iShares Trust


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

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		58
General Information		59
Glossary of Terms Used in this Report		60


Fund Summary as of October 31, 2021		iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar U.S. Dividend Growth IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.59	%		39.48	%		17.04	%		13.35	%		39.48	%		119.60	%		152.56	%
Fund Market		7.52			39.36			17.03			13.35			39.36			119.56			152.59
Index		7.60			39.58			17.12			13.42			39.58			120.41			153.61

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,075.90	$ 0.42			$ 1,000.00	$ 1,024.80	$ 0.41		0.08	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Financials		20.1%
Information Technology		19.5
Health Care		16.6
Industrials		12.2
Consumer Staples		9.3
Consumer Discretionary		7.7
Utilities		7.1
Communication Services		4.2
Materials		3.2
Energy		0.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

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


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar Dividend Yield Focus IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.59	%		31.03	%		8.29	%		10.31	%		31.03	%		48.94	%		166.68	%
Fund Market		4.61			31.01			8.29			10.30			31.01			48.95			166.64
Index		4.61			31.15			8.38			10.50			31.15			49.51			171.38

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)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Health Care		20.6%
Energy		19.0
Consumer Staples		16.4
Communication Services		12.7
Information Technology		9.3
Utilities		8.0
Financials		5.9
Industrials		4.8
Consumer Discretionary		2.9
Materials		0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

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


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2021		iShares^® International Select Dividend ETF

Investment Objective

The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in non-U.S. developed markets, as represented by the Dow Jones EPAC Select Dividend Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.68	)%		35.98	%		7.13	%		5.16	%		35.98	%		41.14	%		65.44	%
Fund Market		(0.46	)		36.00			7.16			5.27			36.00			41.34			67.17
Index		(0.78	)		35.11			7.16			5.25			35.11			41.34			66.86

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)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

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

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments^(a)

United Kingdom		14.6%
Australia		11.5
Canada		11.0
Hong Kong		10.1
Spain		9.3
Italy		7.6
South Korea		7.5
France		5.4
Switzerland		4.5
Japan		4.5


6		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.40	%		47.29	%		10.89	%		12.34	%		47.29	%		67.68	%		220.13	%
Fund Market		1.50			47.15			10.89			12.34			47.15			67.68			220.04
Index		1.55			47.99			11.33			12.76			47.99			71.05			232.46

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)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

ONEOK Inc.		2.8%
Altria Group Inc.		2.1
Exxon Mobil Corp.		2.0
PPL Corp.		1.9
Prudential Financial Inc.		1.8
AT&T Inc.		1.8
Philip Morris International Inc.		1.8
Pfizer Inc.		1.7
International Business Machines Corp.		1.6
Edison International		1.6


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2021		iShares^® U.S. Dividend and Buyback ETF

Investment Objective

The iShares U.S. Dividend and Buyback ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar US Dividend and Buyback Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.60	%		51.28	%		16.00	%		51.28	%		80.65	%
Fund Market		8.62			51.80			16.01			51.80			80.68
Index		8.74			51.73			16.33			51.73			82.58

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

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)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Information Technology		23.2%
Financials		21.7
Health Care		12.6
Communication Services		8.9
Consumer Staples		7.7
Industrials		7.5
Consumer Discretionary		7.1
Energy		5.6
Materials		2.5
Utilities		1.8
Real Estate		1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

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


8		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		9

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.7%
BWX Technologies Inc.		90,110	$	5,112,841
General Dynamics Corp.		342,368		69,415,112
HEICO Corp.		4,619		643,843
HEICO Corp., Class A		6,984		877,749
Huntington Ingalls Industries Inc.		59,136		11,988,641
L3Harris Technologies Inc.		231,991		53,483,205
Lockheed Martin Corp.		464,432		154,340,042
Northrop Grumman Corp.		167,033		59,667,528
Raytheon Technologies Corp.		2,393,381		212,675,836


				568,204,797

Air Freight & Logistics — 1.1%
CH Robinson Worldwide Inc.		195,851		18,995,588
Expeditors International of Washington Inc.		101,822		12,550,580
United Parcel Service Inc., Class B		973,315		207,773,553


				239,319,721

Auto Components — 0.1%
Gentex Corp.		240,787		8,521,452
LCI Industries		44,882		6,267,322


				14,788,774

Automobiles — 0.0%
Thor Industries Inc.		52,928		5,396,539


Banks — 9.7%
Atlantic Union Bankshares Corp.		162,473		5,827,907
Bank of America Corp.		8,543,872		408,226,204
Bank of Hawaii Corp.		90,550		7,651,475
Bank OZK		215,725		9,636,436
BOK Financial Corp.		48,890		4,946,201
Cadence Bank		102,960		2,987,899
Cathay General Bancorp		150,442		6,347,148
Citigroup Inc.		3,863,449		267,196,133
Commerce Bancshares Inc.		103,178		7,275,081
Community Bank System Inc.		53,253		3,816,643
Cullen/Frost Bankers Inc.		97,172		12,583,774
CVB Financial Corp.		298,724		5,980,454
First Financial Bankshares Inc.		122,505		6,213,454
First Republic Bank/CA		50,385		10,899,787
Fulton Financial Corp.		379,614		6,111,785
Glacier Bancorp. Inc.		153,064		8,462,909
Hilltop Holdings Inc.		63,662		2,256,181
Home BancShares Inc./AR		253,968		6,034,280
Independent Bank Corp.		34,417		2,908,237
Independent Bank Group Inc.		47,907		3,463,197
JPMorgan Chase & Co.		3,640,452		618,476,390
PNC Financial Services Group Inc. (The)		711,509		150,149,744
Popular Inc.		126,585		10,309,082
Prosperity Bancshares Inc.		171,623		12,924,928
Regions Financial Corp.		1,967,125		46,581,520
ServisFirst Bancshares Inc.		35,138		2,821,933
Simmons First National Corp., Class A		180,133		5,384,175
South State Corp.		132,902		10,378,317
Synovus Financial Corp.		307,974		14,348,509
Truist Financial Corp.		2,978,412		189,039,810
U.S. Bancorp		2,642,027		159,499,170
UMB Financial Corp.		41,016		4,053,201
United Community Banks Inc./GA		94,831		3,303,912
Webster Financial Corp.		191,123		10,695,243
Wintrust Financial Corp.		61,608		5,452,308


Security	Shares		Value

Banks (continued)
Zions Bancorp. NA		283,495	$	17,857,350


				2,050,100,777

Beverages — 2.1%
Brown-Forman Corp., Class A		37,998		2,433,012
Brown-Forman Corp., Class B, NVS		117,100		7,949,919
Constellation Brands Inc., Class A		152,323		33,025,150
PepsiCo Inc.		2,432,634		393,113,654


				436,521,735

Biotechnology — 1.2%
Amgen Inc.		1,175,188		243,228,660


Building Products — 0.5%
A O Smith Corp.		124,810		9,119,867
AAON Inc.		15,787		1,131,139
Advanced Drainage Systems Inc.		11,582		1,306,450
Allegion PLC		57,528		7,380,842
Carlisle Companies Inc.		35,461		7,904,966
Fortune Brands Home & Security Inc.		96,717		9,807,104
Lennox International Inc.		24,765		7,411,669
Masco Corp.		263,743		17,288,354
Owens Corning		74,477		6,956,897
Simpson Manufacturing Co. Inc.		25,414		2,696,171
Trane Technologies PLC		186,668		33,773,841
UFP Industries Inc.		33,791		2,765,117


				107,542,417

Capital Markets — 6.0%
Ameriprise Financial Inc.		125,238		37,838,157
Bank of New York Mellon Corp. (The)		1,329,786		78,723,331
BlackRock Inc.^(a)		162,683		153,484,903
Charles Schwab Corp. (The)		968,927		79,481,082
CME Group Inc.		428,282		94,457,595
Cohen & Steers Inc.		33,111		3,141,903
Evercore Inc., Class A		53,099		8,062,552
FactSet Research Systems Inc.		20,768		9,218,708
Goldman Sachs Group Inc. (The)		431,379		178,310,510
Houlihan Lokey Inc.		63,607		7,129,073
Intercontinental Exchange Inc.		398,839		55,223,248
MarketAxess Holdings Inc.		14,283		5,837,034
Moody’s Corp.		67,222		27,167,771
Morgan Stanley		2,582,291		265,407,869
MSCI Inc.		33,450		22,240,236
Nasdaq Inc.		80,423		16,878,375
Northern Trust Corp.		327,081		40,244,046
Raymond James Financial Inc.		134,200		13,230,778
S&P Global Inc.		105,890		50,208,802
SEI Investments Co.		97,075		6,119,608
State Street Corp.		532,704		52,497,979
T Rowe Price Group Inc.		290,088		62,914,285


				1,267,817,845

Chemicals — 2.4%
Air Products & Chemicals Inc.		318,314		95,433,720
Albemarle Corp.		48,942		12,258,503
Ashland Global Holdings Inc.		46,074		4,423,565
Avient Corp.		105,366		5,677,120
Balchem Corp.		8,001		1,224,873
Cabot Corp.		99,196		5,292,107
Celanese Corp.		130,402		21,061,227
Eastman Chemical Co.		221,765		23,070,213
Ecolab Inc.		132,908		29,534,816


10		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
HB Fuller Co.		34,895	$	2,460,446
Innospec Inc.		20,622		1,868,559
International Flavors & Fragrances Inc.		325,022		47,924,494
Linde PLC		454,255		144,998,196
NewMarket Corp.		9,998		3,399,420
PPG Industries Inc.		238,231		38,252,752
Quaker Chemical Corp.		5,177		1,272,714
RPM International Inc.		157,153		13,703,742
Scotts Miracle-Gro Co. (The)		44,609		6,622,652
Sensient Technologies Corp.		46,802		4,474,271
Sherwin-Williams Co. (The)		114,119		36,131,217
Stepan Co.		15,352		1,842,547
Valvoline Inc.		186,921		6,347,837
Westlake Chemical Corp.		31,228		3,039,733


				510,314,724

Commercial Services & Supplies — 0.6%
ABM Industries Inc.		68,620		3,019,966
Brady Corp., Class A, NVS		53,929		2,809,162
Cintas Corp.		54,162		23,457,562
Healthcare Services Group Inc.		150,139		2,881,167
MSA Safety Inc.		25,028		3,830,035
Republic Services Inc.		184,790		24,872,734
Tetra Tech Inc.		18,292		3,213,173
Waste Management Inc.		370,843		59,420,174


				123,503,973

Communications Equipment — 2.0%
Cisco Systems Inc.		6,820,682		381,753,572
Motorola Solutions Inc.		125,772		31,265,661


				413,019,233

Construction Materials — 0.1%
Martin Marietta Materials Inc.		26,582		10,442,473
Vulcan Materials Co.		72,032		13,694,724


				24,137,197

Consumer Finance — 0.8%
Ally Financial Inc.		478,395		22,838,577
American Express Co.		452,083		78,562,984
Discover Financial Services		330,874		37,494,642
FirstCash Inc.		35,276		3,120,868
Synchrony Financial		670,234		31,132,369


				173,149,440

Containers & Packaging — 0.4%
AptarGroup Inc.		49,084		5,928,366
Avery Dennison Corp.		64,565		14,057,092
International Paper Co.		882,450		43,831,291
Silgan Holdings Inc.		68,730		2,762,946
Sonoco Products Co.		180,281		10,447,284


