LOGO

  OCTOBER 31, 2021

 

 

2021 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

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

 

·  

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

 

·  

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

 

·  

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

 

·  

iShares U.S. Transportation ETF  |  IYT  |  Cboe BZX

 

·  

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

 

 


The Markets in Review

Dear Shareholder,

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

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

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

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

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

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

 

 

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021

 

    

 

6-Month  

 

 

 

12-Month  

 

 

U.S. large cap equities
(S&P 500® Index)

 

  10.91%   42.91%

 

U.S. small cap equities
(Russell 2000® Index)

 

  1.85   50.80

 

International equities
(MSCI Europe, Australasia, Far East Index)

 

  4.14   34.18

 

Emerging market equities
(MSCI Emerging Markets Index)

 

  (4.87)   16.96

 

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

 

  0.01   0.06

 

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

 

  1.59   (4.77)

 

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

 

  1.06   (0.48)

 

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

 

  0.33   2.76

 

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped   Index)

 

  2.36   10.53

 

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     10  

Shareholder Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     39  

Statements of Operations

     41  

Statements of Changes in Net Assets

     43  

Financial Highlights

     46  

Notes to Financial Statements

     52  

Board Review and Approval of Investment Advisory Contract

     61  

Supplemental Information

     67  

General Information

     68  

Glossary of Terms Used in this Report

     69  

 

 

 


Fund Summary as of October 31, 2021    iShares® Dow Jones U.S. ETF

 

Investment Objective

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

Performance

 

              Average Annual Total Returns    

 

          

Cumulative Total Returns

 

 
    

6 Months

 

   

1 Year

 

   

5 Years

 

   

10 Years

 

           

1 Year

 

   

5 Years

 

   

10 Years

 

 

Fund NAV

    10.22       43.36     18.75     15.91          43.36     136.18     337.63

Fund Market

    10.12       43.31       18.74       15.90          43.31       136.06       337.39  

Index

    10.34       43.66       18.99       16.13                43.66       138.51       345.99  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses   
Paid During   
the Period  (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses   
Paid During   
the Period  (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  1,102.20        $ 1.06                $  1,000.00        $  1,024.20        $ 1.02             0.20

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of   
Total Investments(a)
 

Information Technology

    28.1%  

Health Care

    12.9     

Consumer Discretionary

    12.7     

Financials

    11.6     

Communication Services

    10.1     

Industrials

    8.6     

Consumer Staples

    5.2     

Real Estate

    3.2     

Energy

    2.7     

Materials

    2.6     

Utilities

    2.3     

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of   
Total Investments(a)
 

Microsoft Corp.

    5.6%  

Apple Inc.

    5.2     

Amazon.com Inc.

    3.3     

Tesla Inc.

    2.0     

Alphabet Inc., Class A

    2.0     

Alphabet Inc., Class C

    1.9     

Meta Platforms Inc, Class A

    1.7     

NVIDIA Corp.

    1.4     

Berkshire Hathaway Inc., Class B

    1.2     

JPMorgan Chase & Co.

    1.1     

 

 

4  

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


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

 

Investment Objective

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

Performance

 

              Average Annual Total Returns    

 

          

Cumulative Total Returns

 

 
    

6 Months

 

   

1 Year

 

   

5 Years

 

   

10 Years

 

           

1 Year

 

   

5 Years

 

   

10 Years

 

 

Fund NAV

    21.31     111.28     0.40     0.70        111.28     2.04     7.23

Fund Market

    21.26       111.49         0.42         0.70          111.49       2.10       7.24  

Index(a)

    21.60       112.22       0.82       1.10          112.22         4.15         11.53  

Dow Jones U.S. Oil & Gas Index

    21.10       111.34       0.73       1.05          111.34       3.72       11.06  

Russell 1000 Energy RIC 22.5/45 Capped Index(b)

    N/A       N/A       N/A       N/A                N/A       N/A       N/A  

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

 

  (a) 

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

 
  (b) 

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

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses   
Paid During   
the Period  (a)
           Beginning
Account Value
(05/01/21)
       Ending
Account Value
(10/31/21)
       Expenses   
Paid During   
the Period  (a)
       Annualized
Expense
Ratio
 
$  1,000.00        $  1,213.10        $ 2.18                $  1,000.00        $  1,023.20        $ 1.99             0.39

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of   
Total Investments(a)
 

Oil, Gas & Consumable Fuels

    86.8%  

Energy Equipment & Services

    7.8     

Semiconductors & Semiconductor Equipment

    3.4     

Electrical Equipment

    2.0     

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of   
Total Investments(a)
 

Exxon Mobil Corp.

    20.3%  

Chevron Corp.

    16.6     

ConocoPhillips

    7.8     

EOG Resources Inc.

    5.1     

Schlumberger NV

    4.2     

Marathon Petroleum Corp.

    3.9     

Pioneer Natural Resources Co.

    3.5     

Williams Companies Inc. (The)

    2.9     

Kinder Morgan Inc.

    2.9     

Phillips 66

    2.8     

 

 

U N D  U M M A R Y

  5


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

 

Investment Objective

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

Performance

 

               Average Annual Total Returns    

 

         

Cumulative Total Returns

 

 
    

6 Months

 

    

1 Year

 

    

5 Years

 

    

10 Years

 

          

1 Year

 

    

5 Years

 

    

10 Years

 

 

Fund NAV

    10.46      33.07      17.13      17.06       33.07      120.44      382.99

Fund Market

    10.47        33.06        17.12        17.05         33.06        120.36        382.70  

Index(a)

    10.68        33.59        17.59        17.54         33.59        124.82        403.33  

Dow Jones U.S. Health Care Index

    10.48        33.35        17.55        17.52         33.35        124.41        402.41  

Russell 1000 Health Care RIC 22.5/45 Capped Index(b)

    N/A        N/A        N/A        N/A               N/A        N/A        N/A  

 

  (a)

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

 
  (b)

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

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual

 

          Hypothetical 5% Return

 

        
 

 

Beginning
Account Value
(05/01/21)

 

 
 
 

 

      

 

Ending
Account Value
(10/31/21)

 

 
 
 

 

      

 

Expenses
Paid During
the Period 

 

 
 
(a) 

 

           

 

Beginning
Account Value
(05/01/21)

 

 
 
 

 

      

 

Ending
Account Value
(10/31/21)

 

 
 
 

 

      

 

Expenses
Paid During
the Period 

 

 
 
(a) 

 

    

 

Annualized
Expense
Ratio

 

 
 
 

 

    $ 1,000.00          $ 1,104.60          $ 2.07               $ 1,000.00          $ 1,023.20          $ 1.99        0.39

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector

 

 

 

Percent of    
Total Investments(a)

 

 

Health Care Equipment & Supplies

    27.3%  

Pharmaceuticals

    26.5     

Health Care Providers & Services

    17.1     

Biotechnology

    16.0     

Life Sciences Tools & Services

    11.4     

Health Care Technology

    1.7     

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security

 

 

 

Percent of    
Total Investments(a)

 

 

UnitedHealth Group Inc.

    8.0%  

Johnson & Johnson

    7.9     

Thermo Fisher Scientific Inc.

    4.6     

Pfizer Inc.

    4.5     

Abbott Laboratories

    4.1     

Merck & Co. Inc.

    4.1     

Eli Lilly & Co.

    4.0     

AbbVie Inc.

    3.7     

Danaher Corp.

    3.6     

Medtronic PLC

    3.0     

 

 

6  

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


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

 

Investment Objective

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

Performance

 

           Average Annual Total Returns

 

         

Cumulative Total Returns

 

 
    

 

6 Months

 

    

 

1 Year

 

    

 

5 Years

 

    

 

10 Years

 

          

 

1 Year

 

    

 

5 Years

 

    

 

10 Years

 

 

Fund NAV

    18.90      51.47      31.09      22.07       51.47      287.09      634.55

Fund Market

    18.78        51.34        31.08        22.06         51.34        286.96        634.19  

Index(a)

    19.14        52.09        31.65        22.56         52.09        295.46        664.81  

Dow Jones U.S. Technology Capped Index(b)

    19.24        52.21        N/A        N/A         52.21        N/A        N/A  

Russell 1000 Technology RIC 22.5/45 Capped Index(c)

    N/A        N/A        N/A        N/A               N/A        N/A        N/A  

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

 

  (a)

Index performance through June 23, 2019 reflects the performance of the Dow Jones U.S. Technology Total Return Index. Index performance beginning on June 24, 2019 through September 19, 2021 reflects the performance of the Dow Jones U.S. Technology Capped IndexTM. Index performance beginning on September 20, 2021 reflects the performance of the Russell 1000 Technology RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Technology Capped IndexTM as the underlying index of the fund.

