iShares Trust


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

Table of Contents


	Page

The Markets in Review		2

Fund Summary		4

About Fund Performance		10

Shareholder Expenses		10

Schedules of Investments		11

Financial Statements

Statements of Assets and Liabilities		39

Statements of Operations		41

Statements of Changes in Net Assets		43

Financial Highlights		46

Notes to Financial Statements		52

Board Review and Approval of Investment Advisory Contract		61

Supplemental Information		67

General Information		68

Glossary of Terms Used in this Report		69


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.22	%		43.36	%		18.75	%		15.91	%		43.36	%		136.18	%		337.63	%
Fund Market		10.12			43.31			18.74			15.90			43.31			136.06			337.39
Index		10.34			43.66			18.99			16.13			43.66			138.51			345.99

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

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

Expense Example


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

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Information Technology		28.1%
Health Care		12.9
Consumer Discretionary		12.7
Financials		11.6
Communication Services		10.1
Industrials		8.6
Consumer Staples		5.2
Real Estate		3.2
Energy		2.7
Materials		2.6
Utilities		2.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

^(a)

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

^(b)

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

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)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

^(a)

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

^(b)

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

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)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

^(a)

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

^(b)

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

^(c)

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

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)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


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


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

Investment Objective

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

Performance


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

^(a)

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

^(b)

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

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)

Portfolio Information

ALLOCATION BY SECTOR


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

TEN LARGEST HOLDINGS


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

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


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

^(a)

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

^(b)

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

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)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


F U N D S U M M A R Y		9

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
Axon Enterprise Inc.^(a)		2,628	$	472,935
Boeing Co. (The)^(a)		21,905		4,534,992
BWX Technologies Inc.		3,844		218,109
Curtiss-Wright Corp.		1,562		199,436
General Dynamics Corp.		9,181		1,861,448
HEICO Corp.		1,742		242,817
HEICO Corp., Class A		3,012		378,548
Hexcel Corp.^(a)		3,201		181,625
Howmet Aerospace Inc.		15,139		449,477
Huntington Ingalls Industries Inc.		1,577		319,705
L3Harris Technologies Inc.		8,019		1,848,700
Lockheed Martin Corp.		9,783		3,251,086
Mercury Systems Inc.^(a)		2,255		116,223
Northrop Grumman Corp.		6,005		2,145,106
Raytheon Technologies Corp.		59,967		5,328,668
Textron Inc.		8,944		660,514
TransDigm Group Inc.^(a)		2,090		1,303,784
Virgin Galactic Holdings Inc.^(a)(b)		7,084		132,825

				23,645,998

Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		5,256		509,779
Expeditors International of Washington Inc.		6,731		829,663
FedEx Corp.		9,815		2,311,727
GXO Logistics Inc.^(a)		3,912		347,386
United Parcel Service Inc., Class B		28,968		6,183,799

				10,182,354

Airlines — 0.2%
Alaska Air Group Inc.^(a)		5,108		269,702
American Airlines Group Inc.^(a)		25,947		498,183
Delta Air Lines Inc.^(a)		25,534		999,146
JetBlue Airways Corp.^(a)		12,524		175,712
Southwest Airlines Co.^(a)		23,608		1,116,186
United Airlines Holdings Inc.^(a)		12,859		593,314

				3,652,243

Auto Components — 0.2%
Aptiv PLC^(a)		10,795		1,866,348
Autoliv Inc.		3,194		309,339
BorgWarner Inc.		9,475		427,038
Fox Factory Holding Corp.^(a)		1,679		270,235
Gentex Corp.		9,366		331,463
Lear Corp.		2,384		409,690
Luminar Technologies Inc.^(a)		8,078		132,398
QuantumScape Corp.^(a)(b)		9,251		267,724

				4,014,235

Automobiles — 2.4%
Ford Motor Co.^(a)		156,574		2,674,284
General Motors Co.^(a)		57,590		3,134,624
Harley-Davidson Inc.		6,347		231,602
Tesla Inc.^(a)		32,283		35,963,262
Thor Industries Inc.		2,211		225,433

				42,229,205

Banks — 4.1%
Bank of America Corp.		294,614		14,076,657
Bank OZK		5,068		226,388
BOK Financial Corp.		1,278		129,295
Citigroup Inc.		80,622		5,575,818
Citizens Financial Group Inc.		16,831		797,453


Security	Shares		Value

Banks (continued)
Comerica Inc.		5,314	$	452,168
Commerce Bancshares Inc.		4,253		299,879
Cullen/Frost Bankers Inc.		2,320		300,440
East West Bancorp. Inc.		5,576		443,180
Fifth Third Bancorp.		27,562		1,199,774
First Citizens BancShares Inc./NC, Class A^(b)		274		223,009
First Financial Bankshares Inc.		5,112		259,281
First Horizon Corp.		21,461		364,193
First Republic Bank/CA		7,036		1,522,098
FNB Corp.		13,340		155,411
Glacier Bancorp. Inc.		4,311		238,355
Home BancShares Inc./AR		6,267		148,904
Huntington Bancshares Inc./OH		58,918		927,369
JPMorgan Chase & Co.		118,884		20,197,203
KeyCorp.		38,162		888,030
M&T Bank Corp.		5,122		753,549
People’s United Financial Inc.		16,528		283,290
Pinnacle Financial Partners Inc.		2,971		286,909
PNC Financial Services Group Inc. (The)		16,866		3,559,232
Popular Inc.		3,262		265,657
Prosperity Bancshares Inc.		3,589		270,288
Regions Financial Corp.		38,088		901,924
Signature Bank/New York NY		2,420		720,724
SVB Financial Group^(a)		2,342		1,680,151
Synovus Financial Corp.		5,945		276,978
Truist Financial Corp.		52,950		3,360,736
U.S. Bancorp.		53,540		3,232,210
UMB Financial Corp.		1,750		172,935
Umpqua Holdings Corp.		8,972		183,477
United Bankshares Inc./WV		5,144		190,277
Valley National Bancorp.		15,971		211,775
Webster Financial Corp.		3,743		209,458
Wells Fargo & Co.		163,374		8,358,214
Western Alliance Bancorp.		4,192		486,649
Wintrust Financial Corp.		2,347		207,709
Zions Bancorp. NA		6,530		411,325