				77,026,979

Distributors — 0.2%
Genuine Parts Co.		252,780		33,141,986
Pool Corp.		16,604		8,553,716


				41,695,702

Diversified Consumer Services — 0.0%
Service Corp. International		143,138		9,803,522


Diversified Telecommunication Services — 2.6%
Verizon Communications Inc.		10,437,474		553,081,747


Electric Utilities — 4.3%
ALLETE Inc.		124,912		7,687,084


Security	Shares		Value

Electric Utilities (continued)
Alliant Energy Corp.		424,090	$	23,990,771
American Electric Power Co. Inc.		1,047,097		88,699,587
Duke Energy Corp.		1,846,438		188,355,140
Edison International		1,093,027		68,784,189
Entergy Corp.		425,225		43,806,680
Evergy Inc.		461,401		29,414,314
Eversource Energy		576,846		48,974,225
Exelon Corp.		1,905,103		101,332,429
IDACORP Inc.		85,173		8,885,247
MGE Energy Inc.		43,804		3,324,286
NextEra Energy Inc.		2,242,450		191,348,259
Pinnacle West Capital Corp.		315,426		20,341,823
PNM Resources Inc.		145,139		7,220,665
Portland General Electric Co.		192,536		9,493,950
Xcel Energy Inc.		909,979		58,775,544


				900,434,193

Electrical Equipment — 1.0%
Eaton Corp. PLC		476,181		78,455,582
Emerson Electric Co.		754,577		73,201,515
Hubbell Inc.		69,260		13,808,366
nVent Electric PLC		230,394		8,167,467
Regal Rexnord Corp.		23,233		3,539,083
Rockwell Automation Inc.		100,272		32,026,877


				209,198,890

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		295,069		22,652,447
Badger Meter Inc.		15,159		1,550,008
CDW Corp./DE		72,005		13,439,733
Cognex Corp.		30,995		2,714,852
Corning Inc.		1,221,822		43,460,208
Littelfuse Inc.		12,434		3,662,435
TE Connectivity Ltd.		287,495		41,974,270
Vishay Intertechnology Inc.		155,599		2,990,613


				132,444,566

Entertainment — 0.1%
Activision Blizzard Inc.		292,584		22,877,143


Food & Staples Retailing — 1.6%
Casey’s General Stores Inc.		17,245		3,303,107
Costco Wholesale Corp.		192,511		94,626,857
Kroger Co. (The)		878,712		35,166,054
Walmart Inc.		1,314,546		196,419,464


				329,515,482

Food Products — 1.7%
Archer-Daniels-Midland Co.		884,415		56,814,820
Flowers Foods Inc.		444,955		11,012,636
Hershey Co. (The)		192,115		33,687,365
Hormel Foods Corp.		417,133		17,653,068
Ingredion Inc.		126,048		12,003,551
JM Smucker Co. (The)		229,074		28,144,032
Kellogg Co.		593,196		36,362,915
Lancaster Colony Corp.		21,531		3,660,270
McCormick & Co. Inc./MD, NVS		246,552		19,780,867
Mondelez International Inc., Class A		1,866,235		113,355,114
Tyson Foods Inc., Class A		443,021		35,428,389


				367,903,027

Gas Utilities — 0.4%
Atmos Energy Corp.		215,187		19,823,026
National Fuel Gas Co.		203,555		11,690,164


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities (continued)
New Jersey Resources Corp.		219,567	$	8,301,828
ONE Gas Inc.		110,777		7,455,292
Southwest Gas Holdings Inc.		123,739		8,568,926
Spire Inc.		131,872		8,276,287
UGI Corp.		398,485		17,298,234


				81,413,757

Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		1,590,248		204,967,065
Baxter International Inc.		437,798		34,568,530
Becton Dickinson and Co.		235,199		56,351,328
Danaher Corp.		103,841		32,374,509
DENTSPLY SIRONA Inc.		99,145		5,672,085
Hill-Rom Holdings Inc.		27,040		4,188,496
Medtronic PLC		1,609,580		192,924,259
ResMed Inc.		52,898		13,907,413
STERIS PLC		46,077		10,770,038
Stryker Corp.		188,844		50,245,723


				605,969,446

Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		134,692		16,435,118
Anthem Inc.		191,043		83,128,541
Cardinal Health Inc.		685,440		32,770,886
Chemed Corp.		3,314		1,598,176
Encompass Health Corp.		88,856		5,647,687
Ensign Group Inc. (The)		9,932		774,795
Humana Inc.		55,942		25,910,097
McKesson Corp.		92,832		19,297,916
Quest Diagnostics Inc.		131,915		19,362,484
UnitedHealth Group Inc.		845,565		389,357,316


				594,283,016

Hotels, Restaurants & Leisure — 2.0%
Domino’s Pizza Inc.		18,001		8,801,949
McDonald’s Corp.		1,035,436		254,251,310
Starbucks Corp.		1,153,028		122,301,680
Yum! Brands Inc.		292,771		36,578,808


				421,933,747

Household Durables — 0.2%
DR Horton Inc.		184,680		16,486,384
Leggett & Platt Inc.		311,027		14,571,615
Whirlpool Corp.		104,369		22,004,116


				53,062,115

Household Products — 3.7%
Church & Dwight Co. Inc.		188,345		16,453,819
Clorox Co. (The)		217,450		35,446,524
Colgate-Palmolive Co.		1,256,421		95,726,716
Energizer Holdings Inc.		113,433		4,136,902
Kimberly-Clark Corp.		698,002		90,384,279
Procter & Gamble Co. (The)		3,780,110		540,517,929
WD-40 Co.		11,038		2,505,626


				785,171,795

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,068,326		26,847,032


Industrial Conglomerates — 1.8%
3M Co.		1,172,042		209,420,465
Honeywell International Inc.		738,870		161,531,759
Roper Technologies Inc.		31,571		15,402,544


				386,354,768


Security	Shares		Value

Insurance — 3.5%
Aflac Inc.		972,169	$	52,176,310
Allstate Corp. (The)		469,266		58,034,126
American Equity Investment Life Holding Co.		54,277		1,729,808
American Financial Group Inc./OH		64,940		8,834,438
Aon PLC, Class A		102,764		32,876,259
Arthur J Gallagher & Co.		175,112		29,361,029
Assurant Inc.		61,132		9,861,203
Assured Guaranty Ltd.		89,864		4,994,641
Axis Capital Holdings Ltd.		178,735		9,306,731
Brown & Brown Inc.		95,060		5,999,237
Chubb Ltd.		506,264		98,913,860
Cincinnati Financial Corp.		201,956		24,525,537
CNO Financial Group Inc.		188,239		4,544,089
Erie Indemnity Co., Class A, NVS		37,814		7,782,499
Everest Re Group Ltd.		60,699		15,872,789
Fidelity National Financial Inc.		564,493		27,044,860
First American Financial Corp.		190,616		13,941,654
Globe Life Inc.		51,880		4,618,358
Hanover Insurance Group Inc. (The)		46,483		5,856,858
Hartford Financial Services Group Inc. (The)		468,965		34,201,617
Kinsale Capital Group Inc.		3,518		658,394
Lincoln National Corp.		293,611		21,184,034
Marsh & McLennan Companies Inc.		439,531		73,313,771
MetLife Inc.		1,503,456		94,417,037
Primerica Inc.		32,322		5,437,853
Reinsurance Group of America Inc.		109,505		12,930,350
RenaissanceRe Holdings Ltd.		29,913		4,241,663
RLI Corp.		25,247		2,734,503
Selective Insurance Group Inc.		47,008		3,684,017
Travelers Companies Inc. (The)		358,430		57,664,218
W R Berkley Corp.		63,155		5,027,138


				731,768,881

IT Services — 2.8%
Accenture PLC, Class A		421,902		151,374,219
Automatic Data Processing Inc.		495,190		111,165,203
Broadridge Financial Solutions Inc.		100,013		17,843,319
Fidelity National Information Services Inc.		476,526		52,770,489
Jack Henry & Associates Inc.		50,722		8,444,199
Mastercard Inc., Class A		281,473		94,439,821
TTEC Holdings Inc.		8,972		846,867
Visa Inc., Class A		606,589		128,457,352
Western Union Co. (The)		1,152,548		20,999,425


				586,340,894

Leisure Products — 0.2%
Brunswick Corp./DE		71,685		6,673,156
Hasbro Inc.		228,168		21,849,368
Polaris Inc.		80,924		9,302,214


				37,824,738

Life Sciences Tools & Services — 0.1%
Agilent Technologies Inc.		84,759		13,348,695
West Pharmaceutical Services Inc.		6,744		2,899,111


				16,247,806

Machinery — 2.4%
AGCO Corp.		24,290		2,968,481
Barnes Group Inc.		42,150		1,767,771
Caterpillar Inc.		754,828		153,992,460
Cummins Inc.		232,372		55,732,100
Donaldson Co. Inc.		117,585		7,056,276
Dover Corp.		105,882		17,902,529


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Franklin Electric Co. Inc.		19,593	$	1,692,443
Graco Inc.		104,654		7,867,888
Hillenbrand Inc.		97,469		4,430,941
IDEX Corp.		47,729		10,623,044
Illinois Tool Works Inc.		379,364		86,445,675
ITT Inc.		51,688		4,862,290
Lincoln Electric Holdings Inc.		57,575		8,198,680
Nordson Corp.		28,968		7,363,955
Oshkosh Corp.		52,788		5,648,316
Otis Worldwide Corp.		274,824		22,071,115
PACCAR Inc.		368,892		33,060,101
Pentair PLC		110,816		8,197,059
Snap-on Inc.		76,657		15,579,002
Stanley Black & Decker Inc.		154,457		27,760,557
Timken Co. (The)		73,813		5,237,032
Toro Co. (The)		66,949		6,391,621
Watts Water Technologies Inc., Class A		10,092		1,917,682
Xylem Inc./NY		95,998		12,536,379


				509,303,397

Marine — 0.0%
Matson Inc.		39,097		3,255,998


Media — 1.5%
Cable One Inc.		1,949		3,335,148
Comcast Corp., Class A		4,892,173		251,604,458
John Wiley & Sons Inc., Class A		67,430		3,652,683
Nexstar Media Group Inc., Class A		52,840		7,922,301
Omnicom Group Inc.		532,725		36,267,918
Sirius XM Holdings Inc.		701,543		4,272,397


				307,054,905

Metals & Mining — 0.3%
Nucor Corp.		277,829		31,019,608
Reliance Steel & Aluminum Co.		76,141		11,128,769
Royal Gold Inc.		45,662		4,521,451
Steel Dynamics Inc.		203,832		13,469,219
Worthington Industries Inc.		46,717		2,537,667


				62,676,714

Multi-Utilities — 2.0%
Ameren Corp.		409,003		34,474,863
Black Hills Corp.		130,310		8,649,978
CMS Energy Corp.		500,768		30,221,349
Consolidated Edison Inc.		887,458		66,914,333
DTE Energy Co.		443,749		50,298,949
MDU Resources Group Inc.		348,122		10,697,789
NiSource Inc.		880,564		21,723,514
NorthWestern Corp.		123,227		7,006,687
Public Service Enterprise Group Inc.		1,032,625		65,881,475
Sempra Energy		664,095		84,758,445
WEC Energy Group Inc.		567,719		51,128,773


				431,756,155

Multiline Retail — 0.7%
Dollar General Corp.		113,918		25,235,115
Target Corp.		464,383		120,563,115


