iShares Trust


		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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

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

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)

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

^(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%.

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)

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) Index^TM(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

^(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%.

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)

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 Index^TM		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%.

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)

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

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)

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

^(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%.

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)

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

^(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%.

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)

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

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.