				74,448,372

Beverages — 1.2%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		371		182,710
Brown-Forman Corp., Class B, NVS		7,170		486,771
Coca-Cola Co. (The)		154,564		8,712,773
Constellation Brands Inc., Class A		6,714		1,455,663
Keurig Dr Pepper Inc.		29,413		1,061,515
Molson Coors Beverage Co., Class B		7,636		336,671
Monster Beverage Corp.^(a)		14,900		1,266,500
National Beverage Corp.		978		55,159
PepsiCo Inc.		54,988		8,886,061

				22,443,823

Biotechnology — 2.1%
AbbVie Inc.		70,308		8,062,218
ACADIA Pharmaceuticals Inc.^(a)(b)		4,589		82,373
Acceleron Pharma Inc.^(a)		2,126		370,307
Agios Pharmaceuticals Inc.^(a)		2,070		97,290
Alkermes PLC^(a)(b)		6,226		188,586
Allogene Therapeutics Inc.^(a)		2,562		44,169
Alnylam Pharmaceuticals Inc.^(a)		4,723		753,602
Amgen Inc.		22,579		4,673,176
Arrowhead Pharmaceuticals Inc.^(a)		4,159		265,427
Beam Therapeutics Inc.^(a)		1,748		155,170


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Biogen Inc.^(a)		5,947	$	1,585,946
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		2,310		328,759
BioMarin Pharmaceutical Inc.^(a)		7,336		581,231
Blueprint Medicines Corp.^(a)		2,377		267,389
Bridgebio Pharma Inc.^(a)(b)		4,362		215,396
Denali Therapeutics Inc.^(a)		3,689		178,363
Emergent BioSolutions Inc.^(a)		1,835		87,474
Exact Sciences Corp.^(a)		6,841		651,400
Exelixis Inc.^(a)		12,611		271,263
Fate Therapeutics Inc.^(a)		3,228		173,666
Gilead Sciences Inc.		49,790		3,230,375
Halozyme Therapeutics Inc.^(a)		5,679		216,200
Horizon Therapeutics PLC^(a)		8,951		1,073,314
Incyte Corp.^(a)		7,580		507,708
Intellia Therapeutics Inc.^(a)		2,728		362,769
Invitae Corp.^(a)(b)		7,979		211,443
Ionis Pharmaceuticals Inc.^(a)		5,696		181,532
Mirati Therapeutics Inc.^(a)		1,834		346,663
Moderna Inc.^(a)		13,972		4,823,274
Natera Inc.^(a)		3,480		398,704
Neurocrine Biosciences Inc.^(a)		3,761		396,447
Novavax Inc.^(a)(b)		2,973		442,472
Regeneron Pharmaceuticals Inc.^(a)		4,166		2,665,990
Sarepta Therapeutics Inc.^(a)		3,422		270,783
Seagen Inc.^(a)		5,299		934,373
Twist Bioscience Corp.^(a)		1,950		231,660
Ultragenyx Pharmaceutical Inc.^(a)		2,707		227,171
United Therapeutics Corp.^(a)		1,790		341,460
Vertex Pharmaceuticals Inc.^(a)		10,351		1,914,210
Vir Biotechnology Inc.^(a)(b)		2,647		99,871

				37,909,624

Building Products — 0.6%
A O Smith Corp.		5,315		388,367
Advanced Drainage Systems Inc.		2,224		250,867
Allegion PLC		3,580		459,314
Armstrong World Industries Inc.		1,848		195,241
Builders FirstSource Inc.^(a)		8,269		481,835
Carlisle Companies Inc.		2,081		463,897
Carrier Global Corp.		34,623		1,808,359
Fortune Brands Home & Security Inc.		5,492		556,889
Johnson Controls International PLC		28,419		2,085,102
Lennox International Inc.		1,352		404,627
Masco Corp.		9,863		646,520
Owens Corning		4,115		384,382
Trane Technologies PLC		9,480		1,715,216
Trex Co. Inc.^(a)		4,540		483,056
Zurn Water Solutions Corp.		4,833		175,341

				10,499,013

Capital Markets — 3.4%
Affiliated Managers Group Inc.		1,692		284,053
Ameriprise Financial Inc.		4,540		1,371,670
Apollo Global Management Inc.		8,228		633,145
Ares Management Corp., Class A		6,523		552,759
Bank of New York Mellon Corp. (The)		31,688		1,875,930
BlackRock Inc.^(c)		5,688		5,366,399
Blackstone Inc., NVS		27,235		3,769,869
Carlyle Group Inc. (The)		5,517		309,780
Cboe Global Markets Inc.		4,191		552,960
Charles Schwab Corp. (The)		59,660		4,893,910


Security	Shares		Value

Capital Markets (continued)
CME Group Inc.		14,240	$	3,140,632
Coinbase Global Inc., Class A^(a)		1,092		348,807
FactSet Research Systems Inc.		1,495		663,616
Federated Hermes Inc.		4,000		133,240
Franklin Resources Inc.		10,876		342,485
Goldman Sachs Group Inc. (The)		13,406		5,541,370
Houlihan Lokey Inc.		2,023		226,738
Interactive Brokers Group Inc., Class A		3,293		233,309
Intercontinental Exchange Inc.		22,325		3,091,119
Invesco Ltd.		13,624		346,186
Janus Henderson Group PLC		6,798		316,107
Jefferies Financial Group Inc.		7,737		332,691
KKR & Co. Inc.		23,265		1,853,522
Lazard Ltd., Class A		4,580		224,374
LPL Financial Holdings Inc.		3,143		515,515
MarketAxess Holdings Inc.		1,494		610,553
Moody’s Corp.		6,418		2,593,835
Morgan Stanley		58,073		5,968,743
Morningstar Inc.		945		299,329
MSCI Inc.		3,290		2,187,455
Nasdaq Inc.		4,678		981,772
Northern Trust Corp.		8,315		1,023,078
Raymond James Financial Inc.		7,326		722,270
S&P Global Inc.		9,578		4,541,504
SEI Investments Co.		4,279		269,748
State Street Corp.		14,590		1,437,844
Stifel Financial Corp.		4,072		296,727
T Rowe Price Group Inc.		9,055		1,963,848
Tradeweb Markets Inc., Class A		4,114		366,557
Virtu Financial Inc., Class A		3,020		75,138

