
RingCentral Inc., Class A(a)		1,745		425,396
salesforce.com Inc.(a)		21,027		6,301,582
ServiceNow Inc.(a)		4,287		2,991,297
Smartsheet Inc., Class A(a)		2,719		187,638
Splunk Inc.(a)		3,533		582,309
SS&C Technologies Holdings Inc.		4,826		383,522
Synopsys Inc.(a)		3,315		1,104,492
Trade Desk Inc. (The), Class A(a)(b)		9,436		706,851
Tyler Technologies Inc.(a)		883		479,663
VMware Inc., Class A(a)		1,744		264,565
Workday Inc., Class A(a)		4,106		1,190,658
Zendesk Inc.(a)		2,597		264,375
Zoom Video Communications Inc., Class A(a)		4,663		1,280,693
Zscaler Inc.(a)		1,696		540,787
				100,945,919
Specialty Retail — 2.3%
Advance Auto Parts Inc.		1,415		319,111
AutoNation Inc.(a)		949		114,943
AutoZone Inc.(a)		467		833,520
Bath & Body Works Inc.		5,659		390,980
Best Buy Co. Inc.		4,845		592,253
Burlington Stores Inc.(a)		1,442		398,410
CarMax Inc.(a)(b)		3,549		485,929
Carvana Co.(a)(b)		1,836		556,638
Five Below Inc.(a)		1,202		237,155
Floor & Decor Holdings Inc., Class A(a)		2,302		312,888
GameStop Corp., Class A(a)(b)		1,350		247,738
Gap Inc. (The)		4,532		102,831
Home Depot Inc. (The)		23,014		8,555,224
Lithia Motors Inc.		649		207,174
Lowe’s Companies Inc.		15,299		3,577,212
O’Reilly Automotive Inc.(a)		1,498		932,235
RH(a)		368		242,744

Security	Shares		Value
Specialty Retail (continued)
Ross Stores Inc.		7,753	$	877,640
TJX Companies Inc. (The)		26,079		1,707,914
Tractor Supply Co.		2,463		534,890
Ulta Beauty Inc.(a)		1,191		437,526
Williams-Sonoma Inc.		1,631		302,926
				21,967,881
Technology Hardware, Storage & Peripherals — 5.7%
Apple Inc.		339,885		50,914,773
Dell Technologies Inc., Class C(a)		6,030		663,240
Hewlett Packard Enterprise Co.		28,396		416,001
HP Inc.		26,121		792,250
NetApp Inc.		4,838		432,033
Seagate Technology Holdings PLC		4,548		405,090
Western Digital Corp.(a)		6,664		348,461
				53,971,848
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.(a)		3,293		175,319
Deckers Outdoor Corp.(a)		599		236,791
Lululemon Athletica Inc.(a)		2,552		1,189,258
Nike Inc., Class B		27,663		4,627,743
PVH Corp.(a)		1,552		169,680
Tapestry Inc.		6,063		236,336
Under Armour Inc., Class A(a)		4,103		90,102
Under Armour Inc., Class C, NVS(a)		4,271		80,636
VF Corp.		6,993		509,650
				7,315,515
Tobacco — 0.5%
Altria Group Inc.		39,874		1,758,842
Philip Morris International Inc.		33,733		3,189,118
				4,947,960
Trading Companies & Distributors — 0.2%
Fastenal Co.		12,489		712,872
SiteOne Landscape Supply Inc.(a)(b)		968		227,441
United Rentals Inc.(a)		1,577		597,857
Watsco Inc.		696		201,548
WW Grainger Inc.		954		441,807
				2,181,525
Water Utilities — 0.1%
American Water Works Co. Inc.		3,942		686,618
Essential Utilities Inc.		4,735		222,876
				909,494
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		12,660		1,456,280
Total Common Stocks — 99.7% (Cost: $749,175,265)				938,628,785
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		10,332,635		10,337,801

SCHEDULE   OF   INVESTMENTS 97

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,673,000	$	1,673,000
				12,010,801
Total Short-Term Investments — 1.3% (Cost: $12,010,801)				12,010,801
Total Investments in Securities — 101.0% (Cost: $761,186,066)				950,639,586
Other Assets, Less Liabilities — (1.0)%				(9,548,523	)
Net Assets — 100.0%			$941,091,063

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,348,833	$	—		$	(7,011,356	)(a)	$	(619	)	$	943	$	10,337,801		10,332,635	$	13,840	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,623,000		50,000	(a)		—			—			—		1,673,000		1,673,000		57			—
BlackRock Inc.		2,693,039		15,765			(177,397	)		86,063			306,313		2,923,783		3,099		26,304			—
									$	85,444		$	307,256	$	14,934,584			$	40,201		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		10		12/17/21	$	2,299	$	80,150

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	80,150

^(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).

98 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar U.S. Equity ETF

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	223,717
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,885

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,120,325

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	938,628,785	$	—	$	—	$	938,628,785
Money Market Funds		12,010,801		—		—		12,010,801
	$	950,639,586	$	—	$	—	$	950,639,586
Derivative financial instruments(a)
Assets
Futures Contracts	$	80,150	$	—	$	—	$	80,150

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 99

Schedule of Investments (unaudited) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.4%
Boeing Co. (The)(a)		20,995	$	4,346,595
General Dynamics Corp.		8,823		1,788,863
Howmet Aerospace Inc.		4,294		127,489
Huntington Ingalls Industries Inc.		786		159,346
L3Harris Technologies Inc.		7,641		1,761,556
Lockheed Martin Corp.		9,396		3,122,479
Northrop Grumman Corp.		5,744		2,051,871
Raytheon Technologies Corp.		57,456		5,105,540
Textron Inc.		4,602		339,858
TransDigm Group Inc.(a)		674		420,455
				19,224,052
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		3,086		299,311
Expeditors International of Washington Inc.		2,184		269,200
FedEx Corp.		9,387		2,210,920
United Parcel Service Inc., Class B		19,929		4,254,244
				7,033,675
Airlines — 0.4%
Alaska Air Group Inc.(a)		4,727		249,586
American Airlines Group Inc.(a)		24,765		475,488
Delta Air Lines Inc.(a)		24,291		950,507
Southwest Airlines Co.(a)		22,626		1,069,757
United Airlines Holdings Inc.(a)		12,289		567,014
				3,312,352
Auto Components — 0.3%
Aptiv PLC(a)		6,080		1,051,171
Autoliv Inc.		2,995		290,066
BorgWarner Inc.		9,113		410,723
Gentex Corp.		5,253		185,904
Lear Corp.		2,285		392,677
				2,330,541
Automobiles — 0.7%
Ford Motor Co.(a)		149,715		2,557,132
General Motors Co.(a)		55,348		3,012,592
Harley-Davidson Inc.		5,839		213,065
Thor Industries Inc.		998		101,756
				5,884,545
Banks — 7.9%
Bank of America Corp.		282,166		13,481,891
Citigroup Inc.		77,229		5,341,158
Citizens Financial Group Inc.		16,180		766,608
Comerica Inc.		5,123		435,916
Commerce Bancshares Inc.		2,154		151,879
Cullen/Frost Bankers Inc.		2,147		278,037
East West Bancorp. Inc.		5,390		428,397
Fifth Third Bancorp.		26,408		1,149,540
First Horizon Corp.		20,980		356,031
Huntington Bancshares Inc./OH		33,365		525,165
JPMorgan Chase & Co.		113,861		19,343,845
KeyCorp.		36,546		850,425
M&T Bank Corp.		4,890		719,417
People’s United Financial Inc.		16,243		278,405
PNC Financial Services Group Inc. (The)		9,383		1,980,094
Regions Financial Corp		19,482		461,334
Signature Bank/New York NY		1,345		400,568
SVB Financial Group(a)		715		512,941
Truist Financial Corp.		50,883		3,229,544

Security	Shares		Value
Banks (continued)
U.S. Bancorp.		51,435	$	3,105,131
Wells Fargo & Co.		156,471		8,005,056
Western Alliance Bancorp.		1,795		208,382
Zions Bancorp. NA		6,218		391,672
				62,401,436
Beverages — 2.5%
Brown-Forman Corp., Class A		896		57,371
Brown-Forman Corp., Class B, NVS		2,921		198,307
Coca-Cola Co. (The)		148,033		8,344,620
Constellation Brands Inc., Class A		6,398		1,387,150
Keurig Dr Pepper Inc.		28,203		1,017,846
Molson Coors Beverage Co., Class B		7,151		315,288
PepsiCo Inc.		52,664		8,510,502
				19,831,084
Biotechnology — 2.6%
AbbVie Inc.		67,337		7,721,534
Amgen Inc.		21,638		4,478,417
Biogen Inc.(a)		5,667		1,511,275
Bridgebio Pharma Inc.(a)(b)		2,231		110,167
CRISPR Therapeutics AG(a)(b)		1,407		128,501
Gilead Sciences Inc.		47,795		3,100,940
Novavax Inc.(a)		1,755		261,197
Regeneron Pharmaceuticals Inc.(a)		4,011		2,566,799
United Therapeutics Corp.(a)		1,712		326,581
				20,205,411
Building Products — 0.9%
A O Smith Corp.		2,333		170,472
Allegion PLC		1,581		202,842
Builders FirstSource Inc.(a)		3,119		181,744
Carlisle Companies Inc.		946		210,883
Carrier Global Corp.		32,995		1,723,329
Fortune Brands Home & Security Inc.		2,748		278,647
Johnson Controls International PLC		27,083		1,987,080
Lennox International Inc.		400		119,712
Masco Corp.		5,395		353,642
Owens Corning		3,894		363,739
Trane Technologies PLC		6,043		1,093,360
				6,685,450
Capital Markets — 4.6%
Ameriprise Financial Inc.		4,322		1,305,806
Apollo Global Management Inc.		3,108		239,161
Bank of New York Mellon Corp. (The)		30,197		1,787,662
BlackRock Inc.(c)		5,451		5,142,800
Blackstone Inc., NVS		13,165		1,822,299
Carlyle Group Inc. (The)		1,562		87,706
Charles Schwab Corp. (The)		36,562		2,999,181
CME Group Inc.		13,693		3,019,991
Franklin Resources Inc.		10,771		339,179
Goldman Sachs Group Inc. (The)		12,845		5,309,481
Intercontinental Exchange Inc.		14,484		2,005,455
Invesco Ltd.		13,060		331,855
Jefferies Financial Group Inc.		7,596		326,628
Morgan Stanley		55,619		5,716,521
Nasdaq Inc.		1,838		385,741
Northern Trust Corp.		7,971		980,752
Raymond James Financial Inc.		3,715		366,262
S&P Global Inc.		3,165		1,500,716
SEI Investments Co.		2,154		135,788
State Street Corp.		13,982		1,377,926

100 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
T Rowe Price Group Inc.		5,553	$	1,204,335
				36,385,245
Chemicals — 2.4%
Air Products & Chemicals Inc.		5,938		1,780,272
Albemarle Corp.		1,277		319,850
Axalta Coating Systems Ltd.(a)		5,377		167,709
Celanese Corp.		2,039		329,319
CF Industries Holdings Inc.		8,152		463,034
Corteva Inc.		14,970		645,955
Dow Inc.		28,359		1,587,253
DuPont de Nemours Inc.		19,890		1,384,344
Eastman Chemical Co.		5,185		539,395
Ecolab Inc.		5,079		1,128,655
FMC Corp.		2,926		266,295
International Flavors & Fragrances Inc.		9,469		1,396,204
Linde PLC		12,725		4,061,820
LyondellBasell Industries NV, Class A		10,108		938,225
Mosaic Co. (The)		13,130		545,814
PPG Industries Inc.		6,772		1,087,380
RPM International Inc.		1,969		171,697
Scotts Miracle-Gro Co. (The)		436		64,729
Sherwin-Williams Co. (The)		4,958		1,569,752
Westlake Chemical Corp.		1,267		123,330
				18,571,032
Commercial Services & Supplies — 0.4%
Cintas Corp.		1,679		727,175
Republic Services Inc.		5,396		726,301
Waste Management Inc.		10,665		1,708,853
				3,162,329
Communications Equipment — 1.4%
Ciena Corp.(a)		3,489		189,418
Cisco Systems Inc.		160,579		8,987,607
F5 Networks Inc.(a)		1,184		250,001
Juniper Networks Inc.		12,463		367,908
Motorola Solutions Inc.		4,170		1,036,620
				10,831,554
Construction & Engineering — 0.1%
AECOM(a)		3,424		234,099
MasTec Inc.(a)		1,093		97,419
Quanta Services Inc.		3,261		395,494
				727,012
Construction Materials — 0.0%
Martin Marietta Materials Inc.		884		347,271
Consumer Finance — 0.8%
Ally Financial Inc.		13,647		651,508
American Express Co.		11,085		1,926,351
Capital One Financial Corp.		9,994		1,509,394
Discover Financial Services		11,388		1,290,488
OneMain Holdings Inc.		4,207		222,171
Synchrony Financial		21,635		1,004,946
				6,604,858
Containers & Packaging — 0.5%
Amcor PLC		58,679		708,255
AptarGroup Inc.		1,211		146,265
Avery Dennison Corp.		1,194		259,958
Ball Corp.		3,520		322,010
Berry Global Group Inc.(a)		5,126		335,958
Crown Holdings Inc.		2,810		292,212

Security	Shares		Value
Containers & Packaging (continued)
International Paper Co.		14,862	$	738,195
Packaging Corp. of America		3,604		495,081
Sealed Air Corp.		5,779		342,810
Westrock Co.		10,107		486,147
				4,126,891
Distributors — 0.1%
Genuine Parts Co.		5,482		718,745
LKQ Corp.(a)		5,389		296,826
				1,015,571
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.(a)		1,086		180,276
Service Corp. International		3,151		215,812
				396,088
Diversified Financial Services — 1.4%
Berkshire Hathaway Inc., Class B(a)		35,316		10,136,045
Equitable Holdings Inc.		14,547		487,325
Voya Financial Inc.		2,248		156,843
				10,780,213
Diversified Telecommunication Services — 2.0%
AT&T Inc.		272,064		6,872,337
Lumen Technologies Inc.		37,791		448,201
Verizon Communications Inc.		157,756		8,359,490
				15,680,028
Electric Utilities — 3.0%
Alliant Energy Corp.		9,497		537,245
American Electric Power Co. Inc.		19,023		1,611,438
Avangrid Inc.		2,645		139,392
Duke Energy Corp.		29,331		2,992,055
Edison International		14,423		907,639
Entergy Corp.		7,626		785,631
Evergy Inc.		8,709		555,199
Eversource Energy		13,143		1,115,841
Exelon Corp.		37,334		1,985,796
FirstEnergy Corp.		20,658		795,953
NextEra Energy Inc.		74,751		6,378,503
NRG Energy Inc.		6,643		264,989
OGE Energy Corp.		7,731		263,395
PG&E Corp.(a)		57,712		669,459
Pinnacle West Capital Corp.		4,281		276,082
PPL Corp.		29,235		841,968
Southern Co. (The)		40,388		2,516,980
Xcel Energy Inc.		20,553		1,327,518
				23,965,083
Electrical Equipment — 0.8%
AMETEK Inc.		4,173		552,505
Eaton Corp. PLC		15,206		2,505,341
Emerson Electric Co.		22,814		2,213,186
Hubbell Inc.		1,422		283,504
Rockwell Automation Inc.		1,715		547,771
Sensata Technologies Holding PLC(a)		6,011		331,206
Sunrun Inc.(a)(b)		2,813		162,254
				6,595,767
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		13,235		1,016,051
Arrow Electronics Inc.(a)		2,747		317,965
CDW Corp./DE		2,050		382,633
Corning Inc.		11,969		425,737
Flex Ltd.(a)		18,565		313,749

SCHEDULE   OF   INVESTMENTS 101

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jabil Inc.		3,797	$	227,668
Keysight Technologies Inc.(a)		2,014		362,560
TE Connectivity Ltd.		9,536		1,392,256
				4,438,619
Energy Equipment & Services — 0.4%
Baker Hughes Co.		31,681		794,560
Halliburton Co.		19,888		497,001
Schlumberger NV		53,177		1,715,490
				3,007,051
Entertainment — 1.0%
Activision Blizzard Inc.		14,092		1,101,853
Electronic Arts Inc.		5,909		828,737
Liberty Media Corp.-Liberty Formula One, Class A(a)		899		46,883
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		7,734		431,557
Live Nation Entertainment Inc.(a)		2,361		238,815
Playtika Holding Corp.(a)		1,950		55,146
Walt Disney Co. (The)(a)		30,294		5,121,807
				7,824,798
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities Inc.		1,908		389,499
American Tower Corp.		6,277		1,769,926
Americold Realty Trust		5,494		161,908
AvalonBay Communities Inc.		2,640		624,835
Boston Properties Inc.		5,398		613,429
Camden Property Trust		2,527		412,154
CubeSmart		4,516		248,425
Digital Realty Trust Inc.		6,775		1,069,163
Duke Realty Corp.		5,549		312,076
Equity LifeStyle Properties Inc.		3,069		259,361
Equity Residential		12,958		1,119,571
Essex Property Trust Inc.		1,648		560,205
Extra Space Storage Inc.		2,601		513,359
Federal Realty Investment Trust		2,649		318,807
Gaming and Leisure Properties Inc.		8,514		412,844
Healthpeak Properties Inc.		13,094		464,968
Host Hotels & Resorts Inc.(a)		27,310		459,627
Iron Mountain Inc.		10,974		500,853
Kilroy Realty Corp.		2,163		145,743
Kimco Realty Corp.		23,467		530,354
Lamar Advertising Co., Class A		3,293		372,768
Medical Properties Trust Inc.		22,786		486,025
Mid-America Apartment Communities Inc.		2,545		519,714
National Retail Properties Inc.		6,666		302,370
Omega Healthcare Investors Inc.		9,179		269,495
Prologis Inc.		15,830		2,294,717
Public Storage		5,822		1,933,952
Realty Income Corp.		7,960		568,583
Regency Centers Corp.		5,848		411,758
Simon Property Group Inc.		12,534		1,837,234
STORE Capital Corp.		6,247		214,460
UDR Inc.		5,721		317,687
Ventas Inc.		15,058		803,645
VEREIT Inc.		8,704		437,811
VICI Properties Inc.		15,755		462,409
Vornado Realty Trust		5,983		255,055
Welltower Inc.		16,069		1,291,948
Weyerhaeuser Co.		28,476		1,017,163
WP Carey Inc.		7,048		543,471
				25,227,372