				145,798,230

Oil, Gas & Consumable Fuels — 0.1%
DTE Midstream LLC^(b)		325,433		15,607,767


Paper & Forest Products — 0.0%
Sylvamo Corp.^(b)		79,899		2,249,956


Security	Shares		Value

Personal Products — 0.2%
Estee Lasuder Companies Inc. (The), Class A		93,921	$	30,461,398
Nu Skin Enterprises Inc., Class A		98,745		3,964,612


				34,426,010

Pharmaceuticals — 9.6%
Bristol-Myers Squibb Co.		4,328,000		252,755,200
Eli Lilly & Co.		681,491		173,616,647
Johnson & Johnson		3,368,649		548,685,549
Merck & Co. Inc.		5,605,917		493,600,992
Perrigo Co. PLC		182,714		8,249,537
Pfizer Inc.		12,048,360		526,995,266
Zoetis Inc.		145,874		31,537,959


				2,035,441,150

Professional Services — 0.2%
Booz Allen Hamilton Holding Corp.		155,796		13,532,440
Exponent Inc.		22,933		2,632,708
Insperity Inc.		37,249		4,656,125
ManpowerGroup Inc.		73,764		7,129,291
Robert Half International Inc.		107,651		12,172,099


				40,122,663

Road & Rail — 1.4%
CSX Corp.		1,708,017		61,778,975
JB Hunt Transport Services Inc.		36,392		7,176,139
Landstar System Inc.		15,437		2,713,979
Ryder System Inc.		103,291		8,774,570
Union Pacific Corp.		847,633		204,618,606
Werner Enterprises Inc.		37,179		1,684,952


				286,747,221

Semiconductors & Semiconductor Equipment — 6.8%
Analog Devices Inc.		582,075		100,984,192
Broadcom Inc.		763,174		405,756,721
CMC Materials Inc.		26,359		3,383,705
Intel Corp.		6,723,571		329,454,979
KLA Corp.		122,402		45,626,570
Lam Research Corp.		81,381		45,863,890
Microchip Technology Inc.		399,055		29,565,985
Power Integrations Inc.		19,807		2,044,280
QUALCOMM Inc.		1,381,474		183,791,301
Skyworks Solutions Inc.		133,862		22,372,356
Texas Instruments Inc.		1,280,699		240,105,448
Xilinx Inc.		156,794		28,222,920


				1,437,172,347

Software — 4.3%
Dolby Laboratories Inc., Class A		38,775		3,425,771
Intuit Inc.		73,060		45,734,830
Microsoft Corp.		2,074,950		688,094,919
Oracle Corp.		1,667,781		160,006,909


				897,262,429

Specialty Retail — 3.6%
Best Buy Co. Inc.		359,871		43,990,631
Dick’s Sporting Goods Inc.		47,465		5,895,628
Group 1 Automotive Inc.		9,277		1,668,005
Home Depot Inc. (The)		1,358,110		504,863,811
Lithia Motors Inc.		8,303		2,650,484
Lowe’s Companies Inc.		711,247		166,303,773
Penske Automotive Group Inc.		42,692		4,527,487
Tractor Supply Co.		77,358		16,799,837
Williams-Sonoma Inc.		66,006		12,259,294


				758,958,950


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 3.1%
Apple Inc.		3,864,031	$	578,831,844
Hewlett Packard Enterprise Co.		2,772,145		40,611,924
NetApp Inc.		320,013		28,577,161


				648,020,929

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		560,099		93,698,961
VF Corp.		566,285		41,270,851


				134,969,812

Thrifts & Mortgage Finance — 0.0%
Washington Federal Inc.		129,670		4,585,131


Trading Companies & Distributors — 0.4%
Air Lease Corp.		113,199		4,533,620
Applied Industrial Technologies Inc.		38,462		3,749,276
Fastenal Co.		764,184		43,619,623
GATX Corp.		51,428		4,877,946
MSC Industrial Direct Co. Inc., Class A		110,932		9,326,053
WW Grainger Inc.		43,612		20,197,153


				86,303,671

Water Utilities — 0.2%
American States Water Co.		35,967		3,267,242
American Water Works Co. Inc.		149,125		25,974,592
California Water Service Group		45,717		2,783,251
Essential Utilities Inc.		303,844		14,301,937


Security	Shares		Value

Water Utilities (continued)
SJW Group		33,967	$	2,239,105


				48,566,127

Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		36,633		1,012,536


Total Common Stocks — 99.7% (Cost: $16,232,507,002)				21,039,537,176


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		59,510,000		59,510,000


Total Short-Term Investments — 0.3% (Cost: $59,510,000)				59,510,000


Total Investments in Securities — 100.0% (Cost: $16,292,017,002)				21,099,047,176


Other Assets, Less Liabilities — (0.0)%				(9,417,661	)


Net Assets — 100.0%			$	21,089,629,515

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

Affiliates

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



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

									$	3,254,632	$	16,338,684	$	212,994,903			$	1,365,431	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

209

12/17/21

48,039

1,765,808


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,765,808

^(a)

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

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



	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,132,495


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(36,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	21,039,537,176	$	—	$	—	$	21,039,537,176
Money Market Funds		59,510,000		—		—		59,510,000


	$	21,099,047,176	$	—	$	—	$	21,099,047,176

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,765,808	$	—	$	—	$	1,765,808

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.8%
General Dynamics Corp.		209,997	$	42,576,892
Lockheed Martin Corp.		285,111		94,748,087


				137,324,979

Banks — 2.9%
Truist Financial Corp.		1,828,181		116,034,648
U.S. Bancorp		1,621,201		97,871,905


				213,906,553

Beverages — 6.7%
Coca-Cola Co. (The)		4,551,957		256,593,816
PepsiCo Inc.		1,493,375		241,329,400


				497,923,216

Biotechnology — 8.8%
AbbVie Inc.		3,278,459		375,940,893
Amgen Inc.		721,439		149,316,230
Gilead Sciences Inc.		1,952,101		126,652,313


				651,909,436

Capital Markets — 2.4%
Artisan Partners Asset Management Inc., Class A		188,510		9,338,785
Blackstone Inc., NVS		588,211		81,420,167
Carlyle Group Inc. (The)		94,221		5,290,509
Cohen & Steers Inc.		19,193		1,821,224
Franklin Resources Inc.		384,417		12,105,291
Invesco Ltd.		413,295		10,501,826
Janus Henderson Group PLC		242,300		11,266,950
Moelis & Co., Class A		94,200		6,852,108
T Rowe Price Group Inc.		177,830		38,567,771


				177,164,631

Communications Equipment — 3.2%
Cisco Systems Inc.		4,187,165		234,355,625


Containers & Packaging — 0.4%
Amcor PLC		2,317,947		27,977,620


Distributors — 0.3%
Genuine Parts Co.		154,644		20,275,375


Diversified Telecommunication Services — 12.6%
AT&T Inc.		21,197,531		535,449,633
Cogent Communications Holdings Inc.		72,236		5,532,555
Verizon Communications Inc.		7,455,256		395,054,016


				936,036,204

Electric Utilities — 5.6%
Alliant Energy Corp.		259,759		14,694,567
American Electric Power Co. Inc.		642,637		54,437,780
Avangrid Inc.		89,966		4,741,208
Duke Energy Corp.		1,133,513		115,629,661
Evergy Inc.		282,535		18,011,606
Exelon Corp.		1,169,528		62,207,194
PNM Resources Inc.		89,311		4,443,222
Portland General Electric Co.		116,205		5,730,069
Southern Co. (The)		1,635,691		101,936,263
Xcel Energy Inc.		559,806		36,157,870


				417,989,440

Electronic Equipment, Instruments & Components — 0.1%
National Instruments Corp.		133,704		5,678,409


Gas Utilities — 0.1%
National Fuel Gas Co.		125,109		7,185,010


Security	Shares		Value

Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		635,647	$	156,083,121


Household Products — 6.0%
Colgate-Palmolive Co.		771,245		58,761,157
Kimberly-Clark Corp.		428,409		55,474,682
Procter & Gamble Co. (The)		2,320,580		331,819,734
Reynolds Consumer Products Inc.		71,280		1,923,134


				447,978,707

Industrial Conglomerates — 1.7%
3M Co.		719,508		128,561,690


Insurance — 0.6%
Erie Indemnity Co., Class A, NVS		23,255		4,786,112
Mercury General Corp.		45,658		2,487,904
Travelers Companies Inc. (The)		219,698		35,345,014


				42,619,030

IT Services — 0.7%
Paychex Inc.		297,575		36,685,046
Western Union Co. (The)		706,328		12,869,296


				49,554,342

Leisure Products — 0.2%
Hasbro Inc.		139,696		13,377,289


Machinery — 0.6%
Cummins Inc.		142,953		34,285,847
Snap-on Inc.		46,708		9,492,467


				43,778,314

Multi-Utilities — 2.1%
CMS Energy Corp.		306,259		18,482,731
NiSource Inc.		542,024		13,371,732
Public Service Enterprise Group Inc.		633,251		40,401,414
Sempra Energy		407,558		52,016,628
WEC Energy Group Inc.		349,256		31,453,995


				155,726,500

Oil, Gas & Consumable Fuels — 19.0%
Chevron Corp.		4,233,926		484,742,188
Coterra Energy Inc.		374,314		7,980,374
EOG Resources Inc.		564,672		52,209,573
Exxon Mobil Corp.		10,737,914		692,273,316
ONEOK Inc.		1,253,686		79,759,503
Williams Companies Inc. (The)		3,170,974		89,072,660


				1,406,037,614

Personal Products — 0.0%
Medifast Inc.		11,100		2,178,597


Pharmaceuticals — 11.8%
Bristol-Myers Squibb Co.		2,656,927		155,164,537
Johnson & Johnson		2,558,816		416,779,950
Merck & Co. Inc.		3,441,430		303,017,911


				874,962,398

Semiconductors & Semiconductor Equipment — 5.3%
Broadcom Inc.		468,506		249,090,585
Texas Instruments Inc.		786,211		147,398,838


				396,489,423

Textiles, Apparel & Luxury Goods — 0.3%
VF Corp.		348,973		25,433,152


Thrifts & Mortgage Finance — 0.1%
Radian Group Inc.		187,377		4,472,689


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
TFS Financial Corp.		109,618	$	2,133,166


				6,605,855

Tobacco — 3.6%
Philip Morris International Inc.		2,842,472		268,727,303


Trading Companies & Distributors — 0.6%
Fastenal Co.		470,653		26,864,873
MSC Industrial Direct Co. Inc., Class A		67,368		5,663,628
Watsco Inc.		35,626		10,316,577


				42,845,078

Water Utilities — 0.1%
Essential Utilities Inc.		186,005		8,755,255


Total Common Stocks — 99.7% (Cost: $6,745,203,578)				7,397,440,166


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		11,570,000	$	11,570,000


Total Short-Term Investments — 0.2% (Cost: $11,570,000)				11,570,000


Total Investments in Securities — 99.9% (Cost: $6,756,773,578)				7,409,010,166

Other Assets, Less Liabilities — 0.1%				7,767,470


Net Assets — 100.0%			$	7,416,777,636

^(a)	Affiliate of the Fund.