				60,258,587

Chemicals — 1.6%
Air Products & Chemicals Inc.		8,766		2,628,134
Albemarle Corp.		4,667		1,168,944
Ashland Global Holdings Inc.		2,220		213,142
Axalta Coating Systems Ltd.^(a)		8,435		263,088
Celanese Corp.		4,433		715,974
CF Industries Holdings Inc.		8,444		479,619
Chemours Co. (The)		6,773		189,779
Corteva Inc.		29,296		1,264,122
Dow Inc.		29,759		1,665,611
DuPont de Nemours Inc.		20,871		1,452,622
Eastman Chemical Co.		5,325		553,960
Ecolab Inc.		9,932		2,207,089
Element Solutions Inc.		8,457		192,059
FMC Corp.		5,194		472,706
Huntsman Corp.		7,779		253,440
Ingevity Corp.^(a)		1,541		120,059
International Flavors & Fragrances Inc.		9,938		1,465,358
Linde PLC		20,545		6,557,964
LyondellBasell Industries NV, Class A		10,527		977,116
Mosaic Co. (The)		13,744		571,338
NewMarket Corp.		301		102,343
Olin Corp.		5,764		328,433
PPG Industries Inc.		9,470		1,520,598
RPM International Inc.		5,079		442,889
Scotts Miracle-Gro Co. (The)		1,631		242,138
Sherwin-Williams Co. (The)		9,607		3,041,672
Valvoline Inc.		6,986		237,245


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Westlake Chemical Corp.		1,317	$	128,197

				29,455,639
Commercial Services & Supplies — 0.5%
ADT Inc.		6,701		55,953
Cimpress PLC^(a)(b)		795		71,009
Cintas Corp.		3,492		1,512,385
Clean Harbors Inc.^(a)		1,932		217,427
Copart Inc.^(a)		8,478		1,316,549
IAA Inc.^(a)		5,389		321,454
MSA Safety Inc.		1,502		229,851
Republic Services Inc.		8,354		1,124,448
Rollins Inc.		9,024		317,916
Stericycle Inc.^(a)		3,768		252,155
Tetra Tech Inc.		2,102		369,237
Waste Management Inc.		15,346		2,458,890

				8,247,274
Communications Equipment — 0.8%
Arista Networks Inc.^(a)		2,220		909,512
Ciena Corp.^(a)		6,317		342,950
Cisco Systems Inc.		167,663		9,384,098
F5 Networks Inc.^(a)		2,407		508,238
Juniper Networks Inc.		13,031		384,675
Lumentum Holdings Inc.^(a)		3,007		248,318
Motorola Solutions Inc.		6,757		1,679,723
Ubiquiti Inc.		251		76,688
Viavi Solutions Inc.^(a)		8,952		137,861

				13,672,063
Construction & Engineering — 0.1%
AECOM^(a)		5,747		392,922
EMCOR Group Inc.		2,069		251,363
MasTec Inc.^(a)		2,220		197,869
Quanta Services Inc.		5,527		670,315
Valmont Industries Inc.		851		203,355
WillScot Mobile Mini Holdings Corp.^(a)(b)		8,931		310,352

				2,026,176
Construction Materials — 0.1%
Eagle Materials Inc.		1,675		248,503
Martin Marietta Materials Inc.		2,489		977,779
Vulcan Materials Co.		5,294		1,006,495

				2,232,777
Consumer Finance — 0.7%
Ally Financial Inc.		14,387		686,835
American Express Co.		25,574		4,444,250
Capital One Financial Corp.		17,694		2,672,325
Credit Acceptance Corp.^(a)		356		212,963
Discover Financial Services		11,949		1,354,061
FirstCash Inc.		1,582		139,959
OneMain Holdings Inc.		3,999		211,187
PROG Holdings Inc.		2,838		114,797
SLM Corp.		12,202		223,907
Synchrony Financial		22,732		1,055,901
Upstart Holdings Inc.^(a)		1,841		592,876

				11,709,061
Containers & Packaging — 0.4%
Amcor PLC		61,522		742,571
AptarGroup Inc.		2,622		316,685
Avery Dennison Corp.		3,296		717,605
Ball Corp.		13,033		1,192,259


Security	Shares		Value

Containers & Packaging (continued)
Berry Global Group Inc.^(a)		5,388	$	353,129
Crown Holdings Inc.		5,242		545,116
Graphic Packaging Holding Co.		10,945		218,134
International Paper Co.		15,518		770,779
Packaging Corp. of America		3,823		525,165
Sealed Air Corp.		5,908		350,463
Silgan Holdings Inc.		3,335		134,067
Sonoco Products Co.		3,966		229,830
Westrock Co.		10,795		519,239

				6,615,042
Distributors — 0.1%
Genuine Parts Co.		5,690		746,016
LKQ Corp.^(a)		10,789		594,258
Pool Corp.		1,592		820,135

				2,160,409
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions Inc.^(a)		2,363		392,258
Chegg Inc.^(a)		5,658		336,311
frontdoor Inc.^(a)		3,428		127,796
Grand Canyon Education Inc.^(a)		1,766		140,750
H&R Block Inc.		7,255		167,373
Service Corp. International		6,551		448,678
Terminix Global Holdings Inc.^(a)		4,975		201,388

				1,814,554
Diversified Financial Services — 1.2%
Berkshire Hathaway Inc., Class B^(a)		73,749		21,166,700
Equitable Holdings Inc.		15,270		511,545
Jackson Financial Inc., Class A^(a)		2,608		70,599
Voya Financial Inc.		4,527		315,849

				22,064,693
Diversified Telecommunication Services — 1.0%
AT&T Inc.		284,066		7,175,507
Frontier Communications Parent Inc.^(a)(b)		8,290		256,658
Liberty Global PLC, Class A^(a)		7,046		202,502
Liberty Global PLC, Class C, NVS^(a)(b)		13,730		395,973
Lumen Technologies Inc.		40,023		474,673
Verizon Communications Inc.		164,717		8,728,354

				17,233,667
Electric Utilities — 1.4%
ALLETE Inc.		2,109		129,788
Alliant Energy Corp.		9,918		561,061
American Electric Power Co. Inc.		19,961		1,690,896
Avangrid Inc.		2,822		148,719
Duke Energy Corp.		30,524		3,113,753
Edison International		15,152		953,515
Entergy Corp.		7,954		819,421
Evergy Inc.		9,009		574,324
Eversource Energy		13,712		1,164,149
Exelon Corp.		39,017		2,075,314
FirstEnergy Corp.		21,546		830,167
Hawaiian Electric Industries Inc.		4,553		184,670
IDACORP Inc.		2,028		211,561
NextEra Energy Inc.		78,049		6,659,921
NRG Energy Inc.		9,893		394,632
OGE Energy Corp.		8,100		275,967
PG&E Corp.^(a)		60,307		699,561
Pinnacle West Capital Corp.		4,547		293,236
PNM Resources Inc.		3,557		176,961
Portland General Electric Co.		3,582		176,629