Security	Shares		Value
Food & Staples Retailing — 2.2%
Casey’s General Stores Inc.		676	$	129,481
Costco Wholesale Corp.		9,394		4,617,527
Kroger Co. (The)		26,020		1,041,320
Performance Food Group Co.(a)		3,598		162,738
Sysco Corp.		19,538		1,502,472
U.S. Foods Holding Corp.(a)		8,431		292,303
Walgreens Boots Alliance Inc.		27,426		1,289,570
Walmart Inc.		54,454		8,136,517
				17,171,928
Food Products — 1.5%
Archer-Daniels-Midland Co.		21,346		1,371,267
Bunge Ltd.		5,374		497,847
Campbell Soup Co.		7,755		309,812
Conagra Brands Inc.		18,353		590,967
General Mills Inc.		23,054		1,424,737
Hershey Co. (The)		2,437		427,328
Hormel Foods Corp.		7,309		309,317
JM Smucker Co. (The)		4,103		504,095
Kellogg Co.		9,779		599,453
Kraft Heinz Co. (The)		25,744		923,952
Lamb Weston Holdings Inc.		3,050		172,172
McCormick & Co. Inc./MD, NVS		4,842		388,474
Mondelez International Inc., Class A		53,284		3,236,470
Tyson Foods Inc., Class A		11,205		896,064
				11,651,955
Gas Utilities — 0.1%
Atmos Energy Corp.		4,963		457,192
UGI Corp.		7,967		345,847
				803,039
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		27,835		3,587,653
Baxter International Inc.		14,957		1,181,005
Becton Dickinson and Co.		10,953		2,624,229
Boston Scientific Corp.(a)		36,729		1,584,122
DENTSPLY SIRONA Inc.		3,233		184,960
Hill-Rom Holdings Inc.		2,503		387,715
Hologic Inc.(a)		4,334		317,726
Medtronic PLC		51,208		6,137,791
Stryker Corp.		8,278		2,202,527
Zimmer Biomet Holdings Inc.		7,968		1,140,380
				19,348,108
Health Care Providers & Services — 4.3%
AmerisourceBergen Corp.		5,726		698,686
Anthem Inc.		9,290		4,042,358
Cardinal Health Inc.		11,023		527,010
Centene Corp.(a)		22,235		1,584,021
Chemed Corp.		225		108,506
Cigna Corp.		12,970		2,770,522
CVS Health Corp.		50,281		4,489,088
DaVita Inc.(a)		1,570		162,087
Encompass Health Corp.		1,723		109,514
HCA Healthcare Inc.		9,406		2,355,827
Henry Schein Inc.(a)		5,347		408,243
Humana Inc.		3,528		1,634,028
Laboratory Corp. of America Holdings(a)		3,677		1,055,372
McKesson Corp.		5,878		1,221,919
Molina Healthcare Inc.(a)		1,452		429,385
Quest Diagnostics Inc.		4,678		686,637
UnitedHealth Group Inc.		23,848		10,981,289

102 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Universal Health Services Inc., Class B		2,902	$	360,138
				33,624,630
Health Care Technology — 0.1%
Cerner Corp.		5,151		382,668
Hotels, Restaurants & Leisure — 1.9%
Aramark		9,682		353,199
Boyd Gaming Corp.(a)		1,442		91,971
Caesars Entertainment Inc.(a)		2,764		302,547
Carnival Corp.(a)		30,338		672,290
Darden Restaurants Inc.		2,698		388,890
Expedia Group Inc.(a)		3,339		548,965
Hilton Worldwide Holdings Inc.(a)		6,249		899,544
Las Vegas Sands Corp.(a)		13,150		510,351
McDonald’s Corp.		28,456		6,987,371
Norwegian Cruise Line Holdings Ltd.(a)(b)		14,055		361,495
Royal Caribbean Cruises Ltd.(a)		8,578		724,241
Starbucks Corp.		22,557		2,392,621
Wynn Resorts Ltd.(a)		3,998		359,020
Yum! Brands Inc.		4,095		511,629
				15,104,134
Household Durables — 0.5%
DR Horton Inc.		5,585		498,573
Garmin Ltd.		2,705		388,438
Lennar Corp., Class A		10,428		1,042,070
Lennar Corp., Class B		581		47,688
Mohawk Industries Inc.(a)		2,139		379,052
Newell Brands Inc.		14,377		329,090
NVR Inc.(a)		54		264,319
PulteGroup Inc.		9,869		474,502
Toll Brothers Inc.		4,436		266,914
Whirlpool Corp.		2,377		501,143
				4,191,789
Household Products — 2.3%
Church & Dwight Co. Inc.		3,972		346,994
Clorox Co. (The)		3,099		505,168
Colgate-Palmolive Co.		32,076		2,443,870
Kimberly-Clark Corp.		12,806		1,658,249
Procter & Gamble Co. (The)		92,495		13,225,860
				18,180,141
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		25,313		636,115
Vistra Corp.		7,025		137,620
				773,735
Industrial Conglomerates — 1.9%
3M Co.		22,049		3,939,715
General Electric Co.		41,826		4,386,293
Honeywell International Inc.		26,307		5,751,236
Roper Technologies Inc.		2,012		981,595
				15,058,839
Insurance — 3.5%
Aflac Inc.		23,458		1,258,991
Alleghany Corp.(a)		527		343,277
Allstate Corp. (The)		11,244		1,390,545
American Financial Group Inc./OH		1,341		182,430
American International Group Inc.		32,460		1,918,061
Aon PLC, Class A		4,813		1,539,775
Arch Capital Group Ltd.(a)		7,511		314,110
Arthur J Gallagher & Co.		2,820		472,829

Security	Shares		Value
Insurance (continued)
Assurant Inc.		2,250	$	362,948
Athene Holding Ltd., Class A(a)		3,270		284,523
Chubb Ltd.		16,725		3,267,730
Cincinnati Financial Corp.		3,305		401,359
Everest Re Group Ltd.		801		209,462
Fidelity National Financial Inc.		10,849		519,776
Globe Life Inc.		3,601		320,561
Hartford Financial Services Group Inc. (The)		13,279		968,437
Lincoln National Corp.		6,704		483,694
Loews Corp.		4,756		266,669
Markel Corp.(a)		522		685,454
Marsh & McLennan Companies Inc.		19,312		3,221,242
MetLife Inc.		27,819		1,747,033
Old Republic International Corp.		10,768		278,137
Principal Financial Group Inc.		9,490		636,684
Progressive Corp. (The)		22,335		2,119,145
Prudential Financial Inc.		14,709		1,618,725
Reinsurance Group of America Inc.		2,589		305,709
RenaissanceRe Holdings Ltd.		926		131,307
Travelers Companies Inc. (The)		9,487		1,526,269
W R Berkley Corp.		2,977		236,969
Willis Towers Watson PLC		2,895		701,401
				27,713,252
Interactive Media & Services — 0.2%
IAC/InterActiveCorp.(a)		2,121		323,177
Twitter Inc.(a)		16,362		876,021
				1,199,198
Internet & Direct Marketing Retail — 0.2%
eBay Inc.		14,006		1,074,540
Wayfair Inc., Class A(a)(b)		1,167		290,700
				1,365,240
IT Services — 2.3%
Accenture PLC, Class A		12,487		4,480,211
Akamai Technologies Inc.(a)		2,445		257,850
Automatic Data Processing Inc.		9,889		2,219,982
Cognizant Technology Solutions Corp., Class A		19,987		1,560,785
Concentrix Corp.		786		139,656
DXC Technology Co.(a)		9,677		315,180
Fidelity National Information Services Inc.		14,593		1,616,029
Fiserv Inc.(a)		14,059		1,384,671
Genpact Ltd.		3,760		185,556
Global Payments Inc.		5,000		714,950
International Business Machines Corp.		34,154		4,272,665
Paychex Inc.		6,262		771,979
Western Union Co. (The)		15,579		283,849
WEX Inc.(a)		755		113,024
				18,316,387
Leisure Products — 0.1%
Brunswick Corp./DE		1,064		99,048
Hasbro Inc.		1,909		182,806
Mattel Inc.(a)		6,817		148,679
Polaris Inc.		1,047		120,352
				550,885
Life Sciences Tools & Services — 1.1%
Agilent Technologies Inc.		3,743		589,485
IQVIA Holdings Inc.(a)		3,193		834,714
PerkinElmer Inc.		3,029		535,800
Syneos Health Inc.(a)		2,509		234,190
Thermo Fisher Scientific Inc.		9,706		6,144,577

SCHEDULE   OF   INVESTMENTS 103

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.(a)		759	$	278,971
				8,617,737
Machinery — 1.8%
AGCO Corp.		892		109,011
Caterpillar Inc.		12,083		2,465,053
Cummins Inc.		5,459		1,309,287
Deere & Co.		3,812		1,304,886
Donaldson Co. Inc.		2,453		147,205
Dover Corp.		3,100		524,148
Fortive Corp.		6,509		492,796
Illinois Tool Works Inc.		10,935		2,491,759
Ingersoll Rand Inc.(a)		7,915		425,510
ITT Inc.		1,533		144,209
Lincoln Electric Holdings Inc.		1,403		199,787
Middleby Corp. (The)(a)		1,167		212,908
Oshkosh Corp.		1,442		154,294
Otis Worldwide Corp.		5,753		462,023
PACCAR Inc.		9,306		834,004
Parker-Hannifin Corp.		3,439		1,019,973
Pentair PLC		3,039		224,795
Snap-on Inc.		2,057		418,044
Stanley Black & Decker Inc.		3,462		622,225
Westinghouse Air Brake Technologies Corp.		7,232		656,159
				14,218,076
Media — 1.7%
Altice USA Inc., Class A(a)		3,540		57,702
Comcast Corp., Class A		174,528		8,975,975
Discovery Inc., Class A(a)(b)		6,404		150,110
Discovery Inc., Class C, NVS(a)		11,753		265,148
DISH Network Corp., Class A(a)		9,437		387,578
Fox Corp., Class A, NVS		12,298		488,723
Fox Corp., Class B		5,673		209,674
Interpublic Group of Companies Inc. (The)		14,947		546,612
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		1,512		75,267
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		3,028		149,341
News Corp., Class A, NVS		14,857		340,225
News Corp., Class B		4,597		103,708
Omnicom Group Inc.		8,173		556,418
Sirius XM Holdings Inc.(b)		20,453		124,559
ViacomCBS Inc., Class A		393		15,299
ViacomCBS Inc., Class B, NVS		23,002		833,132
				13,279,471
Metals & Mining — 0.6%
Cleveland-Cliffs Inc.(a)		17,450		420,719
Freeport-McMoRan Inc.		23,879		900,716
Newmont Corp.		17,814		961,956
Nucor Corp.		11,229		1,253,718
Reliance Steel & Aluminum Co.		2,417		353,269
Southern Copper Corp.		1,643		98,564
Steel Dynamics Inc.		7,417		490,115
				4,479,057
Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		20,135		320,549
Annaly Capital Management Inc.		55,243		467,356
Starwood Property Trust Inc.		10,898		277,572
				1,065,477
Multi-Utilities — 1.3%
Ameren Corp.		9,800		826,042
CenterPoint Energy Inc.		22,678		590,535

Security	Shares		Value
Multi-Utilities (continued)
CMS Energy Corp.		7,803	$	470,911
Consolidated Edison Inc.		13,517		1,019,182
Dominion Energy Inc.		30,847		2,342,213
DTE Energy Co.		7,360		834,256
NiSource Inc.		14,895		367,459
Public Service Enterprise Group Inc.		19,310		1,231,978
Sempra Energy		12,143		1,549,811
WEC Energy Group Inc.		11,995		1,080,270
				10,312,657
Multiline Retail — 0.8%
Dollar General Corp.		6,448		1,428,361
Dollar Tree Inc.(a)		8,805		948,827
Kohl’s Corp.		5,932		287,880
Target Corp.		14,070		3,652,853
				6,317,921
Oil, Gas & Consumable Fuels — 5.0%
APA Corp.		14,357		376,297
Chevron Corp.		73,690		8,436,768
ConocoPhillips		51,025		3,800,852
Continental Resources Inc./OK		2,195		107,138
Coterra Energy Inc.		30,883		658,426
Devon Energy Corp.		24,033		963,243
Diamondback Energy Inc.		6,510		697,807
EOG Resources Inc.		22,286		2,060,564
Exxon Mobil Corp.		161,316		10,400,042
Hess Corp.		10,542		870,453
Kinder Morgan Inc.		74,397		1,246,150
Marathon Oil Corp.		29,935		488,539
Marathon Petroleum Corp.		24,268		1,599,989
Occidental Petroleum Corp.		33,884		1,136,131
ONEOK Inc.		16,939		1,077,659
Phillips 66		16,721		1,250,396
Pioneer Natural Resources Co.		8,627		1,613,076
Targa Resources Corp.		5,180		283,191
Texas Pacific Land Corp.		84		106,988
Valero Energy Corp.		15,527		1,200,703
Williams Companies Inc. (The)		46,412		1,303,713
				39,678,125
Personal Products — 0.1%
Coty Inc., Class A(a)		12,796		108,510
Estee Lauder Companies Inc. (The), Class A		3,051		989,531
				1,098,041
Pharmaceuticals — 5.7%
Bristol-Myers Squibb Co.		84,672		4,944,845
Elanco Animal Health Inc.(a)		5,392		177,289
Eli Lilly & Co.		16,376		4,171,950
Jazz Pharmaceuticals PLC(a)		2,344		311,846
Johnson & Johnson		100,309		16,338,330
Merck & Co. Inc.		96,456		8,492,951
Pfizer Inc.		213,638		9,344,526
Royalty Pharma PLC, Class A		13,556		535,868
Viatris Inc.		45,902		612,791
				44,930,396
Professional Services — 0.3%
Booz Allen Hamilton Holding Corp.		2,316		201,168
Dun & Bradstreet Holdings Inc.(a)		2,853		53,750
IHS Markit Ltd.		8,566		1,119,747
Jacobs Engineering Group Inc.		2,759		387,419
Leidos Holdings Inc.		3,710		370,926

104 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Nielsen Holdings PLC		13,619	$	275,785
Robert Half International Inc.		2,244		253,729
				2,662,524
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		7,397		769,880
Jones Lang LaSalle Inc.(a)		1,944		501,999
Opendoor Technologies Inc.(a)		14,570		345,455
				1,617,334
Road & Rail — 1.7%
AMERCO		143		105,389
CSX Corp.		85,948		3,108,739
Kansas City Southern		1,092		338,793
Knight-Swift Transportation Holdings Inc.		4,543		257,543
Lyft Inc., Class A(a)		6,752		309,714
Norfolk Southern Corp.		9,419		2,760,238
Union Pacific Corp.		24,849		5,998,549
XPO Logistics Inc.(a)		1,659		142,342
				13,021,307
Semiconductors & Semiconductor Equipment — 4.1%
Analog Devices Inc.		14,998		2,602,003
Applied Materials Inc.		11,302		1,544,418
Broadcom Inc.		10,571		5,620,284
First Solar Inc.(a)		1,975		236,190
Intel Corp.		154,589		7,574,861
KLA Corp.		2,223		828,645
Lam Research Corp.		1,758		990,756
Microchip Technology Inc.		13,994		1,036,815
Micron Technology Inc.		42,923		2,965,979
MKS Instruments Inc.		896		134,445
NXP Semiconductors NV		6,074		1,220,024
ON Semiconductor Corp.(a)		7,709		370,572
QUALCOMM Inc.		13,867		1,844,866
Skyworks Solutions Inc.		2,033		339,775
Texas Instruments Inc.		21,725		4,073,003
Wolfspeed Inc.(a)(b)		1,918		230,371
Xilinx Inc.		3,873		697,140
				32,310,147
Software — 0.7%
Citrix Systems Inc.		2,358		223,373
NortonLifeLock Inc.		15,678		399,005
Nuance Communications Inc.(a)		5,414		298,041
Oracle Corp.		40,738		3,908,404
SS&C Technologies Holdings Inc.		4,928		391,628
				5,220,451
Specialty Retail — 2.7%
Advance Auto Parts Inc.		1,346		303,550
AutoNation Inc.(a)		1,670		202,270
AutoZone Inc.(a)		528		942,396
Bath & Body Works Inc.		4,734		327,072
Best Buy Co. Inc.		8,552		1,045,396
CarMax Inc.(a)		3,798		520,022
GameStop Corp., Class A(a)(b)		2,379		436,570
Gap Inc. (The)		8,277		187,805
Home Depot Inc. (The)		26,953		10,019,508
Lowe’s Companies Inc.		13,976		3,267,868
O’Reilly Automotive Inc.(a)		1,750		1,089,060
Ross Stores Inc.		5,471		619,317
TJX Companies Inc. (The)		20,746		1,358,656
Tractor Supply Co.		1,886		409,583

Security	Shares		Value
Specialty Retail (continued)
Williams-Sonoma Inc.		1,498	$	278,224
				21,007,297
Technology Hardware, Storage & Peripherals — 4.9%
Apple Inc.		222,012		33,257,398
Dell Technologies Inc., Class C(a)		10,542		1,159,515
Hewlett Packard Enterprise Co.		49,562		726,083
HP Inc.		45,871		1,391,267
NetApp Inc.		8,574		765,658
Seagate Technology Holdings PLC		8,007		713,184
Western Digital Corp.(a)		6,976		364,775
				38,377,880
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		5,749		306,077
Nike Inc., Class B		15,427		2,580,783
PVH Corp.(a)		2,712		296,503
Tapestry Inc.		10,592		412,876
				3,596,239
Tobacco — 1.1%
Altria Group Inc.		70,288		3,100,404
Philip Morris International Inc.		59,387		5,614,447
				8,714,851
Trading Companies & Distributors — 0.1%
United Rentals Inc.(a)		1,885		714,622
WW Grainger Inc.		796		368,636
				1,083,258
Water Utilities — 0.1%
American Water Works Co. Inc.		3,067		534,210
Essential Utilities Inc.		3,750		176,513
				710,723
Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.(a)		8,737		1,005,017
Total Common Stocks — 99.8% (Cost: $674,406,679)				785,355,242
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		1,567,295		1,568,079
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,940,000		1,940,000
				3,508,079
Total Short-Term Investments — 0.4% (Cost: $3,508,079)				3,508,079
Total Investments in Securities — 100.2% (Cost: $677,914,758)				788,863,321
Other Assets, Less Liabilities — (0.2)%				(1,889,458	)
Net Assets — 100.0%			$	786,973,863

^(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 the cash collateral from loaned securities.

SCHEDULE   OF   INVESTMENTS 105

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,531,709	$	36,490(a	)	$	—		$	(122	)	$	2	$	1,568,079		1,567,295	$	2,367(b	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,890,000		50,000(a	)		—			—			—		1,940,000		1,940,000		39			—
BlackRock Inc.		3,959,677		602,080			(61,767	)		748			642,062		5,142,800		5,451		42,944			—
									$	626		$	642,064	$	8,650,879			$	45,350		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		8		12/17/21	$	572	$	8,212
E-Mini Financial Select Sector Index		6		12/17/21		743		24,835
S&P 500 E-Mini Index		1		12/17/21		230		9,073
							$	42,120

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	42,120

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	147,169
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	19,226

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,758,262

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

106 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® Morningstar Value ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	785,355,242	$	—	$	—	$	785,355,242
Money Market Funds		3,508,079		—		—		3,508,079
	$	788,863,321	$	—	$	—	$	788,863,321
Derivative financial instruments(a)
Assets
Futures Contracts	$	42,120	$	—	$	—	$	42,120

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 107

Statement of Assets and Liabilities  (unaudited)

October 31, 2021

	iShares Morningstar Growth ETF		iShares Morningstar Mid-Cap ETF		iShares Morningstar Mid-Cap Growth ETF		iShares Morningstar Mid-Cap Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,246,532,154	$	923,074,182	$	1,352,705,286	$	477,291,215
Affiliated(c)		37,897,392		37,928,054		82,775,716		10,723,857
Cash		32,628		28,500		32,697		16,597
Cash pledged:
Futures contracts		153,000		90,000		111,000		45,000
Receivables:
Investments sold		—		243		243		408,420
Securities lending income — Affiliated		3,771		5,293		9,030		1,701
Variation margin on futures contracts		12,616		1,991		4,359		—
Capital shares sold		—		336,415		1,129,642		—
Dividends		427,280		338,830		215,109		282,825
Total assets		2,285,058,841		961,803,508		1,436,983,082		488,769,615
LIABILITIES
Collateral on securities loaned, at value		35,183,390		36,302,746		80,915,999		9,919,621
Payables:
Investments purchased		373,834		336,414		2,196,926		—
Variation margin on futures contracts		—		—		—		2,072
Investment advisory fees		73,110		30,705		66,338		23,863
Total liabilities		35,630,334		36,669,865		83,179,263		9,945,556
NET ASSETS	$	2,249,428,507	$	925,133,643	$	1,353,803,819	$	478,824,059
NET ASSETS CONSIST OF:
Paid-in capital	$	1,613,951,846	$	801,421,619	$	1,076,600,723	$	410,826,350
Accumulated earnings		635,476,661		123,712,024		277,203,096		67,997,709
NET ASSETS	$	2,249,428,507	$	925,133,643	$	1,353,803,819	$	478,824,059
Shares outstanding		31,650,000		13,100,000		18,250,000		7,250,000
Net asset value	$	71.07	$	70.62	$	74.18	$	66.04
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	34,771,525	$	36,257,173	$	80,879,552	$	9,664,940
(b) Investments, at cost — Unaffiliated	$	1,541,568,952	$	771,787,307	$	1,108,220,586	$	404,390,666
(c)  Investments, at cost — Affiliated	$	37,897,392	$	37,927,805	$	82,759,357	$	10,723,857

See notes to financial statements.

