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
Dollar Tree Inc.^(a)		9,256		997,426
Kohl’s Corp.		6,120		297,004
Ollie’s Bargain Outlet Holdings Inc.^(a)		2,253		152,438
Target Corp.		19,669		5,106,466

				8,641,160

Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		15,292		400,803
Cheniere Energy Inc.^(a)		9,268		958,311
Chevron Corp.		76,940		8,808,861
ConocoPhillips		53,433		3,980,224
Continental Resources Inc./OK		2,494		121,732
Coterra Energy Inc.		32,470		692,261
Devon Energy Corp.		25,124		1,006,970
Diamondback Energy Inc.		6,791		727,927
DTE Midstream LLC^(a)		3,916		187,811
EOG Resources Inc.		23,068		2,132,867
EQT Corp.^(a)		12,033		239,577
Equitrans Midstream Corp.		16,642		171,579
Exxon Mobil Corp.		168,434		10,858,940
Hess Corp.		10,914		901,169
HollyFrontier Corp.		6,168		208,478
Kinder Morgan Inc.		77,778		1,302,782
Marathon Oil Corp.		30,956		505,202
Marathon Petroleum Corp.		25,466		1,678,973
New Fortress Energy Inc.		1,649		49,470
Occidental Petroleum Corp.		35,396		1,186,828
ONEOK Inc.		17,695		1,125,756
Ovintiv Inc.		10,580		396,962
Phillips 66		17,477		1,306,930
Pioneer Natural Resources Co.		9,053		1,692,730
Targa Resources Corp.		9,012		492,686
Texas Pacific Land Corp.^(b)		248		315,870
Valero Energy Corp.		16,232		1,255,221
Williams Companies Inc. (The)		48,349		1,358,124

				44,065,044

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		3,799		223,875
Sylvamo Corp.^(a)		1,411		39,734

				263,609

Personal Products — 0.2%
Coty Inc., Class A^(a)		14,195		120,374
Estee Lauder Companies Inc. (The), Class A		9,200		2,983,836
Herbalife Nutrition Ltd.^(a)		4,059		188,337

				3,292,547

Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		88,383		5,161,567
Catalent Inc.^(a)		6,778		934,415
Elanco Animal Health Inc.^(a)		18,694		614,659
Eli Lilly & Co.		31,589		8,047,614
Jazz Pharmaceuticals PLC^(a)		2,436		324,085
Johnson & Johnson		104,735		17,059,237


Security	Shares		Value

Pharmaceuticals (continued)
Merck & Co. Inc.		100,712	$	8,867,691
Nektar Therapeutics^(a)		7,410		112,336
Organon & Co.		10,258		376,981
Perrigo Co. PLC		5,144		232,252
Pfizer Inc.		223,063		9,756,776
Royalty Pharma PLC, Class A		14,141		558,994
Viatris Inc.		47,695		636,728
Zoetis Inc.		18,827		4,070,397

				56,753,732

Professional Services — 0.7%
ASGN Inc.^(a)		2,101		251,406
Booz Allen Hamilton Holding Corp.		5,394		468,523
CACI International Inc., Class A^(a)		940		270,381
Clarivate PLC^(a)(b)		14,846		348,139
CoStar Group Inc.^(a)		15,760		1,356,148
Dun & Bradstreet Holdings Inc.^(a)		5,487		103,375
Equifax Inc.		4,862		1,348,865
FTI Consulting Inc.^(a)		1,386		199,473
IHS Markit Ltd.		15,905		2,079,101
Insperity Inc.		1,448		181,000
Jacobs Engineering Group Inc.		5,200		730,184
KBR Inc.		5,579		236,773
Leidos Holdings Inc.		5,648		564,687
ManpowerGroup Inc.		2,164		209,151
Nielsen Holdings PLC		14,188		287,307
Robert Half International Inc.		4,428		500,674
Science Applications International Corp.		2,376		213,317
TransUnion		7,554		870,901
TriNet Group Inc.^(a)		1,527		154,609
Upwork Inc.^(a)		4,786		225,516
Verisk Analytics Inc.		6,439		1,353,928

				11,953,458

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		13,397		1,394,360
Howard Hughes Corp. (The)^(a)		1,570		136,794
Jones Lang LaSalle Inc.^(a)		2,024		522,658
Opendoor Technologies Inc.^(a)(b)		15,200		360,392
Redfin Corp.^(a)		4,185		214,858
Zillow Group Inc., Class A^(a)		1,517		160,377
Zillow Group Inc., Class C, NVS^(a)(b)		6,754		699,917

				3,489,356

Road & Rail — 1.1%
AMERCO		374		275,634
CSX Corp.		89,386		3,233,092
JB Hunt Transport Services Inc.		3,345		659,601
Kansas City Southern		3,624		1,124,346
Knight-Swift Transportation Holdings Inc.		6,622		375,401
Landstar System Inc.		1,531		269,165
Lyft Inc., Class A^(a)		11,594		531,817
Norfolk Southern Corp.		9,782		2,866,615
Old Dominion Freight Line Inc.		3,743		1,277,673
Saia Inc.^(a)		1,050		328,272
TuSimple Holdings Inc., Class A^(a)(b)		1,328		51,951
Uber Technologies Inc.^(a)		64,283		2,816,881
Union Pacific Corp.		25,934		6,260,468
XPO Logistics Inc.^(a)		3,923		336,593

			20,407,509

Semiconductors & Semiconductor Equipment — 5.4%
Advanced Micro Devices Inc.^(a)		48,236		5,799,414


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Allegro MicroSystems Inc.^(a)(b)		2,194	$	73,192
Amkor Technology Inc.		3,998		87,636
Analog Devices Inc.		21,365		3,706,614
Applied Materials Inc.		36,346		4,966,681
Broadcom Inc.		16,321		8,677,386
Brooks Automation Inc.		2,966		345,391
Cirrus Logic Inc.^(a)		2,314		186,994
Enphase Energy Inc.^(a)		5,371		1,244,085
Entegris Inc.		5,410		761,620
First Solar Inc.^(a)		3,946		471,902
Intel Corp.		161,409		7,909,041
KLA Corp.		6,046		2,253,707
Lam Research Corp.		5,657		3,188,116
Lattice Semiconductor Corp.^(a)		5,441		377,823
Marvell Technology Inc.		32,426		2,221,181
Microchip Technology Inc.		21,870		1,620,348
Micron Technology Inc.		44,690		3,088,079
MKS Instruments Inc.		2,253		338,063
Monolithic Power Systems Inc.		1,723		905,368
NVIDIA Corp.		99,145		25,348,402
NXP Semiconductors NV		10,500		2,109,030
ON Semiconductor Corp.^(a)		17,292		831,226
Power Integrations Inc.		2,439		251,729
Qorvo Inc.^(a)		4,434		745,932
QUALCOMM Inc.		44,877		5,970,436
Semtech Corp.^(a)		2,597		220,823
Silicon Laboratories Inc.^(a)		1,649		311,265
Skyworks Solutions Inc.		6,589		1,101,220
SolarEdge Technologies Inc.^(a)		2,108		747,665
Teradyne Inc.		6,541		904,228
Texas Instruments Inc.		36,730		6,886,140
Universal Display Corp.		1,743		319,318
Wolfspeed Inc.^(a)		4,675		561,514
Xilinx Inc.		9,844		1,771,920

				96,303,489

Software — 10.7%
ACI Worldwide Inc.^(a)		4,703		144,288
Adobe Inc.^(a)		18,954		12,326,923
Alteryx Inc., Class A^(a)		2,390		174,924
Anaplan Inc.^(a)		5,874		383,044
ANSYS Inc.^(a)		3,481		1,321,318
Appian Corp.^(a)		1,579		156,968
AppLovin Corp., Class A^(a)		1,074		105,520
Asana Inc., Class A^(a)		3,115		423,017
Aspen Technology Inc.^(a)		2,766		433,405
Autodesk Inc.^(a)		8,719		2,769,242
Avalara Inc.^(a)		3,417		613,830
Bentley Systems Inc., Class B^(b)		7,329		433,510
Bill.com Holdings Inc.^(a)		3,522		1,036,560
Black Knight Inc.^(a)		6,174		432,859
Blackbaud Inc.^(a)		1,606		114,042
Blackline Inc.^(a)(b)		2,121		269,091
Cadence Design Systems Inc.^(a)		11,045		1,912,000
CDK Global Inc.		4,650		202,368
Ceridian HCM Holding Inc.^(a)(b)		5,296		663,324
Citrix Systems Inc.		4,923		466,356
Consensus Cloud Solutions Inc.^(a)(b)		641		40,595
Coupa Software Inc.^(a)		2,920		664,884
Crowdstrike Holdings Inc., Class A^(a)		7,951		2,240,592
Datadog Inc., Class A^(a)		9,567		1,598,167