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
PPL Corp.		30,710	$	884,448
Southern Co. (The)		41,980		2,616,194
Xcel Energy Inc.		21,485		1,387,716

				26,022,603
Electrical Equipment — 0.7%
Acuity Brands Inc.		1,377		282,877
AMETEK Inc.		9,226		1,221,522
ChargePoint Holdings Inc.^(a)(b)		6,800		168,504
Eaton Corp. PLC		15,796		2,602,549
Emerson Electric Co.		23,673		2,296,518
EnerSys		1,656		132,546
Generac Holdings Inc.^(a)		2,518		1,255,374
Hubbell Inc.		2,155		429,642
nVent Electric PLC		6,929		245,633
Plug Power Inc.^(a)(b)		20,626		789,357
Regal Rexnord Corp.		2,746		418,298
Rockwell Automation Inc.		4,630		1,478,822
Sensata Technologies Holding PLC^(a)		6,195		341,345
Shoals Technologies Group Inc., Class A^(a)		3,759		116,492
Sunrun Inc.^(a)(b)		8,216		473,899
Vertiv Holdings Co.		11,250		288,900

				12,542,278
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		23,870		1,832,500
Arrow Electronics Inc.^(a)		2,865		331,624
Avnet Inc.		3,723		141,883
CDW Corp./DE		5,487		1,024,149
Cognex Corp.		7,021		614,969
Coherent Inc.^(a)		985		250,584
Corning Inc.		30,671		1,090,967
II-VI Inc.^(a)		4,184		253,174
IPG Photonics Corp.^(a)		1,448		230,246
Itron Inc.^(a)		1,815		141,153
Jabil Inc.		5,610		336,376
Keysight Technologies Inc.^(a)		7,352		1,323,507
Littelfuse Inc.		993		292,488
National Instruments Corp.		5,361		227,682
SYNNEX Corp.		1,636		171,780
TE Connectivity Ltd.		13,088		1,910,848
Teledyne Technologies Inc.^(a)		1,865		837,795
Trimble Inc.^(a)		10,026		875,972
Vontier Corp.		6,870		232,412
Zebra Technologies Corp., Class A^(a)		2,131		1,137,847

				13,257,956
Energy Equipment & Services — 0.2%
Baker Hughes Co.		33,058		829,094
Halliburton Co.		35,086		876,799
NOV Inc.^(a)		15,692		220,002
Schlumberger NV		55,800		1,800,108
TechnipFMC PLC^(a)		17,045		125,622

				3,851,625
Entertainment — 1.9%
Activision Blizzard Inc.		31,033		2,426,470
AMC Entertainment Holdings Inc., Class A^(a)(b)		20,483		724,484
Electronic Arts Inc.		11,357		1,592,819
Endeavor Group Holdings Inc.^(a)		829		22,283
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		940		49,021
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		7,967		444,559


Security	Shares		Value

Entertainment (continued)
Live Nation Entertainment Inc.^(a)		5,258	$	531,847
Madison Square Garden Sports Corp.^(a)(b)		705		133,604
Netflix Inc.^(a)		17,610		12,156,359
Playtika Holding Corp.^(a)		4,086		115,552
ROBLOX Corp., Class A^(a)		1,600		134,432
Roku Inc.^(a)(b)		4,612		1,406,199
Take-Two Interactive Software Inc.^(a)		4,665		844,365
Walt Disney Co. (The)^(a)		72,294		12,222,747
Warner Music Group Corp., Class A		3,615		178,906
World Wrestling Entertainment Inc., Class A		1,942		118,637
Zynga Inc., Class A^(a)		40,799		301,097

				33,403,381
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities Inc.		5,555		1,133,998
American Campus Communities Inc.		5,618		301,799
American Homes 4 Rent, Class A		10,946		444,408
American Tower Corp.		18,103		5,104,503
Americold Realty Trust		10,238		301,714
Apartment Income REIT Corp.		6,349		340,370
AvalonBay Communities Inc.		5,571		1,318,544
Boston Properties Inc.		5,670		644,339
Brixmor Property Group Inc.		12,116		283,999
Camden Property Trust		3,928		640,657
CoreSite Realty Corp.		1,749		249,163
Corporate Office Properties Trust		4,388		119,003
Cousins Properties Inc.		6,034		239,007
Crown Castle International Corp.		17,154		3,092,866
CubeSmart		8,049		442,775
CyrusOne Inc.		4,973		407,885
Digital Realty Trust Inc.		11,276		1,779,466
Douglas Emmett Inc.		6,781		221,603
Duke Realty Corp.		15,106		849,561
EastGroup Properties Inc.		1,591		314,668
Equinix Inc.		3,560		2,979,969
Equity Commonwealth^(a)		5,035		130,558
Equity LifeStyle Properties Inc.		6,910		583,964
Equity Residential		13,598		1,174,867
Essex Property Trust Inc.		2,584		878,379
Extra Space Storage Inc.		5,319		1,049,811
Federal Realty Investment Trust		2,843		342,155
First Industrial Realty Trust Inc.		5,114		297,788
Gaming and Leisure Properties Inc.		8,948		433,889
Healthcare Realty Trust Inc.		5,601		185,169
Healthcare Trust of America Inc., Class A		8,943		298,607
Healthpeak Properties Inc.		21,506		763,678
Highwoods Properties Inc.		4,137		185,503
Host Hotels & Resorts Inc.^(a)		28,249		475,431
Hudson Pacific Properties Inc.		5,854		150,741
Invitation Homes Inc.		22,870		943,388
Iron Mountain Inc.		11,524		525,955
JBG SMITH Properties		4,395		126,840
Kilroy Realty Corp.		4,079		274,843
Kimco Realty Corp.		24,379		550,965
Lamar Advertising Co., Class A		3,407		385,672
Lexington Realty Trust		11,305		164,714
Life Storage Inc.		3,137		419,762
Medical Properties Trust Inc.		23,722		505,990
Mid-America Apartment Communities Inc.		4,588		936,915
National Health Investors Inc.		1,780		95,728
National Retail Properties Inc.		6,993		317,202