 
  (b)

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

 
  (c)

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

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual

 

          Hypothetical 5% Return

 

        

 



 

 

 

Beginning
Account Value
(05/01/21)

 

 


 
 

 

    

 



 

 

 

Ending
Account Value
(10/31/21)

 

 


 
 

 

    

 



 

 

 

Expenses
Paid During
the Period 

 

 


 
(a) 

 

         

 



 

 

 

Beginning
Account Value
(05/01/21)

 

 


 
 

 

    

 



 

 

 

Ending
Account Value
(10/31/21)

 

 


 
 

 

    

 



 

 

 

Expenses
Paid During
the Period 

 

 


 
(a) 

 

  

 



 

 

 

Annualized
Expense
Ratio

 

 


 
 

 

    $ 1,000.00          $ 1,189.00          $ 2.15               $ 1,000.00          $ 1,023.20          $ 1.99        0.39

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector

 

 

 

Percent of    
Total Investments(a)

 

 

Software

    38.0%  

Semiconductors & Semiconductor Equipment

    19.8     

Technology Hardware, Storage & Peripherals

    17.3     

Interactive Media & Services

    16.9     

IT Services

    5.3     

Electronic Equipment, Instruments & Components

    1.3     

Other (each representing less than 1%)

    1.4     

 

  (a)

  Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security

 

 

 

Percent of    
Total Investments(a)

 

 

Microsoft Corp.

    17.2%  

Apple Inc.

    16.1     

Alphabet Inc., Class A

    6.2     

Alphabet Inc., Class C

    5.8     

NVIDIA Corp.

    3.9     

Meta Platforms Inc, Class A

    3.8     

Adobe Inc.

    2.7     

salesforce.com Inc.

    2.6     

Broadcom Inc.

    2.0     

Intel Corp.

    1.9     

 

 

U N D  U M M A R Y

  7


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

 

Investment Objective

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

Performance

 

          

Average Annual Total Returns

 

 

         

Cumulative Total Returns

 

 

 
    

 

6 Months

 

    

 

1 Year

 

    

 

5 Years

 

   

 

10 Years

 

          

 

1 Year

 

    

 

5 Years

 

    

 

10 Years

 

 

Fund NAV

    0.74      38.79      14.62     13.18       38.79      97.82      245.03

Fund Market

    0.63        38.84        14.62       13.19         38.84        97.84        245.12  

Index(a)

    1.65        41.33        15.67       13.88         41.33        107.05        266.81  

Dow Jones Transportation Average Index

    4.22        44.91        16.25       N/A         44.91        112.30        N/A  

S&P Transportation Select Industry FMC Capped Index(b)

    1.90        N/A        N/A       N/A               N/A        N/A        N/A  

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

 

  (a)

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

 
  (b)

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

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual

 

          Hypothetical 5% Return

 

        

 



 

 

 

Beginning
Account Value
(05/01/21)

 

 


 
 

 

    

 



 

 

 

Ending
Account Value
(10/31/21)

 

 


 
 

 

    

 



 

 

 

Expenses
Paid During
the Period 

 

 


 
(a) 

 

         

 



 

 

 

Beginning
Account Value
(05/01/21)

 

 


 
 

 

    

 



 

 

 

Ending
Account Value
(10/31/21)

 

 


 
 

 

    

 



 

 

 

Expenses
Paid During
the Period 

 

 


 
(a) 

 

  

 



 

 

 

Annualized
Expense
Ratio

 

 


 
 

 

    $ 1,000.00          $ 1,007.40          $ 1.97                $ 1,000.00          $ 1,023.20          $ 1.99        0.39

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector

 

 

 

Percent of    
Total Investments(a)

 

 

Road & Rail

    56.8%  

Air Freight & Logistics

    28.2     

Airlines

    13.9     

Marine

    1.1     

TEN LARGEST HOLDINGS

 

Security

 

 

 

Percent of    
Total Investments(a)

 

 

Union Pacific Corp.

    17.3%  

United Parcel Service Inc., Class B

    17.1     

CSX Corp.

    9.0     

Norfolk Southern Corp.

    4.9     

Uber Technologies Inc.

    4.6     

Old Dominion Freight Line Inc.

    4.4     

Kansas City Southern

    3.9     

Southwest Airlines Co.

    3.9     

FedEx Corp.

    3.8     

Delta Air Lines Inc.

    3.4     

 

  (a)

  Excludes money market funds.

 

 

 

8  

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

 

Investment Objective

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

Performance

 

           Average Annual Total Returns

 

         

Cumulative Total Returns

 

 
    

 

6 Months

 

    

 

1 Year

 

    

 

5 Years

 

    

 

10 Years

 

          

 

1 Year

 

    

 

5 Years

 

    

 

10 Years

 

 

Fund NAV

    2.04      11.96      9.27      10.34       11.96      55.81      167.56

Fund Market

    2.03        12.01        9.28        10.35         12.01        55.85        167.63  

Index(a)

    2.18        12.36        9.74        10.83         12.36        59.18        179.57  

Dow Jones U.S. Utilities Index

    1.62        11.74        9.62        10.77         11.74        58.32        178.04  

Russell 1000 Utilities RIC 22.5/45 Capped Index(b)

    N/A        N/A        N/A        N/A               N/A        N/A        N/A  

 

  (a)

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

 
  (b)

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

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00          $ 1,020.40          $ 1.99               $ 1,000.00          $ 1,023.20          $ 1.99        0.39

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector   Percent of    
Total Investments(a)
 

Electric Utilities

    56.4%  

Multi-Utilities

    24.3     

Commercial Services & Supplies

    9.5     

Water Utilities

    3.7     

Independent Power and Renewable Electricity Producers

    2.8     

Gas Utilities

    2.3     

Electrical Equipment

    1.0     

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security   Percent of    
Total Investments(a)
 

NextEra Energy Inc.

    14.8%  

Duke Energy Corp.

    6.9     

Waste Management Inc.

    6.0     

Southern Co. (The)

    5.8     

Dominion Energy Inc.

    5.4     

Exelon Corp.

    4.6     

American Electric Power Co. Inc.

    3.7     

Sempra Energy

    3.6     

Xcel Energy Inc.

    3.1     

Public Service Enterprise Group Inc.

    2.8     

 

 

U N D  U M M A R Y

  9


About Fund Performance

 

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

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Schedule of Investments  (unaudited)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

 
Aerospace & Defense — 1.3%  

Axon Enterprise Inc.(a)

    2,628     $         472,935  

Boeing Co. (The)(a)

    21,905       4,534,992  

BWX Technologies Inc.

    3,844       218,109  

Curtiss-Wright Corp.

    1,562       199,436  

General Dynamics Corp.

    9,181       1,861,448  

HEICO Corp.

    1,742       242,817  

HEICO Corp., Class A

    3,012       378,548  

Hexcel Corp.(a)

    3,201       181,625  

Howmet Aerospace Inc.

    15,139       449,477  

Huntington Ingalls Industries Inc.

    1,577       319,705  

L3Harris Technologies Inc.

    8,019       1,848,700  

Lockheed Martin Corp.

    9,783       3,251,086  

Mercury Systems Inc.(a)

    2,255       116,223  

Northrop Grumman Corp.

    6,005       2,145,106  

Raytheon Technologies Corp.

    59,967       5,328,668  

Textron Inc.

    8,944       660,514  

TransDigm Group Inc.(a)

    2,090       1,303,784  

Virgin Galactic Holdings Inc.(a)(b)

    7,084       132,825  
   

 

 

 
   

 

 

 

23,645,998

 

 

Air Freight & Logistics — 0.6%  

CH Robinson Worldwide Inc.

    5,256       509,779  

Expeditors International of Washington Inc.

    6,731       829,663  

FedEx Corp.

    9,815       2,311,727  

GXO Logistics Inc.(a)

    3,912       347,386  

United Parcel Service Inc., Class B

    28,968       6,183,799  
   

 

 

 
   

 

 

 

10,182,354

 

 

Airlines — 0.2%  

Alaska Air Group Inc.(a)

    5,108       269,702  

American Airlines Group Inc.(a)

    25,947       498,183  

Delta Air Lines Inc.(a)

    25,534       999,146  

JetBlue Airways Corp.(a)

    12,524       175,712  

Southwest Airlines Co.(a)

    23,608       1,116,186  

United Airlines Holdings Inc.(a)

    12,859       593,314  
   

 

 

 
   

 

 

 

3,652,243

 

 

Auto Components — 0.2%  

Aptiv PLC(a)

    10,795       1,866,348  

Autoliv Inc.

    3,194       309,339  

BorgWarner Inc.

    9,475       427,038  

Fox Factory Holding Corp.(a)

    1,679       270,235  

Gentex Corp.

    9,366       331,463  

Lear Corp.

    2,384       409,690  

Luminar Technologies Inc.(a)

    8,078       132,398  

QuantumScape Corp.(a)(b)

    9,251       267,724  
   

 

 

 
   

 

 

 

4,014,235

 

 

Automobiles — 2.4%  

Ford Motor Co.(a)

    156,574       2,674,284  

General Motors Co.(a)

    57,590       3,134,624  

Harley-Davidson Inc.