Security	Shares		Value

Software (continued)
Digital Turbine Inc.^(a)(b)		3,489	$	300,263
DocuSign Inc.^(a)		7,711		2,145,894
Dolby Laboratories Inc., Class A		2,601		229,798
Dropbox Inc., Class A^(a)		11,402		347,647
Duck Creek Technologies Inc.^(a)		2,996		94,374
Dynatrace Inc.^(a)		7,827		587,025
Elastic NV^(a)		2,848		494,156
Fair Isaac Corp.^(a)		1,125		447,975
Five9 Inc.^(a)		2,656		419,675
Fortinet Inc.^(a)		5,408		1,818,927
Guidewire Software Inc.^(a)		3,275		411,766
HubSpot Inc.^(a)		1,780		1,442,209
Intuit Inc.		10,872		6,805,763
MANDIANT Inc.^(a)		9,964		173,772
Manhattan Associates Inc.^(a)		2,564		465,469
McAfee Corp., Class A		2,215		47,335
Microsoft Corp.		298,982		99,148,411
MicroStrategy Inc., Class A^(a)		311		222,384
nCino Inc.^(a)(b)		2,246		163,194
NCR Corp.^(a)		5,243		207,308
New Relic Inc.^(a)		2,111		171,329
NortonLifeLock Inc.		23,395		595,403
Nuance Communications Inc.^(a)		11,451		630,378
Nutanix Inc., Class A^(a)		8,058		276,470
Oracle Corp.		65,537		6,287,620
Palantir Technologies Inc., Class A^(a)		62,545		1,618,665
Palo Alto Networks Inc.^(a)		3,885		1,977,815
Paycom Software Inc.^(a)		1,918		1,050,776
Paylocity Holding Corp.^(a)		1,521		464,118
Pegasystems Inc.		1,606		190,664
PTC Inc.^(a)		4,143		527,611
Q2 Holdings Inc.^(a)		2,253		176,770
Qualtrics International Inc., Class A^(a)		2,526		117,004
Rapid7 Inc.^(a)(b)		2,226		286,597
RingCentral Inc., Class A^(a)		3,268		796,673
salesforce.com Inc.^(a)		38,652		11,583,618
ServiceNow Inc.^(a)		7,878		5,496,953
Smartsheet Inc., Class A^(a)		4,807		331,731
Splunk Inc.^(a)		6,521		1,074,791
SS&C Technologies Holdings Inc.		8,799		699,257
Synopsys Inc.^(a)		6,089		2,028,733
Trade Desk Inc. (The), Class A^(a)		17,274		1,293,995
Tyler Technologies Inc.^(a)		1,627		883,819
UiPath Inc., Class A^(a)		10,209		513,002
Unity Software Inc.^(a)(b)		6,312		955,069
Varonis Systems Inc.^(a)		4,267		276,246
Verint Systems Inc.^(a)(b)		2,545		118,597
VMware Inc., Class A^(a)		3,177		481,951
Workday Inc., Class A^(a)		7,541		2,186,739
Workiva Inc.^(a)(b)		1,717		256,777
Zendesk Inc.^(a)		4,729		481,412
Zoom Video Communications Inc., Class A^(a)		8,618		2,366,934
Zscaler Inc.^(a)		3,116		993,568

				192,091,257

Specialty Retail — 2.3%
Advance Auto Parts Inc.		2,578		581,390
American Eagle Outfitters Inc.		6,091		144,600
AutoNation Inc.^(a)		1,743		211,112
AutoZone Inc.^(a)		860		1,534,962
Bath & Body Works Inc.		10,475		723,718


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Best Buy Co. Inc.		9,026	$	1,103,338
Burlington Stores Inc.^(a)		2,654		733,274
CarMax Inc.^(a)		6,460		884,503
Carvana Co.^(a)		3,372		1,022,323
Dick’s Sporting Goods Inc.		2,597		322,573
Five Below Inc.^(a)		2,270		447,871
Floor & Decor Holdings Inc., Class A^(a)		4,235		575,621
Foot Locker Inc.		3,595		171,374
GameStop Corp., Class A^(a)		2,482		455,472
Gap Inc. (The)		8,613		195,429
Home Depot Inc. (The)		42,302		15,725,345
Lithia Motors Inc.		1,205		384,660
Lowe’s Companies Inc.		28,123		6,575,720
Murphy USA Inc.		991		161,483
National Vision Holdings Inc.^(a)		3,190		196,632
O’Reilly Automotive Inc.^(a)		2,752		1,712,625
Penske Automotive Group Inc.		1,199		127,154
Petco Health & Wellness Co. Inc.^(a)(b)		2,934		72,558
RH^(a)		687		453,166
Ross Stores Inc.		14,250		1,613,100
TJX Companies Inc. (The)		48,142		3,152,820
Tractor Supply Co.		4,563		990,947
Ulta Beauty Inc.^(a)		2,170		797,171
Victoria’s Secret & Co.^(a)		2,997		151,259
Williams-Sonoma Inc.		2,992		555,704

				41,777,904

Technology Hardware, Storage & Peripherals — 5.6%
Apple Inc.		624,775		93,591,295
Dell Technologies Inc., Class C^(a)		11,077		1,218,359
Hewlett Packard Enterprise Co.		51,486		754,270
HP Inc.		47,933		1,453,808
NetApp Inc.		9,005		804,147
Pure Storage Inc., Class A^(a)		10,748		288,691
Seagate Technology Holdings PLC		8,356		744,269
Western Digital Corp.^(a)		12,052		630,199
Xerox Holdings Corp.		5,485		97,633

				99,582,671

Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.^(a)		6,067		323,007
Carter’s Inc.		1,777		175,070
Columbia Sportswear Co.		1,394		144,753
Crocs Inc.^(a)		2,489		401,849
Deckers Outdoor Corp.^(a)		1,085		428,912
Hanesbrands Inc.		13,577		231,352
Levi Strauss & Co., Class A		3,206		83,933
Lululemon Athletica Inc.^(a)		4,726		2,202,363
Nike Inc., Class B		50,850		8,506,697
PVH Corp.^(a)		2,822		308,529
Ralph Lauren Corp.		1,972		250,779
Skechers U.S.A. Inc., Class A^(a)		5,491		253,739
Tapestry Inc.		11,241		438,174
Under Armour Inc., Class A^(a)		7,662		168,258
Under Armour Inc., Class C, NVS^(a)		7,893		149,020
VF Corp.		13,073		952,760

				15,019,195

Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		4,532		217,536


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		13,303	$	214,976
New York Community Bancorp. Inc.		18,793		233,597
Radian Group Inc.		7,279		173,750
Rocket Companies Inc., Class A		5,526		91,068
TFS Financial Corp.		2,126		41,372
UWM Holdings Corp.		2,171		14,763

				987,062

Tobacco — 0.5%
Altria Group Inc.		73,227		3,230,043
Philip Morris International Inc.		62,006		5,862,047

				9,092,090

Trading Companies & Distributors — 0.3%
Air Lease Corp.		4,234		169,572
Applied Industrial Technologies Inc.		1,631		158,990
Fastenal Co.		22,885		1,306,276
MSC Industrial Direct Co. Inc., Class A		1,855		155,950
SiteOne Landscape Supply Inc.^(a)		1,750		411,180
United Rentals Inc.^(a)		2,888		1,094,869
Univar Solutions Inc.^(a)		6,896		176,399
Watsco Inc.		1,286		372,400
WW Grainger Inc.		1,743		807,201

				4,652,837

Water Utilities — 0.1%
American Water Works Co. Inc.		7,242		1,261,412
Essential Utilities Inc.		8,756		412,145

				1,673,557

Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.^(a)		23,270		2,676,748
U.S. Cellular Corp.^(a)		602		18,403

				2,695,151


Total Common Stocks — 99.8% (Cost: $766,953,568)				1,788,668,589


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		18,130,752		18,139,818
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		2,816,000		2,816,000

				20,955,818


Total Short-Term Investments — 1.1% (Cost: $20,950,721)				20,955,818


Total Investments in Securities — 100.9%
(Cost: $787,904,289)				1,809,624,407

Other Assets, Less Liabilities — (0.9)%				(16,966,944	)


Net Assets — 100.0%			$	1,792,657,463

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

Affiliates

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


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,762,800	$	1,376,306	^(a)	$	—		$	(197	)	$	909	$	18,139,818		18,130,752	$	22,148	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,056,000		—			(1,240,000	)^(a)		—			—		2,816,000		2,816,000		77			—
BlackRock Inc.		4,641,334		147,507			(127,824	)		35,390			669,992		5,366,399		5,688		47,189			—


									$	35,193		$	670,901	$	26,322,217			$	69,414		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/17/21

3,678

119,858

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	119,858

^(a)

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

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	419,687


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(58,062)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

3,923,428

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Dow Jones U.S. ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,788,668,589	$	—	$	—	$	1,788,668,589
Money Market Funds		20,955,818		—		—		20,955,818


	$	1,809,624,407	$	—	$	—	$	1,809,624,407

Derivative financial instruments^(a)
Assets
Futures Contracts	$	119,858	$	—	$	—	$	119,858

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Electrical Equipment — 2.0%
ChargePoint Holdings Inc.^(a)(b)		200,146	$	4,959,618
Plug Power Inc.^(a)(b)		977,871		37,423,123
Shoals Technologies Group Inc., Class A^(a)(b)		195,251		6,050,828

				48,433,569

Energy Equipment & Services — 7.8%
Baker Hughes Co.		1,408,852		35,334,008
Halliburton Co.		1,693,858		42,329,512
NOV Inc.^(a)		744,447		10,437,147
Schlumberger NV		3,130,670		100,995,414

				189,096,081

Oil, Gas & Consumable Fuels — 86.5%
Antero Midstream Corp.		638,728		6,796,065
APA Corp.		720,802		18,892,220
Cheniere Energy Inc.^(a)		447,725		46,294,765
Chevron Corp.		3,497,427		400,420,417
ConocoPhillips		2,518,670		187,615,728
Continental Resources Inc./OK^(b)		124,226		6,063,471
Coterra Energy Inc.		1,521,494		32,438,252
Devon Energy Corp.		1,288,709		51,651,457
Diamondback Energy Inc.		345,221		37,004,239
DTE Midstream LLC^(a)		184,420		8,844,783
EOG Resources Inc.		1,322,574		122,285,192
EQT Corp.^(a)		581,484		11,577,346
Exxon Mobil Corp.		7,625,555		491,619,531
Hess Corp.		530,136		43,773,330
HollyFrontier Corp.		285,908		9,663,690
Kinder Morgan Inc.		4,122,984		69,059,982
Marathon Oil Corp.		1,498,366		24,453,333
Marathon Petroleum Corp.		1,416,249		93,373,297
New Fortress Energy Inc.		51,204		1,536,120
Occidental Petroleum Corp.		1,615,586		54,170,599
ONEOK Inc.		848,005		53,950,078
Phillips 66		905,563		67,718,001
Pioneer Natural Resources Co.		457,355		85,516,238


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp.		430,589	$	23,540,301
Texas Pacific Land Corp.		11,260		14,341,524
Valero Energy Corp.		803,147		62,107,358
Williams Companies Inc. (The)		2,538,131		71,296,100

				2,096,003,417

Semiconductors & Semiconductor Equipment — 3.4%
Enphase Energy Inc.^(a)		252,041		58,380,257
First Solar Inc.^(a)		202,505		24,217,573

				82,597,830


Total Common Stocks — 99.7% (Cost: $2,148,107,769)			2,416,130,897


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		21,976,326		21,987,314
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		3,900,000		3,900,000

				25,887,314


Total Short-Term Investments — 1.1%
(Cost: $25,887,314)				25,887,314


Total Investments in Securities — 100.8%
(Cost: $2,173,995,083)				2,442,018,211

Other Assets, Less Liabilities — (0.8)%				(19,169,892	)


Net Assets — 100.0%			$	2,422,848,319

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

Affiliate of the Fund.