108 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statement of Assets and Liabilities  (unaudited) (continued)

October 31, 2021

	iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF			iShares Morningstar Small-Cap Value ETF		iShares Morningstar U.S. Equity ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	241,576,701		$	471,375,204		$	416,086,190	$	935,705,002
Affiliated(c)		23,542,859			65,940,771			18,096,493		14,934,584
Cash		210,587			906,460			—		24,457
Cash pledged:
Futures contracts		29,000			85,000			53,000		117,000
Receivables:
Investments sold		—			155,471			—		—
Securities lending income — Affiliated		13,585			40,045			6,887		1,385
Variation margin on futures contracts		23			1,449			445		4,740
Dividends		55,785			37,308			167,330		665,929
Total assets		265,428,540			538,541,708			434,410,345		951,453,097
LIABILITIES
Bank overdraft		—			—			74,933		—
Collateral on securities loaned, at value		23,049,816			64,750,230			17,043,846		10,338,806
Payables:
Investments purchased		19,305			—			76,597		—
Investment advisory fees		8,116			23,573			21,179		23,228
Total liabilities		23,077,237			64,773,803			17,216,555		10,362,034
NET ASSETS	$	242,351,303		$	473,767,905		$	417,193,790	$	941,091,063
NET ASSETS CONSIST OF:
Paid-in capital	$	251,393,506		$	503,703,027		$	392,056,269	$	797,472,500
Accumulated earnings (loss)		(9,042,203	)		(29,935,122	)		25,137,521		143,618,563
NET ASSETS	$	242,351,303		$	473,767,905		$	417,193,790	$	941,091,063
Shares outstanding		4,150,000			9,150,000			7,100,000		14,500,000
Net asset value	$	58.40		$	51.78		$	58.76	$	64.90
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Securities loaned, at value	$	22,560,863		$	63,488,467		$	16,617,110	$	10,170,829
(b) Investments, at cost — Unaffiliated	$	229,411,409		$	456,449,125		$	386,884,002	$	747,787,904
(c)  Investments, at cost — Affiliated	$	23,541,043		$	65,921,352		$	18,093,252	$	13,398,162

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 109

Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2021

	iShares Morningstar Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	780,212,442
Affiliated(c)		8,650,879
Cash		96,854
Cash pledged:
Futures contracts		61,000
Receivables:
Investments sold		145,354
Securities lending income — Affiliated		563
Dividends		1,004,513
Total assets		790,171,605
LIABILITIES
Collateral on securities loaned, at value		1,568,374
Payables:
Investments purchased		1,600,484
Variation margin on futures contracts		2,633
Investment advisory fees		26,251
Total liabilities		3,197,742
NET ASSETS	$	786,973,863
NET ASSETS CONSIST OF:
Paid-in capital	$	724,136,930
Accumulated earnings		62,836,933
NET ASSETS	$	786,973,863
Shares outstanding		11,750,000
Net asset value	$	66.98
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	1,525,422
(b) Investments, at cost — Unaffiliated	$	670,330,785
(c)  Investments, at cost — Affiliated	$	7,583,973

See notes to financial statements.

110 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2021

	iShares Morningstar Growth ETF			iShares Morningstar Mid-Cap ETF			iShares Morningstar Mid-Cap Growth ETF			iShares Morningstar Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	5,137,719		$	5,352,478		$	3,591,026		$	4,971,778
Dividends — Affiliated		101			51			63			27
Securities lending income — Affiliated — net		23,965			44,591			57,726			7,713
Foreign taxes withheld		(941	)		—			—			—
Total investment income		5,160,844			5,397,120			3,648,815			4,979,518
EXPENSES
Investment advisory fees		418,631			181,201			385,910			141,406
Total expenses		418,631			181,201			385,910			141,406
Net investment income		4,742,213			5,215,919			3,262,905			4,838,112
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		9,455,555			(1,824,394	)		(4,821,576	)		(4,332,641	)
Investments — Affiliated		(2,126	)		(3,429	)		(3,404	)		(370	)
In-kind redemptions — Unaffiliated		29,727,190			31,128,082			105,628,647			27,357,765
Futures contracts		625,695			70,734			107,549			(14,889	)
Net realized gain		39,806,314			29,370,993			100,911,216			23,009,865
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		253,813,614			31,864,349			29,760,063			(13,523,279	)
Investments — Affiliated		—			2,554			2,409			—
Futures contracts		28,164			10,489			(19,749	)		(16,734	)
Net change in unrealized appreciation (depreciation)		253,841,778			31,877,392			29,742,723			(13,540,013	)
Net realized and unrealized gain		293,648,092			61,248,385			130,653,939			9,469,852
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	298,390,305		$	66,464,304		$	133,916,844		$	14,307,964

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 111

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2021

	iShares Morningstar Small-Cap ETF			iShares Morningstar Small-Cap Growth ETF			iShares Morningstar Small-Cap Value ETF			iShares Morningstar U.S. Equity ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,506,130		$	1,789,340		$	4,296,621		$	5,983,315
Dividends — Affiliated		13			22			22			26,361
Securities lending income — Affiliated — net		85,409			166,036			42,146			13,840
Foreign taxes withheld		(969	)		(2,468	)		(1,510	)		(1,045	)
Total investment income		1,590,583			1,952,930			4,337,279			6,022,471
EXPENSES
Investment advisory fees		48,223			150,500			133,218			137,056
Total expenses		48,223			150,500			133,218			137,056
Net investment income		1,542,360			1,802,430			4,204,061			5,885,415
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		5,499,904			(74,419	)		(5,799,514	)		3,487,524
Investments — Affiliated		(1,718	)		(5,863	)		(878	)		18,152
In-kind redemptions — Unaffiliated		321,729			15,284,720			36,770,477			6,050,728
In-kind redemptions — Affiliated		—			—			—			67,292
Futures contracts		(9,225	)		40,395			(39,767	)		223,717
Net realized gain		5,810,690			15,244,833			30,930,318			9,847,413
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(5,440,586	)		(22,069,076	)		(35,172,424	)		75,979,909
Investments — Affiliated		952			3,728			621			307,256
Futures contracts		8,662			45,949			38,726			10,885
Net change in unrealized appreciation (depreciation)		(5,430,972	)		(22,019,399	)		(35,133,077	)		76,298,050
Net realized and unrealized gain (loss)		379,718			(6,774,566	)		(4,202,759	)		86,145,463
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,922,078		$	(4,972,136	)	$	1,302		$	92,030,878

See notes to financial statements.

112 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2021

	iShares Morningstar Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	8,001,043
Dividends — Affiliated		42,983
Securities lending income — Affiliated — net		2,367
Foreign taxes withheld		(1,362	)
Total investment income		8,045,031
EXPENSES
Investment advisory fees		149,936
Total expenses		149,936
Net investment income		7,895,095
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		4,287,475
Investments — Affiliated		(2,546	)
In-kind redemptions — Unaffiliated		507,149
In-kind redemptions — Affiliated		3,172
Futures contracts		147,169
Net realized gain		4,942,419
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		31,370,072
Investments — Affiliated		642,064
Futures contracts		19,226
Net change in unrealized appreciation (depreciation)		32,031,362
Net realized and unrealized gain		36,973,781
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,868,876

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 113

Statements of Changes in Net Assets

	iShares Morningstar Growth ETF						iShares Morningstar Mid-Cap ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,742,213		$	4,845,931		$	5,215,919		$	7,719,141
Net realized gain		39,806,314			608,589,359			29,370,993			169,085,137
Net change in unrealized appreciation (depreciation)		253,841,778			25,251,220			31,877,392			131,348,468
Net increase in net assets resulting from operations		298,390,305			638,686,510			66,464,304			308,152,746
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,424,009	)		(4,551,595	)		(5,297,013	)		(8,255,303	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		68,411,352			(266,458,523	)		(17,950,296	)		14,113,783
NET ASSETS
Total increase in net assets		362,377,648			367,676,392			43,216,995			314,011,226
Beginning of period		1,887,050,859			1,519,374,467			881,916,648			567,905,422
End of period	$	2,249,428,507		$	1,887,050,859		$	925,133,643		$	881,916,648

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

See notes to financial statements.

114 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Morningstar Mid-Cap Growth ETF						iShares Morningstar Mid-Cap Value ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,262,905		$	1,489,667		$	4,838,112		$	8,547,297
Net realized gain		100,911,216			312,645,564			23,009,865			10,693,688
Net change in unrealized appreciation (depreciation)		29,742,723			160,236,041			(13,540,013	)		164,917,635
Net increase in net assets resulting from operations		133,916,844			474,371,272			14,307,964			184,158,620
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,289,967	)		(981,614	)		(4,301,135	)		(8,834,502	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(296,702,927	)		513,857,069			11,122,753			(48,677,560	)
NET ASSETS
Total increase (decrease) in net assets		(166,076,050	)		987,246,727			21,129,582			126,646,558
Beginning of period		1,519,879,869			532,633,142			457,694,477			331,047,919
End of period	$	1,353,803,819		$	1,519,879,869		$	478,824,059		$	457,694,477

^(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 115

Statements of Changes in Net Assets (continued)

	iShares Morningstar Small-Cap ETF						iShares Morningstar Small-Cap Growth ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,542,360		$	2,578,321		$	1,802,430		$	549,019
Net realized gain		5,810,690			53,388,319			15,244,833			135,916,805
Net change in unrealized appreciation (depreciation)		(5,430,972	)		45,406,720			(22,019,399	)		25,548,876
Net increase (decrease) in net assets resulting from operations		1,922,078			101,373,360			(4,972,136	)		162,014,700
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,401,048	)		(2,733,151	)		(1,697,810	)		(481,903	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,339			(41,954,608	)		(285,877,103	)		413,270,056
NET ASSETS
Total increase (decrease) in net assets		550,369			56,685,601			(292,547,049	)		574,802,853
Beginning of period		241,800,934			185,115,333			766,314,954			191,512,101
End of period	$	242,351,303		$	241,800,934		$	473,767,905		$	766,314,954

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

See notes to financial statements.

116 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Morningstar Small-Cap Value ETF						iShares Morningstar U.S. Equity ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,204,061		$	6,398,262		$	5,885,415		$	10,923,696
Net realized gain		30,930,318			23,415,875			9,847,413			257,045,152
Net change in unrealized appreciation (depreciation)		(35,133,077	)		156,299,547			76,298,050			33,456,163
Net increase in net assets resulting from operations		1,302			186,113,684			92,030,878			301,425,011
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,583,949	)		(6,659,248	)		(5,435,391	)		(10,641,246	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(25,301,864	)		9,611,427			(36,691,826	)		(117,661,509	)
NET ASSETS
Total increase (decrease) in net assets		(28,884,511	)		189,065,863			49,903,661			173,122,256
Beginning of period		446,078,301			257,012,438			891,187,402			718,065,146
End of period	$	417,193,790		$	446,078,301		$	941,091,063		$	891,187,402

^(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 117

Statements of Changes in Net Assets (continued)

	iShares Morningstar Value ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,895,095		$	14,830,848
Net realized gain		4,942,419			62,614,272
Net change in unrealized appreciation (depreciation)		32,031,362			85,982,111
Net increase in net assets resulting from operations		44,868,876			163,427,231
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,399,699	)		(15,026,189	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		61,746,796			91,874,202
NET ASSETS
Total increase in net assets		99,215,973			240,275,244
Beginning of period		687,757,890			447,482,646
End of period	$	786,973,863		$	687,757,890

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

See notes to financial statements.

118 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Growth ETF
	Six Months Ended
		10/31/21 (unaudited)			Year Ended 04/30/21(a)			Year Ended 04/30/20(a)			Year Ended 04/30/19(a)			Year Ended 04/30/18(a)			Year Ended 04/30/17(a)
Net asset value, beginning of period		$	61.87		$	42.80		$	38.08		$	33.00		$	27.25		$	23.27
Net investment income(b)			0.15			0.14			0.21			0.23			0.30			0.22
Net realized and unrealized gain(c)			9.19			19.07			4.73			5.10			5.74			3.98
Net increase from investment operations			9.34			19.21			4.94			5.33			6.04			4.20
Distributions(d)
From net investment income			(0.14	)		(0.14	)		(0.22	)		(0.25	)		(0.29	)		(0.22	)
Total distributions			(0.14	)		(0.14	)		(0.22	)		(0.25	)		(0.29	)		(0.22	)
Net asset value, end of period		$	71.07		$	61.87		$	42.80		$	38.08		$	33.00		$	27.25
Total Return(e)
Based on net asset value			15.11	%(f)		44.94	%		13.04	%		16.21	%		22.26	%		18.15	%
Ratios to Average Net Assets
Total expenses			0.04	%(g)		0.23	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income			0.45	%(g)		0.27	%		0.54	%		0.66	%		0.97	%		0.91	%
Supplemental Data
Net assets, end of period (000)		$	2,249,429		$	1,887,051		$	1,519,374		$	1,104,273		$	932,317		$	729,026
Portfolio turnover rate(h)			12	%(f)		97	%		28	%		23	%		48	%		31	%

^(a)  Per share amounts reflect a five-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  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 119

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap ETF
	Six Months Ended
			10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period		$	65.81		$	43.02		$	49.08		$	45.05		$	42.00		$	36.49
Net investment income(b)			0.39			0.57			0.67			0.75			0.62			0.50
Net realized and unrealized gain (loss)(c)			4.82			22.83			(6.03	)		4.05			3.03			5.67
Net increase (decrease) from investment operations			5.21			23.40			(5.36	)		4.80			3.65			6.17
Distributions(d)
From net investment income			(0.40	)		(0.61	)		(0.70	)		(0.77	)		(0.60	)		(0.66	)
Total distributions			(0.40	)		(0.61	)		(0.70	)		(0.77	)		(0.60	)		(0.66	)
Net asset value, end of period		$	70.62		$	65.81		$	43.02		$	49.08		$	45.05		$	42.00
Total Return(e)
Based on net asset value			7.95	%(f)		54.74	%		(10.99	)%		10.79	%		8.73	%		17.06	%
Ratios to Average Net Assets
Total expenses			0.04	%(g)		0.22	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income			1.15	%(g)		1.06	%		1.39	%		1.63	%		1.40	%		1.28	%
Supplemental Data
Net assets, end of period (000)		$	925,134		$	881,917		$	567,905		$	716,534		$	747,858		$	747,607
Portfolio turnover rate(h)			16	%(f)		133	%		55	%		60	%		50	%		56	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

120 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Growth ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	66.52		$	42.27		$	40.66		$	34.55		$	29.55		$	25.60
Net investment income(b)		0.18			0.07			0.13			0.09			0.13			0.14
Net realized and unrealized gain(c)		7.66			24.23			1.61			6.13			5.02			3.96
Net increase from investment operations		7.84			24.30			1.74			6.22			5.15			4.10
Distributions(d)
From net investment income		(0.18	)		(0.05	)		(0.13	)		(0.11	)		(0.15	)		(0.15	)
Total distributions		(0.18	)		(0.05	)		(0.13	)		(0.11	)		(0.15	)		(0.15	)
Net asset value, end of period	$	74.18		$	66.52		$	42.27		$	40.66		$	34.55		$	29.55
Total Return(e)
Based on net asset value		11.81	%(f)		57.51	%		4.29	%		18.03	%		17.46	%		16.06	%
Ratios to Average Net Assets
Total expenses		0.06	%(g)		0.27	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		0.51	%(g)		0.12	%		0.31	%		0.25	%		0.38	%		0.52	%
Supplemental Data
Net assets, end of period (000)	$	1,353,804		$	1,519,880		$	532,633		$	475,724		$	259,139		$	212,773
Portfolio turnover rate(h)		22	%(f)		90	%		26	%		30	%		43	%		47	%

^(a)  Per share amounts reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Annualized.