    6,347       231,602  

Tesla Inc.(a)

    32,283       35,963,262  

Thor Industries Inc.

    2,211       225,433  
   

 

 

 
   

 

 

 

42,229,205

 

 

Banks — 4.1%  

Bank of America Corp.

    294,614       14,076,657  

Bank OZK

    5,068       226,388  

BOK Financial Corp.

    1,278       129,295  

Citigroup Inc.

    80,622       5,575,818  

Citizens Financial Group Inc.

    16,831       797,453  
Security   Shares     Value  
Banks (continued)  

Comerica Inc.

    5,314     $         452,168  

Commerce Bancshares Inc.

    4,253       299,879  

Cullen/Frost Bankers Inc.

    2,320       300,440  

East West Bancorp. Inc.

    5,576       443,180  

Fifth Third Bancorp.

    27,562       1,199,774  

First Citizens BancShares Inc./NC, Class A(b)

    274       223,009  

First Financial Bankshares Inc.

    5,112       259,281  

First Horizon Corp.

    21,461       364,193  

First Republic Bank/CA

    7,036       1,522,098  

FNB Corp.

    13,340       155,411  

Glacier Bancorp. Inc.

    4,311       238,355  

Home BancShares Inc./AR

    6,267       148,904  

Huntington Bancshares Inc./OH

    58,918       927,369  

JPMorgan Chase & Co.

    118,884       20,197,203  

KeyCorp.

    38,162       888,030  

M&T Bank Corp.

    5,122       753,549  

People’s United Financial Inc.

    16,528       283,290  

Pinnacle Financial Partners Inc.

    2,971       286,909  

PNC Financial Services Group Inc. (The)

    16,866       3,559,232  

Popular Inc.

    3,262       265,657  

Prosperity Bancshares Inc.

    3,589       270,288  

Regions Financial Corp.

    38,088       901,924  

Signature Bank/New York NY

    2,420       720,724  

SVB Financial Group(a)

    2,342       1,680,151  

Synovus Financial Corp.

    5,945       276,978  

Truist Financial Corp.

    52,950       3,360,736  

U.S. Bancorp.

    53,540       3,232,210  

UMB Financial Corp.

    1,750       172,935  

Umpqua Holdings Corp.

    8,972       183,477  

United Bankshares Inc./WV

    5,144       190,277  

Valley National Bancorp.

    15,971       211,775  

Webster Financial Corp.

    3,743       209,458  

Wells Fargo & Co.

    163,374       8,358,214  

Western Alliance Bancorp.

    4,192       486,649  

Wintrust Financial Corp.

    2,347       207,709  

Zions Bancorp. NA

    6,530       411,325  
   

 

 

 
   

 

 

 

74,448,372

 

 

Beverages — 1.2%  

Boston Beer Co. Inc. (The), Class A, NVS(a)

    371       182,710  

Brown-Forman Corp., Class B, NVS

    7,170       486,771  

Coca-Cola Co. (The)

    154,564       8,712,773  

Constellation Brands Inc., Class A

    6,714       1,455,663  

Keurig Dr Pepper Inc.

    29,413       1,061,515  

Molson Coors Beverage Co., Class B

    7,636       336,671  

Monster Beverage Corp.(a)

    14,900       1,266,500  

National Beverage Corp.

    978       55,159  

PepsiCo Inc.

    54,988       8,886,061  
   

 

 

 
   

 

 

 

22,443,823

 

 

Biotechnology — 2.1%  

AbbVie Inc.

    70,308       8,062,218  

ACADIA Pharmaceuticals Inc.(a)(b)

    4,589       82,373  

Acceleron Pharma Inc.(a)

    2,126       370,307  

Agios Pharmaceuticals Inc.(a)

    2,070       97,290  

Alkermes PLC(a)(b)

    6,226       188,586  

Allogene Therapeutics Inc.(a)

    2,562       44,169  

Alnylam Pharmaceuticals Inc.(a)

    4,723       753,602  

Amgen Inc.

    22,579       4,673,176  

Arrowhead Pharmaceuticals Inc.(a)

    4,159       265,427  

Beam Therapeutics Inc.(a)

    1,748       155,170  

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Biotechnology (continued)

    

Biogen Inc.(a)

    5,947      $ 1,585,946  

Biohaven Pharmaceutical Holding Co.
Ltd.(a)

    2,310                328,759  

BioMarin Pharmaceutical Inc.(a)

    7,336        581,231  

Blueprint Medicines Corp.(a)

    2,377        267,389  

Bridgebio Pharma Inc.(a)(b)

    4,362        215,396  

Denali Therapeutics Inc.(a)

    3,689        178,363  

Emergent BioSolutions Inc.(a)

    1,835        87,474  

Exact Sciences Corp.(a)

    6,841        651,400  

Exelixis Inc.(a)

    12,611        271,263  

Fate Therapeutics Inc.(a)

    3,228        173,666  

Gilead Sciences Inc.

    49,790        3,230,375  

Halozyme Therapeutics Inc.(a)

    5,679        216,200  

Horizon Therapeutics PLC(a)

    8,951        1,073,314  

Incyte Corp.(a)

    7,580        507,708  

Intellia Therapeutics Inc.(a)

    2,728        362,769  

Invitae Corp.(a)(b)

    7,979        211,443  

Ionis Pharmaceuticals Inc.(a)

    5,696        181,532  

Mirati Therapeutics Inc.(a)

    1,834        346,663  

Moderna Inc.(a)

    13,972        4,823,274  

Natera Inc.(a)

    3,480        398,704  

Neurocrine Biosciences Inc.(a)

    3,761        396,447  

Novavax Inc.(a)(b)

    2,973        442,472  

Regeneron Pharmaceuticals Inc.(a)

    4,166        2,665,990  

Sarepta Therapeutics Inc.(a)

    3,422        270,783  

Seagen Inc.(a)

    5,299        934,373  

Twist Bioscience Corp.(a)

    1,950        231,660  

Ultragenyx Pharmaceutical Inc.(a)

    2,707        227,171  

United Therapeutics Corp.(a)

    1,790        341,460  

Vertex Pharmaceuticals Inc.(a)

    10,351        1,914,210  

Vir Biotechnology Inc.(a)(b)

    2,647        99,871  
    

 

 

 
    

 

 

 

37,909,624

 

 

Building Products — 0.6%             

A O Smith Corp.

    5,315        388,367  

Advanced Drainage Systems Inc.

    2,224        250,867  

Allegion PLC

    3,580        459,314  

Armstrong World Industries Inc.

    1,848        195,241  

Builders FirstSource Inc.(a)

    8,269        481,835  

Carlisle Companies Inc.

    2,081        463,897  

Carrier Global Corp.

    34,623        1,808,359  

Fortune Brands Home & Security Inc.

    5,492        556,889  

Johnson Controls International PLC

    28,419        2,085,102  

Lennox International Inc.

    1,352        404,627  

Masco Corp.

    9,863        646,520  

Owens Corning

    4,115        384,382  

Trane Technologies PLC

    9,480        1,715,216  

Trex Co. Inc.(a)

    4,540        483,056  

Zurn Water Solutions Corp.

    4,833        175,341  
    

 

 

 
    

 

 

 

10,499,013

 

 

Capital Markets — 3.4%             

Affiliated Managers Group Inc.

    1,692        284,053  

Ameriprise Financial Inc.

    4,540        1,371,670  

Apollo Global Management Inc.

    8,228        633,145  

Ares Management Corp., Class A

    6,523        552,759  

Bank of New York Mellon Corp. (The)

    31,688        1,875,930  

BlackRock Inc.(c)

    5,688        5,366,399  

Blackstone Inc., NVS

    27,235        3,769,869  

Carlyle Group Inc. (The)

    5,517        309,780  

Cboe Global Markets Inc.

    4,191        552,960  

Charles Schwab Corp. (The)

    59,660        4,893,910  
Security   Shares      Value  
Capital Markets (continued)             

CME Group Inc.

    14,240      $ 3,140,632  

Coinbase Global Inc., Class A(a)

    1,092                348,807  

FactSet Research Systems Inc.

    1,495        663,616  

Federated Hermes Inc.

    4,000        133,240  

Franklin Resources Inc.

    10,876        342,485  

Goldman Sachs Group Inc. (The)

    13,406        5,541,370  

Houlihan Lokey Inc.

    2,023        226,738  

Interactive Brokers Group Inc., Class A

    3,293        233,309  

Intercontinental Exchange Inc.

    22,325        3,091,119  

Invesco Ltd.

    13,624        346,186  

Janus Henderson Group PLC

    6,798        316,107  

Jefferies Financial Group Inc.

    7,737        332,691  

KKR & Co. Inc.

    23,265        1,853,522  

Lazard Ltd., Class A

    4,580        224,374  

LPL Financial Holdings Inc.

    3,143        515,515  

MarketAxess Holdings Inc.

    1,494        610,553  

Moody’s Corp.