^(d)

Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	21,987,452	^(a)	$	—	$	(138	)	$	—	$	21,987,314		21,976,326	$	5,998	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,640,000		260,000	^(a)		—		—			—		3,900,000		3,900,000		127			—


								$	(138	)	$	—	$	25,887,314			$	6,125		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Energy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

E-Mini Energy Select Sector Index

109

12/17/21

6,509

384,501

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	384,501

^(a)

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$445,931


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$443,109

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long			$6,689,027

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,416,130,897	$	—	$	—	$	2,416,130,897
Money Market Funds		25,887,314		—		—		25,887,314


	$	2,442,018,211	$	—	$	—	$	2,442,018,211

Derivative financial instruments^(a)
Assets
Futures Contracts	$	384,501	$	—	$	—	$	384,501

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 16.0%
AbbVie Inc.		982,618	$	112,676,806
Acceleron Pharma Inc.^(a)		29,351		5,112,357
Alnylam Pharmaceuticals Inc.^(a)		65,880		10,511,813
Amgen Inc.		315,908		65,383,479
Biogen Inc.^(a)		82,473		21,993,900
BioMarin Pharmaceutical Inc.^(a)		101,120		8,011,738
CureVac NV^(a)(b)		29,556		1,184,309
Exact Sciences Corp.^(a)(b)		94,843		9,030,950
Exelixis Inc.^(a)		172,207		3,704,173
Gilead Sciences Inc.		698,183		45,298,113
Horizon Therapeutics PLC^(a)		121,202		14,533,332
Incyte Corp.^(a)		102,366		6,856,475
Ionis Pharmaceuticals Inc.^(a)		78,027		2,486,720
Iovance Biotherapeutics Inc.^(a)(b)		81,941		1,991,986
Mirati Therapeutics Inc.^(a)		21,836		4,127,441
Moderna Inc.^(a)		188,138		64,947,119
Natera Inc.^(a)		46,429		5,319,370
Neurocrine Biosciences Inc.^(a)		52,039		5,485,431
Novavax Inc.^(a)(b)		41,023		6,105,453
Regeneron Pharmaceuticals Inc.^(a)		55,733		35,665,776
Sage Therapeutics Inc.^(a)		28,583		1,153,610
Sarepta Therapeutics Inc.^(a)		45,658		3,612,917
Seagen Inc.^(a)		74,122		13,069,932
Ultragenyx Pharmaceutical Inc.^(a)		35,828		3,006,686
United Therapeutics Corp.^(a)		24,553		4,683,730
Vertex Pharmaceuticals Inc.^(a)		144,061		26,641,201

				482,594,817

Health Care Equipment & Supplies — 27.3%
Abbott Laboratories		966,043		124,513,282
ABIOMED Inc.^(a)		24,572		8,158,887
Align Technology Inc.^(a)		43,749		27,315,563
Baxter International Inc.		279,466		22,066,635
Becton Dickinson and Co.		158,705		38,024,131
Boston Scientific Corp.^(a)		788,798		34,020,858
Cooper Companies Inc. (The)		26,890		11,210,979
Danaher Corp.		352,639		109,942,261
DENTSPLY SIRONA Inc.		120,423		6,889,400
Dexcom Inc.^(a)		53,570		33,385,360
Edwards Lifesciences Corp.^(a)		343,568		41,166,318
Envista Holdings Corp.^(a)		89,497		3,499,333
Globus Medical Inc., Class A^(a)		42,983		3,316,998
Hill-Rom Holdings Inc.		37,013		5,733,314
Hologic Inc.^(a)		139,393		10,218,901
ICU Medical Inc.^(a)		11,077		2,593,458
IDEXX Laboratories Inc.^(a)		47,023		31,323,901
Insulet Corp.^(a)		36,728		11,386,414
Integra LifeSciences Holdings Corp.^(a)		40,059		2,662,321
Intuitive Surgical Inc.^(a)		197,039		71,156,694
Masimo Corp.^(a)		27,728		7,861,997
Medtronic PLC		746,719		89,501,739
Novocure Ltd.^(a)		56,726		5,818,386
Penumbra Inc.^(a)		18,789		5,196,098
Quidel Corp.^(a)(b)		20,452		2,715,412
ResMed Inc.		79,947		21,018,866
STERIS PLC		47,402		11,079,743
Stryker Corp.		193,883		51,586,450
Tandem Diabetes Care Inc.^(a)		33,957		4,629,358
Teleflex Inc.		25,969		9,269,375


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings Inc.		115,997	$	16,601,490

				823,863,922

Health Care Providers & Services — 17.0%
Acadia Healthcare Co. Inc.^(a)(b)		49,198		3,050,276
Agilon Health Inc.^(a)		37,868		927,766
Amedisys Inc.^(a)		17,840		3,021,026
Anthem Inc.		136,212		59,269,927
Cardinal Health Inc.		161,065		7,700,518
Centene Corp.^(a)		321,566		22,908,362
Chemed Corp.		8,554		4,125,166
Cigna Corp.		185,714		39,670,367
DaVita Inc.^(a)		38,474		3,972,056
Encompass Health Corp.		54,302		3,451,435
Guardant Health Inc.^(a)		49,963		5,835,179
HCA Healthcare Inc.		140,089		35,086,691
Henry Schein Inc.^(a)		78,368		5,983,397
Humana Inc.		71,698		33,207,646
Laboratory Corp. of America Holdings^(a)		53,580		15,378,532
Molina Healthcare Inc.^(a)		31,982		9,457,717
Oak Street Health Inc.^(a)(b)		54,555		2,576,633
Premier Inc., Class A		67,677		2,636,019
Quest Diagnostics Inc.		67,739		9,942,730
Signify Health Inc., Class A^(a)(b)		35,067		563,527
UnitedHealth Group Inc.		523,234		240,933,560
Universal Health Services Inc., Class B		41,045		5,093,684

				514,792,214

Health Care Technology — 1.7%
Cerner Corp.		164,294		12,205,401
Certara Inc.^(a)(b)		46,135		1,905,837
Teladoc Health Inc.^(a)(b)		83,939		12,556,435
Veeva Systems Inc., Class A^(a)(b)		76,119		24,130,484

				50,798,157

Life Sciences Tools & Services — 11.4%
10X Genomics Inc., Class A^(a)		46,339		7,473,090
Adaptive Biotechnologies Corp.^(a)(b)		60,540		2,022,641
Agilent Technologies Inc.		169,078		26,628,094
Avantor Inc.^(a)		322,094		13,006,156
Bio-Rad Laboratories Inc., Class A^(a)		11,766		9,350,205
Bio-Techne Corp.		21,503		11,260,046
Bruker Corp.		56,925		4,571,077
Charles River Laboratories International Inc.^(a)		27,683		12,420,808
Illumina Inc.^(a)		81,109		33,665,102
IQVIA Holdings Inc.^(a)		105,985		27,706,599
Maravai LifeSciences Holdings Inc., Class A^(a)		56,511		2,389,850
PerkinElmer Inc.		62,218		11,005,742
PPD Inc.^(a)		89,123		4,203,932
QIAGEN NV^(a)		126,292		7,042,042
Repligen Corp.^(a)		30,352		8,817,256
Sotera Health Co.^(a)(b)		55,287		1,365,589
Syneos Health Inc.^(a)		56,602		5,283,231
Thermo Fisher Scientific Inc.^(b)		218,514		138,334,658
West Pharmaceutical Services Inc.		40,835		17,554,150

				344,100,268

Pharmaceuticals — 26.4%
Bristol-Myers Squibb Co.		1,242,403		72,556,335
Catalent Inc.^(a)		90,230		12,439,108
Elanco Animal Health Inc.^(a)		246,748		8,113,074
Eli Lilly & Co.		471,436		120,103,035
Jazz Pharmaceuticals PLC^(a)		32,972		4,386,595


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		1,465,432	$	238,689,564
Merck & Co. Inc.		1,409,029		124,065,004
Nektar Therapeutics^(a)(b)		98,729		1,496,732
Organon & Co.		141,137		5,186,785
Perrigo Co. PLC		74,308		3,355,006
Pfizer Inc.		3,104,916		135,809,026
Royalty Pharma PLC, Class A		180,134		7,120,697
Viatris Inc.		670,337		8,948,999
Zoetis Inc.		264,047		57,086,961

				799,356,921


Total Common Stocks — 99.8% (Cost: $2,336,372,672)				3,015,506,299

Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		25,994,720		26,007,718


Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		4,517,000	$	4,517,000

				30,524,718


Total Short-Term Investments — 1.0% (Cost: $30,511,859)				30,524,718


Total Investments in Securities — 100.8% (Cost: $2,366,884,531)				3,046,031,017

Other Assets, Less Liabilities — (0.8)%				(24,142,657	)


Net Assets — 100.0%			$	3,021,888,360

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

Affiliate of the Fund.

^(d)

Annualized 7-day yield as of period end.