^(h)  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 121

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Value ETF
	Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	64.01		$	40.13		$	53.28		$	52.55		$	49.30		$	41.87
Net investment income(b)				0.67			1.14			1.50			1.23			1.09			0.96
Net realized and unrealized gain (loss)(c)				1.96			23.92			(13.08	)		0.73			3.21			7.40
Net increase (decrease) from investment operations				2.63			25.06			(11.58	)		1.96			4.30			8.36
Distributions(d)
From net investment income				(0.60	)		(1.18	)		(1.57	)		(1.23	)		(1.05	)		(0.93	)
Total distributions				(0.60	)		(1.18	)		(1.57	)		(1.23	)		(1.05	)		(0.93	)
Net asset value, end of period			$	66.04		$	64.01		$	40.13		$	53.28		$	52.55		$	49.30
Total Return(e)
Based on net asset value				4.13	%(f)		63.45	%		(22.07	)%		3.83	%		8.81	%		20.15	%
Ratios to Average Net Assets
Total expenses				0.06	%(g)		0.27	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income				2.05	%(g)		2.32	%		2.95	%		2.36	%		2.13	%		2.06	%
Supplemental Data
Net assets, end of period (000)			$	478,824		$	457,694		$	331,048		$	463,524		$	417,801		$	384,524
Portfolio turnover rate(h)				21	%(f)		95	%		51	%		35	%		45	%		38	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

122 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	58.27		$	35.60		$	43.90		$	42.58		$	40.28		$	33.61
Net investment income(b)				0.37			0.56			0.57			0.58			0.49			0.42
Net realized and unrealized gain (loss)(c)				0.10			22.71			(8.23	)		1.34			2.35			6.88
Net increase (decrease) from investment operations				0.47			23.27			(7.66	)		1.92			2.84			7.30
Distributions(d)
From net investment income				(0.34	)		(0.60	)		(0.64	)		(0.60	)		(0.54	)		(0.63	)
Total distributions				(0.34	)		(0.60	)		(0.64	)		(0.60	)		(0.54	)		(0.63	)
Net asset value, end of period			$	58.40		$	58.27		$	35.60		$	43.90		$	42.58		$	40.28
Total Return(e)
Based on net asset value				0.81	%(f)		65.95	%		(17.58	)%		4.56	%		7.09	%		21.86	%
Ratios to Average Net Assets
Total expenses				0.04	%(g)		0.22	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income				1.28	%(g)		1.24	%		1.34	%		1.33	%		1.18	%		1.13	%
Supplemental Data
Net assets, end of period (000)			$	242,351		$	241,801		$	185,115		$	237,032		$	246,938		$	241,644
Portfolio turnover rate(h)				28	%(f)		175	%		62	%		67	%		56	%		66	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  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 123

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap Growth ETF
		Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	51.60		$	31.92		$	34.17		$	30.51		$	25.81		$	21.76
Net investment income(b)				0.18			0.05			0.08			0.04			0.12			0.14
Net realized and unrealized gain (loss)(c)				0.18			19.68			(2.24	)		3.72			4.71			4.22
Net increase (decrease) from investment operations				0.36			19.73			(2.16	)		3.76			4.83			4.36
Distributions(d)
From net investment income				(0.18	)		(0.05	)		(0.09	)		(0.10	)		(0.13	)		(0.31	)
Total distributions				(0.18	)		(0.05	)		(0.09	)		(0.10	)		(0.13	)		(0.31	)
Net asset value, end of period			$	51.78		$	51.60		$	31.92		$	34.17		$	30.51		$	25.81
Total Return(e)
Based on net asset value				0.70	%(f)		61.86	%		(6.32	)%		12.35	%		18.75	%		20.10	%
Ratios to Average Net Assets
Total expenses				0.06	%(g)		0.26	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income				0.72	%(g)		0.11	%		0.24	%		0.12	%		0.42	%		0.60	%
Supplemental Data
Net assets, end of period (000)			$	473,768		$	766,315		$	191,512		$	215,251		$	164,737		$	116,125
Portfolio turnover rate(h)				33	%(f)		156	%		57	%		55	%		51	%		63	%

^(a)  Per share amounts reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

124 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap Value ETF
		Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	58.31		$	32.95		$	47.85		$	48.08		$	47.92		$	40.75
Net investment income(b)				0.56			0.89			1.02			1.08			0.86			1.03
Net realized and unrealized gain (loss)(c)				0.38			25.39			(14.74	)		(0.23	)		0.20			7.28
Net increase (decrease) from investment operations				0.94			26.28			(13.72	)		0.85			1.06			8.31
Distributions(d)
From net investment income				(0.49	)		(0.92	)		(1.18	)		(1.08	)		(0.90	)		(1.14	)
Total distributions				(0.49	)		(0.92	)		(1.18	)		(1.08	)		(0.90	)		(1.14	)
Net asset value, end of period			$	58.76		$	58.31		$	32.95		$	47.85		$	48.08		$	47.92
Total Return(e)
Based on net asset value				1.62	%(f)		80.90	%		(29.05	)%		1.83	%		2.23	%		20.58	%
Ratios to Average Net Assets
Total expenses				0.06	%(g)		0.26	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income				1.89	%(g)		2.07	%		2.34	%		2.24	%		1.78	%		2.29	%
Supplemental Data
Net assets, end of period (000)			$	417,194		$	446,078		$	257,012		$	430,681		$	447,161		$	481,551
Portfolio turnover rate(h)				26	%(f)		145	%		65	%		48	%		54	%		48	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  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 125

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar U.S. Equity ETF
		Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	59.02		$	40.80		$	41.90		$	38.08		$	35.72		$	30.15
Net investment income(b)				0.40			0.66			0.81			0.81			0.73			0.64
Net realized and unrealized gain (loss)(c)				5.85			18.21			(0.88	)		3.82			2.36			5.61
Net increase (decrease) from investment operations				6.25			18.87			(0.07	)		4.63			3.09			6.25
Distributions(d)
From net investment income				(0.37	)		(0.65	)		(1.03	)		(0.81	)		(0.73	)		(0.68	)
Total distributions				(0.37	)		(0.65	)		(1.03	)		(0.81	)		(0.73	)		(0.68	)
Net asset value, end of period			$	64.90		$	59.02		$	40.80		$	41.90		$	38.08		$	35.72
Total Return(e)
Based on net asset value				10.62	%(f)		46.58	%		(0.13	)%		12.33	%		8.66	%		20.97	%
Ratios to Average Net Assets
Total expenses				0.03	%(g)		0.18	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income				1.29	%(g)		1.32	%		1.90	%		2.05	%		1.91	%		1.96	%
Supplemental Data
Net assets, end of period (000)			$	941,091		$	891,187		$	718,065		$	863,172		$	944,382		$	814,433
Portfolio turnover rate(h)				4	%(f)		131	%		49	%		38	%		46	%		45	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

126 2 0 2 1   I SHARES   S E M I - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Value ETF
		Six Months Ended
		10/31/21 (unaudited)					Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period			$	63.68		$	48.12		$	54.18		$	50.55		$	47.54		$	42.52
Net investment income(b)				0.69			1.55			1.65			1.49			1.28			1.27
Net realized and unrealized gain (loss)(c)				3.25			15.58			(6.04	)		3.58			3.01			5.01
Net increase (decrease) from investment operations				3.94			17.13			(4.39	)		5.07			4.29			6.28
Distributions(d)
From net investment income				(0.64	)		(1.57	)		(1.67	)		(1.44	)		(1.28	)		(1.26	)
Total distributions				(0.64	)		(1.57	)		(1.67	)		(1.44	)		(1.28	)		(1.26	)
Net asset value, end of period			$	66.98		$	63.68		$	48.12		$	54.18		$	50.55		$	47.54
Total Return(e)
Based on net asset value				6.22	%(f)		36.36	%		(8.23	)%		10.22	%		9.07	%		14.95	%
Ratios to Average Net Assets
Total expenses				0.04	%(g)		0.22	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income				2.11	%(g)		2.88	%		3.06	%		2.86	%		2.54	%		2.78	%
Supplemental Data
Net assets, end of period (000)			$	786,974		$	687,758		$	447,483		$	492,996		$	374,024		$	380,268
Portfolio turnover rate(h)				11	%(f)		112	%		36	%		24	%		24	%		31	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Annualized.

^(h) 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 127

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 Growth	Non-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
Morningstar U.S. Equity	Diversified
Morningstar 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. 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 Statements 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 record 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.

128 2 0 2 1   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)

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. Each Fund determines the fair values 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 or trade price on the exchange where the contract is traded.

If events (e.g., 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 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 judgment 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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

N O T ES   T O   F I N A N C I A L   S T A T E M E N T S 129

Notes to Financial Statements  (unaudited) (continued)

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Morningstar Growth
Barclays Bank PLC	$	2,994,086	$	2,994,086		$	—	$	—
Barclays Capital, Inc.		5,410,288		5,258,161			—		(152,127	)(b)
BNP Paribas SA		1,550,499		1,550,499			—		—
BofA Securities, Inc.		61,665		61,665			—		—
Credit Suisse Securities (USA) LLC		99,276		99,276			—		—
Goldman Sachs & Co. LLC		1,027,223		1,027,223			—		—
J.P. Morgan Securities LLC		3,307,585		3,265,817			—		(41,768	)(b)
Morgan Stanley		1,183,656		1,183,656			—		—
Scotia Capital (USA), Inc.		9,001,067		9,001,067			—		—
State Street Bank & Trust Co.		4,321,029		4,321,029			—		—
Toronto Dominion Bank		2,931		2,931			—		—
UBS AG		5,812,220		5,628,899			—		(183,321	)(b)
	$	34,771,525	$	34,394,309		$	—	$	(377,216	)
Morningstar Mid-Cap
Barclays Bank PLC	$	5,562,288	$	5,562,288		$	—	$	—
Barclays Capital, Inc.		71,984		71,327			—		(657	)(b)
BNP Paribas SA		5,305,364		5,305,364			—		—
BofA Securities, Inc.		3,066,406		3,057,831			—		(8,575	)(b)
Citigroup Global Markets, Inc.		505,384		505,384			—		—
Goldman Sachs & Co. LLC		4,586,639		4,586,639			—		—
J.P. Morgan Securities LLC		10,676,906		10,382,723			—		(294,183	)(b)
Morgan Stanley		2,307,541		2,307,541			—		—
Scotia Capital (USA), Inc.		366,274		366,274			—		—
State Street Bank & Trust Co.		1,329,149		1,329,149			—		—
UBS AG		990,688		990,688			—		—
Wells Fargo Securities LLC		1,488,550		1,488,550			—		—
	$	36,257,173	$	35,953,758		$	—	$	(303,415	)
Morningstar Mid-Cap Growth
Barclays Bank PLC	$	81,391	$	81,391		$	—	$	—
BMO Capital Markets Corp.		98,872		98,872			—		—
BNP Paribas SA		6,529,917		6,442,973			—		(86,944	)(b)
BofA Securities, Inc.		8,946,326		8,858,406			—		(87,920	)(b)
Citigroup Global Markets, Inc.		9,442,996		9,437,429			—		(5,567	)(b)
Credit Suisse Securities (USA) LLC		394,641		394,641			—		—
Goldman Sachs & Co. LLC		8,958,690		8,958,690			—		—
J.P. Morgan Securities LLC		27,431,218		27,044,354			—		(386,864	)(b)
Scotia Capital (USA), Inc.		913,428		913,428			—		—
State Street Bank & Trust Co.		3,949,947		3,949,947			—		—
Toronto Dominion Bank		3,355,134		3,355,134			—		—
UBS AG		3,112,810		3,112,810			—		—
Wells Fargo Bank N.A.		2,404,624		2,404,624			—		—
Wells Fargo Securities LLC		5,259,558		5,259,558			—		—
	$	80,879,552	$	80,312,257		$	—	$	(567,295	)

130 2 0 2 1   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 Mid-Cap Value
Barclays Bank PLC	$	1,572,662	$	1,572,662		$	—	$	—
BNP Paribas SA		1,886,238		1,886,238			—		—
Citigroup Global Markets, Inc.		1,838,915		1,838,915			—		—
Goldman Sachs & Co. LLC		2,440,610		2,440,610			—		—
J.P. Morgan Securities LLC		901,286		901,286			—		—
Morgan Stanley		444,424		440,843			—		(3,581	)(b)
SG Americas Securities LLC		4,149		4,149			—		—
Wells Fargo Securities LLC		576,656		576,656			—		—
	$	9,664,940	$	9,661,359		$	—	$	(3,581	)
Morningstar Small-Cap
Barclays Bank PLC	$	1,106,553	$	1,106,553		$	—	$	—
Barclays Capital, Inc.		156,511		156,511			—		—
BNP Paribas SA		2,193,361		2,193,361			—		—
BofA Securities, Inc.		1,857,145		1,857,145			—		—
Citigroup Global Markets, Inc.		413,525		413,525			—		—
Credit Suisse Securities (USA) LLC		906,116		906,116			—		—
Deutsche Bank Securities, Inc.		29,228		29,228			—		—
Goldman Sachs & Co. LLC		6,441,638		6,441,638			—		—
HSBC Bank PLC		50,223		50,223			—		—
J.P. Morgan Securities LLC		2,343,359		2,343,359			—		—
Jefferies LLC		315,068		314,327			—		(741	)(b)
Morgan Stanley		3,530,442		3,530,442			—		—
National Financial Services LLC		738,201		736,417			—		(1,784	)(b)
Natixis S.A.		262,467		261,951			—		(516	)(b)
Scotia Capital (USA), Inc.		159,393		159,393			—		—
State Street Bank & Trust Co.		101,174		101,174			—		—
Toronto Dominion Bank		426,807		426,807			—		—
UBS AG		175,996		175,996			—		—
UBS Securities LLC		346,941		346,941			—		—
Virtu Americas LLC		563,297		563,297			—		—
Wells Fargo Bank N.A.		301,333		301,333			—		—
Wells Fargo Securities LLC		142,085		142,085			—		—
	$	22,560,863	$	22,557,822		$	—	$	(3,041	)
Morningstar Small-Cap Growth
Barclays Bank PLC	$	3,585,311	$	3,585,311		$	—	$	—
Barclays Capital, Inc.		230,625		230,625			—		—
BNP Paribas SA		6,170,161		6,170,161			—		—
BofA Securities, Inc.		5,152,057		5,152,057			—		—
Citadel Clearing LLC		284,752		284,386			—		(366	)(b)
Citigroup Global Markets, Inc.		923,633		923,633			—		—
Credit Suisse Securities (USA) LLC		2,706,222		2,706,222			—		—
Goldman Sachs & Co. LLC		14,973,292		14,973,292			—		—
HSBC Bank PLC		172,251		172,251			—		—
J.P. Morgan Securities LLC		9,466,863		9,466,863			—		—
Jefferies LLC		996,429		996,429			—		—
Morgan Stanley		9,141,480		9,141,480			—		—
National Financial Services LLC		1,296,935		1,296,935			—		—
Natixis S.A.		112,691		112,691			—		—
Nomura Securities International, Inc.		14,619		14,619			—		—
Scotia Capital (USA), Inc.		652,988		652,988			—		—
State Street Bank & Trust Co.		3,399,716		3,399,716			—		—
Toronto Dominion Bank		1,781,948		1,781,948			—		—
UBS AG		334,237		334,237			—		—
UBS Securities LLC		219,128		216,401			—		(2,727	)(b)
Wells Fargo Bank N.A.		1,259,274		1,259,274			—		—
Wells Fargo Securities LLC		613,855		613,855			—		—
	$	63,488,467	$	63,485,374		$	—	$	(3,093	)

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 131

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 Value
Barclays Bank PLC	$	898,359	$	892,254		$	—	$	(6,105	)(b)
Barclays Capital, Inc.		109,894		109,894			—		—
BNP Paribas SA		873,184		873,184			—		—
BofA Securities, Inc.		1,680,508		1,672,556			—		(7,952	)(b)
Citigroup Global Markets, Inc.		2,733,350		2,733,350			—		—
Credit Suisse Securities (USA) LLC		397,638		397,638			—		—
Goldman Sachs & Co. LLC		2,446,300		2,446,300			—		—
HSBC Bank PLC		764,252		764,252			—		—
J.P. Morgan Securities LLC		879,421		879,421			—		—
Jefferies LLC		7,671		7,671			—		—
Morgan Stanley		5,109,331		5,109,331			—		—
National Financial Services LLC		118,048		118,048			—		—
State Street Bank & Trust Co.		73,333		73,333			—		—
Toronto Dominion Bank		24,597		24,597			—		—
UBS AG		166,804		166,804			—		—
UBS Securities LLC		300,971		300,971			—		—
Wells Fargo Securities LLC		33,449		33,449			—		—
	$	16,617,110	$	16,603,053		$	—	$	(14,057	)
Morningstar U.S. Equity
Barclays Bank PLC	$	897,208	$	896,590		$	—	$	(618	)(b)
BNP Paribas SA		1,342,379		1,342,379			—		—
BofA Securities, Inc.		183,551		183,551			—		—
Credit Suisse Securities (USA) LLC		337,431		337,431			—		—
Deutsche Bank Securities, Inc.		25,212		25,212			—		—
Goldman Sachs & Co. LLC		946,457		946,457			—		—
J.P. Morgan Securities LLC		1,321,250		1,313,061			—		(8,189	)(b)
Jefferies LLC		152,161		152,161			—		—
Morgan Stanley		763,145		763,145			—		—
National Financial Services LLC		147,687		147,687			—		—
Scotia Capital (USA), Inc.		405,140		405,140			—		—
SG Americas Securities LLC		374,803		374,803			—		—
State Street Bank & Trust Co.		84,083		84,083			—		—
Toronto Dominion Bank		724,304		724,304			—		—
UBS AG		2,466,018		2,466,018			—		—
	$	10,170,829	$	10,162,022		$	—	$	(8,807	)
Morningstar Value
BNP Paribas SA	$	119,418	$	119,418		$	—	$	—
Citigroup Global Markets, Inc.		146,078		146,078			—		—
Goldman Sachs & Co. LLC		119,460		119,460			—		—
J.P. Morgan Securities LLC		432,166		432,166			—		—
Morgan Stanley		518,449		518,449			—		—
Wells Fargo Securities LLC		189,851		189,851			—		—
	$	1,525,422	$	1,525,422		$	—	$	—

^(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)  The market value of the loaned securities is determined as of October 31, 2021. 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: 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) .

132 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 rates, 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 Growth		0.04	%
Morningstar Mid-Cap		0.04
Morningstar Mid-Cap Growth		0.06
Morningstar Mid-Cap Value		0.06
Morningstar Small-Cap		0.04
Morningstar Small-Cap Growth		0.06
Morningstar Small-Cap Value		0.06
Morningstar U.S. Equity		0.03
Morningstar Value		0.04

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 77% 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 81% 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.

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 133

Notes to Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Morningstar Growth	$	10,264
Morningstar Mid-Cap		17,768
Morningstar Mid-Cap Growth		24,740
Morningstar Mid-Cap Value		3,268
Morningstar Small-Cap		29,617
Morningstar Small-Cap Growth		62,143
Morningstar Small-Cap Value		16,220
Morningstar U.S. Equity		5,820
Morningstar Value		994

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, 2021, 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 Growth	$	99,719,460	$	100,796,617	$	3,513,243
Morningstar Mid-Cap		75,480,594		57,462,616		(1,935,287)
Morningstar Mid-Cap Growth		143,729,932		118,642,865		(3,087,483)
Morningstar Mid-Cap Value		64,276,135		50,578,446		(2,997,808)
Morningstar Small-Cap		17,705,089		37,483,940		3,583,053
Morningstar Small-Cap Growth		68,216,914		85,767,462		430,680
Morningstar Small-Cap Value		38,099,290		49,139,060		(3,311,458)
Morningstar U.S. Equity		16,699,591		9,665,135		552,679
Morningstar Value		41,831,030		25,276,052		86,668

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 Statements 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Morningstar Growth	$	251,041,940	$	249,180,970
Morningstar Mid-Cap		139,334,724		139,485,301
Morningstar Mid-Cap Growth		290,796,636		291,082,613
Morningstar Mid-Cap Value		99,186,108		98,501,828
Morningstar Small-Cap		66,216,450		66,322,681
Morningstar Small-Cap Growth		171,485,955		176,364,399
Morningstar Small-Cap Value		115,660,287		112,421,471
Morningstar U.S. Equity		37,260,115		36,831,060
Morningstar Value		78,498,498		78,169,943

134 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Growth	$	146,239,297	$	78,014,635
Morningstar Mid-Cap		132,264,452		149,577,925
Morningstar Mid-Cap Growth		269,651,776		564,040,562
Morningstar Mid-Cap Value		132,693,539		121,898,827
Morningstar Small-Cap		2,708,504		2,682,903
Morningstar Small-Cap Growth		2,520,989		284,821,609
Morningstar Small-Cap Value		128,800,608		156,928,275
Morningstar U.S. Equity		—		36,569,715
Morningstar Value		64,690,804		3,173,476

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, 2021, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Morningstar Growth	$	109,462,904
Morningstar Mid-Cap		56,037,265
Morningstar Mid-Cap Growth		68,160,148
Morningstar Mid-Cap Value		27,164,578
Morningstar Small-Cap		26,958,768
Morningstar Small-Cap Growth		59,824,289
Morningstar Small-Cap Value		35,069,200
Morningstar U.S. Equity		56,517,575
Morningstar Value		53,433,371

As of October 31, 2021, 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 Growth	$	1,579,936,999	$	729,781,412	$	(25,221,169	)	$	704,560,243
Morningstar Mid-Cap		810,553,335		182,890,160		(32,373,491	)		150,516,669
Morningstar Mid-Cap Growth		1,191,573,257		276,504,865		(32,563,939	)		243,940,926
Morningstar Mid-Cap Value		416,382,893		82,189,724		(10,529,851	)		71,659,873
Morningstar Small-Cap		253,163,659		33,184,602		(21,218,954	)		11,965,648
Morningstar Small-Cap Growth		522,890,873		61,794,395		(47,323,603	)		14,470,792
Morningstar Small-Cap Value		405,565,118		54,226,001		(25,569,706	)		28,656,295
Morningstar U.S. Equity		761,367,893		207,457,385		(18,105,542	)		189,351,843
Morningstar Value		679,067,359		124,396,023		(14,557,941	)		109,838,082

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.

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 135

Notes to Financial Statements  (unaudited) (continued)

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 Statements 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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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.