    6,418        2,593,835  

Morgan Stanley

    58,073        5,968,743  

Morningstar Inc.

    945        299,329  

MSCI Inc.

    3,290        2,187,455  

Nasdaq Inc.

    4,678        981,772  

Northern Trust Corp.

    8,315        1,023,078  

Raymond James Financial Inc.

    7,326        722,270  

S&P Global Inc.

    9,578        4,541,504  

SEI Investments Co.

    4,279        269,748  

State Street Corp.

    14,590        1,437,844  

Stifel Financial Corp.

    4,072        296,727  

T Rowe Price Group Inc.

    9,055        1,963,848  

Tradeweb Markets Inc., Class A

    4,114        366,557  

Virtu Financial Inc., Class A

    3,020        75,138  
    

 

 

 
    

 

 

 

60,258,587

 

 

Chemicals — 1.6%  

Air Products & Chemicals Inc.

    8,766        2,628,134  

Albemarle Corp.

    4,667        1,168,944  

Ashland Global Holdings Inc.

    2,220        213,142  

Axalta Coating Systems Ltd.(a)

    8,435        263,088  

Celanese Corp.

    4,433        715,974  

CF Industries Holdings Inc.

    8,444        479,619  

Chemours Co. (The)

    6,773        189,779  

Corteva Inc.

    29,296        1,264,122  

Dow Inc.

    29,759        1,665,611  

DuPont de Nemours Inc.

    20,871        1,452,622  

Eastman Chemical Co.

    5,325        553,960  

Ecolab Inc.

    9,932        2,207,089  

Element Solutions Inc.

    8,457        192,059  

FMC Corp.

    5,194        472,706  

Huntsman Corp.

    7,779        253,440  

Ingevity Corp.(a)

    1,541        120,059  

International Flavors & Fragrances Inc.

    9,938        1,465,358  

Linde PLC

    20,545        6,557,964  

LyondellBasell Industries NV, Class A

    10,527        977,116  

Mosaic Co. (The)

    13,744        571,338  

NewMarket Corp.

    301        102,343  

Olin Corp.

    5,764        328,433  

PPG Industries Inc.

    9,470        1,520,598  

RPM International Inc.

    5,079        442,889  

Scotts Miracle-Gro Co. (The)

    1,631        242,138  

Sherwin-Williams Co. (The)

    9,607        3,041,672  

Valvoline Inc.

    6,986        237,245  

 

 

12  

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


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

   

Westlake Chemical Corp.

    1,317     $         128,197  
   

 

 

 
   

 

 

 

29,455,639

 

 

Commercial Services & Supplies — 0.5%

   

ADT Inc.

    6,701       55,953  

Cimpress PLC(a)(b)

    795       71,009  

Cintas Corp.

    3,492       1,512,385  

Clean Harbors Inc.(a)

    1,932       217,427  

Copart Inc.(a)

    8,478       1,316,549  

IAA Inc.(a)

    5,389       321,454  

MSA Safety Inc.

    1,502       229,851  

Republic Services Inc.

    8,354       1,124,448  

Rollins Inc.

    9,024       317,916  

Stericycle Inc.(a)

    3,768       252,155  

Tetra Tech Inc.

    2,102       369,237  

Waste Management Inc.

    15,346       2,458,890  
   

 

 

 
   

 

 

 

8,247,274

 

 

Communications Equipment — 0.8%

   

Arista Networks Inc.(a)

    2,220       909,512  

Ciena Corp.(a)

    6,317       342,950  

Cisco Systems Inc.

    167,663       9,384,098  

F5 Networks Inc.(a)

    2,407       508,238  

Juniper Networks Inc.

    13,031       384,675  

Lumentum Holdings Inc.(a)

    3,007       248,318  

Motorola Solutions Inc.

    6,757       1,679,723  

Ubiquiti Inc.

    251       76,688  

Viavi Solutions Inc.(a)

    8,952       137,861  
   

 

 

 
   

 

 

 

13,672,063

 

 

Construction & Engineering — 0.1%

   

AECOM(a)

    5,747       392,922  

EMCOR Group Inc.

    2,069       251,363  

MasTec Inc.(a)

    2,220       197,869  

Quanta Services Inc.

    5,527       670,315  

Valmont Industries Inc.

    851       203,355  

WillScot Mobile Mini Holdings Corp.(a)(b)

    8,931       310,352  
   

 

 

 
   

 

 

 

2,026,176

 

 

Construction Materials — 0.1%

   

Eagle Materials Inc.

    1,675       248,503  

Martin Marietta Materials Inc.

    2,489       977,779  

Vulcan Materials Co.

    5,294       1,006,495  
   

 

 

 
   

 

 

 

2,232,777

 

 

Consumer Finance — 0.7%

   

Ally Financial Inc.

    14,387       686,835  

American Express Co.

    25,574       4,444,250  

Capital One Financial Corp.

    17,694       2,672,325  

Credit Acceptance Corp.(a)

    356       212,963  

Discover Financial Services

    11,949       1,354,061  

FirstCash Inc.

    1,582       139,959  

OneMain Holdings Inc.

    3,999       211,187  

PROG Holdings Inc.

    2,838       114,797  

SLM Corp.

    12,202       223,907  

Synchrony Financial

    22,732       1,055,901  

Upstart Holdings Inc.(a)

    1,841       592,876  
   

 

 

 
   

 

 

 

11,709,061

 

 

Containers & Packaging — 0.4%

   

Amcor PLC

    61,522       742,571  

AptarGroup Inc.

    2,622       316,685  

Avery Dennison Corp.

    3,296       717,605  

Ball Corp.

    13,033       1,192,259  
Security   Shares     Value  

Containers & Packaging (continued)

   

Berry Global Group Inc.(a)

    5,388     $         353,129  

Crown Holdings Inc.

    5,242       545,116  

Graphic Packaging Holding Co.

    10,945       218,134  

International Paper Co.

    15,518       770,779  

Packaging Corp. of America

    3,823       525,165  

Sealed Air Corp.

    5,908       350,463  

Silgan Holdings Inc.

    3,335       134,067  

Sonoco Products Co.

    3,966       229,830  

Westrock Co.

    10,795       519,239  
   

 

 

 
   

 

 

 

6,615,042

 

 

Distributors — 0.1%

   

Genuine Parts Co.

    5,690       746,016  

LKQ Corp.(a)

    10,789       594,258  

Pool Corp.

    1,592       820,135  
   

 

 

 
   

 

 

 

2,160,409

 

 

Diversified Consumer Services — 0.1%

   

Bright Horizons Family Solutions Inc.(a)

    2,363       392,258  

Chegg Inc.(a)

    5,658       336,311  

frontdoor Inc.(a)

    3,428       127,796  

Grand Canyon Education Inc.(a)

    1,766       140,750  

H&R Block Inc.

    7,255       167,373  

Service Corp. International

    6,551       448,678  

Terminix Global Holdings Inc.(a)

    4,975       201,388  
   

 

 

 
   

 

 

 

1,814,554

 

 

Diversified Financial Services — 1.2%

   

Berkshire Hathaway Inc., Class B(a)

    73,749       21,166,700  

Equitable Holdings Inc.

    15,270       511,545  

Jackson Financial Inc., Class A(a)

    2,608       70,599  

Voya Financial Inc.

    4,527       315,849  
   

 

 

 
   

 

 

 

22,064,693

 

 

Diversified Telecommunication Services — 1.0%

 

 

AT&T Inc.

    284,066       7,175,507  

Frontier Communications Parent Inc.(a)(b)

    8,290       256,658  

Liberty Global PLC, Class A(a)

    7,046       202,502  

Liberty Global PLC, Class C, NVS(a)(b)

    13,730       395,973  

Lumen Technologies Inc.

    40,023       474,673  

Verizon Communications Inc.

    164,717       8,728,354  
   

 

 

 
   

 

 

 

17,233,667

 

 

Electric Utilities — 1.4%

   

ALLETE Inc.

    2,109       129,788  

Alliant Energy Corp.

    9,918       561,061  

American Electric Power Co. Inc.

    19,961       1,690,896  

Avangrid Inc.

    2,822       148,719  

Duke Energy Corp.

    30,524       3,113,753  

Edison International

    15,152       953,515  

Entergy Corp.

    7,954       819,421  

Evergy Inc.

    9,009       574,324  

Eversource Energy

    13,712       1,164,149  

Exelon Corp.

    39,017       2,075,314  

FirstEnergy Corp.

    21,546       830,167  

Hawaiian Electric Industries Inc.

    4,553       184,670  

IDACORP Inc.

    2,028       211,561  

NextEra Energy Inc.

    78,049       6,659,921  

NRG Energy Inc.

    9,893       394,632  

OGE Energy Corp.

    8,100       275,967  

PG&E Corp.(a)

    60,307       699,561  

Pinnacle West Capital Corp.

    4,547       293,236  

PNM Resources Inc.

    3,557       176,961  

Portland General Electric Co.