^(e)

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,909,140	$	—		$	(7,899,919	)^(a)	$	(2,550	)	$	1,047	$	26,007,718		25,994,720	$	27,664	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,827,000		1,690,000	^(a)		—			—			—		4,517,000		4,517,000		122			—

									$	(2,550	)	$	1,047	$	30,524,718			$	27,786		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

E-Mini Health Care Sector Index

12/17/21

6,341

121,657


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Healthcare ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	121,657

(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	696,587

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(86,068	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	5,704,240

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,015,506,299	$	—	$	—	$	3,015,506,299
Money Market Funds		30,524,718		—		—		30,524,718

	$	3,046,031,017	$	—	$	—	$	3,046,031,017

Derivative financial instruments^(a)
Assets
Futures Contracts	$	121,657	$	—	$	—	$	121,657

(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 0.1%
F5 Networks Inc.^(a)		52,840	$	11,157,166


Electrical Equipment — 0.1%
Vertiv Holdings Co.		246,696		6,335,153


Electronic Equipment, Instruments & Components — 1.3%
Amphenol Corp., Class A		511,363		39,257,337
Arrow Electronics Inc.^(a)		62,693		7,256,715
Avnet Inc.		87,005		3,315,761
CDW Corp./DE		120,437		22,479,566
Corning Inc.		667,834		23,754,855
IPG Photonics Corp.^(a)(b)		31,751		5,048,726
Jabil Inc.		124,658		7,474,494
National Instruments Corp.		116,331		4,940,578
SYNNEX Corp.		36,507		3,833,235

				117,361,267

Entertainment — 0.0%
Skillz Inc., Class A^(a)(b)		258,340		2,888,241


Health Care Technology — 0.1%
Change Healthcare Inc.^(a)		219,462		4,725,017


Industrial Conglomerates — 0.5%
Roper Technologies Inc.		92,065		44,915,752


Interactive Media & Services — 16.9%
Alphabet Inc., Class A^(a)		193,462		572,825,505
Alphabet Inc., Class C, NVS^(a)		180,491		535,229,816
IAC/InterActiveCorp.^(a)		67,068		10,219,151
Match Group Inc.^(a)		242,508		36,565,356
Meta Platforms Inc, Class A^(a)		1,073,640		347,397,695
Pinterest Inc., Class A^(a)(b)		486,646		21,723,878
Twitter Inc.^(a)		683,252		36,581,312
Vimeo Inc.^(a)		125,791		4,242,930

				1,564,785,643

Internet & Direct Marketing Retail — 0.3%
DoorDash Inc., Class A^(a)		126,496		24,641,421


IT Services — 5.3%
Akamai Technologies Inc.^(a)		141,062		14,876,399
Amdocs Ltd.		113,478		8,833,128
Cloudflare Inc., Class A^(a)		226,725		44,147,892
Cognizant Technology Solutions Corp., Class A		462,459		36,113,423
Concentrix Corp.		36,951		6,565,454
DXC Technology Co.^(a)		220,262		7,173,933
EPAM Systems Inc.^(a)		47,155		31,746,632
Fastly Inc., Class A^(a)(b)		92,751		4,694,128
Gartner Inc.^(a)		71,395		23,696,714
Globant SA^(a)		35,462		11,319,116
GoDaddy Inc., Class A^(a)		147,289		10,187,980
International Business Machines Corp.		784,344		98,121,434
MongoDB Inc.^(a)(b)		54,384		28,349,835
Okta Inc.^(a)(b)		108,993		26,940,890
Snowflake Inc., Class A^(a)(b)		171,504		60,684,975
SolarWinds Corp.		29,545		475,675
Switch Inc., Class A		100,539		2,541,626
Twilio Inc., Class A^(a)		146,160		42,585,178
VeriSign Inc.^(a)		86,520		19,265,408
Wix.com Ltd.^(a)(b)		46,773		8,697,907

				487,017,727


Security	Shares		Value

Professional Services — 0.4%
CACI International Inc., Class A^(a)		20,395	$	5,866,418
Clarivate PLC^(a)		381,371		8,943,150
Dun & Bradstreet Holdings Inc.^(a)		140,461		2,646,285
Leidos Holdings Inc.		123,856		12,383,123
Science Applications International Corp.		50,791		4,560,016

				34,398,992

Semiconductors & Semiconductor Equipment — 19.7%
Advanced Micro Devices Inc.^(a)		1,062,284		127,718,405
Allegro MicroSystems Inc.^(a)		34,687		1,157,158
Analog Devices Inc.		470,791		81,677,531
Applied Materials Inc.		803,504		109,798,822
Broadcom Inc.		350,432		186,314,181
Brooks Automation Inc.		64,220		7,478,419
Cirrus Logic Inc.^(a)		50,722		4,098,845
Entegris Inc.		118,109		16,627,385
Intel Corp.		3,548,214		173,862,486
KLA Corp.		134,629		50,184,306
Lam Research Corp.		124,965		70,426,525
Marvell Technology Inc.		717,490		49,148,065
Microchip Technology Inc.		471,259		34,915,579
Micron Technology Inc.		982,947		67,921,638
Monolithic Power Systems Inc.		39,334		20,668,444
NVIDIA Corp.		1,391,284		355,709,580
NXP Semiconductors NV		232,687		46,737,511
ON Semiconductor Corp.^(a)(b)		371,510		17,858,486
Qorvo Inc.^(a)		97,292		16,367,433
QUALCOMM Inc.		990,245		131,742,195
Skyworks Solutions Inc.		144,743		24,190,898
Teradyne Inc.		145,831		20,159,677
Texas Instruments Inc.		810,810		152,010,659
Universal Display Corp.		37,962		6,954,638
Wolfspeed Inc.^(a)(b)		100,764		12,102,764
Xilinx Inc.		215,853		38,853,540

				1,824,685,170

Software — 37.9%
Adobe Inc.^(a)		384,499		250,062,770
Alteryx Inc., Class A^(a)(b)		51,564		3,773,969
Anaplan Inc.^(a)		123,180		8,032,568
ANSYS Inc.^(a)		76,425		29,009,402
Aspen Technology Inc.^(a)		59,573		9,334,493
Atlassian Corp. PLC, Class A^(a)		119,629		54,805,634
Autodesk Inc.^(a)(b)		193,069		61,320,645
Avalara Inc.^(a)		74,320		13,350,845
Bentley Systems Inc., Class B^(b)		121,053		7,160,285
Black Knight Inc.^(a)		133,335		9,348,117
C3.ai Inc., Class A^(a)(b)		30,017		1,354,367
Cadence Design Systems Inc.^(a)		240,642		41,657,537
CDK Global Inc.		106,916		4,652,984
Ceridian HCM Holding Inc.^(a)		113,310		14,192,078
Citrix Systems Inc.		108,662		10,293,551
Coupa Software Inc.^(a)		64,204		14,619,251
Crowdstrike Holdings Inc., Class A^(a)		172,631		48,647,416
Datadog Inc., Class A^(a)		203,789		34,042,952
Datto Holding Corp.^(a)		20,914		499,845
DocuSign Inc.^(a)		167,399		46,585,468
Dolby Laboratories Inc., Class A		56,319		4,975,784
DoubleVerify Holdings Inc.^(a)(b)		13,587		537,094
Dropbox Inc., Class A^(a)		267,419		8,153,605
Duck Creek Technologies Inc.^(a)(b)		62,894		1,981,161


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Dynatrace Inc.^(a)		172,621	$	12,946,575
Elastic NV^(a)		61,081		10,598,164
Everbridge Inc.^(a)(b)		33,639		5,359,029
Five9 Inc.^(a)		58,589		9,257,648
Fortinet Inc.^(a)		117,526		39,528,695
Guidewire Software Inc.^(a)(b)		73,595		9,253,099
HubSpot Inc.^(a)		39,109		31,687,285
Intuit Inc.		224,026		140,238,036
Jamf Holding Corp.^(a)(b)		46,395		2,210,722
MANDIANT Inc.^(a)		205,601		3,585,681
Manhattan Associates Inc.^(a)		55,519		10,078,919
McAfee Corp., Class A		56,856		1,215,013
Microsoft Corp.		4,779,402		1,584,945,291
N-Able Inc.^(a)(b)		29,740		395,542
nCino Inc.^(a)(b)		49,228		3,576,907
NCR Corp.^(a)		111,793		4,420,295
New Relic Inc.^(a)		45,228		3,670,705
NortonLifeLock Inc.		481,211		12,246,820
Nuance Communications Inc.^(a)		249,999		13,762,445
Nutanix Inc., Class A^(a)		167,685		5,753,272
Oracle Corp.		1,479,597		141,952,536
Palantir Technologies Inc., Class A^(a)		1,422,433		36,812,566
Palo Alto Networks Inc.^(a)(b)		83,456		42,486,615
Paycom Software Inc.^(a)		44,486		24,371,655
Paycor HCM Inc.^(a)		28,495		924,378
Pegasystems Inc.^(b)		35,788		4,248,751
Procore Technologies Inc.^(a)		8,881		812,167
PTC Inc.^(a)		92,474		11,776,564
RingCentral Inc., Class A^(a)(b)		70,507		17,188,196
salesforce.com Inc.^(a)		811,258		243,125,910
ServiceNow Inc.^(a)		172,993		120,707,596
Smartsheet Inc., Class A^(a)		105,379		7,272,205
Splunk Inc.^(a)(b)		143,753		23,693,369
SS&C Technologies Holdings Inc.		196,648		15,627,617
Synopsys Inc.^(a)		132,891		44,276,623
Teradata Corp.^(a)(b)		95,497		5,401,310
Tyler Technologies Inc.^(a)		35,325		19,189,247
Unity Software Inc.^(a)(b)		130,585		19,758,816
VMware Inc., Class A^(a)		70,533		10,699,856
Workday Inc., Class A^(a)(b)		164,554		47,717,369
Zendesk Inc.^(a)		104,398		10,627,716
Zoom Video Communications Inc., Class A^(a)(b)		187,454		51,484,241