136 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Growth
Shares sold		2,400,000		$	146,556,090			29,900,000	(a)	$	1,604,954,974
Shares redeemed		(1,250,000	)		(78,144,738	)		(34,900,000	)(a)		(1,871,413,497	)
Net increase (decrease)		1,150,000		$	68,411,352			(5,000,000	)	$	(266,458,523	)
Morningstar Mid-Cap
Shares sold		2,000,000		$	132,799,764			7,400,000	(b)	$	452,376,412
Shares redeemed		(2,300,000	)		(150,750,060	)		(7,200,000	)(b)		(438,262,629	)
Net increase (decrease)		(300,000	)	$	(17,950,296	)		200,000		$	14,113,783
Morningstar Mid-Cap Growth
Shares sold		4,000,000		$	270,501,881			25,600,000	(c)	$	1,476,002,219
Shares redeemed		(8,600,000	)		(567,204,808	)		(15,350,000	)(c)		(962,145,150	)
Net increase (decrease)		(4,600,000	)	$	(296,702,927	)		10,250,000		$	513,857,069
Morningstar Mid-Cap Value
Shares sold		2,050,000		$	133,510,841			450,000	(d)	$	24,647,782
Shares redeemed		(1,950,000	)		(122,388,088	)		(1,550,000	)(d)		(73,325,342	)
Net increase (decrease)		100,000		$	11,122,753			(1,100,000	)	$	(48,677,560	)
Morningstar Small-Cap
Shares sold		50,000		$	2,817,190			3,000,000	(b)	$	176,528,854
Shares redeemed		(50,000	)		(2,787,851	)		(4,050,000	)(b)		(218,483,462	)
Net increase (decrease)		—		$	29,339			(1,050,000	)	$	(41,954,608	)
Morningstar Small-Cap Growth
Shares sold		50,000		$	2,572,231			20,700,000	(c)	$	1,003,545,020
Shares redeemed		(5,750,000	)		(288,449,334	)		(11,850,000	)(c)		(590,274,964	)
Net increase (decrease)		(5,700,000	)	$	(285,877,103	)		8,850,000		$	413,270,056
Morningstar Small-Cap Value
Shares sold		2,250,000		$	135,035,605			950,000	(d)	$	52,199,867
Shares redeemed		(2,800,000	)		(160,337,469	)		(1,100,000	)(d)		(42,588,440	)
Net increase (decrease)		(550,000	)	$	(25,301,864	)		(150,000	)	$	9,611,427
Morningstar U.S. Equity
Shares sold		—		$	—			13,400,000	(b)	$	738,349,045
Shares redeemed		(600,000	)		(36,691,826	)		(15,900,000	)(b)		(856,010,554	)
Net decrease		(600,000	)	$	(36,691,826	)		(2,500,000	)	$	(117,661,509	)
Morningstar Value
Shares sold		1,000,000		$	64,934,787			7,100,000	(e)	$	421,625,514
Shares redeemed		(50,000	)		(3,187,991	)		(5,600,000	)(e)		(329,751,312	)
Net increase		950,000		$	61,746,796			1,500,000		$	91,874,202

^(a)  Share transactions reflect a five-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Share transactions reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(c)  Share transactions reflect a six-for-one stock split effective after the close of trading on April 16, 2021.

^(d)  Share transactions reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(e)  Share transactions reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

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 Statements 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 137

Notes to Financial Statements (unaudited) (continued)

11. LEGAL PROCEEDINGS

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 an appeal which remains pending.. The outcome of this appeal 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.

138 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Morningstar Growth ETF, iShares Morningstar Mid-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, iShares Morningstar U.S. Equity ETF, iShares Morningstar 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2020, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), and other sources of revenue and expense to BFA

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 139

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 Agreement 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 Agreement 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 noted that it 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

140 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021

	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 Growth(a)	$	0.132813	$	—	$	0.006337	$	0.139150		95	%		—	%		5	%		100	%
Morningstar Mid-Cap(a)		0.343686		—		0.057539		0.401225		86			—			14			100
Morningstar Mid-Cap Growth(a)		0.180553		—		0.003169		0.183722		98			—			2			100
Morningstar Mid-Cap Value(a)		0.554261		—		0.046516		0.600777		92			—			8			100
Morningstar Small-Cap(a)		0.298354		—		0.039248		0.337602		88			—			12			100
Morningstar Small-Cap Growth(a)		0.155208		—		0.023709		0.178917		87			—			13			100
Morningstar Small-Cap Value(a)		0.445515		—		0.043066		0.488581		91			—			9			100
Morningstar U.S. Equity(a)		0.366652		—		0.003031		0.369683		99			—			1			100
Morningstar Value(a)		0.638999		—		0.001437		0.640436		100			—			0	(b)		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 141

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

142 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

GLOSSARY   OF    TERMS    USED   IN   THIS    REPORT 143

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.

©2021 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-404-1021

OCTOBER 31, 2021

2021 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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
Past performance is not an indication 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		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		29
Notes to Financial Statements		33
Board Review and Approval of Investment Advisory Contract		41
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49

Fund Summary  as of October 31, 2021 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		13.22	%		45.44	%		10.46	%		10.49	%		45.44	%		64.41	%		171.08	%
Fund Market		13.24			45.50			10.46			10.50			45.50			64.42			171.29
Index		13.41			45.93			10.85			10.88			45.93			67.39			181.00

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,132.20	$	1.72		$	1,000.00	$	1,023.60	$	1.63		0.32	%

^(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	42.1	%
Residential REITs	20.0
Retail REITs	11.5
Industrial REITs	10.9
Health Care REITs	8.0
Office REITs	6.2
Hotel & Resort REITs	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Prologis Inc.	8.6	%
Equinix Inc.	7.9
American Tower Corp.	7.7
Crown Castle International Corp.	7.2
Public Storage	5.5
Simon Property Group Inc.	5.2
Digital Realty Trust Inc.	4.8
SBA Communications Corp.	4.1
Realty Income Corp.	4.1
Welltower Inc.	3.7

^(a)  Excludes money market funds.

4 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of October 31, 2021 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		12.60	%		51.78	%		9.67	%		9.96	%		51.78	%		58.64	%		158.40	%
Fund Market		12.62			51.73			9.66			9.95			51.73			58.57			158.28
Index		12.63			51.80			9.69			10.22			51.80			58.80			164.60

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,126.00	$	0.43		$	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	24.8	%
Residential REITs	19.7
Industrial REITs	14.9
Retail REITs	13.3
Health Care REITs	10.1
Office REITs	9.0
Diversified REITs	4.9
Hotel & Resort REITs	3.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Prologis Inc.	8.8	%
Equinix Inc.	6.2
Public Storage	4.1
Simon Property Group Inc.	3.9
Digital Realty Trust Inc.	3.6
Welltower Inc.	2.8
AvalonBay Communities Inc.	2.7
Equity Residential	2.6
Alexandria Real Estate Equities Inc.	2.6
Realty Income Corp.	2.3

^(a)  Excludes money market funds.

FUND  SUMMARY 5

Fund Summary  as of October 31, 2021 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		8.86	%		47.03	%		7.50	%		6.60	%		47.03	%		43.59	%		59.59	%
Fund Market		8.93			46.89			7.48			6.60			46.89			43.41			59.65
Index		8.53			45.95			6.60			5.77			45.95			37.64			50.72

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,088.60	$	0.74		$	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	17.4	%
Specialized REITs	17.0
Retail REITs	16.5
Residential REITs	16.3
Office REITs	11.4
Diversified REITs	10.6
Health Care REITs	8.0
Hotel & Resort REITs	2.8
Other (each representing less than 1%)	0.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	69.9	%
Japan	7.6
United Kingdom	5.1
Australia	4.0
Singapore	3.3
Canada	3.2
France	1.8
Belgium	1.3
Hong Kong	1.3
South Africa	0.5

^(a)  Excludes money market funds.

6 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of October 31, 2021 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		3.12	%		30.38	%		6.02	%		6.04	%		30.38	%		33.94	%		79.78	%
Fund Market		3.12			30.34			5.97			6.16			30.34			33.66			81.84
Index		3.17			30.52			6.19			6.32			30.52			35.00			84.56

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,031.20	$	2.46		$	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	23.9	%
Retail REITs	14.6
Diversified REITs	13.5
Industrial REITs	12.8
Diversified Real Estate Activities	12.4
Office REITs	10.2
Residential REITs	4.8
Real Estate Development	2.9
Health Care REITs	1.8
Specialized REITs	1.7
Hotel & Resort REITs	1.1
Health Care Facilities	0.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.9	%
Hong Kong	11.6
United Kingdom	11.4
Australia	9.2
Germany	8.9
Singapore	7.9
Canada	7.4
Sweden	6.7
France	3.6
Belgium	2.9

^(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 each 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was 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 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2021 iShares® Cohen & Steers REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 8.0%
Healthpeak Properties Inc.		1,583,809	$	56,241,058
Ventas Inc.		1,140,970		60,893,569
Welltower Inc.		1,227,003		98,651,041
				215,785,668
Hotel & Resort REITs — 1.3%
Host Hotels & Resorts Inc.(a)		2,075,033		34,922,805
Industrial REITs — 10.9%
Duke Realty Corp.		1,101,999		61,976,424
Prologis Inc.		1,608,456		233,161,781
				295,138,205
Office REITs — 6.2%
Alexandria Real Estate Equities Inc.		403,136		82,296,183
Boston Properties Inc.		417,387		47,431,859
Cousins Properties Inc.		436,859		17,303,985
Kilroy Realty Corp.		311,421		20,983,547
				168,015,574
Residential REITs — 20.0%
AvalonBay Communities Inc.		410,269		97,102,467
Equity LifeStyle Properties Inc.		498,947		42,166,011
Equity Residential		1,011,190		87,366,816
Essex Property Trust Inc.		191,018		64,932,748
Invitation Homes Inc.		1,668,199		68,813,209
Mid-America Apartment Communities Inc.		336,452		68,706,863
Sun Communities Inc.		328,641		64,407,063
UDR Inc.		820,026		45,536,044
				539,031,221
Retail REITs — 11.5%
Federal Realty Investment Trust		207,940		25,025,579
Realty Income Corp.		1,553,313		110,953,148
Regency Centers Corp.		464,244		32,687,420

Security	Shares		Value
Retail REITs (continued)
Simon Property Group Inc.		965,481	$	141,520,205
				310,186,352
Specialized REITs — 42.0%
American Tower Corp.		739,518		208,521,890
Crown Castle International Corp.		1,071,010		193,103,103
Digital Realty Trust Inc.		827,526		130,591,878
Equinix Inc.		254,384		212,937,215
Extra Space Storage Inc.		392,997		77,565,818
Public Storage		447,373		148,608,363
SBA Communications Corp.		321,456		111,008,401
VICI Properties Inc.		1,804,244		52,954,561
				1,135,291,229
Total Common Stocks — 99.9% (Cost: $2,004,229,706)				2,698,371,054
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.00%(b)(c)		3,800,000		3,800,000
Total Short -Term Investments — 0.1% (Cost: $3,800,000)				3,800,000
Total Investments in Securities — 100.0% (Cost: $2,008,029,706)				2,702,171,054
Other Assets, Less Liabilities — (0.0)%				(1,341,504	)
Net Assets — 100.0%			$	2,700,829,550

^(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, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	4,130,000	$	—	$	(330,000	)(a)	$	—	$	—	$	3,800,000		3,800,000	$	102	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		46		12/17/21	$	1,955	$	106,096

S C H E D U L E   O F  I N V E S T M E N T S 9

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Cohen & Steers REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	106,096

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	489,121
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(291,547	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,934,487

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,698,371,054	$	—	$	—	$	2,698,371,054
Money Market Funds		3,800,000		—		—		3,800,000
	$	2,702,171,054	$	—	$	—	$	2,702,171,054
Derivative financial instruments(a)
Assets
Futures Contracts	$	106,096	$	—	$	—	$	106,096

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

10 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) October 31, 2021 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 4.9%
Alexander & Baldwin Inc.		149,847	$	3,675,747
American Assets Trust Inc.		103,266		3,906,553
Armada Hoffler Properties Inc.		125,733		1,723,800
Broadstone Net Lease Inc.		320,668		8,526,562
DigitalBridge Group Inc.(a)		1,007,142		6,747,851
Empire State Realty Trust Inc., Class A		296,910		2,874,089
Essential Properties Realty Trust Inc.		242,905		7,236,140
Gladstone Commercial Corp.		76,209		1,665,929
Global Net Lease Inc.		208,785		3,344,736
One Liberty Properties Inc.		33,950		1,061,277
PS Business Parks Inc.		41,692		7,408,668
STORE Capital Corp.		508,940		17,471,910
VEREIT Inc.		475,639		23,924,642
Washington REIT		176,800		4,481,880
WP Carey Inc.		380,740		29,358,861
				123,408,645
Health Care REITs — 10.0%
CareTrust REIT Inc.		181,303		3,762,037
Community Healthcare Trust Inc.		49,175		2,352,532
Diversified Healthcare Trust		495,683		1,804,286
Global Medical REIT Inc.		123,812		2,052,803
Healthcare Realty Trust Inc.		301,401		9,964,317
Healthcare Trust of America Inc., Class A		453,315		15,136,188
Healthpeak Properties Inc.		1,123,447		39,893,603
LTC Properties Inc.		80,512		2,565,112
Medical Properties Trust Inc.		1,231,320		26,264,056
National Health Investors Inc.		90,928		4,890,108
Omega Healthcare Investors Inc.		497,114		14,595,267
Physicians Realty Trust		447,014		8,497,736
Sabra Health Care REIT Inc.		457,633		6,475,507
Universal Health Realty Income Trust		26,817		1,527,765
Ventas Inc.		818,525		43,684,679
Welltower Inc.		881,148		70,844,299
				254,310,295
Hotel & Resort REITs — 3.3%
Apple Hospitality REIT Inc.		444,719		6,986,535
Chatham Lodging Trust(a)		100,099		1,270,256
CorePoint Lodging Inc.(a)		82,236		1,417,749
DiamondRock Hospitality Co.(a)		432,550		3,910,252
Hersha Hospitality Trust, Class A(a)		66,685		595,497
Host Hotels & Resorts Inc.(a)		1,473,188		24,793,754
Park Hotels & Resorts Inc.(a)		489,317		9,067,044
Pebblebrook Hotel Trust(b)		269,859		6,061,033
RLJ Lodging Trust		343,546		4,953,933
Ryman Hospitality Properties Inc.(a)(b)		111,374		9,526,932
Service Properties Trust		338,536		3,646,033
Summit Hotel Properties Inc.(a)		216,203		2,162,030
Sunstone Hotel Investors Inc.(a)		452,208		5,580,247
Xenia Hotels & Resorts Inc.(a)		236,085		4,202,313
				84,173,608
Industrial REITs — 14.8%
Americold Realty Trust		543,824		16,026,493
Duke Realty Corp.		780,020		43,868,325
EastGroup Properties Inc.		82,291		16,275,514
First Industrial Realty Trust Inc.		268,034		15,607,620
Industrial Logistics Properties Trust		134,371		3,774,481
Lexington Realty Trust		568,860		8,288,290
Monmouth Real Estate Investment Corp.		197,006		3,713,563

Security	Shares		Value
Industrial REITs (continued)
Plymouth Industrial REIT Inc.		61,326	$	1,567,493
Prologis Inc.		1,537,574		222,886,727
Rexford Industrial Realty Inc.		287,287		19,305,686
STAG Industrial Inc.		338,005		14,713,358
Terreno Realty Corp.		143,975		10,528,892
				376,556,442
Office REITs — 9.0%
Alexandria Real Estate Equities Inc.		321,478		65,626,519
Boston Properties Inc.		325,329		36,970,387
Brandywine Realty Trust		352,662		4,672,771
CIM Commercial Trust Corp.		36,262		306,414
City Office REIT Inc.		89,312		1,694,249
Columbia Property Trust Inc.		237,152		4,546,204
Corporate Office Properties Trust		234,461		6,358,582
Cousins Properties Inc.		308,803		12,231,687
Douglas Emmett Inc.		346,530		11,324,600
Easterly Government Properties Inc.		174,390		3,667,422
Franklin Street Properties Corp., Class C		213,058		958,761
Highwoods Properties Inc.		214,150		9,602,486
Hudson Pacific Properties Inc.		309,130		7,960,097
JBG SMITH Properties		258,466		7,459,329
Kilroy Realty Corp.		241,836		16,294,910
Mack-Cali Realty Corp.(a)		181,656		3,304,323
Office Properties Income Trust		99,581		2,551,265
Paramount Group Inc.		386,093		3,274,069
Piedmont Office Realty Trust Inc., Class A		257,787		4,578,297
SL Green Realty Corp.		139,399		9,767,688
Vornado Realty Trust		365,537		15,582,842
				228,732,902
Residential REITs — 19.7%
American Campus Communities Inc.		285,207		15,321,320
American Homes 4 Rent, Class A		589,338		23,927,123
Apartment Income REIT Corp.		325,536		17,451,985
Apartment Investment & Management Co., Class A		310,213		2,351,414
AvalonBay Communities Inc.		290,545		68,766,191
Bluerock Residential Growth REIT Inc., Class A		54,917		743,027
BRT Apartments Corp.		24,423		486,018
Camden Property Trust		202,705		33,061,185
Centerspace		29,059		2,941,933
Equity LifeStyle Properties Inc.		362,065		30,598,113
Equity Residential		768,152		66,368,333
Essex Property Trust Inc.		135,050		45,907,546
Independence Realty Trust Inc.		218,566		5,164,715
Invitation Homes Inc.		1,201,494		49,561,627
Mid-America Apartment Communities Inc.		240,437		49,099,640
NexPoint Residential Trust Inc.		46,223		3,273,513
Preferred Apartment Communities Inc., Class A		107,698		1,358,072
Sun Communities Inc.		238,712		46,782,778
UDR Inc.		615,364		34,171,163
UMH Properties Inc.		87,753		2,100,807
				499,436,503
Retail REITs — 13.3%
Acadia Realty Trust		179,588		3,839,592
Agree Realty Corp.		140,796		10,004,964
Alexander’s Inc.		4,444		1,238,898
American Finance Trust Inc.		244,897		2,027,747
Brixmor Property Group Inc.		616,674		14,454,839
Federal Realty Investment Trust		160,796		19,351,799
Getty Realty Corp.		79,790		2,562,855

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, 2021 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Kimco Realty Corp.		1,210,473	$	27,356,690
Kite Realty Group Trust		448,520		9,104,956
Macerich Co. (The)		442,677		8,008,027
National Retail Properties Inc.		363,909		16,506,912
NETSTREIT Corp.		82,772		2,006,393
Phillips Edison & Co. Inc.		39,645		1,194,900
Realty Income Corp.		811,923		57,995,660
Regency Centers Corp.		351,842		24,773,195
Retail Opportunity Investments Corp.		247,151		4,391,873
Retail Value Inc.		36,018		225,473
RPT Realty		167,908		2,231,497
Saul Centers Inc.		24,893		1,155,035
Seritage Growth Properties, Class A(a)		77,236		1,189,434
Simon Property Group Inc.		679,866		99,654,758
SITE Centers Corp.		359,725		5,716,030
Spirit Realty Capital Inc.		247,378		12,104,206
Tanger Factory Outlet Centers Inc.		211,557		3,554,158
Urban Edge Properties		239,446		4,197,488
Urstadt Biddle Properties Inc., Class A		62,143		1,220,489
Whitestone REIT		89,652		823,005
				336,890,873
Specialized REITs — 24.7%
CoreSite Realty Corp.		91,200		12,992,352
CubeSmart		418,268		23,008,923
CyrusOne Inc.		258,231		21,180,107
Digital Realty Trust Inc.		585,020		92,322,006
EPR Properties		154,380		7,751,420
Equinix Inc.		186,398		156,028,174
Extra Space Storage Inc.		273,306		53,942,405
Farmland Partners Inc.		59,184		665,228
Four Corners Property Trust Inc.		156,773		4,546,417
Gaming and Leisure Properties Inc.		459,336		22,273,203
GEO Group Inc. (The)		200,223		1,637,824
Gladstone Land Corp.		59,305		1,313,013
Iron Mountain Inc.		596,966		27,245,528