    3,582       176,629  

 

 

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

  13


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

    iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electric Utilities (continued)

   

PPL Corp.

    30,710     $         884,448  

Southern Co. (The)

    41,980       2,616,194  

Xcel Energy Inc.

    21,485       1,387,716  
   

 

 

 
   

 

 

 

26,022,603

 

 

Electrical Equipment — 0.7%

   

Acuity Brands Inc.

    1,377       282,877  

AMETEK Inc.

    9,226       1,221,522  

ChargePoint Holdings Inc.(a)(b)

    6,800       168,504  

Eaton Corp. PLC

    15,796       2,602,549  

Emerson Electric Co.

    23,673       2,296,518  

EnerSys

    1,656       132,546  

Generac Holdings Inc.(a)

    2,518       1,255,374  

Hubbell Inc.

    2,155       429,642  

nVent Electric PLC

    6,929       245,633  

Plug Power Inc.(a)(b)

    20,626       789,357  

Regal Rexnord Corp.

    2,746       418,298  

Rockwell Automation Inc.

    4,630       1,478,822  

Sensata Technologies Holding PLC(a)

    6,195       341,345  

Shoals Technologies Group Inc., Class A(a)

    3,759       116,492  

Sunrun Inc.(a)(b)

    8,216       473,899  

Vertiv Holdings Co.

    11,250       288,900  
   

 

 

 
   

 

 

 

12,542,278

 

 

Electronic Equipment, Instruments & Components — 0.7%

 

Amphenol Corp., Class A

    23,870       1,832,500  

Arrow Electronics Inc.(a)

    2,865       331,624  

Avnet Inc.

    3,723       141,883  

CDW Corp./DE

    5,487       1,024,149  

Cognex Corp.

    7,021       614,969  

Coherent Inc.(a)

    985       250,584  

Corning Inc.

    30,671       1,090,967  

II-VI Inc.(a)

    4,184       253,174  

IPG Photonics Corp.(a)

    1,448       230,246  

Itron Inc.(a)

    1,815       141,153  

Jabil Inc.

    5,610       336,376  

Keysight Technologies Inc.(a)

    7,352       1,323,507  

Littelfuse Inc.

    993       292,488  

National Instruments Corp.

    5,361       227,682  

SYNNEX Corp.

    1,636       171,780  

TE Connectivity Ltd.

    13,088       1,910,848  

Teledyne Technologies Inc.(a)

    1,865       837,795  

Trimble Inc.(a)

    10,026       875,972  

Vontier Corp.

    6,870       232,412  

Zebra Technologies Corp., Class A(a)

    2,131       1,137,847  
   

 

 

 
   

 

 

 

13,257,956

 

 

Energy Equipment & Services — 0.2%

   

Baker Hughes Co.

    33,058       829,094  

Halliburton Co.

    35,086       876,799  

NOV Inc.(a)

    15,692       220,002  

Schlumberger NV

    55,800       1,800,108  

TechnipFMC PLC(a)

    17,045       125,622  
   

 

 

 
   

 

 

 

3,851,625

 

 

Entertainment — 1.9%

   

Activision Blizzard Inc.

    31,033       2,426,470  

AMC Entertainment Holdings Inc., Class A(a)(b)

    20,483       724,484  

Electronic Arts Inc.

    11,357       1,592,819  

Endeavor Group Holdings Inc.(a)

    829       22,283  

Liberty Media Corp.-Liberty Formula One, Class A(a)(b)

    940       49,021  

Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)

    7,967       444,559  
Security   Shares     Value  

Entertainment (continued)

   

Live Nation Entertainment Inc.(a)

    5,258     $         531,847  

Madison Square Garden Sports Corp.(a)(b)

    705       133,604  

Netflix Inc.(a)

    17,610       12,156,359  

Playtika Holding Corp.(a)

    4,086       115,552  

ROBLOX Corp., Class A(a)

    1,600       134,432  

Roku Inc.(a)(b)

    4,612       1,406,199  

Take-Two Interactive Software Inc.(a)

    4,665       844,365  

Walt Disney Co. (The)(a)

    72,294       12,222,747  

Warner Music Group Corp., Class A

    3,615       178,906  

World Wrestling Entertainment Inc., Class A

    1,942       118,637  

Zynga Inc., Class A(a)

    40,799       301,097  
   

 

 

 
   

 

 

 

33,403,381

 

 

Equity Real Estate Investment Trusts (REITs) — 3.0%

   

Alexandria Real Estate Equities Inc.

    5,555       1,133,998  

American Campus Communities Inc.

    5,618       301,799  

American Homes 4 Rent, Class A

    10,946       444,408  

American Tower Corp.

    18,103       5,104,503  

Americold Realty Trust

    10,238       301,714  

Apartment Income REIT Corp.

    6,349       340,370  

AvalonBay Communities Inc.

    5,571       1,318,544  

Boston Properties Inc.

    5,670       644,339  

Brixmor Property Group Inc.

    12,116       283,999  

Camden Property Trust

    3,928       640,657  

CoreSite Realty Corp.

    1,749       249,163  

Corporate Office Properties Trust

    4,388       119,003  

Cousins Properties Inc.

    6,034       239,007  

Crown Castle International Corp.

    17,154       3,092,866  

CubeSmart

    8,049       442,775  

CyrusOne Inc.

    4,973       407,885  

Digital Realty Trust Inc.

    11,276       1,779,466  

Douglas Emmett Inc.

    6,781       221,603  

Duke Realty Corp.

    15,106       849,561  

EastGroup Properties Inc.

    1,591       314,668  

Equinix Inc.

    3,560       2,979,969  

Equity Commonwealth(a)

    5,035       130,558  

Equity LifeStyle Properties Inc.

    6,910       583,964  

Equity Residential

    13,598       1,174,867  

Essex Property Trust Inc.

    2,584       878,379  

Extra Space Storage Inc.

    5,319       1,049,811  

Federal Realty Investment Trust

    2,843       342,155  

First Industrial Realty Trust Inc.

    5,114       297,788  

Gaming and Leisure Properties Inc.

    8,948       433,889  

Healthcare Realty Trust Inc.

    5,601       185,169  

Healthcare Trust of America Inc., Class A

    8,943       298,607  

Healthpeak Properties Inc.

    21,506       763,678  

Highwoods Properties Inc.

    4,137       185,503  

Host Hotels & Resorts Inc.(a)

    28,249       475,431  

Hudson Pacific Properties Inc.

    5,854       150,741  

Invitation Homes Inc.

    22,870       943,388  

Iron Mountain Inc.

    11,524       525,955  

JBG SMITH Properties

    4,395       126,840  

Kilroy Realty Corp.

    4,079       274,843  

Kimco Realty Corp.

    24,379       550,965  

Lamar Advertising Co., Class A

    3,407       385,672  

Lexington Realty Trust

    11,305       164,714  

Life Storage Inc.

    3,137       419,762  

Medical Properties Trust Inc.

    23,722       505,990  

Mid-America Apartment Communities Inc.

    4,588       936,915  

National Health Investors Inc.

    1,780       95,728  

National Retail Properties Inc.

    6,993       317,202  

 

 

14  

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


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

National Storage Affiliates Trust

    3,253     $         203,182  

Omega Healthcare Investors Inc.

    9,493       278,714  

Physicians Realty Trust

    8,321       158,182  

PotlatchDeltic Corp.

    2,528       132,139  

Prologis Inc.

    29,365       4,256,750  

PS Business Parks Inc.

    821       145,892  

Public Storage

    6,084       2,020,983  

Rayonier Inc.

    5,736       214,125  

Realty Income Corp.

    15,538       1,109,879  

Regency Centers Corp.

    6,101       429,571  

Rexford Industrial Realty Inc.

    5,340       358,848  

Sabra Health Care REIT Inc.

    8,587       121,506  

SBA Communications Corp.

    4,371       1,509,437  

Simon Property Group Inc.

    13,112       1,921,957  

SL Green Realty Corp.

    2,739       191,922  

Spirit Realty Capital Inc.

    4,630       226,546  

STAG Industrial Inc.

    6,466       281,465  

STORE Capital Corp.

    9,549       327,817  

Sun Communities Inc.

    4,625       906,408  

UDR Inc.

    11,135       618,327  

Ventas Inc.

    15,699       837,856  

VEREIT Inc.

    9,292       467,388  

VICI Properties Inc.

    24,838       728,995  

Vornado Realty Trust

    6,455       275,177  

Welltower Inc.

    16,861       1,355,624  

Weyerhaeuser Co.

    29,918       1,068,671  

WP Carey Inc.

    7,271       560,667  
   

 

 

 
   

 

 

 

54,116,839

 

 

Food & Staples Retailing — 1.3%

   

Albertsons Companies Inc., Class A

    3,910       121,014  

BJ’s Wholesale Club Holdings Inc.(a)(b)

    5,327       311,310  

Casey’s General Stores Inc.

    1,518       290,758  

Costco Wholesale Corp.