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

Affiliates


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

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
DIJA Mini e-CBOT Index		37		12/17/21	$	6,605	$	38,117
E-Mini Consumer Staples Index		119		12/17/21		8,512		41,157
E-Mini Energy Select Sector Index		59		12/17/21		3,524		(45,993	)


							$	33,281

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	79,274


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


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

^(a)

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


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,397,440,166		$	—	$	—	$	7,397,440,166
Money Market Funds		11,570,000			—		—		11,570,000


	$	7,409,010,166		$	—	$	—	$	7,409,010,166

Derivative financial instruments^(a)
Assets
Futures Contracts	$	79,274		$	—	$	—	$	79,274
Liabilities
Futures Contracts		(45,993	)		—		—		(45,993	)


	$	33,281		$	—	$	—	$	33,281

^(a)

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

See notes to financial statements.


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 11.4%
APA Group		3,352,619	$	20,801,819
AusNet Services Ltd.		3,436,083		6,389,911
Fortescue Metals Group Ltd.		7,283,275		75,891,994
JB Hi-Fi Ltd.		1,340,937		51,196,132
Magellan Financial Group Ltd.		1,847,866		48,610,116
Perpetual Ltd.		681,573		19,481,098
Rio Tinto PLC		4,254,190		265,254,976
Suncorp Group Ltd.		1,284,640		11,367,577


				498,993,623

Austria — 0.4%
Oesterreichische Post AG		390,728		16,486,375


Belgium — 2.0%
Ageas SA/NV		1,083,236		52,696,929
Proximus SADP		1,934,772		36,434,769


				89,131,698

Canada — 10.9%
Bank of Montreal		707,836		76,851,910
Bank of Nova Scotia (The)		817,641		53,606,489
Canadian Imperial Bank of Commerce		855,617		103,820,301
Canadian Utilities Ltd., Class A, NVS		1,496,683		43,354,950
Emera Inc.		1,363,437		63,434,633
Great-West Lifeco Inc.		947,643		27,879,510
IGM Financial Inc.		944,700		37,510,147
Labrador Iron Ore Royalty Corp.		756,578		21,903,838
Manulife Financial Corp.		744,275		14,499,410
Power Corp. of Canada		983,574		32,759,309


				475,620,497

China — 0.6%
BOC Aviation Ltd.^(a)		2,649,300		23,183,420
Gemdale Properties & Investment Corp. Ltd.		13,298,000		1,294,267


				24,477,687

Finland — 3.2%
Fortum OYJ		1,600,802		47,607,954
Sampo OYJ, Class A		941,854		50,070,199
UPM-Kymmene OYJ		1,209,726		42,692,348


				140,370,501

France — 5.3%
APERAM SA		622,295		37,103,475
Bouygues SA		1,171,731		47,473,038
Gaztransport Et Technigaz SA		296,893		24,541,338
Nexity SA		600,899		27,471,414
Orange SA		1,705,806		18,601,728
TotalEnergies SE		1,565,566		78,395,638


				233,586,631

Hong Kong — 9.9%
BOC Hong Kong Holdings Ltd.		6,880,500		21,803,234
CK Hutchison Holdings Ltd.		9,745,500		65,337,923
CK Infrastructure Holdings Ltd.		7,748,000		46,712,640
Hang Seng Bank Ltd.		4,993,200		94,885,430
Henderson Land Development Co. Ltd.		10,969,000		45,929,176
Hysan Development Co. Ltd.		7,789,000		27,079,551
Kerry Properties Ltd.		8,117,000		22,944,315
New World Development Co. Ltd.		10,536,750		45,702,406
PCCW Ltd.		15,356,000		7,905,718
Swire Pacific Ltd., Class A		6,611,000		41,560,633


Security	Shares		Value

Hong Kong (continued)
VTech Holdings Ltd.		2,064,000	$	15,893,753


				435,754,779

Italy — 7.5%
A2A SpA		8,798,111		18,514,283
Anima Holding SpA^(a)		3,166,038		16,822,557
Azimut Holding SpA		1,398,108		40,263,134
Enel SpA		7,006,035		58,653,000
Eni SpA		5,849,053		83,831,202
Italgas SpA		6,187,205		39,310,300
Snam SpA		9,256,306		52,425,764
UnipolSai Assicurazioni SpA		5,725,792		16,580,175


				326,400,415

Japan — 4.5%
Haseko Corp.		2,388,400		31,099,453
Idemitsu Kosan Co. Ltd.		2,107,800		57,568,862
MS&AD Insurance Group Holdings Inc.		1,569,700		50,712,834
Sojitz Corp.		313,580		5,173,771
Sumitomo Mitsui Financial Group Inc.		1,599,100		51,890,209


				196,445,129

Netherlands — 3.4%
Flow Traders^(a)		466,134		15,820,661
NN Group NV		1,091,787		58,363,395
Royal Dutch Shell PLC, Class A		2,250,532		51,557,156
SBM Offshore NV		1,385,860		21,880,336


				147,621,548

New Zealand — 1.6%
Spark New Zealand Ltd.		21,619,712		70,775,853


Portugal — 1.0%
EDP - Energias de Portugal SA		7,956,702		44,896,805


South Korea — 7.4%
BNK Financial Group Inc.		1,903,453		14,350,188
DB Insurance Co. Ltd.		618,272		31,420,426
DGB Financial Group Inc.		1,948,424		17,264,642
Hana Financial Group Inc.		1,750,889		67,513,976
Industrial Bank of Korea		2,032,694		19,238,690
KB Financial Group Inc.		1,311,954		63,503,672
Meritz Securities Co. Ltd.		3,039,477		12,145,385
Samsung Securities Co. Ltd.		802,158		32,610,525
Shinhan Financial Group Co. Ltd.		1,616,245		52,765,417
Woori Financial Group Inc.		1,310,546		14,898,483


				325,711,404

Spain — 9.2%
ACS Actividades de Construccion y Servicios SA		3,382,573		88,655,937
Cia. de Distribucion Integral Logista Holdings SA		966,210		20,592,537
Enagas SA		2,488,715		55,845,439
Mapfre SA		4,469,678		9,463,620
Naturgy Energy Group SA		4,408,377		115,833,972
Red Electrica Corp. SA		4,109,181		85,560,313
Telefonica SA		6,392,297		27,765,952


				403,717,770

Sweden — 1.3%
Telia Co. AB		14,722,669		57,990,311


Switzerland — 4.5%
Swiss Prime Site AG, Registered		166,144		16,891,244
Swiss Re AG		174,658		16,920,082
Swisscom AG, Registered		187,321		102,000,839


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG		137,572	$	60,974,737


				196,786,902

United Kingdom — 14.5%
Abrdn PLC		2,299,637		7,993,761
BP PLC		3,431,387		16,439,434
British American Tobacco PLC		5,810,257		202,106,398
Centamin PLC		5,803,044		7,414,086
Drax Group PLC		3,202,642		23,292,245
GlaxoSmithKline PLC		4,530,974		94,066,778
IG Group Holdings PLC		2,493,784		27,081,122
Legal & General Group PLC		2,871,642		11,325,132
National Grid PLC		4,167,114		53,353,898
Phoenix Group Holdings PLC		2,953,078		26,514,288
SSE PLC		4,189,840		94,353,494
Tesco PLC		3,966,223		14,644,352
United Utilities Group PLC		3,429,507		48,744,056
Vodafone Group PLC		4,262,565		6,282,386


				633,611,430


Total Common Stocks — 98.6% (Cost: $3,912,741,617)				4,318,379,358


Preferred Stocks

Germany — 0.4%
Schaeffler AG, Preference Shares, NVS		2,150,337		17,086,873


Security	Shares		Value

Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		9,117,714	$	3,466,315


Total Preferred Stocks — 0.5% (Cost: $22,929,685)				20,553,188


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)	2,270,000		2,270,000


Total Short-Term Investments — 0.1% (Cost: $2,270,000)				2,270,000


Total Investments in Securities — 99.2% (Cost: $3,937,941,302)				4,341,202,546

Other Assets, Less Liabilities — 0.8%				36,086,683


Net Assets — 100.0%			$	4,377,289,229

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(1,302	)^(b)	$	1,302	$	—	$	—		—	$	989,236	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,930,000		—		(660,000	)^(b)		—		—		2,270,000		2,270,000		92			—


								$	1,302	$	—	$	2,270,000			$	989,328		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

Futures Contracts (continued)


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


							$	769,987

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	797,329


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	27,342

^(a)

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	677,922,178	$	3,640,457,180		$	—	$	4,318,379,358
Preferred Stocks		—		20,553,188			—		20,553,188
Money Market Funds		2,270,000		—			—		2,270,000


	$	680,192,178	$	3,661,010,368		$	—	$	4,341,202,546

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	797,329		$	—	$	797,329
Liabilities
Futures Contracts		—		(27,342	)		—		(27,342	)


	$	—	$	769,987		$	—	$	769,987

^(a)

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

See notes to financial statements.


22		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Lockheed Martin Corp.		496,244	$	164,911,806


Banks — 12.0%
Citizens Financial Group Inc.		4,322,178		204,784,794
Comerica Inc.		2,839,531		241,615,693
Fifth Third Bancorp		4,398,274		191,456,867
First Horizon Corp.		11,022,206		187,046,836
FNB Corp.		6,269,955		73,044,976
Huntington Bancshares Inc./OH		12,847,108		202,213,480
KeyCorp		9,325,104		216,995,170
People’s United Financial Inc.		8,741,088		149,822,248
Regions Financial Corp.		7,506,834		177,761,829
Truist Financial Corp.		2,886,170		183,185,210
U.S. Bancorp		3,355,178		202,552,096
United Bankshares Inc./WV		2,522,764		93,317,040
Valley National Bancorp		7,616,406		100,993,543


				2,224,789,782

Beverages — 1.1%
Coca-Cola Co. (The)		3,580,348		201,824,217


Biotechnology — 1.4%
Gilead Sciences Inc.		3,886,678		252,167,669


Capital Markets — 3.4%
Federated Hermes Inc.		1,712,834		57,054,501
Franklin Resources Inc.		5,277,833		166,198,961
Invesco Ltd.		5,902,417		149,980,416
Janus Henderson Group PLC		3,321,097		154,431,010
Lazard Ltd., Class A		2,190,217		107,298,731


				634,963,619

Chemicals — 2.6%
CF Industries Holdings Inc.		2,883,289		163,770,815
Huntsman Corp.		4,018,539		130,924,001
LyondellBasell Industries NV, Class A		2,009,103		186,484,940


				481,179,756

Containers & Packaging — 3.1%
International Paper Co.		4,059,571		201,638,892
Packaging Corp. of America		1,155,660		158,753,014
Sonoco Products Co.		2,020,969		117,115,153
Westrock Co.		1,872,206		90,053,109


				567,560,168

Distributors — 1.0%
Genuine Parts Co.		1,443,039		189,196,843


Diversified Consumer Services — 0.5%
H&R Block Inc.		3,632,435		83,800,275


Diversified Telecommunication Services — 4.2%
AT&T Inc.		13,354,740		337,340,733
Lumen Technologies Inc.		18,520,240		219,650,046
Verizon Communications Inc.		4,270,333		226,284,946


				783,275,725

Electric Utilities — 15.8%
Alliant Energy Corp.		3,717,176		210,280,646
American Electric Power Co. Inc.		2,615,417		221,551,974
Edison International		4,527,490		284,914,946
Entergy Corp.		2,489,173		256,434,602
Eversource Energy		1,992,085		169,128,017
Exelon Corp.		5,085,131		270,478,118