Security	Shares		Value
Specialized REITs (continued)
Lamar Advertising Co., Class A		179,523	$	20,322,004
Life Storage Inc.		162,073		21,686,988
National Storage Affiliates Trust		168,279		10,510,706
Outfront Media Inc.		301,741		7,510,333
Public Storage		314,274		104,395,537
Safehold Inc.(b)		37,190		2,778,093
VICI Properties Inc.		1,223,378		35,906,144
				628,016,405
Total Common Stocks — 99.7% (Cost: $2,156,405,627)				2,531,525,673
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)		2,465,185		2,466,418
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		6,630,000		6,630,000
				9,096,418
Total Short -Term Investments — 0.4% (Cost: $9,096,418)				9,096,418
Total Investments in Securities — 100.1% (Cost: $2,165,502,045)				2,540,622,091
Other Assets, Less Liabilities — (0.1)%				(1,437,098	)
Net Assets — 100.0%			$	2,539,184,993

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares	$	129,227	$	2,337,275	(a)	$	—	$	(96	)	$	12	$	2,466,418		2,465,185	$	1,003	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,320,000		4,310,000	(a)		—		—			—		6,630,000		6,630,000		140			—
								$	(96	)	$	12	$	9,096,418			$	1,143		$	—

^(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 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Core U.S. REIT ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		172		12/17/21	$	7,312	$	284,993

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	284,993

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	527,063
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	41,136

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,812,140

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,531,525,673	$	—	$	—	$	2,531,525,673
Money Market Funds		9,096,418		—		—		9,096,418
	$	2,540,622,091	$	—	$	—	$	2,540,622,091
Derivative financial instruments(a)
Assets
Futures Contracts	$	284,993	$	—	$	—	$	284,993

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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 13

Schedule of Investments  (unaudited) October 31, 2021 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.0%
APN Industria REIT		515,294	$	1,311,223
Arena REIT		639,811		2,177,532
BWP Trust		972,492		3,115,792
Centuria Industrial REIT		911,561		2,514,335
Centuria Office REIT		920,345		1,670,243
Charter Hall Long Wale REIT		1,064,854		3,906,534
Charter Hall Retail REIT		968,860		3,005,753
Charter Hall Social Infrastructure REIT		656,614		1,889,696
Cromwell Property Group		2,833,542		1,734,100
Dexus		2,158,386		17,704,769
GPT Group (The)		3,845,038		15,011,205
Growthpoint Properties Australia Ltd.		555,771		1,744,195
HomeCo Daily Needs REIT		797,756		864,161
Hotel Property Investments		346,528		935,557
Mirvac Group		7,893,288		16,845,576
National Storage REIT		2,385,231		4,318,521
Scentre Group		10,405,754		23,734,328
Shopping Centres Australasia Property Group		2,250,446		4,727,862
Stockland		4,786,512		16,498,822
Vicinity Centres		7,595,507		9,919,609
Waypoint REIT		1,569,914		3,236,790
				136,866,603
Belgium — 1.3%
Aedifica SA		72,030		9,605,207
Ascencio		10,287		592,846
Befimmo SA		43,579		1,783,357
Cofinimmo SA		60,205		9,713,108
Intervest Offices & Warehouses NV		48,006		1,399,976
Leasinvest Real Estate SCA		8,437		778,303
Montea NV		24,657		3,659,848
Retail Estates NV		20,401		1,633,728
Warehouses De Pauw CVA		282,500		12,864,064
Xior Student Housing NV		40,621		2,404,243
				44,434,680
Canada — 3.2%
Allied Properties REIT		252,613		8,730,008
Artis REIT		188,798		1,787,906
Boardwalk REIT		76,022		3,279,585
Canadian Apartment Properties REIT		342,611		16,729,139
Choice Properties REIT		517,980		6,231,999
Cominar REIT		335,286		3,129,083
Crombie REIT		191,807		2,864,086
Dream Industrial REIT		404,963		5,546,318
Dream Office REIT		73,933		1,394,906
First Capital Real Estate Investment Trust		438,920		6,270,286
Granite REIT		123,414		10,003,953
H&R Real Estate Investment Trust		564,600		7,760,057
InterRent REIT		259,053		3,794,951
Killam Apartment REIT		216,139		3,971,397
NorthWest Healthcare Properties REIT		374,818		4,021,964
RioCan REIT		635,359		11,443,239
SmartCentres Real Estate Investment Trust		262,426		6,613,661
Summit Industrial Income REIT		314,601		6,009,347
				109,581,885
China — 0.0%
Yuexiu REIT		2,569,000		1,119,325

Security	Shares		Value
France — 1.7%
Carmila SA		81,019	$	1,227,719
Covivio		100,654		8,718,034
Gecina SA		103,385		14,467,561
ICADE		68,285		5,355,037
Klepierre SA		363,617		8,656,362
Mercialys SA		127,195		1,381,742
Unibail-Rodamco-Westfield(a)		270,465		19,312,470
				59,118,925
Germany — 0.3%
alstria office REIT-AG		372,077		6,954,800
Hamborner REIT AG		141,987		1,593,512
				8,548,312
Hong Kong — 1.3%
Champion REIT		4,003,000		2,099,693
Hui Xian Real Estate Investment Trust(b)		4,993,000		1,153,253
Link REIT		4,170,600		36,949,174
Prosperity REIT		2,470,000		970,609
Sunlight REIT		2,159,000		1,248,699
				42,421,428
Ireland — 0.1%
Hibernia REIT PLC		1,340,883		1,953,076
Irish Residential Properties REIT PLC		898,567		1,693,152
				3,646,228
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA(a)		141,586		620,824
Japan — 7.6%
Activia Properties Inc.		1,389		5,694,444
Advance Residence Investment Corp.		2,589		8,495,600
AEON REIT Investment Corp.		3,146		4,252,896
Comforia Residential REIT Inc.		1,258		3,664,453
Daiwa House REIT Investment Corp.		4,238		12,161,503
Daiwa Office Investment Corp.		541		3,492,099
Daiwa Securities Living Investments Corp.		3,920		3,960,047
Frontier Real Estate Investment Corp.		972		4,300,265
Fukuoka REIT Corp.		1,445		2,144,689
Global One Real Estate Investment Corp.		1,929		1,986,833
GLP J-REIT		8,496		13,857,481
Hankyu Hanshin REIT Inc.		1,330		1,961,543
Heiwa Real Estate REIT Inc.		1,829		2,553,572
Hoshino Resorts REIT Inc.		444		2,899,122
Hulic Reit Inc.		2,395		3,628,393
Ichigo Office REIT Investment Corp.		2,354		1,783,173
Industrial & Infrastructure Fund Investment Corp.		3,817		6,998,649
Invesco Office J-Reit Inc.		5,698		1,133,938
Invincible Investment Corp.		9,809		3,877,974
Japan Excellent Inc.		2,494		3,011,324
Japan Hotel REIT Investment Corp.		9,033		5,455,106
Japan Logistics Fund Inc.		1,732		5,174,345
Japan Metropolitan Fund Invest		13,770		12,648,007
Japan Prime Realty Investment Corp.		1,766		6,477,526
Japan Real Estate Investment Corp.		2,606		15,972,781
Kenedix Office Investment Corp.		762		4,824,784
Kenedix Residential Next Investment Corp.		1,960		3,769,528
Kenedix Retail REIT Corp.		1,158		2,954,693
LaSalle Logiport REIT		3,584		5,962,065
Mitsubishi Estate Logistics REIT Investment Corp.		755		3,264,741
Mitsui Fudosan Logistics Park Inc.		1,009		5,364,808
Mori Hills REIT Investment Corp.		3,183		4,315,639

14 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mori Trust Sogo REIT Inc.		1,980	$	2,558,039
Nippon Accommodations Fund Inc.		930		5,181,399
Nippon Building Fund Inc.		2,969		19,289,425
Nippon Prologis REIT Inc.		4,473		14,939,971
Nippon REIT Investment Corp.		863		3,317,552
Nomura Real Estate Master Fund Inc.		8,985		13,454,734
NTT UD REIT Investment Corp.		2,541		3,373,021
Orix JREIT Inc.		5,275		8,751,777
Sekisui House Reit Inc.		8,106		6,128,129
SOSiLA Logistics REIT Inc.		1,223		1,839,027
Starts Proceed Investment Corp.		439		922,286
Tokyu REIT Inc.		1,756		2,946,214
United Urban Investment Corp.		5,966		7,436,970
				258,180,565
Malaysia — 0.1%
Axis Real Estate Investment Trust		2,295,300		1,058,687
IGB REIT		3,512,600		1,425,059
Sunway REIT		4,026,700		1,422,081
				3,905,827
Mexico — 0.4%
Concentradora Fibra Danhos SA de CV(b)		470,315		568,362
Fibra Uno Administracion SA de CV		6,214,913		6,176,273
Macquarie Mexico Real Estate Management SA de CV(c)		1,457,750		1,738,991
PLA Administradora Industrial S. de RL de CV(b)		1,588,009		2,224,508
Prologis Property Mexico SA de CV		907,548		2,089,018
				12,797,152
Netherlands — 0.2%
Eurocommercial Properties NV		102,157		2,384,307
NSI NV		38,348		1,538,261
Vastned Retail NV		35,402		1,008,920
Wereldhave NV		82,150		1,275,217
				6,206,705
New Zealand — 0.2%
Goodman Property Trust		2,196,578		3,916,794
Kiwi Property Group Ltd.		3,168,540		2,657,048
Stride Property Group		866,777		1,478,295
				8,052,137
Philippines — 0.0%
AREIT Inc., NVS		849,100		720,918
Saudi Arabia — 0.1%
Al Maather REIT Fund		83,335		208,843
Al Rajhi REIT		226,371		736,284
Alahli REIT Fund 1		88,881		329,373
Al-Jazira Reit Fund, NVS		24,872		159,806
Alkhabeer REIT		105,504		257,649
Jadwa REIT Saudi Fund		279,131		1,087,977
Musharaka Real Estate Income Fund, NVS		153,043		407,552
Riyad REIT Fund		299,920		826,262
Sedco Capital REIT Fund		66,588		219,066
Swicorp Wabel REIT, NVS(a)		165,441		343,594
Taleem REIT, NVS		48,521		180,071
				4,756,477
Singapore — 3.3%
AIMS APAC REIT		1,108,200		1,183,395
ARA LOGOS Logistics Trust		2,560,400		1,711,549
Ascendas REIT		6,833,314		15,651,233
Ascott Residence Trust		3,605,632		2,757,072

Security	Shares		Value
Singapore (continued)
CapitaLand China Trust(b)		2,081,130	$	1,884,891
CapitaLand Integrated Commercial Trust		9,567,826		15,236,335
CDL Hospitality Trusts		1,584,700		1,410,147
Cromwell European Real Estate Investment Trust		635,500		1,946,791
ESR-REIT		5,367,500		1,910,567
Far East Hospitality Trust		1,941,000		929,036
First REIT(b)		2,261,400		444,398
Fortune REIT		2,748,000		2,850,362
Frasers Centrepoint Trust		2,163,970		3,869,604
Frasers Logistics & Commercial Trust		5,745,700		6,469,846
Keppel DC REIT(b)		2,479,133		4,389,751
Keppel Pacific Oak US REIT		1,691,200		1,344,504
Keppel REIT		4,273,500		3,576,759
Lendlease Global Commercial REIT		1,768,800		1,148,496
Manulife US Real Estate Investment Trust		2,897,400		2,061,462
Mapletree Commercial Trust		4,444,691		7,189,387
Mapletree Industrial Trust		3,724,210		7,602,484
Mapletree Logistics Trust		5,757,917		8,634,190
Mapletree North Asia Commercial Trust(b)		4,672,700		3,540,628
OUE Commercial Real Estate Investment Trust		4,290,600		1,431,791
Parkway Life REIT		776,200		2,682,308
Prime U.S. REIT		1,276,900		1,103,313
Sasseur Real Estate Investment Trust		1,072,400		675,966
SPH REIT		1,886,500		1,365,559
Starhill Global REIT		2,835,400		1,357,813
Suntec REIT		4,263,400		4,720,177
				111,079,814
South Africa — 0.5%
Attacq Ltd.(a)(b)		1,415,869		608,436
Emira Property Fund Ltd.		668,333		414,357
Equites Property Fund Ltd.		1,318,392		1,763,648
Growthpoint Properties Ltd.		6,999,947		5,951,832
Hyprop Investments Ltd.		616,957		1,197,706
Investec Property Fund Ltd.		1,128,155		784,556
Redefine Properties Ltd.(a)		10,910,701		3,221,187
SA Corporate Real Estate Ltd.		5,185,645		724,658
Stor-Age Property REIT Ltd.		708,917		652,577
Vukile Property Fund Ltd.		1,773,918		1,418,359
				16,737,316
Spain — 0.4%
Inmobiliaria Colonial Socimi SA		704,009		6,844,347
Lar Espana Real Estate Socimi SA		120,513		732,786
Merlin Properties Socimi SA		679,477		7,358,517
				14,935,650
Thailand — 0.1%
WHA Premium Growth Freehold & Leasehold REIT, Class F(b)		3,470,302		1,380,486
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS(a)		527,142		100,654
Akmerkez Gayrimenkul Yatirim Ortakligi AS		13,698		54,869
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,813,775		781,479
Halk Gayrimenkul Yatirim Ortakligi AS(b)		449,123		122,261
Is Gayrimenkul Yatirim Ortakligi AS(a)		937,517		186,966
Ozak Gayrimenkul Yatirim Ortakligi(a)		204,709		109,585
Torunlar Gayrimenkul Yatirim Ortakligi AS(a)		310,932		124,728
				1,480,542
United Kingdom — 5.1%
Assura PLC		5,279,229		5,266,947

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, 2021 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Big Yellow Group PLC		339,995	$	6,881,793
BMO Commercial Property Trust Ltd.		1,040,761		1,458,518
BMO Real Estate Investments Ltd.		482,385		562,681
British Land Co. PLC (The)		1,856,316		12,533,796
Capital & Counties Properties PLC		1,478,243		3,334,066
Civitas Social Housing PLC		1,251,431		1,608,175
Custodian REIT PLC		779,578		1,037,019
Derwent London PLC		202,427		9,363,419
Empiric Student Property PLC(a)		1,179,302		1,428,332
GCP Student Living PLC		915,360		2,635,565
Great Portland Estates PLC		508,750		5,087,224
Hammerson PLC(b)		8,473,572		3,720,544
Impact Healthcare REIT PLC		528,388		854,735
Land Securities Group PLC		1,429,823		13,432,441
LondonMetric Property PLC		1,774,025		6,344,877
LXI REIT PLC		1,406,314		2,821,716
NewRiver REIT PLC		631,359		673,093
Picton Property Income Ltd. (The)		1,093,700		1,453,377
Primary Health Properties PLC		2,667,840		5,603,092
PRS REIT PLC (The)		930,448		1,298,833
Regional REIT Ltd.(c)		739,793		888,673
Safestore Holdings PLC		416,597		6,853,012
Schroder REIT Ltd.		987,532		678,447
Segro PLC		2,400,455		42,426,947
Shaftesbury PLC		568,200		4,849,665
Standard Life Investment Property Income Trust Ltd.		798,184		802,881
Target Healthcare REIT PLC		1,028,306		1,677,488
Triple Point Social Housing REIT PLC(c)		733,526		979,775
Tritax Big Box REIT PLC		3,749,748		11,539,602
UK Commercial Property REIT Ltd.		1,480,046		1,536,659
UNITE Group PLC (The)		639,661		9,550,642
Workspace Group PLC		268,363		3,018,946
				172,202,980
United States — 69.7%
Acadia Realty Trust		173,524		3,709,943
Agree Realty Corp.		135,271		9,612,357
Alexander & Baldwin Inc.		144,527		3,545,247
Alexandria Real Estate Equities Inc.		308,870		63,052,722
American Assets Trust Inc.		99,578		3,767,036
American Campus Communities Inc.		274,123		14,725,887
American Finance Trust Inc.		236,211		1,955,827
American Homes 4 Rent, Class A		566,220		22,988,532
Americold Realty Trust		522,597		15,400,934
Apartment Income REIT Corp		312,824		16,770,495
Apartment Investment & Management Co., Class A		297,072		2,251,806
Apple Hospitality REIT Inc.		426,575		6,701,493
Armada Hoffler Properties Inc.		119,698		1,641,060
AvalonBay Communities Inc.		279,141		66,067,092
Boston Properties Inc.		312,568		35,520,227
Brandywine Realty Trust		338,167		4,480,713
Brixmor Property Group Inc.		592,736		13,893,732
Broadstone Net Lease Inc.		307,671		8,180,972
Camden Property Trust		194,747		31,763,236
CareTrust REIT Inc.		189,623		3,934,677
Centerspace		28,096		2,844,439
Columbia Property Trust Inc.		229,583		4,401,106
Community Healthcare Trust Inc.		47,093		2,252,929
CoreSite Realty Corp.		87,682		12,491,178
Corporate Office Properties Trust		224,801		6,096,603
Cousins Properties Inc.		297,005		11,764,368

Security	Shares		Value
United States (continued)
CubeSmart		401,850	$	22,105,768
CyrusOne Inc.		248,094		20,348,670
DiamondRock Hospitality Co.(a)		417,195		3,771,443
Digital Realty Trust Inc.		562,063		88,699,162
DigitalBridge Group Inc.(a)		965,656		6,469,895
Diversified Healthcare Trust		473,348		1,722,987
Douglas Emmett Inc.		333,369		10,894,499
Duke Realty Corp.		749,421		42,147,437
Easterly Government Properties Inc.		168,177		3,536,762
EastGroup Properties Inc.		79,074		15,639,256
Empire State Realty Trust Inc., Class A		285,215		2,760,881
EPR Properties		148,389		7,450,612
Equinix Inc.		179,074		149,897,473
Equity Commonwealth(a)		233,431		6,052,866
Equity LifeStyle Properties Inc.		347,858		29,397,480
Equity Residential		738,023		63,765,187
Essential Properties Realty Trust Inc.		232,931		6,939,014
Essex Property Trust Inc.		129,745		44,104,218
Extra Space Storage Inc.		262,572		51,823,836
Federal Realty Investment Trust		154,482		18,591,909
First Industrial Realty Trust Inc.		257,586		14,999,233
Four Corners Property Trust Inc.		152,366		4,418,614
Gaming and Leisure Properties Inc.		441,308		21,399,025
Getty Realty Corp.		79,081		2,540,082
Global Net Lease Inc.		200,879		3,218,082
Healthcare Realty Trust Inc.		289,265		9,563,101
Healthcare Trust of America Inc., Class A		435,682		14,547,422
Healthpeak Properties Inc.		1,079,364		38,328,216
Highwoods Properties Inc.		205,569		9,217,714
Host Hotels & Resorts Inc.(a)		1,415,397		23,821,131
Hudson Pacific Properties Inc.		296,617		7,637,888
Independence Realty Trust Inc.		209,588		4,952,564
Industrial Logistics Properties Trust		129,572		3,639,677
Innovative Industrial Properties Inc.		47,058		12,380,489
Invitation Homes Inc.		1,154,355		47,617,144
JBG SMITH Properties		248,414		7,169,228
Kilroy Realty Corp.		232,387		15,658,236
Kimco Realty Corp.		1,162,981		26,283,371
Kite Realty Group Trust		432,416		8,778,054
Lexington Realty Trust		546,591		7,963,831
Life Storage Inc.		155,715		20,836,224
LTC Properties Inc.		77,639		2,473,578
Macerich Co. (The)		425,310		7,693,858
Mack-Cali Realty Corp.(a)		175,185		3,186,615
Medical Properties Trust Inc.		1,183,010		25,233,603
Mid-America Apartment Communities Inc.		230,998		47,172,101
Monmouth Real Estate Investment Corp.		189,979		3,581,104
National Health Investors Inc.		87,062		4,682,194
National Retail Properties Inc.		349,691		15,861,984
National Storage Affiliates Trust		161,474		10,085,666
NexPoint Residential Trust Inc.		44,387		3,143,487
Office Properties Income Trust		95,506		2,446,864
Omega Healthcare Investors Inc.		477,774		14,027,445
Paramount Group Inc.		372,373		3,157,723
Park Hotels & Resorts Inc.(a)		469,726		8,704,023
Pebblebrook Hotel Trust(b)		258,807		5,812,805
Physicians Realty Trust		428,863		8,152,686
Piedmont Office Realty Trust Inc., Class A		247,187		4,390,041
Prologis Inc.		1,477,253		214,142,595
PS Business Parks Inc.		40,107		7,127,014