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
National Storage Affiliates Trust		3,253	$	203,182
Omega Healthcare Investors Inc.		9,493		278,714
Physicians Realty Trust		8,321		158,182
PotlatchDeltic Corp.		2,528		132,139
Prologis Inc.		29,365		4,256,750
PS Business Parks Inc.		821		145,892
Public Storage		6,084		2,020,983
Rayonier Inc.		5,736		214,125
Realty Income Corp.		15,538		1,109,879
Regency Centers Corp.		6,101		429,571
Rexford Industrial Realty Inc.		5,340		358,848
Sabra Health Care REIT Inc.		8,587		121,506
SBA Communications Corp.		4,371		1,509,437
Simon Property Group Inc.		13,112		1,921,957
SL Green Realty Corp.		2,739		191,922
Spirit Realty Capital Inc.		4,630		226,546
STAG Industrial Inc.		6,466		281,465
STORE Capital Corp.		9,549		327,817
Sun Communities Inc.		4,625		906,408
UDR Inc.		11,135		618,327
Ventas Inc.		15,699		837,856
VEREIT Inc.		9,292		467,388
VICI Properties Inc.		24,838		728,995
Vornado Realty Trust		6,455		275,177
Welltower Inc.		16,861		1,355,624
Weyerhaeuser Co.		29,918		1,068,671
WP Carey Inc.		7,271		560,667

				54,116,839
Food & Staples Retailing — 1.3%
Albertsons Companies Inc., Class A		3,910		121,014
BJ’s Wholesale Club Holdings Inc.^(a)(b)		5,327		311,310
Casey’s General Stores Inc.		1,518		290,758
Costco Wholesale Corp.		17,589		8,645,697
Kroger Co. (The)		27,133		1,085,863
Performance Food Group Co.^(a)(b)		6,243		282,371
Sprouts Farmers Market Inc.^(a)		4,187		92,700
Sysco Corp.		20,414		1,569,836
U.S. Foods Holding Corp.^(a)		9,012		312,446
Walgreens Boots Alliance Inc.		28,647		1,346,982
Walmart Inc.		56,857		8,495,573

				22,554,550
Food Products — 0.9%
Archer-Daniels-Midland Co.		22,321		1,433,901
Beyond Meat Inc.^(a)(b)		2,398		237,354
Bunge Ltd.		5,674		525,639
Campbell Soup Co.		8,262		330,067
Conagra Brands Inc.		18,912		608,966
Darling Ingredients Inc.^(a)		6,427		543,210
Flowers Foods Inc.		8,217		203,371
Freshpet Inc.^(a)		1,731		269,880
General Mills Inc.		24,192		1,495,066
Hain Celestial Group Inc. (The)^(a)		3,433		154,039
Hershey Co. (The)		5,804		1,017,731
Hormel Foods Corp.		11,277		477,243
Ingredion Inc.		2,714		258,454
JM Smucker Co. (The)		4,301		528,421
Kellogg Co.		10,109		619,682
Kraft Heinz Co. (The)		26,481		950,403
Lamb Weston Holdings Inc.		5,698		321,652


Security	Shares		Value

Food Products (continued)
Lancaster Colony Corp.		756	$	128,520
McCormick & Co. Inc./MD, NVS		9,911		795,160
Mondelez International Inc., Class A		55,493		3,370,645
Pilgrim’s Pride Corp.^(a)		2,101		59,164
Post Holdings Inc.^(a)		2,387		242,233
Seaboard Corp.		10		38,500
Tyson Foods Inc., Class A		11,764		940,767

				15,550,068
Gas Utilities — 0.1%
Atmos Energy Corp.		5,177		476,905
National Fuel Gas Co.		3,589		206,116
New Jersey Resources Corp.		4,024		152,147
ONE Gas Inc.		2,120		142,676
Southwest Gas Holdings Inc.		2,231		154,497
Spire Inc.		2,088		131,043
UGI Corp.		8,126		352,750

				1,616,134
Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		70,532		9,090,870
ABIOMED Inc.^(a)		1,822		604,977
Align Technology Inc.^(a)		2,928		1,828,155
Baxter International Inc.		19,947		1,575,015
Becton Dickinson and Co.		11,393		2,729,649
Boston Scientific Corp.^(a)		56,816		2,450,474
Cooper Companies Inc. (The)		1,959		816,746
Danaher Corp.		25,278		7,880,922
DENTSPLY SIRONA Inc.		8,572		490,404
Dexcom Inc.^(a)		3,860		2,405,591
Edwards Lifesciences Corp.^(a)		24,729		2,963,029
Envista Holdings Corp.^(a)		6,435		251,609
Globus Medical Inc., Class A^(a)		3,171		244,706
Haemonetics Corp.^(a)		2,032		139,619
Hill-Rom Holdings Inc.		2,606		403,669
Hologic Inc.^(a)		10,116		741,604
ICU Medical Inc.^(a)		787		184,260
IDEXX Laboratories Inc.^(a)		3,395		2,261,545
Insulet Corp.^(a)		2,749		852,245
Integra LifeSciences Holdings Corp.^(a)(b)		2,875		191,073
Intuitive Surgical Inc.^(a)		14,183		5,121,907
Masimo Corp.^(a)		1,986		563,110
Medtronic PLC		53,468		6,408,675
Neogen Corp.^(a)		4,124		174,486
Novocure Ltd.^(a)		3,512		360,226
NuVasive Inc.^(a)		2,051		109,441
Penumbra Inc.^(a)		1,380		381,639
Quidel Corp.^(a)(b)		1,557		206,723
ResMed Inc.		5,807		1,526,718
Shockwave Medical Inc.^(a)		1,404		300,035
STAAR Surgical Co.^(a)		1,891		224,008
STERIS PLC		3,958		925,143
Stryker Corp.		13,335		3,548,044
Tandem Diabetes Care Inc.^(a)		2,485		338,780
Teleflex Inc.		1,876		669,619
Zimmer Biomet Holdings Inc.		8,334		1,192,762

				60,157,478
Health Care Providers & Services — 2.5%
1Life Healthcare Inc.^(a)		4,619		100,048
Acadia Healthcare Co. Inc.^(a)		3,639		225,618
Agilon Health Inc.^(a)		1,872		45,864