Security	Shares		Value

Software (continued)
Zscaler Inc.^(a)		67,830	$	21,628,274

				3,504,905,541

Specialty Retail — 0.0%
Vroom Inc.^(a)(b)		100,985		1,931,843


Technology Hardware, Storage & Peripherals — 17.3%
Apple Inc.		9,927,866		1,487,194,327
Dell Technologies Inc., Class C^(a)		237,901		26,166,731
Hewlett Packard Enterprise Co.		1,140,904		16,714,244
HP Inc.		1,054,942		31,996,391
NetApp Inc.		195,263		17,436,986
Pure Storage Inc., Class A^(a)		233,852		6,281,265
Western Digital Corp.^(a)		269,326		14,083,056
Xerox Holdings Corp.		124,518		2,216,420

				1,602,089,420


Total Common Stocks — 99.9% (Cost: $5,460,430,354)				9,231,838,353


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		71,737,409		71,773,277
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		11,220,000		11,220,000

				82,993,277


Total Short-Term Investments — 0.9% (Cost: $82,959,468)				82,993,277


Total Investments in Securities — 100.8% (Cost: $5,543,389,822)				9,314,831,630

Other Assets, Less Liabilities — (0.8)%				(69,752,790	)


Net Assets — 100.0%			$	9,245,078,840

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Technology ETF

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	117,943,012	$	—	$	(46,166,316	)^(a)	$	(3,277	)	$	(142	)	$	71,773,277		71,737,409	$	78,002	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,110,000		—		(6,890,000	)^(a)		—			—			11,220,000		11,220,000		355			—

								$	(3,277	)	$	(142	)	$	82,993,277			$	78,357		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		59		12/17/21	$	9,589	$	233,524
S&P 500 E-Mini Index		21		12/17/21		2,203		(73,783	)

							$	159,741

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	233,524


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	73,783

(a)

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


	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	1,986,563


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(295,150	)


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Technology ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,685,428

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	9,231,838,353		$	—	$	—	$	9,231,838,353
Money Market Funds		82,993,277			—		—		82,993,277

	$	9,314,831,630		$	—	$	—	$	9,314,831,630

Derivative financial instruments^(a)
Assets
Futures Contracts	$	233,524		$	—	$	—	$	233,524
Liabilities
Futures Contracts		(73,783	)		—		—		(73,783	)

	$	159,741		$	—	$	—	$	159,741

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Transportation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 28.2%
Air Transport Services Group Inc.^(a)		145,665	$	3,625,602
Atlas Air Worldwide Holdings Inc.^(a)		67,933		5,510,725
CH Robinson Worldwide Inc.		331,903		32,191,272
Echo Global Logistics Inc.^(a)		67,012		3,231,989
Expeditors International of Washington Inc.		428,102		52,767,853
FedEx Corp.		293,006		69,011,703
Forward Air Corp.		68,202		6,858,393
GXO Logistics Inc.^(a)		248,404		22,058,275
Hub Group Inc., Class A^(a)		84,833		6,665,329
United Parcel Service Inc., Class B		1,463,416		312,395,413

				514,316,554

Airlines — 13.9%
Alaska Air Group Inc.^(a)		315,575		16,662,360
Allegiant Travel Co.^(a)		38,109		6,679,364
American Airlines Group Inc.^(a)		1,631,506		31,324,915
Delta Air Lines Inc.^(a)		1,612,497		63,097,008
Frontier Group Holdings Inc.^(a)(b)		75,773		1,185,847
Hawaiian Holdings Inc.^(a)		129,416		2,504,199
JetBlue Airways Corp.^(a)		801,472		11,244,652
SkyWest Inc.^(a)		127,131		5,470,447
Southwest Airlines Co.^(a)		1,490,863		70,488,003
Spirit Airlines Inc.^(a)(b)		273,462		5,975,145
Sun Country Airlines Holdings Inc.^(a)(b)		77,410		2,343,975
United Airlines Holdings Inc.^(a)(b)		815,458		37,625,232

				254,601,147

Marine — 1.1%
Eagle Bulk Shipping Inc.^(a)		33,809		1,455,478
Genco Shipping & Trading Ltd.		89,511		1,536,904
Kirby Corp.^(a)		151,625		7,946,666
Matson Inc.		109,586		9,126,322

				20,065,370

Road & Rail — 56.8%
AMERCO		24,705		18,207,338
ArcBest Corp.		64,317		5,778,882
Avis Budget Group Inc.^(a)		119,054		20,633,249
CSX Corp.		4,530,161		163,855,923
Daseke Inc.^(a)		148,750		1,405,687
Heartland Express Inc.		117,828		1,924,131
JB Hunt Transport Services Inc.		212,066		41,817,295
Kansas City Southern		229,221		71,115,815


Security	Shares		Value

Road & Rail (continued)
Knight-Swift Transportation Holdings Inc.		418,237	$	23,709,856
Landstar System Inc.		96,446		16,956,171
Lyft Inc., Class A^(a)		732,178		33,585,005
Marten Transport Ltd.		149,926		2,493,269
Norfolk Southern Corp.		306,375		89,783,194
Old Dominion Freight Line Inc.		236,379		80,687,972
Ryder System Inc.		135,539		11,514,038
Saia Inc.^(a)		66,365		20,748,354
Schneider National Inc., Class B		87,965		2,193,847
TuSimple Holdings Inc., Class A^(a)(b)		84,114		3,290,540
Uber Technologies Inc.^(a)		1,908,706		83,639,497
Union Pacific Corp.		1,310,364		316,321,870
Werner Enterprises Inc.		155,951		7,067,699
XPO Logistics Inc.^(a)		248,404		21,313,063

				1,038,042,695


Total Common Stocks — 100.0% (Cost: $1,708,563,897)				1,827,025,766


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		13,390,790		13,397,485
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		790,000		790,000

				14,187,485


Total Short-Term Investments — 0.8% (Cost: $14,185,160)				14,187,485


Total Investments in Securities — 100.8% (Cost: $1,722,749,057)				1,841,213,251

Other Assets, Less Liabilities — (0.8)%				(13,932,244	)


Net Assets — 100.0%			$	1,827,281,007

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Transportation ETF

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,174,329	$	1,223,062	^(a)	$	—		$	7,889	$	(7,795	)	$	13,397,485		13,390,790	$	16,985	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,370,000		—			(3,580,000	)^(a)		—		—			790,000		790,000		73			—


									$	7,889	$	(7,795	)	$	14,187,485			$	17,058		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts XAI Industrial Index		3		12/17/21	$	315	$	10,508

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	10,508

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	23,073

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(228,087	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

$1,818,887

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Transportation ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,827,025,766	$	—	$	—	$	1,827,025,766
Money Market Funds		14,187,485		—		—		14,187,485

	$	1,841,213,251	$	—	$	—	$	1,841,213,251

Derivative financial instruments^(a)
Assets
Futures Contracts	$	10,508	$	—	$	—	$	10,508

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

October 31, 2021

iShares^® U.S. Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Commercial Services & Supplies — 9.5%
Clean Harbors Inc.^(a)	37,030	$	4,167,356
Republic Services Inc.	153,715		20,690,039
Stericycle Inc.^(a)	66,888		4,476,145
Waste Management Inc.	309,007		49,512,192

			78,845,732

Electric Utilities — 56.3%
Alliant Energy Corp.	183,018		10,353,328
American Electric Power Co. Inc.	366,326		31,031,475
Avangrid Inc.	41,761		2,200,805
Duke Energy Corp.	563,390		57,471,414
Edison International	272,823		17,168,751
Entergy Corp.	146,618		15,104,586
Evergy Inc.	167,290		10,664,737
Eversource Energy	251,140		21,321,786
Exelon Corp.	714,517		38,005,159
FirstEnergy Corp.	397,986		15,334,401
Hawaiian Electric Industries Inc.	77,086		3,126,608
IDACORP Inc.	36,808		3,839,811
NextEra Energy Inc.	1,436,021		122,535,672
NRG Energy Inc.	177,946		7,098,266
OGE Energy Corp.	145,985		4,973,709
PG&E Corp.^(a)	1,104,810		12,815,796
Pinnacle West Capital Corp.	82,424		5,315,524
PPL Corp.	563,818		16,237,958
Southern Co. (The)	774,496		48,266,591
Xcel Energy Inc.	393,952		25,445,360

			468,311,737

Electrical Equipment — 1.0%
Sunrun Inc.^(a)	145,798		8,409,629


Gas Utilities — 2.3%
Atmos Energy Corp.	94,611		8,715,565
National Fuel Gas Co.	63,808		3,664,493
UGI Corp.	152,104		6,602,835

			18,982,893

Independent Power and Renewable Electricity Producers — 2.7%
AES Corp. (The)	483,154		12,141,660
Brookfield Renewable Corp., Class A	93,394		3,867,446


Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Vistra Corp.	350,272	$	6,861,828

			22,870,934

Multi-Utilities — 24.2%
Ameren Corp.	186,213		15,695,894
CenterPoint Energy Inc.	434,147		11,305,188
CMS Energy Corp.	211,451		12,761,068
Consolidated Edison Inc.	259,031		19,530,937
Dominion Energy Inc.	589,761		44,780,553
DTE Energy Co.	141,177		16,002,413
NiSource Inc.	286,492		7,067,758
Public Service Enterprise Group Inc.	369,007		23,542,646
Sempra Energy	234,037		29,870,142
WEC Energy Group Inc.	230,898		20,794,674

			201,351,273

Water Utilities — 3.7%
American Water Works Co. Inc.	132,844		23,138,768
Essential Utilities Inc.	163,884		7,714,020

			30,852,788


Total Common Stocks — 99.7%
(Cost: $789,065,959)			829,624,986


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)	2,362,000		2,362,000


Total Short-Term Investments — 0.3%
(Cost: $2,362,000)			2,362,000


Total Investments in Securities — 100.0%
(Cost: $791,427,959)			831,986,986

Other Assets, Less Liabilities — 0.0%		241,567


Net Assets — 100.0%		$ 832,228,553

^(a)

Non-income producing security.

^(b)

Affiliate of the Fund.

^(c)

Annualized 7-day yield as of period end.