    17,589       8,645,697  

Kroger Co. (The)

    27,133       1,085,863  

Performance Food Group Co.(a)(b)

    6,243       282,371  

Sprouts Farmers Market Inc.(a)

    4,187       92,700  

Sysco Corp.

    20,414       1,569,836  

U.S. Foods Holding Corp.(a)

    9,012       312,446  

Walgreens Boots Alliance Inc.

    28,647       1,346,982  

Walmart Inc.

    56,857       8,495,573  
   

 

 

 
   

 

 

 

22,554,550

 

 

Food Products — 0.9%

   

Archer-Daniels-Midland Co.

    22,321       1,433,901  

Beyond Meat Inc.(a)(b)

    2,398       237,354  

Bunge Ltd.

    5,674       525,639  

Campbell Soup Co.

    8,262       330,067  

Conagra Brands Inc.

    18,912       608,966  

Darling Ingredients Inc.(a)

    6,427       543,210  

Flowers Foods Inc.

    8,217       203,371  

Freshpet Inc.(a)

    1,731       269,880  

General Mills Inc.

    24,192       1,495,066  

Hain Celestial Group Inc. (The)(a)

    3,433       154,039  

Hershey Co. (The)

    5,804       1,017,731  

Hormel Foods Corp.

    11,277       477,243  

Ingredion Inc.

    2,714       258,454  

JM Smucker Co. (The)

    4,301       528,421  

Kellogg Co.

    10,109       619,682  

Kraft Heinz Co. (The)

    26,481       950,403  

Lamb Weston Holdings Inc.

    5,698       321,652  
Security   Shares     Value  

Food Products (continued)

   

Lancaster Colony Corp.

    756     $         128,520  

McCormick & Co. Inc./MD, NVS

    9,911       795,160  

Mondelez International Inc., Class A

    55,493       3,370,645  

Pilgrim’s Pride Corp.(a)

    2,101       59,164  

Post Holdings Inc.(a)

    2,387       242,233  

Seaboard Corp.

    10       38,500  

Tyson Foods Inc., Class A

    11,764       940,767  
   

 

 

 
   

 

 

 

15,550,068

 

 

Gas Utilities — 0.1%

   

Atmos Energy Corp.

    5,177       476,905  

National Fuel Gas Co.

    3,589       206,116  

New Jersey Resources Corp.

    4,024       152,147  

ONE Gas Inc.

    2,120       142,676  

Southwest Gas Holdings Inc.

    2,231       154,497  

Spire Inc.

    2,088       131,043  

UGI Corp.

    8,126       352,750  
   

 

 

 
   

 

 

 

1,616,134

 

 

Health Care Equipment & Supplies — 3.4%

   

Abbott Laboratories

    70,532       9,090,870  

ABIOMED Inc.(a)

    1,822       604,977  

Align Technology Inc.(a)

    2,928       1,828,155  

Baxter International Inc.

    19,947       1,575,015  

Becton Dickinson and Co.

    11,393       2,729,649  

Boston Scientific Corp.(a)

    56,816       2,450,474  

Cooper Companies Inc. (The)

    1,959       816,746  

Danaher Corp.

    25,278       7,880,922  

DENTSPLY SIRONA Inc.

    8,572       490,404  

Dexcom Inc.(a)

    3,860       2,405,591  

Edwards Lifesciences Corp.(a)

    24,729       2,963,029  

Envista Holdings Corp.(a)

    6,435       251,609  

Globus Medical Inc., Class A(a)

    3,171       244,706  

Haemonetics Corp.(a)

    2,032       139,619  

Hill-Rom Holdings Inc.

    2,606       403,669  

Hologic Inc.(a)

    10,116       741,604  

ICU Medical Inc.(a)

    787       184,260  

IDEXX Laboratories Inc.(a)

    3,395       2,261,545  

Insulet Corp.(a)

    2,749       852,245  

Integra LifeSciences Holdings Corp.(a)(b)

    2,875       191,073  

Intuitive Surgical Inc.(a)

    14,183       5,121,907  

Masimo Corp.(a)

    1,986       563,110  

Medtronic PLC

    53,468       6,408,675  

Neogen Corp.(a)

    4,124       174,486  

Novocure Ltd.(a)

    3,512       360,226  

NuVasive Inc.(a)

    2,051       109,441  

Penumbra Inc.(a)

    1,380       381,639  

Quidel Corp.(a)(b)

    1,557       206,723  

ResMed Inc.

    5,807       1,526,718  

Shockwave Medical Inc.(a)

    1,404       300,035  

STAAR Surgical Co.(a)

    1,891       224,008  

STERIS PLC

    3,958       925,143  

Stryker Corp.

    13,335       3,548,044  

Tandem Diabetes Care Inc.(a)

    2,485       338,780  

Teleflex Inc.

    1,876       669,619  

Zimmer Biomet Holdings Inc.

    8,334       1,192,762  
   

 

 

 
   

 

 

 

60,157,478

 

 

Health Care Providers & Services — 2.5%

   

1Life Healthcare Inc.(a)

    4,619       100,048  

Acadia Healthcare Co. Inc.(a)

    3,639       225,618  

Agilon Health Inc.(a)

    1,872       45,864  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Providers & Services (continued)            

Amedisys Inc.(a)

    1,314     $         222,513  

AmerisourceBergen Corp.

    5,993       731,266  

Anthem Inc.

    9,683       4,213,364  

Cardinal Health Inc.

    11,577       553,496  

Centene Corp.(a)

    23,265       1,657,399  

Chemed Corp.

    621       299,477  

Cigna Corp.

    13,485       2,880,531  

Covetrus Inc.(a)

    3,846       77,651  

CVS Health Corp.

    52,451       4,682,825  

DaVita Inc.(a)

    2,677       276,373  

Encompass Health Corp.

    3,859       245,278  

Guardant Health Inc.(a)

    4,042       472,065  

HCA Healthcare Inc.

    9,769       2,446,744  

HealthEquity Inc.(a)

    3,318       219,585  

Henry Schein Inc.(a)

    5,535       422,597  

Humana Inc.

    5,127       2,374,621  

Laboratory Corp. of America Holdings(a)

    3,858       1,107,323  

LHC Group Inc.(a)

    1,288       173,352  

McKesson Corp.

    6,172       1,283,035  

Molina Healthcare Inc.(a)

    2,329       688,732  

Oak Street Health Inc.(a)(b)

    5,574       263,260  

Premier Inc., Class A

    4,879       190,037  

Quest Diagnostics Inc.

    4,876       715,699  

R1 RCM Inc.(a)

    5,341       115,900  

Tenet Healthcare Corp.(a)

    4,216       302,119  

UnitedHealth Group Inc.

    37,515       17,274,532  

Universal Health Services Inc., Class B

    3,028       375,775  
   

 

 

 
   

 

 

 

44,637,079

 

 

Health Care Technology — 0.2%            

American Well Corp., Class A(a)(b)

    7,165       64,485  

Cerner Corp.

    11,795       876,251  

GoodRx Holdings Inc., Class A(a)(b)

    2,534       113,016  

Inovalon Holdings Inc., Class A(a)

    3,123       127,387  

Omnicell Inc.(a)

    1,736       309,269  

Teladoc Health Inc.(a)

    6,354       950,495  

Veeva Systems Inc., Class A(a)

    5,513       1,747,676  
   

 

 

 
   

 

 

 

4,188,579

 

 

Hotels, Restaurants & Leisure — 2.0%            

Airbnb Inc., Class A(a)

    13,429       2,291,793  

Aramark

    10,298       375,671  

Booking Holdings Inc.(a)

    1,630       3,945,871  

Boyd Gaming Corp.(a)

    3,226       205,754  

Caesars Entertainment Inc.(a)

    8,516       932,161  

Carnival Corp.(a)

    31,597       700,190  

Chipotle Mexican Grill Inc.(a)

    1,122       1,996,072  

Choice Hotels International Inc.

    1,309       184,072  

Churchill Downs Inc.

    1,418       326,140  

Cracker Barrel Old Country Store Inc.

    961       127,976  

Darden Restaurants Inc.

    5,201       749,672  

Domino’s Pizza Inc.

    1,471       719,275  

DraftKings Inc., Class A(a)(b)

    13,143       612,332  

Expedia Group Inc.(a)

    5,734       942,727  

Hilton Worldwide Holdings Inc.(a)

    11,121       1,600,868  

Hyatt Hotels Corp., Class A(a)

    1,617       137,768  

Las Vegas Sands Corp.(a)

    13,398       519,976  

Marriott International Inc./MD, Class A(a)

    10,857       1,737,337  

Marriott Vacations Worldwide Corp.

    1,675       263,344  

McDonald’s Corp.

    29,713       7,296,027  

MGM Resorts International

    15,959       752,627  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)            

Norwegian Cruise Line Holdings Ltd.(a)(b)

    14,752     $         379,422  

Penn National Gaming Inc.(a)

    6,607       473,061  

Planet Fitness Inc., Class A(a)

    3,327       264,663  

Royal Caribbean Cruises Ltd.(a)

    8,870       748,894  

Scientific Games Corp./DE, Class A(a)

    3,833       306,832  

Starbucks Corp.