Security	Shares		Value

Electric Utilities (continued)
FirstEnergy Corp.		7,316,797	$	281,916,188
IDACORP Inc.		973,439		101,549,157
NextEra Energy Inc.		1,511,853		129,006,417
NRG Energy Inc.		4,636,556		184,952,219
OGE Energy Corp.		3,863,888		131,642,664
Pinnacle West Capital Corp.		2,126,656		137,148,045
PPL Corp.		12,395,645		356,994,576
Xcel Energy Inc.		2,697,782		174,249,739


				2,910,247,308

Electrical Equipment — 1.5%
Eaton Corp. PLC		901,148		148,473,145
Emerson Electric Co.		1,376,811		133,564,435


				282,037,580

Food & Staples Retailing — 1.1%
Walgreens Boots Alliance Inc.		4,147,347		195,008,256


Food Products — 1.1%
General Mills Inc.		3,400,829		210,171,232


Gas Utilities — 0.8%
New Jersey Resources Corp.		1,959,216		74,077,957
Southwest Gas Holdings Inc.		1,104,914		76,515,294


				150,593,251

Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		630,711		154,871,086


Household Durables — 2.2%
Garmin Ltd.		833,436		119,681,410
Leggett & Platt Inc.		2,463,577		115,418,582
Newell Brands Inc.		7,328,736		167,754,767


				402,854,759

Household Products — 1.0%
Kimberly-Clark Corp.		1,419,403		183,798,494


Insurance — 7.5%
Cincinnati Financial Corp.		1,302,720		158,202,317
Fidelity National Financial Inc.		4,988,072		238,978,530
MetLife Inc.		2,837,858		178,217,482
Old Republic International Corp.		5,359,274		138,430,047
Principal Financial Group Inc.		3,470,040		232,804,984
Prudential Financial Inc.		3,069,642		337,814,102
Unum Group		3,865,993		98,466,842


				1,382,914,304

IT Services — 2.4%
International Business Machines Corp.		2,302,419		288,032,617
Western Union Co. (The)		8,221,789		149,800,996


				437,833,613

Machinery — 0.5%
Caterpillar Inc.		464,331		94,728,167


Media — 2.5%
Interpublic Group of Companies Inc. (The)		7,395,622		270,457,896
Omnicom Group Inc.		2,857,261		194,522,329


				464,980,225

Metals & Mining — 1.1%
Newmont Corp.		3,734,280		201,651,120


Multi-Utilities — 9.7%
Avista Corp.		1,338,521		53,286,521
Black Hills Corp.		1,207,792		80,173,233


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
CenterPoint Energy Inc.		8,292,657	$	215,940,788
CMS Energy Corp.		3,024,886		182,551,870
Dominion Energy Inc.		2,705,699		205,443,725
DTE Energy Co.		1,568,461		177,785,055
NiSource Inc.		7,923,203		195,465,418
NorthWestern Corp.		1,011,909		57,537,146
Public Service Enterprise Group Inc.		3,524,732		224,877,902
Sempra Energy		1,610,686		205,571,854
WEC Energy Group Inc.		2,069,188		186,351,071


				1,784,984,583

Oil, Gas & Consumable Fuels — 9.3%
Chevron Corp.		2,488,164		284,869,896
DTE Midstream LLC^(a)		787,092		37,748,932
Exxon Mobil Corp.		5,564,672		358,754,404
Marathon Petroleum Corp.		3,920,663		258,489,312
ONEOK Inc.		8,183,062		520,606,405
Valero Energy Corp.		3,360,788		259,889,736


				1,720,358,685

Pharmaceuticals — 3.0%
Merck & Co. Inc.		2,571,845		226,450,952
Organon & Co.		263,028		9,666,279
Pfizer Inc.		7,161,566		313,246,897


				549,364,128

Semiconductors & Semiconductor Equipment — 1.1%
Intel Corp.		1,974,673		96,758,977
QUALCOMM Inc.		802,373		106,747,704


				203,506,681

Technology Hardware, Storage & Peripherals — 2.1%
HP Inc.		4,752,785		144,151,969
Seagate Technology Holdings PLC		2,622,935		233,624,821


				377,776,790


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands Inc.		6,573,390	$	112,010,566


Thrifts & Mortgage Finance — 0.6%
New York Community Bancorp. Inc.		9,478,480		117,817,506


Tobacco — 3.9%
Altria Group Inc.		8,790,673		387,756,586
Philip Morris International Inc.		3,536,196		334,311,970


				722,068,556

Trading Companies & Distributors — 1.0%
Watsco Inc.		649,407		188,055,279


Total Common Stocks — 99.8% (Cost: $15,662,134,581)				18,431,302,029


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		20,210,000		20,210,000


Total Short-Term Investments — 0.1% (Cost: $20,210,000)				20,210,000


Total Investments in Securities — 99.9% (Cost: $15,682,344,581)				18,451,512,029

Other Assets, Less Liabilities — 0.1%				27,548,541


Net Assets — 100.0%			$	18,479,060,570

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


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

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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


24		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Select Dividend ETF

Futures Contracts (continued)


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

							$	(100,637	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	100,637

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	6,295,886


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,593,438	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	18,431,302,029		$	—	$	—	$	18,431,302,029
Money Market Funds		20,210,000			—		—		20,210,000

	$	18,451,512,029		$	—	$	—	$	18,451,512,029

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(100,637	)	$	—	$	—	$	(100,637	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
General Dynamics Corp.		1,254	$	254,249
L3Harris Technologies Inc.		1,418		326,906
Lockheed Martin Corp.		1,585		526,727
Northrop Grumman Corp.		915		326,856
Raytheon Technologies Corp.		5,965		530,050


				1,964,788

Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		912		88,455
United Parcel Service Inc., Class B		2,186		466,645


				555,100

Airlines — 0.0%
Delta Air Lines Inc.^(a)		1,371		53,647


Banks — 10.4%
Bank of America Corp.		63,830		3,049,797
Citigroup Inc.		25,709		1,778,034
Citizens Financial Group Inc.		4,246		201,175
Comerica Inc.		1,857		158,012
Fifth Third Bancorp		4,908		213,645
Huntington Bancshares Inc./OH		9,748		153,434
JPMorgan Chase & Co.		23,338		3,964,893
KeyCorp		8,680		201,984
M&T Bank Corp.		1,060		155,947
People’s United Financial Inc.		4,027		69,023
PNC Financial Services Group Inc. (The)		2,731		576,323
Regions Financial Corp.		4,272		101,161
Truist Financial Corp.		7,583		481,293
U.S. Bancorp		12,832		774,668
Wells Fargo & Co.		37,722		1,929,858
Zions Bancorp. NA		1,493		94,044


				13,903,291

Beverages — 1.5%
Coca-Cola Co. (The)		15,091		850,680
Constellation Brands Inc., Class A		458		99,299
PepsiCo Inc.		6,605		1,067,368


				2,017,347

Biotechnology — 3.0%
AbbVie Inc.		12,486		1,431,770
Amgen Inc.		5,088		1,053,063
Biogen Inc.^(a)		2,287		609,897
Gilead Sciences Inc.		8,555		555,048
Regeneron Pharmaceuticals Inc.^(a)		501		320,610
Vertex Pharmaceuticals Inc.^(a)		474		87,657


				4,058,045

Building Products — 0.6%
Carlisle Companies Inc.		345		76,908
Johnson Controls International PLC		5,228		383,578
Masco Corp.		2,960		194,028
Trane Technologies PLC		786		142,211


				796,725

Capital Markets — 4.5%
Affiliated Managers Group Inc.		403		67,656
Ameriprise Financial Inc.		1,163		351,377
Bank of New York Mellon Corp. (The)		7,927		469,278
BlackRock Inc.^(b)		528		498,147
Blackstone Inc., NVS		2,827		391,313
Charles Schwab Corp. (The)		2,963		243,055


Security	Shares		Value

Capital Markets (continued)
CME Group Inc.		911	$	200,921
Franklin Resources Inc.		1,928		60,713
Goldman Sachs Group Inc. (The)		2,134		882,089
Intercontinental Exchange Inc.		2,032		281,351
Invesco Ltd.		2,388		60,679
Janus Henderson Group PLC		1,369		63,658
Jefferies Financial Group Inc.		2,476		106,468
KKR & Co. Inc.		1,153		91,860
Moody’s Corp.		359		145,090
Morgan Stanley		9,205		946,090
MSCI Inc.		162		107,711
Northern Trust Corp.		1,346		165,612
Raymond James Financial Inc.		668		65,858
S&P Global Inc.		496		235,183
State Street Corp.		3,164		311,812
T Rowe Price Group Inc.		1,159		251,364


				5,997,285

Chemicals — 2.1%
Air Products & Chemicals Inc.		656		196,675
Celanese Corp.		1,051		169,747
CF Industries Holdings Inc.		1,220		69,296
Corteva Inc.		2,590		111,759
Dow Inc.		4,991		279,346
DuPont de Nemours Inc.		3,084		214,646
Eastman Chemical Co.		652		67,828
Ecolab Inc.		345		76,666
International Flavors & Fragrances Inc.		710		104,690
Linde PLC		2,255		719,796
LyondellBasell Industries NV, Class A		3,571		331,460
PPG Industries Inc.		497		79,803
Sherwin-Williams Co. (The)		1,130		357,769


				2,779,481

Commercial Services & Supplies — 0.3%
Cintas Corp.		310		134,261
Republic Services Inc.		523		70,396
Waste Management Inc.		1,155		185,065


				389,722

Communications Equipment — 1.0%
Cisco Systems Inc.		20,339		1,138,374
Juniper Networks Inc.		3,190		94,169
Motorola Solutions Inc.		496		123,300


				1,355,843

Consumer Finance — 1.3%
Ally Financial Inc.		2,853		136,202
American Express Co.		2,759		479,459
Capital One Financial Corp.		2,229		336,646
Discover Financial Services		1,725		195,477
Navient Corp.		3,434		67,650
OneMain Holdings Inc.		1,566		82,701
SLM Corp.		6,684		122,651
Synchrony Financial		6,421		298,255


				1,719,041

Containers & Packaging — 0.1%
Ball Corp.		857		78,399
International Paper Co.		2,299		114,191


				192,590

Distributors — 0.1%
Genuine Parts Co.		753		98,726


26		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)



Security	Shares		Value

Diversified Consumer Services — 0.1%
Service Corp. International		1,187	$	81,298


Diversified Financial Services — 2.0%
Berkshire Hathaway Inc., Class B^(a)		8,291		2,379,600
Equitable Holdings Inc.		4,815		161,302
Voya Financial Inc.		1,644		114,702


				2,655,604

Diversified Telecommunication Services — 2.9%
AT&T Inc.		94,094		2,376,814
Lumen Technologies Inc.		11,496		136,343
Verizon Communications Inc.		26,393		1,398,565


				3,911,722

Electric Utilities — 1.2%
American Electric Power Co. Inc.		1,923		162,897
Duke Energy Corp.		1,901		193,921
Evergy Inc.		892		56,865
Exelon Corp.		4,146		220,526
FirstEnergy Corp.		3,046		117,362
NextEra Energy Inc.		3,637		310,345
NRG Energy Inc.		1,888		75,312
PPL Corp.		3,190		91,872
Southern Co. (The)		5,195		323,753


				1,552,853

Electrical Equipment — 0.5%
Eaton Corp. PLC		1,995		328,696
Emerson Electric Co.		2,627		254,845
Rockwell Automation Inc.		379		121,053


				704,594

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		1,844		141,564
Arrow Electronics Inc.^(a)		665		76,974
CDW Corp./DE		646		120,576
Corning Inc.		3,652		129,901
TE Connectivity Ltd.		1,190		173,740