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Amedisys Inc.^(a)		1,314	$	222,513
AmerisourceBergen Corp.		5,993		731,266
Anthem Inc.		9,683		4,213,364
Cardinal Health Inc.		11,577		553,496
Centene Corp.^(a)		23,265		1,657,399
Chemed Corp.		621		299,477
Cigna Corp.		13,485		2,880,531
Covetrus Inc.^(a)		3,846		77,651
CVS Health Corp.		52,451		4,682,825
DaVita Inc.^(a)		2,677		276,373
Encompass Health Corp.		3,859		245,278
Guardant Health Inc.^(a)		4,042		472,065
HCA Healthcare Inc.		9,769		2,446,744
HealthEquity Inc.^(a)		3,318		219,585
Henry Schein Inc.^(a)		5,535		422,597
Humana Inc.		5,127		2,374,621
Laboratory Corp. of America Holdings^(a)		3,858		1,107,323
LHC Group Inc.^(a)		1,288		173,352
McKesson Corp.		6,172		1,283,035
Molina Healthcare Inc.^(a)		2,329		688,732
Oak Street Health Inc.^(a)(b)		5,574		263,260
Premier Inc., Class A		4,879		190,037
Quest Diagnostics Inc.		4,876		715,699
R1 RCM Inc.^(a)		5,341		115,900
Tenet Healthcare Corp.^(a)		4,216		302,119
UnitedHealth Group Inc.		37,515		17,274,532
Universal Health Services Inc., Class B		3,028		375,775

				44,637,079

Health Care Technology — 0.2%
American Well Corp., Class A^(a)(b)		7,165		64,485
Cerner Corp.		11,795		876,251
GoodRx Holdings Inc., Class A^(a)(b)		2,534		113,016
Inovalon Holdings Inc., Class A^(a)		3,123		127,387
Omnicell Inc.^(a)		1,736		309,269
Teladoc Health Inc.^(a)		6,354		950,495
Veeva Systems Inc., Class A^(a)		5,513		1,747,676

				4,188,579

Hotels, Restaurants & Leisure — 2.0%
Airbnb Inc., Class A^(a)		13,429		2,291,793
Aramark		10,298		375,671
Booking Holdings Inc.^(a)		1,630		3,945,871
Boyd Gaming Corp.^(a)		3,226		205,754
Caesars Entertainment Inc.^(a)		8,516		932,161
Carnival Corp.^(a)		31,597		700,190
Chipotle Mexican Grill Inc.^(a)		1,122		1,996,072
Choice Hotels International Inc.		1,309		184,072
Churchill Downs Inc.		1,418		326,140
Cracker Barrel Old Country Store Inc.		961		127,976
Darden Restaurants Inc.		5,201		749,672
Domino’s Pizza Inc.		1,471		719,275
DraftKings Inc., Class A^(a)(b)		13,143		612,332
Expedia Group Inc.^(a)		5,734		942,727
Hilton Worldwide Holdings Inc.^(a)		11,121		1,600,868
Hyatt Hotels Corp., Class A^(a)		1,617		137,768
Las Vegas Sands Corp.^(a)		13,398		519,976
Marriott International Inc./MD, Class A^(a)		10,857		1,737,337
Marriott Vacations Worldwide Corp.		1,675		263,344
McDonald’s Corp.		29,713		7,296,027
MGM Resorts International		15,959		752,627


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Norwegian Cruise Line Holdings Ltd.^(a)(b)		14,752	$	379,422
Penn National Gaming Inc.^(a)		6,607		473,061
Planet Fitness Inc., Class A^(a)		3,327		264,663
Royal Caribbean Cruises Ltd.^(a)		8,870		748,894
Scientific Games Corp./DE, Class A^(a)		3,833		306,832
Starbucks Corp.		46,898		4,974,471
Texas Roadhouse Inc.		2,633		233,837
Vail Resorts Inc.		1,587		547,055
Wendy’s Co. (The)		7,513		167,540
Wyndham Hotels & Resorts Inc.		3,720		314,228
Wynn Resorts Ltd.^(a)		4,194		376,621
Yum! Brands Inc.		11,797		1,473,917

				36,678,194

Household Durables — 0.4%
Cricut Inc., Class A^(a)		976		27,650
DR Horton Inc.		13,007		1,161,135
Garmin Ltd.		6,088		874,237
Helen of Troy Ltd.^(a)		978		220,001
Leggett & Platt Inc.		5,493		257,347
Lennar Corp., Class A		10,961		1,095,333
Lennar Corp., Class B		662		54,337
Mohawk Industries Inc.^(a)		2,231		395,355
Newell Brands Inc.		15,048		344,449
NVR Inc.^(a)		133		651,008
PulteGroup Inc.		10,355		497,868
Tempur Sealy International Inc.		7,819		347,711
Toll Brothers Inc.		4,486		269,923
TopBuild Corp.^(a)		1,314		337,659
Whirlpool Corp.		2,524		532,135

				7,066,148

Household Products — 1.1%
Church & Dwight Co. Inc.		9,698		847,217
Clorox Co. (The)		4,901		798,912
Colgate-Palmolive Co.		33,435		2,547,413
Energizer Holdings Inc.		2,379		86,762
Kimberly-Clark Corp.		13,437		1,739,957
Procter & Gamble Co. (The)		96,577		13,809,545
Reynolds Consumer Products Inc.		2,412		65,076

				19,894,882

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		26,501		665,970
Clearway Energy Inc., Class A		1,380		45,526
Clearway Energy Inc., Class C		3,257		115,559
Vistra Corp.		18,992		372,053

				1,199,108

Industrial Conglomerates — 0.9%
3M Co.		22,994		4,108,568
General Electric Co.		43,625		4,574,954
Honeywell International Inc.		27,467		6,004,835
Roper Technologies Inc.		4,208		2,052,957

				16,741,314

Insurance — 2.0%
Aflac Inc.		24,623		1,321,516
Alleghany Corp.^(a)		550		358,259
Allstate Corp. (The)		11,799		1,459,182
American Financial Group Inc./OH		2,637		358,737
American International Group Inc.		34,126		2,016,505
Aon PLC, Class A		8,951		2,863,604
Arch Capital Group Ltd.^(a)		15,803		660,881