    46,898       4,974,471  

Texas Roadhouse Inc.

    2,633       233,837  

Vail Resorts Inc.

    1,587       547,055  

Wendy’s Co. (The)

    7,513       167,540  

Wyndham Hotels & Resorts Inc.

    3,720       314,228  

Wynn Resorts Ltd.(a)

    4,194       376,621  

Yum! Brands Inc.

    11,797       1,473,917  
   

 

 

 
   

 

 

 

36,678,194

 

 

Household Durables — 0.4%            

Cricut Inc., Class A(a)

    976       27,650  

DR Horton Inc.

    13,007       1,161,135  

Garmin Ltd.

    6,088       874,237  

Helen of Troy Ltd.(a)

    978       220,001  

Leggett & Platt Inc.

    5,493       257,347  

Lennar Corp., Class A

    10,961       1,095,333  

Lennar Corp., Class B

    662       54,337  

Mohawk Industries Inc.(a)

    2,231       395,355  

Newell Brands Inc.

    15,048       344,449  

NVR Inc.(a)

    133       651,008  

PulteGroup Inc.

    10,355       497,868  

Tempur Sealy International Inc.

    7,819       347,711  

Toll Brothers Inc.

    4,486       269,923  

TopBuild Corp.(a)

    1,314       337,659  

Whirlpool Corp.

    2,524       532,135  
   

 

 

 
   

 

 

 

7,066,148

 

 

Household Products — 1.1%            

Church & Dwight Co. Inc.

    9,698       847,217  

Clorox Co. (The)

    4,901       798,912  

Colgate-Palmolive Co.

    33,435       2,547,413  

Energizer Holdings Inc.

    2,379       86,762  

Kimberly-Clark Corp.

    13,437       1,739,957  

Procter & Gamble Co. (The)

    96,577       13,809,545  

Reynolds Consumer Products Inc.

    2,412       65,076  
   

 

 

 
   

 

 

 

19,894,882

 

 

Independent Power and Renewable Electricity Producers — 0.1%  

AES Corp. (The)

    26,501       665,970  

Clearway Energy Inc., Class A

    1,380       45,526  

Clearway Energy Inc., Class C

    3,257       115,559  

Vistra Corp.

    18,992       372,053  
   

 

 

 
   

 

 

 

1,199,108

 

 

Industrial Conglomerates — 0.9%            

3M Co.

    22,994       4,108,568  

General Electric Co.

    43,625       4,574,954  

Honeywell International Inc.

    27,467       6,004,835  

Roper Technologies Inc.

    4,208       2,052,957  
   

 

 

 
   

 

 

 

16,741,314

 

 

Insurance — 2.0%            

Aflac Inc.

    24,623       1,321,516  

Alleghany Corp.(a)

    550       358,259  

Allstate Corp. (The)

    11,799       1,459,182  

American Financial Group Inc./OH

    2,637       358,737  

American International Group Inc.

    34,126       2,016,505  

Aon PLC, Class A

    8,951       2,863,604  

Arch Capital Group Ltd.(a)

    15,803       660,881  

 

 

16  

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


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Insurance (continued)            

Arthur J Gallagher & Co.

    8,189     $         1,373,050  

Assurant Inc.

    2,347       378,595  

Athene Holding Ltd., Class A(a)

    5,154       448,450  

Axis Capital Holdings Ltd.

    2,973       154,804  

Brighthouse Financial Inc.(a)

    3,478       174,700  

Brown & Brown Inc.

    9,321       588,248  

Chubb Ltd.

    17,409       3,401,370  

Cincinnati Financial Corp.

    5,902       716,739  

CNA Financial Corp.

    1,082       48,539  

Enstar Group Ltd.(a)

    519       119,775  

Erie Indemnity Co., Class A, NVS

    1,015       208,897  

Everest Re Group Ltd.

    1,611       421,277  

Fidelity National Financial Inc.

    11,386       545,503  

First American Financial Corp.

    4,506       329,569  

Globe Life Inc.

    3,682       327,772  

Hanover Insurance Group Inc. (The)

    1,485       187,110  

Hartford Financial Services Group Inc. (The)

    13,855       1,010,445  

Kemper Corp.

    2,411       153,050  

Lincoln National Corp.

    7,049       508,585  

Loews Corp.

    8,110       454,728  

Markel Corp.(a)

    552       724,848  

Marsh & McLennan Companies Inc.

    20,107       3,353,848  

Mercury General Corp.

    1,080       58,849  

MetLife Inc.

    29,063       1,825,156  

Old Republic International Corp.

    11,157       288,185  

Primerica Inc.

    1,612       271,203  

Principal Financial Group Inc.

    9,960       668,216  

Progressive Corp. (The)

    23,162       2,197,611  

Prudential Financial Inc.

    15,435       1,698,622  

Reinsurance Group of America Inc.

    2,775       327,672  

RenaissanceRe Holdings Ltd.

    1,880       266,584  

RLI Corp.

    1,660       179,795  

Selective Insurance Group Inc.

    2,417       189,420  

Travelers Companies Inc. (The)

    9,955       1,601,560  

Unum Group

    8,302       211,452  

W R Berkley Corp.

    5,491       437,084  

White Mountains Insurance Group Ltd.

    129       136,094  

Willis Towers Watson PLC

    5,150       1,247,742  
   

 

 

 
   

 

 

 

36,273,831

 

 

Interactive Media & Services — 6.0%            

Alphabet Inc., Class A(a)

    11,980       35,471,821  

Alphabet Inc., Class C, NVS(a)

    11,209       33,239,281  

ANGI Inc.(a)(b)

    3,021       37,853  

Bumble Inc., Class A(a)(b)

    2,762       145,060  

Cargurus Inc.(a)

    3,490       117,055  

IAC/InterActiveCorp.(a)

    3,367       513,030  

Match Group Inc.(a)

    11,035       1,663,857  

Meta Platforms Inc, Class A(a)

    94,841       30,687,702  

Pinterest Inc., Class A(a)

    22,159       989,178  

Snap Inc., Class A, NVS(a)

    41,577       2,186,119  

TripAdvisor Inc.(a)

    3,897       128,484  

Twitter Inc.(a)

    31,840       1,704,714  

Vimeo Inc.(a)

    6,270       211,487  

Ziff Davis Inc.(a)

    1,923       246,663  

ZoomInfo Technologies Inc., Class A(a)

    7,126       479,010  
   

 

 

 
   

 

 

 

107,821,314

 

 

Internet & Direct Marketing Retail — 3.6%            

Amazon.com Inc.(a)

    17,329       58,440,839  

Chewy Inc., Class A(a)(b)

    3,376       255,901  
Security   Shares     Value  
Internet & Direct Marketing Retail (continued)            

ContextLogic Inc., Class A(a)(b)

    12,915     $         65,867  

DoorDash Inc., Class A(a)

    6,113       1,190,812  

eBay Inc.

    25,938       1,989,963  

Etsy Inc.(a)

    5,050       1,265,984  

Qurate Retail Inc., Series A

    14,958       156,162  

Stitch Fix Inc., Class A(a)(b)

    2,865       99,129  

Wayfair Inc., Class A(a)(b)

    3,086       768,723  
   

 

 

 
   

 

 

 

64,233,380

 

 

IT Services — 4.9%            

Accenture PLC, Class A

    25,229       9,051,913  

Affirm Holdings Inc.(a)

    3,710       602,875  

Akamai Technologies Inc.(a)

    6,427       677,791  

Amdocs Ltd.

    5,093       396,439  

Automatic Data Processing Inc.

    16,795       3,770,310  

Broadridge Financial Solutions Inc.

    4,636       827,109  

Cloudflare Inc., Class A(a)

    10,512       2,046,897  

Cognizant Technology Solutions Corp., Class A

    20,972       1,637,703  

Concentrix Corp.

    1,741       309,341  

DXC Technology Co.(a)

    10,051       327,361  

EPAM Systems Inc.(a)

    2,254       1,517,483  

Euronet Worldwide Inc.(a)

    2,088       234,253  

Fastly Inc., Class A(a)(b)

    4,235       214,333  

Fidelity National Information Services Inc.

    24,507       2,713,905  

Fiserv Inc.(a)

    23,623       2,326,629  

FleetCor Technologies Inc.(a)

    3,297       815,711  

Gartner Inc.(a)

    3,338       1,107,916  

Genpact Ltd.

    6,889       339,972  

Global Payments Inc.

    11,722       1,676,129  

GoDaddy Inc., Class A(a)

    6,718       464,684  

International Business Machines Corp.

    35,639       4,458,439  

Jack Henry & Associates Inc.

    2,905       483,624  

LiveRamp Holdings Inc.(a)

    2,766       148,009  

Mastercard Inc., Class A

    34,658       11,628,452  

Maximus Inc.