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

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Utilities ETF

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—	$	—	$	—	$	—		—	$	869	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		902,000		1,460,000	^(b)		—		—		—		2,362,000		2,362,000		51			—

								$	—	$	—	$	2,362,000			$	920		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

E-Mini Utilities Select Sector Index

12/17/21

2,493

(43,623)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	43,623

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	104,646

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(83,355)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,006,943

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


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® U.S. Utilities ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	829,624,986		$	—	$	—	$	829,624,986
Money Market Funds		2,362,000			—		—		2,362,000

	$	831,986,986		$	—	$	—	$	831,986,986

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(43,623	)	$	—	$	—	$	(43,623	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

October 31, 2021


	iShares Dow Jones U.S. ETF		iShares U.S. Energy ETF			iShares U.S. Healthcare ETF		iShares U.S. Technology ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,783,302,190	$	2,416,130,897		$	3,015,506,299	$	9,231,838,353
Affiliated^(c)		26,322,217		25,887,314			30,524,718		82,993,277
Cash		39,554		37,384			63,136		3,253,307
Cash pledged:
Futures contracts		175,000		312,000			284,999		643,000
Receivables:
Securities lending income — Affiliated		4,717		3,798			6,692		16,354
Variation margin on futures contracts		7,635		—			58,240		45,572
Capital shares sold		—		—			—		112,139
Dividends		1,233,961		3,302,267			2,391,806		983,423

Total assets		1,811,085,274		2,445,673,660			3,048,835,890		9,319,885,425


LIABILITIES
Collateral on securities loaned, at value		18,133,322		21,987,314			25,986,951		71,762,325
Payables:
Investments purchased		—		—			—		112,138
Variation margin on futures contracts		—		30,281			—		—
Investment advisory fees		294,489		807,746			960,579		2,932,122

Total liabilities		18,427,811		22,825,341			26,947,530		74,806,585


NET ASSETS	$	1,792,657,463	$	2,422,848,319		$	3,021,888,360	$	9,245,078,840


NET ASSETS CONSIST OF:
Paid-in capital	$	792,345,626	$	2,453,496,532		$	2,347,731,668	$	4,752,810,177
Accumulated earnings (loss)		1,000,311,837		(30,648,213	)		674,156,692		4,492,268,663

NET ASSETS	$	1,792,657,463	$	2,422,848,319		$	3,021,888,360	$	9,245,078,840


Shares outstanding		15,550,000		77,000,000			10,450,000		83,750,000

Net asset value	$	115.28	$	31.47		$	289.18	$	110.39

Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited

Par value		None		None			None		None


^(a)Securities loaned, at value	$	17,677,538	$	22,152,610		$	25,414,842	$	70,099,617
^(b)Investments, at cost — Unaffiliated	$	764,975,923	$	2,148,107,769		$	2,336,372,672	$	5,460,430,354
^(c)Investments, at cost — Affiliated	$	22,928,366	$	25,887,314		$	30,511,859	$	82,959,468

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		39

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2021


	iShares U.S. Transportation ETF		iShares U.S. Utilities ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,827,025,766	$	829,624,986
Affiliated^(c)		14,187,485		2,362,000
Cash		9,826		24,720
Cash pledged:
Futures contracts		18,000		124,000
Receivables:
Securities lending income — Affiliated		3,086		316
Variation margin on futures contracts		44		—
Capital shares sold		2,516		—
Dividends		—		376,182

Total assets		1,841,246,723		832,512,204


LIABILITIES
Collateral on securities loaned, at value		13,418,333		—
Payables:
Variation margin on futures contracts		—		14,033
Investment advisory fees		547,383		269,618

Total liabilities		13,965,716		283,651


NET ASSETS	$	1,827,281,007	$	832,228,553


NET ASSETS CONSIST OF:
Paid-in capital	$	1,511,086,822	$	851,919,948
Accumulated earnings (loss)		316,194,185		(19,691,395	)

NET ASSETS	$	1,827,281,007	$	832,228,553


Shares outstanding		6,750,000		10,000,000

Net asset value	$	270.71	$	83.22

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a)Securities loaned, at value	$	13,021,884	$	—
^(b)Investments, at cost — Unaffiliated	$	1,708,563,897	$	789,065,959
^(c)Investments, at cost — Affiliated	$	14,185,160	$	2,362,000

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended October 31, 2021


	iShares Dow Jones U.S. ETF			iShares U.S. Energy ETF			iShares U.S. Healthcare ETF			iShares U.S. Technology ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	11,245,530		$	50,228,998		$	19,552,658		$	26,559,560
Dividends — Affiliated		47,266			127			122			355
Securities lending income — Affiliated — net		22,148			5,998			27,664			78,002
Foreign taxes withheld		(2,185	)		—			—			(33,863	)

Total investment income		11,312,759			50,235,123			19,580,444			26,604,054


EXPENSES
Investment advisory fees		1,700,472			4,637,462			5,547,352			16,055,533

Total expenses		1,700,472			4,637,462			5,547,352			16,055,533

Net investment income		9,612,287			45,597,661			14,033,092			10,548,521


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		2,079,777			(129,139,162	)		2,599,956			(8,375,832	)
Investments — Affiliated		(2,085	)		(138	)		(2,550	)		(3,277	)
In-kind redemptions — Unaffiliated		11,577,284			92,264,669			98,504,866			817,938,124
In-kind redemptions — Affiliated		37,278			—			—			—
Futures contracts		419,687			445,931			696,587			1,986,563

Net realized gain (loss)		14,111,941			(36,428,700	)		101,798,859			811,545,578

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		141,743,335			414,297,147			149,715,182			556,001,417
Investments — Affiliated		670,901			—			1,047			(142	)
Futures contracts		(58,062	)		443,109			(86,068	)		(295,150	)

Net change in unrealized appreciation (depreciation)		142,356,174			414,740,256			149,630,161			555,706,125

Net realized and unrealized gain		156,468,115			378,311,556			251,429,020			1,367,251,703

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	166,080,402		$	423,909,217		$	265,462,112		$	1,377,800,224

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2021


	iShares U.S. Transportation ETF			iShares U.S. Utilities ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	10,201,855		$	12,568,655
Dividends — Affiliated		73			51
Securities lending income — Affiliated — net		16,985			869

Total investment income		10,218,913			12,569,575


EXPENSES
Investment advisory fees		3,589,447			1,622,826

Total expenses		3,589,447			1,622,826

Net investment income		6,629,466			10,946,749


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(54,022,620	)		(13,770,720	)
Investments — Affiliated		7,889			—
In-kind redemptions — Unaffiliated		315,285,717			3,861,103
Futures contracts		23,073			104,646

Net realized gain (loss)		261,294,059			(9,804,971	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(281,249,543	)		16,095,924
Investments — Affiliated		(7,795	)		—
Futures contracts		(228,087	)		(83,355	)

Net change in unrealized appreciation (depreciation)		(281,485,425	)		16,012,569

Net realized and unrealized gain (loss)		(20,191,366	)		6,207,598

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,561,900	)	$	17,154,347

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Dow Jones U.S. ETF						iShares U.S. Energy ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,612,287		$	18,421,715		$	45,597,661		$	23,266,005
Net realized gain (loss)		14,111,941			56,309,736			(36,428,700	)		(74,049,770	)
Net change in unrealized appreciation (depreciation)		142,356,174			465,697,162			414,740,256			257,883,910

Net increase in net assets resulting from operations		166,080,402			540,428,613			423,909,217			207,100,145


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,557,894	)		(19,374,122	)		(41,650,865	)		(24,408,521	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		21,554,525			(65,749,746	)		(61,868,790	)		1,460,310,777


NET ASSETS
Total increase in net assets		179,077,033			455,304,745			320,389,562			1,643,002,401
Beginning of period		1,613,580,430			1,158,275,685			2,102,458,757			459,456,356

End of period	$	1,792,657,463		$	1,613,580,430		$	2,422,848,319		$	2,102,458,757

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Statements of Changes in Net Assets (continued)


	iShares U.S. Healthcare ETF						iShares U.S. Technology ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,033,092		$	27,461,238		$	10,548,521		$	29,843,120
Net realized gain		101,798,859			186,575,662			811,545,578			910,330,362
Net change in unrealized appreciation (depreciation)		149,630,161			340,519,748			555,706,125			1,875,944,588

Net increase in net assets resulting from operations		265,462,112			554,556,648			1,377,800,224			2,816,118,070


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(14,144,963	)		(29,705,083	)		(12,017,386	)		(30,897,304	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		205,532,313			(392,745,645	)		622,040,773			(390,106,288	)


NET ASSETS
Total increase in net assets		456,849,462			132,105,920			1,987,823,611			2,395,114,478
Beginning of period		2,565,038,898			2,432,932,978			7,257,255,229			4,862,140,751

End of period	$	3,021,888,360		$	2,565,038,898		$	9,245,078,840		$	7,257,255,229

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares U.S. Transportation ETF						iShares U.S. Utilities ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,629,466		$	11,015,888		$	10,946,749		$	22,161,048
Net realized gain (loss)		261,294,059			101,703,980			(9,804,971	)		17,410,732
Net change in unrealized appreciation (depreciation)		(281,485,425	)		551,433,632			16,012,569			105,278,903

Net increase (decrease) in net assets resulting from operations		(13,561,900	)		664,153,500			17,154,347			144,850,683


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,418,425	)		(11,445,745	)		(10,507,125	)		(23,625,593	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(297,044,801	)		1,034,833,040			3,489,572			(174,806,045	)


NET ASSETS
Total increase (decrease) in net assets		(317,025,126	)		1,687,540,795			10,136,794			(53,580,955	)
Beginning of period		2,144,306,133			456,765,338			822,091,759			875,672,714

End of period	$	1,827,281,007		$	2,144,306,133		$	832,228,553		$	822,091,759

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Dow Jones U.S. ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	^(a)		Year Ended 04/30/20	^(a)		Year Ended 04/30/19	^(a)		Year Ended 04/30/18	^(a)		Year Ended 04/30/17	^(a)