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Arthur J Gallagher & Co.		8,189	$	1,373,050
Assurant Inc.		2,347		378,595
Athene Holding Ltd., Class A^(a)		5,154		448,450
Axis Capital Holdings Ltd.		2,973		154,804
Brighthouse Financial Inc.^(a)		3,478		174,700
Brown & Brown Inc.		9,321		588,248
Chubb Ltd.		17,409		3,401,370
Cincinnati Financial Corp.		5,902		716,739
CNA Financial Corp.		1,082		48,539
Enstar Group Ltd.^(a)		519		119,775
Erie Indemnity Co., Class A, NVS		1,015		208,897
Everest Re Group Ltd.		1,611		421,277
Fidelity National Financial Inc.		11,386		545,503
First American Financial Corp.		4,506		329,569
Globe Life Inc.		3,682		327,772
Hanover Insurance Group Inc. (The)		1,485		187,110
Hartford Financial Services Group Inc. (The)		13,855		1,010,445
Kemper Corp.		2,411		153,050
Lincoln National Corp.		7,049		508,585
Loews Corp.		8,110		454,728
Markel Corp.^(a)		552		724,848
Marsh & McLennan Companies Inc.		20,107		3,353,848
Mercury General Corp.		1,080		58,849
MetLife Inc.		29,063		1,825,156
Old Republic International Corp.		11,157		288,185
Primerica Inc.		1,612		271,203
Principal Financial Group Inc.		9,960		668,216
Progressive Corp. (The)		23,162		2,197,611
Prudential Financial Inc.		15,435		1,698,622
Reinsurance Group of America Inc.		2,775		327,672
RenaissanceRe Holdings Ltd.		1,880		266,584
RLI Corp.		1,660		179,795
Selective Insurance Group Inc.		2,417		189,420
Travelers Companies Inc. (The)		9,955		1,601,560
Unum Group		8,302		211,452
W R Berkley Corp.		5,491		437,084
White Mountains Insurance Group Ltd.		129		136,094
Willis Towers Watson PLC		5,150		1,247,742

				36,273,831

Interactive Media & Services — 6.0%
Alphabet Inc., Class A^(a)		11,980		35,471,821
Alphabet Inc., Class C, NVS^(a)		11,209		33,239,281
ANGI Inc.^(a)(b)		3,021		37,853
Bumble Inc., Class A^(a)(b)		2,762		145,060
Cargurus Inc.^(a)		3,490		117,055
IAC/InterActiveCorp.^(a)		3,367		513,030
Match Group Inc.^(a)		11,035		1,663,857
Meta Platforms Inc, Class A^(a)		94,841		30,687,702
Pinterest Inc., Class A^(a)		22,159		989,178
Snap Inc., Class A, NVS^(a)		41,577		2,186,119
TripAdvisor Inc.^(a)		3,897		128,484
Twitter Inc.^(a)		31,840		1,704,714
Vimeo Inc.^(a)		6,270		211,487
Ziff Davis Inc.^(a)		1,923		246,663
ZoomInfo Technologies Inc., Class A^(a)		7,126		479,010

				107,821,314

Internet & Direct Marketing Retail — 3.6%
Amazon.com Inc.^(a)		17,329		58,440,839
Chewy Inc., Class A^(a)(b)		3,376		255,901


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
ContextLogic Inc., Class A^(a)(b)		12,915	$	65,867
DoorDash Inc., Class A^(a)		6,113		1,190,812
eBay Inc.		25,938		1,989,963
Etsy Inc.^(a)		5,050		1,265,984
Qurate Retail Inc., Series A		14,958		156,162
Stitch Fix Inc., Class A^(a)(b)		2,865		99,129
Wayfair Inc., Class A^(a)(b)		3,086		768,723

				64,233,380

IT Services — 4.9%
Accenture PLC, Class A		25,229		9,051,913
Affirm Holdings Inc.^(a)		3,710		602,875
Akamai Technologies Inc.^(a)		6,427		677,791
Amdocs Ltd.		5,093		396,439
Automatic Data Processing Inc.		16,795		3,770,310
Broadridge Financial Solutions Inc.		4,636		827,109
Cloudflare Inc., Class A^(a)		10,512		2,046,897
Cognizant Technology Solutions Corp., Class A		20,972		1,637,703
Concentrix Corp.		1,741		309,341
DXC Technology Co.^(a)		10,051		327,361
EPAM Systems Inc.^(a)		2,254		1,517,483
Euronet Worldwide Inc.^(a)		2,088		234,253
Fastly Inc., Class A^(a)(b)		4,235		214,333
Fidelity National Information Services Inc.		24,507		2,713,905
Fiserv Inc.^(a)		23,623		2,326,629
FleetCor Technologies Inc.^(a)		3,297		815,711
Gartner Inc.^(a)		3,338		1,107,916
Genpact Ltd.		6,889		339,972
Global Payments Inc.		11,722		1,676,129
GoDaddy Inc., Class A^(a)		6,718		464,684
International Business Machines Corp.		35,639		4,458,439
Jack Henry & Associates Inc.		2,905		483,624
LiveRamp Holdings Inc.^(a)		2,766		148,009
Mastercard Inc., Class A		34,658		11,628,452
Maximus Inc.		2,353		198,993
MongoDB Inc.^(a)		2,579		1,344,407
Okta Inc.^(a)		4,990		1,233,428
Paychex Inc.		12,779		1,575,395
PayPal Holdings Inc.^(a)		46,748		10,873,117
Shift4 Payments Inc., Class A^(a)(b)		1,885		119,000
Snowflake Inc., Class A^(a)		9,044		3,200,129
SolarWinds Corp.		1,328		21,381
Square Inc., Class A^(a)(b)		15,791		4,018,809
Twilio Inc., Class A^(a)		6,623		1,929,677
VeriSign Inc.^(a)		3,883		864,628
Visa Inc., Class A		67,144		14,219,085
Western Union Co. (The)		15,942		290,463
WEX Inc.^(a)		1,785		267,215

				87,933,005

Leisure Products — 0.2%
Brunswick Corp./DE		3,133		291,651
Callaway Golf Co.^(a)		4,674		126,432
Hasbro Inc.		5,139		492,111
Mattel Inc.^(a)		14,130		308,175
Peloton Interactive Inc., Class A^(a)		10,715		979,780
Polaris Inc.		2,211		254,154
YETI Holdings Inc.^(a)		3,489		343,073

				2,795,376

Life Sciences Tools & Services — 1.5%
10X Genomics Inc., Class A^(a)		3,616		583,153