    2,353       198,993  

MongoDB Inc.(a)

    2,579       1,344,407  

Okta Inc.(a)

    4,990       1,233,428  

Paychex Inc.

    12,779       1,575,395  

PayPal Holdings Inc.(a)

    46,748       10,873,117  

Shift4 Payments Inc., Class A(a)(b)

    1,885       119,000  

Snowflake Inc., Class A(a)

    9,044       3,200,129  

SolarWinds Corp.

    1,328       21,381  

Square Inc., Class A(a)(b)

    15,791       4,018,809  

Twilio Inc., Class A(a)

    6,623       1,929,677  

VeriSign Inc.(a)

    3,883       864,628  

Visa Inc., Class A

    67,144       14,219,085  

Western Union Co. (The)

    15,942       290,463  

WEX Inc.(a)

    1,785       267,215  
   

 

 

 
   

 

 

 

87,933,005

 

 

Leisure Products — 0.2%            

Brunswick Corp./DE

    3,133       291,651  

Callaway Golf Co.(a)

    4,674       126,432  

Hasbro Inc.

    5,139       492,111  

Mattel Inc.(a)

    14,130       308,175  

Peloton Interactive Inc., Class A(a)

    10,715       979,780  

Polaris Inc.

    2,211       254,154  

YETI Holdings Inc.(a)

    3,489       343,073  
   

 

 

 
   

 

 

 

2,795,376

 

 

Life Sciences Tools & Services — 1.5%            

10X Genomics Inc., Class A(a)

    3,616       583,153  

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Life Sciences Tools & Services (continued)            

Agilent Technologies Inc.

    12,108     $ 1,906,889  

Avantor Inc.(a)

    23,310               941,258  

Berkeley Lights Inc.(a)(b)

    1,650       38,363  

Bio-Rad Laboratories Inc., Class A(a)

    852       677,067  

Bio-Techne Corp.

    1,535       803,803  

Bruker Corp.

    4,049       325,135  

Charles River Laboratories International Inc.(a)

    2,003       898,706  

Illumina Inc.(a)

    5,814       2,413,159  

IQVIA Holdings Inc.(a)

    7,647       1,999,079  

Maravai LifeSciences Holdings Inc., Class A(a)

    4,352       184,046  

Medpace Holdings Inc.(a)

    1,144       259,173  

Mettler-Toledo International Inc.(a)

    922       1,365,371  

NeoGenomics Inc.(a)

    4,901       225,446  

Pacific Biosciences of California Inc.(a)

    7,942       210,304  

PerkinElmer Inc.

    4,452       787,514  

PPD Inc.(a)

    4,502       212,359  

Repligen Corp.(a)

    2,015       585,358  

Sotera Health Co.(a)

    3,951       97,590  

Syneos Health Inc.(a)

    4,072       380,080  

Thermo Fisher Scientific Inc.

    15,652       9,908,812  

Waters Corp.(a)

    2,449       900,130  

West Pharmaceutical Services Inc.

    2,948       1,267,286  
   

 

 

 
   

 

 

 

26,970,081

 

 

Machinery — 1.6%            

AGCO Corp.

    2,453       299,781  

Allison Transmission Holdings Inc.

    4,434       147,918  

Caterpillar Inc.

    21,756       4,438,442  

Chart Industries Inc.(a)

    1,422       252,433  

Colfax Corp.(a)

    5,169       266,824  

Crane Co.

    2,048       211,517  

Cummins Inc.

    5,729       1,374,043  

Deere & Co.

    11,276       3,859,888  

Donaldson Co. Inc.

    4,883       293,029  

Dover Corp.

    5,728       968,490  

Flowserve Corp.

    5,401       181,582  

Fortive Corp.

    14,301       1,082,729  

Gates Industrial Corp. PLC(a)

    3,786       62,242  

Graco Inc.

    6,858       515,584  

IDEX Corp.

    3,003       668,378  

Illinois Tool Works Inc.

    11,358       2,588,147  

Ingersoll Rand Inc.(a)

    16,167       869,138  

ITT Inc.

    3,502       329,433  

Lincoln Electric Holdings Inc.

    2,365       336,776  

Middleby Corp. (The)(a)

    2,165       394,983  

Nikola Corp.(a)(b)

    8,104       95,627  

Nordson Corp.

    2,129       541,213  

Oshkosh Corp.

    2,723       291,361  

Otis Worldwide Corp.

    17,030       1,367,679  

PACCAR Inc.

    13,825       1,238,997  

Parker-Hannifin Corp.

    5,151       1,527,735  

Pentair PLC

    6,618       489,533  

RBC Bearings Inc.(a)

    1,135       265,511  

Snap-on Inc.

    2,170       441,009  

Stanley Black & Decker Inc.

    6,514       1,170,761  

Timken Co. (The)

    2,687       190,643  

Toro Co. (The)

    4,306       411,094  

Westinghouse Air Brake Technologies Corp.

    7,542       684,286  

Woodward Inc.

    2,538       286,667  
Security   Shares     Value  
Machinery (continued)            

Xylem Inc./NY

    7,180     $         937,636  
   

 

 

 
   

 

 

 

29,081,109

 

 

Marine — 0.0%            

Kirby Corp.(a)

    2,440       127,880  
   

 

 

 
Media — 1.1%            

Altice USA Inc., Class A(a)(b)

    9,320       151,916  

Cable One Inc.

    198       338,820  

Charter Communications Inc., Class A(a)

    5,038       3,400,096  

Comcast Corp., Class A

    182,228       9,371,986  

Discovery Inc., Class A(a)(b)

    6,472       151,704  

Discovery Inc., Class C, NVS(a)

    12,360       278,842  

DISH Network Corp., Class A(a)

    10,061       413,205  

Fox Corp., Class A, NVS

    12,904       512,805  

Fox Corp., Class B

    5,700       210,672  

Interpublic Group of Companies Inc. (The)

    15,680       573,418  

Liberty Broadband Corp., Class A(a)

    940       151,124  

Liberty Broadband Corp., Class C, NVS(a)

    5,792       940,910  

Liberty Media Corp.-Liberty SiriusXM, Class A(a)

    3,034       151,032  

Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)

    6,381       314,711  

New York Times Co. (The), Class A

    6,667       363,951  

News Corp., Class A, NVS

    15,761       360,927  

News Corp., Class B

    4,750       107,160  

Nexstar Media Group Inc., Class A

    1,617       242,437  

Omnicom Group Inc.

    8,479       577,250  

Sirius XM Holdings Inc.(b)

    37,174       226,390  

TEGNA Inc.

    8,632       169,705  

ViacomCBS Inc., Class B, NVS

    24,087       872,431  
   

 

 

 
   

 

 

 

19,881,492

 

 

Metals & Mining — 0.4%            

Alcoa Corp.

    7,457       342,649  

Cleveland-Cliffs Inc.(a)

    18,145       437,476  

Commercial Metals Co.

    4,696       151,117  

Freeport-McMoRan Inc.

    58,579       2,209,600  

MP Materials Corp.(a)(b)

    2,980       100,873  

Newmont Corp.

    31,888       1,721,952  

Nucor Corp.

    11,720       1,308,538  

Reliance Steel & Aluminum Co.

    2,476       361,892  

Royal Gold Inc.

    2,534       250,917  

Steel Dynamics Inc.

    7,738       511,327  

United States Steel Corp.

    10,780       284,484  
   

 

 

 
   

 

 

 

7,680,825

 

 

Mortgage Real Estate Investment — 0.1%            

AGNC Investment Corp.

    20,945       333,444  

Annaly Capital Management Inc.

    55,969       473,498  

Blackstone Mortgage Trust Inc., Class A

    6,460       212,534  

New Residential Investment Corp.

    18,880       214,477  

Starwood Property Trust Inc.

    11,550       294,178  
   

 

 

 
   

 

 

 

1,528,131

 

 

Multi-Utilities — 0.6%            

Ameren Corp.

    10,261       864,900  

Avista Corp.

    2,687       106,969  

Black Hills Corp.

    2,489       165,220  

CenterPoint Energy Inc.

    23,506       612,096  

CMS Energy Corp.

    11,558       697,525  

Consolidated Edison Inc.

    14,100       1,063,140  

Dominion Energy Inc.

    32,031       2,432,114  

DTE Energy Co.

    7,679       870,415  

MDU Resources Group Inc.

    8,297       254,967  

 

 

18  

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


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Multi-Utilities (continued)            

NiSource Inc.

    15,667     $         386,505  

NorthWestern Corp.

    2,132       121,226  

Public Service Enterprise Group Inc.

    20,174       1,287,101  

Sempra Energy

    12,629       1,611,839  

WEC Energy Group Inc.

    12,586       1,133,495  
   

 

 

 
   

 

 

 

11,607,512

 

 

Multiline Retail — 0.5%            

Dollar General Corp.

    9,425       2,087,826