Net asset value, beginning of period	$	105.12		$	71.50		$	73.44		$	66.25		$	59.73		$	51.53

Net investment income^(b)		0.62			1.19			1.28			1.20			1.10			1.01
Net realized and unrealized gain (loss)^(c)		10.09			33.68			(1.75	)		7.23			6.51			8.20

Net increase (decrease) from investment operations		10.71			34.87			(0.47	)		8.43			7.61			9.21


Distributions^(d)
From net investment income		(0.55	)		(1.25	)		(1.47	)		(1.24	)		(1.09	)		(1.01	)

Total distributions		(0.55	)		(1.25	)		(1.47	)		(1.24	)		(1.09	)		(1.01	)


Net asset value, end of period	$	115.28		$	105.12		$	71.50		$	73.44		$	66.25		$	59.73


Total Return^(e)
Based on net asset value		10.22	%^(f)		49.18	%		(0.63	)%		12.89	%		12.81	%		18.04	%


Ratios to Average Net Assets
Total expenses		0.20	%^(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.13	%^(g)		1.35	%		1.72	%		1.74	%		1.70	%		1.82	%


Supplemental Data
Net assets, end of period (000)	$	1,792,657		$	1,613,580		$	1,158,276		$	1,241,141		$	1,126,170		$	1,110,872

Portfolio turnover rate^(h)		3	%^(f)		4	%		4	%		5	%		4	%		4	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Energy ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17


Net asset value, beginning of period	$	26.40		$	20.06		$	35.96		$	40.47		$	37.27		$	37.91

Net investment income^(a)		0.55			0.80			1.02			0.89			1.07			0.84
Net realized and unrealized gain (loss)^(b)		5.02			6.36			(14.81	)		(4.43	)		3.25			(0.62	)

Net increase (decrease) from investment operations		5.57			7.16			(13.79	)		(3.54	)		4.32			0.22


Distributions^(c)
From net investment income		(0.50	)		(0.82	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)

Total distributions		(0.50	)		(0.82	)		(2.11	)		(0.97	)		(1.12	)		(0.86	)


Net asset value, end of period	$	31.47		$	26.40		$	20.06		$	35.96		$	40.47		$	37.27


Total Return^(d)
Based on net asset value		21.31	%^(e)		37.20	%		(39.91	)%		(8.83	)%		11.92	%		0.52	%


Ratios to Average Net Assets
Total expenses		0.39	%^(f)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%

Net investment income		3.85	%^(f)		3.62	%		3.42	%		2.33	%		2.87	%		2.17	%


Supplemental Data
Net assets, end of period (000)	$	2,422,848		$	2,102,459		$	459,456		$	789,226		$	1,088,740		$	1,159,125

Portfolio turnover rate^(g)		12	%^(e)		15	%		12	%		6	%		6	%		18	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Healthcare ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17


Net asset value, beginning of period	$	263.08		$	212.48		$	188.15		$	173.95		$	158.62		$	144.67

Net investment income^(a)		1.39			2.65			2.49			2.26			1.99			1.81
Net realized and unrealized gain^(b)		26.09			50.86			24.38			15.50			15.31			14.07

Net increase from investment operations		27.48			53.51			26.87			17.76			17.30			15.88


Distributions^(c)
From net investment income		(1.38	)		(2.91	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)

Total distributions		(1.38	)		(2.91	)		(2.54	)		(3.56	)		(1.97	)		(1.93	)


Net asset value, end of period	$	289.18		$	263.08		$	212.48		$	188.15		$	173.95		$	158.62


Total Return^(d)
Based on net asset value		10.46	%^(e)		25.40	%		14.44	%		10.27	%		10.93	%		11.06	%


Ratios to Average Net Assets
Total expenses		0.39	%^(f)		0.41	%		0.43	%		0.43	%		0.43	%		0.44	%

Net investment income		0.99	%^(f)		1.13	%		1.25	%		1.19	%		1.16	%		1.21	%


Supplemental Data
Net assets, end of period (000)	$	3,021,888		$	2,565,039		$	2,432,933		$	2,097,818		$	1,800,336		$	1,911,386

Portfolio turnover rate^(g)		6	%^(e)		6	%		5	%		6	%		7	%		6	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Technology ETF
		Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21	^(a)		Year Ended 04/30/20	^(a)		Year Ended 04/30/19	^(a)		Year Ended 04/30/18	^(a)		Year Ended 04/30/17	^(a)


Net asset value, beginning of period	$	92.98		$	58.58		$	50.85		$	41.99		$	34.55		$	25.58

Net investment income^(b)		0.13			0.37			0.48			0.40			0.32			0.33
Net realized and unrealized gain^(c)		17.43			34.42			7.75			8.84			7.46			8.97

Net increase from investment operations		17.56			34.79			8.23			9.24			7.78			9.30


Distributions^(d)
From net investment income		(0.15	)		(0.39	)		(0.50	)		(0.38	)		(0.34	)		(0.33	)

Total distributions		(0.15	)		(0.39	)		(0.50	)		(0.38	)		(0.34	)		(0.33	)


Net asset value, end of period	$	110.39		$	92.98		$	58.58		$	50.85		$	41.99		$	34.55


Total Return^(e)
Based on net asset value		18.90	%^(f)		59.56	%		16.34	%		22.10	%		22.62	%		36.57	%


Ratios to Average Net Assets
Total expenses		0.39	%^(g)		0.41	%		0.43	%		0.42	%		0.43	%		0.44	%

Net investment income		0.26	%^(g)		0.47	%		0.89	%		0.87	%		0.80	%		1.11	%


Supplemental Data
Net assets, end of period (000)	$	9,245,079		$	7,257,255		$	4,862,141		$	4,271,433		$	4,031,372		$	3,392,234

Portfolio turnover rate^(h)		9	%^(f)		12	%		16	%		19	%		15	%		4	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Transportation ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17


Net asset value, beginning of period	$	269.72		$	149.76		$	195.07		$	187.76		$	163.83		$	141.18

Net investment income^(a)		0.95			1.95			2.55			2.12			1.91			1.54
Net realized and unrealized gain (loss)^(b)		1.00			119.89			(45.09	)		7.34			24.02			22.75

Net increase (decrease) from investment operations		1.95			121.84			(42.54	)		9.46			25.93			24.29


Distributions^(c)
From net investment income		(0.96	)		(1.88	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)

Total distributions		(0.96	)		(1.88	)		(2.77	)		(2.15	)		(2.00	)		(1.64	)


Net asset value, end of period	$	270.71		$	269.72		$	149.76		$	195.07		$	187.76		$	163.83


Total Return^(d)
Based on net asset value		0.74	%^(e)		81.75	%		(21.92	)%		5.12	%		15.88	%		17.32	%


Ratios to Average Net Assets
Total expenses		0.39	%^(f)		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%

Net investment income		0.72	%^(f)		0.90	%		1.40	%		1.11	%		1.07	%		0.99	%


Supplemental Data
Net assets, end of period (000)	$	1,827,281		$	2,144,306		$	456,765		$	575,444		$	807,349		$	966,598

Portfolio turnover rate^(g)		59	%^(e)		80	%		35	%		17	%		5	%		5	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


50		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Utilities ETF
		Six Months Ended 10/31/21 (unaudited	)		Year Ended 04/30/21	^(a)		Year Ended 04/30/20	^(a)		Year Ended 04/30/19	^(a)		Year Ended 04/30/18	^(a)		Year Ended 04/30/17	^(a)

Net asset value, beginning of period	$	82.62		$	71.20		$	74.36		$	65.22		$	64.65		$	60.55

Net investment income^(b)		1.09			2.10			2.10			2.02			1.90			1.85
Net realized and unrealized gain (loss)^(c)		0.56			11.60			(3.06	)		9.06			0.42			4.22

Net increase (decrease) from investment operations		1.65			13.70			(0.96	)		11.08			2.32			6.07


Distributions^(d)
From net investment income		(1.05	)		(2.28	)		(2.20	)		(1.94	)		(1.75	)		(1.97	)

Total distributions		(1.05	)		(2.28	)		(2.20	)		(1.94	)		(1.75	)		(1.97	)


Net asset value, end of period	$	83.22		$	82.62		$	71.20		$	74.36		$	65.22		$	64.65


Total Return^(e)
Based on net asset value		2.04	%^(f)		19.66	%		(1.39	)%		17.29	%		3.59	%		10.16	%


Ratios to Average Net Assets
Total expenses		0.39	%^(g)		0.41	%		0.43	%		0.43	%		0.43	%		0.44	%

Net investment income		2.64	%^(g)		2.78	%		2.70	%		2.94	%		2.86	%		2.96	%


Supplemental Data
Net assets, end of period (000)	$	832,229		$	822,092		$	875,673		$	810,455		$	606,486		$	801,673

Portfolio turnover rate^(h)		13	%^(f)		5	%		4	%		6	%		5	%		9	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		51

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF		Diversification Classification
Dow Jones U.S.		Diversified
U.S. Energy		Non-diversified
U.S. Healthcare		Non-diversified
U.S. Technology		Non-diversified
U.S. Transportation^(a)		Non-diversified
U.S. Utilities		Non-diversified

^(a)

Formerly the iShares Transportation Average ETF.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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

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

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

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

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

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


52		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned


N O T E S T O F I N A N C I A L S T A T E M E N T S		53

Notes to Financial Statements (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Dow Jones U.S.
Barclays Bank PLC	$	1,650,222	$	1,650,222	$	—	$	—
Barclays Capital, Inc.		202,310		202,310		—		—
BNP Paribas SA		1,663,475		1,663,475		—		—
BofA Securities, Inc.		145,766		145,766		—		—
Citadel Clearing LLC		251,178		251,178		—		—
Citigroup Global Markets, Inc.		695,683		695,683		—		—
Credit Suisse Securities (USA) LLC		145,944		145,944		—		—
Goldman Sachs & Co. LLC		3,520,908		3,520,908		—		—
J.P. Morgan Securities LLC		5,029,516		5,029,516		—		—
Jefferies LLC		253,124		253,124		—		—
Morgan Stanley		707,060		707,060		—		—
National Financial Services LLC		411,034		411,034		—		—
Natixis S.A.		253,182		253,182		—		—
Scotia Capital (USA), Inc.		284,954		281,638		—		(3,316	)^(b)
SG Americas Securities LLC		884,210		884,210		—		—
State Street Bank & Trust Co.		666,134		647,850		—		(18,284	)^(b)
Toronto Dominion Bank		342,417		342,417		—		—
UBS Securities LLC		99,929		99,929		—		—
Wells Fargo Bank N.A.		470,492		470,492		—		—