				642,755

Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,227		80,933
Schlumberger NV		3,940		127,105


				208,038

Entertainment — 0.1%
Electronic Arts Inc.		1,064		149,226


Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		486		137,038
AvalonBay Communities Inc.		529		125,204
Boston Properties Inc.		663		75,343
Crown Castle International Corp.		1,646		296,774
Equity Residential		1,379		119,146
Essex Property Trust Inc.		270		91,781
Iron Mountain Inc.		2,063		94,155
Mid-America Apartment Communities Inc.		333		68,002
Prologis Inc.		1,825		264,552
Public Storage		503		167,087
SBA Communications Corp.		356		122,938
Simon Property Group Inc.		1,030		150,977
SL Green Realty Corp.		1,519		106,436
Welltower Inc.		546		43,898
WP Carey Inc.		929		71,635


				1,934,966



Security	Shares		Value

Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		489	$	240,363
Kroger Co. (The)		5,026		201,141
Sysco Corp.		2,457		188,943
Walgreens Boots Alliance Inc.		5,835		274,362
Walmart Inc.		4,575		683,596


				1,588,405

Food Products — 1.1%
Archer-Daniels-Midland Co.		2,140		137,474
Conagra Brands Inc.		2,887		92,961
General Mills Inc.		3,288		203,199
Hershey Co. (The)		742		130,110
JM Smucker Co. (The)		856		105,168
Kellogg Co.		1,306		80,058
Kraft Heinz Co. (The)		3,915		140,509
Mondelez International Inc., Class A		8,000		485,920
Tyson Foods Inc., Class A		1,226		98,043


				1,473,442

Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		4,171		537,600
Baxter International Inc.		2,226		175,765
Edwards Lifesciences Corp.^(a)		592		70,933
Hologic Inc.^(a)		919		67,372
Medtronic PLC		3,661		438,808
Stryker Corp.		402		106,960


				1,397,438

Health Care Providers & Services — 3.0%
AmerisourceBergen Corp.		529		64,549
Anthem Inc.		1,242		540,431
Cardinal Health Inc.		2,198		105,086
Cigna Corp.		3,078		657,492
CVS Health Corp.		4,266		380,868
DaVita Inc.^(a)		1,553		160,332
HCA Healthcare Inc.		1,157		289,782
Humana Inc.		607		281,138
McKesson Corp.		1,135		235,944
Quest Diagnostics Inc.		1,363		200,061
UnitedHealth Group Inc.		2,550		1,174,199


				4,089,882

Health Care Technology — 0.1%
Cerner Corp.		2,505		186,096


Hotels, Restaurants & Leisure — 1.6%
Booking Holdings Inc.^(a)		126		305,018
Domino’s Pizza Inc.		306		149,625
Expedia Group Inc.^(a)		587		96,509
Hilton Worldwide Holdings Inc.^(a)		669		96,303
Marriott International Inc./MD, Class A^(a)		507		81,130
McDonald’s Corp.		3,374		828,486
Starbucks Corp.		4,519		479,330
Yum! Brands Inc.		1,313		164,046


				2,200,447

Household Durables — 0.3%
DR Horton Inc.		1,183		105,607
Lennar Corp., Class A		770		76,946
NVR Inc.^(a)		20		97,896
Toll Brothers Inc.		1,055		63,479
Whirlpool Corp.		312		65,779


				409,707


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products — 2.4%
Church & Dwight Co. Inc.		526	$	45,951
Clorox Co. (The)		928		151,273
Colgate-Palmolive Co.		5,153		392,607
Kimberly-Clark Corp.		2,216		286,950
Procter & Gamble Co. (The)		16,727		2,391,794


				3,268,575

Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.		2,729		53,461


Industrial Conglomerates — 1.0%
3M Co.		3,064		547,475
Honeywell International Inc.		3,679		804,303


				1,351,778

Insurance — 3.3%
Aflac Inc.		6,032		323,737
Allstate Corp. (The)		3,132		387,334
American International Group Inc.		4,178		246,878
Aon PLC, Class A		904		289,208
Assured Guaranty Ltd.		1,554		86,371
Brighthouse Financial Inc.^(a)		1,344		67,509
Chubb Ltd.		2,515		491,381
Cincinnati Financial Corp.		624		75,779
Fidelity National Financial Inc.		2,039		97,689
Hartford Financial Services Group Inc. (The)		2,034		148,340
Lincoln National Corp.		1,407		101,515
Loews Corp.		2,273		127,447
Marsh & McLennan Companies Inc.		1,111		185,315
MetLife Inc.		7,384		463,715
Principal Financial Group Inc.		2,002		134,314
Progressive Corp. (The)		4,451		422,311
Prudential Financial Inc.		4,566		502,488
Travelers Companies Inc. (The)		1,733		278,805


				4,430,136

Interactive Media & Services — 4.2%
Alphabet Inc., Class A^(a)		783		2,318,400
Alphabet Inc., Class C, NVS^(a)		739		2,191,438
Meta Platforms Inc, Class A^(a)		3,649		1,180,707


				5,690,545

Internet & Direct Marketing Retail — 0.5%
eBay Inc.		8,654		663,935


IT Services — 4.0%
Accenture PLC, Class A		1,801		646,181
Automatic Data Processing Inc.		1,878		421,592
Cognizant Technology Solutions Corp., Class A		3,276		255,823
Fidelity National Information Services Inc.		1,544		170,983
Fiserv Inc.^(a)		1,747		172,062
FleetCor Technologies Inc.^(a)		445		110,097
Global Payments Inc.		920		131,551
GoDaddy Inc., Class A^(a)		1,184		81,897
International Business Machines Corp.		6,269		784,252
Mastercard Inc., Class A		2,425		813,636
Paychex Inc.		1,125		138,690
PayPal Holdings Inc.^(a)		861		200,260
VeriSign Inc.^(a)		429		95,525
Visa Inc., Class A		6,275		1,328,857
Western Union Co. (The)		4,438		80,860


				5,432,266


Security	Shares		Value

Life Sciences Tools & Services — 0.6%
Agilent Technologies Inc.		639	$	100,636
IQVIA Holdings Inc.^(a)		303		79,210
Mettler-Toledo International Inc.^(a)		72		106,623
Thermo Fisher Scientific Inc.		610		386,173
Waters Corp.^(a)		274		100,709


				773,351

Machinery — 1.2%
Caterpillar Inc.		2,488		507,577
Cummins Inc.		1,321		316,829
Deere & Co.		840		287,540
Illinois Tool Works Inc.		1,337		304,662
PACCAR Inc.		858		76,894
Parker-Hannifin Corp.		343		101,730


				1,595,232

Media — 1.7%
Altice USA Inc., Class A^(a)		12,607		205,494
Charter Communications Inc., Class A^(a)		1,494		1,008,286
Comcast Corp., Class A		10,210		525,100
Discovery Inc., Class C, NVS^(a)		2,559		57,731
Liberty Broadband Corp., Class C, NVS^(a)		824		133,859
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		2,209		108,948
Omnicom Group Inc.		1,506		102,528
Sirius XM Holdings Inc.		11,373		69,262


				2,211,208

Metals & Mining — 0.3%
Newmont Corp.		4,760		257,040
Nucor Corp.		1,248		139,339


				396,379

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		7,902		125,800
Annaly Capital Management Inc.		19,970		168,946
Starwood Property Trust Inc.		3,160		80,485


				375,231

Multi-Utilities — 0.6%
Consolidated Edison Inc.		643		48,482
Dominion Energy Inc.		4,653		353,302
Public Service Enterprise Group Inc.		2,206		140,743
Sempra Energy		777		99,169
WEC Energy Group Inc.		1,320		118,879


				760,575

Multiline Retail — 0.7%
Dollar General Corp.		1,780		394,306
Target Corp.		2,100		545,202


				939,508

Oil, Gas & Consumable Fuels — 5.4%
Chevron Corp.		14,733		1,686,781
ConocoPhillips		10,151		756,148
Devon Energy Corp.		2,833		113,547
EOG Resources Inc.		1,957		180,944
Exxon Mobil Corp.		38,774		2,499,760
Kinder Morgan Inc.		18,141		303,862
Marathon Petroleum Corp.		5,401		356,088
ONEOK Inc.		3,092		196,713
Ovintiv Inc.		1,024		38,421
Phillips 66		4,435		331,649
Pioneer Natural Resources Co.		690		129,016
Valero Energy Corp.		4,283		331,204


28		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Williams Companies Inc. (The)		11,022	$	309,608


				7,233,741

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		538		174,490
Herbalife Nutrition Ltd.^(a)		1,598		74,147


				248,637

Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		21,964		1,282,698
Eli Lilly & Co.		1,862		474,363
Johnson & Johnson		11,829		1,926,707
Merck & Co. Inc.		15,703		1,382,649
Pfizer Inc.		26,012		1,137,765
Zoetis Inc.		604		130,585


				6,334,767

Professional Services — 0.2%
IHS Markit Ltd.		1,014		132,550
Verisk Analytics Inc.		387		81,375


				213,925

Road & Rail — 1.6%
CSX Corp.		12,139		439,068
Kansas City Southern		247		76,632
Norfolk Southern Corp.		1,659		486,170
Union Pacific Corp.		4,956		1,196,378


				2,198,248

Semiconductors & Semiconductor Equipment — 4.8%
Analog Devices Inc.		1,631		282,962
Applied Materials Inc.		2,488		339,985
Broadcom Inc.		1,867		992,628
Intel Corp.		46,547		2,280,803
KLA Corp.		569		212,100
Lam Research Corp.		661		372,520
NXP Semiconductors NV		1,288		258,708
Qorvo Inc.^(a)		446		75,031
QUALCOMM Inc.		5,398		718,150
Skyworks Solutions Inc.		694		115,988
Texas Instruments Inc.		3,821		716,361
Xilinx Inc.		540		97,200


				6,462,436

Software — 7.0%
Adobe Inc.^(a)		601		390,866
Citrix Systems Inc.		1,209		114,529
Fortinet Inc.^(a)		222		74,667
Intuit Inc.		267		167,139
Microsoft Corp.		18,822		6,241,752
NortonLifeLock Inc.		4,860		123,687
Oracle Corp.		21,750		2,086,695
Palo Alto Networks Inc.^(a)		307		156,291
VMware Inc., Class A^(a)		672		101,942


				9,457,568

Specialty Retail — 3.4%
Advance Auto Parts Inc.		569		128,321
AutoZone Inc.^(a)		144		257,017


Security	Shares		Value

Specialty Retail (continued)
Best Buy Co. Inc.		1,946	$	237,879
Home Depot Inc. (The)		5,222		1,941,226
Lowe’s Companies Inc.		5,595		1,308,223
O’Reilly Automotive Inc.^(a)		417		259,508
Ross Stores Inc.		779		88,183
TJX Companies Inc. (The)		2,807		183,830
Tractor Supply Co.		449		97,509
Ulta Beauty Inc.^(a)		197		72,370


				4,574,066

Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		41,564		6,226,287
Dell Technologies Inc., Class C^(a)		2,207		242,748
Hewlett Packard Enterprise Co.		9,092		133,198
HP Inc.		23,102		700,684
NetApp Inc.		1,680		150,024
Seagate Technology Holdings PLC		2,965		264,092
Xerox Holdings Corp.		3,881		69,082


				7,786,115

Textiles, Apparel & Luxury Goods — 0.4%
Nike Inc., Class B		2,383		398,652
VF Corp.		1,860		135,557