16 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Global REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Public Storage		301,949	$	100,301,419
Realty Income Corp.		780,065		55,720,043
Regency Centers Corp.		338,039		23,801,326
Retail Opportunity Investments Corp.		236,673		4,205,679
Rexford Industrial Realty Inc.		276,012		18,548,006
RLJ Lodging Trust		329,535		4,751,895
RPT Realty		160,818		2,137,271
Ryman Hospitality Properties Inc.(a)		107,196		9,169,546
Sabra Health Care REIT Inc.		438,852		6,209,756
Safehold Inc.(b)		35,677		2,665,072
Service Properties Trust		327,329		3,525,333
Simon Property Group Inc.		653,186		95,744,004
SITE Centers Corp.		345,004		5,482,113
SL Green Realty Corp.		134,166		9,401,012
Spirit Realty Capital Inc.		237,949		11,642,844
STAG Industrial Inc.		324,877		14,141,896
STORE Capital Corp.		489,020		16,788,057
Summit Hotel Properties Inc.(a)		206,882		2,068,820
Sun Communities Inc.		229,337		44,945,465
Sunstone Hotel Investors Inc.(a)		433,630		5,350,994
Tanger Factory Outlet Centers Inc.		202,802		3,407,074
Terreno Realty Corp.		138,521		10,130,041
UDR Inc.		591,232		32,831,113
Universal Health Realty Income Trust		25,557		1,455,982
Urban Edge Properties		230,877		4,047,274
Ventas Inc.		786,408		41,970,595
VEREIT Inc.		458,118		23,043,335
VICI Properties Inc.		1,175,384		34,497,520
Vornado Realty Trust		351,263		14,974,342
Washington REIT		168,555		4,272,869
Welltower Inc.		846,573		68,064,469
WP Carey Inc.		365,802		28,206,992
Xenia Hotels & Resorts Inc.(a)		227,255		4,045,139
				2,369,525,974
Total Common Stocks — 99.7% (Cost: $2,867,032,295)				3,388,320,753
Preferred Stocks
Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,436		110,146
Total Preferred Stocks — 0.0% (Cost: $109,587)				110,146

Security	Shares		Value
Rights
Thailand — 0.0%
WHA Premium Growth Freehold & Leasehold REIT, NVS (Expires 11/18/21)(a)		407,362	$	3,683
Total Rights — 0.0% (Cost: $0)				3,683
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		11,511,770		11,517,526
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		5,240,000		5,240,000
				16,757,526
Total Short-Term Investments — 0.5% (Cost: $16,752,104)				16,757,526
Total Investments in Securities — 100.2% (Cost: $2,883,893,986)				3,405,192,108
Other Assets, Less Liabilities — (0.2)%				(5,780,118	)
Net Assets — 100.0%			$	3,399,411,990

^(a)  Non-income producing security.

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

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

^(f)  All or a portion of this security was purchased with the cash collateral 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, 2021 iShares^® Global REIT ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,189,362	$	2,327,473	(a)	$	—		$	2,306	$	(1,615	)	$	11,517,526		11,511,770	$	72,622	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,480,000		—			(1,240,000	)(a)		—		—			5,240,000		5,240,000		175			—
									$	2,306	$	(1,615	)	$	16,757,526			$	72,797		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		6		12/16/21	$	825	$	1,881
Dow Jones U.S. Real Estate Index		174		12/17/21		7,397		239,836
							$	241,717

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	241,717

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,098,858
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(418,193	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,894,517

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

18 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® Global REIT ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,643,976,795	$	744,343,958	$	—	$	3,388,320,753
Preferred Stocks		110,146		—		—		110,146
Rights		—		3,683		—		3,683
Money Market Funds		16,757,526		—		—		16,757,526
	$	2,660,844,467	$	744,347,641	$	—	$	3,405,192,108
Derivative financial instruments(a)
Assets
Futures Contracts	$	239,836	$	1,881	$	—	$	241,717

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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, 2021 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.2%
Abacus Property Group		162,488	$	438,818
APN Industria REIT		87,542		222,760
Arena REIT		109,995		374,357
Aventus Group		142,752		368,221
BWP Trust		166,041		531,983
Centuria Industrial REIT		158,269		436,549
Centuria Office REIT		158,193		287,089
Charter Hall Long Wale REIT		185,283		679,731
Charter Hall Retail REIT		166,566		516,748
Charter Hall Social Infrastructure REIT		112,779		324,571
Cromwell Property Group		483,064		295,630
Dexus		372,105		3,052,296
GPT Group (The)		662,718		2,587,282
Growthpoint Properties Australia Ltd.		95,535		299,821
Home Consortium Ltd.		47,136		282,246
HomeCo Daily Needs REIT		130,397		141,251
Hotel Property Investments		59,163		159,728
Ingenia Communities Group		102,715		507,843
Lifestyle Communities Ltd.		32,384		534,672
Mirvac Group		1,360,749		2,904,062
National Storage REIT		396,144		717,229
Scentre Group		1,793,975		4,091,851
Shopping Centres Australasia Property Group		370,813		779,025
Stockland		825,129		2,844,171
Vicinity Centres		1,305,468		1,704,920
Waypoint REIT		274,187		565,309
				25,648,163
Austria — 0.2%
CA Immobilien Anlagen AG		14,457		620,335
Belgium — 2.9%
Aedifica SA		12,449		1,660,075
Ascencio		1,580		91,056
Befimmo SA		7,610		311,419
Cofinimmo SA		10,400		1,677,873
Intervest Offices & Warehouses NV		7,986		232,892
Leasinvest Real Estate SCA		1,405		129,610
Montea NV		4,251		630,978
Retail Estates NV		3,474		278,201
Shurgard Self Storage SA		8,553		524,025
Warehouses De Pauw CVA		48,671		2,216,307
Xior Student Housing NV		6,919		409,516
				8,161,952
Canada — 7.4%
Allied Properties REIT		43,159		1,491,524
Artis REIT		31,990		302,943
Boardwalk REIT		13,229		570,698
Canadian Apartment Properties REIT		59,061		2,883,853
Chartwell Retirement Residences(a)		73,849		712,473
Choice Properties REIT		88,245		1,061,707
Cominar REIT		58,301		544,099
Crombie REIT		33,319		497,524
Dream Industrial REIT		68,709		941,029
Dream Office REIT		12,821		241,896
First Capital Real Estate Investment Trust		74,345		1,062,071
Granite REIT		21,310		1,727,391
H&R Real Estate Investment Trust		96,656		1,328,473
InterRent REIT		44,867		657,271

Security	Shares		Value
Canada (continued)
Killam Apartment REIT		36,932	$	678,599
NorthWest Healthcare Properties REIT		63,514		681,534
RioCan REIT		109,423		1,970,781
SmartCentres Real Estate Investment Trust		44,464		1,120,582
Summit Industrial Income REIT		54,016		1,031,786
Tricon Residential Inc.		81,866		1,191,344
				20,697,578
Finland — 0.6%
Citycon OYJ		26,863		220,815
Kojamo OYJ		67,022		1,501,598
				1,722,413
France — 3.6%
Carmila SA		14,234		215,695
Covivio		17,205		1,490,192
Gecina SA		17,816		2,493,148
ICADE		11,170		875,972
Klepierre SA		62,709		1,492,867
Mercialys SA		21,364		232,081
Unibail-Rodamco-Westfield(a)(b)		46,629		3,329,529
				10,129,484
Germany — 8.9%
ADLER Group SA(c)		31,622		428,791
alstria office REIT-AG		61,140		1,142,819
Aroundtown SA		414,736		2,882,212
Deutsche EuroShop AG		17,907		364,482
Deutsche Wohnen SE		20,347		1,042,251
Grand City Properties SA		33,942		869,379
Hamborner REIT AG		24,524		275,231
LEG Immobilien SE		25,200		3,748,324
Sirius Real Estate Ltd.		331,338		612,048
TAG Immobilien AG		43,386		1,318,113
TLG Immobilien AG		2,517		92,090
Vonovia SE		198,793		12,059,339
				24,835,079
Hong Kong — 11.5%
Champion REIT		688,000		360,877
CK Asset Holdings Ltd.		682,500		4,215,840
Hang Lung Properties Ltd.		702,000		1,629,239
Henderson Land Development Co. Ltd.		446,000		1,867,482
Hongkong Land Holdings Ltd.(a)		400,800		2,213,326
Hysan Development Co. Ltd.		210,000		730,094
Link REIT		719,100		6,370,822
New World Development Co. Ltd.		492,333		2,135,460
Prosperity REIT		409,000		160,720
Sino Land Co. Ltd.		1,190,800		1,565,169
Sun Hung Kai Properties Ltd.		491,000		6,509,836
Sunlight REIT		362,000		209,370
Swire Properties Ltd.		362,000		970,510
Wharf Real Estate Investment Co. Ltd.		566,900		3,201,997
				32,140,742
Ireland — 0.2%
Hibernia REIT PLC		225,703		328,750
Irish Residential Properties REIT PLC		150,823		284,193
				612,943
Israel — 0.6%
Amot Investments Ltd.		50,271		384,254
Azrieli Group Ltd.		12,697		1,187,466
				1,571,720

20 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA(b)		24,163	$	105,950
Japan — 23.7%
Activia Properties Inc.		237		971,622
Advance Residence Investment Corp.		443		1,453,670
Aeon Mall Co. Ltd.		41,300		605,033
AEON REIT Investment Corp.		535		723,236
Comforia Residential REIT Inc.		216		629,191
Daiwa House REIT Investment Corp.		727		2,086,223
Daiwa Office Investment Corp.		93		600,305
Daiwa Securities Living Investments Corp.		671		677,855
Frontier Real Estate Investment Corp.		166		734,407
Fukuoka REIT Corp.		252		374,022
Global One Real Estate Investment Corp.		335		345,044
GLP J-REIT		1,465		2,389,502
Hankyu Hanshin REIT Inc.		225		331,840
Heiwa Real Estate REIT Inc.		319		445,374
Hoshino Resorts REIT Inc.		76		496,246
Hulic Co. Ltd.		143,100		1,375,977
Hulic Reit Inc.		407		616,600
Ichigo Office REIT Investment Corp.		396		299,973
Industrial & Infrastructure Fund Investment Corp.		659		1,208,307
Invesco Office J-Reit Inc.		988		196,618
Invincible Investment Corp.		1,698		671,302
Japan Excellent Inc.		432		521,609
Japan Hotel REIT Investment Corp.		1,536		927,604
Japan Logistics Fund Inc.		300		896,249
Japan Metropolitan Fund Invest		2,375		2,181,483
Japan Prime Realty Investment Corp.		304		1,115,044
Japan Real Estate Investment Corp.		449		2,752,026
Kenedix Office Investment Corp.		130		823,126
Kenedix Residential Next Investment Corp.		341		655,821
Kenedix Retail REIT Corp.		203		517,964
LaSalle Logiport REIT		618		1,028,057
Mitsubishi Estate Co. Ltd.		393,600		5,981,533
Mitsubishi Estate Logistics REIT Investment Corp.		130		562,141
Mitsui Fudosan Co. Ltd.		318,000		7,270,700
Mitsui Fudosan Logistics Park Inc.		172		914,516
Mori Hills REIT Investment Corp.		548		743,000
Mori Trust Sogo REIT Inc.		345		445,719
Nippon Accommodations Fund Inc.		159		885,852
Nippon Building Fund Inc.		512		3,326,435
Nippon Prologis REIT Inc.		772		2,578,506
Nippon REIT Investment Corp.		149		572,787
Nomura Real Estate Holdings Inc.		38,500		938,606
Nomura Real Estate Master Fund Inc.		1,550		2,321,073
NTT UD REIT Investment Corp.		439		582,745
Orix JREIT Inc.		912		1,513,103
Sekisui House Reit Inc.		1,382		1,044,791
SOSiLA Logistics REIT Inc.		208		312,770
Starts Proceed Investment Corp.		78		163,868
Sumitomo Realty & Development Co. Ltd.		136,400		4,929,484
Tokyo Tatemono Co. Ltd.		68,400		1,005,371
Tokyu REIT Inc.		301		505,017
United Urban Investment Corp.		1,019		1,270,243
				66,519,590
Malta — 0.0%
BGP Holdings PLC(b)(d)		6,603,392		76

Security	Shares		Value
Netherlands — 0.4%
Eurocommercial Properties NV		17,391	$	405,899
NSI NV		6,422		257,607
Vastned Retail NV		5,992		170,766
Wereldhave NV		14,045		218,021
				1,052,293
New Zealand — 0.8%
Argosy Property Ltd.		285,832		319,915
Goodman Property Trust		375,379		669,351
Kiwi Property Group Ltd.		536,352		449,770
Precinct Properties New Zealand Ltd.		425,967		509,920
Stride Property Group		145,021		247,334
				2,196,290
Norway — 0.3%
Entra ASA(c)		30,623		764,134
Singapore — 7.9%
AIMS APAC REIT		189,300		202,145
ARA LOGOS Logistics Trust		437,000		292,121
Ascendas REIT		1,177,890		2,697,876
Ascott Residence Trust		627,000		479,440
CapitaLand Integrated Commercial Trust		1,647,707		2,623,900
Capitaland Investment Ltd/Singapore(b)		891,000		2,272,925
CDL Hospitality Trusts		280,500		249,603
City Developments Ltd.		162,900		884,296
Cromwell European Real Estate Investment Trust		108,800		333,298
ESR-REIT		916,100		326,087
Far East Hospitality Trust(a)		331,400		158,620
Fortune REIT		467,000		484,396
Frasers Centrepoint Trust		367,149		656,535
Frasers Logistics & Commercial Trust		967,800		1,089,774
Keppel DC REIT(a)		417,771		739,739
Keppel Pacific Oak US REIT		289,000		229,755
Keppel REIT(a)		741,600		620,691
Lendlease Global Commercial REIT		302,200		196,221
Manulife US Real Estate Investment Trust		503,500		358,234
Mapletree Commercial Trust		761,317		1,231,447
Mapletree Industrial Trust		643,145		1,312,896
Mapletree Logistics Trust		995,337		1,492,541
OUE Commercial Real Estate Investment Trust		733,000		244,605
Parkway Life REIT		133,800		462,371
Prime U.S. REIT		217,900		188,278
SPH REIT		322,000		233,082
Starhill Global REIT		484,200		231,873
Suntec REIT		720,800		798,026
UOL Group Ltd.		169,200		907,492
				21,998,267
Spain — 0.9%
Inmobiliaria Colonial Socimi SA		116,471		1,132,326
Lar Espana Real Estate Socimi SA		21,883		133,061
Merlin Properties Socimi SA		115,277		1,248,413
				2,513,800
Sweden — 6.6%
Atrium Ljungberg AB, Class B		15,224		349,578
Castellum AB		71,455		1,904,535
Catena AB		9,603		584,812
Cibus Nordic Real Estate AB		13,536		358,102
Corem Property Group AB, Class B		223,874		742,945
Dios Fastigheter AB		29,630		344,729
Fabege AB		88,555		1,498,928

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, 2021 iShares^® International Developed Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Fastighets AB Balder, Class B(b)		34,789	$	2,522,479
Hufvudstaden AB, Class A		37,403		598,495
K-Fast Holding AB(b)		21,256		194,862
Kungsleden AB		64,614		887,803
Nyfosa AB		62,419		1,053,157
Pandox AB(b)		30,316		534,448
Platzer Fastigheter Holding AB, Class B		18,688		304,648
Sagax AB, Class B		59,386		2,324,334
Samhallsbyggnadsbolaget i Norden AB		343,705		2,305,241
Wallenstam AB, Class B		58,091		1,019,573
Wihlborgs Fastigheter AB		45,694		1,083,324
				18,611,993
Switzerland — 2.4%
Allreal Holding AG, Registered		4,851		1,025,725
Hiag Immobilien Holding AG		1,037		109,861
Intershop Holding AG		386		241,566
Mobimo Holding AG, Registered		2,226		750,023
Peach Property Group AG		3,151		213,371
PSP Swiss Property AG, Registered		14,890		1,861,339
Swiss Prime Site AG, Registered		25,956		2,638,850
				6,840,735
United Kingdom — 11.3%
Aberdeen Standard European Logistics Income PLC(c)		107,241		165,110
Assura PLC		903,580		901,478
Big Yellow Group PLC		58,736		1,188,867
BMO Commercial Property Trust Ltd.		181,499		254,352
BMO Real Estate Investments Ltd.		79,172		92,351
British Land Co. PLC (The)		319,709		2,158,667
Capital & Counties Properties PLC		252,589		569,696
Civitas Social Housing PLC		214,918		276,185
CLS Holdings PLC		56,322		172,331
Custodian REIT PLC		130,964		174,212
Derwent London PLC		34,923		1,615,391
Empiric Student Property PLC(b)		208,453		252,472
GCP Student Living PLC		156,409		450,343
Grainger PLC		250,311		1,052,768
Great Portland Estates PLC		88,400		883,952
Hammerson PLC(a)		1,444,274		634,146
Helical PLC		35,075		221,077
Impact Healthcare REIT PLC		89,515		144,802
Intu Properties PLC(a)(d)		6,694		—
Land Securities Group PLC		246,307		2,313,926
LondonMetric Property PLC		302,604		1,082,276
LXI REIT PLC		240,300		482,153
NewRiver REIT PLC		100,034		106,646
Phoenix Spree Deutschland Ltd.		28,065		154,018
Picton Property Income Ltd. (The)		192,278		255,511

Security	Shares		Value
United Kingdom (continued)
Primary Health Properties PLC		453,644	$	952,759
PRS REIT PLC (The)		161,326		225,198
Regional REIT Ltd.(c)		124,309		149,326
Safestore Holdings PLC		71,266		1,172,324
Schroder REIT Ltd.		173,023		118,869
Segro PLC		413,844		7,314,504
Shaftesbury PLC		95,498		815,089
Standard Life Investment Property Income Trust Ltd.		133,121		133,904
Target Healthcare REIT PLC		177,431		289,445
Triple Point Social Housing REIT PLC(c)		122,509		163,636
Tritax Big Box REIT PLC		645,596		1,986,779
Tritax EuroBox PLC(c)		277,933		429,052
UK Commercial Property REIT Ltd.		251,632		261,257
UNITE Group PLC (The)		110,298		1,646,836
Workspace Group PLC		45,752		514,687
				31,776,395
Total Common Stocks — 99.4% (Cost: $278,108,119)				278,519,932
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(e)(f)(g)		4,050,550		4,052,576
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		640,000		640,000
				4,692,576
Total Short-Term Investments — 1.7% (Cost: $4,692,576)				4,692,576
Total Investments in Securities — 101.1% (Cost: $282,800,695)				283,212,508
Other Assets, Less Liabilities — (1.1)%				(3,152,916	)
Net Assets — 100.0%			$	280,059,592

^(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)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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 the cash collateral from loaned securities.