	$	17,677,538	$	17,655,938	$	—	$	(21,600	)

U.S. Energy
Barclays Bank PLC	$	743	$	743	$	—	$	—
BNP Paribas SA		1,352,033		1,341,800		—		(10,233	)^(b)
Goldman Sachs & Co. LLC		13,153,203		12,952,786		—		(200,417	)^(b)
Morgan Stanley		2,409,318		2,332,350		—		(76,968	)^(b)
Natixis S.A.		5,237,313		5,237,313		—		—

	$	22,152,610	$	21,864,992	$	—	$	(287,618	)

U.S. Healthcare
Barclays Bank PLC	$	1,161,269	$	1,161,269	$	—	$	—
Barclays Capital, Inc.		364,968		364,968		—		—
BNP Paribas SA		2,416,236		2,416,236		—		—
Goldman Sachs & Co. LLC		4,609,536		4,609,536		—		—
J.P. Morgan Securities LLC		11,401,510		11,401,510		—		—
National Financial Services LLC		97,024		97,024		—		—
Natixis S.A.		1,533,181		1,533,181		—		—
SG Americas Securities LLC		31,654		31,649		—		(5	)^(b)
UBS Securities LLC		2,563,125		2,563,125		—		—
Virtu Americas LLC		1,236,339		1,236,339		—		—

	$	25,414,842	$	25,414,837	$	—	$	(5	)


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

Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
U.S. Technology
Barclays Bank PLC	$	5,347,946	$	5,347,946	$	—	$	—
BMO Capital Markets Corp.		98,872		98,872		—		—
BNP Paribas SA		7,711,485		7,711,485		—		—
BofA Securities, Inc.		509,622		509,622		—		—
Citadel Clearing LLC		1,453		1,450		—		(3	)^(b)
Citigroup Global Markets, Inc.		7,277,519		7,277,519		—		—
Credit Suisse Securities (USA) LLC		1,599,466		1,599,466		—		—
Deutsche Bank Securities, Inc.		47,880		47,880		—		—
Goldman Sachs & Co. LLC		11,890,067		11,890,067		—		—
J.P. Morgan Securities LLC		13,084,847		13,084,847		—		—
Morgan Stanley		2,586,268		2,586,268		—		—
National Financial Services LLC		45,104		45,104		—		—
SG Americas Securities LLC		3,434,836		3,434,836		—		—
State Street Bank & Trust Co.		8,751,584		8,751,584		—		—
UBS AG		3,884,360		3,884,360		—		—
Virtu Americas LLC		3,378,195		3,378,195		—		—
Wells Fargo Bank N.A.		314,717		306,421		—		(8,296	)^(b)
Wells Fargo Securities LLC		135,396		135,396		—		—

	$	70,099,617	$	70,091,318	$	—	$	(8,299	)

U.S. Transportation
Barclays Bank PLC	$	259,790	$	259,790	$	—	$	—
BNP Paribas SA		150,765		150,765		—		—
Credit Suisse Securities (USA) LLC		5,083,717		5,083,717		—		—
Goldman Sachs & Co. LLC		76,043		76,043		—		—
Morgan Stanley		1,591,789		1,591,789		—		—
UBS AG		5,859,780		5,859,780		—		—

	$	13,021,884	$	13,021,884	$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of October 31, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

Notes to Financial Statements (unaudited) (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares Dow Jones U.S. ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares U.S. Energy, iShares U.S. Healthcare, iShares U.S. Technology, iShares U.S. Transportation ETF and iShares U.S. Utilities, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.48	%
Over $10 billion, up to and including $20 billion		0.43
Over $20 billion, up to and including $30 billion		0.38
Over $30 billion, up to and including $40 billion		0.34
Over $40 billion, up to and including $50 billion		0.33
Over $50 billion		0.31

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

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


iShares ETF	Fees Paid to BTC
Dow Jones U.S.	$	9,451
U.S. Energy		2,571
U.S. Healthcare		11,832
U.S. Technology		33,376
U.S. Transportation		7,276
U.S. Utilities		372

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


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

Notes to Financial Statements (unaudited) (continued)

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Dow Jones U.S.	$	10,411,531	$	7,947,088	$	(633,123	)
U.S. Energy		62,669,585		48,621,734		(26,666,180	)
U.S. Healthcare		79,440,486		53,672,766		2,464,403
U.S. Technology		216,989,153		67,887,405		(1,978,927	)
U.S. Transportation		16,360,874		9,395,831		(873,493	)
U.S. Utilities		27,679,881		29,618,031		(3,317,606	)

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

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

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
Dow Jones U.S.	$	53,419,539	$	50,804,833
U.S. Energy		271,509,186		267,877,022
U.S. Healthcare		170,308,338		174,765,697
U.S. Technology		703,483,020		699,108,446
U.S. Transportation		1,094,618,817		1,102,287,004
U.S. Utilities		105,145,532		105,596,226

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


iShares ETF	In-kind Purchases		In-kind Sales
Dow Jones U.S.	$	37,700,397	$	16,211,300
U.S. Energy		644,736,224		707,707,098
U.S. Healthcare		543,491,643		334,590,740
U.S. Technology		2,063,851,455		1,446,709,324
U.S. Transportation		1,318,368,986		1,608,661,648
U.S. Utilities		24,438,359		20,950,336

8.	INCOME TAX INFORMATION

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

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

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


iShares ETF	Non-Expiring
Dow Jones U.S.	$	23,727,408
U.S. Energy		203,633,929
U.S. Healthcare		90,834,480
U.S. Technology		52,753,889
U.S. Transportation		35,544,075
U.S. Utilities		45,910,325


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (unaudited) (continued)

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


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Dow Jones U.S.	$	801,245,401	$	1,051,378,345	$	(42,879,481	)	$	1,008,498,864
U.S. Energy		2,236,993,700		304,532,989		(99,123,977	)		205,409,012
U.S. Healthcare		2,384,912,695		759,095,759		(97,855,780	)		661,239,979
U.S. Technology		5,579,590,641		3,866,437,287		(131,036,557	)		3,735,400,730
U.S. Transportation		1,750,752,004		158,490,041		(68,018,286	)		90,471,755
U.S. Utilities		796,319,354		73,956,634		(38,332,625	)		35,624,009

9.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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

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


58		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Dow Jones U.S.
Shares sold		350,000		$	37,820,586			350,000	^(a)	$	34,300,344
Shares redeemed		(150,000	)		(16,266,061	)		(1,200,000	)^(a)		(100,050,090	)

Net increase (decrease)		200,000		$	21,554,525			(850,000	)	$	(65,749,746	)


U.S. Energy
Shares sold		22,950,000		$	648,224,918			76,000,000		$	1,857,056,842
Shares redeemed		(25,600,000	)		(710,093,708	)		(19,250,000	)		(396,746,065	)

Net increase (decrease)		(2,650,000	)	$	(61,868,790	)		56,750,000		$	1,460,310,777


U.S. Healthcare
Shares sold		1,900,000		$	544,712,718			1,650,000		$	371,904,383
Shares redeemed		(1,200,000	)		(339,180,405	)		(3,350,000	)		(764,650,028	)

Net increase (decrease)		700,000		$	205,532,313			(1,700,000	)	$	(392,745,645	)


U.S. Technology
Shares sold		19,800,000		$	2,067,444,119			16,200,000	^(b)	$	1,217,516,386
Shares redeemed		(14,100,000	)		(1,445,403,346	)		(21,150,000	)^(b)		(1,607,622,674	)

Net increase (decrease)		5,700,000		$	622,040,773			(4,950,000	)	$	(390,106,288	)


U.S. Transportation
Shares sold		5,100,000		$	1,321,122,822			10,000,000		$	2,071,869,906
Shares redeemed		(6,300,000	)		(1,618,167,623	)		(5,100,000	)		(1,037,036,866	)

Net increase (decrease)		(1,200,000	)	$	(297,044,801	)		4,900,000		$	1,034,833,040


U.S. Utilities
Shares sold		300,000		$	24,593,884			1,450,000	^(a)	$	110,955,395
Shares redeemed		(250,000	)		(21,104,312	)		(3,800,000	)^(a)		(285,761,440	)

Net increase (decrease)		50,000		$	3,489,572			(2,350,000	)	$	(174,806,045	)

^(a)

Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)

Share transactions reflect a four-for-one stock split effective after the close of trading on December 4, 2020.

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

11.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Dow Jones U.S. ETF received proceeds of $118,354 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12.

SUBSEQUENT EVENTS

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


60		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Dow Jones U.S. ETF (the “Fund”)

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

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

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

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

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

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

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected


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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

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

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

iShares U.S. Energy ETF, iShares U.S. Healthcare ETF, iShares U.S. Technology ETF, iShares U.S. Utilities ETF (each the “Fund”)


62		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		63

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

iShares U.S. Transportation ETF (the “Fund”)


64		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		65

Board Review and Approval of Investment Advisory Contract (continued)

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

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


66		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

Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

October 31, 2021


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Dow Jones U.S.^(a)	$	0.545092	$	—	$	0.008817	$	0.553909		98	%		—	%		2	%		100	%
U.S. Utilities^(a)		1.049051		—		0.001910		1.050961		100			—			0	^(b)		100

^(a)

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

^(b)

Rounds to less than 1%.


S U P P L E M E N T A L I N F O R M A T I O N		67

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		69

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-401-1021