				534,209

Tobacco — 1.3%
Altria Group Inc.		19,031		839,458
Philip Morris International Inc.		10,067		951,734


				1,791,192

Trading Companies & Distributors — 0.2%
Fastenal Co.		1,683		96,066
United Rentals Inc.^(a)		152		57,625
WW Grainger Inc.		256		118,556


				272,247


Total Common Stocks — 99.8% (Cost: $116,543,676)				134,117,435


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		250,000		250,000


Total Short-Term Investments — 0.2% (Cost: $250,000)				250,000


Total Investments in Securities — 100.0% (Cost: $116,793,676)				134,367,435

Other Assets, Less Liabilities — 0.0%				27,968


Net Assets — 100.0%			$	134,395,403

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	150,000	$	100,000	^(a)	$	—		$	—	$	—	$	250,000		250,000	$	5	$	—
BlackRock Inc.		290,852		266,169			(111,924	)		22,894		30,156		498,147		528		3,684		—

									$	22,894	$	30,156	$	748,147			$	3,689	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Micro E-Mini S&P 500

12/17/21

230

9,136

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	9,136

^(a)

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


	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	24,419


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,736

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


30		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Dividend and Buyback ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	134,117,435	$	—	$	—	$	134,117,435
Money Market Funds		250,000		—		—		250,000

	$	134,367,435	$	—	$	—	$	134,367,435

Derivative financial instruments^(a)
Assets
Futures Contracts	$	9,136	$	—	$	—	$	9,136

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

October 31, 2021


	iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	20,886,052,273	$	7,397,440,166		$	4,338,932,546		$	18,431,302,029
Affiliated^(b)		212,994,903		11,570,000			2,270,000			20,210,000
Cash		9,842		8,667			3,705			9,718
Foreign currency, at value^(c)		—		—			11,587,858			—
Cash pledged:
Futures contracts		2,195,400		786,600			—			1,927,200
Foreign currency collateral pledged:
Futures contracts^(d)		—		—			3,021,612			—
Receivables:
Investments sold		—		121,343			—			—
Securities lending income — Affiliated		—		—			945,116			—
Variation margin on futures contracts		98,729		—			—			—
Capital shares sold		14,784		—			—			96,471
Dividends		29,661,610		27,583,539			12,216,134			31,738,041
Tax reclaims		—		—			11,494,244			—

Total assets		21,131,027,541		7,437,510,315			4,380,471,215			18,485,283,459


LIABILITIES
Payables:
Investments purchased		40,005,435		20,047,152			470,483			27,566
Variation margin on futures contracts		—		14,104			61,716			214,326
Capital shares redeemed		—		172,721			—			92,458
Investment advisory fees		1,392,591		498,702			1,794,959			5,888,539
Professional fees		—		—			854,828			—

Total liabilities		41,398,026		20,732,679			3,181,986			6,222,889


NET ASSETS	$	21,089,629,515	$	7,416,777,636		$	4,377,289,229		$	18,479,060,570


NET ASSETS CONSIST OF:
Paid-in capital	$	16,319,377,133	$	7,701,507,624		$	5,175,789,958		$	15,946,704,639
Accumulated earnings (loss)		4,770,252,382		(284,729,988	)		(798,500,729	)		2,532,355,931

NET ASSETS	$	21,089,629,515	$	7,416,777,636		$	4,377,289,229		$	18,479,060,570


Shares outstanding		397,050,000		75,400,000			140,500,000			156,600,000

Net asset value	$	53.12	$	98.37		$	31.16		$	118.00

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a)Investments, at cost — Unaffiliated	$	16,143,837,639	$	6,745,203,578		$	3,935,671,302		$	15,662,134,581
^(b)Investments, at cost — Affiliated	$	148,179,363	$	11,570,000		$	2,270,000		$	20,210,000
^(c)Foreign currency, at cost	$	—	$	—		$	11,475,212		$	—
^(d)Foreign currency collateral pledged, at cost	$	—	$	—		$	3,107,892		$	—

See notes to financial statements.


32		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2021


	iShares U.S. Dividend and Buyback ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	133,619,288
Affiliated^(b)		748,147
Cash		1,190
Cash pledged:
Futures contracts		12,000
Receivables:
Securities lending income — Affiliated		1
Variation margin on futures contracts		494
Dividends		203,032

Total assets		134,584,152


LIABILITIES
Payables:
Investments purchased		162,051
Investment advisory fees		26,698

Total liabilities		188,749


NET ASSETS	$	134,395,403


NET ASSETS CONSIST OF:
Paid-in capital	$	114,958,081
Accumulated earnings		19,437,322

NET ASSETS	$	134,395,403


Shares outstanding		3,250,000

Net asset value	$	41.35

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — Unaffiliated	$	116,151,110
^(b)Investments, at cost — Affiliated	$	642,566

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		33

Statements of Operations (unaudited)

Six Months Ended October 31, 2021


	iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares International Select Dividend ETF			iShares Select Dividend ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	218,730,462		$	145,018,838		$	148,878,474		$	360,779,596
Dividends — Affiliated		1,365,431			305			92			866
Securities lending income — Affiliated — net		—			—			989,236			—
Other income — Unaffiliated		—			—			1,206,745			—
Foreign taxes withheld		(10,234	)		—			(9,298,022	)		—
Foreign withholding tax claims		—			—			7,522,197			—

Total investment income		220,085,659			145,019,143			149,298,722			360,780,462


EXPENSES
Investment advisory fees		7,987,821			2,895,244			10,871,993			34,993,803
Commitment fees		—			—			9,296			—
Professional fees		—			—			872,897			—
Miscellaneous		—			—			173			—

Total expenses		7,987,821			2,895,244			11,754,359			34,993,803

Net investment income		212,097,838			142,123,899			137,544,363			325,786,659


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(10,092,814	)		79,946,533			(12,431,266	)		(23,234,715	)
Investments — Affiliated		(395,855	)		—			1,302			—
In-kind redemptions — Unaffiliated		499,924,929			45,438,883			4,224,238			291,585,661
In-kind redemptions — Affiliated		3,650,487			—			—			—
Futures contracts		7,132,495			3,170,200			1,718,665			6,295,886
Foreign currency transactions		—			—			(656,876	)		—

Net realized gain (loss)		500,219,242			128,555,616			(7,143,937	)		274,646,832

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		707,849,713			49,398,138			(163,771,042	)		(370,597,016	)
Investments — Affiliated		16,338,684			—			—			—
Futures contracts		(36,403	)		(550,837	)		(27,742	)		(2,593,438	)
Foreign currency translations		—			—			(555,188	)		—

Net change in unrealized appreciation (depreciation)		724,151,994			48,847,301			(164,353,972	)		(373,190,454	)


Net realized and unrealized gain (loss)		1,224,371,236			177,402,917			(171,497,909	)		(98,543,622	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,436,469,074		$	319,526,816		$	(33,953,546	)	$	227,243,037

See notes to financial statements.


34		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2021


	iShares U.S. Dividend and Buyback ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	1,094,550
Dividends — Affiliated		3,689
Foreign taxes withheld		(81	)

Total investment income		1,098,158


EXPENSES
Investment advisory fees		127,656

Total expenses		127,656

Net investment income		970,502


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(566,625	)
Investments — Affiliated		(2,179	)
In-kind redemptions — Unaffiliated		3,625,672
In-kind redemptions — Affiliated		25,073
Futures contracts		24,419

Net realized gain		3,106,360

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		4,422,991
Investments — Affiliated		30,156
Futures contracts		2,736

Net change in unrealized appreciation (depreciation)		4,455,883

Net realized and unrealized gain		7,562,243

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,532,745

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		35


Statements of Changes in Net Assets


	iShares Core Dividend Growth ETF						iShares Core High Dividend ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	212,097,838		$	334,481,493		$	142,123,899		$	239,926,357
Net realized gain (loss)		500,219,242			158,309,065			128,555,616			(119,602,163	)
Net change in unrealized appreciation (depreciation)		724,151,994			4,085,389,867			48,847,301			1,024,956,726

Net increase in net assets resulting from operations		1,436,469,074			4,578,180,425			319,526,816			1,145,280,920


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(197,358,158	)		(326,148,283	)		(116,556,953	)		(238,406,761	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,447,362,201			4,795,396,795			374,480,308			(104,344,490	)


NET ASSETS
Total increase in net assets		2,686,473,117			9,047,428,937			577,450,171			802,529,669
Beginning of period		18,403,156,398			9,355,727,461			6,839,327,465			6,036,797,796

End of period	$	21,089,629,515		$	18,403,156,398		$	7,416,777,636		$	6,839,327,465

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

See notes to financial statements.


36		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares International Select Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	137,544,363		$	176,517,860		$	325,786,659		$	539,461,221
Net realized gain (loss)		(7,143,937	)		(599,215,367	)		274,646,832			1,242,537,997
Net change in unrealized appreciation (depreciation)		(164,353,972	)		1,651,282,925			(373,190,454	)		4,468,805,896

Net increase (decrease) in net assets resulting from operations		(33,953,546	)		1,228,585,418			227,243,037			6,250,805,114


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(142,657,480	)		(166,047,075	)		(319,092,236	)		(544,125,763	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		223,958,464			(153,719,970	)		75,342,614			(468,135,426	)


NET ASSETS
Total increase (decrease) in net assets		47,347,438			908,818,373			(16,506,585	)		5,238,543,925
Beginning of period		4,329,941,791			3,421,123,418			18,495,567,155			13,257,023,230

End of period	$	4,377,289,229		$	4,329,941,791		$	18,479,060,570		$	18,495,567,155

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		37

Statements of Changes in Net Assets (continued)


	iShares U.S. Dividend and Buyback ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	970,502		$	869,972
Net realized gain		3,106,360			2,851,821
Net change in unrealized appreciation (depreciation)		4,455,883			12,558,681

Net increase in net assets resulting from operations		8,532,745			16,280,474


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(807,991	)		(806,983	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		59,490,605			27,061,298


NET ASSETS
Total increase in net assets		67,215,359			42,534,789
Beginning of period		67,180,044			24,645,255

End of period	$	134,395,403		$	67,180,044

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

See notes to financial statements.


