LOGO

  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,

 

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  

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

 

 

U N D    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 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

    (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    H A R E S     E M I - A N N U A L    E P O R T    T O     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 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

    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     

 

 

U N D    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 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     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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

B O U T    U N D    E R F O  R M A N C E / S H A R E H O L D E R    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  
  

 

 

 

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  

 

 

C H E D U L E    O F    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  

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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.

 

 

C H E D U L E    O F    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  

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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%