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Agilent Technologies Inc.		12,108	$	1,906,889
Avantor Inc.^(a)		23,310		941,258
Berkeley Lights Inc.^(a)(b)		1,650		38,363
Bio-Rad Laboratories Inc., Class A^(a)		852		677,067
Bio-Techne Corp.		1,535		803,803
Bruker Corp.		4,049		325,135
Charles River Laboratories International Inc.^(a)		2,003		898,706
Illumina Inc.^(a)		5,814		2,413,159
IQVIA Holdings Inc.^(a)		7,647		1,999,079
Maravai LifeSciences Holdings Inc., Class A^(a)		4,352		184,046
Medpace Holdings Inc.^(a)		1,144		259,173
Mettler-Toledo International Inc.^(a)		922		1,365,371
NeoGenomics Inc.^(a)		4,901		225,446
Pacific Biosciences of California Inc.^(a)		7,942		210,304
PerkinElmer Inc.		4,452		787,514
PPD Inc.^(a)		4,502		212,359
Repligen Corp.^(a)		2,015		585,358
Sotera Health Co.^(a)		3,951		97,590
Syneos Health Inc.^(a)		4,072		380,080
Thermo Fisher Scientific Inc.		15,652		9,908,812
Waters Corp.^(a)		2,449		900,130
West Pharmaceutical Services Inc.		2,948		1,267,286

				26,970,081

Machinery — 1.6%
AGCO Corp.		2,453		299,781
Allison Transmission Holdings Inc.		4,434		147,918
Caterpillar Inc.		21,756		4,438,442
Chart Industries Inc.^(a)		1,422		252,433
Colfax Corp.^(a)		5,169		266,824
Crane Co.		2,048		211,517
Cummins Inc.		5,729		1,374,043
Deere & Co.		11,276		3,859,888
Donaldson Co. Inc.		4,883		293,029
Dover Corp.		5,728		968,490
Flowserve Corp.		5,401		181,582
Fortive Corp.		14,301		1,082,729
Gates Industrial Corp. PLC^(a)		3,786		62,242
Graco Inc.		6,858		515,584
IDEX Corp.		3,003		668,378
Illinois Tool Works Inc.		11,358		2,588,147
Ingersoll Rand Inc.^(a)		16,167		869,138
ITT Inc.		3,502		329,433
Lincoln Electric Holdings Inc.		2,365		336,776
Middleby Corp. (The)^(a)		2,165		394,983
Nikola Corp.^(a)(b)		8,104		95,627
Nordson Corp.		2,129		541,213
Oshkosh Corp.		2,723		291,361
Otis Worldwide Corp.		17,030		1,367,679
PACCAR Inc.		13,825		1,238,997
Parker-Hannifin Corp.		5,151		1,527,735
Pentair PLC		6,618		489,533
RBC Bearings Inc.^(a)		1,135		265,511
Snap-on Inc.		2,170		441,009
Stanley Black & Decker Inc.		6,514		1,170,761
Timken Co. (The)		2,687		190,643
Toro Co. (The)		4,306		411,094
Westinghouse Air Brake Technologies Corp.		7,542		684,286
Woodward Inc.		2,538		286,667


Security	Shares		Value

Machinery (continued)
Xylem Inc./NY		7,180	$	937,636

				29,081,109

Marine — 0.0%
Kirby Corp.^(a)		2,440		127,880


Media — 1.1%
Altice USA Inc., Class A^(a)(b)		9,320		151,916
Cable One Inc.		198		338,820
Charter Communications Inc., Class A^(a)		5,038		3,400,096
Comcast Corp., Class A		182,228		9,371,986
Discovery Inc., Class A^(a)(b)		6,472		151,704
Discovery Inc., Class C, NVS^(a)		12,360		278,842
DISH Network Corp., Class A^(a)		10,061		413,205
Fox Corp., Class A, NVS		12,904		512,805
Fox Corp., Class B		5,700		210,672
Interpublic Group of Companies Inc. (The)		15,680		573,418
Liberty Broadband Corp., Class A^(a)		940		151,124
Liberty Broadband Corp., Class C, NVS^(a)		5,792		940,910
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		3,034		151,032
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		6,381		314,711
New York Times Co. (The), Class A		6,667		363,951
News Corp., Class A, NVS		15,761		360,927
News Corp., Class B		4,750		107,160
Nexstar Media Group Inc., Class A		1,617		242,437
Omnicom Group Inc.		8,479		577,250
Sirius XM Holdings Inc.^(b)		37,174		226,390
TEGNA Inc.		8,632		169,705
ViacomCBS Inc., Class B, NVS		24,087		872,431

				19,881,492

Metals & Mining — 0.4%
Alcoa Corp.		7,457		342,649
Cleveland-Cliffs Inc.^(a)		18,145		437,476
Commercial Metals Co.		4,696		151,117
Freeport-McMoRan Inc.		58,579		2,209,600
MP Materials Corp.^(a)(b)		2,980		100,873
Newmont Corp.		31,888		1,721,952
Nucor Corp.		11,720		1,308,538
Reliance Steel & Aluminum Co.		2,476		361,892
Royal Gold Inc.		2,534		250,917
Steel Dynamics Inc.		7,738		511,327
United States Steel Corp.		10,780		284,484

				7,680,825

Mortgage Real Estate Investment — 0.1%
AGNC Investment Corp.		20,945		333,444
Annaly Capital Management Inc.		55,969		473,498
Blackstone Mortgage Trust Inc., Class A		6,460		212,534
New Residential Investment Corp.		18,880		214,477
Starwood Property Trust Inc.		11,550		294,178

				1,528,131

Multi-Utilities — 0.6%
Ameren Corp.		10,261		864,900
Avista Corp.		2,687		106,969
Black Hills Corp.		2,489		165,220
CenterPoint Energy Inc.		23,506		612,096
CMS Energy Corp.		11,558		697,525
Consolidated Edison Inc.		14,100		1,063,140
Dominion Energy Inc.		32,031		2,432,114
DTE Energy Co.		7,679		870,415
MDU Resources Group Inc.		8,297		254,967


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
NiSource Inc.		15,667	$	386,505
NorthWestern Corp.		2,132		121,226
Public Service Enterprise Group Inc.		20,174		1,287,101
Sempra Energy		12,629		1,611,839
WEC Energy Group Inc.		12,586		1,133,495

				11,607,512

Multiline Retail — 0.5%
Dollar General Corp.		9,425		2,087,826