22 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2021 iShares^® International Developed Real Estate ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,765,455	$	2,287,151	(a)	$	—	$	(226	)	$	196	$	4,052,576		4,050,550	$	34,976	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		530,000	(a)		—		—			—		640,000		640,000		5			—
								$	(226)		$	196	$	4,692,576			$	34,981		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX MSCI Singapore Index		12		11/29/21	$	328	$	(770	)
TOPIX Index		2		12/09/21		350		120
Dow Jones U.S. Real Estate Index		22		12/17/21		935		25,169
Euro STOXX 50 Index		4		12/17/21		196		2,997
							$	27,516

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, 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)	$	28,286
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	770

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	151,187
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(31,277	)

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, 2021 iShares^® International Developed Real Estate ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,891,030

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	57,446,364	$	221,073,492		$	76	$	278,519,932
Money Market Funds		4,692,576		—			—		4,692,576
	$	62,138,940	$	221,073,492		$	76	$	283,212,508
Derivative financial instruments(a)
Assets
Futures Contracts	$	25,169	$	3,117		$	—	$	28,286
Liabilities
Futures Contracts		—		(770	)		—		(770	)
	$	25,169	$	2,347		$	—	$	27,516

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

24 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

October 31, 2021

	iShares Cohen & Steers REIT ETF		iShares Core U.S. REIT ETF		iShares Global REIT ETF		iShares International Developed Real Estate ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,698,371,054	$	2,531,525,673	$	3,388,434,582	$	278,519,932
Affiliated(c)		3,800,000		9,096,418		16,757,526		4,692,576
Cash		6,345		8,470		2,396		21,591
Foreign currency, at value(d)		—		—		1,558,999		549,619
Cash pledged:
Futures contracts		184,000		358,000		405,000		49,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—		67,703		39,239
Receivables:
Investments sold		30,527,543		—		13		1,424,236
Securities lending income — Affiliated		—		242		45,248		24,591
Capital shares sold		—		96,791		5,804		—
Dividends		298,234		807,509		3,752,561		723,535
Tax reclaims		—		—		458,542		157,215
Total assets		2,733,187,176		2,541,893,103		3,411,488,374		286,201,534
LIABILITIES
Collateral on securities loaned, at value		—		2,466,515		11,520,806		4,055,488
Payables:
Investments purchased		31,609,347		—		67,280		1,964,652
Variation margin on futures contracts		36,447		77,162		97,014		12,385
Investment advisory fees		711,832		164,433		391,284		109,417
Total liabilities		32,357,626		2,708,110		12,076,384		6,141,942
NET ASSETS	$	2,700,829,550	$	2,539,184,993	$	3,399,411,990	$	280,059,592
NET ASSETS CONSIST OF:
Paid-in capital	$	2,136,181,982	$	2,157,697,235	$	2,985,533,675	$	371,559,974
Accumulated earnings (loss)		564,647,568		381,487,758		413,878,315		(91,500,382	)
NET ASSETS	$	2,700,829,550	$	2,539,184,993	$	3,399,411,990	$	280,059,592
Shares outstanding		38,400,000		40,250,000		116,350,000		9,600,000
Net asset value	$	70.33	$	63.09	$	29.22	$	29.17
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	2,458,690	$	11,083,089	$	2,256,153
(b) Investments, at cost — Unaffiliated	$	2,004,229,706	$	2,156,405,627	$	2,867,141,882	$	278,108,119
(c)  Investments, at cost — Affiliated	$	3,800,000	$	9,096,418	$	16,752,104	$	4,692,576
(d) Foreign currency, at cost	$	—	$	—	$	1,563,338	$	549,996
(e) Foreign currency collateral pledged, at cost	$	—	$	—	$	70,702	$	39,772

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 25

Statements of Operations  (unaudited)

Six Months Ended October 31, 2021

	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	24,894,760		$	24,518,065		$	43,114,968		$	4,336,599
Dividends — Affiliated		102			140			175			5
Securities lending income — Affiliated — net		—			1,003			72,622			34,976
Foreign taxes withheld		—			—			(2,015,658	)		(333,882	)
Total investment income		24,894,862			24,519,208			41,172,107			4,037,698
EXPENSES
Investment advisory fees		4,033,154			902,582			2,299,514			642,281
Total expenses		4,033,154			902,582			2,299,514			642,281
Net investment income		20,861,708			23,616,626			38,872,593			3,395,417
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,321,614	)		(4,548,208	)		(33,681,146	)		1,266,292
Investments — Affiliated		—			(96	)		2,306			(226	)
In-kind redemptions — Unaffiliated		23,254,461			48,198,283			62,254,244			—
Futures contracts		489,121			527,063			2,098,858			151,187
Foreign currency transactions		—			—			(82,074	)		(12,602	)
Net realized gain		22,421,968			44,177,042			30,592,188			1,404,651
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		260,598,970			198,478,331			204,452,532			4,023,035
Investments — Affiliated		—			12			(1,615	)		196
Futures contracts		(291,547	)		41,136			(418,193	)		(31,277	)
Foreign currency translations		—			—			(49,156	)		(12,726	)
Net change in unrealized appreciation (depreciation)		260,307,423			198,519,479			203,983,568			3,979,228
Net realized and unrealized gain		282,729,391			242,696,521			234,575,756			5,383,879
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	303,591,099		$	266,313,147		$	273,448,349		$	8,779,296

See notes to financial statements.

26 2 0 2 1  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 Changes in Net Assets

	iShares Cohen & Steers REIT ETF						IShares Core U.S. REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,861,708		$	41,267,035		$	23,616,626		$	37,726,883
Net realized gain		22,421,968			9,326,475			44,177,042			27,214,457
Net change in unrealized appreciation (depreciation)		260,307,423			458,100,872			198,519,479			442,458,325
Net increase in net assets resulting from operations		303,591,099			508,694,382			266,313,147			507,399,665
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(19,712,397	)		(45,075,395	)		(22,604,239	)		(45,560,203	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		159,618,705			(49,147,842	)		308,783,924			185,409,809
NET ASSETS
Total increase in net assets		443,497,407			414,471,145			552,492,832			647,249,271
Beginning of period		2,257,332,143			1,842,860,998			1,986,692,161			1,339,442,890
End of period	$	2,700,829,550		$	2,257,332,143		$	2,539,184,993		$	1,986,692,161

^(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 27

Statements of Changes in Net Assets  (continued)

	iShares Global REIT ETF						iShares International Developed Real Estate ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	38,872,593		$	66,480,813		$	3,395,417		$	7,695,800
Net realized gain (loss)		30,592,188			(9,755,980	)		1,404,651			(9,858,769	)
Net change in unrealized appreciation (depreciation)		203,983,568			711,564,829			3,979,228			67,063,690
Net increase in net assets resulting from operations		273,448,349			768,289,662			8,779,296			64,900,721
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(45,750,372	)		(61,575,908	)		(4,928,366	)		(5,659,254	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		88,493,414			476,173,181			19,694,752			(62,111,213	)
NET ASSETS
Total increase (decrease) in net assets		316,191,391			1,182,886,935			23,545,682			(2,869,746	)
Beginning of period		3,083,220,599			1,900,333,664			256,513,910			259,383,656
End of period	$	3,399,411,990		$	3,083,220,599		$	280,059,592		$	256,513,910

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

See notes to financial statements.

28 2 0 2 1  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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Cohen & Steers REIT ETF
		Six Months Ended 10/31/21 (unaudited	)		Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)		Year Ended 04/30/17	(a)
Net asset value, beginning of period	$	62.62		$	49.68		$	55.51		$	47.00		$	49.84		$	50.01
Net investment income(b)		0.56			1.15			1.39			1.28			1.30			1.21
Net realized and unrealized gain (loss)(c)		7.68			13.04			(5.78	)		8.74			(2.58	)		0.57
Net increase (decrease) from investment operations		8.24			14.19			(4.39	)		10.02			(1.28	)		1.78
Distributions(d)
From net investment income		(0.53	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)
Total distributions		(0.53	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)
Net asset value, end of period	$	70.33		$	62.62		$	49.68		$	55.51		$	47.00		$	49.84
Total Return(e)
Based on net asset value		13.22	%(f)		29.11	%		(8.10	)%		21.70	%		(2.68	)%		3.58	%
Ratios to Average Net Assets
Total expenses		0.32	%(g)		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%
Net investment income		1.67	%(g)		2.15	%		2.43	%		2.51	%		2.63	%		2.37	%
Supplemental Data
Net assets, end of period (000)	$	2,700,830		$	2,257,332		$	1,842,861		$	2,187,126		$	2,476,649		$	3,239,748
Portfolio turnover rate(h)		7	%(f)		27	%		19	%		17	%		12	%		8	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 29

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	56.60		$	42.45		$	51.60		$	45.73		$	48.93		$	47.95
Net investment income(a)		0.63			1.17			1.62			1.79			1.70			1.27
Net realized and unrealized gain (loss)(b)		6.47			14.39			(8.95	)		6.59			(3.20	)		1.60
Net increase (decrease) from investment operations		7.10			15.56			(7.33	)		8.38			(1.50	)		2.87
Distributions(c)
From net investment income		(0.61	)		(1.41	)		(1.80	)		(2.44	)		(1.70	)		(1.89	)
From net realized gain		—			—			(0.02	)		(0.07	)		—			—
Total distributions		(0.61	)		(1.41	)		(1.82	)		(2.51	)		(1.70	)		(1.89	)
Net asset value, end of period	$	63.09		$	56.60		$	42.45		$	51.60		$	45.73		$	48.93
Total Return(d)
Based on net asset value		12.60	%(e)		37.43	%		(14.60	)%		18.82	%		(3.18	)%		6.02	%
Ratios to Average Net Assets
Total expenses		0.08	%(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.28	%
Net investment income		2.09	%(f)		2.48	%		3.12	%		3.64	%		3.60	%		2.57	%
Supplemental Data
Net assets, end of period (000)	$	2,539,185		$	1,986,692		$	1,339,443		$	1,290,051		$	514,475		$	124,765
Portfolio turnover rate(g)		3	%(e)		5	%		8	%		11	%		8	%		30	%

^(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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

30 2 0 2 1  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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Global REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	27.22		$	20.42		$	26.53		$	24.82		$	25.42		$	26.35
Net investment income(a)		0.34			0.66			0.88			0.98			0.97			0.86
Net realized and unrealized gain (loss)(b)		2.06			6.75			(5.54	)		2.08			(0.56	)		(0.47	)
Net increase (decrease) from investment operations		2.40			7.41			(4.66	)		3.06			0.41			0.39
Distributions(c)
From net investment income		(0.40	)		(0.61	)		(1.45	)		(1.35	)		(0.99	)		(1.29	)
From net realized gain		—			—			—			—			(0.02	)		(0.03	)
Total distributions		(0.40	)		(0.61	)		(1.45	)		(1.35	)		(1.01	)		(1.32	)
Net asset value, end of period	$	29.22		$	27.22		$	20.42		$	26.53		$	24.82		$	25.42
Total Return(d)
Based on net asset value		8.86	%(e)		36.95	%		(18.47	)%		12.77	%		1.61	%		1.53	%
Ratios to Average Net Assets
Total expenses		0.14	%(f)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		2.37	%(f)		2.91	%		3.36	%		3.85	%		3.83	%		3.31	%
Supplemental Data
Net assets, end of period (000)	$	3,399,412		$	3,083,221		$	1,900,334		$	1,637,157		$	913,379		$	350,819
Portfolio turnover rate(g)		8	%(e)		6	%		8	%		9	%		7	%		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) Where applicable, assumes the reinvestment of distributions.

^(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   S T A T E M E N T  S 31

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares International Developed Real Estate ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17
Net asset value, beginning of period	$	28.82		$	22.75		$	29.65		$	30.40		$	28.11		$	30.06
Net investment income(a)		0.38			0.78			0.86			0.93			0.91			0.82
Net realized and unrealized gain (loss)(b)		0.52			5.86			(5.47	)		(0.55	)		2.86			(0.76	)
Net increase (decrease) from investment operations		0.90			6.64			(4.61	)		0.38			3.77			0.06
Distributions(c)
From net investment income		(0.55	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)
Total distributions		(0.55	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)
Net asset value, end of period	$	29.17		$	28.82		$	22.75		$	29.65		$	30.40		$	28.11
Total Return(d)
Based on net asset value		3.12	%(e)		29.62	%		(16.93	)%		1.39	%		13.69	%		0.63	%(f)
Ratios to Average Net Assets
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.48	%		N/A			0.48	%		N/A			0.48	%
Net investment income		2.54	%(g)		3.08	%		2.99	%		3.20	%		3.08	%		2.85	%(f)
Supplemental Data
Net assets, end of period (000)	$	280,060		$	256,514		$	259,384		$	477,332		$	535,093		$	519,971
Portfolio turnover rate(h)		10	%(e)		9	%		10	%		8	%		8	%		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)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  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%.

^(g) Annualized.

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

See notes to financial statements.

32 2 0 2 1  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)

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. 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 Statements 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 Statements 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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 record 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.

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 33

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. Each Fund determines the fair values 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 or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., 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 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 judgment 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.

34 2 0 2 1  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)

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

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	$	230,958	$	230,958		$	—	$	—
BofA Securities, Inc		2,055,090		2,055,090			—		—
Goldman Sachs & Co. LLC		172,642		172,642			—		—
	$	2,458,690	$	2,458,690		$	—	$	—
Global REIT
BofA Securities, Inc	$	903,373	$	903,373		$	—	$	—
Citigroup Global Markets, Inc.		59,670		59,670			—		—
Credit Suisse Securities (USA) LLC		452,200		452,200			—		—
Goldman Sachs & Co. LLC		4,606,787		4,606,787			—		—
HSBC Bank PLC		1,391,033		1,391,033			—		—
J.P. Morgan Securities LLC		998,988		998,988			—		—
Jefferies LLC		2,670,766		2,670,766			—		—
UBS AG		272		272			—		—
	$	11,083,089	$	11,083,089		$	—	$	—
International Developed Real Estate
Barclays Capital, Inc	$	598,157	$	598,157		$	—	$	—
BofA Securities, Inc		664,354		664,354			—		—
Citigroup Global Markets, Inc.		567,213		567,213			—		—
Goldman Sachs & Co. LLC		184,940		184,940			—		—
HSBC Bank PLC		238,738		238,738			—		—
J.P. Morgan Securities LLC		2,751		2,751			—		—
	$	2,256,153	$	2,256,153		$	—	$	—

^(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

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 35

Notes to Financial Statements  (unaudited) (continued)

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: 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 rates, 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

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 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 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.

36 2 0 2 1  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)

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 77% 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 81% 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 Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core U.S. REIT	$	399
Global REIT		16,563
International Developed Real Estate		8,184

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, 2021, 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	$	2,904,591	$	2,189,188	$	(13,441	)
Core U.S. REIT		11,068,492		10,713,826		(1,408,526	)
Global REIT		2,658,253		100,641,301		(11,281,864	)
International Developed Real Estate		21,745		259,517		(61,710	)

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 Statements 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	185,231,929	$	175,390,072
Core U.S. REIT		82,423,538		73,067,241
Global REIT		314,822,389		273,627,808
International Developed Real Estate		29,227,592		25,029,695

For the six months ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	222,579,810	$	63,441,557
Core U.S. REIT		464,618,777		159,540,821
Global REIT		228,043,835		170,582,336
International Developed Real Estate		16,842,536		—

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 37

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, 2021, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Cohen & Steers REIT	$	130,976,844
Core U.S. REIT		19,015,351
Global REIT		53,903,719
International Developed Real Estate		80,257,865

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, 2021, 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	$	2,029,826,374	$	727,835,354	$	(55,384,578	)	$	672,450,776
Core U.S. REIT		2,185,032,207		468,734,030		(112,859,153	)		355,874,877
Global REIT		2,974,696,943		644,794,723		(214,057,841	)		430,736,882
International Developed Real Estate		294,281,463		41,383,165		(52,424,604	)		(11,041,439	)

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.

38 2 0 2 1  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)

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 Statements 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. 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.

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 39

Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		3,300,000		$	223,238,079			2,750,000	(a)	$	147,340,181
Shares redeemed		(950,000	)		(63,619,374	)		(3,800,000	)(a)		(196,488,023	)
Net increase (decrease)		2,350,000		$	159,618,705			(1,050,000	)	$	(49,147,842	)
Core U.S. REIT
Shares sold		7,800,000		$	469,722,768			10,850,000		$	516,994,095
Shares redeemed		(2,650,000	)		(160,938,844	)		(7,300,000	)		(331,584,286	)
Net increase		5,150,000		$	308,783,924			3,550,000		$	185,409,809
Global REIT
Shares sold		9,500,000		$	269,758,857			25,850,000		$	596,282,883
Shares redeemed		(6,400,000	)		(181,265,443	)		(5,650,000	)		(120,109,702	)
Net increase		3,100,000		$	88,493,414			20,200,000		$	476,173,181
International Developed Real Estate
Shares sold		700,000		$	19,694,752			600,000		$	13,805,489
Shares redeemed		—			—			(3,100,000	)		(75,916,702	)
Net increase (decrease)		700,000		$	19,694,752			(2,500,000	)	$	(62,111,213	)

^(a)  Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

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 Statements of Assets and Liabilities.

11. 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.

40 2 0 2 1  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

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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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

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 41

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement 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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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

42 2 0 2 1  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

Board Review and Approval of Investment Advisory Contract  (continued)

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 Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2020, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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,

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 43

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 Agreement 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 Agreement 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 noted that it 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement 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 Agreement between the Trust and BFA (the “Advisory Agreement”) 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

44 2 0 2 1  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

Board Review and Approval of Investment Advisory Contract  (continued)

evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 Agreement 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 Agreement 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 Agreement 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, 2021, 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 Agreement 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 Agreement 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 May 7, 2021 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 Agreement supported the Board’s approval of the continuance of the Advisory Agreement 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 Agreement), 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 Agreement 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.

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 45

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 Agreement 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 Agreement 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 received 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 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 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 Agreement 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, including, but not limited to, 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 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 Agreement 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 Agreement 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 Agreement for the coming year.

46 2 0 2 1  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

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021

	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
Cohen & Steers REIT(a)	$	0.418539	$	—	$	0.115332	$	0.533871		78	%		—	%		22	%		100	%
Core U.S. REIT(a)		0.487090		—		0.124849		0.611939		80			—			20			100
Global REIT(a)		0.330100		—		0.069059		0.399159		83			—			17			100
International Developed Real Estate(a)		0.529969		—		0.023780		0.553749		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.

S U P P L E M E N T A L    I N F O R M  A T I O N 47

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

48 2 0 2 1  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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 49

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.

^©2021 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-405-1021

(b) Not Applicable

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) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – 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 05, 2022

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 05, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: January 05, 2022