38		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend Growth ETF

	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17

Net asset value, beginning of period	$	49.87		$	36.39		$	38.13		$	33.86		$	30.75		$	26.72

Net investment income^(a)		0.55			1.08			0.99			0.91			0.78			0.71
Net realized and unrealized gain (loss)^(b)		3.21			13.44			(1.77	)		4.20			3.07			3.98

Net increase (decrease) from investment operations		3.76			14.52			(0.78	)		5.11			3.85			4.69


Distributions^(c)
From net investment income		(0.51	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)

Total distributions		(0.51	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)		(0.66	)


Net asset value, end of period	$	53.12		$	49.87		$	36.39		$	38.13		$	33.86		$	30.75


Total Return^(d)
Based on net asset value		7.59	%^(e)		40.52	%		(2.05	)%		15.30	%		12.59	%		17.78	%


Ratios to Average Net Assets
Total expenses		0.08	%^(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.09	%

Net investment income		2.12	%^(f)		2.53	%		2.55	%		2.55	%		2.32	%		2.46	%


Supplemental Data
Net assets, end of period (000)	$	21,089,630		$	18,403,156		$	9,355,727		$	7,084,809		$	3,343,410		$	1,429,997

Portfolio turnover rate^(g)		7	%^(e)		31	%		24	%		26	%		24	%		27	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core High Dividend ETF


	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17

Net asset value, beginning of period		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27		$	78.83

Net investment income^(a)			1.92			3.56			3.24			3.09			2.99			2.85
Net realized and unrealized gain (loss)^(b)			2.43			13.72			(13.51	)		11.01			1.20			4.34

Net increase (decrease) from investment operations			4.35			17.28			(10.27	)		14.10			4.19			7.19


Distributions^(c)
From net investment income			(1.57	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)

Total distributions			(1.57	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)		(2.75	)


Net asset value, end of period		$	98.37		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27


Total Return^(d)
Based on net asset value			4.59	%^(e)		21.70	%		(10.86	)%		17.05	%		5.03	%		9.22	%


Ratios to Average Net Assets
Total expenses			0.08	%^(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.10	%

Net investment income			3.93	%^(f)		4.13	%		3.53	%		3.48	%		3.47	%		3.49	%


Supplemental Data
Net assets, end of period (000)		$	7,416,778		$	6,839,327		$	6,036,798		$	7,175,741		$	6,007,744		$	6,632,679

Portfolio turnover rate^(g)			39	%^(e)		75	%		62	%		57	%		46	%		49	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


40		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Select Dividend ETF

	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17


Net asset value, beginning of period		$	32.41		$	24.14		$	31.59		$	34.11		$	31.78		$	29.85

Net investment income^(a)			1.00	^(b)		1.35			1.83			1.71			1.43			1.42	^(b)
Net realized and unrealized gain (loss)^(c)			(1.21	)		8.19			(7.10	)		(2.48	)		2.41			1.88

Net increase (decrease) from investment operations			(0.21	)		9.54			(5.27	)		(0.77	)		3.84			3.30


Distributions^(d)
From net investment income			(1.04	)		(1.27	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)

Total distributions			(1.04	)		(1.27	)		(2.18	)		(1.75	)		(1.51	)		(1.37	)


Net asset value, end of period		$	31.16		$	32.41		$	24.14		$	31.59		$	34.11		$	31.78


Total Return^(e)
Based on net asset value			(0.68	)%^(b)(f)		40.57	%		(17.15	)%		(2.13	)%		12.35	%		11.47	%^(b)


Ratios to Average Net Assets
Total expenses			0.53	%^(g)		0.49	%^(h)		0.49	%		0.49	%		0.49	%		0.50	%

Total expenses after fees waived			0.53	%^(g)		0.49	%^(h)		0.49	%		0.49	%		0.49	%		0.50	%

Total expenses excluding professional fees for foreign withholding tax claims			0.49	%^(g)		N/A			N/A			0.49	%		N/A			0.50	%

Net investment income			6.15	%^(b)(g)		4.87	%		6.06	%		5.39	%		4.27	%		4.75	%^(b)


Supplemental Data
Net assets, end of period (000)		$	4,377,289		$	4,329,942		$	3,421,123		$	4,377,418		$	4,922,792		$	4,010,716

Portfolio turnover rate⁽ⁱ⁾			2	%^(f)		86	%^(j)		12	%		35	%		24	%		29	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended October 31, 2021 and year ended April 30, 2017:

• Net investment income per share by $0.05 and $0.04, respectively.

• Total return by 0.16% and 0.10%, respectively.

• Ratio of net investment income to average net assets by 0.15% and 0.13%, respectively.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

^(h)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

^(j)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Select Dividend ETF

	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17


Net asset value, beginning of period		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51		$	82.05

Net investment income^(a)			2.08			3.51			3.51			3.31			3.08			2.82
Net realized and unrealized gain (loss)^(b)			(0.42	)		37.74			(20.30	)		4.80			4.76			9.41

Net increase (decrease) from investment operations			1.66			41.25			(16.79	)		8.11			7.84			12.23


Distributions^(c)
From net investment income			(2.03	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)

Total distributions			(2.03	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)		(2.77	)


Net asset value, end of period		$	118.00		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51


Total Return^(d)
Based on net asset value			1.40	%^(e)		52.54	%		(16.96	)%		8.63	%		8.65	%		15.12	%


Ratios to Average Net Assets
Total expenses			0.38	%^(f)		0.38	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income			3.49	%^(f)		3.78	%		3.60	%		3.40	%		3.24	%		3.23	%


Supplemental Data
Net assets, end of period (000)		$	18,479,061		$	18,495,567		$	13,257,023		$	17,585,695		$	16,714,032		$	17,200,059

Portfolio turnover rate^(g)			3	%^(e)		55	%		6	%		21	%		28	%		19	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


42		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Dividend and Buyback ETF

	Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Period From 11/07/17^(a)to 04/30/18


Net asset value, beginning of period		$	38.39		$	25.94		$	27.96		$	25.30		$	24.99

Net investment income^(b)			0.38			0.70			0.64			0.61			0.26
Net realized and unrealized gain (loss)^(c)			2.91			12.43			(2.02	)		2.67			0.28

Net increase (decrease) from investment operations			3.29			13.13			(1.38	)		3.28			0.54


Distributions^(d)
From net investment income			(0.33	)		(0.68	)		(0.64	)		(0.58	)		(0.23	)
From net realized gain			—			—			—			(0.04	)		—

Total distributions			(0.33	)		(0.68	)		(0.64	)		(0.62	)		(0.23	)


Net asset value, end of period		$	41.35		$	38.39		$	25.94		$	27.96		$	25.30


Total Return^(e)
Based on net asset value			8.60	%^(f)		51.33	%		(4.95	)%		13.21	%		2.16	%^(f)


Ratios to Average Net Assets
Total expenses			0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.25	%^(g)

Net investment income			1.90	%^(g)		2.20	%		2.31	%		2.34	%		2.07	%^(g)


Supplemental Data
Net assets, end of period (000)		$	134,395		$	67,180		$	24,645		$	8,389		$	7,591

Portfolio turnover rate^(h)			11	%^(f)		30	%		33	%		31	%		14	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		43

Notes to Financial Statements (unaudited)

ORGANIZATION

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

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


iShares ETF		Diversification Classification
Core Dividend Growth		Diversified
Core High Dividend		Non-diversified
International Select Dividend		Diversified
Select Dividend		Diversified
U.S. Dividend and Buyback		Diversified

SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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


44		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

SECURITIES AND OTHER INVESTMENTS

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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

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

DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

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

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

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


46		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
Core Dividend Growth		0.08	%
Core High Dividend		0.08
U.S. Dividend and Buyback		0.25

For its investment advisory services to the iShares International Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.5000	%
Over $12 billion, up to and including $18 billion		0.4750
Over $18 billion, up to and including $24 billion		0.4513
Over $24 billion, up to and including $30 billion		0.4287
Over $30 billion		0.4073

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion, up to and including $171		0.3259
Over $171 billion		0.3096

Prior to July 14, 2021, for its investment advisory services to the iShares Select Dividend ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion		0.3259

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver to the iShares International Select Dividend ETF in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the six months ended October 31, 2021, there were no fees waived by BFA pursuant to this arrangement.

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, each of iShares Core Dividend Growth ETF , iShares Core High Dividend ETF, iShares Select Dividend ETF and iShares U.S. Dividend and Buyback ETF (the “Group 1 Funds”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares International Select Dividend ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
International Select Dividend	$	220,297

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

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

For the six months ended October 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend Growth	$	451,040,930	$	352,280,083	$	(3,440,296	)
Core High Dividend		252,982,040		396,397,566		5,714,395
International Select Dividend		—		166,282		49,231
Select Dividend		8,894,282		12,026,801		3,324,681
U.S. Dividend and Buyback		4,560,215		3,843,159		(226,007	)

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

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

PURCHASES AND SALES

For the six months ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Core Dividend Growth	$	1,331,789,344	$	1,317,362,162
Core High Dividend		2,770,231,784		2,748,251,177
International Select Dividend		182,108,301		95,313,369
Select Dividend		655,269,755		638,517,502
U.S. Dividend and Buyback		10,960,060		10,644,176

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


iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend Growth	$	2,495,050,531	$	1,055,763,783
Core High Dividend		637,938,237		265,223,838
International Select Dividend		147,046,452		17,860,861
Select Dividend		1,198,160,881		1,122,256,209
U.S. Dividend and Buyback		68,957,384		9,627,666


48		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Core Dividend Growth	$	531,044,408
Core High Dividend		1,062,206,828
International Select Dividend		1,172,533,568
Select Dividend		411,782,440
U.S. Dividend and Buyback		1,321,244

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend Growth	$	16,337,291,855	$	4,946,648,103	$	(183,126,974	)	$	4,763,521,129
Core High Dividend		6,793,513,208		767,843,072		(152,312,833	)		615,530,239
International Select Dividend		3,975,374,295		538,851,416		(172,253,178	)		366,598,238
Select Dividend		15,786,121,475		3,224,479,480		(559,189,563	)		2,665,289,917
U.S. Dividend and Buyback		116,950,555		19,287,663		(1,861,647	)		17,426,016

LINE OF CREDIT

The iShares International Select Dividend ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares International Select Dividend ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Notes to Financial Statements (unaudited) (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition


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Notes to Financial Statements (unaudited) (continued)

process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		48,750,000		$	2,509,082,539			140,800,000		$	5,967,489,614
Shares redeemed		(20,700,000	)		(1,061,720,338	)		(28,900,000	)		(1,172,092,819	)


Net increase		28,050,000		$	1,447,362,201			111,900,000		$	4,795,396,795


Core High Dividend
Shares sold		6,600,000		$	641,138,813			9,350,000		$	857,073,484
Shares redeemed		(2,750,000	)		(266,658,505	)		(11,550,000	)		(961,417,974	)


Net increase (decrease)		3,850,000		$	374,480,308			(2,200,000	)	$	(104,344,490	)


International Select Dividend
Shares sold		7,550,000		$	244,441,247			9,000,000		$	272,038,651
Shares redeemed		(650,000	)		(20,482,783	)		(17,100,000	)		(425,758,621	)


Net increase (decrease)		6,900,000		$	223,958,464			(8,100,000	)	$	(153,719,970	)


Select Dividend
Shares sold		10,250,000		$	1,219,371,478			17,250,000		$	1,779,672,971
Shares redeemed		(9,900,000	)		(1,144,028,864	)		(25,350,000	)		(2,247,808,397	)


Net increase (decrease)		350,000		$	75,342,614			(8,100,000	)	$	(468,135,426	)


U.S. Dividend and Buyback
Shares sold		1,750,000		$	69,328,835			1,200,000		$	38,829,975
Shares redeemed		(250,000	)		(9,838,230	)		(400,000	)		(11,768,677	)


Net increase		1,500,000		$	59,490,605			800,000		$	27,061,298

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

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

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Select Dividend ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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

Board Review and Approval of Investment Advisory Contract

iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares U.S. Dividend and Buyback ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares International Select Dividend ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		53

Board Review and Approval of Investment Advisory Contract (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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


54		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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

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

iShares Select Dividend ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		55

Board Review and Approval of Investment Advisory Contract (continued)

evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


56		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		57

Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

October 31, 2021


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core High Dividend	$	1.574450	$	—	$	—	$	1.574450		100	%		—	%		—	%		100	%
Select Dividend^(a)		1.826528		—		0.199017		2.025545		90			—			10			100
U.S. Dividend and Buyback^(a)		0.324207		—		0.001545		0.325752		100			—			0	^(b)		100

^(a)

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

^(b)

Rounds to less than 1%.


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		59

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-406-1021